Indonesia parliament committee approves higher 2024 budget of $216 bln

Reuters - 19/09
Indonesia's parliament committee on Tuesday approved the government's higher 2024 budget expenditure of $216 billion to support economic growth, but some analysts say a bigger spending buffer might be needed to cope with adverse weather events.
  • Budget represents fiscal deficit of 2.29% of GDP
  • Economic growth set at 5.2% vs 5.1% 2023's outlook
  • Finmin highlights rising global crude price
  • Economist warns higher food prices from El Nino impact

JAKARTA, Sept 19 (Reuters) - Indonesia's parliament committee on Tuesday approved the government's higher 2024 budget expenditure of $216 billion to support economic growth, but some analysts say a bigger spending buffer might be needed to cope with adverse weather events.

President Joko Widodo's budget for 2024, his final year in office, targets expenditure at 3,325.1 trillion rupiah ($216.27 billion), up 6.45% from 2023's outlook to account for higher energy subsidies amid rising global oil prices.

The fiscal deficit for next year was seen at 2.29% of gross domestic product versus an outlook of 2.3% of GDP for this year, with 2024 economic growth seen a touch higher at 5.2%.

The fiscal budget proposal was approved ...
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