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INDONESIA PARLIAMENT COMMITTEE APPROVES HIGHER 2024 BUDGET OF $216 BLN


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 by the budget committee chaired by Said Abdullah. Finance Minister Sri Mulyani Indrawati highlighted the risk of rising global crude oil prices to the budget next year.

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