Heaptalk, Jakarta – Indonesia’s Minister of Finance, Sri Mulyani, reported that the country’s state budget (APBN) 2024 recorded a surplus of about USD498 million or Rp8.1 trillion in the last March 2024 (USD1 equals Rp16,260).
“Our state budget still experiences a surplus of Rp8.1 trillion or 0.04% towards GDP,” conveyed Sri Mulyani during the APBN KiTa press conference on Friday (04/26).
According to Sri Mulyani, the Finance Ministry managed to collect a state revenue of US$38.1 billion, reaching 22% of the total target which are $172 billion. However, this performance is contracted by 4.1% yoy. State expenditure also attained USD37.6 billion, reaching 18.4% of the total budget ceiling in Q1.
However, this surplus demonstrated a significant decrease compared to the state budget’s surplus of USD1.4 billion on 15 March 2024.
According to the Director General of Budget, Finance Ministry, Isa Rachmatarwata, the 2024 State Budget is designed to be in deficit of 2.29% towards GDP.
“We won’t see multiple great surpluses like last year, but we continue to maintain our state budget. Thus, the normalization will happen,” stated Isa.
Moreover, state expenditure jumped by 23.1% compared to the same period last year. The surge derived from the organizing of presidential election on February.
“After spending large amount of state budget in early 2024, we witness the normalization of our state budget management, we hope we can maintain this deficit surplus although the number is not as big as the last year,” voiced Isa.
The realization of fuel subsidies distribution also contributed to the decrease of state budget’s surplus. The energy subsidy recorded an increase of 13.8%, including the fuel subsidies.
Realization of fuel distribution in volume was recorded to have decreased by 2.7% yoy from 2.89 million kiloliters to 2.81 million kiloliters. Meanwhile, Indonesia Crude Price (ICP) as of 12 April 2024 is US$89.51 per barrel, while previously, the ICP price assumption released by the Ministry of Finance was US$82 per barrel.
