Government Spending Soars Amidst Sluggish Revenue (as of March 15, 2024)

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Cindy Mutia Annur 26/03/2024 17:31 WIB

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The Ministry of Finance reported that state expenditure surged 18.1% year-on-year (yoy) to Rp470.3 trillion as of March 15, 2024. Conversely, state revenue fell 5.4% (yoy) during the same period.

Indonesia's State Expenditure Realization as of March 15 (2023-2024)

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Government Spending Soars Amidst Sluggish Revenue (as of March 15, 2024)

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Indonesia's State Expenditure Realization as of March 15 (2023-2024)

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The Ministry of Finance (Kemenkeu) reported that the realization of spending in the State Revenue and Expenditure Budget (APBN) reached Rp470.3 trillion as of March 15, 2024.

Finance Minister Sri Mulyani stated that the realization of state spending was equivalent to 14.1% of the budget ceiling of Rp3,325.1 trillion.

"(State spending realization) has grown quite significantly, namely 18.1% (year-on-year/yoy) in January, February, and up to mid-March," said Sri Mulyani in an online press conference on the Kemenkeu YouTube account, Monday (March 25, 2024).

She detailed that central government spending up to March 15, 2024, reached Rp328.9 trillion or 13.3% of the budget ceiling. This figure also grew by 17% (yoy) from last year's realization.

Ministry/agency (K/L) spending was the largest, amounting to Rp165.4 trillion or 15.2% of the budget ceiling, and increased by 24.4% (yoy). "(K/L spending) is mainly for the disbursement of social assistance and the implementation of the general election, which is front-loaded," said Sri Mulyani.

Then, non-K/L spending reached Rp163.4 trillion or 11.9% of the target and grew by 10.4% (yoy). The realization, according to Sri Mulyani, was allocated for energy subsidies and pension benefit payments.

Furthermore, the realization of transfers to regions (TKD) also increased by 20.5% year-on-year to Rp141.4 trillion, or equivalent to 16.5% of the budget ceiling.

On the other hand, the realization of state revenue as of March 15, 2024, was recorded at Rp493.2 trillion, equivalent to 17.6% of the target of Rp2,802.3 trillion. This achievement actually contracted by 5.4% (yoy) compared to the same period last year.

With the realization of revenue being greater than state spending, the APBN recorded a surplus of Rp22.8 trillion as of March 15, 2024.

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Government Spending Soars Amidst Sluggish Revenue (as of March 15, 2024)

Government Spending Soars Amidst Sluggish Revenue (as of March 15, 2024)

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