Realization of Subsidies and Compensation Reaches Rp420 Trillion until November 2024

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Nabilah Muhamad 18/12/2024 18:47 WIB

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The Ministry of Finance reports that the realized budget for subsidies and compensation reached Rp420.5 trillion until November 2024. Details are as follows.

Realization of Subsidy and Compensation Budget in the State Budget (November 30, 2024)

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Realization of Subsidies and Compensation Reaches Rp420 Trillion until November 2024

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Realization of Subsidy and Compensation Budget in the State Budget (November 30, 2024)

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According to the Ministry of Finance's report, from the beginning of the year until November 2024, the government has disbursed Rp420.5 trillion in realized budget for subsidies and compensations.

"The government allocates subsidies and compensations to ensure that all segments of society remain able to access basic needs and that the economic wheel continues to move and grow," wrote Minister of Finance Sri Mulyani in a post on her official Instagram account on Tuesday (17/12/2024).

Subsidies are government funds transfers aimed at making the price of a good or service cheaper.

Compensation, on the other hand, refers to funds paid by the government to businesses to cover shortfalls in business revenue resulting from government price setting policies.

The World Bank refers to compensation as "implicit subsidies," while subsidies are called "explicit subsidies."

During the January-November 2024 period, the government realized a budget of Rp157.2 trillion for energy subsidies; Rp87 trillion for non-energy subsidies; and Rp176.4 trillion for compensations.

These subsidies and compensations have been utilized by the public in the form of 15.10 million kiloliters of fuel oil (BBM); 6,858.2 million kg of 3 kg LPG gas; electricity subsidies for 41.5 million customers; and 6.6 million tons of fertilizer subsidies.

There was also the disbursement of People's Business Credit (KUR) worth Rp269.5 trillion, distributed to 4.7 million borrowers.

"We ensure that the State Budget #UangKita will continue to be available for every member of society in need," wrote Sri Mulyani.

Editor : Adi Ahdiat

"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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Realization of Subsidies and Compensation Reaches Rp420 Trillion until November 2024

Realization of Subsidies and Compensation Reaches Rp420 Trillion until November 2024

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Realization of Subsidies and Compensation Reaches Rp420 Trillion until November 2024

Realization of Subsidies and Compensation Reaches Rp420 Trillion until November 2024

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