2023 Energy Compensation Cut by Rp 113.5 Trillion

Economics & Macro

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Reza Pahlevi 19/08/2022 13:30 WIB

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In the 2023 State Budget (RAPBN), the government allocated Rp126 trillion for energy compensation, significantly less than the 2022 compensation budget.

Indonesia's Energy Subsidy and Compensation Value (2019-2023*)

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2023 Energy Compensation Cut by Rp 113.5 Trillion

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Indonesia's Energy Subsidy and Compensation Value (2019-2023*)

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In the 2023 State Budget Draft (RAPBN), the government has allocated Rp126 trillion for energy compensation.

This figure is approximately Rp113.5 trillion lower than the 2022 energy compensation budget outlook of Rp293.5 trillion.

Although the energy compensation budget for next year has been cut, it is still significantly higher than the 2019-2021 period, as shown in the graph.

The RAPBN 2023 also increases the energy subsidy budget for next year, bringing the total to Rp210.7 trillion.

Finance Minister Sri Mulyani stated that the allocation of the 2023 energy subsidy and compensation budget is based on a lower assumed Indonesian Crude Price (ICP). The assumed ICP for next year is US$90 per barrel, lower than this year's assumption of US$95-105 per barrel.

"The exchange rate is also expected to be relatively more stable than this year. However, the subsidy is still very substantial in absolute terms. Of course, we hope that the number of millions of kiloliters of Pertalite, solar, and LPG can still be controlled," said Sri Mulyani in a press conference on the 2022 Financial Note on Tuesday (16/8/2022).

"This shows that the State Budget is preparing itself in case shocks persist next year," she continued.

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."