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STATE BUDGET - JAKARTA. Indonesian President Joko Widodo on Wednesday proposed to parliament a budget of 3,304.1 trillion rupiah ($216.24 billion) for next year, setting a target of 5.2% for economic growth in what will be his final year in office.
The budget proposal is about 6% bigger than this year's spending plans, which have been revised up to 3,123.7 trillion rupiah.
Jokowi, as the president is popularly known, said he targets the 2024 budget deficit to be at 2.29% of gross domestic product, roughly the same as the latest outlook for this year's deficit of 2.28%.
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"The 2024 state budget architecture must be able to respond to economic dynamics, address challenges and optimally support the development and welfare agenda," Jokowi said in his annual budget speech to parliament, a day ahead of the anniversary of Indonesia's independence.
Government revenues were expected to rise 5.5% next year to 2,781.3 trillion rupiah, from this year's 2,637.2 trillion rupiah.
Jokowi said inflation will be managed around 2.8% this year, within the central bank's target range of 1.5% to 3.5% for 2024. Annual inflation in July was 3.08%.
