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Indonesian parliament committee approves 2023 budget

Indonesian parliament's key committee approves 2023 budget Reuters. Indonesian President Joko Widodo, wearing traditional attire from Bangka Belitung Islands, delivers his State of the country Address prior to the country’s Independence Trip to the parliament building in Jakarta, Indonesia, August 16, 2022. Tatan Syuflana/P

JAKARTA (Reuters) – Indonesia’s parliamentary budget committee and the federal government on Wednesday decided on 2023 spending of 3,061.2 trillion rupiah ($205.31 billion), slightly greater than the proposed budget, the committee’s chair Said Abdullah said.

The 2023 budget deficit target was agreed at 2.84% of the gross domestic product, Said told Reuters, slightly less than the government’s proposal in August of 2.85% of GDP.

Government has previously said it’ll make its budget healthier by reducing its deficit below 3% of GDP next year as required by regulations.

Indonesia waived the legally-mandated budget deficit ceiling for 3 years from 2020 to supply room for increased government spending through the pandemic. The finance ministry’s outlook because of this year’s deficit continues to be 3.92% of GDP.

The committee and the federal government also agreed macroeconomic assumptions for 2023, including targets of 5.3% economic growth and 3.6% inflation.

A wider parliamentary vote is required to approve the 2023 budget, that will likely happen later this month or in October. The budget committee’s endorsement is normally reflected in the wider vote.

($1 = 14,910.0000 rupiah)

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