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Sri Mulyani says 2023 state budget spending worth every penny

Jakarta Globe - December 31, 2023

Arnoldus Kristianus, Jakarta – Finance Minister Sri Mulyani Indrawati on Sunday claimed that the state budget has seen quality spending that is "worth every penny" throughout the year.

The state budget has functioned as a "shock absorber" against the impacts of geopolitical tensions and global economic turbulence while protecting people's purchasing power through various subsidies, she said in a statement.

According to Finance Ministry data, the state expenditure has reached Rp 2,769.6 trillion ($179.7 billion) or 88.3 percent of the full-year target as of December 21. This includes Rp 1,998.2 trillion allocated for central government spending and Rp 771.4 trillion for regional government spending.

"The state budget serves as a strategic tool, maintaining price stability, stimulating economic growth, and enhancing productivity by extending interest subsidies to small businesses and facilitating infrastructure financing," she said.

These measures have effectively managed inflation and sustained a consistent economic growth rate of approximately 5 percent.

In further bolstering fiscal management at regional levels, the ministry extended support by assigning regional chief economists and financial advisors. This strategic step aims to guide regional policymakers in formulating development programs with significant economic multiplier effects.

Source: https://jakartaglobe.id/business/sri-mulyani-says-2023-state-budget-spending-worth-every-penn