ID :
24244
Mon, 10/13/2008 - 19:42
Auther :
Shortlink :
https://www.oananews.org//node/24244
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GOVT PROPOSES REVISED MACROECONOMIC ASSUMPTIONS IN 2009 STATE BUDGET
Jakarta, Oct 13 (ANTARA) - The government here Monday proposed revisions to the macroeconomic assumptions in the 2009 State Budget in view of the current global economic crisis.
Finance Minister Sri Mulyani Indrawati at a meeting with the House of Representatives' Budget Committee said the assumed economic growth rate should be lowered to 5.5 - 6.1 percent from 6.3 percent previously.
The assumed rupiah exchange rate against the US dollar should be reset at Rp9,500 (from Rp9,150 previously, the inflation rate at 7 percent (from 6.2 percent), the SBI rate at 8.5 percent (from 8 percent), and Indonesia's crude oil price at US$85 per barrel (from US$95 per barrel).
The changes in the macro economic assumptions were proposed after the House, market players and analysts had called on the government to take immediate action to anticipate the impact of the world economic crisis.
"The global economic crisis has caused a lack of liquidity in the financial market, declining world economic growth, corrections to the interest rate, stock market prices and currency exchange rates. So we need to make adjustments in the 2009 State Budget," Sri Mulyani said.
The adjustments were made based on the latest situation in the world economy while maintaining the budget ratio at 20 percent and continuing to give priority to poverty eradication and infrastructure devlopment programs.
The minister said, with the new macroeconomic assumptions and adjustments in funding sources, the deficit of the draft 2009 State Budget could be lowered to 1.3 percent, the issuance of state securities (SBN) reduced by Rp48.8 trillion (from Rp103.5 trillion to Rp54.7 trillion) to anticipate a decline in bond sales.
The adjustments would also affect the budgets for education, but it would remain at 20 percent of the total budget.
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Finance Minister Sri Mulyani Indrawati at a meeting with the House of Representatives' Budget Committee said the assumed economic growth rate should be lowered to 5.5 - 6.1 percent from 6.3 percent previously.
The assumed rupiah exchange rate against the US dollar should be reset at Rp9,500 (from Rp9,150 previously, the inflation rate at 7 percent (from 6.2 percent), the SBI rate at 8.5 percent (from 8 percent), and Indonesia's crude oil price at US$85 per barrel (from US$95 per barrel).
The changes in the macro economic assumptions were proposed after the House, market players and analysts had called on the government to take immediate action to anticipate the impact of the world economic crisis.
"The global economic crisis has caused a lack of liquidity in the financial market, declining world economic growth, corrections to the interest rate, stock market prices and currency exchange rates. So we need to make adjustments in the 2009 State Budget," Sri Mulyani said.
The adjustments were made based on the latest situation in the world economy while maintaining the budget ratio at 20 percent and continuing to give priority to poverty eradication and infrastructure devlopment programs.
The minister said, with the new macroeconomic assumptions and adjustments in funding sources, the deficit of the draft 2009 State Budget could be lowered to 1.3 percent, the issuance of state securities (SBN) reduced by Rp48.8 trillion (from Rp103.5 trillion to Rp54.7 trillion) to anticipate a decline in bond sales.
The adjustments would also affect the budgets for education, but it would remain at 20 percent of the total budget.
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