President Joko Widodo has instructed that the preparation and implementation of the State Revenue and Expenditure Budget or APBN 2024 refer to four main objectives. This is considering the upcoming general election and global economic pressures that will also be taken into account in the preparation of the objectives.
The Finance Ministry’s Twitter account quoted Jokowi as giving direction to all officials that the APBN 2024 must achieve four major goals. The APBN 2024 will be prepared this year and presented through the Financial Note in August 2023.
The Finance Ministry explained that various dynamics that will occur next year will be considered in the preparation of the APBN. Internal and external dynamics are concerns so that the APBN can continue to support economic performance.
According to a tweet by the Ministry of Finance on Monday (10/4/2023), “2024 will be the year of the election. Meanwhile, various challenges from global dynamics must also be faced. Therefore, the APBN in the coming year must be able to achieve four major goals.”
Last week, Finance Minister Sri Mulyani Indrawati stated that Jokowi had mandated four major objectives that became the direction for the design of the APBN 2024 policy, including the elimination of extreme poverty, the reduction of stunting, the increase in investment, and the control of inflation. She noted that the APBN policy design was a crucial milestone in managing the 2024 election year.
At the same time, there are still global dynamics and changes in the perception of the financial industry in developed countries. “We can relatively maintain stability, seen from our stock index, the yield of our government bonds, and our exchange rate. Even today, with these global movements, Indonesia is considered a large enough economy. Its economy is big, and its stability is good,” said Sri Mulyani.
Responding to Jokowi’s direction, Sri Mulyani will encourage the direction of managing the APBN 2024 for the strengthening of human resource quality, infrastructure development, increasing the value-added of natural resources, as well as strengthening deregulation and institutions.
The government projects economic growth in 2024 at 5.3 percent-5.7 percent, inflation in the range of 1.5 percent-3.5 percent, exchange rate in the range of 14,800-15,400, crude oil prices in the range of US$75-85 per barrel, oil lifting in the range of 592,000-651,000 bph, and gas lifting in the range of 1,007-1,058 boepd.
In summary, President Jokowi has given direction for the preparation and implementation of the APBN 2024 to achieve four major goals, considering the upcoming general election and global economic pressures.
Finance Minister Sri Mulyani Indrawati noted the importance of the APBN policy design in managing the 2024 election year and will encourage the direction of managing the APBN 2024 for the strengthening of human resource quality, infrastructure development, increasing the value-added of natural resources, as well as strengthening deregulation and institutions.
The government projects a positive economic outlook for 2024 with growth, inflation, exchange rates, and energy prices all falling within specific ranges.
