Indonesia's 2011 state budget reaches $6.65 billion

Indonesia's 2011 state budget reaches $6.65 billion

2011-07-05 06:37:30 GMT+7 (ICT)

JAKARTA, INDONESIA (BNO NEWS) -- Indonesia's 2011 state budget stood at Rp 56.9 trillion ($6.65 billion) as of May 31, the country's Finance Ministry said Monday.

Indonesian Finance Minister Agus Martowardojo during a hearing with the House of Representatives said the state budget also recorded a funding surplus of Rp 120.3 trillion ($14.07 billion), Antara news agency reported. In addition, he said the first semester is predicted to have a surplus of Rp 36.8 trillion ($4.3 billion) and unspent financing of Rp 104.1 trillion ($12.17 billion).

Martowardojo said May's figures showed that state revenues totaled Rp 421.1 trillion ($49.26 billion) while its expenditure reached Rp 364.2 trillion ($42.61 billion). Furthermore, during the first semester, revenues are expected to reach Rp 498.3 trillion ($58.3 billion), he stated, adding that state expenditures could total Rp 461.5 trillion ($54 billion).

With rising crude prices, tobacco customs taxes averagely increasing five percent, regulated tariff policies, and stable palm oil prices around the world, Indonesia's tax sector had the largest revenues at Rp 386.7 trillion ($45.24 billion), which is 45.5 percent of the first semester's budget target. As of May 31, it reached Rp 326.6 trillion ($38.21 billion).

Meanwhile, most of the state's expenditure was recorded in central government spending, reaching Rp 212.7 trillion ($24.88 billion) in May, of which Rp 67.7 trillion ($7.92 billion) was used on civil servants. Its total expenditures is expected to reach Rp 263.3 trillion ($30.8 billion), which represents 31.5 percent of the state budget target.

In addition, Martowardojo stated that state revenues in the second semester are forecast to surpass the estimate of Rp 664.1 trillion ($77.69 billion).

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