Jakarta: Finance Minister Sri Mulyani Indrawati has affirmed that the Financial System Stability Committee (KSSK) will continue to maintain economic stability.
"We will continue to monitor global and domectic conditions. We will continue to protect our financial sector," the former World Bank managing director said here on Thursday.
"We hope that private sector could stay confident. We also urge the public to remain calm," the influential economist noted.
Sri Mulyani delivered the updates on fiscal and realization budget in the May 2019 State Budget (APBN) Performance and Facts (APBN KiTa) event at the Djuanda I Building Hall Ministry of Finance last week.
From the fiscal side, up to the end of April 2019 the state's revenue realization reached IDR530.74 trillion or 24.51 percent to the 2019 State Budget target. The achievement was recorded positively by 0.50 percent (yoy), driven by positive tax revenues growth at 4.72 percent.
On the expenditure side, through improving spending patterns to stimulate optimal economy, until the end of April 2019 the state expenditure reached Rp631.78 trillion (25.7 percent of the 2019 State Budget ceiling) or growing 8.4 percent (yoy).
In the meantime, solid national economic growth was recorded at 5.07 percent (yoy) in the first quarter of 2019, pointing to maintained domestic economic performance despite retreating from 5.18 percent (yoy) in the fourth quarter of 2018.
Seasonal factors at the beginning of the year as well as the impact of weaker-than-expected global economic gains contributed to the moderate economic downturn in Indonesia.
Economic growth in the first quarter of 2019 was primarily driven by domestic demand on the back of consumption by non-profit institutions serving households (NPISH) and households.
NPISH consumption growth accelerated to 16.93 percent (yoy) in the reporting period from 10.79 percent (yoy) in the three months to December 2018, buoyed by spending on preparations for the 2019 General Election.
Household consumption also remained solid as a consequence of controlled inflation, rising incomes and higher consumer confidence, notwithstanding slight moderation from 5.08 percent (yoy) to 5.01 percent (yoy) in the first quarter of 2019.