Illustration ( Rizal)
Illustration ( Rizal)

Continuing Oil Price Slump Could Widen Budget Deficit: BKF

Antara • 22 April 2020 13:56
Jakarta: The Finance Ministry's Fiscal Policy Agency (BKF) has projected that the continuing drop in global oil prices could add up to Rp12.2 trillion to the country’s budget deficit.
According to BKF's statement received in Jakarta on Wednesday, April 22, 2020, the projection occurred if the Indonesian crude oil price (ICP) was lower than the assumed ICP set in Presidential Regulation (Perpres) No. 54 of 2020.
"Changes in the ICP will have an impact on the APBN, given its price assumption in Perpres No. 54 of 2020 is 38 US dollars per barrel for an average price during 2020," according to the press statement.

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Hence, if the global oil prices continue to decline, so that the ICP becomes US$30.9 per barrel on average a year, then the deficit is expected to increase by Rp12.2 trillion.
The government continues to monitor anticipatory policies, including deficit control, one of which is through the evaluation of nonproductive spending.
Moreover, the government will take mitigation measures to maintain fiscal sustainability and economic growth.
On the occasion, the BKF stated that the price of crude oil had declined since the start of the year due to global economic activity affected by the covid-19 outbreak. (antara)

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