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Indonesia president proposes $178 billion budget for 2020, targets 5.3% GDP growth

JAKARTA (Reuters) – Indonesian President Joko Widodo on Friday proposed a 2,528.8 trillion rupiah ($177.71 billion) budget to parliament for 2020, and set an economic growth target of 5.3% for next year.

Next year’s state budget, which is 3% bigger than 2019’s, will fund the president’s programs in the first year of his second five-year term.

“The 2020 state budget policy is designed to be expansive but to remain targeted and measured,” the president said in his annual budget speech to parliament.

The budget proposals assumed a 2020 fiscal deficit of 1.76% of gross domestic product (GDP), an inflation rate of 3.1%, a yearly average rupiah exchange rate of 14,400 per dollar and an average price of $65 a barrel, Widodo said.

($1 = 14,230.0000 rupiah)

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