Scenting change

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UK institutions’ grip on West End starts to slip

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Pru backs Disney distribution centre

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UK muscle in Brussels

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Outsourcing failures prompt Nomura to give up on PFI

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Regeneration gain

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Place your bets

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Developers in two-way Paddington tower tussle

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‘We are not overreacting’: Indonesia responds to China’s criticism of trade restrictions

first_imgFadjroel also explained that Indonesia follows in several other countries’ footsteps in imposing a temporary ban on the live animal trade to and from mainland China. Previously, Trade Minister Agus Suparmanto stated that Indonesia would halt imports of live animals from China, adding the government was considering the possibility of banning imports of other goods from the country as well. “We will obviously stop live animal imports from China and are still considering banning other products,” Agus said on Monday. This statement drew criticism from Chinese Ambassador to Indonesia Xiao Qian, who asked Indonesia to remain calm.“In this situation, we need to be calm. Don’t overreact and cause a negative impact on investments and the economy,” Qian said, citing the World Health Organization’s recommendation for other countries to refrain from restricting travel or trade with China. Responding to Qian’s statement, Fadjroel said he did not agree that Indonesia was overreacting in this case.“Other countries also did the same as our government. We will keep it that way until WHO revokes certain bans related to coronavirus outbreak prevention,” he said.Topics : In response to Beijing’s displeasure toward Jakarta’s decision to impose restrictions on importing goods from China, the government of Indonesia has clarified that they would only apply to live animals.“We would like to thank the Chinese government for its feedback, although we have to clarify that we only prohibited trade involving live animals,” presidential spokesman M. Fadjroel Rachman said in a statement on Wednesday. Read also: ‘Don’t overreact’: Chinese envoy responds to Indonesia’s travel ban amid virus fearslast_img read more

Indonesia records $4b budget deficit in February as big-check stimulus spending looms

first_imgIndonesia booked a state budget deficit of Rp 62.8 trillion (US$4.07 billion) as of February this year at a time when the government is rolling out multi-billion dollar stimulus packages to cushion the economic impacts of the COVID-19 pandemic.Government spending growth slowed compared with the same period last year and revenue dropped, the Finance Ministry announced on Wednesday.The total state revenue collected up to late February reached Rp 216.6 trillion, a 0.5 percent year-on-year (yoy) contraction, while state spending reached Rp 279.4 trillion, up by 2.8 percent yoy, ministry data show. The annual growth rate in state spending slowed from 9.2 percent in February 2018. Finance Minister Sri Mulyani Indrawati said the economic slowdown caused by the spread of COVID-19 weighed heavily on the global and Indonesian economy.Read also: Global recession risk spikes as world powers down, markets slump Tax revenue contracted 5 percent to Rp 152.9 trillion mainly driven by a weakening oil and gas sector despite an increase of 51.5 percent in customs and excise revenue to Rp 25 trillion. The decline stands in contrast to 4.7 percent annual growth in February last year.Government spending grew 11 percent to Rp 161.7 trillion driven by social spending despite a contraction of 6.7 percent in direct regional transfers to Rp 117.7 trillion. The growth rate in government spending represents a decline from 14.2 percent annual growth in February 2019.Meanwhile, budget financing reached Rp 112.9 trillion, a contraction of 43.1 percent compared to the same period last year, or 36.8 percent of GDP, driven by a significant decrease in debt financing, namely sovereign debt papers and loans.Read also: Lower income, rising debt expected as Indonesia unveils extra stimulusSri Mulyani previously said the budget deficit may widen to around 2.2 to 2.5 percent of GDP this year, with the forecast having taken into account big-check government stimulus packages to fuel the economy amid the COVID-19 pandemic.Indonesia has so far announced 227 confirmed COVID-19 cases, with 19 deaths. Globally, the pneumonia-like illness has infected nearly 202,000 people and taken at least 8,000 lives. To cushion the economic impacts of the pandemic, Rp 120 trillion has been allocated from this year’s state budget for stimulus packages. Topics : She added that the assumptions underpinning the 2020 budget had changed due to the pandemic. These assumptions include economic growth, inflation rate, exchange rate and oil price, among other things.“There was hope that the economy could grow better this year, but COVID-19 has changed economic activities and now we are alert to its impact on the state budget,” Sri Mulyani said.last_img read more