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

Future 49ers in the national championship? Here are five

first_imgIf you’re a 49ers fan still desperate for football in the Bay after season’s end, college football’s national championship comes to Levi’s Stadium on Monday. If advance scouting is your thing, too, there may even be future 49ers on the field.Here are five players on Alabama and Clemson to keep an eye on as college football season ends and draft season begins.Clelin Ferrell, Clemson DE, No. 99The redshirt junior will either be the second or third edge rusher taken in the draft. He’s atop the …last_img

Groundspeak Weekly Newsletter – March 23, 2011

first_img SharePrint RelatedGroundspeak Weekly Newsletter – March 28, 2012March 29, 2012In “Groundspeak’s Weekly Newsletter”5 Sharable Tips for Logging Your Next GeocacheMay 20, 2013In “Geocaching Quizzes”Featured Geocacher of the Month Award WinnersAugust 25, 2011In “Community” Cache Maintenance as a CommunityWithin the geocaching community, the responsibilities of a courteous geocacher include respecting fellow geocachers, taking care of the environment and maintaining your caches, among other things. And you can be an extra courteous geocacher by helping to maintain others’ caches! The next time you go geocaching, bring additional supplies such as an extra geocache container, SWAG, logbooks and pencils. This way, you will be prepared to help out another geocacher by fixing a cache that needs maintenance on the spot.If you go geocaching on the spur of the moment and don’t have supplies to fix up a cache that needs maintenance, please make sure to visit and report a ‘Needs Maintenance‘ log on the cache page.If you are a geocache owner, we recommend following these simple steps for cache maintenance:1. Place a cache that is durable and requires little or no upkeep2. Periodically check on your cache both in person and via the cache page to see if there are any issues3. If you see a ‘Needs Maintenance’ log on the cache page, fix the cache and post an ‘Owner Maintenance‘ logThanks for playing your part as a supportive community member to keep geocaches well-maintained!Share with your Friends:Morelast_img read more