Indonesia's Prabowo eyes fiscal deficit ceiling removal

By Reuters

Jul 10, 2024 12:18 am

JAKARTA — Indonesia's incoming President Prabowo Subianto is exploring possibilities to remove the fiscal deficit and debt-to-gross domestic product (GDP) ratio ceilings, aiming to fund his campaign pledges, investigative magazine Tempo reported this week, citing unidentified sources.

Under Indonesia's State Finance Law, introduced in the aftermath of the Asian financial crisis in the late 1990s, the government's annual budget deficit is capped at 3 percent of GDP and the maximum debt-to-GDP ratio is 60 percent.

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