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January 2, 2025 | 03:13 pm
TEMPO.CO, Jakarta - Indonesian Finance Minister Sri Mulyani Indrawati has said that state revenue for 2024 did not meet the established target. She attributed this shortfall to economic pressures experienced during the first half of 2024.
However, Sri noted that state revenue began to recover in the second half of the year. She stated that revenue experienced growth towards the end of the year, albeit at a moderate pace. “It’s quite decent during such a situation that is not easy for growth from last year,” she remarked in her opening speech for 2025 stock trading at the Indonesia Stock Exchange Building in South Jakarta on Thursday, January 2, 2025.
“The target was not achieved because the 2024 target was set quite high at that time,” she remarked. Sri, however, did not disclose the precise amount of state revenue collected by the government in 2024. The total state revenue target in the 2024 State Budget was Rp2,802.29 trillion. As of the end of November 2024, state revenue had reached Rp2,492.7 trillion, representing 89 percent of the annual target.
Sri explained that expenditures through the 2024 State Budget were largely allocated to unforeseen events, including the general elections, regional head elections, and the accelerated development of the Nusantara Capital City (IKN). Additional spending also addressed social assistance needs related to El Nino and food security initiatives, such as fertilizer and water pump provisions.
“Therefore, spending in ministries/institutions grew high, even double digits,” Sri stated. “And the overall growth exceeded six percent.”
Despite these insights, Sri Mulyani refrained from providing specific figures for state revenue and spending in 2024. The State Treasurer indicated that a more detailed explanation would be provided during the Ministry of Finance's scheduled press conference on Thursday afternoon, January 2, 2025.
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