RPT: Indonesian lower house approves wider 2007 budget deficit |
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Tue, 28 Aug 2007 09:46
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JAKARTA (Thomson Financial) - The lower house of Indonesia's parliament approved Tuesday changes to the state budget for 2007 that would allow a wider deficit of 58.29 trillion rupiah, or 1.5 percent of GDP.The government initially planned a deficit of 40.51 trillion rupiah, or 1.1 percent of GDP.Finance Minister Sri Mulyani Indrawati told the house that the wider deficit is due to an expected decline in tax and non-tax revenue.She said the government now projects total revenue of 694.09 trillion rupiah, less than the initial estimate of 723.06 trillion rupiah.It expects tax revenue of 474.55 trillion rupiah, down from 494.59 trillion rupiah. It foresees non-tax revenue of 198.25 trillion rupiah, down from 210.93 trillion rupiah.She said the government now expects its spending to reach 752.73 trillion rupiah, less than the initial estimate of 763.57 trillion rupiah.The government still assumes GDP growth of 6.3 percent.But it now expects consumer price inflation of 6 percent against an earlier forecast of 6.5 percent.It assumes that the rupiah will average 9,050 to the US dollar instead of 9,300.The government has lowered its assumption of the rate on the three-month Bank Indonesia Certificates (SBI) to eight percent from 8.5 percent.It has lowered its forecast of the average price of oil to 60 US dollars per barrel from 63 dollars per barrel.And it now forecasts that the volume of oil Indonesia sells will reach 950,000 barrel per day, less than its initial forecast of one million barrels per day.(1 US dollar = 9,375 rupiah)roffie.kurniawan@thomson.com-hkp/jm/cl/clCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Indonesia govt plans net bonds sales of 58.5 trln rupiah this year 