Indonesia Reports Rp 19.7t Surplus in State Budget

Jakarta. Indonesia’s state budget saw a surplus for the second consecutive month of the year as the impact of the Covid-19 pandemic began to ease, Finance Minister Sri Mulyani Indrawati said on Monday.

The Rp 19.7 trillion ($1.37 billion) surplus in the February results is equivalent to 0.1 percent of the gross domestic product.

“This is an extraordinary comeback when we compare to a deficit of Rp 63.3 trillion in the same month of last year,” Sri Mulyani told a news conference in Jakarta.

However, the February surplus showed a decline from Rp 28.9 trillion recorded at the end of January.

Tax revenue jumped by 40.9 percent to Rp 256.2 trillion in the first two months of the year compared to the same period of last year, according to Finance Ministry data.

Non-tax revenue grew by 22.5 percent to Rp 46.2 trillion, bringing the total amount of state revenue to Rp 302.4 trillion.

Overall, year-on-year growth in state revenue was recorded at 37.7 percent.

“This is not necessarily a representation of the whole picture of the 2022 fiscal year. We still have a long way to go and the dynamics that we have to anticipate,” the minister said.

But strong growth in state revenue provides signs of significant recovery across economic sectors and the return of businesses’ ability in paying taxes, she added.