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INDONESIA'S 2004 STATE BUDGET DEFICIT EXPECTED TO BE 1%.
JAKARTA, May 1 Asia Pulse - The Indonesian government has pegged the deficit in the 2004 state budget at one per cent, lower than this year's 1.78 per cent, Finance Minister Boediono said.
Speaking at a hearing with the Budget Committee of the House of Representatives (DPR), the minister said the projected one per cent deficit was mainly derived from the decreased gross domestic product (GDP).
Boediono said the one per cent deficit was set based on macroeconomic assumptions such as the economic growth rate of four to five per cent, the inflation rate of seven to eight per cent and the rupiah exchange rate of Rp8,500 to Rp9,500 per US$1.
The interest rate on Bank Indonesia's three-month promissory notes (SBIs) was expected to reach between 10.5 and 11.5 per cent, the oil price at US$17-$20 per barrel, and oil production at 1.1 million-1.5 million barrel per day, he added.
He explained that to increase revenues from the tax sector, the government would focus its attention on increasing tax capacity resources and tax administration reform.
The aim of this ...
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Source: HighBeam Research, INDONESIA'S 2004 STATE BUDGET DEFICIT EXPECTED TO BE 1%.