Indonesia parliamentary committee recommends higher fiscal deficit limit amid virus

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Indonesia parliamentary committee recommends higher fiscal deficit limit amid virus 1

JAKARTA: Indonesia’s parliamentary budget committee recommended the government raise a cap on the state budget deficit to 5% of gross domestic product, to allow for more budget maneuvering as it tackles the spread of coronavirus.

Said Abdullah, the head of the committee, urged the government in a statement late on Monday to issue a regulation in lieu of a law that will allow it so surpass the buget deficit limit of 3% of GDP stated in a 2003 law.

The finance ministry has widened its deficit estimate to around 2.5% of GDP this year, but a deputy minister said it won’t rule out possibility of an even larger figure. -Reuters


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