ID :
16005
Fri, 08/15/2008 - 17:16
Auther :
Shortlink :
http://m.oananews.org//node/16005
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RI'S DEBT RATIO EXPECTED TO DROP TO 30 PERCENT
Jakarta, Aug. 15 (ANTARA) - The ratio of government debt towards GDP in 2009 is expected to drop to around 30 percent from 54 percent in 2004.
"This debt ratio shows my determination that Indonesia should be developed optimally by relying on our own domestic resources," President Susilo Bambang Yudhoyono said in his State-of-the Nation Address on the 2009 Draft State Budget and Financial Notes delivered at a House of Representatives (DPR) plenary session here on Friday.
Yudhoyono said Indonesia, which had fully repaid its foreign debt to IMF, continued to enjoy an increase in its foreign exchange reserves.
In July this year, for the first time in the country's history, the foreign exchange reserves have reached over US$60 billion, he said.
The country's state revenues and grants are expected to reach Rp1,0022.6 trillion, a surge by Rp127.6 trillion or 14.3 percent from the 2008 Revised State Budget.
The revenues are projected to be derived from tax revenue of Rp726.3 trillion, non-tax revenue Rp295.3 trillion, and grant of around Rp0.9 trillion.
The planned tax revenue of Rp726.3 trillion in 2009 indicates an increase by Rp117 trillion or 19.2 percent from the 2008 Revised State Budget, despite the fact that tax is lowered from 30 percent to 28 percent for Company Income Tax and from 35 percent to 30 percent for Private Income Tax, in compliance with the new Income Tax Law.
He also explained that a budget deficit of Rp99.6 trillion (1.9 percent of GDP) in the 2009 Draft State Budget will be funded Rp110.7 trillion from domestic sources and net foreign sources of minus Rp11.1 trillion.
"Hence, our foreign principal debt service is higher than the new foreign debt. This is in line with the objective of reducing continually the portion of foreign debt in the payment of our deficit," the head of state said.
"This debt ratio shows my determination that Indonesia should be developed optimally by relying on our own domestic resources," President Susilo Bambang Yudhoyono said in his State-of-the Nation Address on the 2009 Draft State Budget and Financial Notes delivered at a House of Representatives (DPR) plenary session here on Friday.
Yudhoyono said Indonesia, which had fully repaid its foreign debt to IMF, continued to enjoy an increase in its foreign exchange reserves.
In July this year, for the first time in the country's history, the foreign exchange reserves have reached over US$60 billion, he said.
The country's state revenues and grants are expected to reach Rp1,0022.6 trillion, a surge by Rp127.6 trillion or 14.3 percent from the 2008 Revised State Budget.
The revenues are projected to be derived from tax revenue of Rp726.3 trillion, non-tax revenue Rp295.3 trillion, and grant of around Rp0.9 trillion.
The planned tax revenue of Rp726.3 trillion in 2009 indicates an increase by Rp117 trillion or 19.2 percent from the 2008 Revised State Budget, despite the fact that tax is lowered from 30 percent to 28 percent for Company Income Tax and from 35 percent to 30 percent for Private Income Tax, in compliance with the new Income Tax Law.
He also explained that a budget deficit of Rp99.6 trillion (1.9 percent of GDP) in the 2009 Draft State Budget will be funded Rp110.7 trillion from domestic sources and net foreign sources of minus Rp11.1 trillion.
"Hence, our foreign principal debt service is higher than the new foreign debt. This is in line with the objective of reducing continually the portion of foreign debt in the payment of our deficit," the head of state said.
