Ada Pertanyaan? Hubungi Kami 
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Ada Pertanyaan? Hubungi Kami Fathan Qorib, Christina Desy
Approaching the year end, there is speculation that the current subsidized fuel quota will not be sufficient to meet actual needs. Under Law No. 12 of 2014 on State Expenses and Revenue Budget for 2014 (“State Budget Law”), the government has allocated 46 million kiloliters of subsidized fuel for the whole year.
As of September, there is only 16 million kiloliter of subsidized fuel remaining, with many commentators predicting that this amount will be insufficient and the government needs to consider increasing the quota.
Interviewed at the House of Representatives Secretariat in Jakarta on Wednesday, Chatib Basri, Minister of Finance, put forward three possible measures that can be taken by the new administration to deal with this issue.
First, the government could issue a Government Regulation in Lieu of Law (Peraturan Pemerintah Pengganti Undang-Undang – Perppu), to increase the subsidized fuel quota under the State Budget Law.
The second option is to revise the article of the State Budget Law that sets the subsidized fuel quota. Under Article 34 of State Budget Law, the government and the House of Representatives (“House”) may adjust the State Budget if there are any undue macro-economic developments relevant to the assumptions used for State Budget.
Revision can also be carried out for certain other reasons, such as a change to fiscal circumstances, occurrence of circumstances that cause a shift in the budget, or circumstances requiring the utilization of budget surplus (sisa anggaran lebih – SAL) for financing in the current fiscal year.
Thirdly, Mr. Basri suggested that the government could also make the expenditure as non-allocated expenses or as an expense which exceeds the already established budget for 2014.
Based on Article 35 of State Budget Law, the government must obtain approval from the House for such expenditure which is only permitted in a state of emergency.
Any expenditure of SAL surplus must first take into consideration budget calculations for the remainder of the current fiscal year and the first quarter of following year prior to the utilization of the SAL.
Additionally, the government may also increase state debt through bilateral or multilateral creditor standby loans if the market is not conducive to the issue of government bonds (Surat Berharga Negara – SBN). Both actions require the House’s approval.
Based on a belief that the current subsidized fuel quota will be insufficient, Tony Prasentiono, Head of Public Policy and Economic Studies Center at Universitas Gadjah Mada, urged the government to increase the quota immediately.
By doing so, the State Budget will be able to better support other aspects of the economy such as the construction of supporting infrastructure or allocating funds to more productive expenditure.
Moreover, it is expected that such a move will increase positive sentiment from foreign investors which will strengthen the rupiah’s position.
(hot/kc)
Fathan Qorib, Christina Desy
Approaching the year end, there is speculation that the current subsidized fuel quota will not be sufficient to meet actual needs. Under Law No. 12 of 2014 on State Expenses and Revenue Budget for 2014 (“State Budget Law”), the government has allocated 46 million kiloliters of subsidized fuel for the whole year.
As of September, there is only 16 million kiloliter of subsidized fuel remaining, with many commentators predicting that this amount will be insufficient and the government needs to consider increasing the quota.
Interviewed at the House of Representatives Secretariat in Jakarta on Wednesday, Chatib Basri, Minister of Finance, put forward three possible measures that can be taken by the new administration to deal with this issue.
First, the government could issue a Government Regulation in Lieu of Law (Peraturan Pemerintah Pengganti Undang-Undang – Perppu), to increase the subsidized fuel quota under the State Budget Law.
The second option is to revise the article of the State Budget Law that sets the subsidized fuel quota. Under Article 34 of State Budget Law, the government and the House of Representatives (“House”) may adjust the State Budget if there are any undue macro-economic developments relevant to the assumptions used for State Budget.
Revision can also be carried out for certain other reasons, such as a change to fiscal circumstances, occurrence of circumstances that cause a shift in the budget, or circumstances requiring the utilization of budget surplus (sisa anggaran lebih – SAL) for financing in the current fiscal year.
Thirdly, Mr. Basri suggested that the government could also make the expenditure as non-allocated expenses or as an expense which exceeds the already established budget for 2014.
Based on Article 35 of State Budget Law, the government must obtain approval from the House for such expenditure which is only permitted in a state of emergency.
Any expenditure of SAL surplus must first take into consideration budget calculations for the remainder of the current fiscal year and the first quarter of following year prior to the utilization of the SAL.
Additionally, the government may also increase state debt through bilateral or multilateral creditor standby loans if the market is not conducive to the issue of government bonds (Surat Berharga Negara – SBN). Both actions require the House’s approval.
Based on a belief that the current subsidized fuel quota will be insufficient, Tony Prasentiono, Head of Public Policy and Economic Studies Center at Universitas Gadjah Mada, urged the government to increase the quota immediately.
By doing so, the State Budget will be able to better support other aspects of the economy such as the construction of supporting infrastructure or allocating funds to more productive expenditure.
Moreover, it is expected that such a move will increase positive sentiment from foreign investors which will strengthen the rupiah’s position.
(hot/kc)