Massive Budget Mobilization Behind Latest Revised APBN Posture

President Joko Widodo overhauled the details of the state budget (APBN) for 2023 as the year comes to a close. This change was established through Presidential Regulation No. 75/2023 concerning the details of the 2023 APBN. The regulation, issued on Nov 10, serves as an update to Presidential Regulation No. 130/2022. "That to make adjustments to state revenue, state expenditure, budget deficit, as well as budget financing, including the use of the budget surplus [SAL] funds," as stated in the considerations of the regulation.

This adjustment aligns with the conclusions reached during a working meeting between the government, the Budget Agency of the People's Representative Council, and the Governor of Bank Indonesia regarding the discussion of the realisation report of APBN for the first half and the prognosis for the second half. The overhaul primarily involves aspects such as revenue, expenditure, and the plan for issuing debt instruments. In Presidential Regulation No. 75/2023, the tax revenue target is Rp 2,118.34 trillion, increasing 4.8 percent from the initial target of Rp 2,021.2 trillion.