ECONOMY

 This is also part of government efforts to maintain price stability in the run up to Ramadan and Eid Al-Fitr. “Food security is very important, this year the budget for this is Rp104.2 trillion,” said Head of the Fiscal Policy Agency (BKF) Febrio Nathan Kacaribu, reported CNN Indonesia, Thursday (9/3).

Indonesian Textile Association (API) chairman Jemmy Kartiwa Sastraatmaja said domestic textile and apparel (TPT) industry is struggling even more as textile exporting countries such as China and Bangladesh are now setting their eyes on the Indonesian market as demand in the US and EU wanes, reported Katadata, Thursday (2/3).

The government promises to ease permits for music concerts, films, and art and culture festivals to spur the creative economy sector, reported Katadata, Tuesday (28/2). President Joko Widodo even wants the process to be digitized.

The Finance Ministry (Kemenkeu) has temporarily blocked Rp50.2 trillion worth of budgets of all ministries/agencies this year in line with the “automatic adjustment” policy which aims to encourage spending on priority needs.

Indonesia and Malaysia agreed to increase cooperation in the palm oil sector after the European Union discriminated against the export of the commodity. It is important for the two countries through the Council of Palm Oil Producing Countries (COPC) to approach the European Union (EU) to prevent unwanted consequences from the regulation for deforestation-free products.

A viral post showing a netizen complaining about the hefty tax he must pay after shopping overseas. So what does the rule say?

The government plans to provide incentives to encourage the massive adoption of battery-based electric vehicles (KBLBB). Coordinating Maritime Affairs and Investment Minister Luhut B Pandjaitan confirmed that an incentive worth Rp7 million per unit will be given for the purchase of new electric motorcycles. What about converted motorbike?

The government decided to stop copper exports in July 2023. This policy follows the ban of bauxite export as part of the industrial downstreaming drive.

Statistics Indonesia (BPS) noted that the number of poor people in Indonesia has increased in the period of March-September 2022 to 26.36 million people (9.57 percent of the total population). The September figure was up 0.03 percent compared to March, reported CNBC Indonesia, Tuesday (17/1).

The World Bank predicts that the global economy will experience the most significant weakening in three decades, approaching a recession with an estimated growth of only 1.7 percent in 2023.

Finance Minister Sri Mulyani noted a state budget deficit of Rp464.3 trillion (2.38 percent of GDP) as of December 2022, lower than previously projected.