Politics
Increasing budget deficit in 2025 is a big challenge for the Prabowo government
President Prabowo Subianto. Photo: Medcom.id Doc.
Jakarta: President Prabowo Subianto's government is seen as facing major challenges in managing the budget deficit which is expected to reach IDR 616 trillion in 2025. This deficit is a direct impact of the aggressive fiscal policy pursued by the previous government.
Observer? Hardjuno Wiwoho, a legal advocate and anti-corruption activist, said the budget deficit was an accumulation of debts incurred during President Joko Widodo's term to finance various strategic infrastructure projects. Even if it has managed to get the economy moving, the debt burden it carries is quite heavy.
“These projects have indeed succeeded in boosting economic growth in the short term, but the burden of debt financing must now be borne by the new government,” said Hardjuno when contacted in Jakarta, Saturday, October 26, 2024.
The State Revenue and Expenditure Budget (APBN) for 2025, adopted on October 17, 2024, projects a budget deficit of IDR 616 trillion. Most of this deficit was covered by debt financing of IDR 775 trillion, a consequence of previous debt policies.
“This is not a policy that can be changed immediately. President Prabowo inherited a fiscal situation already heavy with debt pressure. Even though he started managing the budget in 2025, the policies implemented by the previous government still greatly influence the new government's fiscal policy space,” Hardjuno said.
However, he is optimistic that the Prabowo government will take careful steps to overcome this situation. In the first cabinet meeting after his inauguration, Prabowo stressed the importance of more prudent financial management, particularly with regard to monitoring potential budget leaks and corruption.
“Be thorough, this is what President Prabowo emphasized. He is committed to ensuring that the state budget is used in an efficient and targeted manner, without leaks and without corruption,” he said .
In an effort to manage inherited deficits and debt, the Prabowo government also emphasizes the importance of strengthening supervision of state finances. Even President Prabowo stressed that eradicating corruption and budget leaks was a top priority of his new government.
“This is an important step to reduce the state's tax burden, which is increasingly heavy due to old debts. Development programs will continue to operate, but with strict supervision to avoid leakages budgets,” added Hardjuno.
According to him, the Prabowo government must also balance deficit financing with the need to maintain economic growth and protect the interests of the people. One step to take is to guarantee investments in the productive sector and maintain the efficiency of state spending.
“I believe that the Prabowo government is capable of better managing this deficit, although the challenges it inherited are quite serious. The Prabowo government must focus more on efficiency and ensure that the debt is used for the benefit of the people as a whole, and not just to pursue short-term projects,” he said.
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