Keyword "Human capital" for the 2020 state budget – Business

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President Joko "Jokowi" Widodo will continue with his focus on human capital development in the first year of his second term, as his administration has designed the 2020 state budget proposed to support this agenda.

In his annual state speech and in the speech on the financial note to the House of Representatives on Friday, Jokowi said the government outlined five areas of interest that could push the Indonesian economy against the background of slow global economic growth and external factors unfavorable.

The five main aspects are the development of human resources, the acceleration of infrastructure, the strengthening of social protection programs, regional autonomy and the anticipation of global uncertainties, said the President.

"Focusing on these five aspects and taking into account the expansive but direct and measured fiscal policies (the goal of state revenues) was therefore set at 2.22 billion rp (156 billion US dollars)", he said Jokowi, adding that the strengthening of innovation and improving the human capital of Indonesia would be crucial to support internal growth.

The figure is a 2.6 percent increase over this year's target of Rp 2.17 quadrillion. This year, the Ministry of Finance said it had collected 603.34 trillion rp of taxes in the first half, or 38.25 percent of the target of the state budget and an increase on an annual basis (year on year) of 3.37 percent of tax revenue.

Additions with non-tax revenues, state revenues reached 898.8 trillion rp, 41.5 percent of the objective of the state budget.

Meanwhile, forecasts for state spending by 2020 have been set at 2.53 quadrillions of Rp, about 14.5 percent of GDP, up only 1.5 percent compared to 2.46 quadruple Rp in the 2019 state budget.

Starting from the first half of 2019, the realization of public expenditure was recorded at Rp 1.03 quadrillion, 42 percent of the total budget.

. (TagsToTranslate) State-address (t) financial-note (t) 2020 (t) Jokowi (t) of the state-budget

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