Indonesian parliament approves $216 billion budget for 2024 to boost economic growth

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Indonesian parliament approves $216 billion budget for 2024 to boost economic growth

In a recent legislative move, the Indonesian parliament approved a state budget of $216 billion for 2024 on Thursday, marking a significant commitment by the government to stimulate economic growth. The substantial fiscal plan is set to expedite various development projects during President Joko Widodo's final year in office.

The decision to approve this budget came during a plenary session held on Thursday. This approval by lawmakers indicates an increase in state expenditure for the coming year, with the total amounting to 3,325 trillion rupiah. The increased expenditure is expected to support an economic growth target of 5.2%.

Additionally, the newly approved budget outlines a deficit that equates to 2.29% of Indonesia's gross domestic product (GDP). This deficit forms a crucial part of the financial blueprint for 2024, reflecting the government's strategic approach towards managing national finances while concurrently pursuing ambitious developmental goals.

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