JAKARTA: Indonesian President-elect Prabowo Subianto will allow the nation's debt-to-GDP ratio to rise to 50 per cent provided his administration can boost tax revenues, the Financial Times reported citing one of h
Indonesia ’s Defence Minister and President-elect Prabowo Subianto speaks at the Shangri-La Dialogue in Singapore Jun 1, 2024. JAKARTA: Indonesia n President-elect Prabowo Subianto will allow the nation's debt-to-GDP ratio to rise to 50 per cent provided his administration canPrabowo's brother and adviser Hashim Djojohadikusumo told the Financial Times in a London interview that Indonesia could still retain its investment-grade rating even if the debt-to-GDP ratio rises to 50 per cent.
Under those rules, the government's budget deficit is capped at 3 per cent of GDP and the debt-to-GDP ratio cannot exceed 60 per cent. During campaigning, Prabowo had said he wanted to raise public debt levels, while also pledging to boost the tax-to-GDP ratio to 16 per cent from around 10 per cent now. He will take office in October.
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