Natural Resources Contribution Crucial for Recovery in Indonesia: Finance Minister

Natural Resources Contribution Crucial for Recovery in Indonesia: Finance Minister

Jakarta: Minister of Finance Sri Mulyani Indrawati stated that the contribution of natural resources was important and reliable for state revenues in the midst of the current high volatility in commodity prices.
“In a situation where commodity prices are soaring like in the present, the contribution of natural resources to state revenues is very important and reliable,” Indrawati stated during a webinar on “Digitalization as a Means of Corruption Prevention” in Jakarta, Wednesday.
The minister said state revenues, supported by the rising commodity prices, especially oil and gas, would support the government to overcome the impact of the COVID-19 pandemic.

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The minister noted that the government was still overseeing the economic recovery from the impact of the COVID-19 pandemic that had caused people to experience pressure from the social, health, and economic sides.
The government is striving to quickly bring down the poverty rate to a single-digit figure and create the widest possible employment opportunities, considering the fact that the pandemic had plunged several Indonesian families into poverty and unemployment.
“This is an extraordinary effort that requires enormous resources. Revenue from natural resources is one of the aspects that is relied upon in this process,” Indrawati stated.
The realization of Non-Tax State Revenue (PNBP) from natural resources in the first semester of 2022 had reached Rp114.6 trillion, comprising oil and gas, Rp74.6 trillion, and non-oil and gas, Rp40 trillion.
The Finance Ministry estimated this year’s tax revenue to reach 15.3 percent (yoy), or Rp1,784 trillion, in line with the recovery and increase in commodity prices.
Head of the fiscal policy agency at the Finance Ministry Febrio Kacaribu earlier remarked that the projection surpassed the tax revenue target set at Rp1,510 trillion in the 2022 State Budget.
“We have made a very strategic decision for 2022 at 15.3 percent, and we are still in the mitigating conditions that we face,” Kacaribu stated at the House of Representatives’ Financing Agency here on Monday.
Kacaribu remarked that the Rp1,784 trillion included customs and excise revenues of Rp299 trillion, which exceeded the state budget target of Rp245 trillion. It also included tax revenues of Rp1,485 trillion, which had been higher than the state budget target of Rp1,265 trillion.
The projected tax revenue growth of 15.3 percent surpassed that during the pre-pandemic situation, which had averaged 6.5 percent during the period from 2017 to 2019.
On the other hand, revenue in 2020 had fallen by 16.9 percent due to expediting countermeasures necessary to assist businesses in overcoming the COVID-19 pandemic crisis.
The situation got better in line with controlled COVID-19 cases and improvement in the vaccination rate in 2021, thereby driving the tax revenue to reach 20.4 percent.
As for this year, Indonesia still benefits from very high global commodity prices, or the commodity boom, as was apparent from the revenue, he stated.
However, the government remains cautious about the global uncertainties, both in terms of the monetary policy and the global trade system, he pointed out.
“Although Indonesia had to ban the export of several commodities, we managed to maintain the domestic supply, and now, exports have been (continued). In several countries, this practice is very common,” he concluded.


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