JAKARTA. The Ministry of Finance recorded that as of late November 2019 the government paid Rp 267.63 trillion in financing interest, 97.01% of the 2019 State Budget ceiling of Rp 275.89 trillion.

In the November 2019 edition of APBN Kita (Our State Budget), the debt refinancing grew 6.58% year on year (yoy). However, in terms of percentage, the absorption was lower compared to 105.2% of the 2018 Budget in November last year.

Overall, non-ministry and agency expenditure reached Rp 575.36 trillion or 73.87% of the 2019 ceiling of Rp 778.89 trillion, up 2.91% yoy. The expenditure consisted of debt interest financing, subsidies, and grant spending.

Subsidy payment reached Rp 177.69 trillion, lower than the previous year, while grant spending reached Rp 2.37 trillion. Factors that affected the lower subsidy payment include low ICP which resulted in the negative growth of energy subsidies by 5.3% yoy. However, non-energy subsidies grew positively by 3.5% yoy, influenced by fertiliser subsidies which grew 10.7% yoy. (AM/MS)