Banking & Finance

Parliament passes into Law RAPBN 2019 in Plenary Session

Date: 31 October 2018; Type: Legal News; Source: Antara

Jakarta, Oct 31 (ANTARA News) - The House of Representatives (DPR) has passed into law the draft state budget (RAPBN) 2019 in a plenary session here on Wednesday. Finance Minister Sri Mulyani Indrawati said the draft budget reflected optimism at the same time prudence amid the environment full of challenges. "Prudence and watchfulness does not indicate that our economy and state budget vulnerable, but we are set to keep the positive momentum to prevail," Sri Mulyani said.

The minister pointed to a number of concrete challenges in 2019 including global economic uncertainty brought about by the process of normalization in the U.S. monetary policy, appreciation of the U.S. dollar and liquidity tightening that results in capital outflow from developing economies.

The condition is worse by protracted trade war between the United States and China, uncertainty in Brexit scenario, and geopolitical tension in a number of parts of the world contributing to growing risk of negative global economic growth, she said.

"Our economic targets have to be more realistic by adjusting to global economic condition that our fiscal policy through 2019 state budget is more credible and selective," she said.

The targets set in the 2019 state budget are:

economic growth 5.3 percent,

inflation 3.4 percent

rupiah exchange rate 15,000 per U.S. dollar

Indonesian oil price US$70 per barrel

oil lifting per day 775,000 barrels per day

gas lifting per day 1,250,000 barrels oil equivalent

and interest rate on 3-montyh SPN (treasury bill) at 5.3 percent.

Basd on the assumptions , the state income target is set at Rp2,165.1 trillion and state spending at Rp2,461.1 trillion - or budget deficit of Rp296 trillion, or 1.84 percent of the country`s Gross Domestic Product (GDP), lower than 2018`s deficit target of Rp314.2 trillion or 2.12 percent of the GDP .

Reactions of factions

Deputy chairman of the House Budget Department Ahmad Rizki Sadig read out reactions of the political party factions to the 2019 state budget.

The factions of PDIP, Golkar, Demokrat, PAN, PKB, PPP, Nasdem and Hanura approved the draft state budget 2019 to be passed into Law.

Ahmad Rizki said the Gerindra faction chose to give no opinion and PKS faction accepted the budget with 42 annotations such as significant revision of rupiah value against the dollar as a government`s failure to improve the competitiveness the country`s economy in the global market. *

Notice: The Publishers of Asean LIP acknowledge the permission granted by the relevant official/ original source for the reproduction of the above/ attached materials. You shall not reproduce the above/ attached materials in whole or in part without the prior written consent of the Publishers and/or the original/ official source. Neither the Publishers nor the official/ original source will be liable for any loss, injury, claim, liability, or damage caused directly, indirectly or incidentally to errors in or omissions from the above/ attached materials. The Publishers and the official/ original source also disclaim and exclude all liabilities in respect of anything done or omitted to be done in reliance upon the whole or any part of the above/attached materials. The access to, and the use of, Asean LIP and contents herein are subject to the Terms of Use.

Get ASEAN LAW ALERT

Legal updates by e-mail. It's Free.

INDUSTRY UPDATES

Malanjum keeping Mum about his Successor

KUALA LUMPUR, Mar 20 (Bernama) - Chief Justice Tan Sri Richard Malanjum, who is due for compulsory retirement in April only smiled broadly and chose to remain secretive when asked about his successor.

Read More

INDUSTRY UPDATES

MP Noh Omar expelled from Dewan Rakyat for Three Days

KUALA LUMPUR, Mar 19 (Bernama) - Tanjung Karang MP Tan Sri Noh Omar has been expelled from the Dewan Rakyat for three days from today.

Read More

INDUSTRY UPDATES

ICC Prosecutors to be deported if they Probe Drug War

MANILA, Mar 18 (PNA) - Prosecutors of the International Criminal Court (ICC), who will enter the Philippines to investigate the Duterte administration’s war on drugs, may be deported, Malacañang said on Monday.

Read More

INDUSTRY UPDATES

Selangor wants tougher Environmental Laws

SHAH ALAM, Mar 17 (Bernama) - The Selangor government wants to enforce more stringent laws to address issues related to environmental pollution in the state, said Menteri Besar Amirudin Shari.

Read More

INDUSTRY UPDATES

Rosmah's Graft Case transferred to High Court

KUALA LUMPUR, Mar 15 (Bernama) - The High Court here today allowed the prosecution's application to transfer from the Sessions Court to the High Court the case involving two graft charges filed against Datin Seri Rosmah Mansor, who is the wife of former Prime Minister Datuk Seri Najib Tun Razak.

Read More

INDUSTRY UPDATES

IBP condemns Slay of another Lawyer in DavNor

MANILA, Mar 14 (PNA) - The Integrated Bar of the Philippines (IBP) on Thursday urged authorities to take action on the latest killing of a lawyer, Rex Jasper Lopoz, who was gunned down last March 13 in front of a shopping mall in Tagum City, Davao del Norte.

Read More

INDUSTRY UPDATES

IPOPHL brings IP-focused MCLE Program to Cebu

MANILA, Mar 14 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) will be mounting the 2019 edition of the Mandatory Continuing Legal Education (MCLE) this March in Cebu, to expand its education drive and reach out to IP practitioners in the Visayas.

Read More

INDUSTRY UPDATES

ASEAN aims at creating Future Digitally-Skilled Youths

Jakarta, Mar 14 (ANTARA) - Seven ASEAN member states, through the ASEAN Digital Innovation Programme initiated by the ASEAN Foundation in collaboration with Microsoft, aim to create digitally-skilled youths prepared to tackle challenges of the digital workspace in future.

Read More

INDUSTRY UPDATES

Tanintharyi Landholders sued under New Law

Local government officials and companies are already using the recently amended land law to remove villagers from disputed land, according to lawyers in southern Myanmar.

Read More

INDUSTRY UPDATES

SC to facilitate Greater Investor Inclusiveness

KUALA LUMPUR, March 14 (Bernama) - Opening local corporate bonds and sukuk to retail investors who meet the requirements set are among the steps taken by the Securities Commission Malaysia (SC) to promote investors inclusiveness in the local market.

Read More

INDUSTRY UPDATES

SC aims Further Expansion of Islamic Capital Market, says Chairman

KUALA LUMPUR, March 14 (Bernama) - The Securities Commission (SC), the regulatory body of the capital market, aim to foster growth that is premised on long-term value creation by intensifying efforts to further expand the Islamic capital market as well as the closely-linked sustainable finance segment.

Read More

INDUSTRY UPDATES

National E-Document Exchange Platform launched

Hanoi, Mar 12 (VNA) - The Government Office held a ceremony in Hanoi on March 12 to launch the National E-Document Exchange Platform, a move towards a digital government and economy.

Read More

INDUSTRY UPDATES

Cabinet approves 5Bn Baht Agro Subsidies

BANGKOK, Mar 13 (NNT) - The weekly Cabinet meeting has allocated another five billion baht to support rice agriculture during the current production year.

Read More

INDUSTRY UPDATES

CJ seeks to remove Parts of Hamid Sultan's Affidavit

KUALA LUMPUR, Mar 13 (Bernama) - Chief Justice Tan Sri Richard Malanjum today filed an application to remove parts of the supporting affidavit filed Court of Appeal Judge Datuk Dr Hamid Sultan Abu Backer in the lawsuit by the late Karpal Singh’s daughter, claiming that it was outrageous, insulting and an attack to the Judiciary.

Read More

INDUSTRY UPDATES

Up to PM to shortlist Candidates for CJ's Post - Liew

KUALA LUMPUR, Mar 12 (Bernama) - The Law Minister in the Prime Minister’s Department Datuk Liew Vui Keong today said that he has no information about the candidates shortlisted to be appointed as the new Chief Justice to replace Tan Sri Richard Malanjum who will retire from the post next month.

Read More