JAKARTA: Indonesia has revised up its bonds sale target for 2023 to 437.83 trillion rupiah ($27.90 billion) to cover next year's early expenses, a presidential regulation showed on Monday, about 20% higher than the previous forecast.
Finance Minister Sri Mulyani Indrawati said in October that the government would look to raise some cash in the remainder of 2023 to provide a buffer for 2024, though bonds auctions would be done in a measured way.
The bond sale outlook for 2023 had initially been halved to 362.9 trillion rupiah ($23.11 billion) as authorities saw higher than expected revenues.
The government also revised up its tax revenues target this year to 2,118.3 trillion rupiah ($134.88 billion) to match with the latest outlook. It expects the budget's excess cash at 226.88 trillion rupiah, according to the document.
The excess cash will be used for early spending in 2024, the ministry said previously.
For 2024, the government has set the indicative bond sale at 666.4 trillion rupiah worth of notes or 52.2% higher from the revised 2023 issuance target.
The regulation did not provide details on the 2023 budget deficit number after the revision, but the ministry has previously said it expects a deficit for this year below 2.3% of gross domestic product (GDP).
For next year, the deficit is targeted at 2.29% of GDP. - Reuters
