Indonesia’s Parliament Approves 2023 Budget Amid Price Pressure

Indonesian lawmakers gave the official nod to the 2023 state budget that seeks to shrink the deficit to less than 3% of gross domestic product despite rising threat of inflation.

Parliament passed the budget into law in a plenary meeting on Thursday, endorsing a record spending of 3.06 quadrillion rupiah ($200 billion) next year to sustain growth set at 5.3%. Budget shortfall is set to narrow to 2.84% of GDP, lower than a projected 3.9% this year.