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VP instructs ministers to maintain food price stability JAKARTA - Vice President Boediono has instructed relevant ministers and officials to maintain food price stability in the face of subsidized fuel price hikes and the fasting month of Ramadhan.

"In the run-up to the fasting month, prices usually increase. But we hope normal increase. We should prevent price increase which exceeds the normal hike," the Vice President told a press conference here on Tuesday.

He said the government has prepared special steps to curb food prices to a stable level. "This needs a special step and it is now being handled by the chief economic minister and the minister of trade and other related officials so that price turmoil would not happen."

Boediono also called on the people not to scramble to buy fuels in the run-up to the price hike. "We hope the people would stay calm and wait for the completion of preparations before the President announces fuel price hike. There is no need for them to scramble in buying fuels," he said.

The Vice President called the press conference after holding a meeting to prepare compensation for the poor in the face of the fuel oil price increase after the House of Representatives (DPR) approved the draft 2013 state budget on Monday.

The government will raise the prices of subsidized fuels shortly after the revised 2013 state budget has been endorsed.

The House of Representatives finally approved Draft Revised 2013 State Budget through voting in its plenary session here on Monday night.

In the Revised 2013 State Budget, state revenues and grants are set at Rp1,502 trillion and state expenditure at Rp1,726.1 trillion with a deficit of 2.38 percent of the Gross Domestic Product (GDP) or Rp224.2 trillion.

The state revenues and grants consist of domestic revenues amounting to Rp1,497.5 trillion and grants Rp4.5 trillion. Domestic revenues comprise Rp1,148.3 trillion from tax and Rp349.2 trillion from non-tax sources.

State expenditure is set at Rp1,726.1 trillion, consisting of Rp1,196.8 trillion government expenditure and Rp529.3 trillion transfers to the regions.

Fuel oil subsidy spending is set at Rp199.8 trillion but the electricity subsidy remains unchanged at Rp99.8 trillion. The volume of subsidized fuel does not change either, namely 48 million kiloliters.

In the meantime, the macro economic assumptions in the 2013 revised state budget among others cover economic growth at 6.3 percent, inflation rate at 7.2 percent, the rupiah exchange rate against the US dollar at Rp9,600, three-month state treasury bill (SPN) interest rate at 5 percent, Indonesian Crude Price (ICP) at 108 dollars per barrel, oil lifting at 840,000 barrels per day and gas lifting at 1,240 thousand barrels equivalent oil.


Related blog entries (category 'Politics') Related blog entries (category 'Politics'):
18 June 2013 · House plenary enacts bill on revised budget into law
17 June 2013 · Minister: 'Fuel subsidy should go to poor people'
15 June 2013 · PKS backs government`s policy to raise fuel prices
15 June 2013 · Yudhoyono: 'Reform efforts still continuing'
13 June 2013 · Yudhoyono: 'Set aside political interests over fuel subsidy'
12 June 2013 · President leads coalition meeting over draft of state budget

Related blog entries (category 'Politics') Tags: fuel, price, hike, stability, food


Posted in Politics @ 18 June 2013 23:30 CET by Blog Bot · 'Blog' RSS feed · permalink






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