Indonesia’s debt to swell further in 2021 to finance economic recovery

first_imgThe government has relaxed the state budget deficit ceiling of 3 percent of GDP, a cap introduced after the 1998 Asian financial crisis, which has never before been exceeded. The government has chosen to exceed the limit to fight the health, social and economic impacts of the pandemic.However, the law that has allowed the government to circumvent the ceiling stipulates that the government must reinstate the 3 percent cap by 2023.“Our fiscal policy for next year is speeding up economic recovery and strengthening sectoral reforms to prevent us from falling into the middle-income trap,” Febrio said.The government expects the economy to grow between 4.5 percent and 5.5 percent in 2021 and projects this year’s growth will hover between 2.3 percent and negative 0.4 percent. Finance Minister Sri Mulyani Indrawati, however, said this year’s growth looked more likely to be within the range of zero to 1 percent as the second-quarter economy was projected to shrink by 3.1 percent.Read also: U-shape economic recovery to take place until Q1 of 2021: BataviaIndonesia booked its lowest GDP growth in 19 years in the first quarter: 2.97 percent. The coronavirus outbreak forced people to stay at home, disrupting business and economic activity.Fitch Ratings director for sovereigns and supranationals Thomas Rookmaker expected Indonesia’s government debt ratio to swell to 38 percent by the end of the year, adding that it would still be below the BBB rating peer median of 53 percent of GDP.”A rapid increase in public debt resulting from rising budget deficits is a negative rating sensibility from our last review when we affirmed Indonesia’s rating at BBB with a stable outlook, but that was before the coronavirus pandemic,” Rookmaker told The Jakarta Post on Wednesday. The key question from a ratings perspective is how the government will use the fiscal space and what impact it will have on Indonesia’s medium-term public finances, he said.”Indonesia has a policy record of fiscal prudence supported by the political spectrum. This gives credibility to the authorities to return public finance back to their pre-crisis track and could be supportive of the rating,” Rookmaker stated.Read also: GDP to contract by 3.1% in Q2 on COVID-19 headwindsWorld Bank senior economist for Indonesia Ralph van Doorn said last month that the country’s debt would rise to 37 percent of GDP this year, driven by an increase in borrowing to cover for the widening budget deficit and to cope with the economic slowdown and rupiah exchange rate depreciation.“Indonesia must maintain its hard-earned market confidence, which can be lost very easily, as credit rating agencies have signaled concerns [about debts] in the medium term,” Van Doorn said.“It must reinstate the deficit ceiling and end Bank Indonesia’s partial financing of the deficit” after the virus threat subsides, he added.Topics : The government expects the budget deficit to reach 6.34 percent of GDP this year to cover a Rp 695.2 trillion (US$49.23 billion) stimulus package. In 2021, the government expects the budget deficit to hover between 3.05 percent and 4.01 percent.Read also: Indonesia’s foreign debt rises in April as govt issues global bonds, debt papersThe government is planning to issue another Rp 990 trillion worth of government bonds from June to December this year to finance the widening deficit. It had sold Rp 369 trillion worth of government bonds as of May, an increase of 98.3 percent from the same period last year. Next year’s state budget figures are still under discussion.“The government realizes that fiscal discipline is crucial to speed up economic recovery,” Febrio added. “We expect the budget deficit will be able to return below 3 percent in 2022.” Indonesia’s debt will swell significantly next year as the government increases spending to help the country recover from the COVID-19 pandemic, an official has said.The Finance Ministry’s Fiscal Policy Agency head Febrio Nathan Kacaribu said that Indonesia’s debt-to-gross domestic product (GDP) ratio would swell to between 33.8 percent and 35.8 percent next year, up from 29.8 percent at the end of last year, to cover a widening budget deficit during the pandemic.“This is a direct consequence of a countercyclical policy to support economic recovery and strengthen economic fundamentals in 2020 and 2021,” Febrio said at a discussion on Wednesday. “We will continue to look at various financing sources to maintain the health of the debt ratio.”last_img read more

One more reason why Queensland is better than New South Wales

first_imgThere are plenty of homes on offer within 20km of the CBD for less than $500,000, including208 Lyndhurst Rd, Boondall which is listed for offers of more than $499,000. Picture: realestate.com.auBRISBANE buyers should be laughing as new figures reveal our affordable hot spots are half the price of those in Sydney.The latest PRDnationwide Hot Spots report labelled Sydney’s “affordable’’ suburbs as having median house prices of more than $800,000, while in Brisbane they were around $400,000.The report found 16.1 per cent of suburbs within 20km of the Brisbane CBD had a median price of less than $500,000.The majority of suburbs, 41.7 per cent were priced between $500,000 and $750,000 and only 3.8 per cent were for more than $1.25 million.PRDnationwide national research manager Dr Diaswati Mardiasmo said while buyers in the Brisbane market could still access plenty of suburbs with properties for less than $750,000 that number had dropped slightly since the end of last year.“Interestingly the under $500,000 market remained stable, potentially due to new unearthed suburbs becoming gentrified,’’ she said.More from newsMould, age, not enough to stop 17 bidders fighting for this home4 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor4 hours ago“Affordability is the big question.’’While there were 16.1 per cent of the suburbs within 20km of the Brisbane CBD for under $500,000, in Sydney only 0.3 per cent and in Melbourne 7.5 per cent fell within that range.“Buyers in Brisbane with a maximum of $500,000 can access triple (the number of suburbs than) Sydney and double Melbourne.“You would need a budget of $1 million to $2 million to access most of Melbourne and Sydney.“this demonstrates the extreme affordability contrast between the three capital cities.Dr Mardiasmo said in the past 15 months to March 2017 Brisbane’s LGA median house price grew by 4.8 per cent, with the western suburbs attracting the strongest house price growth and the northern suburbs the strongest unit price growth.On realestate.com.au there are more than 5000 properties listed within the greater Brisbane region with an asking price of less than $500,000. Of those 897 are within the inner Brisbane area including.last_img read more

Speckman leads start to finish at Arlington opener

first_imgARLINGTON, Minn. (May 6)  – Matt Speckman was super in a flag-to-flag run to the B&B Racing Chassis IMCA Stock Car feature, on opening night Saturday for the 37th season at Arlington Race­way.Speckman led the distance with Chad Schroeder on his tail throughout. Dean Cornelius and Dan Mackenthun traded spots a couple times with Cornelius taking third at the end and Matt Schauer getting around Mackenthun to take fourth at the finish.Clint Hatlestad topped the MN 93 IMCA Modified feature while 95.7 the Rock IMCA RaceSaver Sprint Car checkers flew for Michael Stien.The Unhinged Pizza IMCA Northern SportMods saw two different leaders, Eric Bassett through the first seven circuits and Justin Remus the rest of the way.Eighth starting Cory Probst was quick to get back to his winning ways in the Premier Logistics IMCA Hobby Stocks and the Coors Light IMCA Sport Compacts saw a new car in victory lane as Alex Dostal led start to finish to win his first feature ever.Horejsi Graphics sponsored the best appearing car contest with the following drivers winning: Coors Light Sport Compact, Kyren Porter; Premier Logistics IMCA Hobby Stock, Matt Olson; Un­hinged Pizza IMCA Northern SportMod, Jeremy Brown; 95.7 the Rock IMCA RaceSaver Sprint Car, Trevor Serbus; B&B Racing Chassis IMCA Stock Car, Dan Mackenthun; and MN 93 IMCA Modified, Tim Pessek.last_img read more

Promises of Great Experience at the Cathedral

first_imgAssuredly, the best of Nigerian football artistry will be on display at “The Cathedral”, the famous home ground of reigning NPFL Champions, Rangers International. Quite befitting that the tournament holds at the end of what has been a historic year for the city of Enugu and lovers of the Flying Antelopes who ended a 32-year wait for a league crown in exquisite fashion back in early October.The nation’s best four teams and continental representatives in next year’s CAF competitions (Rangers, Rivers United, Wikki Tourists and FC Ifeanyiubah) are using the tournament to kick-start their preparations for the new season and the commencement of a new league season.Two of the four teams that will be on parade in Enugu have had managerial changes ahead of the new season – Wikki Tourists and FC Ifeanyiubah are now handled by Mohammed Baba Ganaru and Japanese Takeshi Nakamura – while last season’s top two sides Rangers and Rivers United have stuck with their Rivers State-born tacticians Imama Amapakabo and Stanley Eguma respectively.The average Nigerian football fan can expect nothing but the best of football contest during this five-day competition which features four teams that have evolved with some of the best playing philosophies in the NPFL.Rangers’ high octane passing and off-the-ball movement confounded their opponents as they steamrolled into the championship last term while Rivers United had an impeccable home run which was characterized by some of the best footballing stuffs that Port Harcourt used to be known for.Wikki Tourists might have lost their erstwhile coach, Abdu Maikaba to Akwa United but Maikaba’s former boss, Baba Ganaru is more than capable to step up from where his predecessor stopped.For Federation Cup champions, FC Ifeanyiubah, their array of foreign imports often treated league fans to some scintillating stuffs last season and the Super Four should avail new coach, Kenichi Yatsuhashi the chance to show all what his own philosophy is all about.This year’s Super4 is expected to be a departure from what we have had in recent years in the sense that participating teams who hitherto always use the tournament as their first phase of preparation, have been engaged in different tournaments in different stages of their pre-season thus far.Ranging from the Gold Cup in Ogun State, South West, North East Cup in Gombe State, North East, to Shehu Dikko Cup in Kaduna State, Northwest, NPFL teams have engaged themselves in very competitive pre-season tournaments.Three of the Super4 campaigners (Rangers, Rivers United and Wikki Tourists) have featured in one or more of the aforementioned competitions and so are expected to be in a top shape physically and mentally. The tournament comes at a stage where the coaches already have a definite way of how their teams will look like in the next season which will make for an informed viewing.It has been announced that all games in this edition of Super Four will be played under floodlights in the hours of 1700 and 1900, West African time. This should continue the renewed tradition of giving families, civil servants and artisans a chance of being part of the beautiful game in wonderful atmospheres.It has been wondered why a lot has been said about the electric European nights at Anfield, Old Trafford and some other European cities until fans began to witness the difference between afternoon football and night football in Enugu during the last league season.It is not just the colour nor the fireworks and flames from the fans that make night football (especially in Enugu) special, but there is something extraordinary about the all round mood of the players, coaches, spectators and even the TV broadcasters. A great experience awaits.Share this:FacebookRedditTwitterPrintPinterestEmailWhatsAppSkypeLinkedInTumblrPocketTelegram Fisayo DairoThe best four teams in the 2015/16 Nigeria Professional Football League (NPFL) season will converge on the ancient city of Enugu, starting today December 7 through Sunday, December 11 for the 2016/17 pre-season tournament tagged the NPFL Super4.Last season, the tournament held over the two legs in Kaduna and Uyo with Akwa United emerging the champions.last_img read more

Angels can’t hold 9th-inning lead, lose to the Yankees in 10

first_img Angels’ Shohei Ohtani spending downtime working in outfield Mike Trout, with bat and glove, helps Angels end losing streak Heaney had allowed 11 runs in his first two games, but this time he moved back to the first base side of the rubber, which he said is always more comfortable for him. He had been pitching from that side before he got hurt in spring training.He said moving back to the third base side for his first two starts was part of “a constant game of adjustments.” Clearly, the results favor him on the first base side.Calling this game “something for me personally to build on,” Heaney was one of several Angels whose performances were positive.They ended up losing because Middleton had a tough ninth and Parker’s rough season continued with a mistake in the 10th.“I’m just trying to get something to build off every outing, and then you go out and give up a go-ahead homer,” Parker said. “It kind of stinks. But we’ve been playing well as a team. We’ll bounce back and come get after it.” Clippers, Mavericks brace for the unknown in Game 4 Gregorius’ run was charged to Heaney, who had pitched the best of his three games this season. Heaney struck out nine and allowed only two runs (one earned).Related Articles The Ohtani injury, assuming it isn’t serious, was a blemish on what was shaping up to be a great night for the Angels.Ohtani had started things off with a laser of a homer, turning a 97 mph fastball from Luis Severino into a 112 mph line drive into the right-field seats. It was his fourth homer of the year. Besides that, Kole Calhoun, who had been in a 1-for-29 rut, made two spectacular defensive plays. Andrelton Simmons had a two-out, two-run triple to give the Angels the lead in the seventh. Heaney struck out nine in his best outing of the young season. Justin Anderson preserved the lead by going through the heart of the Yankees order in his third big league game.With all of those positives, perhaps none was bigger than the performance of Calhoun, who has endured a frustrating stretch at the plate.In the third inning, Gleyber Torres hit a line drive to right and Calhoun made a spectacular diving catch going toward the gap. He punctuated it with an emphatic fist pump as he popped up from the turf.Three innings later, the Yankees had runners at second and third with one out when Neil Walker hit a drive to deep right field. Calhoun leaped at the fence, snagging the ball with his glove above the yellow line, which was added this year to lower the height a ball needs to clear to be a home run.Calhoun said he wasn’t even sure he caught it until he saw the ball in his glove. He then fired it to second, unaware that Giancarlo Stanton might have left early while tagging up. An alert Simmons stepped on the bag, and the umpires ruled that Stanton had left early. Although the Angels recorded the third out on the double play, it was after Gregorius had scored from third, so his run counted to put the Yankees ahead 2-1.center_img Angels offense breaks out to split doubleheader with Astros Middleton issued a leadoff walk to Gary Sanchez. He then gave up a one-out double to Miguel Andujar and then a game-tying sacrifice fly to pinch-hitter Brett Gardner.In the 10th, Blake Parker gave up a homer to Didi Gregorius, who tied Mike Trout for the major-league lead with his 10th homer.As if that wasn’t bad enough, the Angels also had to pull Shohei Ohtani from the game after he suffered a mild left ankle sprain. He had awkwardly avoided a collision at first on a groundout.Ohtani was listed as day to day. He was expected to DH again on Saturday – against Masahiro Tanaka – and start on the mound on Tuesday.After the game, Manager Mike Scioscia didn’t have much more information, saying they would simply evaluate it every day. He said he was hoping Ohtani could still pitch on Tuesday. PreviousLos Angeles Angels starting pitcher Shohei Ohtani, left, and New York Yankees starting pitcher Masahiro Tanaka, both of Japan, chat on the field before a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)ANAHEIM, CA – APRIL 27: Pitcher Andrew Heaney #28 of the Los Angeles Angels of Anaheim pitches in the first inning during the MLB game against the New York Yankees at Angel Stadium on April 27, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)Los Angeles Angels starting pitcher Andrew Heaney throws to a New York Yankees batter during the first inning of a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong) SoundThe gallery will resume insecondsNew York Yankees starting pitcher Luis Severino throws to the Los Angeles Angels during the first inning of a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees starting pitcher Luis Severino throws to a Los Angeles Angels batter during the first inning of a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels’ Shohei Ohtani, of Japan, hits a home run during the second inning of a baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels’ Shohei Ohtani, of Japan, follows through on a home run during the second inning of a baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels’ Shohei Ohtani, of Japan, watches his home run during the second inning of a baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels’ Shohei Ohtani, of Japan, rounds the bases after hitting a home run during the second inning of a baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels’ Shohei Ohtani, right, of Japan, rounds the bases after hitting a home run off New York Yankees starting pitcher Luis Severino, foreground, during the second inning of a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)ANAHEIM, CA – APRIL 27: Shohei Ohtani #17 of the Los Angeles Angels of Anaheim celebrates his solo homerun with third base coach Dino Ebel #21 as Ohtani rounds third base in the second inning during the MLB game against the New York Yankees at Angel Stadium on April 27, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)Fans cheer as Los Angeles Angels’ Shohei Ohtani (17), of Japan, celebrates his home run with Kole Calhoun (56) during the second inning of a baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Giancarlo Stanton hits a single during the second inning of the team’s baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Giancarlo Stanton falls to the ground as he runs to first base after hitting a single during the second inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Aaron Judge, right, reacts after striking out as Los Angeles Angels catcher Martin Maldonado throws the ball during the fourth inning of a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Aaron Judge watches from the dugout during the fourth inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Gleyber Torres, center, throws to first base to complete a double play after forcing out Los Angeles Angels’ Justin Upton as Didi Gregorius watches during the fourth inning of a baseball game, Friday, April 27, 2018, in Anaheim, Calif. Albert Pujols was out at first. (AP Photo/Jae C. Hong)New York Yankees first baseman Neil Walker, left, catches the throw for the out on Los Angeles Angels’ Zack Cozart during the fifth inning of a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Miguel Andujar, right, is greeted by Aaron Judge after scoring on a sacrifice fly by Aaron Hicks during the fifth inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)ANAHEIM, CA – APRIL 27: Shohei Ohtani #17 of the Los Angeles Angels of Anaheim break his bat in the fifth inning on a groundball out to second base during the MLB game at Angel Stadium on April 27, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)ANAHEIM, CA – APRIL 27: Aaron Hicks #31 of the New York Yankees hits a sacrifice fly to center field in the fifth inning during the MLB game against the Los Angeles Angels of Anaheim at Angel Stadium on April 27, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)Los Angeles Angels’ Albert Pujols follows through on a single during the seventh inning of the team’s baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels’ Albert Pujols heads home to score on a two-run triple by Andrelton Simmons during the seventh inning of a baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Giancarlo Stanton watches after hitting a fly ball during the eighth inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Giancarlo Stanton takes off his helmet after he flied out during the eighth inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Brett Gardner hits a sacrifice fly during the ninth inning of the team’s baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Didi Gregorius hits a home run during the 10th inning of the team’s baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)The New York Yankees players react to a home run hit by Didi Gregorius during the 10th inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. The Yankees won 4-3 in the 10th inning. (AP Photo/Jae C. Hong)New York Yankees’ Didi Gregorius, right, celebrates his home run against Los Angeles Angels relief pitcher Blake Parker, foreground, during the 10th inning of a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)The Yankees’ Didi Gregorius, center, is congratulated by third base coach Phil Nevin after hitting a home run off Angels relief pitcher Blake Parker, foreground, during the 10th inning of Friday’s game at Angel Stadium. The Yankees rallied to win 4-3. (AP Photo/Jae C. Hong)New York Yankees’ Didi Gregorius celebrates his home run during the 10th inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)New York Yankees’ Didi Gregorius, second from left, celebrates his home run with teammates during the 10th inning of a baseball game against the Los Angeles Angels, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels’ Mike Trout watches from the dugout during the fifth inning of a baseball game against the New York Yankees, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels starting pitcher Shohei Ohtani, right, and New York Yankees starting pitcher Masahiro Tanaka, both of Japan, share a light moment on the field before a baseball game, Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)Los Angeles Angels starting pitcher Shohei Ohtani, left, and New York Yankees starting pitcher Masahiro Tanaka, both of Japan, chat on the field before a baseball game Friday, April 27, 2018, in Anaheim, Calif. (AP Photo/Jae C. Hong)ANAHEIM, CA – APRIL 27: Pitcher Andrew Heaney #28 of the Los Angeles Angels of Anaheim pitches in the first inning during the MLB game against the New York Yankees at Angel Stadium on April 27, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)NextShow Caption1 of 34ANAHEIM, CA – APRIL 27: Pitcher Andrew Heaney #28 of the Los Angeles Angels of Anaheim pitches in the first inning during the MLB game against the New York Yankees at Angel Stadium on April 27, 2018 in Anaheim, California. (Photo by Victor Decolongon/Getty Images)ExpandANAHEIM — So much went right for the Angels before it all went wrong.The Angels’ 4-3, 10-inning loss to the New York Yankees on Friday night was particularly frustrating because the night had been filled with so much to get the home fans excited until it crumbled.“It was a really fun game, really well-played game for both sides,” Andrew Heaney said. “Obviously we’d have loved to get the win, but it didn’t work out for us late. It just kind of fell apart late, but that’s baseball.”Taking a one-run lead into the ninth, Keynan Middleton suffered his first blown save in seven tries since he became the closer. Jose Suarez’s rocky start sinks Angels in loss to Astros Newsroom GuidelinesNews TipsContact UsReport an Errorlast_img read more