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Indonesia proposes to raise 2017 budget deficit to close to legal limit

Indonesia proposes to raise 2017 budget deficit to close to legal limit

JAKARTA: Indonesia’s government has proposed to parliament to hike 2017 spending and cut the revenue target, resulting in a wider budget deficit that almost reaches the legal limit, according to a government document.

By Indonesian law, the combined budget deficits of the central and regional governments in one year could not exceed 3 percent of gross domestic product (GDP).

The proposed revisions to the central government’s 2017 budget, released on Thursday, would create a fiscal deficit of 2.92 percent, a finance ministry document showed.