With 428 out of 430 legislators present at the sitting voting in favour, the National Assembly (NA) approved a Resolution on state budget estimates for 2025 at its ongoing 8th session in Hanoi on November 13 morning.
The Thai government is urgently seeking additional revenue sources in the context that the Southeast Asian country has faced a budget deficit for more than 20 years and with no turnaround in sight.
The Thai cabinet has approved a plan to increase the 2025 budget deficit by 153 billion THB (3.6 billion USD), a move aimed at stimulating the economy which is lagging its peers in the region.
Thailand’s cabinet has approved an additional 560 billion THB (1.5 billion USD) in new borrowing for fiscal 2024, bringing total new borrowing for the fiscal year to more than 754 billion THB.
Malaysian Prime Minister Anwar Ibrahim said the government will work to gradually reduce the national debt and budget deficit, without resorting to raising taxes that hurt the poor.
The Thai cabinet has approved a budget of 3.35 trillion THB (over 100 billion USD) for the 2024 fiscal year, government spokesman Anucha Burapachaisri has said.
The Indonesian Government has set the budget deficit limit at 2.85 - 3% of the gross domestic product (GDP), or 598.2 trillion Rp (40.5 billion USD), for 2023.
Indonesia’s budget deficit and debt issuance closed well below targets in 2021, paving the way for an upcomi ng fiscal consolidation as the economy rides out the COVID-19 pandemic.
The Thai government is targeting economic growth of up to 4.2 percent under its medium-term fiscal policy framework for 2023-26, and plans to maintain a budget deficit to help the fragile economy.
Indonesia's House of Representatives has approved the 2022 state budget bill, marking the beginning of the process of fiscal consolidation of the largest economy in Southeast Asia after nearly two years of heavy spending on COVID-19 response efforts.
Malaysia's budget deficit is expected to grow to 6.5-7 percent of Gross Domestic Product (GDP) this year from a previous forecast of 6 percent after taking into account recent economic stimulus packages announced by the nation’s Government.
Indonesia’s budget deficit in 2020 reached 956.3 trillion IDR (68.6 billion USD), equivalent to 6.09 percent of the national gross domestic product (GDP), Minister of Finance Sri Mulyani Indrawati has said.
An elevated fiscal deficit will result in growing public debt, which will ramp up pressure on Laos' debt servicing capacity amid the COVID-19 crisis, the Vientiane Times reported on August 21.
Indonesia's central bank (BI) is ready to further finance the government's budget deficit and "share the burden" in the fight against the COVID-19 pandemic, BI Governor Perry Warjiyo said on June 27.
Indonesia’s central bank has obtained permission to purchase about 42,000 billion rupiah (166.33 billion USD) worth of government bonds in the primary market in 2020, said Finance Minister Sri Mulyani Indrawati.
The building material sector would be among the first to benefit from the Government’s efforts to speed up disbursement of public investment, which was identified as a growth driver as the COVID-19 pandemic cast a shadow on the economy.
Indonesia’s 2020 state budget deficit is likely to further increase to 2.8 percent of the country’s gross domestic product (GDP), much higher than the government’s target, as tax reforms would result in lower revenue collection, according to local economists.
The Indonesian government has expanded the budget deficit to 2.2 percent of the gross domestic products (GDP) followed the potential short fall on tax revenues around 200 trillion Rp (14.29 billion USD).
The Thai Cabinet on September 3 gave the green light for an expenditure budget of 3.2 trillion THB (about 104.5 billion USD) in fiscal year 2020, up 6.7 percent from the previous fiscal year.
