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No need to increase debt to cover fuel subsidy: Indonesian parliament
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10:56, July 14, 2009

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Indonesian government does not need to add debt to cover subsidy increase on fuel and electricity,which is predicted at 35.5 trillion rupiah (about 3.55 billion U.S.dollars) in 2009, because increasing crude oil price would boost the country's income from oil and gas sales, the Kompas daily quoted a member of parliament as saying on Tuesday.

Indonesia's budget for fuel and electricity subsidy increased significantly to 102.5 trillion rupiah (about 10.25 billion dollars) from previous prediction of 67 trillion rupiah (about 6.7 trillion dollars).

"Surely, subsidy will increase following price hike on crude oil to 61 dollars per barrel from 45 dollars while foreign exchange is predicted at 10,000 per dollar," said the parliament' s deputy head of budget committee Suhardo Monoarfa.

Although energy subsidy would hike, the country's income from oil and gas would also increase, he said, without giving detailed predictions on income increase from the sector.

"With the additional income, budget for energy subsidy could becovered entirely. The government should not add debt to cover it," he said.

Source:Xinhua



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