Jakarta. The state budget recorded a deficit of Rp 401.8 trillion ($25.2 billion) as of November, but Finance Minister Sri Mulyani Indrawati said on Wednesday that the figure remains within safe limits.

Sri Mulyani explained that the 2024 state budget was designed to accommodate a deficit of Rp 522.8 trillion, equivalent to 2.9 percent of the gross domestic product (GDP).

“The current deficit represents 76.8 percent of our deficit target for fiscal year 2024,” she told a news conference at her office in Jakarta.

During the January-November period, state revenue amounted to Rp 2,492.7 trillion ($156.5 billion), achieving 89 percent of the full-year revenue target. This marks a 1.3 percent year-on-year increase.

In the same period, state spending grew at a faster pace, totaling Rp 2,894.5 trillion ($181.7 billion), a 15.3 percent increase compared to the same period last year, the minister added.

A day earlier, Sri Mulyani unveiled the 2025 state budget, which is projected to record a larger deficit of Rp 616.2 trillion, or 2.53 percent of GDP.

The government has set a revenue target of Rp 3,005.1 trillion ($188.6 billion) for next year. Central government spending is expected to reach Rp 2,701.4 trillion ($169.6 billion) in 2025, with new allocations for initiatives such as a free nutritious meal program, free medical checkups, state school renovations, and food security programs.

Additionally, Rp 919.9 trillion ($57.7 billion) will be allocated to regional governments across all 38 provinces to support development funding.