The Ministry of Finance has eventually revealed the performance of the January 2025 State Budget (APBN) after postponing it for a month. 

Finance Minister Sri Mulyani admitted that the delay was made to avoid misinterpretation because the state financial data at the beginning of the year was still considered unstable. 

In the annual ‘APBN KiTa’ press conference at the Ministry of Finance office, on Thursday, March 13, 2025, Sri Mulyani said that the ministry deliberately waited until the data was more stable before releasing the report. 

"We see that the data is still very unstable due to various factors. We considered waiting its [January 2025 State Budget] revelation so that the 2025 State Budget report has a stronger basis and that the comparison does not cause misinterpretation," Sri Mulyani said. 

However, this delay has drawn the public's attention, especially because this is the second time the Ministry of Finance has postponed the release of the State Budget since President Prabowo Subianto was inaugurated in October 2024. Previously, the Ministry of Finance also postponed the State Budget report several weeks after the change of government. 

The day before the press conference, the Ministry of Finance accidentally published the January 2025 State Budget report on its official website on Wednesday, March 12, 2025. However, the report was immediately withdrawn within minutes. 

The report that was previously leaked showed that State revenues had fallen drastically at the beginning of the year. As of January 31, 2025, tax revenues had only reached Rp115.18 trillion (US$6,99 billion) down 34.48 percent compared to January 2024. Tax payments even plunged by 41.86 percent, reaching only Rp88.89 trillion (US$5.4 billion)

The decline in state revenues has further worsened the position of the APBN, which has been in deficit since the beginning of the year. This condition has raised concerns among economic actors and public policy observers. 

Risk of lack of transparency

Economist and public policy expert from the National Development University (UPN) Veteran Jakarta, Achmad Nur Hidayat, assessed that the delay in the release of the APBN risks reducing investor confidence in Indonesia's fiscal condition. 

"Investors, market players, and international financial institutions are highly dependent on fiscal data published by the government. If the APBN report continues to be delayed, Indonesia's fiscal credibility could be disrupted, which has the potential to trigger various negative impacts," Achmad said as quoted on Friday, March 7, 2025. 

One of the main impacts is increased volatility in the financial market. Investors who do not get certainty about fiscal conditions tend to be more careful in investing their capital. This can trigger capital outflows, weaken the rupiah exchange rate against the US dollar, and increase import costs. 

In the long term, fiscal uncertainty can also worsen the current account deficit and slow economic growth. Therefore, the Ministry of Finance is expected to maintain transparency in the management of the APBN in order to maintain national economic stability.