Indonesia could face a sharp fiscal squeeze if the US-Israel war on Iran pushes oil prices higher, analysts warn, as this could inflate the country’s fuel subsidy bill at a time when global ratings agencies and investors are already scrutinising Jakarta’s monetary discipline.
A prolonged war could force policymakers into a difficult choice: maintain fuel subsidies and risk breaching the legal deficit ceiling – potentially unsettling investors further – or cut funding to keep the budget within…
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