Charnon Boonnuch (65) 6807 5086 charnon.boonnuch@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Jin Tik Ngai (65) 6807 5556 jintik.ngai@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Asia Pacific Economic Research J P M O R G A N 17 July 2026 Indonesia: Navigating tighter fiscal space Widening fiscal deficit in 2026 The Ministry of Finance (MOF) last week reported that the budget deficit totalled IDR197tn in 1H26, tracking closely with the 2025 trend (Figure 1). By the official estimate, ...