The Finance Ministry confirmed that the government’s education endowment fund had totaled Rp99.1 trillion since being formed in 2010 and is projected to grow in 2022 from the additional share of the state budget.

Finance Minister, Sri Mulyani Indrawati, delivered the statement during the opening of the 2022 LPDP Scholarship here on Friday.

Indrawati remarked that the Rp99.1-trillion endowment fund comprised Rp81.1 trillion for education, Rp8 trillion for research, Rp7 trillion for university, and Rp3 trillion for cultural affairs.

The minister noted that several segments of the endowment fund were a form of commitment to ensure the quality of the state’s human resources, in terms of formal education, research, and social interaction, including from a cultural perspective.

The government has allocated 20 percent of the total State Budget annually, starting from 2007, specifically for the education sector, the minister noted while adding that this year, the budget was Rp542.8 trillion.

Budget allocation for the education sector was determined on the basis of the amount of the total ceiling of the state budget each year, so if the budget in one year is increasing, so will the budget for the education sector.

Indrawati cited that fact as her motivation in forming an endowment fund for the education sector in 2010. The minister expects the allocated budget to be managed properly for proffering tangible benefits to everyone.

Indrawati noted that funding from state budget had been sourced from public taxes, so it must be used responsibly and with focus on public accountability.

The minister has ensured that the management of endowment funds was always reported, audited, and communicated properly.

“Policy managers, such as the Education and Culture, Research, and Technology Ministry and the Religious Affairs Ministry, as well as other stakeholders, such as the Coordinating Ministry for Human Development and Culture, will determine future policies,” she concluded.

Source: Antara News