We expect the fiscal deficit to widen to the equivalent of 1.3% of GDP in 2011, from an estimated 0.8% in 2010. This compares with the target of 1.8% of GDP in the 2011 budget, which was approved in October last year. Although the current finance minister, Agus Martowardojo, is continuing with the carrot-and-stick system introduced by Ms Mulyani of increasing the budgets of government ministries that meet their spending targets and reducing allocations to those that miss them, underspending remains a problem. Final results for 2010 have yet to be published, but in early January Mr Yudhoyono said that the fiscal deficit last year was equivalent to only 0.6% of GDP. The inability of ministries to spend all of the money allocated to them will continue to limit expenditure, and we therefore expect the fiscal deficit to shrink during the remainder of the forecast period, to stand at 0.3% of GDP in 2015. The public debt to GDP ratio is forecast to drop further in the next few years, and this could mean that Indonesia's sovereign debt rating improves to investment grade, making it cheaper for the government to raise funds in international markets.