Nyxoah Reports First Quarter 2023 Financial and Operating Results

REGULATED INFORMATION

Nyxoah Reports First Quarter 2023 Financial and Operating Results

Mont-Saint-Guibert, Belgium – May 16, 2023 10:05pm CET / 4:05pm ET – Nyxoah SA (Euronext Brussels/Nasdaq: NYXH) (“Nyxoah” or the “Company”), a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA), today reported financial and operating results for the first quarter of 2023.

Recent Financial and Operating Highlights

  •  Completed all 115 implants in the DREAM U.S. pivotal trial, with 12-month data expected in the first quarter of 2024.
  •  Initiated the modular PMA submission with the filing of the first module.
  •  Submitted 12-month data1 on the first 34 DREAM patients as a late-breaking abstract to SLEEP 2023 demonstrating a 65% AHI responder rate, a 76% ODI responder rate and safety in-line with expectations. The abstract will be presented in a late-breaking poster session on June 6th. These data are preliminary and not conclusive of final DREAM success.
  •  Implanted the first patients in the ACCCESS U.S. IDE pivotal study to treat complete concentric collapse (CCC). Implant completion expected in 2024.
  •  Hired Christoph Eigenmann as Chief Commercial Officer.
  •  Raised €19 million from new and historical shareholders including ResMed, Cochlear and Robert Taub, Nyxoah’s Chairman and Founder.
  •  Ended the quarter with 40 active German accounts and quarterly sales of €441 thousand.
  •  Expanded European market access with first implants in Austria.
  •  Strengthened the supply chain with the Belgium manufacturing facility receiving clearance from the EU notified body.

“In 2023, our focus is in the U.S. on DREAM patient follow up resulting in reaching the primary endpoints. I am excited by the data on the first 34 patients and look forward to sharing the full abstract results at SLEEP 2023 next month. Our increasing conviction in DREAM outcomes is accelerating investment in our commercial organization, starting with the addition of Christoph as Chief Commercial Officer,” commented Olivier Taelman, Nyxoah’s Chief Executive Officer. “Christoph’s hire, along with the €19 million raised from key investors, puts us in a strong position as we embark on our next stage of growth.”

First Quarter 2023 Results

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION – CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE LOSS FOR THE THREE MONTHS ENDED MARCH 31, 2023  (in thousands)

        For the three months ended March 31
2023   2022
Revenue €441 €660
Cost of goods sold   (175) (289)
Gross profit €266 €371
Research and Development Expense   (6,157) (3,595)
Selling, General and Administrative Expense (5,551) (4,193)
Other income/(expense) 46 136
Operating loss for the period   €(11,396) €(7,281)
Financial income 625 1,576
Financial expense   (958) (788)
Loss for the period before taxes €(11,729) €(6,493)
Income taxes   (182) (208)
Loss for the period €(11,911) €(6,701)
     
Loss attributable to equity holders €(11,911) €(6,701)
Other comprehensive loss  
Items that may be subsequently reclassified to profit or
loss (net of tax)
Currency translation differences   (28) ( 102)
Total comprehensive loss for the year, net of tax €(11,939) €(6,803)
Loss attributable to equity holders   €(11,939) €(6,803)
Basic Loss Per Share (in EUR) €(0.460) €(0.260)
Diluted Loss Per Share (in EUR) €(0.460) €(0.260)

 UNAUDITED CONDENSED CONSOLIDATED FINANCIAL INFORMATION – CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS OF MARCH 31, 2023 (in thousands)

    As at
March 31
2023
  December 31 2022
ASSETS
Non-current assets      
Property, plant and equipment €2,721 €2,460
Intangible assets 42,447   39,972
Right of use assets 3,669 3,159
Deferred tax asset     50   47
Other long-term receivables 169 173
    €49,056   €45,811
Current assets      
Inventory     1,249   882
Trade receivables 1,499 1,463
Other receivables     1,419   1,775
Other current assets 1,663 1,284
Financial assets 62,403 76,968
Cash and cash equivalents 33,664 17,888
  €101,897 €100,260
Total assets €150,953 €146,071
   
EQUITY AND LIABILITIES
Capital and reserves    
Capital 4,859 4,440
Share premium 243,488   228,275
Share based payment reserve   6,582 5,645
Other comprehensive income 148   176
Retained loss   (130,051) (118,212)
Total equity attributable to shareholders €125,026 €120,324
     
LIABILITIES
Non-current liabilities    
Financial debt 8,381   8,189
Lease liability   3,112 2,586
Pension liability 25  
Provisions   74 59
Deferred tax liability  
€11,592 €10,834
Current liabilities    
Financial debt 390   388
Lease liability   711 719
Trade payables 5,012   4,985
Current tax liability 3,619   3,654
Other payables 4,603   5,167
  €14,335 €14,913
Total liabilities €25,927 €25,747
Total equity and liabilities €150,953 €146,071

Revenue

Revenue was €441,000 for the first quarter ending March 31, 2023, compared to €660,000 for first quarter ending March 31, 2022.

Cost of Goods Sold

Cost of goods sold was €175,000 for the three months ending March 31, 2023, representing a gross profit of €266,000, or gross margin of 60.3%. This compares to total cost of goods sold of €289,000 in the first quarter ending March 31, 2022, for a gross profit of €371,000, or gross margin of 56.2%.

Research and Development Expenses

Research and development expenses were €6.2 million for the three months ending March 31, 2023, versus €3.6 million for the prior year period, driven by an acceleration in clinical activities, notable the start of the ACCCESS study.

Selling, General and Administrative Expenses

Selling, general and administrative expenses rose to €5.6 million for the first quarter of 2023, up from €4.2 million in the first quarter of 2022. This was due primarily to increased commercial efforts in Germany and other European markets, as well as investments in Nyxoah’s corporate infrastructure. The Company expects to continue adding headcount across the organization ahead of the U.S. commercial launch.

Operating Loss

Total operating loss for the first quarter 2023 was €11.4 million versus €7.3 million in the first quarter of 2022. This was driven by the acceleration in the Company’s R&D spending, as well as ongoing commercial and clinical activities.

Cash Position
As of March 31, 2023, cash and financial assets totaled €96.1 million, compared to €94.9 million on December 31, 2022.  Total cash burn was approximately €4.9 million per month during the first quarter of 2023.

First Quarter 2023 Report
Nyxoah’s financial report for the first quarter of 2023, including details of the consolidated results, are available on the investor page of Nyxoah’s website (https://investors.nyxoah.com/financials).

Conference call and webcast presentation 
Nyxoah will conduct a conference call open to the public today at 10:30pm CET / 4:30pm ET, which will also be webcast. To participate in the conference call, please access the following link to register for a dial-in number: https://edge.media-server.com/mmc/p/imeku8f7

A question-and-answer session will follow the presentation of the results. To access the live webcast, go to https://investors.nyxoah.com/events. The archived webcast will be available for replay shortly after the close of the call.

About Nyxoah
Nyxoah is a medical technology company focused on the development and commercialization of innovative solutions to treat Obstructive Sleep Apnea (OSA). Nyxoah’s lead solution is the Genio® system, a patient-centered, leadless and battery-free hypoglossal neurostimulation therapy for OSA, the world’s most common sleep disordered breathing condition that is associated with increased mortality risk and cardiovascular comorbidities. Nyxoah is driven by the vision that OSA patients should enjoy restful nights and feel enabled to live their life to its fullest.

Following the successful completion of the BLAST OSA study, the Genio® system received its European CE Mark in 2019. Nyxoah completed two successful IPOs: on Euronext Brussels in September 2020 and NASDAQ in July 2021. Following the positive outcomes of the BETTER SLEEP study, Nyxoah received CE mark approval for the expansion of its therapeutic indications to Complete Concentric Collapse (CCC) patients, currently contraindicated in competitors’ therapy. Additionally, the Company is currently conducting the DREAM IDE pivotal study for FDA and US commercialization approval.

For more information, please visit http://www.nyxoah.com/.

Caution – CE marked since 2019. Investigational device in the United States. Limited by U.S. federal law to investigational use in the United States.

Forward-looking statements 
Certain statements, beliefs and opinions in this press release are forward-looking, which reflect the Company’s or, as appropriate, the Company directors’ or managements’ current expectations regarding the Genio® system; planned and ongoing clinical studies of the Genio® system; the potential advantages of the Genio® system; Nyxoah’s goals with respect to the development, regulatory pathway and potential use of the Genio® system; the utility of clinical data in potentially obtaining FDA approval of the Genio® system; and the Company’s results of operations, financial condition, liquidity, performance, prospects, growth and strategies. By their nature, forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. These risks, uncertainties, assumptions and factors could adversely affect the outcome and financial effects of the plans and events described herein. Additionally, these risks and uncertainties include, but are not limited to, the risks and uncertainties set forth in the “Risk Factors” section of the Company’s Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission (“SEC”) on March 24, 2022, and subsequent reports that the Company files with the SEC. A multitude of factors including, but not limited to, changes in demand, competition and technology, can cause actual events, performance or results to differ significantly from any anticipated development. Forward looking statements contained in this press release regarding past trends or activities are not guarantees of future performance and should not be taken as a representation that such trends or activities will continue in the future. In addition, even if actual results or developments are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in future periods. No representations and warranties are made as to the accuracy or fairness of such forward-looking statements. As a result, the Company expressly disclaims any obligation or undertaking to release any updates or revisions to any forward-looking statements in this press release as a result of any change in expectations or any change in events, conditions, assumptions or circumstances on which these forward-looking statements are based, except if specifically required to do so by law or regulation. Neither the Company nor its advisers or representatives nor any of its subsidiary undertakings or any such person’s officers or employees guarantees that the assumptions underlying such forward-looking statements are free from errors nor does either accept any responsibility for the future accuracy of the forward-looking statements contained in this press release or the actual occurrence of the forecasted developments. You should not place undue reliance on forward-looking statements, which speak only as of the date of this press release.

Contacts:
Nyxoah
David DeMartino, Chief Strategy Officer
david.demartino@nyxoah.com
+1 310 310 1313


1 For the trial to be successful, of the 115 patients, at least 63% of patients need to be AHI and ODI responders at the 12-month follow-up.

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Bac Ninh promises favourable conditions for Korean investors

The People’s Committee of northern Bac Ninh province and the Korean Embassy in Vietnam held a conference entitled “Meet Bac Ninh – Korea” on May 17.

Speaking at the event, Chairwoman of the provincial People’s Committee Nguyen Huong Giang said Bac Ninh always pays attention to promoting economic and investment cooperation with Korean partners.

Among 39 countries and territories currently investing in Bac Ninh, the Republic of Korea (RoK) is the biggest investor with 960 projects worth nearly 14.34 billion USD, accounting for 60% of the total foreign investment in the province.

Participating Korean firms discussed Bac Ninh’s investment attraction policies and put forward recommendations and solutions to help Bac Ninh attract more investment and create favourable conditions for businesses to develop further.

On the occasion, relevant departments and agencies introduced the potential, strengths and investment attraction orientations of the province, and answered questions raised by enterprises./.

Source: Vietnam News Agency

Recognized by the World, BPJS Kesehatan’s Performance Attracts Attention in Nagasaki

Nagasaki (ANTARA) – The comprehensive coverage of the JKN program benefits has made the participation in health social security program successful. In the International Symposium: Advancing the Global Health Agenda – From Nagasaki to The World, which was held on 15-17 May 2023, President Director of BPJS Kesehatan, Ghufton Mukti stated that it has reached more than 90% of Indonesia’s population in less than 10 years.The presence of the JKN program has brought extraordinary progress to Indonesia. Through the Universal Health Coverage (UHC) of JKN Program, the state ensures that all levels of society can access equal and quality healthcare. The JKN program has also been proven to reduce the portion of out-of-pocket expenditure (OOP) of the total health spending by half, from 49% to 25% in just eight years, from 2013 to 2021. “Indonesia has undertaken sweeping reforms that only a few multi-payer countries have been able to achieve. Indonesia has consolidated more than 300 risk pools into one risk pool, thereby enabling subsidies from the healthy to the sick, and from the working population to the unemployment. The state presents BPJS Kesehatan as a single payer for health services to maximize the quality, efficiency, and sustainability of the JKN Program. In the Japanese social security system, each patient must pay 30% of the total cost of the patient visit to the hospital. It can lead to unnecessary over treatment,” said Ghufron, in the event organized by the World Bank Group and the Joint Learning Network (JLN). On this occasion, Ghufron also explained several steps to maintain the sustainability of the JKN program. For example, by intensifying JKN participant contribution collection by providing more than 950,000 payment channels, such as auto-debit, BPJS Kesehatan partner banking network facilities (ATM, mobile banking, internet banking), mini-market outlets, JKN Cadres, etc. BPJS Kesehatan also develops financing innovations through the JKN Donation Program by involving philanthropists/business entities as the donors. In addition, the government has also enacted a regulation which stipulates that 37.5% of tobacco tax payments from regional government tobacco production are allocated to JKN program contributions. hufron also considered that the Covid-19 pandemic had raised the awareness to strengthen the alertness of the country’s health system. During 2020 to 2022, Indonesia emerged as the country most severely affected by Covid-19 in the East Asia and Pacific region. However, the country has responded strongly, especially on the vaccination front. This cannot be separated from the role of the system built by BPJS Kesehatan. Through the P-Care Application which is used by BPJS Kesehatan partners’ First Level Health Facilities throughout Indonesia, the Covid-19 vaccination process can run more quickly. “The digital health ecosystem is growing rapidly, including telemedicine. Currently JKN participants no longer need to queue for long at health facilities because they can take the queue numbers online, through Mobile JKN Application. It reduces the waiting time at health facilities from an average of 6 hours in 2020 to 2.5 hours in 2023. We also strengthen the promotion, prevention, screening, and consultation service. Therefore, not only the sick participants who can take advantage of JKN services but also those who are healthy,” said Ghufron. Prof. Kara Hanson represents Nagasaki University and London School of Hygiene and Tropical Medicines Country, as well as other well-known figures who are representatives from several countries across continents also attended the event.

Source: Antara News Agency

Gov’t pays great attention to efforts in energy transition: Official

Jakarta (ANTARA) – Chief of the Presidential Staff Moeldoko stated that the Indonesian government pays great attention to energy transition efforts and diverts the use of fossil-based energy sources to renewable and environment-friendly energy sources.”Regarding the relation between economic growth and reducing emissions, I am optimistic that Indonesia will lead in this sector. The government pays great attention and commitment to the energy transition. This is not just a promise,” he noted in a press statement received here, Wednesday. Moeldoko made this statement following the World Bank’s appreciation for the Indonesian government’s commitment and consistent efforts in transforming towards a green and sustainable economy. He said that during Indonesia’s presidency at the G20 in 2022, the green economy and energy transition were the main topics of discussion in important meetings. In addition, several government policies were considered effective in reducing the rate of deforestation, including the implementation of Presidential Instruction Number 8 of 2018 concerning the Postponement and Evaluation of Palm Oil Plantation Permits. Moreover, the government is preparing to build a 30 thousand-hectare green industrial area in North Kalimantan Province, he remarked. On Tuesday (May 16), Moeldoko received a visit from Head of the World Bank Representative Office for Indonesia and Timor-Leste, Satu Kahkonen, at the Bina Graha Building, Jakarta. On that occasion, Kahkonen lauded Indonesia’s consistent commitment and efforts in transforming towards a green and sustainable economy. “Indonesia’s economic growth does have an impact on the production of carbon emissions, similar to other developing countries. However, the rate of carbon emissions production in Indonesia is not as high as the growth in the per capita income,” Kahkonen remarked. ccording to the results of World Bank research as outlined in Indonesia’s Country Climate and Development Report (CCDR), Indonesia’s economic growth rate has consistently increased, with a downward trend in the carbon emission rate. Moeldoko said the Indonesian government’s policies related to land restoration, deforestation prevention, improving land mapping, and establishing special institutions to manage land are considered to have a real impact on reducing carbon emissions. Related news: Central Java, Norway explore energy transition cooperation

Source: Antara News Agency

EDGE Reinforces Presence in Southeast Asia with Impressive Product Display at LIMA 2023

Seven of EDGE’s portfolio companies will exhibit industry-leading advanced maritime and aerospace solutions at Malaysia’s leading biennial eventbu Dhabi, United Arab Emirates (ANTARA/BusinssWire)- EDGE, one of the world’s leading and fastest growing advanced technology and defence groups, is proud to be bolstering its presence in Southeast Asia by participating at the 16th edition of Langkawi International Maritime and Aerospace Exhibition (LIMA) 2023, one of the most significant maritime and aerospace exhibitions in the Asia-Pacific region. EDGE will showcase a diverse product portfolio that can be tailored to the region’s specific requirements in line with its ambition to expand its global footprint. With a clear focus on autonomous systems and smart weapons, EDGE will highlight its technologically-advanced defence solutions throughout the five-day event, which takes place on the island of Langkawi, Malaysia, from 23 to 27 May. It also enables EDGE to strengthen its partnerships within the local industry ecosystem, drive support for indigenous defence in important markets such as Malaysia, Indonesia, Thailand, and Vietnam, and to showcase its broad range of capabilities. Mansour AlMulla, Managing Director and CEO of EDGE, said: “We are proud to be showcasing our advanced capabilities across air, land, and maritime domains at LIMA 2023, as well as developing strategic relationships in Southeast Asia. The UAE and Malaysia share a warm history of cooperation, and we are committed to strengthening these ties even further by developing valuable partnerships across the region. Following the visit of His Majesty Al-Sultan Abdullah Sultan Ahmad Shah the King of Malaysia to the UAE earlier this year, I personally look forward to attending this event to engage with industry leaders and key stakeholders. LIMA provides us with a unique opportunity to grow local supply chains, and assist in the development of air and naval defence capabilities in Malaysia and beyond.” During the exhibition, seven of EDGE’s portfolio companies will display innovative solutions that provide high levels of mission flexibility, exemplifying EDGE’s advanced designs and manufacturing capabilities in the area of autonomous air and land systems, naval systems, precision-guided munitions, and small arms. In the domain of autonomous air systems, EDGE will showcase the HUNTER SP (Soldier Portable) unmanned aerial vehicle (UAV), the tube-launched HUNTER 2-S swarming UAV system, and the REACH-S unmanned combat aerial vehicle (UCAV). The QX-1, QX-2, QX-3 loitering munitions will also be displayed, along with the GARMOOSHA rotary-wing UAV. utonomous land systems and solutions will be represented by MILREM’s THeMIS Combat unmanned ground vehicle (UGV). EDGE’s advanced naval capabilities will include the 160 ITEP (Inshore Tactical Engagement Platform), 120 FIP (Fast Inshore Platform), 510 OPV (Offshore Patrol Vessel), as well as the launch of a new corvette that meets regional requirements. EDGE will also showcase its multi-range DESERT STING air-to-surface precision-guided munitions, the SKYKNIGHT air defence missile, the AL TARIQ-S (Standard Range), and AL TARIQ-LR (Long Range) advanced, modular precision-guided munitions, in addition to the RASH 1-M, RASH 2-H, and RASH 2-M precision-guided munition systems. For small arms and ammunition, EDGE will display its CARACAL F pistols, CMP 9 submachine guns, the CAR 816 assault rifle, the CSR 50 sniper rifle, underscoring an innovative approach to producing accurate, modular firearms. Additionally, EDGE will display its full range of small calibre ammunition, including 40mm, 60mm, 81mm, and 120mm ammunition in multiple grains and variants such as tracer, armour piercing, and full metal jacket. ttendees of LIMA 2023 can visit EDGE at stand A07 at the Mahsuri International Exhibition Centre (MIEC) in Langkawi, Malaysia. bout EDGE Launched in November 2019, the UAE’s EDGE is one of the world’s leading advanced technology groups, established to develop agile, bold and disruptive solutions for defence and beyond, and to be a catalyst for change and transformation. It is dedicated to bringing breakthrough innovations, products, and services to market with greater speed and efficiency, to position the UAE as a leading global hub for future industries, and to creating clear paths within the sector for the next generation of highly-skilled talent to thrive. With a focus on the adoption of 4IR technologies, EDGE is driving the development of sovereign capabilities for global export and for the preservation of national security, working with front-line operators, international partners, and adopting advanced technologies such as autonomous capabilities, cyber-physical systems, advanced propulsion systems, robotics and smart materials. EDGE converges RandD, emerging technologies, digital transformation, and commercial market innovations with military capabilities to develop disruptive solutions tailored to the specific requirements of its customers. Headquartered in Abu Dhabi, capital of the UAE, EDGE consolidates more than 20 entities into four core clusters:Platforms and Systems,Missiles and Weapons,Electronic Warfare and Cyber Technologies, andTrading and Mission Support. Contacts EDGE Group Communications Priya Roy C-Priya.Roy@edgegroup.ae Source: EDGE

Source: Antara News Agency

Toshiba Announces Thermoflagger, a Simple Solution that Detects Temperature Rises in Electronic Equipment

Toshiba Electronic Devices and Storage Corporation(“Toshiba”) has launched the first two products in itsThermoflaggerover-temperature detection IC series: “TCTH021BE,” which does not have a latching function for the FLAG signal when it detects abnormal states; and “TCTH022BE” which does have a latching function. They detect temperature rises inside electronic equipment in a simple circuit configuration with positive temperature coefficient (PTC) thermistors. Shipment starts today.For electronic equipment to perform as specified, their semiconductors and electronic components must operate within design parameters. Temperature is one crucial parameter, especially if the internal temperature becomes higher than that assumed during the design process. This can be a major problem in respect of safety and reliability, and requires an overheating monitoring solution to detect any rise in temperature. The new Thermoflagger ICs are used in combination with PTC thermistors that change their resistance values according to the temperature. They detect changes in the resistance value of a PTC thermistor placed close to heat sources, and output FLAG signals to indicate over-temperature. Connecting PTC thermistors in series realizes over-temperature detection for multiple locations. The new ICs are housed in the small, standard SOT-553 package (Toshiba’s package name: ESV) and feature a low current consumption of 11.3A (typ.). reference design “Over Temperature Detection IC Thermoflagger Application Circuit” using the new ICs is available now. Thermoflagger ICs allow users to configure over-temperature detection for an entire electronic product easily, and help to reduce its size and power consumption. Toshiba will continue to develop Thermoflagger ICs with various functions. pplications Mobile devices (laptop PC, etc.)Home appliancesIndustrial equipment, etc.FeaturesSimple configuration to combine with PTC thermistorsOverheat can be monitored at several points by connecting PTC thermistors in series.Low power consumption: IDD10U=11. 3A (typ.)Small and standard package: SOT-553 (ESV)Selectable PTCO output current: IPTCO=10A (typ.)High PTCO output current accuracy: 8% (VDD=3.3V, 25C)FLAG signal output (PTCGOOD) Main Specifications Follow the link below for more on Toshiba Thermoflagger. Highlighted Content Video Reference Design Follow the links below for more on Toshiba’s solutions proposals using the Thermoflagger. To check availability of the new products at online distributors, visit: TCTH021BE TCTH022BE Thermoflagger is a trademark of Toshiba Electronic Devices and Storage Corporation. Other company names, product names, and service names may be trademarks of their respective companies. Information in this document, including product prices and specifications, content of services and contact information, is current on the date of the announcement but is subject to change without prior notice. bout Toshiba Electronic Devices and Storage Corporation Toshiba Electronic Devices and Storage Corporation, a leading supplier of advanced semiconductor and storage solutions, draws on over half a century of experience and innovation to offer customers and business partners outstanding discrete semiconductors, system LSIs and HDD products. The company’s 21,500 employees around the world share a determination to maximize product value, and promote close collaboration with customers in the co-creation of value and new markets. With annual sales approaching 800-billion yen (US$6.1 billion), Toshiba Electronic Devices and Storage Corporation looks forward to building and to contributing to a better future for people everywhere.Find out more attml View source version on businesswire.com:

Source: Antara News Agency

Achieving 2024 Government Work Plan targets crucial: minister

The completion of the targets will also be influenced by the development realization at the regional level as well as collaboration with non-state actors. Jakarta (ANTARA) – National Development Planning Minister Suharso Monoarfa has emphasized the importance of achieving the targets outlined in the 2024 Government Work Plan (RKP).”The completion of the targets will also be influenced by the development realization at the regional level as well as collaboration with non-state actors,” he informed here on Tuesday. He made the remarks at the 2023 National Development Planning Forum (Musrenbangnas) on preparing the 2024 RKP as well as the launch of the 20252045 National Long-Term Development Plan (RPJPN) Initial Draft and the 20202050 Population Projection. The documents were developed using the clearing house mechanism holding a forum to resolve problems by involving related stakeholders — to ensure the development plans can fully benefit the community, the minister stated. The preparation of the 2024 RKP involved several stakeholders through public consultation forums, development planning technical coordination meetings, as well as provincial development planning forums. “After the implementation of the Musrenbangnas, preliminary discussions will be held with the DPR RI (Indonesian House of Representatives),” the minister informed. He further said that a presidential regulation concerning the 2024 RKP will be issued later, and it will serve as the basis for preparing the 2024 financial notes and the state budget plan (RAPBN). The 2024 RKP is themed “Accelerating Inclusive and Sustainable Economic Transformation.” Several development targets have been set in the initial draft of the 2024 RKP, including economic growth of 5.35.7 percent, poverty rate of 6.57.5 percent, open unemployment rate of 5.05.7 percent, as well as a Gini ratio of 0.3740.377 points. In addition, other determined targets include a Human Development Index of 73.9974.02 points, a greenhouse gas emission reduction of 27.27 percent, a fishermen’s exchange rate of 107110 points, as well a farmers’ exchange rate of 105108 points. Those targets continue to be pursued through eight policy directions, including reducing the poverty rate and eradicating extreme poverty, improving education and health service quality, revitalizing industry and strengthening applied research, as well as bolstering business competitiveness. The directions also include low-carbon development and energy transition, accelerating basic infrastructure and connectivity development, expediting the development of Indonesia’s future capital Nusantara (IKN), as well as holding the 2024 general elections.

Source: Antara News Agency