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Indonesia Notes All-time High Government Debt at Rp8,253tn per January

Translator

Ririe Ranggasari

Editor

Laila Afifa

28 February 2024 01:12 WIB

TEMPO.CO, Jakarta - The Finance Ministry reported that as of January 31, 2024, the Indonesian government's debt had reached Rp8,253.09 trillion. According to the February 2024 edition of the APBN Kita book, this outstanding amount corresponds to a debt-to-GDP ratio of 38.75 percent.

The ministry stated that the debt to GDP ratio remains within the safe limit of 60 percent, as regulated by Law No.17 of 2003 on State Finance. Additionally, the current ratio is better than the target set in the 2024-2027 Medium-Term Debt Management Strategy, which aims for a range of 40 percent.

Indonesia's government debt consists of government securities (SBN) and loans. The majority of the debt, 88.19 percent, is in the form of state securities, totaling Rp7,278 trillion. This includes Rp5,873 trillion in domestic securities and Rp1,404 trillion in foreign currency.

Meanwhile, the government received loans totaling Rp975 trillion, including Rp36 trillion in domestic loans and Rp938 trillion in foreign loans. The foreign loans comprise Rp271 trillion in bilateral loans, Rp575 trillion in multilateral loans, and Rp92 trillion in loans from commercial banks.

As of the end of January 2024, the Finance Ministry said, the government debt's maturity profile is still considered quite safe with an average maturity time of around 8 years.

Amelia Rahima Sari

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