JAKARTA - Bank Indonesia (BI) reported Indonesia's Foreign Debt (ULN) position in the second quarter of 2024 amounting to US$408.6 billion or equivalent to Rp. 6,399.69 trillion).
That number increased by 2.7 percent year on year (yoy) or higher than growth of 0.2 percent (yoy) in the first quarter of 2024.
Assistant Governor of the BI Communication Department Erwin Haryono said the increase was sourced from the public sector's external debt, as well as the private sector.
The government's external debt position in the second quarter of 2024 was 191.0 billion US dollars, or contracted 0.8 percent (yoy), continuing from a contraction in the previous quarter of 0.9 percent (yoy).
Meanwhile, the position of private external debt was recorded at 196.5 billion US dollars, or grew 0.3 percent yoy, after experiencing a contraction of 1.2 percent (yoy) in the first quarter of 2024.
"The structure of Indonesia's external debt remains healthy, supported by the application of prudential principles in its management," Erwin said in a written statement, Thursday, August 15.
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Erwin said this was reflected in the ratio of Indonesia's external debt to Gross Domestic Product (GDP) which was recorded at 29.9 percent, and was dominated by long-term external debt with a share of 85.7 percent of total external debt.
In order to keep the external debt structure healthy, BI and the government continue to coordinate in monitoring the development of external debt.
"The role of external debt will also continue to be optimized to support development financing and encourage sustainable national economic growth," he explained.
According to Erwin, these efforts are carried out while still minimizing risks that can affect economic stability.
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