Bank Indonesia: Foreign Debt Rises to 425.1 Billion US Dollars in August 2024

US dollar (Photo: dock unsplash)

JAKARTA - Bank Indonesia (BI) recorded that Indonesia's Foreign Debt (ULN) in August 2024 remained under control.

Bank Indonesia (BI) reported that Indonesia's ULN position in August 2024 was recorded at 425.1 billion US dollars, or grew by 7.3 percent annually. The ULN value was also higher than the previous month which was recorded at 414.3 billion US dollars.

Executive Director of the Communication Department Ramdan Denny Prakoso said that the development of the ULN came from the public and private sectors.

"The ULN position in August 2024 was also influenced by the weakening of the US dollar against the majority of global currencies, including the Rupiah," he said in his statement, Monday, October 14.

Meanwhile, the government's ULN position in August 2024 was 200.4 billion US dollars, or grew by 4.6 percent (yoy), higher than the growth in July 2024 of 0.6 percent (yoy).

Meanwhile, the private external debt position was recorded at 197.8 billion US dollars, or grew by 1.3 percent (yoy), slightly higher than the growth in July 2024 of 0.5 percent (yoy).

"Indonesia's external debt structure remains healthy, supported by the application of the principle of prudence in its management," he said.

Ramdan said this was reflected in the ratio of Indonesia's external debt to Gross Domestic Product (GDP) which was maintained at 31.0 percent, and was dominated by external debt long-term with a share reaching 84.3 percent of total ULN.

In order to maintain a healthy ULN structure, Bank Indonesia and the Government continue to strengthen coordination in monitoring ULN developments.

"The role of ULN will also continue to be optimized to support development financing and encourage sustainable national economic growth," he explained.

According to Ramdan, these efforts are carried out by minimizing risks that can affect economic stability.