Government Debt Reaches IDR 8,560 Trillion In October 2024

Government Debt (Photo: Antara)

JAKARTA - The Ministry of Finance (Kemenkeu) noted that the government's debt position increased to Rp8,560.35 trillion as of the end of October 2024 or at the beginning of President Prabowo Subianto's administration.

Based on the report document from the State Budget (APBN) Kita Edition in November 2024, the government debt position increased by Rp. 86.45 trillion or 1.02 percent compared to the debt position in September 2024 which amounted to Rp. 8,473.90 trillion.

Meanwhile, the ratio of government debt is equivalent to 38.66 percent of gross domestic product (GDP). This figure is an increase when compared to the debt-to-GDP ratio in the previous month which was 38.55 percent.

Meanwhile, the debt ratio recorded at the end of October 2024 is still below the safe limit of 60 percent of GDP in accordance with Law Number 17 of 2023 concerning State Finance.

"The government manages debt carefully and measurably to achieve an optimal debt portfolio and supports the development of the domestic financial market," explained the Ministry of Finance in the KiTa 2024 State Budget document, quoted Friday, November 29.

In addition, the government prioritizes the procurement of debt with a medium-long period and actively manages debt portfolios.

As for the end of October 2024, the maturity profile of government debt is quite safe with a weighted average maturity time maturity (ATM) at 8.02 years.

In detail, government debt is dominated by State Securities (SBN) instruments whose contribution is 88.21 percent. Until the end of October 2024, the issuance of SBN was recorded at IDR 7,550.70 trillion. This issuance is also divided into domestic SBN and foreign exchange SBN (foreign currency).

In more detail, SBN's debt consists of domestic Rp6,606.68 trillion which is divided into Government Securities (SUN) amounting to Rp5,104.38 trillion and State Sharia Securities (SBSN) of Rp1,502.30 trillion.

Then, SBN foreign currency worth IDR 944.02 trillion, with details, SUN amounting to IDR 912.61 trillion and SBSN worth IDR 31.41 trillion.

In addition, the government debt contributed 11.79 percent of the government's loan debt until the end of October 2024 which amounted to Rp1,009.66 trillion consisting of domestic loans worth Rp42.25 trillion and foreign loans of Rp967.41 trillion.

Foreign loans came from bilateral loans amounting to Rp263.33 trillion, multilateral loans Rp571.47 trillion, and commercial bank loans amounting to Rp132.61 trillion.