JAKARTA - Bank Indonesia (BI) noted that Indonesia's Foreign Debt (ULN) position in November 2024 was recorded at $424.1 billion, or an annual growth of 5.4 percent (yoy), lower than growth in October 2024 of 7.7 percent (yoy).
Executive Director of the BI Communication Department, Ramdan Denny Prakoso, said that Indonesia's Foreign Debt (ULN) in November 2024 grew slowly, this development was influenced by the slowdown in the growth of public sector external debt and the decline in private external debt.
"The government's external debt position in November 2024 was recorded at US$203.0 billion, or grew by 5.4 percent (yoy), lower than the growth in October 2024 of 8.6 percent (yoy)," he said in his statement, Thursday, January 16.
Denny conveyed that the development of the external debt was influenced by foreign capital inflows in international Government Securities (SBN) and withdrawals of foreign loans used to support the financing of several government programs and projects.
According to Denny as one of the state budget financing instruments, the use of external debt continues to be directed to support priority spending in order to encourage economic growth.
Denny said that in November 2024, the position of private external debt was recorded at 194.6 billion US dollars, or experienced a growth contraction of 1.6 percent (yoy), deeper than the contraction of 1.4 percent (yoy) in October 2024.
According to Denny, the development was mainly driven by external debt companies instead of financial institutions (non-financial companies) which recorded a contraction of 1.7 percent (yoy).
Denny conveyed that the structure of Indonesia's external debt remains healthy, supported by the application of the precautionary principle in its management. This is reflected in the ratio of Indonesia's external debt to Gross Domestic Product (GDP) which was maintained at 30.5 percent in November 2024, and dominated by long-term external debt with a share of 84.7 percent of total external debt.
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In order to keep the external debt structure healthy, Denny conveyed that Bank Indonesia and the Government continue to strengthen coordination 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 said.
Denny conveyed that these efforts were carried out by minimizing risks that could affect economic stability.
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