YOGYAKARTA - Minister of Finance Sri Mulyani Indrawati said that Indonesia has no debt to the IMF. Nevertheless, Indonesia's remaining debt for 2023 is still quite high.
It is known that the Indonesian government received a gradual loan from the IMF during the monetary crisis in 1997-1998 and in the early 2000s. However, this debt was repaid by the government of President Susilo Bambang Yudhoyono about 15 years ago.
So, how much is Indonesia's remaining debt in 2023? Check out the full information below.
Indonesia's Remaining Debt in 2023
Adapted from the June 2023 edition of APBN KITA (Kinerja Dan Fakta) book, Indonesia's total debt at the end of May was at the level of IDR 7,787.51 trillion. This figure decreased by around IDR 62.38 trillion from the position in April 2023 which amounted to IDR 7,849.89 trillion.
The decrease in debt in May 2023 was greater than the decrease in debt in the previous month. Last April, the government succeeded in reducing foreign debt by IDR 29.18 trillion.
According to the APBN KITA report, the sharp decline in debt in May 2023 was influenced by mutations in financing from both loan instruments and SBN, where the payment of principal debt repayments in May was greater than the procurement or issuance of new debt.
Based on these records, the debt-to-Gross Domestic Product (GDP) ratio of 37.85 percent also shrank from April's 38.15 percent and is still below the limit stipulated in Law Number 17 of 2003 concerning State Finance of 60 percent.
The rest of Indonesia's debt at the end of May 2023 was mostly dominated by Government Securities amounting to IDR 6,934.25 trillion. In detail, domestic SBN amounted to IDR 5,594.92 trillion, and foreign currency SBN IDR 1,339.33 trillion.
Meanwhile, debts originating from loans amounted to IDR 853.26 trillion. With details, foreign debt amounted to IDR 829.17 trillion, and loans originating from within the country amounted to IDR 24.09 trillion.
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Thus, it can be concluded that the composition of government debt is mostly in the form of SBN which reaches 89.04 percent and the debt composition is dominated by domestic debt, namely 72.15 percent.
As for Indonesia's debt maturity profile at the end of May 2023, the average is in the range of 8 years. This is the impact of the government's efforts to prioritize debt procurement with medium to long tenors.
This is information about Indonesia's remaining debt for 2023. Get other selected news updates only at VOI.ID.
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