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Government debt reaches Rp 8.3 quadrillion in April

Government debt rose to Rp 8.33 quadrillion (US$513 billion) in April from Rp 8.26 quadrillion in the preceding month but remains well below the legal threshold.

News Desk (The Jakarta Post)
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Fri, June 7, 2024

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Government debt reaches Rp 8.3 quadrillion in April Work is ongoing for the construction of Dhoho International Airport in Kediri, East Java, on Sept. 19, 2023. (Antara/Prasetia Fauzani)

Government debt rose to Rp 8.33 quadrillion (US$513 billion) in April from Rp 8.26 quadrillion in the preceding month.

Despite the increase, the debt level, amounting to 38.64 percent of the nation’s gross domestic product (GDP), remains well below the legal cap set at 60 percent of GDP.

During a meeting on Thursday, Finance Minister Sri Mulyani Indrawati said the ratio demonstrated sound state budget management.

"If we look at the ratio of Indonesia's debt to GDP, despite the [disruption caused by the coronavirus pandemic] in 2020, where the deficit jumped to 6.1 percent, we were able to consolidate the fiscal [situation] in a very short time,” she said, as quoted by Kumparan.

“[Therefore], the ups and downs in our debt ratio are closely monitored and reflect our commitment to good state budget management.”

According to the May 2024 edition of the Buku APBN Kita (Our State Budget Book) published by the ministry, 71.18 percent of Indonesia's government debt is sourced domestically. The government aims to use foreign debt only as a supplementary source.

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Sri Mulyani explained that the primary instrument for state debt funding was Government Securities (SBN), which account for 87.94 percent of the total debt. She said debt financing via the issuance of SBN bonds helped the development of the domestic financial market.

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