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Indonesia's external debt growth decelerated in July 2021. The external debt at the end of July 2021 was recorded at USD415.7 billion or grew by 1.7% (yoy), lower than 2.0% (yoy) in the previous period. Such development was primarily driven by the slowed growth of Government's external debt.
The Government's external debt in July 2021 experienced lower growth than the previous month. In July 2021, the Government's external debt amounted to USD205,9 billion, which grew lower at 3.5% (yoy) than 4.3% (yoy) in June 2021. Such developments were due to the declining position of domestic Government Securities (SBN) and net payments of bilateral loans, amidst the need to withdraw foreign loans to support handling the impact of the Covid-19 pandemic while maintaining the Government credibility in managing external debt through principal payments due. According to the established financing strategy, the Government also issued dual-currency bonds, namely US dollars and Euro, to fulfill the state budget financing, including supporting the acceleration of national economic recovery due to the Covid-19 pandemic. Such an issuance capitalized on positive foreign investors sentiment and conducive US financial market. The management of Government's external debt is conducted in a prudent, credible, and accountable manner to support spending towards priority sectors, among others, public administration, defense, & compulsory social security sector (17.8% share of Government's external debt), human health & social work activities sector (17.2%), education sector (16.4%), construction sector (15.4%), and financial and insurance sector (12.6%). The Government's external debt position in July 2021 remains safe since most of it consisted of long-term maturity debt, accounted for 99.9% of the total Government's external debt.
The private's external debt growth slightly increased from the previous month. The growth of private's external debt in July 2021 remained low at 0.1% (yoy) after experienced a 0.2% (yoy) contraction in the previous month. Such development was attributable to nonfinancial corporations' external debt growth by 1.5% (yoy), despite moderating from 1.7% (yoy) in the previous month. Meanwhile, the financial corporation's external debt recorded a 5.1% (yoy) contraction, lower than 6.9% (yoy) contraction in the previous period. With these developments, the private's external debt position in July 2021 was registered at USD207.0 billion, decreased from USD207.8 billion in June 2021. Several sectors with the most significant external debt, namely the financial & insurance sector; electricity, gas, steam and air conditioning supply sector; mining and drilling sector; and manufacturing sector, were accounted for 76.6% of total private external debt. The private's external debt was still dominated by long-term maturity external debt, which accounted for 76.6% share of total private's external debt.
The structure of Indonesia's external debt remained healthy, supported by the prudential principle application in its management. Indonesia's external debt in July 2021 is manageable, as reflected in the maintained ratio of Indonesia's external debt to Gross Domestic Product (GDP) at around 36.6%, lower than 37.5% in the previous month. In addition, the structure of Indonesia's external debt remained healthy, which was indicated by the domination of long-term maturity debt with an 88.3% share of total external debt. In close coordination with the government, Bank Indonesia monitors external debt by promoting the prudential principle application in its management to maintain a solid external debt structure. External debt's role will also be optimized to support development financing and stimulate economic recovery by minimizing the risks that may affect macroeconomic stability.
The complete data on the latest Indonesia's external debt and its metadata can be obtained in the publication of Indonesia's External Debt Statistics (SULNI) September 2021 edition on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website.
Jakarta, 15th September 2021
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