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Indonesia's external debt in August 2021 remained manageable. The external debt position at the end of August 2021 was recorded at USD423.5 billion or grew by 2.7% (yoy), higher than 1.7% (yoy) in the previous period. Such development was primarily driven by the accelerated growth of public sector external debt (Government and Central Bank).
The Government's external debt grew higher than the previous month. In August 2021, the Government's external debt amounted to USD207.5 billion, which slightly increased from 3.5% (yoy) growth in July 2021 to 3.7% (yoy). Such developments were dominated by foreign capital inflows in the domestic Government Securities (SBN) in line with positive sentiment coming from domestic SBN management performance. Meanwhile, the position of government's foreign loans declined due to maturing loans payment as an effort in managing external debt. The Government committed to manage the external debt 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 (12.5%). The Government's external debt position remains safe since most of it consisted of long-term debt, which accounted for 99.9% of the total Government's external debt.
Central Bank's external debt increased but does not incur an additional debt interest burden. In August 2021, Central Bank's external debt position rose by USD6.3 billion to USD9.2 billion. The increase was due to the additional IMF Special Drawing Rights (SDR) allocation to all member countries, including Indonesia, on August 2021 proportionally according to their respective quotas. This was intended to support global economic resilience and stability due to the Covid-19 pandemics impact, build confidence, as well as strengthen long term global reserves. The allocation of SDRs from IMF is a particular instrument and not categorized as loans, since it does not incur additional debt interest burden and obligations that will mature in the future. Countries receiving SDR allocation will get liquidity represented by an interest-bearing reserve asset and at the same time increase its long-term liabilities in the same amount. IMF SDR allocation will not add debt interest burden since charges of SDR allocation levies at the same rate as interest income of reserve assets.
The private's external debt decreased from the previous month. Private sector's external debt experienced a 1.2% (yoy) contraction after experienced relatively stable growth in the previous month. Such development was attributable to a deeper contraction of financial corporation's external debt from 5.0% (yoy) in the previous month to 6.0% (yoy). In addition, nonfinancial corporations' external debt grew by 0.1% (yoy), moderating from 1.4% (yoy) in the previous month. With these developments, the private sector's external debt position in August 2021 was registered at USD206.8 billion, down from USD207.4 billion in July 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, accounted for 76.6% of total private external debt. The private's external debt was still dominated by long-term external debt, which accounted for 76.5% 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 August 2021 remained manageable, as reflected in the Indonesia's external debt to Gross Domestic Product (GDP) ratio at around 37.2%, higher than 36.6% in the previous month. In addition, Indonesia's external debt structure remained healthy, which was indicated by the domination of long-term maturity debt with an 88.5% 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 in supporting development financing and stimulate national 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) October 2021 edition on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website.
Jakarta, 15th October 2021
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