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Indonesia's external debt position decreased in the second quarter of 2022. At the end of the reporting period, the position of external debt in Indonesia stood at USD403.0 billion, down from USD412.6 billion in the first quarter of the year. The latest developments were explained by lower debt positions recorded in the public sector (Government and Central Bank) and private sector. Annually, therefore, the position of external debt experienced a deeper 3.4% (yoy) contraction in the reporting period after declining 0.9% (yoy) in the previous quarter.
Government external debt maintained a downward trend in the second quarter of 2022. The position of government external debt decreased to USD187.3 billion in the reporting period from USD196.2 billion in the first quarter of 2022. Annually, government external debt recorded a deeper 8.6% (yoy) contraction in the second quarter of 2022 compared with a 3.4% (yoy) decline in the previous period. Government external debt declined after servicing bilateral, commercial and multilateral loans maturing in the period from April-June 2022. Maturing domestic government securities (SBN) also contributed to the lower position of government external debt in the reporting period. In addition, high global financial market volatility prompted a rebalancing of domestic SBN to other instruments, thus reducing the portion of non-resident holdings of domestic SBN. External debt disbursements in the second quarter of 2022 were primarily earmarked to bolster priority government expenditures, including Covid-19 handling and the national economic recovery program. The Government remains firmly committed to maintaining credibility by servicing principal and interest payments punctually, coupled with prudential, credible and accountable external debt management. Government external debt support to fund priority expenditures in the second quarter of 2022 targeted human health and social activities (24.6% of total government external debt), education (16.6%), public administration, defence and compulsory social security (15.1%), construction (14.2%) as well as insurance and financial services (11.7%). The current position of government external debt is considered safe and manageable, with approximately 99.7% dominated by long-term maturities.
Private external debt decreased compared to the previous quarter. The position of private external debt in the second quarter of 2022 retreated slightly to USD207.1 billion from USD207.4 billion in the first quarter of 2022. Annually, private external debt experienced a shallower 1.1% (yoy) contraction in the reporting period after declining 1.5% (yoy) in the first quarter of 2022. The deeper contraction was influenced by a 0.2% (yoy) decline of external debt at financial corporations compared with 5.0% (yoy) contraction in the previous quarter. Meanwhile, external debt at non-financial corporations slipped into a deeper 1.3% (yoy) contraction after shrinking 0.5% (yoy) in the first quarter of 2022. By sector, the main contributors to private external debt in the reporting period were insurance and financial services, electricity, gas, steam and air conditioning supply, mining and drilling as well as the manufacturing industry, accounting for 77.3% of total private external debt. Furthermore, 74.5% of total private external debt was dominated by long-term tenors.
The structure of external debt in Indonesia remains sound, supported by prudential management. External debt in Indonesia was still manageable in the second quarter of 2022, as reflected by a lower ratio of external debt to gross domestic product (GDP) from 33.8% in the first quarter of 2022 to 31.8% in the second quarter of 2022. In addition, external debt in Indonesia remains healthy, dominated by long-term debt that accounted for 86.7% of the total. Seeking to maintain a healthy structure, Bank Indonesia and the Government continued to strengthen coordination in terms of monitoring external debt, supported by the application of prudential principles, while optimising the role of external debt to support development financing and accelerate the national economic recovery, as well as minimise the risks that could impact economic stability.
Further information and metadata are presented in the publication of Indonesia's External Debt Statistics (SULNI) August 2022 edition on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website.
Jakarta, 15th August 2022
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