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Indonesia's external debt position recorded a further decrease in July 2022. At the end of July 2022, the position of external debt in Indonesia stood at USD400.4 billion, down from USD403.6 billion in the previous month. The latest developments stemmed from 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 4.1% (yoy) contraction in July 2022 after contracting 3.2% (yoy) in the previous period.
Government external debt maintained a downward trend in July 2022. The position of government external debt retreated to USD185.6 billion in the reporting period from USD187.3 billion the month earlier. Annually, government external debt recorded a deeper 9.9% (yoy) contraction in July 2022 compared with an 8.6% (yoy) contraction in June 2022. The lower external debt position was attributable to a rebalancing by non-resident investors in the domestic SBN market given persistently elevated global financial market uncertainty. Meanwhile, loan instruments recording a higher position, primarily to support program and project loans for Covid-19 handling, infrastructure development as well as other development projects and programs. External debt disbursements in July 2022 remained oriented towards productive sector financing and accelerating the national economic recovery. Government external debt support to fund productive sectors and priority expenditures in the reporting period targeted, amongst others, human health and social activities (24.5% of total government external debt), education (16.5%), public administration, defence and compulsory social security (15.1%), construction (14.2%) as well as insurance and financial services (11.8%). The Government remains firmly committed to maintaining credibility by servicing principal and interest payments punctually, coupled with prudential, credible and accountable external debt management. The current position of government external debt is considered safe and manageable in terms of short-term refinancing risk, with approximately 99.7% dominated by long-term maturities.
Private external debt also maintained a downward trend in July 2022. The position of private external debt in July 2022 decreased to USD206.3 billion from USD207.7 billion in the previous month. Annually, private external debt experienced a deeper 1.2% (yoy) contraction in the reporting period after declining 0.7% (yoy) the month earlier. Such developments were explained by 2.0% (yoy) and 0.9% (yoy) contractions in terms of external debt at financial corporations and non-financial corporations respectively, primarily due to a net payment on debt securities. 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; the manufacturing industry as well as mining and drilling, accounting collectively for 77,3% of total private external debt. Furthermore, 74.7% 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 was still manageable in July 2022, as reflected by a lower ratio of external debt to gross domestic product (GDP) from 31.8% in June 2022 to 30.7% in July 2022. In addition, the structure of external debt in Indonesia is dominated by long-term debt, accounting for 86.8% of the total external debt. 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) September 2022 edition on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website
Jakarta, 15th September 2022
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