indonesia's central government debt profile april 2013 (english)
TRANSCRIPT
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
1/76
MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA
DIRECTORATE GENERAL OF DEBT MANAGEMENT
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
2/76
Kementerian Keuangan Republik Indonesia
Table of Contents
Chapter 1
Backgrounds, Debt Management Objective and Strategy,Debt Instruments, Legal Basis
1. Backgrounds (1)
2. Backgrounds (2)
3. Debt Management Objectives and Strategy
4. Debt Instruments (1)
5. Debt Instruments (2)
6. Debt Management: Legal Basis
Chapter 2
State Budget, Deficit and Its Financing
7. State Budget (APBN) 20082013
8. Financing Cash flow 2008-2013
9. Fiscal Deficit and State Budget Financing, 2008-2013
10. Deficit in Various Countries 2008-2013
11. Budget and Realization of Debt Financing 201312. Realization of Government Securities Issuance 2013
13. Loans Drawing by Type of Financing, 2008-2013
14. Program Loan 2008-2013
15. External Loan Financing 2008 2013
16. Loan Disbursement 2013 - Project Financing
17. Loan Disbursement 2013 - Project Financing (Chart)
Chapter 3Debt Portfolio (Outstanding, Maturity Profile, Change inSecurities and Loans Positions)
18. Government Debt Outstanding 2008-2013
19. Government Debt Outstanding 2008-2013 (Chart)
20. Debt Maturity Profile as of March 28,2013
21. Government Securities Outstanding 2008-201322. Loans Outstanding by Creditor Types
23. Loans Outstanding by Creditor Types (Chart)
24. Loans Outstanding by Economic Sectors
25. Loans Outstanding by Economic Sectors (Chart)
26. Government Debt Outstanding - Main Currencies
27. Government Debt Outstanding - Other Currencies
28. Government Debt Outstanding - by Currencies(Chart)
29. Loans Drawing Proportion by Financing Type (Chart)
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
3/76
Kementerian Keuangan Republik Indonesia
Chapter 4
Debt Portfolio Management Performance (Debt
Performance Measurement and Comparison, LoanDisbursement, Government Debt Securities Re-profiling)
30. Central Government Debt to GDP Ratio
31. Debt to GDP Ratio, Indonesia & some Countries
32. Maturity Profile of Tradable Securities as of March28, 2013
33. Debt Switching and Buyback
34. Debt Reduction through Debt Swap Scheme
35. Loans Disbursement Performance
36. External Loan Services to Reserves Ratio
37. Debt to GDP Ratio, Some Countries & The Changes
38. Debt per Capita, of Some Countries
39. Debt per Capita, of Some Countries & The Changes
40. Debt Risk Indicators, 2008-2012
Table of Contents
Ministry of Finance Republic of Indonesia
Chapter5Costs of Borrowing (Debt Services, Cost of Fund, YieldCurve, External Debts Cost)
41. Debt Services Realizations, Fiscal Year 2013
42. Debt Services Realizations, Fiscal Year 2013 (Chart)
43. Interest Payment to Debt Ratio
44. Interest Payment Realization
45. Terms and Conditions of Loan from Multilateral
46. Terms and Conditions of Loan from Bilateral (Japan)
47. Domestic Government Debt Securities Yield Curve
48. Indonesian Global Bond Yield Curve
Chapter 6Performance of Secondary Market for Govt. Securities(Trading Volume, Govt. Securities Ownership Structure)
49. Average Daily Trading of Domestic Govt. Securities
50. Government Debt Securities Ownership
51. Domestic Debt Government Securities Ownership
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
4/76
Kementerian Keuangan Republik Indonesia
60. Indonesia Sovereign Credit Rating Performance(1)
61. Indonesia Sovereign Credit Rating Performance(2)
62. Government Guarantee Outstanding and BudgetAllocation
63. BPK Opinion on Government Financial Report
64. Conclusion
Table of Contents
Ministry of Finance Republic of Indonesia
52. Domestic Debt Government Securities Ownership( in % )
53. Foreign Ownership of Domestic GovernmentSecurities by Tenor
54. Spread over UST- Jan 18
55. Spread over UST- Feb 22
56. Spread over UST- Feb 42
Chapter 7
Rating, Government Guarantee, Supreme Audit Agency(BPK) Opinion, Conclusion
57. Credit Rating of Indonesia
58. Indonesia Credit Rating Performance (1)
59. Indonesia Credit Rating Performance (2)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
5/76Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Chapter 1
Background, Debt Management Strategy and
Objective, Debt Instruments, Legal Basis
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
6/76
Ministry of Finance Republic of Indonesia
Background (1)
Kementerian Keuangan Republik Indonesia
Debt management and policy is an integral part of fiscal policy which alsoconstructs economic policy and management in general.
Ultimate objectives of economic management: Welfare creation and maintenance in the form of:
Reducing unemployment.
Alleviating poverty.
Spurring more growth in the economy.
Security and stability enhancement.
Debt is materialized if state budget is in deficit.
Deficit financing through debt has been perceived to be a standard approach inmost of the countries in a modern world:
Debt is primary tool to fill fiscal gap and to refinance matured debts;
Debt refinancing will end up with new and better debt profile in term of risk
and fee.
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
7/76
Ministry of Finance Republic of Indonesia
Background (2)
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Government debt, in nominal term, has increased due to:
Legacy debts that need to be refinanced;
Inevitable effect of currency and banking crises in 1997/1998: Exchange rate depreciation;
Banking bail out and recapitalization;
Part of proceed coming from asset recovery used for debt/banking recap securities repayment.
Fiscal deficit financing is also a result of political process and of political decision madeby the Government and the Parliament, which is intended for: Supporting fiscal stimuli through development activity in infrastructure, agriculture, energy, and
another kind of pump priming project;
Sustaining peoples welfare program such as PNPM, BOS, Jamkesmas, Raskin, PKH, subsidy;
Supporting real sectors activity, for instance through tax incentive;
Maintaining 20% of state budget to back up education sector;
Enhancing army and defense system;
Continuing bureaucratic reform.
Access to soft loans coming from multilateral donors has been restricted by:
Indonesia is no longer considered as low income country;
How much upper limit of foreign loans can be received by an economy.
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
8/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Debt Management Strategy and Objective
Objectives
Long-term :
Securing Government Budget debt financing needs at minimum cost and tolerable risk level, thusfiscal sustainability can be maintained
Supporting efforts to develop a deep, active and liquid Government Securities market.
Short-term :
Ensuring the availability of funds to cover budget deficit and to meet debt repayment obligations ina timely and efficient manner
General Strategies optimizing potential sources of financing from domestic market through issuance of IDR denominated
Government securities and domestic loan disbursement;
developing debt instrument to obtain flexibility in selecting a more suitable, cost-efficient and minimum riskinstrument;
utilizing foreign loans to finance priority projects, at favorable terms & conditions for the Government, andwithout having any political agenda from creditors;
maintaining the medium term policy of reducing the outstanding of foreign loan;
improving coordination with monetary and capital market authorities, particularly to support the financialdeepening;
improving coordination and communication with various parties to enhance the efficiency of loanmanagement and improve sovereign credit rating
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
9/76
Ministry of Finance Republic of Indonesia
Debt Instruments (1)
Kementerian Keuangan Republik Indonesia
Government Loan consists of external and domestic loans: External Loan
World Bank, Asian Development Bank, Islamic Development Bank and bilateraldonors (Japan, Germany, France, etc.) and Export Credit. Program Loan:
Intended for budget support. Its disbursement is a function of the realization of statedpolicy matrix aiming at the targets set up in MDGs scheme (poverty alleviation,education, and corruption eradication), people empowerment and also policy relatedwith climate change and infrastructure development.
Project Loan :To support infrastructure project in transportation, energy etc and also povertyalleviation project.
Domestic Loan Government Regulation No. 54 Year 2008 on Domestic Loan Procurement Procedure and
Domestic Loan Channeling;
Coming from state-owned enterprise, local government and local state-owned enterprise;
To finance policy related with the effort to support local industry, infrastructure project forpublic service and investment generating revenue project.
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
10/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Debt Instruments (2)
Government securities (SBN) in local and foreign currency denominated,tradable and non-tradable, fixed and variable:
Government Debt Securities (SUN) T-Bills: short-term (up to 1 year);
Govt. Bond (> 1 year)
Coupon Bond
Tradable: ORI, FR/VR bond, Global bond
Non tradable: SRBI for bank recap, bond issued for Bank Indonesias recap
and restructuring of banking industry Zero coupon
Government Islamic securities/Sukuk (SBSN) in domestic and foreigncurrency denominated in the scheme of Ijarah, Musyarakah, Istisna,etc Islamic T-Bills;
IFR/Ijarah Fixed Rate; Global Sukuk; SDHI/Indonesian Haj Fund Sukuk; Project BasedSukuk (PBS).
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
11/76
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
12/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Chapter 2
State Budget, Deficit and Its Financing
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
13/76
State Budget (APBN) 20082013
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
[ in Trillion IDR ]
Ministry of Finance Republic of Indonesia
LKPP LKPP LKPP LKPP BUDGET-R BUDGET
2008 2009 2010 2011 2012 2013
A. Revenues and Grants 981.6 848.8 995.3 1,210.6 1,358.2 1,529.7
I. Domestic Revenues 979.3 847.1 992.3 1,205.4 1,357.4 1,525.2
1. Tax Revenues 658.7 619.9 723.3 873.9 1,016.2 1,193.0
2. Non Tax Revenues 320.6 227.2 268.9 331.5 341.1 332.2
II . Grants 2.3 1.7 3.0 5.2 0.8 4.5
B. Expenditures 985.7 937.4 1,042.1 1,295.0 1,548.3 1,683.0
I. Central Government 693.4 628.8 697.4 883.7 1,069.5 1,154.4a. Interest Payments 88.4 93.8 88.4 93.2 117.8 113.2
- Domestic Currency 59.9 63.8 61.4 79.6 84.7 80.7
- Foreign Currency 28.5 30.0 26.9 13.6 33.0 32.5
b. Subsidies 275.3 138.1 192.7 295.3 245.1 317.2
II . Transfers to Regions 292.4 308.6 344.7 411.3 478.8 528.6
C. Primary Balance 84.3 5.2 41.5 8.8 (72.3) (40.1)
D. Budget Surplus (Deficit) (A-B) (4.1) (88.6) (46.8) (84.4) (190.1) (153.3)E. Financing 84.1 112.6 91.6 130.9 190.1 153.3
I. Debt 67.5 87.1 86.9 102.7 156.2 161.5
II . Non Debt 16.6 25.5 4.6 28.3 33.9 (8.1)
Financing Surplus (Deficit) 80.0 23.9 44.7 46.5 0.0 0.0
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
14/76
Financing Cash flow 2008-2013
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
[ in Billions IDR ]
LKPP
2008
LKPP
2009
LKPP
2010
LKPP
2011
BUDGET -R
2012
BUDGET
2013
Financing Needs (99,720) (236,975) (203,538) (245,479) (386,124) (342,312)Budget Deficit (4,121) (88,619) (46,846) (84,399) (190,105) (153,338)
Debt Repayment (108,958) (120,145) (135,893) (138,818) (169,121) (166,044)
Bond Redemptions and Buybacks (40,333) (49,067) (76,532) (87,272) (110,823) (100,421)
Foreign Loan Amortization (63,435) (68,031) (50,633) (47,323) (49,725) (58,405)
Domestic Loan Amortization - - - - (141) (250)
On Lending (5,189) (3,047) (8,729) (4,224) (8,432) (6,968)
Non Debt Financing Needs 13,359 (28,211) (20,799) (22,262) (26,898) (22,929)
Financing Sources 179,670 260,939 248,243 292,029 386,124 342,311
Debt 176,468 207,200 222,822 241,503 325,283 327,530
Government Securities Issuance, Gross 126,249 148,538 167,634 207,136 270,419 280,861
Domestic 86,932 101,736 142,593 176,659 - -
Foreign 39,317 46,802 25,041 30,477 - -
Foreign Loan Disbursements 50,219 58,662 54,795 33,747 53,731 45,919
Program Loans 30,100 28,938 28,975 15,266 15,604 6,510
Project Loans to Central Government 14,929 26,678 17,091 14,257 29,695 32,441
Project Loans On Lending 5,189 3,047 8,729 4,224 8,432 6,968
Domestic Loan Disbursements - - 394 619 1,132 750
Non Debt 3,202 53,740 25,421 50,526 60,842 14,782
Financing Surplus (Deficit) 79,950 23,965 44,706 46,549 (0) (0)Net Financing Cash Flows 84,072 112,583 91,552 130,949 190,105 153,338
Net Debt 67,510 87,055 86,929 102,685 156,162 161,486
Governm ent Secur it ies 85,916 99,471 91,102 119,864 159,596 180,440
Foreign Loans (18,406) (12,416) (4,566) (17,799) (4,426) (19,454)
Domestic Loans - - 394 619 991 500
Net Non Debt 16,561 25,528 4,622 28,264 33,943 (8,148)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
15/76
86 9
9
91
120
160 1
80
(18
)
(12) (
4)
(17
) (3)
(19)
1726
5
28 34
(8)(4)
(89)
(47)
(84)
(190)
(153)
(0.1)
(1.6)
(0.7)
(1.1)
(2.2)
(1.7)
(4)
(3)
(2)
(1)
-
1
2
3
4
(200)
(180)
(160)
(140)
(120)
(100)
(80)
(60)
(40)
(20)
0
20
40
60
80
100
120
140
160
180200
2008 2009 2010 2011 2012* 2013**
[ % to GDP][Trillion Rupiah]
Securities (netto) Domestic & Foreign Loan (netto) Non Debt (netto) Budget Surplus (Deficit) Budget Deficit to GDP ratio (RHS)
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Fiscal Deficit and State Budget Financing 2008-2013
Source: Ministry of Finance
Since 2005, government securities have played role as a primary instrument offinancing
Refinancing strategy to achieve a better debt profile explains the movement ofgovernment securities in 2008-2013.
Kementerian Keuangan Republik Indonesia
Notes :2008-2011 Audited* BUDGET-R 2012** BUDGET
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
16/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Deficit in Various Countries 2008-2013
Fiscal deficit in Indonesia is lower than other countries.
Fiscal rule stated on Law Number 17/2003 has fixed upper limit of deficit in the level of3% of GDP. In consequence, additional debt to finance fiscal deficit is also limited.
Kementerian Keuangan Republik Indonesia
-14.0
-12.0
-10.0
-8.0
-6.0
-4.0
-2.0
0.0
2.0
4.0
6.0
2008 2009 2010 2011 2012 2013
Brazil China Indonesia Japan
Mexico Russia United Kingdom United States
Notes :
- in % to GDP- For Indonesia, Year 20082011 are the audited (LKPP) numbers, 2012 are APBN-P numbers and 2013 are the budget (APBN) numbers
Source: International Monetary Fund, World Economic Outlook Database, October 2012 & Ministry of Finance
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
17/76
Kementerian Keuangan Republik Indonesia
Budget and Realization of Debt Financing 2013
Notes:
*) Provisional
- Securities issuance budget is tentative, depend on financing need in term of securities portfolio managementMinistry of Finance Republic of Indonesia
(in billion IDR)
Nominal %
(1) (3) (6)=(4)+(5) (7) = (6) : (3) (8) = (3) - (6) (9) = (8) : (3)
A. Expenditures 113,243.8 26,348.5 23.3 86,895.3 76.7
1 Domestic Interest Payments 80,703.3 18,865.0 23.4 61,838.3 76.6
- Securities 80,613.2 18,865.0 23.4 61,748.2 76.6
- Domestic Loans 90.1 - - 90.1 100.0
2 External Interest Payments 32,540.5 7,483.4 23.0 25,057.1 77.0
- External Loans 15,216.2 2,208.2 14.5 13,008.0 85.5
- Global Bonds / Securities in valas 17,324.3 5,275.3 30.5 12,049.0 69.5
B. FinancingI Domestic Financing
A. Domestic Loans (Net) 500.0 24.5 4.9 475.5 95.1
B. Net Securities 180,439.9 40,011.7 22.2 140,428.2 77.8
II External Financing (Net) (19,454.2) (7,396.5)
1. External Loan Disbursement (Gross) 45,919.1 1,746.4 3.8 44,172.7 96.2
a. Program Loan 6,510.0 37.7 0.6 6,472.3 99.4
b. Project Loan 39,409.1 1,708.7 4.3 37,700.4 95.7
1. Central Government Project Loan 32,440.8 1,246.1 3.8 31,194.7 96.2
2. On Lending 6,968.3 462.6 6.6 6,505.7 93.4
2. On Lending (Spending) (6,968.3) (462.6) 6.6 (6,505.7) 93.4
3. External Loan Amortization (58,405.0) (8,680.2) 14.9 (49,724.8) 85.1
Nominal %
(2)
No. Description BudgetRealization *)
as of March 28, 2013
rest of budget
li i f G S i i 20 3
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
18/76
Kementerian Keuangan Republik Indonesia
Realization of Government Securities Issuance 2013
Ministry of Finance Republic of Indonesia
* Adjusted by changes in Cash Management & Debt Switch
(in million IDR)
Description TargetRealization Nominal
(as of March 28, 2013)
%
Realization
Government Securities-Net (Budget
2013)180.439.900 40.011.717 22,17%
Government Securities Maturity 2013 85.620.835 28.934.586 33,79%
Buyback 3.000.000 37.572 1,25%
Issuance Need* 280.860.735 68.983.875 24,56%
49.800.000
49.800.000
41.000.000
8.800.000
19.183.875
19.183.875
4.215.000
14.968.875
International Sukuk
Government Islamic Debt Securities
Domestic Government Islamic Debt Securities
- IFR/PBS (- Islamic Fixed Rate Bond/Project
Based Sukuk (IFR/PBS))- SPN-S
- SBSN Ritel
- SDHI
Government Debt Securities (GDS)
Domestic GDS
- ON
- SPN
- ORI
International Bonds
L D i b T f Fi i 2008 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
19/76
Loan Drawing by Type of Financing, 2008-2013
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
*) Provisional (Unaudited)
[in Trillions IDR]
Nominal % of Budget
TOTAL 50.22 58.66 55.19 34.37 31.95 46.42 1.77 3.8%
in bil l ion US$ 4.59 6.24 5.51 3.79 3.35 4.99 0.18
30.10 28.94 28.97 15.27 14.98 6.51 0.04 0.6%
in bill ion US$ 2.75 3.08 3.22 1.68 1.57 0.70 0.00
a. World Bank 12.91 14.65 15.34 10.76 8.61 4.65 0.04 0.8%
b. A D B 9.17 5.06 6.39 3.63 5.80 1.86 - 0.0%
c. JAPAN 4.87 6.07 4.59 0.87 - - - 0.0%
d. FRANCE 2.20 2.79 2.73 - - - - 0.0%
e. IDB - - - - 0.57 - - 0.0%
f. Others - - - - - - - 0.0%
20.12 29.72 25.82 18.48 16.05 39.41 1.71 4.3%
in bill ion US$ 1.84 3.16 2.87 2.04 1.71 4.24 0.18
- - 0.39 0.62 0.93 0.50 0.02 4.9%
in bill ion US$ - - 0.04 0.07 0.07 0.05 0.00
LKPP/
Audited2008
2013
Budget
LKPP/
Audited2009
Real. As of March 28,LKPP/
Audited2010
LKPP/
Audited2011
2012 *
3. Domestic Loan
2. Project Loan
TYPE OF FINANCING
1. Program Loan
P L 2008 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
20/76
Ministry of Finance Republic of Indonesia
Program Loan 2008-2013
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaSource : Directorate of External Debt and Grant
Ministry of Finance Republic of Indonesia
[ in Million USD]
2008 2009 2012
Real Real Real BUDGET
Real - as of
March 28,
2013
A. WORLD BANK 1,197 1,553 1,704 1,011 907 500 3.9
-
B. ASIAN DEVELOPMENT BANK 830 500 700 400 600 200 -
C. JICA, JAPAN 500 600 505 100 - - -
D. ISLAMIC DEVELOPMENT BANK - - - - 59 - -
TOTAL 2,727 2,953 3,209 1,511 1,566 700 3.9
2010 2011 2013
LENDERS
E t l L Fi i 2008 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
21/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Notes :
*) Budget 2013
External Loan Financing 2008 - 2013
Ministry of Finance Republic of Indonesia
45.0
55.6
46.1
29.5
45.3
39.0
-63.4-68.0
-50.6 -47.3 -49.7-58.4
-18.4-12.4
-4.6
-17.8
-4.4
-19.5
-90
-70
-50
-30
-10
10
30
50
70
2008 2009 2010 2011 2012 2013*
External Loan Disbursement, gross External Loan Principal Repayment External Loan Financing (nett)
[in
trillion
IDR
]
[ in trillion IDR ]
2008 2009 2010 2011 2012 2013*
External Loan Disbursement, gross 45.03 55.62 46.07 29.52 45.30 38.95External Loan Principal Repayment (63.44) (68.03) (50.63) (47.32) (49.73) (58.41)
External Loan Financing (nett) (18.41) (12.42) (4.57) (17.80) (4.43) (19.46)
Loan Disbursement 2013 Project Financing
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
22/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Loan Disbursement 2013 - Project Financing
Ministry of Finance Republic of Indonesia
Million USD Billion IDR Million USD Billion IDR
A. Int'l Organization 69.19 670.30 1.6%
WORLD BANK (IBRD & IDA) 49.03 473.33 1.2%
A D B 10.01 97.29 0.2%
I D B 5.90 58.51 0.1%
I F A D 4.25 41.18 0.1%
B. Country 106.44 1,038.41 2.5%
JAPAN 23.69 236.33 0.6%
GERMANY 10.68 103.30 0.3%
AUSTRIA 4.49 43.37 0.1%
FRANCE 8.38 80.74 0.2%
SINGAPORE 9.41 91.26 0.2%
SPAIN 0.19 1.86 0.0%
OTHERS 49.61 481.55 1.2%
TOTAL 4,237.54 39,409.10 175.63 1,708.71 4.1%
NEGARA
BUDGET Real. As of March 28, 2013
% to BUDGET
Loan Disbursement 2013 Project Financing (chart)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
23/76
Kementerian Keuangan Republik Indonesia
Loan Disbursement 2013 - Project Financing (chart)
[ in billion IDR ] [ % of Project Loan ]
Ministry of Finance Republic of Indonesia
1.2%
0.2%
0.1% 0.1%
0.6%
0.3%
0.1%
0.2% 0.2%
0.0%
1.2%
0.0%
0.2%
0.4%
0.6%
0.8%
1.0%
1.2%
1.4%
-
100
200
300
400
500
600
Disbursement % to Budget (RHS)
Million USD Billion IDR Million USD Billion IDR
TOTAL 4,237.54 39,409.10 175.63 1,708.71 4.14%
% to
BUDGETNEGARA
BUDGET Real. As of March 28, 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
24/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Chapter 3
Debt Portfolio(Outstanding, Maturity Profile,
Change in Securities and Loans Positions)
Ministry of Finance Republic of Indonesia
Government Debt Outstanding 2008 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
25/76
Kementerian Keuangan Republik Indonesia
Government Debt Outstanding, 2008-2013
Notes :
* Semi commercials included
** Some semi comm ercials included
*** CommercialsMinistry of Finance Republic of Indonesia
#) Pr ov is io nal##) Very Pr ov is io nal
2008 2009 2010 2011 2012#)Nominal %
Central Govt. Debt Total ( in trillion IDR) 1,636.74 1,590.66 1,681.66 1,808.95 1,975.42 1,991.22 100.0%
a. Loans (in trillion IDR) 730.25 611.20 617.25 621.29 614.32 590.20 29.6%1). External Loan 730.25 611.20 616.86 620.28 612.52 588.38
Bilateral *) 484.90 387.92 380.67 381.66 358.12 336.74 16.9%
Multilateral **) 222.69 202.37 208.28 212.96 229.68 227.67 11.4%
Commercial ***) 21.69 20.24 27.34 25.15 24.32 23.62 1.2%
Suppliers ***) 0.97 0.66 0.57 0.50 0.41 0.35 0.0%
Others ***) - - - - - - 0.0%
2). Domestic Loan - - 0.39 1.01 1.80 1.82
b. Securities (in trillion IDR) 906.50 979.46 1,064.40 1,187.66 1,361.10 1,401.01 70.4%Foreign Currency 122.64 143.15 161.97 195.63 264.91 264.81 13.3%
Local Currency 783.86 836.31 902.43 992.03 1,096.19 1,136.21 57.1%
Central Govt. Debt Total
(In bil l ion US$)
149.47 169.22 187.04 199.49 204.28 204.88 100.0%
Consis t of :
Local Curr ency Securit ies (in bil l ion US$) 71.58 88.97 100.37 109.40 113.36 116.91 57.1%
Foreign Currency Securities (in bil l ion US$) 11.20 15.23 18.02 21.57 27.39 27.25 13.3%
Local Currency Loan (in bil l ion US$)- - 0.04 0.11 0.19 0.19 0.1%
Foreign Curr ency Loan (in bil l ion US$) 66.69 65.02 68.61 68.40 63.34 60.54 29.5%
Exchange Rate (IDR to US$1) 10,950 9,400 8,991 9,068 9,670 9,719
March 2013 ##)
Government Debt Outstanding 2008-2013 (chart)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
26/76
Kementerian Keuangan Republik Indonesia
Government Debt Outstanding, 2008-2013 (chart)
Notes :
*) Provisional
**) Very Provisional, As of March 28, 2013Ministry of Finance Republic of Indonesia
906 9791,064
1,1881,361 1,401
730 611617
621
614 590
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2008 2009 2010 2011 2012*) 2013**)
Loans Securities
[ in Trillions IDR ]
[ in trillion IDR and % ]
Year
Loans 730 45% 611 38% 617 37% 621 37% 614 31% 590 30%
Securities 906 55% 979 62% 1,064 63% 1,188 63% 1,361 69% 1,401 70%
Central Govt. Debt
Total1,637 100% 1,591 100% 1,682 100% 1,809 100% 1,975 100% 1,991 100%
2013**)2012*)20102009 20112008
Debt Maturity Profile as of March 28 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
27/76
Ministry of Finance Republic of Indonesia
Debt Maturity Profile as of March 28, 2013
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
61
95
85
75
59
88
69
82
77
108
56
33 4
4
22
4743
3
29
31
47
33
5
21
10
37 4
3
8
90
45
55
53
49
43
42
41
4035
30
25
21
18
15
1310
9
8 8
87
5
3
2
11
1
2
-
20
40
60
80
100
120
140
160
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040-2055
Loans Securities
[in Trillions IDR]
Year 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027
Loans 42% 37% 38% 40% 42% 32% 37% 33% 32% 22% 31% 39% 29% 41% 21%
Securities 58% 63% 62% 60% 58% 68% 63% 67% 68% 78% 69% 61% 71% 59% 79%
Year 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
Loans 20% 74% 22% 21% 15% 18% 49% 12% 14% 3% 2% 6%
Securities 80% 26% 78% 79% 85% 82% 51% 88% 86% 97% 98% 94%
2%
98%
2040-2055
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
28/76
Loans Outstanding by Creditor Types
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
29/76
Ministry of Finance Republic of Indonesia
Loans Outstanding by Creditor Types
*)
Notes :*) Global Bonds excluded.
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
[ in trillion IDR ]
Nominal % Total
EXTERNAL LOAN 730.25 611.20 616.86 620.28 612.52 588.38 99.7%
1. BILATERAL 484.90 387.92 380.67 381.66 358.12 336.74 57.1%
a. Japan 324.28 259.50 274.47 280.45 254.64 235.16 39.8%
b. France 27.86 25.56 21.88 20.90 21.30 21.03 3.6%
c. Germany 37.80 28.34 22.65 20.29 20.00 19.43 3.3%
d. Other Bilateral 94.96 74.52 61.68 60.02 62.18 61.12 10.4%
2. MULTILATERAL 222.69 202.37 208.28 212.96 229.68 227.67 38.6%
a. World Bank 98.16 94.96 102.23 108.73 122.14 122.38 20.7%
b. ADB 118.99 102.32 100.40 97.92 100.34 98.24 16.6%
c. IDB 2.81 2.96 3.76 4.23 5.05 4.93 0.8%
d. Other Multilateral 2.73 2.13 1.89 2.09 2.14 2.12 0.4%
3. COMMERCIAL 21.69 20.24 27.34 25.15 24.32 23.62 4.0%
4. SUPPLIERS 0.97 0.66 0.57 0.50 0.41 0.35 0.1%
DOMESTIC LOAN 0.39 1.01 1.80 1.82 0.3%
TOTAL*) 730.25 611.20 617.25 621.29 614.32 590.20 100.0%
2008AS of March 28, 2013
2009 2010 2011 2012COUNTRIES
Loans Outstanding by Creditor Types (chart)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
30/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Loans Outstanding by Creditor Types (chart)
Multilateral (World Bank, ADB) and Bilateral (Japan) external loan are long matured &relatively cheap financing sources alternatives
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
44% 42% 45% 45% 41% 40%
13%16% 17% 18% 20% 21%
16% 17% 16% 16% 16% 17%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 March 2013
Japan France Germany Other Bilateral World Bank
ADB IDB Other Multilateral COMMERCIAL SUPPLIERS
Loans Outstanding by Economic Sectors
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
31/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
g y
Notes :
*) As of March 28, 2013
- Economic Sectors Classification by Bank Indonesia and National Statistics Agency
- Financial Sector is program loan dominated
Source : Ministry of Finance & Bank Indonesia
Ministry of Finance Republic of Indonesia
[ in billion IDR ]
2008 2009 2010 2011 2012 2013 *)
Agriculture, Husbandry, Forestry & Fishing 17,683 16,773 19,946 19,593 13,881 16,594
Mining & Drilling 8,801 7,294 7,620 7,479 5,671 6,566
Manufacturing 29,121 21,534 19,946 18,483 14,916 13,796
Electricity, Gas & Water Works 74,873 51,442 53,408 53,145 43,607 46,029
Housing & Building 122,039 115,160 113,448 114,340 95,764 105,784
Trading, Hotel & Restaurant 10,510 7,717 6,990 6,290 5,276 4,969Transport & Communication 29,814 22,257 21,476 20,001 17,516 19,173
Financial, Leasing and Financial Services 96,005 81,995 86,422 88,092 57,559 96,825
Services 167,009 145,353 153,544 163,684 237,653 163,707
Other Sectors 174,391 141,673 134,452 130,185 122,479 116,762
TOTAL 730,246 611,198 617,252 621,292 614,322 590,205
Loans Outstanding by Economic Sectors (chart)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
32/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Loans Outstanding by Economic Sectors (chart)
Ministry of Finance Republic of Indonesia
Source : Ministry of Finance & Bank Indonesia
17,683
16,773
19,946
19,593
13,881
16,594
8,801
7,294
7,620
7,479
5,671
6,566
29,121
21,534
19,946
18,483
14,916
13,7967
4,873
51,442
53,408
53,145
43,607
46,029
122,039
11
5,160
11
3,448
11
4,340
95,764
105,
784
10,510
7,717
6,990
6,290
5,276
4,969
29,814
22,257
21,476
20,001
17,516
19,173
96,005
81,995
86,422
88,092
57,559
96,82
5
167,009
145,353
153,544
163,684
237,65
3
163,707
174,391
141,673
134,452
130,185
122,479
116,762
-
50,000
100,000
150,000
200,000
250,000
2008 2009 2010 2011 2012 2013 *)
Agriculture, Husbandry, Forestry & Fishing Mining & Drilling
Manufacturing Electricity, Gas & Water Works
Housing & Building Trading, Hotel & Restaurant
Transport & Communication Financial, Leasing and Financial Services
Services Other Sectors
[ in billion IDR ]
Notes : *) As of March 28, 2013
Government Debt Outstanding - Main Currencies
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
33/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
g
Notes :*) IDR Currency in Trillion IDR, **) in Billions, ***) As of March 28, 2013
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
2008 2009 2010 2011 2012 2013***
in original currencies
IDR*) 783.86 836.31 902.82 992.84 1,097.99 1,138.03
USD**) 32.55 35.80 39.77 44.35 49.78 49.67
JPY**) 2,820.48 2,713.84 2,698.75 2,585.42 2,498.81 2,500.46
EUR**) 6.75 5.97 5.44 4.71 4.49 4.45
SDR**) 1.74 2.01 2.15 2.19 2.17 2.16
AUD**) 0.14 0.24 0.29 0.33 0.39 0.40
Other Currencies
in trillion IDR
IDR 783.86 836.31 902.82 992.84 1,097.99 1,138.03
USD 356.46 336.54 357.61 402.16 481.33 482.70
JPY 341.90 276.01 297.62 301.98 279.77 258.12
EUR 104.15 80.68 64.99 55.30 57.53 55.33
SDR 29.44 29.57 29.83 30.44 32.39 31.38
AUD 1.08 2.05 2.66 3.05 3.88 4.07
Other Currencies 19.86 29.49 26.13 23.18 22.54 21.59
Total 1,636.74 1,590.66 1,681.66 1,808.95 1,975.42 1,991.22
Mid Rate IDR to US$1 10,950.00 9,400.00 8,991.00 9,068.00 9,670.00 9,719.00
Mid Rate JPY to US$1 90.33 92.42 81.53 77.64 86.37 94.15
Mid Rate EUR to US$1 0.71 0.70 0.75 0.77 0.75 0.78
-------------------------- Other Currencies --------------------------
Government Debt Outstanding - Other Currencies
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
34/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Notes :*) in Billions, **) As of March 28, 2013
g
Ministry of Finance Republic of Indonesia
2008 2009 2010 2011 2012 2013**
in original currencies
ACU*) 0.02 0.20 0.27 0.30 0.34 0.34
ADB*) 0.20 0.16 0.14 0.13 0.11 0.10
CAD*) 0.18 0.17 0.16 0.15 0.14 0.14
CHF*) 0.38 0.33 0.30 0.27 0.24 0.24
CNY*) 0.00 0.00 1.43 1.55 1.55 1.55
DKK*) 0.07 0.06 0.05 0.05 0.04 0.04
GBP*) 0.58 0.51 0.46 0.41 0.36 0.36
KRW*) 168.47 184.82 184.32 196.63 205.44 212.59
KWD*) 0.01 0.01 0.01 0.01 0.01 0.01
SAR*) 0.14 0.13 0.12 0.11 0.10 0.10
WBD*) 0.00 1.12 0.71 0.42 0.21 0.17
in trillion IDR
ACU 0.38 2.90 3.69 4.22 5.05 4.93
ADB 2.19 1.50 1.30 1.16 1.06 0.99
CAD 1.60 1.49 1.41 1.31 1.35 1.33
CHF 3.94 3.02 2.83 2.62 2.55 2.45
CNY 0.00 0.00 1.94 2.23 2.38 2.40
DKK 0.15 0.10 0.08 0.07 0.07 0.07
GBP 9.15 7.69 6.36 5.77 5.66 5.33
KRW 1.46 1.49 1.47 1.54 1.86 1.86
KWD 0.59 0.43 0.37 0.20 0.30 0.30
SAR 0.41 0.32 0.28 0.26 0.26 0.26
WBD 0.00 10.56 6.39 3.78 1.99 1.67
TOTAL 19.86 29.49 26.13 23.18 22.54 21.59
Government Debt Outstanding by Currencies(chart)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
35/76
Kementerian Keuangan Republik Indonesia
Notes :*) As of March 28, 2013
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
48%53% 54% 55% 56%
57%
22%21% 21%
22% 24%24%
21%17% 18% 17%
14% 13%
6% 5% 4% 3%3% 3%
2% 2% 2% 2% 2% 2%1% 2% 2% 1% 1% 1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012 2013*)
IDR USD JPY EUR SDR AUD Others
Loans Drawing Proportion by Financing Type
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
36/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Notes :*) LKPP - Audited**) Provisional***) Budget 2013
Kementerian Keuangan Republik Indonesia
[ in trillion IDR] [ % ]
Ministry of Finance Republic of Indonesia
28.
57
28.
97
15.
27
15.
60
6.
51
23.
54
25.
82
18.
48
38.
13
39.
41
0.7
5
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
-
5
10
15
20
2530
35
40
2009* 2010* 2011** 2012** 2013***PROGRAM LOAN PROJECT LOAN DOMESTIC LOAN
% PROGRAM LOAN (RHS) % PROJECT LOAN (RHS) % DOMESTIC LOAN (RHS)
[in trillion IDR]
TYPE OF LOANS 2008* % 2009* % 2010* % 2011* % 2012** % 2013*** %
PROGRAM LOAN 30.10 60% 28.94 49% 28.97 53% 15.27 44% 15.60 28% 6.51 14%
PROJECT LOAN 20.12 40% 29.72 51% 25.82 47% 18.48 54% 38.13 69% 39.41 84%
DOMESTIC LOAN - 0% - 0% 0.39 1% 0.62 2% 1.13 2% 0.75 2%
TOTAL 50.22 58.66 55.19 34.37 54.86 46.67
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
37/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Chapter 4
Debt Portfolio Management Performance
(Debt Performance Measurement andComparison, Loan Disbursement, Government
Debt Securities Re-profiling)
Ministry of Finance Republic of Indonesia
Central Government Debt to GDP Ratio
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
38/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Sources: Ministry of Finance and National Statistics Agency, processed data
Notes :*) Provisional**) BUDGET 2013
Ministry of Finance Republic of Indonesia
14.7% 10.9%
9.6% 8.4% 7.5% 6.4%
18.3%17.4%
16.5% 16.0% 16.5% 16.6%
33.0%
28.3%26.1%
24.4% 24.0%
23.1%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
90.0%
100.0%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
10,000
2008 2009 2010 2011 2012*) 2013**)
Loans Securities GDP
Loan to GDP Ratio (RHS) Securities to GDP Ratio (RHS) Total Debt to GDP Ratio (RHS)
[ in Trillions IDR] [ %]
[ in trillions IDR ]
2008 2009 2010 2011 2012*) 2013**)
730 611 617 621 614 595
906 979 1,064 1,188 1,361 1,542
1,637 1,591 1,682 1,809 1,975 2,137
4,954 5,613 6,443 7,427 8,242 9,270
Loans
Securities
Total
GDP
Debt to GDP Ratio,Indonesia & some Countries
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
39/76
Kementerian Keuangan Republik Indonesia
Indonesia & some Countries
Kementerian Keuangan Republik Indonesia
Notes :- Nominal in % to GDP
- Indonesia data: taken from audited Government Financial Statements
The debt rises of Developed Countries are greater than those of Developing Countries
Source: IMF, World Economic Outlook Database, October 2012 & Ministry of Finance
Ministry of Finance Republic of Indonesia
Country 2008 2009 2010 2011 2012
Argentina 58.5 58.7 49.2 44.9 45.2
Brazil 63.5 66.9 65.2 64.9 64.1
Germany 66.9 74.7 82.4 80.6 83.0
India 74.1 74.2 68.0 67.0 67.6
Indonesia 33.0 28.3 26.0 24.4 24.0
Italy (RHS) 105.7 116.0 118.6 120.1 126.3
Japan (RHS) 191.8 210.2 215.3 229.6 236.6
Turkey 40.0 46.1 42.4 39.3 37.7
United Kingdom 52.2 68.0 75.0 81.8 88.7
United States 76.1 89.7 98.6 102.9 107.2
Maturity Profile of Tradable Securitiesas of March 28 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
40/76
as of March 28, 2013
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 2031 2032 2033 2035 2036 2037 2038 2041 2042
TOTAL 52,62 77,80 77,16 66,67 49,63 76,62 56,50 69,11 60,18 91,71 42,45 18,01 28,02 19,61 44,28 39,82 25,68 27,10 42,80 28,65 15,55 4,11 29,72 35,12 13,55 33,87
SUKUK USD - 6,32 - - - 9,72 - - - 9,72 - - - - - - - - - - - - - - - -
SUKUK IDR 2,17 7,34 18,96 14,97 1,17 8,66 - 0,25 - 1,22 - - 1,55 - 2,88 - 2,18 - - - - 4,11 8,74 - - -
SUN JPY - - - - - - 3,61 6,19 - 6,19 - - - - - - - - - - - - - - - -
SUN USD - 22,35 9,72 8,75 9,72 18,47 19,44 19,44 24,30 19,44 - - - - - - - - - - 15,55 - 14,58 19,44 - 21,87
SUN IDR 50,45 41,79 48,48 42,95 38,74 39,78 33,45 43,22 35,88 55,14 42,45 18,01 26,47 19,61 41,40 39,82 23,50 27,10 42,80 28,65 - - 6,40 15,69 13,55 12,00
-
20,00
40,00
60,00
80,00
100,00
Debt Switching and Buyback
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
41/76
Ministry of Finance Republic of Indonesia
Buyback : debt management program which objectives are stabilizing the market, managing portfolio of debt and
reducing Government Debt Securities outstanding which issued with high coupon
Debt Switching : debt management program to reduce refinancing risk
Ministry of Finance Republic of Indonesia
Year Auction FrequencyTenor of Source Bonds
(Year)
Destination Bonds
(Yaer)
Volume of Bid
Accepted (billion
IDR)
2005 1 < 1 year s.d. 4 year 15 year 5,673
2006 12 < 1 year s.d. 5 year 5 s.d. 19 year 31,179
2007 9 < 1 year s.d. 6 year 11 s.d. 20 year 15,782
2008 2 < 1 year s.d. 4 year 14 s.d. 15 year 4,571
2009 6 < 1 year s.d. 5 year 12 s.d. 15 year 2,938
2010 6 < 1 year s.d. 8 year 10 s.d. 21 year 3,920
2011 4 < 1 year s.d. 4 year 15 year 664
2012 4 < 1 year s.d. 5 year 10 s.d. 15 year 11,859
2013 1 < 1 year s.d. 5 year 10 year 616
Total 77,202
Year Auction FrequencyTenor of Series to be
Buyback (Year)
Volume of Buyback
Accepted (billion IDR)
2003 2 1 year up to 3 year 8.127
2004 1 3 year up to 5 year 1.962
2005 4 < 1 year up to 4 year 5.158
2007 2
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
42/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Notes :
*) TFCA - GoI contribution is USD 20 millions- Contribution from NGO Conservation Int'l Foundation & Kehati is USD 2 millions
- Future cancellation is USD 29,921,500 (principal + interest)Ministry of Finance Republic of Indonesia
Title
1 2 3
Debt Swap I Elementary Education EUR 12.8 EUR 25.6 EUR 25.6
Debt Swap II Junior Secondary Education EUR 11.5 EUR 23.0 EUR 23.0
Debt Swap IIIa Financial Assistance for Environmental Investements
for Micro and Small Enterprises Project
EUR 6.3 EUR 12.5 EUR 3.2
Debt Swap IIIb Strengthening the Development of National Parks in
Fragile Ecosystems
EUR 6.3 EUR 12.5 EUR 0.0
Debt Swap IV School Reconstruction and Rehabili tation in
Earthquake Area in Yogyakarta and Central Java
EUR 10.0 EUR 20.0 EUR 20.0
Debt Swap V Global Fund to Fight AIDS, Tubercolosis and Malaria
(GFATM)
EUR 25.0 EUR 50.0 EUR 50.0
Debt Swap VII Indonesian - German Scholarship Program EUR 9.4 EUR 18.8 EUR 0.0
EUR 5.7 EUR 5.7 EUR 5.7
USD 24.2 USD 24.2 USD 24.2
USA Debt Development Swap Tropical Forest Conservation Act/TFCA USD 20.0 USD 29.9 USD 15.7 *)
Debt Development Swap Tropical Forest Conservation Act/TFCA II USD 23.8 USD 29.5 USD 8.1
Australia Debt Swap Debt2Health AUD 37.5 AUD 75.0 AUD 15.6
EUR 87.0 EUR 168.0 EUR 127.5
USD 68.0 USD 83.6 USD 48.0
AUD 37.5 AUD 75.0 AUD 15.6
218.2 376.6 227.2
TOTAL
TOTAL in million USD
4 5 6
Germany
Italy Debt Swap I Housing and Setlement
Country Debt Swap
Project Cancelation
Amount Commitment Realization
[in Millions]
Loans Disbursement Performance
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
43/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Notes :- Nominals between 2008 until 2013 have been cumulatively calculated since January 1, 2008.- Net commitment = signed loans; disbursement = disbursed loans.
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
0
50
100
150
200
250
300
Net Commitment Disbursement Undisbursed
[in Trilions IDR]
[in trillion IDR]
YearCumulative 1967
to 20072008 2009 2010 2011 2012 2013
Cumulative 1967
to 2013
Net Commitment 1,711.8 55.2 143.9 197.0 239.8 326.4 335.6 2,047.5
Disbursement 1,620.9 52.8 91.7 129.3 146.0 159.1 160.6 1,781.5Undisbursed 90.9 2.4 52.2 67.8 93.8 167.3 175.0 265.9
External Loan Services to Reserves Ratio
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
44/76
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Notes:
External Loan Services = Ext. Loan Principal + Ext. Loan Interest Payments
* provisional, based on assumption: 1) ext loan services nominal = realizations as of end of period ,
2) reserves nominal = averages of reserves nominal from the beginning of year until the end of
period.
16.8%
17.9%
9.0%
7.4%7.9%
8.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
20.0%
2008 2009 2010 2011 2012* 2013**
Debt to GDP Ratio,Some Countries & The Changes
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
45/76
Indonesian debt per capita is among the lowest compared to those ofdeveloped countries with the fastest/biggest decrease
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Public Debt, 2012(in % of GDP) Public Debt, changes 2003-2012(in % of GDP)
Source: IMFMinistry of Finance Republic of Indonesia
0 50 100 150 200 250
Chile
Indonesia
Australia
Colombia
Turkey
South Africa
Philippines
Thailand
Malaysia
Poland
Brazil
India
Germany
United KingdomUnited States
Italy
Japan
-100 -50 0 50 100
Indonesia
Australia
Turkey
Philippines
Colombia
Chile
Thailand
South Africa
Brazil
India
Poland
Malaysia
Italy
GermanyJapan
United States
United Kingdom
Debt per Capita of Some Countries
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
46/76
Ministry of Finance Republic of Indonesia
China and India have higher ratios despite the more populations compared to Indonesia.
Brazil and Italy with investment grade rating have higher ratios compared to Indonesia ofnon-investment grade rating
Kementerian Keuangan Republik IndonesiaSource: IMF
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
0
20,000
40,000
60,000
80,000
100,000
120,000
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
2007 2008 2009 2010 2011 2012
Brazil Poland Chile India Philippines Indonesia Japan (RHS)
In US Dolar In US Dolar
Debt per Capita,Some Countries & The Changes
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
47/76
g
Indonesian debt per capita is among the lowest and it is considered tofluctuate insignificantly
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Public Debt per Capita, 2012(in US$) Public Debt per Capita, changes 2003-2012(in %)
Source: IMFMinistry of Finance Republic of Indonesia
- 20,000 40,000 60,000 80,000 100,000 120,000
IndonesiaIndia
Philippines
Chile
Thailand
Colombia
South Africa
Turkey
MalaysiaBrazil
Poland
United Kingdom
United States
Japan
0% 100% 200% 300%
PhilippinesIndonesia
Turkey
South Africa
Japan
Thailand
United States
Chile
ColombiaMalaysia
Poland
India
Brazil
United Kingdom
Debt Risk Indicators,2008-2012
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
48/76
Kementerian Keuangan Republik Indonesia
Notes:
*) The 2012 projection figures are based on realization per December 2012.Source: Ministry of Finance
Ministry of Finance Republic of Indonesia
22.9 22.020.3
18.8
16.1
28.2 28.226.1 25.9
22.4
2008 2009 2010 2011 2012
Interest Rate Risk
Variable rate ratio [%] Refixing rate [%]
17.213.4 12.1 11.0 10.6
52.147.4 46.2 45.1 44.4
2008 2009 2010 2011 2012
Exchange Rate Risk
FX Debt to GDP ratio (%) FX Debt to total debt ratio (%)
10.0
9.7
9.5
9.3
9.7
2008 2009 2010 2011 2012
Average Time To Maturity (ATM)
Average Time to Maturity
6.4 7.6 7.18.2 7.2
18.620.3 20.8
22.7 21.5
31.133.2 34.2 34.6 32.4
2008 2009 2010 2011 2012
Debt Maturing in 1, 3 and 5 Years
Maturity debt portion < 1 year (%) Maturity debt portion < 3 year (%)
Maturity debt portion < 5 year (%)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
49/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Chapter 5
Costs of Borrowing
(Debt Services, Cost of Fund, Yield Curve,
External Debts Cost)
Ministry of Finance Republic of Indonesia
Debt Services RealizationsFiscal Year 2013
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
50/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Notes :- Provisional, realization as of March 28, 2013
[ in billion Rupiah ]
January February March Q-1 Total
I. POKOK 186,464 7,882 15,535 14,894 38,311 38,311 20.55%
A. PINJAMAN 58,655 2,915 2,210 3,556 8,680 8,680 14.80%
a. Pinjaman Dalam Negeri 250 - - - - 0.00%
b. Pinjaman Luar Negeri 58,405 2,915 2,210 3,556 8,680 8,680 14.86%
B. SURAT BERHARGA NEGARA 127,809 4,968 13,325 11,338 29,630 29,630 23.18%
1. SBN Rupiah 123,809 4,968 13,325 11,338 29,630 29,630 23.93%
a. SUN 109,025 4,966 5,250 11,338 21,554 21,554 19.77%
b. SBSN 14,784 2 8,075 - 8,076 8,076 54.63%
2. SBN Valas 4,000 - - - - - 0.00%
a. SUN 4,000 - - - - - 0.00%
b. SBSN - - - - - - 0.00%- -
II. BUNGA 113,244 10,686 5,863 9,800 26,348 26,348 23.27%
A. PINJAMAN 15,306 802 689 717 2,208 2,208 14.43%
a. Pinjaman Dalam Negeri 90 - - - - 0.00%
b. Pinjaman Luar Negeri 15,216 802 689 717 2,208 2,208 14.51%
B. SURAT BERHARGA NEGARA 97,937 9,883 5,174 9,083 24,140 24,140 24.65%
1. SBN Rupiah 80,613 7,547 4,692 6,627 18,865 18,865 23.40%
a. SUN 70,543 6,918 3,407 5,852 16,177 16,177 22.93%
b. SBSN 10,070 629 1,285 775 2,688 2,688 26.70%
2. SBN Valas 17,324 2,337 483 2,456 5,275 5,275 30.45%a. SUN 15,904 2,337 483 2,456 5,275 5,275 33.17%
b. SBSN 1,420 - - - - - 0.00%
III. TOTAL POKOK + BUNGA 299,708 18,568 21,398 24,693 64,659 64,659 21.57%
Budget
Payment Realization *)
% to Budget
Debt Services RealizationsFiscal Year 2013 (Chart)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
51/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Notes :- Provisional, realization as of March 28, 2013
58,655
127,809
15,306
97,937
8,680
29,630
2,208
24,140
15%
23%
14%
25%
0%
5%
10%
15%
20%
25%
30%
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
A. LOAN B. SECURITIES A. LOAN B. SECURITIES
PRINCIPAL INTEREST
in
BillionIDR
Budget Realization *) % to Budget (RHS)
Interest Payment to Debt Ratio
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
52/76
Kementerian Keuangan Republik Indonesia
Notes :- LKPP - Audited*) provisional, based on Budget 2013 assumption.
Ministry of Finance Republic of Indonesia
8.7%
7.4%7.6%
6.7%
6.2% 5.5%
1.4%1.2%
0%
2%
4%
6%
8%
10%
12%
2008 2009 2010 2011 2012 2013*
to Revenues to Expenditures to Total Debt to GDP
2008 2009 2010 2011 2012 2013*
to Revenues 9.0% 11.0% 8.9% 7.7% 8.7% 7.4%
to Expenditures 9.0% 10.0% 8.5% 7.2% 7.6% 6.7%
to Total Debt 5.8% 5.8% 5.4% 5.3% 6.2% 5.5%to GDP 1.8% 1.7% 1.4% 1.3% 1.4% 1.2%
Interest Payment Realization
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
53/76
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Notes :-LKPP - Audited
*) Provisional-**) Budget 2013
32% 32% 30%15%
28% 29%
68% 68% 70%85%
72% 71%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2008 2009 2010 2011 2012* 2013**
Domestic Debt Interest Payment External Debt Interest Payment
[in trillion IDR]
Nml % Nml % Nml % Nml % Nml % Nml %
88.43 100.00 93.78 100.00 88.38 100.00 93.20 100.00 117.79 100.00 113.24 100.00
a. Domestic Debt Interest Payment 59.90 67.74 63.76 67.98 61.4 69.47 79.60 85.41 84.75 71.95 80.70 71.27
b. External Debt Interest Payment 28.53 32.26 30.03 32.02 27.0 30.53 13.60 14.59 33.04 28.05 32.54 28.73
Debt Interest Payment
2008 2009 2010 2011 2012* 2013**
Terms and Conditions of Loan from Multilateral
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
54/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Loan Maturity 24.5 years 15-18 years 14-20 years up to 32 years
Grace Period 9 years 3 years 3-5 years up to 8 years
Repayment Period 15.5 years 12 years 9-16 years 5-27 years
Commitment Charge - - - 0.15%
Front End Fee 0.25% - - -
Service Charge - - - -
Interest Rate/ LIBOR + 0,40%Mark-up ***) *)
LIBOR + 0.48 % (Varia ble
Spread)
ALM 13 years = Nil **)
13 years< ALM 16
years = 0.10 % p.a
**)
16< ALM < 19 years =
0.20% p.a
**)
Description
Multilateral
IBRD-WB IFAD IDB ADB-OCR
LIBOR + 1.0% (Fixed Spread)
IFAD Reference Rate
(Semester I 2012= 1.39%)
LIBOR (swap) + 1.35%
Maturity Premium
*) for negotiations held on and / or after July 1, 2011
**) for negotiations held on and / or after April1, 2012
***) Mark-up = margin (IDB Loan)
ALM = Average Loan Maturity
Terms and Conditions of Loan from Bilateral (Japan)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
55/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Standard Option1 Option2 Standard Option1 Option2 Option3 Standard Option
Loan Maturity 25 years 20 years 15 years 40 years 30 years 20 years 15 years 40 years 30 years
Grace Period 7 years 6 years 5 years 10 years 10 years 6 years 5 years 10 years 10 years
Repayment Period 18 years 14 years 10 years 30 years 20 years 14 years 10 years 30 years 20 years
Commitment Charge
Front End Fee - - - - - - - - -
Service Charge - - - - - - - - -
Interest Rate
(for non consultant services
Interest Rate
(for consultant services) 0,01%
Maturity Premium
0,1%
1,40% 0,95% 0,80% 0,65% 0,55% 0,50% 0,40% 0,20% 0,10%
Description
Bilateral
Jepang/ Japan (JICA)
General terms Prefential terms STEP
Domestic Government Debt Securities Yield Curve
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
56/76
Declining cost of fund of Domestic Government Securities reflects increasing market confidence as aresponse of prudent fiscal policy and debt management.
Kementerian Keuangan Republik Indonesia
[%]
Ministry of Finance Republic of Indonesia
4
6
8
10
12
1Y 2Y 3Y 4Y 5Y 6Y 7Y 10Y 15Y 20Y 30Y
Des '12 Des '11 Des '10 Des '09 28 Mar '13
Teno r 28 Mar '13 Des '12 Des '11 Des '10 Des '09
1Y 4,24 3,96 4,35 5,36 6,72
2Y 4,44 4,32 4,92 5,82 7,61
3Y 4,65 4,52 5,22 6,27 8,23
4Y 4,84 4,63 5,24 6,34 8,75
5Y 5,05 4,65 5,35 6,78 8,80
6Y 5,13 4,88 5,45 6,96 9,06
7Y 5,24 4,98 5,83 7,16 9,24
10Y 5,55 5,15 5,96 7,57 10,04
15Y 6,28 5,87 6,56 8,78 10,64
20Y 6,50 6,24 7,02 9,24 10,72
30Y 6,51 6,34 7,26 9,68 10,97
Indonesian Global Bond Yield Curve
[ ]
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
57/76
Ministry of Finance Republic of Indonesia42Kementerian Keuangan Republik Indonesia
[%]
Ministry of Finance Republic of Indonesia
0
2
4
6
8
10
12
1 2 3 4 5 6 7 8 9 10 15 16 17 18 19 20 25 26 27 28 29 30
Dec-08
Dec-09
Dec-11
Dec-12
28-Mar-13
Dec-08 Dec-09 Dec-11 Dec-12 28-Mar-13
1 Y 1,416 0,979
2 Y 2,707 1,421 1,581
3 Y 2,991 1,647 1,979
4 Y 3,079 1,965 2,327
5 Y 8,642 4,188 3,374 2,141 2,905
6 Y 9,057 4,387 3,515 2,448 2,994
7 Y 9,925 4,886 3,899 2,666 3,132
8 Y 5,107 3,955 3,439
9 Y 9,385 5,255 2,826
10Y 5,346 3,97 2,902
20 Y 4,268 4,846
25 Y 9,662 6,731 5,044 4,297 4,942
30 Y 9,321 6,806 5,201 4,235 4,806
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
58/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Chapter 6
Performance of Secondary Market
for Government Securities(Trading Volume, Government Securitiess
Ownership Structure)
Ministry of Finance Republic of Indonesia
Average Daily Trading of Domestic Government Securities
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
59/76
Ministry of Finance Republic of Indonesia
0
100
200
300
400
500
600
700
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
13.0
14.0
J FMAMJ JASONDJ FMAMJ JASONDJ FMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFMAMJ JASONDJFM
2007 2008 2009 2010 2011 2012 2013
[Frequency][in IDR Trillion]
Average Daily Volume per Month Average Daily Volume per Year Frequency - RHS
Kementerian Keuangan Republik Indonesia
Positive trend on average daily trading activityshows increasing market liquidity
Ministry of Finance Republic of Indonesia
Government Debt Securities Ownership
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
60/76
Kementerian Keuangan Republik Indonesia
Note:Non-Bank including Government institution
More diversified investor base which demonstrated byincreasing ownership from non-bank, foreign and retailinvestor.
Increasing offshore ownership indicates better marketconfidence.
Ministry of Finance Republic of Indonesia
-
5,00%
10,00%
15,00%
20,00%
25,00%
30,00%
35,00%
40,00%
45,00%
50,00%
0
100
200
300
400
500
600
700
800
900
Agus
t'04
Ma
r'05
Ok
t'05
Me
i'06
Dec'06
Ju
l'07
Feb
'08
Sep'08
Ap
r'09
Nop'09
Jun'10
Jan'11
Agus
t'11
Ma
r'12
Octobe
r-12
[IDR trillion]
BANK NON-BANK % Foreign to Total - RHS
Domestic Debt Government Securities Ownership
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
61/76
45Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Notes:
Nominal in trillion IDR;
Includes only tradable domestic Government Debt Securities;
Including Islamic Government Debt Securities
Foreign ownership of Bank, Private Bank, Mutual Funds, and Foreign Securities;
Others include Corporates, Retail, Foundation, etc;
*) Since February 8, 2008, including repo transaction of Government Securities to Bank of Indonesia.
Dec'08 Dec'09 Dec'10 Dec'11 Dec'12 Jan'13 Feb'13 Mar'13
BANK 258.75 254.36 217.27 265.03 299.66 307.46 309.93 315.89
State-owned Bank Recap 144.72 144.19 131.72 148.64 147.52 152.64 150.88
Private Bank Recap 61.67 59.98 54.93 67.33 81.58 81.66 78.16Non-Recap Bank 45.17 42.40 26.26 42.84 62.07 64.30 71.36
BPD Recap 6.50 6.02 1.41 4.32 3.67 4.14 4.22
Shariate Bank 0.69 1.77 2.95 1.90 4.83 4.72 5.31 5.17
Government Institution 23.01 22.50 17.42 7.84 3.07 1.90 4.60 4.86
NON-BANK 243.93 304.89 406.53 450.75 517.53 524.05 541.86 540.76
Mutual Fund 33.11 45.22 51.16 47.22 43.19 43.78 43.04 41.91
Insurance 55.83 72.58 79.30 93.09 83.42 85.72 117.44 120.78
Foreign 87.61 108.00 195.76 222.86 270.52 273.20 281.63 280.75
Including: Central Bank of
Foreign Country50.87 51.04
Pension Fund 32.98 37.50 36.75 34.39 56.46 57.31 27.55 27.61
Securities 0.53 0.46 0.13 0.14 0.30 0.63 1.18 1.04
Individu 25.77 30.29 27.56
Others 33.87 41.12 43.43 53.05 63.64 37.65 40.72 41.12
TOTAL 525.69 581.75 641.21 723.61 820.27 833.42 856.39 861.52
Domestic Debt Government Securities Ownership (%)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
62/76
46Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
Notes:
Nominal in trillion IDR;
Includes only tradable domestic Government Debt Securities;
Including Islamic Government Debt Securities
Foreign ownership of Bank, Private Bank, Mutual Funds, and Foreign Securities;
Others include Corporates, Retail, Foundation, etc;
*) Since February 8, 2008, including repo transaction of Government Securities to Bank of Indonesia.
Dec'08 Dec'09 Dec'10 Dec'11 Dec'12 Jan'13 Feb'13 Mar'13
BANK 49.22% 43.72% 33.88% 36.63% 36.53% 36.89% 36.19% 36.67%
State-owned Bank Recap 27.53% 24.79% 20.54% 20.54% 17.98% 18.32% 17.62%
Private Bank recap 11.73% 10.31% 8.57% 9.30% 9.95% 9.80% 9.13%Non-recap Bank 8.59% 7.29% 4.10% 5.92% 7.57% 7.72% 8.33%
BPD recap 1.24% 1.03% 0.22% 0.60% 0.45% 0.50% 0.49%
Shariate Bank 0.13% 0.30% 0.46% 0.26% 0.59% 0.57% 0.62% 0.60%
Government Institution 4.38% 3.87% 2.72% 1.08% 0.37% 0.23% 0.54% 0.56%
NON-BANK 46.40% 52.41% 63.40% 62.29% 63.09% 62.88% 63.27% 62.77%
Mutual Fund 6.30% 7.77% 7.98% 6.53% 5.27% 5.25% 5.03% 4.87%
Insurance 10.62% 12.48% 12.37% 12.86% 10.17% 10.29% 13.71% 14.02%Foreign 16.66% 18.56% 30.53% 30.80% 32.98% 32.78% 32.89% 32.59%
Including: Central Bank of
Foreign Country18.06% 18.18%
Pension Fund 6.27% 6.45% 5.73% 4.75% 6.88% 6.88% 3.22% 3.20%
Securities 0.10% 0.08% 0.02% 0.02% 0.04% 0.08% 0.14% 0.12%
Individu 3.09% 3.54% 3.20%
Others 6.44% 7.07% 6.77% 7.33% 7.76% 4.52% 4.76% 4.77%
TOTAL 100% 100% 100% 100% 100% 100% 100% 100%
Foreign Ownership of Domestic Government Securitiesby Tenor
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
63/76
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
4,46%
10,18% 11,87%7,84%
10,22%8,10% 6,63%
4,74%
4,64%8,19%
2,83%3,11%
2,53% 2,58%
19,78%18,14%
16,78%
16,50%16,66%
16,62% 16,69%
21,72%
21,03%
24,93%
27,83% 25,11% 27,30% 27,67%
49,30% 46,00% 38,23% 45,01% 44,91% 45,46% 46,42%
19%
30,53% 30,80%32,98% 32,78% 32,89% 32,59%
0%
20%
40%
0,00%
20,00%
40,00%
60,00%
80,00%
100,00%
Dec-09 Dec-10 Dec-11 Dec-12 Jan-13 Feb-13 28 Maret 2013
0-1 >1-2 >2-5 >5-10 >10 % Foreign Ownership to Total (RHS)
Mar-13
Spread over UST- Jan 18
600
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
64/76
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
0
200
400
600
26-Jan-12 26-Mar-12 26-May-12 26-Jul-12 26-Sep-12 26-Nov-12 26-Jan-13 26-Mar-13
INDO 18 TURK 18
PHIL 19 BRAZ 19
MEX 19
DATE INDO 18 UST 18 TURK 18 PHIL 19 BRAZ 19 MEX 19
Sep-12 2.27 0.69 2.95 2.19 1.91 1.83
Dec-12 2.16 0.73 2.43 2.00 1.75 1.39Jan-13 2.42 0.87 2.64 2.22 2.05 1.12
Feb-13 2.59 0.73 2.55 2.19 2.15 1.10
22-Mar-13 2.64 0.76 2.75 2.23 2.23 1.47
25-Mar-13 2.68 0.75 2.76 2.23 2.23 1.44
26-Mar-13 2.71 0.74 2.77 2.24 2.23 1.35
27-Mar-13 2.74 0.70 2.80 2.22 2.16 1.35
Spread over UST- Feb 22
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
65/76
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
-
200
400
600
26-Mar-12 26-May-12 26-Jul-12 26-Sep-12 26-Nov-12 26-Jan-13 26-Mar-13
PHIL 21 BRAZ 21
INDO 22 MEX 22
TURK 22
Date PHIL 21 BRAZ 21 UST 22 INDO 22 MEX 22 TURK 22
Sep-12 2.43 2.25 1.53 3.05 2.68 3.77
Dec-12 2.26 2.08 1.61 2.90 2.58 3.21Jan-13 2.50 2.45 1.83 3.13 2.61 3.53
Feb-13 2.39 2.51 1.69 3.28 2.78 3.59
22-Mar-13 2.49 2.63 1.72 3.47 2.82 3.73
25-Mar-13 2.49 2.59 1.72 3.51 2.81 3.75
26-Mar-13 2.49 2.60 1.71 3.55 2.90 3.76
27-Mar-13 2.48 2.60 1.64 3.54 3.01 3.80
Spread over UST-Feb 42
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
66/76
Kementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
0
200
400
600
26-Mar-12 26-May-12 26-Jul-12 26-Sep-12 26-Nov-12 26-Jan-13 26-Mar-13
MEX 40 BRAZ 41
TURK 41 COLM 41
INDO 42
DATE MEX 40 BRAZ 41 TURK 41 COLM 41 INDO 42 UST 42
Sep-12 4.01 3.96 4.91 4.00 4.40 2.80
Dec-12 3.95 3.80 4.44 3.91 4.23 2.91Jan-13 4.38 4.30 4.77 4.34 4.57 3.14
Feb-13 4.43 4.37 4.92 4.38 4.71 3.06
22-Mar-13 4.54 4.63 5.11 4.57 4.75 3.13
25-Mar-13 4.54 4.59 5.12 4.55 4.77 3.13
26-Mar-13 4.54 4.59 5.12 4.52 4.79 3.13
27-Mar-13 4.48 4.55 5.14 4.47 4.80 3.07
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
67/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Chapter 7
Rating, Government Guarantee, SupremeAudit Agency Opinion (BPK), Conclusion
Ministry of Finance Republic of Indonesia
Credit Rating of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
68/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Rating Improvement Determinants
The Indonesian economy resilience in the face of global crisis in 2007-2008
Political stability and law enforcement improvement
Prudential government debt management:
Decrease of debt to GDP ratio
Timeliness of debt obligations payment
Increasing investors / lenders confidence
Sovereign Credit Rating (Fitch, Moodys, S&P)
Improvement rating one notch down the potential performance yield of new foreigncurrency of government securities approximately 75-115bps
Country Risk Classification (CRC)
Credit risk measurement of a country by OECD member countries
Range 0-7 (high risk)
Decrease 1 level CRC potentially reduce the cost of foreign loans, especially new export
credit facility of about 130-150bps
Ministry of Finance Republic of Indonesia
Indonesia Credit Rating Performance (1)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
69/76
Ministry of Finance Republic of Indonesia
On October 18, 2012, R&Iupgraded IndonesiasSovereign Credit Rating fromBB+ to BBB-
on March 30, 2012, OECDupgraded CRC of Indonesiafrom classification 4 to 3
on January 18, 2012, Moody'supgraded Indonesia's CreditRating from Ba1 to Baa3
Indonesia Rating Performance 1999 - 2012
Kementerian Keuangan Republik Indonesia
S&P Fitch Moody's R&I JCRA CRC1999 CCC+ B- B3 B- - 6
2000 B- B- B3 B- - 6
2001 CCC B- B3 B- - 6
2002 CCC+ B B3 B- B 6
2003 B B+ B2 B- B 6
2004 B+ B+ B2 B- B+ 6
2005 B+ BB- B2 BB- B+ 5
2006 BB- BB- B1 BB- BB- 5
2007 BB- BB- Ba3 BB+ BB- 5
2008 BB- BB Ba3 BB+ BB- 5
2009 BB- BB Ba2 BB+ BB+ 5
2010 BB BB+ Ba2 BB+ BBB- 4
2011 BB+ BBB- Ba1 BB+ BBB- 4
2012 BB+ BBB- Baa3 BBB- BBB- 3
Tahun/
year
Rating
Ministry of Finance Republic of Indonesia
Indonesia Credit Rating Performance (2)
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
70/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaMinistry of Finance Republic of Indonesia
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Moody's (RHS) S&P's Fitch's
CCC-
CCC+
B
BB-
BB+
BBB
SD/DD
R/C
CC
CCC
B-
B+
BB
BBB-
BBB+
Ca
Caa2
B3
B1
Ba2
Baa3
Baa1
C
Caa3
Caa1
B2
Ba3
Ba1
Baa2
2000 2004 2005 20062001 2002 2003 2007 2008 2009 2010 2011 20121998 19991997
Investment
grade
Moodyss upgrade to Ba1/stable
outlook as of 17 Jan2011
S&Ps upgrade to BB+/ positif
outlook as of8 Apr 2011
Fitchs reconfirm at BBB-/stable
outlook , as of Nov 21, 2012
BankRecapitalization
s
EconomicCrisis in
1998
Reprofiling VR & HB,assets bond swap, long
term issuance
Regular issuancethrough auction,buyback program
Regular issuancethrough auction,buyback program, & Debt Switching
Regular issuancethrough auction,buyback program
, debt switching, &diversification
instrument
In
vestment
grade
NonInvestmen
tgrade
S&Ps downgradeto SelectiveDefault, but
revised it after 2days
NonIn
vestmentgrade
Moodyss upgrade to Baa3/stable
outlook as of 18 Jan 2012
Fitchs upgrade to BBB-/stable
outlook as of 15 Dec 2011
S&Ps reconfirm at BB+/positif
outlook as of23 Apri2012
Indonesia Sovereign Credit Rating Performance (1)
O M h 30th 2012 OECD d d I d i ' C t Ri k Cl ifi ti (CRC) f
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
71/76
Kementerian Keuangan Republik IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
On March 30th 2012, OECD upgraded Indonesia's Country Risk Classification (CRC) from
classification 4 to 3, along with Thailand, Uruguay, South Africa, Rusia, India, Brasil and Peru.
On January 18th 2012, Moody's Investors Services upgraded Indonesia's Sovereign Credit
Rating from Ba1 to Baa3 with stable outlook. Highlights from Moody's are:
Some of the key drivers of the decision are Moody's anticipation that government financialmetrics will remain in line with Baa peers, the demonstrated resilience of Indonesia's economicgrowth to large external shocks, the presence of policy buffers and tools that address financialvulnerabilities and a healthier banking system capable of withstanding stress
On December 15th 2011, Fitch upgraded Indonesia Credit Rating from BB+ to BBB- with
stable outlook which placed Indonesia into Investment Grade. Highlights from Fitch are:
The upgrades reflect the country's strong and resilient economic growth, low and declining publicdebt ratios, strengthened external liquidity and a prudent overall macro policy framework
On April 8th 2011, S&P upgraded Indonesia Credit Rating from BB to BB+ with positive
outlook. Highlights from S&P are:
The main factor supporting this decision is continuing improvements in the government's balancesheet and external liquidity, against a backdrop of a resilient economic performance and cautiousfiscal management
Ministry of Finance Republic of Indonesia
Indonesia Sovereign Credit Rating Performance (2)
On October 18 2012 R&I upgrades Sovereign Credit Rating of the Republic of
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
72/76
Kementerian Keuangan Republik Indonesia
On October 18, 2012, R&I upgrades Sovereign Credit Rating of the Republic ofIndonesia to BBB- /stable outlook. R & I stated key factors supporting thedecision of upgrading the sovereign credit rating of Indonesia (1) Indonesian
economic resilience in achieving high growth amid the global economic downturn(2) conservative fiscal management (3) Governments debt burden is kept lowand (4 ) financial system has become more stable.
On July 13th 2010 JCRA upgraded Indonesias Credit Rating from BB+ to BBB-which placed Indonesia into Investment Grade. Highlights from JCRA are:
JCRA explained that the upgrade reflects (i) enhanced political and social stabilityalong with the progress in democratization and decentralization, (ii) sustainableeconomic growth outlook underpinned by solid domestic demand, (iii) alleviatedpublic debt burden as a result of prudent fiscal management, (iv) reinforced resilienceto external shocks stemming from the foreign reserves accumulation and an improvedcapacity for external debt management and (v) efforts made by the second Yudhoyonoadministration to outline the framework to deal with structural issues such asinfrastructure development.
Ministry of Finance Republic of Indonesia
Government Guarantee Outstanding and Budget Allocation
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
73/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik Indonesia
Notes:- As of February 28, 2013- Rate assumptions : Rp. 9670,- per USD
Ministry of Finance Republic of Indonesia
2008 2009 2010 2011 2012 2013
1 Fast track Program Phase 1 (FTP 1) 34 74,386.80 283.0 1,000.0 1,000.0 889.0 623.3 611.2
2Program Percepatan Penye diaan Air Minum
(Clean Water Avaliability Program)3 205.16 - - 50.0 15.0 10.0 35.0
3 Penjaminan Proyek Ke rjasama Peme rintah danSwasta (Public Private Partnership Project)
1 30,944.00 - - - - - 59.8
4 Fast track Program Phase 2 (FTP 2) 4 20,656.13 - - - - -
126,192.09 283.0 1,000.0 1,050.0 904.0 633.3 706.0TOTAL
No Program PenjaminanJumlah Surat
Jaminan
Nilai Jaminan
(Miliar Rupiah)
Alokasi APBN (Miliar Rupiah)
BPK Opinion on Government Financial Report
I d i S A di A (BPK) h d d
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
74/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Indonesian Supreme Audit Agency (BPK) has awardedUnqualified Opinion to the Financial Report of all accounts
related to debt management and administration (BA-999.01)
Debt managements accountability continues to improve
Internal control system
Compliance to the existing regulation
Ministry of Finance Republic of Indonesia
Conclusion
Fiscal deficit requires financing Debt has long been recognized as the best policy
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
75/76
Ministry of Finance Republic of IndonesiaKementerian Keuangan Republik IndonesiaKementerian Keuangan Republik Indonesia
Fiscal deficit requires financing. Debt has long been recognized as the best policytool to support liquidity and to refinance matured debt
Debt outstanding accounts growth in nominal term but debt as a share of GDP
keeps to record a significant decrease and, as our fiscal rule mandates, it is stillin a healthy level
Ultimate goal of debt management is to acquire fund with low cost & risk, withlong term maturity, untied to any political agenda
Continuing to achieve sound fiscal policy and debt management: Looking at another developing and even advanced countries performance, debt
indicator of Indonesia stays better and is continuing to be so Rules and regulations are already installed in place to guarantee accountability and
transparency of debt management
Central Governments Financial Report of 2008, 2009, 2010, and 2011 has beenawarded Unqualified Opinion (WTP) by the Supreme Audit Agency (BPK)
Global crisis has not changed investor expectation and market confidence to Indonesia.Rating upgrade especially since 2005, and on March 12th 2010 S&P upgraded Indonesiarating from BB- to BB in the midst of global financial crisis and rating downgrading ofother economies. This proves at least two things: positive expectation of the economyin the short-to-medium run and the credibility of fiscal policy. By JCRA and Fitch,Indonesia has been placed into Investment Grade category
Ministry of Finance Republic of Indonesia
-
7/27/2019 Indonesia's Central Government Debt Profile April 2013 (English)
76/76