How Does Indonesian Government Debt Compare Under SBY and Jokowi?

During his speech, Agus Harimurti Yudhoyono, Chairman of the Democratic Party, alluded to Indonesia's government debt, which has been steadily increasing. He stated that over the past eight years, government debt has tripled.

The son of Indonesia's 6th President, Susilo Bambang Yudhoyono, claimed that the debt increase is not solely due to the global crisis but also to what he considers poor management of state finances.

He argued that excessive state funds are allocated to flagship projects that do not benefit the lower and underprivileged classes.

AHY further stated that the substantial debt left by the current government under Joko Widodo (Jokowi) will pose a significant challenge for his successor. He also predicted that Jokowi's replacement will have to devise a balanced national financing strategy.

"Don't punish the innocent. Amidst budgetary constraints, tax management has not been implemented effectively and is even prone to misuse," AHY said before Democratic Party cadres at the Tennis Indoor Senayan, Central Jakarta, on Tuesday (March 14, 2023), as reported by *Katadata*.

How has Indonesia's government debt actually fared over the past 20 years, during the SBY and Jokowi eras?

SBY served two terms, from 2004 to 2009 and 2009 to 2014. Data from Bank Indonesia's (BI) Indonesia's External Debt Statistics (SULNI) shows that Indonesia's debt reached US$141.3 billion, or approximately Rp2,178.36 trillion (using an exchange rate of Rp15,416 per US dollar on March 16, 2023).

In 2005, the debt briefly decreased to US$134.5 billion or Rp2,073.53 trillion. A further decrease occurred the following year, reaching US$132.6 billion or Rp2,044.24 trillion.

Afterward, the debt amount generally increased. By the end of his presidency, Indonesia's debt had reached US$293.3 billion or Rp4,522.12 trillion.

Similar to SBY, Jokowi also served two terms, from 2014 to 2019 and 2019 to 2024.

According to the SULNI report, in 2015, Indonesia's government debt reached US$310.73 billion or Rp4,790.4 trillion.

During his almost nine years in office, Jokowi's era saw a decrease in debt twice. In 2020, it stood at US$416.9 billion (Rp6,427.72 trillion), decreasing to US$414 billion (Rp6,382.04 trillion) in 2021. The debt then fell again to US$396.82 billion or Rp6,117.67 trillion.

Currently, BI records Indonesia's debt at US$404.87 billion, equivalent to Rp6,241.84 trillion in January 2023.

It should be noted that the debt published by BI includes external debt borrowed by the government and the central bank, as well as the private sector.

(See also: [Budget for Interest Payments on Debt Increases to Rp 405.9 Trillion in 2022](https://databoks.katadata.co.id/datapublish/2021/08/16/anggaran-pembayaran-bunga-utang-naik-jadi-rp-4059-triliun-pada-2022))