Government Debt Surpasses Rp8,000 Trillion Towards the End of 2023

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Adi Ahdiat 19/12/2023 20:10 WIB

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At the end of November 2023, Indonesia's total government debt reached Rp8,041 trillion, or 38.11% of its Gross Domestic Product (GDP).

Indonesia's Total Government Debt and its Ratio to GDP (2000-2023)

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Indonesia's Total Government Debt and its Ratio to GDP (2000-2023)

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At the end of November 2023, Indonesia's total government debt reached Rp8,041.01 trillion, or 38.11% of its Gross Domestic Product (GDP).

This is recorded in the Ministry of Finance's report titled *APBN Kita* (Our State Budget), December 2023 edition.

According to the report, at the end of November 2023, the majority of government debt was in the form of State Bonds (Surat Berharga Negara or SBN), valued at Rp7,124.98 trillion (88.61% of the total debt).

The remaining debt, in the form of loans, amounted to Rp916.03 trillion (11.39% of the total debt).

The Ministry of Finance also stated that approximately 71.9% of the total government debt originated from domestic sources, while 28.1% came from foreign sources.

In nominal terms, Indonesia's total government debt has reached a new record high.

However, when viewed as a ratio to GDP, the government's debt ratio has actually decreased compared to 2021-2022, as shown in the graph.

Law No. 17 of 2003 concerning State Finances sets the maximum limit for the debt-to-GDP ratio at 60%.

Therefore, despite the increase in nominal value, Indonesia's current government debt ratio remains within safe limits.

Indonesia's debt ratio is also far below the risk threshold according to the World Bank.

According to a World Bank study titled *Finding the Tipping Point—When Sovereign Debt Turns Bad* (2010), a country's economic growth risks slowing down if its debt-to-GDP ratio exceeds 77% in the long term.

Indonesia's government debt ratio is relatively low compared to other countries, both in ASEAN and among G20 members.

*Editor's Note: The graph data has been updated with debt figures up to December 31, 2023. The update was made on February 12, 2024, based on the January 2024 edition of the *APBN Kita* report from the Ministry of Finance.*

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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