Indonesia's Foreign Debt Rises 57% in a Decade

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Viva Budy Kusnandar 16/02/2023 16:20 WIB

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Between 2012 and 2022, Indonesia's external debt increased by USD 144.48 billion, or approximately 57%.

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Indonesia's Foreign Debt Rises 57% in a Decade

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Indonesia's External Debt (2012-2022)

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Bank Indonesia (BI) reported that Indonesia's external debt (ULN) at the end of 2022 reached US$396.84 billion, equivalent to Rp6.18 quadrillion (assuming an exchange rate of Rp15,592 per US dollar).

This figure is down 4.14% compared to 2021 (year-on-year/yoy). Specifically, the government and central bank's ULN decreased by 6.47% (yoy) to US$195.67 billion, and the private sector's ULN decreased by 1.76% (yoy) to US$201.17 billion.

However, compared to a decade ago, Indonesia's ULN in December 2022 had increased by US$144.48 billion, or approximately 57%, compared to 2012.

During the 2012-2022 period, the government and central bank's ULN increased by US$69.55 billion (55.15%), and the private sector's ULN increased by US$74.93 billion (59.35%).

Indonesia's ULN ratio in December 2022 reached 30.08% of the Gross Domestic Product (GDP). This figure is lower than December 2021, which had a ratio of 34.39% of GDP.

Over the past ten years, Indonesia's ULN reached its highest level in 2020, as shown in the graph. The increase in debt that year was triggered by the high funding needs for handling the Covid-19 pandemic, such as the purchase of medicines, vaccines, and medical equipment from abroad.

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."