State-Owned Enterprises' Foreign Debt Reaches Record High in June 2021

State-Owned Enterprises (SOEs) foreign debt (ULN) increased during the Covid-19 coronavirus pandemic, which began in early 2020. In June 2021, SOE ULN reached US$60.28 billion, equivalent to Rp 873.8 trillion (using an exchange rate of Rp 14,469/US$), the highest ever recorded.

SOE ULN grew by 0.75% month-to-month (m-to-m). Compared to June 2020 (year-on-year/yoy), SOE ULN increased by 4.73%.

Compared to the end of 2020 (year-to-date/ytd), SOE ULN increased by 5.54%. Compared to the pre-pandemic level in December 2019, SOE ULN increased by 16.57%.

SOE ULN comprises debt from financial institutions and non-financial institutions. SOE ULN from financial institutions totaled US$12.62 billion.

This includes US$9.72 billion from state-owned banks (4.69% of total private debt) and US$2.9 billion from state-owned non-bank financial institutions (1.4%).

SOE ULN from non-financial institutions reached US$47.66 billion, equivalent to 23% of the total private ULN of US$207.21 billion.

In addition, Indonesia's government debt amounted to US$205.03 billion in June 2021, and central bank debt reached US$2.83 billion. Therefore, Indonesia's total ULN reached US$415.08 billion in the first half of 2021.