Government Debt Ratio Rises at the End of the First Semester of 2024

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Adi Ahdiat 01/08/2024 11:02 WIB

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Indonesia's government debt-to-GDP ratio rose from 38.71% in May 2024 to 39.13% in June 2024.

Indonesia's Government Debt and Ratio to GDP (January-June 2024)

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Indonesia's Government Debt and Ratio to GDP (January-June 2024)

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According to the Ministry of Finance (Kemenkeu) report, Indonesia's government debt at the end of June 2024 reached Rp8,444.87 trillion, or Rp8.44 quadrillion.

This represents an increase of Rp91.85 trillion, or 1.1%, compared to May 2024.

The government debt-to-Gross Domestic Product (GDP) ratio also rose from 38.71% in May 2024 to 39.13% in June 2024.

"The debt ratio at the end of June 2024, at 39.13 percent of GDP, remains consistently maintained below the safe limit of 60 percent of GDP as stipulated in Law Number 17/2003," the Kemenkeu report stated.

In June 2024, the majority of government debt originated domestically, accounting for 71.12%.

Broken down by instrument, the majority of government debt consisted of State Bonds (SBN) at 87.85%, with the remaining 12.15% being loans.

According to Kemenkeu, until the end of June 2024, the government debt profile was quite safe, with a weighted average time to maturity (ATM) of approximately 8 years.

Kemenkeu also stated that Indonesia's economic conditions remain relatively good.

"The government's disciplined debt management has supported the assessments of credit rating agencies (S&P, Fitch, Moody's, R&I, and JCR), which to date continue to maintain Indonesia's sovereign credit rating at investment grade amidst global economic dynamics and financial market volatility," said Kemenkeu.

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."