Government Debt Increased in 2023, but Debt Ratio Decreased

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Adi Ahdiat 12/02/2024 15:30 WIB

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Indonesia's government debt reached Rp8.144 trillion at the end of 2023, an increase of approximately Rp410 trillion compared to the previous year. However, the government's debt-to-GDP ratio decrease

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

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Government Debt Increased in 2023, but Debt Ratio Decreased

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

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According to the Ministry of Finance's report, Indonesia's total government debt reached Rp8,144.69 trillion as of December 31, 2023.

The government debt ratio at the end of 2023 was 38.59% of the total Gross Domestic Product (GDP).

Nominally, Indonesia's government debt at the end of 2023 increased by approximately Rp410 trillion compared to the end of 2022, setting a new record high.

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

Law Number 17 of 2003 concerning State Finance stipulates that the government sets a maximum debt-to-GDP ratio limit of 60%.

Therefore, although the nominal value has increased, Indonesia's current government debt ratio remains within safe limits.

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

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.

At the end of 2023, the majority of government debt consisted of Domestic State Bonds (SBN), valued at Rp5,808.13 trillion (71.31%).

Government debt in the form of foreign currency-denominated SBN reached Rp1,372.58 trillion (16.85%), foreign loans amounted to Rp929.93 trillion (11.42%), and domestic loans totaled Rp34.05 trillion (0.42%).

Until the end of 2023, the Ministry of Finance stated that the government's debt profile was quite safe, with a weighted average maturity of around 8 years.

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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Government Debt Increased in 2023, but Debt Ratio Decreased

Government Debt Increased in 2023, but Debt Ratio Decreased

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