Indonesia Has the Largest External Debt in Southeast Asia

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Adi Ahdiat 15/12/2022 15:20 WIB

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According to the World Bank, Indonesia had the highest external debt among lower-middle-income countries in Southeast Asia until 2021.

External Debt of Southeast Asian Lower-Middle-Income Countries (2021)

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External Debt of Southeast Asian Lower-Middle-Income Countries (2021)

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Indonesia has the largest external debt among lower-middle-income countries in Southeast Asia.

This is recorded in the *International Debt Report 2022* released by the World Bank on Tuesday (6/12/2022).

According to the report, in 2021 Indonesia had a total external debt of US$416.47 billion, far exceeding that of neighboring countries, as shown in the graph.

External debt (external debt stocks) in this report includes all debts of government institutions, the central bank, development banks, state-owned enterprises (SOEs), and private company debts, both long-term and short-term.

The World Bank also reported that the external debt of the lower-middle-income country group worldwide totaled US$9 trillion in 2021, a 5.6% increase compared to 2020.

This global increase in debt is considered to increase the risk of a debt crisis in developing countries. Especially throughout 2022, central bank interest rates in many countries soared due to the impact of the Russia-Ukraine war and the wave of inflation.

"The debt crisis facing developing countries is intensifying. A comprehensive approach is needed to reduce debt, increase transparency, and accelerate debt restructuring," said World Bank President David Malpass in his press release on Tuesday (6/12/2022).

"Without such an approach, many countries will face fiscal crises and political instability, causing millions to fall into poverty," he continued.

On a slightly brighter note, according to a report by Bank Indonesia (BI), Indonesia's external debt (ULN) in October 2022 had decreased to US$390.2 billion.

"This development is due to a decrease in ULN in the public sector (government and central bank) and the private sector," said BI in its press release on Thursday (15/12/2022).

"The structure of Indonesia's ULN remains healthy, supported by the application of prudent principles in its management. Indonesia's ULN in October 2022 remained controlled, reflected in the ratio of Indonesia's ULN to Gross Domestic Product (GDP) which remained at around 29.6%, down from the previous month's ratio of 30.1%," said BI.

"In addition, the structure of Indonesia's ULN remains healthy, indicated by Indonesia's ULN which remains dominated by long-term ULN, with a share reaching 87.1% of the total ULN," it continued.

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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Indonesia Has the Largest External Debt in Southeast Asia

Indonesia Has the Largest External Debt in Southeast Asia

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