Indonesia's government debt reached Rp8.338 trillion in April 2024, the largest portion of which is from SBN (Surat Berharga Negara).

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Erlina Fury Santika 20/06/2024 13:41 WIB

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Government debt reached Rp8,338.43 trillion at the end of April 2024. The largest component is from SBN (State Bonds/Securities).

Composition of Indonesian Government Debt (April 30, 2024)

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Indonesia's government debt reached Rp8.338 trillion in April 2024, the largest portion of which is from SBN (Surat Berharga Negara).

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Composition of Indonesian Government Debt (April 30, 2024)

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The Indonesian Ministry of Finance (Kemenkeu) reported that Indonesia's government debt reached Rp8,338.43 trillion at the end of April 2024.

The largest component of this debt is in the form of State Bonds (SBN), totaling Rp7,333.11 trillion, or 87.94% of the total government debt. These SBNs consist of domestic and foreign currency-denominated bonds.

Domestic SBNs totaled Rp5,899.2 trillion (70.75%). This includes Rp4,714.08 trillion in government bonds (SUN) and Rp1,185.12 trillion in state sharia bonds.

Foreign currency-denominated SBNs amounted to Rp1,433.90 trillion (17.20%), comprising Rp1,077.05 trillion in SUNs and Rp356.85 trillion in state sharia bonds.

Loans constitute the smallest portion of government debt, at Rp1,005.32 trillion (12.06% of the total). This includes Rp36.04 trillion in domestic loans and Rp969.28 trillion in foreign loans.

(Also read: [Difference in Budget Deficit Values During SBY and Jokowi's Eras, Who Had the Largest?](https://databoks.katadata.co.id/datapublish/2024/06/07/beda-nilai-defisit-anggaran-era-sby-dan-jokowi-siapa-terbesar))

Kemenkeu explained that debt financing through the issuance of SBN directly supports the development and deepening of the domestic financial market. SBNs also provide a benchmark for pricing other financial market instruments and are used by market participants to manage interest rate risk.

At the end of April 2024, financial institutions held approximately 43.3% of domestic SBNs, with banks holding 24.5% and insurance companies and pension funds holding 18.8%.

"For financial institutions, SBNs play an important role in meeting investment and liquidity management needs, and serve as one instrument for risk mitigation," wrote Kemenkeu in its *APBN Kita May 2024* report.

Bank Indonesia (BI) holds approximately 21.3% of domestic SBNs, using them as a monetary management instrument. Foreign parties hold only 13.8% of domestic SBNs, including holdings by foreign governments and central banks.

Individual investor ownership of domestic SBNs has steadily increased since 2019, rising from below 3% to 8.4% at the end of April 2024. Kemenkeu added that the remaining domestic SBNs are held by other domestic institutions to meet their investment and financial management needs.

(Also read: [Government Debt Rises to Rp8,338 Trillion in April 2024](https://databoks.katadata.co.id/datapublish/2024/06/07/utang-pemerintah-naik-jadi-rp8338-triliun-pada-april-2024))

Editor : Erlina Fury Santika

"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."