Indonesia’s Foreign Debt in April 2020 Controlled

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Indonesia’s foreign debt (ULN) at the end of April 2020 was controlled with a healthy structure.

Indonesia’s external debt at the end of April 2020 was recorded at 400.2 billion US dollars, consisting of public sector (Government and central bank) external debt of 192.4 billion US dollars and private sector debt (including SOEs) of 207.8 billion US dollars. Indonesia’s external debt grew 2.9% (yoy), higher than the growth in March 2020 of 0.6% (yoy). This was caused by an increase in public external debt amid a slowdown in private external debt growth.

Government external debt increased, after contracting in the previous month.

The position of government external debt at the end of April 2020 was recorded at 189.7 billion US dollars, growing 1.6% (yoy), reversing the previous month’s contraction of 3.6% (yoy). This development was influenced by capital inflows on Government Securities (SBN), and the issuance of Government Global Bonds as part of meeting financing needs, including in the context of handling the COVID-19 outbreak. The management of Government external debt is carried out prudently and accountably to support priority expenditures currently focused on efforts to deal with the COVID-19 outbreak and economic stimulus. The priority sectors include the health service sector and social activities (23.3% of total Government external debt), the construction sector (16.4%), the education service sector (16.2%), the financial services sector and insurance (12.8% ), and mandatory government administration, defense and social security sectors (11.6%).

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The trend of slowing private external debt continues. Private external debt at the end of April 2020 grew by 4.2% (yoy), slowing compared to the previous month’s growth of 4.7% (yoy).

This development was caused by the deepening contraction in the growth of external debt of financial institutions amid stable growth in external debt of companies not financial institutions. At the end of April 2020, external debt of financial institutions contracted 4.8% (yoy), deeper than the previous month’s contraction of 2.4% (yoy). Meanwhile, non-financial institutions’ external debt increased slightly from 7.0% (yoy) in March 2020 to 7.3% (yoy) in April 2020. Some sectors with the largest share of external debt, reaching 77.4% of total private external debt is the financial services & insurance sector, the electricity, gas, steam / hot & cold air (LGA) sector, the mining & quarrying sector, and the manufacturing industry sector.

Indonesia stock exchange
Indonesia stock exchange

Indonesia’s external debt structure remains healthy, supported by the application of the precautionary principle in its management.

The ratio of Indonesia’s external debt to gross domestic product (GDP) at the end of April 2020 was 36.5%, a slight increase compared to the ratio in the previous month of 34.6%. In addition, Indonesia’s external debt structure remains dominated by long-term external debt with a share of 88.9% of total external debt. In order to maintain the structure of external debt, Bank Indonesia and the Government continue to improve coordination in monitoring the development of external debt, supported by the application of the principle of prudence in its management. The role of external debt also continues to be optimized in supporting development funding, by minimizing risks that can affect economic stability.

Complete data on the latest Indonesian external debt and its metadata can be seen in the June 2020 edition of the Indonesian Foreign Debt Statistics (SULNI) on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website.

Head of the Communication Department
Onny Widjanarko
executive director

Information about Bank Indonesia
Tel. 021-131, Email:


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