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Who are Indonesia's biggest debtors apart from the US and China?
Bisnis | Ekonomi - Posted on 16 July 2024 Reading time 5 minutes
DIGIVESTASI - Indonesia's external debt in May 2024 increased by 1.8% to US$ 407.3 billion or around IDR 6.57 quadrillion. This increase was triggered by the public sector, including the government and central bank, as well as the private sector.
The growth of external debt was driven by an increase in foreign capital flows on international and domestic Government Securities (SBN), thanks to positive sentiment from investors on Indonesia's economic prospects.
On the private external debt side, in May 2024 it was recorded at US$ 197.6 billion or around IDR 3.18 quadrillion, contracting by 0.4% (yoy), continuing the contraction trend from April 2024 which amounted to 2.8% (yoy). This decline mainly came from financial institutions which contracted by 2.6% (yoy), while non-financial companies' external debt grew by 0.1% (yoy).
By economic sector, the largest private external debt came from the Manufacturing Industry; Financial Services and Insurance; Electricity and Gas Procurement; and Mining and Quarrying sectors, which collectively accounted for 78.9% of total private external debt. The majority of private external debt is also in the form of long-term debt, reaching 76.1% of total private external debt.
The ratio of Indonesia's external debt to Gross Domestic Product (GDP) was recorded at 29.8%, with the dominance of long-term debt reaching 85.9% of total external debt.
Indonesia's external debt position is dominated by the government and central bank with a total of US$209.75 billion or 51.49%, while the remaining 48.51% or US$197.58 billion are loans from private parties, including bank and non-bank financial institutions.
The dominance of external debt by the government and central bank has been going on since November 2023, or for seven consecutive months.
According to creditors, Indonesia's external debt in May 2024 increased by 1.01% to US$201.93 billion or around Rp3.26 quadrillion (exchange rate of US$1 = Rp16,130). The government's external debt position in May 2024 was recorded at US$201.93 billion (Rp3.26 quadrillion), an increase of 0.39% (yoy).
The main creditor of this debt is Singapore, with the second position occupied by the United States (US).
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Source: cnbcindonesia.com
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