Politics
Public debt declines before Jokowi's resignation, remaining at Rp8.461 trillion
Jakarta, CNBC Indonesia – Public debt will decrease from the end of August 2024. Before the resignation of President Joko Widodo in October 2024, public debt now stands at IDR 8,461.93 trillion.
Total debt decreased by IDR 40.76 trillion from the end-July 2024 record of IDR 8,502.69 trillion. The debt-to-gross domestic product (GDP) ratio also decreased to 38.49% from 38.68% last month.
“The debt rate at the end of August 2024, which reached 38.49% of GDP, remains constantly maintained below the safety limit of 60% of GDP in accordance with Law number 17/2003 on State Finances “, quoted in the September 2024 edition of APBN Performance and Facts, Friday (9/27/2024).
Of the total debt as of August 2024, which amounted to IDR 8,461.93 trillion, the majority came from the issuance of government securities (SBN) amounting to IDR 7,452.56 trillion. The rest comes from loans amounting to IDR 1,009.37 trillion.
The debt from the issuance of the SBN consists of the domestic SBN worth IDR 6,063.41 trillion and the foreign currency SBN worth IDR 1,389.14 trillion. Meanwhile, the loans came from domestic loans amounting to IDR 39.63 trillion and foreign loans amounting to IDR 969.74 trillion.
In the September 2024 edition of our APBN document, it is stated that as of the end of August 2024, domestic ownership of the SBN was dominated by domestic investors with an ownership share of 85.5%. Meanwhile, foreigners own only about 14.5% of the national SBN, including ownership of foreign governments and central banks.
“National financial institutions hold 41.3% of the shares of the SBN, including 19.2% from banks, 18.9% from insurance companies and pension funds and 3.2% from mutual funds,” was cited in the APBN document.
For financial institutions, SBN plays an important role in meeting investment needs and liquidity management, as well as being a risk mitigation instrument. National ownership of SBN by Bank Indonesia is approximately 25.4%, which is used, among other things, as a monetary management instrument.
In line with the government's efforts to broaden the investor base, financial inclusion and increase public financial knowledge from a savings company to an investment company, the participation of individual investors in the national SBN has continued to increase. increase since 2019, from just under 3% to 8.6% as of January 1, 2019. end of August 2024.
“The remaining national ownership of the SBN is held by other national institutions to meet the investment and financial management needs of the relevant institutions,” as stated in the September 2024 edition of the APBN document.
(R/Y)
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