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Jokowi’s government debt reaches Rs 6,074 billion, can it pay?

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JAKARTA, KOMPAS.com – The Ministry of Finance (Kemenkeu) published the total government debt in the era of the president Joko Widodo ( Jokowi) in December 2020, namely Rs.6,074.56 billion.

Thus, the ratio of public debt to gross domestic product ( PDB) reached 38.68%. Debt comes from domestic debt plus external debt.

Special staff of Finance Minister Yustinus Prastowo said Indonesia has the ability to repay debts because the tax revenue to debt ratio is better than other countries.

“We’re relatively better off and the ratio of government revenue or tax revenue to our debt is pretty good compared to many countries,” Yustinus said in a Presidential Office of Personnel webinar. Among, Wednesday (24/2/2021).

Also Read: Jokowi Vowed To Stop Beef Imports, What’s The News Now?

He noted that over the past 10 years (2010-2019), the central government debt ratio has been maintained at 30% of gross domestic product (GDP).

Unless, he continued, in 2020 the percentage would increase to 38.7% due to the impact of the Covid-19 pandemic, the total debt of the central government in the era of President Joko Widodo ( Jokowi) reaching IDR 6,074.56 trillion, the issuance of IDR Government Securities (SBN). 5 221.65 trillion and loans of Rp. 852.91 trillion.

In his presentation, Indonesia’s tax revenue to debt ratio in 2018 reached 38.32%, still better than neighboring countries like Malaysia which reached 21.83%, Singapore 11.93%.

In fact, Thailand reached 35.73%, the Philippines 36.98% and Brazil 14.05%.

Also Read: When Jokowi Promises To Stop Soy Imports And The Reality Now

“We are under Turkey, South Africa, but we are much better than Singapore, Malaysia, Thailand and the Philippines, which means we have a greater capacity to repay our debts,” said Yustinus.

The government, he said, would take care of it debt service ratio (DSR) in order to have the capacity to pay in particular the external debts.

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