Indonesia's External Debt Remains Manageable: Central Bank

    Wahyu Dwi Anggoro - 16 April 2021 15:05 WIB
    Indonesia's External Debt Remains Manageable: Central Bank
    Illustration (Photo:Medcom.id)



    Jakarta: Indonesia's external debt at the end of February 2021 remained manageable, Bank Indonesia (BI) has stated.

    The external debt at the end of February 2021 was recorded at USD422.6 billion or grew by 4.0% (yoy), higher compared with 2.7% (yoy) in the previous month. 






    The increase was stemming from the Government's and private's external debt.

    "The Government's external debt remained controlled and prudently managed," said BI Communication Department Head Erwin Haryono in a press release on Friday.

    On annual basis, the Government's external debt grew by 4.6% (yoy), higher than the growth in January 2021 of 2.8% (yoy), in line with the efforts to contain the impact of the Covid-19 pandemic since 2020 and the acceleration of vaccination, as well as social protection programs in the first quarter of 2021. 

    The government's external debt at the end of February 2021 was registered USD209.2 billion, lower than USD210.8 billion in the previous month. 

    The external debt position remains safe and manageable since most of it consisted of long-term maturity debt, accounted for 99.9% of the total Government's external debt.

    "The private's external debt was still dominated by long-term external debt," he stated.

    The growth of private's external debt was recorded at 3.4% (yoy), increasing from 2.5% (yoy) in the previous month. Such development was driven by increasing growth of nonfinancial corporation to 5.9 % (yoy) from 5.1% (yoy) in the previous month, prompted by the issuance of global corporate bonds in the mining sector, among others. 

    Meanwhile, the financial corporation's external debt contracted by 4.9% (yoy), lower than 6.1% (yoy) contraction in the previous month. Several sectors with the most significant external debt accounted for 77.3% of total private external debt were the financial & insurance sector; electricity, gas, steam & air conditioning supply sector; mining & drilling sector; and manufacturing sector.  

    With these developments, the private's external debt at the end of February 2021 was USD210.5 billion, dominated by long-term maturity external debt, which accounted for 78.0% of the total private's external debt.

    "The structure of Indonesia's external debt remained healthy, supported by the prudential principle application in its management," he stated.  

    Indonesia's external debt in February 2021 is manageable as reflected in the maintained ratio of Indonesia's external debt to Gross Domestic Product (GDP) at around 39.7%, relatively stable compared with  39.6% in the last month.  

    In addition, the structure of Indonesia's external debt remained healthy which was indicated by the domination of long-term maturity debt with an 89.0% share of total external debt. 

    In close coordination with the government, the central bank continues to monitor external debt by promoting the prudential principle application in its management to maintain a solid external debt structure.

    (WAH)

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