DIRECTORATE OF GOVERNMENT DEBT SECURITIES
DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT
MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
GOVERNMENT SECURITIES
MANAGEMENT
MAY 3, 2017
DEBT FINANCING STRATEGY 2017
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
• Credible and realistic budget with 2016 outlook number used
as a base for formulating the 2017 State Budget
• Tax revenue grew 3.6%, between 2015 and 2016, which
includes the contribution of IDR 109.5 tn from tax amnesty
• Improved efficiency in government expenditure
• Discipline in managing budget deficit
Indicator 2016
Realization1
2017
Budget
Economic growth (%, yoy) 5.0 5.1
Inflation (%, yoy) 3.0 4.0
3-Month Treasury Bill (SPN) (%) 5.7 5.3
Exchange Rate (IDR/USD) 13,305 13,300
ICP (USD/barrel) 40 45
Oil Production (thousand barrel/day) 829 815
Gas Production (thousand barrel oil equivalent/day) 1,184 1,150
Description (IDR tn)
2016 2017
Revised Budget Outlook Realization1 % realization to
revised budget
% realization
to outlook State budget
% growth to
realization
A. Revenues and grants 1,786.2 1,582.9 1,555.1 87.1% 98.3% 1,750.3 12.5%
I. Domestic revenue 1,784.2 1,580.9 1,546.8 86.7% 97.9% 1,748.9 13.1%
1. Tax revenue 1,539.2 1,320.2 1,285.0 83.5% 97.3% 1,498.9 16.7%
2. Non tax revenue 245.1 260.7 261.9 106.9% 100.5% 250.0 -4.6%
II. Grants 2.0 2.0 8.2 410.0% 410.0% 1.4 -82.9%
B. Expenditure 2,082.9 1,898.6 1,860.3 89.3% 98.0% 2,080.5 11.8%
I. Total Central government expenditure 1,306.7 1,195.3 1,150.1 88.0% 96.2% 1,315.5 14.4%
1. Ministerial spending 767.8 672.0 680.9 88.7% 101.3% 763.6 12.2%
2. Non ministerial spending 538.9 523.3 469.2 87.1% 89.7% 552.0 17.6%
II. Transfer to region and village Fund 776.3 703.3 710.3 91.5% 101.0% 764.9 7.7%
1. Regional transfer 729.3 659.1 663.6 91.0% 100.7% 704.9 6.2%
2. Village fund 47.0 44.2 46.7 99.4% 105.7% 60.0 28.5%
C. Primary balance -105.5 -126.4 -122.4 116.0% 97.1% -109.0 -11.2%
D. Surplus (deficit) -296.7 -315.7 -305.2 102.9% 96.7% -330.2 8.1%
% of GDP -2.35% -2.50% -2.46% 104.7% 98.4% -2.41% -2.0%
E. Financing 296.7 315.7 331.0 111.6% 104.7% 330.2 -0.1%
2017 STATE BUDGET
3
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
BUDGET FINANCING BREAKDOWN IN 2017
4
Breakdown of budget financing IDR tn USD bn
Government debt (net) 384.7 28.9
Government securities (net) 400.0 30.0
Domestic loans (net) 1.5 0.1
Foreign loans (net) -16.8 -1.3
USD/IDR: 13,321 as of 31 Mar 2017
Source: Ministry of Finance
Note: Subject to change in market conditions and other factors
Debt (Gross) IDR735.6tn (eq. USD 55.2bn)
Redemption
IDR350.9tn
(eq. USD 26.3bn)
Budget Financing
IDR330.2tn
(eq. USD 24.8bn)
Non-Debt
Financing
IDR54.5tn
(eq. USD 4.1bn)
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
GOVERNMENT SECURITIES – INDICATIVE FINANCING PLAN
FOR 2017
International Bonds Issuance (USD, EUR, JPY-denominated)
Issuance of International Bonds as complement to avoid crowding out in domestic market consists of USD, YEN or EURO global bonds;
International bond issuance can be maximized up to 25% from gross target, depends on financing need.
Government Debt Securities (SUN): 71 %; Sukuk : 29% ATM for Government Securities (SBN): 6-8 years.
Domestic Issuance
Issuance targets for GDS, Sukuk and ATM target
Weekly Auction: Conventional Securities: 24x Islamic Securities: 24x
Non-Auction: Retail bonds Private Placements: Based on request
Instruments Indicative Target (IDR tn)
2017 Budget
Government Securities (Net) 399,993
Redemption 162,842
Cash Management 119,000
Buyback 3,000
Government Securities (Gross) 684,835
Composition
Domestic 79%
Auction 93%
Non-Auction 7%
International Bond 21%
5
Pre-funding to optimize cost ahead of potential Fed rate hike Anticipate developments in global environment Government Securities target for 1st semester 2017 is 64.4%
from gross issuance target; Government Securities target in Rupiah for 1st semester 2017 is
46.9% from gross issuance target.
Front loading issuance for budget financing
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
2017 SECURITIES FINANCING REALIZATION
(In Million IDR)
*Adjusted with issuance related to cash management realization.
6
Budget 2017Budget Realization
(as of May 3, 2017)
% Realization to
Budget 2017
Government Securities Net 399,992,586 205,036,694 51.26%
Government Securities Maturing in 2017 and Buyback 284,842,264 107,468,581 37.73%
Issuance Need for 2017* 684,834,850 312,505,275 45.63%
Government Debt Securities (GDS) 204,053,508
IDR Denominated GDS 156,130,000
-Coupon GDS 72,230,000
-Conventional T-Bills 83,900,000
-Private Placement -
-Retail Bonds -
International Bonds 47,923,508
-USD GMTN 47,197,500
-Euro GMTN -
-Samurai Bonds -
-Domestic Foreign Denominated Bonds 726,008
Government Islamic Debt Securities 108,451,767
Domestic Government Islamic Debt Securities 68,482,767
- IFR/PBS/T-Bills Sukuk (Islamic Fixed Rated Bond/Project Based Sukuk) 52,445,457
- Retail Sukuk 14,037,310
- Private Placement 2,000,000
Global Sukuk 39,969,000
GOVERNMENT SECURITIES PERFORMANCE
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
1.97 1.89
1.11
1.73 1.74
1.94
2.60
2.14
1.39
1.58 1.75
4.72
2.44
1.93 2.01
2.62
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
-
20
40
60
80
100
120
140
160
Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS)
8
Average awarded bids
2017= IDR17.35T/auction Average incoming bids
2017 = IDR39.62T/auction
8
GDS PRIMARY MARKET PERFORMANCE 2017 THROUGH AUCTION
Average Incoming Bid 2016 = IDR25.55T while Average Awarded Bid 2016 = IDR13.37T
as of April 25, 2017
[In Trillion IDR ]
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
2.14 2.02
1.64
1.91 1.93
1.82
3.34
2.32
1.66 1.58 1.67
4.72
2.67
2.00 2.07
2.81 2.69
-
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
5.00
-
20
40
60
80
100
120
140
160
180
200
Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 2-May-17
Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS)
9
Average Incoming Bid
2017 = IDR28.02T/auction
Average Awarded bids
2017 = IDR11.59T/auction
GS PRIMARY MARKET PERFORMANCE 2017
9
THROUGH AUCTION
as of May 2, 2017
Average Incoming Bid 2016 = IDR19.05T, while Average Awarded Bid 2016 = IDR9.37T
[In Trillion IDR ]
5.88 5.73 5.31 7.91 9.38 9.54
6.82 9.99
12.36 10.41
8.57 0.16 0.38 0.25
0.76 0.72 0.61
0.76
2.21 0.82
0.76 0.59 1.54
3.07 6.46
8.80
10.15
15.50
24.81
16.62 15.84
11.47
4.96
-
10.00
20.00
30.00
40.00
2011 2012 2013 2014 2015 2016 Jan-17 Feb-17 Mar-17 Apr-17 s.d 2Mei'17
OUTRIGHT REPO BANK REPO BI
0
100
200
300
400
500
600
700
800
0
2
4
6
8
10
12
14
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
[%] [Rp Triliun]
Non Residen [RHS] Yield 10 Y [LHS]
2
4
6
8
10
12
14
16
18
20
22
May'1
1
Aug'1
1
Nov'1
1
Feb'1
2
May'1
2
Aug'1
2
Nov'1
2
Feb'1
3
May'1
3
Aug'1
3
Nov'1
3
Feb'1
4
May'1
4
Aug'1
4
Nov'1
4
Feb'1
5
May'1
5
Aug'1
5
Nov'1
5
Feb'1
6
May'1
6
Aug'1
6
Nov'1
6
Feb'1
7
May'1
7
5Y 10Y 15Y 20Y
6.64 (5Y), 7.00 (10Y), 7.42 (15Y), 7.69 (20Y)
(%)
Average Daily Trading Yields of Benchmark Series
Peers 10y Govt Bonds’ Yield
SECONDARY MARKET PERFORMANCE
10
As of May 2, 2017 As of May 3, 2017
Foreign Ownership V. 10Y Yield Movement
LCY 10 Year Government
Bonds (as of May 3, 2017) Latest Yield YTD Change (BP) MTD Change (BP)
HK 1.515 -45.9 +4.4
ID 7.053 -92.0 +0.5
JP 0.021 -2.5 +0.3
KR 2.237 +14.5 +4.5
MY 3.988 -24.0 -5.8
PH 5.096 +46.8 -6.6
SG 2.142 -33.2 +1.7
TH 2.733 +8.5 +1.9
US 2.280 -16.4 +0.0
VN 6.050 -32.5 -5.0
Source: IBPA
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
OWNERSHIP OF TRADABLE DOMESTIC GOVT SECURITIES
(in trillion IDR)
1) Non Resident consists of Private Bank, Fund/Asset Manager, Securities Company, Insurance Company, and Pension Fund.
2) Others such as Securities Company, Corporation, and Foundation.
*) Including the Government Securities used in monetary operation with Bank Indonesia.
**) net, excluding Government Securities used in monetary operation with Banks.
11
Description
Banks* 375.55 30.98% 350.07 23.95% 361.54 21.95% 399.46 22.53% 493.82 27.27% 491.93 25.79% 493.89 25.97%
Govt Institutions (Bank Indonesia**) 41.63 3.43% 148.91 10.19% 150.13 9.12% 134.25 7.57% 53.31 2.94% 69.98 3.67% 66.51 3.50%
Bank Indonesia (gross) 149.07 9.05% 157.88 8.90% 163.63 9.03% 176.63 9.26% 174.63 9.18%
GS used for Monetary Operation -1.05 -0.06% 23.63 1.33% 110.32 6.09% 106.65 5.59% 108.11 5.68%
Non-Banks 795.17 65.59% 962.86 65.87% 1135.18 68.93% 1239.57 69.90% 1264.02 69.79% 1345.68 70.54% 1341.64 70.54%
Mutual Funds 45.79 3.78% 61.60 4.21% 76.44 4.64% 85.66 4.83% 87.84 4.85% 90.11 4.72% 90.10 4.74%
Insurance Company 150.60 12.42% 171.62 11.74% 214.47 13.02% 238.24 13.43% 241.25 13.32% 250.96 13.16% 250.61 13.18%
Foreign Holders 461.35 38.05% 558.52 38.21% 643.99 39.10% 665.81 37.55% 685.51 37.85% 745.82 39.10% 742.10 39.02%
Foreign Govt's&Central Banks 103.41 8.53% 110.32 7.55% 118.53 7.20% 120.84 6.81% 118.91 6.57% 135.21 7.09% 135.16 7.11%
Pension Fund 43.30 3.57% 49.83 3.41% 64.67 3.93% 87.28 4.92% 86.95 4.80% 87.41 4.58% 87.37 4.59%
Individual 32.80 2.71% 42.53 2.91% 48.90 2.97% 57.75 3.26% 57.69 3.19% 62.34 3.27% 62.33 3.28%
Others 61.32 5.06% 78.50 5.37% 86.72 5.27% 104.84 5.91% 104.78 5.79% 109.04 5.72% 109.13 5.74%
Total 1,212.35 100% 1,461.85 100% 1,646.85 100% 1,773.28 100% 1,811.14 100% 1,907.59 100.00% 1,902.04 100.00%
Dec-16 Jan-17Jun-16Dec-15Dec-14 Apr-17 02-May-17
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
20.15
6.43
14.67 15.95
13.17 12.49
21.34
(19.84)
39.48
6.84
(3.59)
4.10 6.31
23.04
(3.90)
(7.96)
(2.30)
5.39
8.38
21.37 19.80
9.46
18.30 20.09
(4.21)
22.03
15.04
9.06
16.89
(9.35)
(19.58)
9.75
19.70
6.38
31.33
22.59
(3.72)
-0.08
-0.06
-0.04
-0.02
0
0.02
0.04
0.06
0.08
0.1
(30.00)
(20.00)
(10.00)
0.00
10.00
20.00
30.00
40.00
50.00
Ma
y-1
4
Ju
l-1
4
Se
p-1
4
No
v-1
4
Ja
n-1
5
Ma
r-1
5
Ma
y-1
5
Ju
l-1
5
Se
p-1
5
No
v-1
5
Ja
n-1
6
Ma
r-1
6
Ma
y-1
6
Ju
l-1
6
Se
p-1
6
No
v-1
6
Ja
n-1
7
Ma
r-1
7
Ma
y-1
7
Net Inflows [LHS] Net Inflows Over Total Foreign Holdings [RHS]
FOREIGN INVESTOR ACTIVITY
Monthly Net Buyer (Seller) - Non Resident Foreign Ownership - Proportion by Tenor
[In Trillion IDR ]
FOREIGN INVESTORS MOSTLY DOMINATED BY HIGH QUALITY LONG TERM INVESTORS
12
As of May 2, 2017
5.2% 4.6% 3.2% 3.5% 3.4% 5.4% 5.1%
5.4% 3.7%
1.3% 5.3%
2.0%
5.9% 5.8%
12.9% 15.2%
11.8%
17.8%
17.8%
12.7% 12.7%
32.0% 33.6%
39.0%
37.4%
38.0% 36.3% 36.4%
44.5% 42.8% 44.7%
36.0% 38.8% 39.8% 39.9%
32.5%
38.1% 38.2% 37.5% 37.8% 39.1% 39.0%
0%
20%
40%
60%
80%
100%
Dec 13 Dec 14 Dec-15 Dec-16 Jan-17 Apr-17 2-May-17
0-1 ≥1-2 ≥2-5 ≥5-10 ≥10 %Foreign Ownership of Total
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
LOCAL INSURANCE AND PENSION FUND INCREASED
THEIR GOVT SECURITIES PORTFOLIO SIGNIFICANTLY
13
63.17
18.63
15.81
97.17
21.02
6.52
12.12
17.44
26.94
7.78
24.06
107.29
66.62
37.45
15.22
26.08
- 20 40 60 80 100 120
Banks*
Bank Indonesia**
Mutual Fund
Foreign Holders
Insurance Company
Pension Fund
Individual
Others
INV
ES
TO
R T
YP
E
NET BUY 2016 NET BUY 2015
[In trillion IDR]
*) Net, excluding Government Securities used in monetary operation with Banks.
**) Gross, including the Government Securities used in monetary operation with Bank Indonesia.
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
FSA (OJK) Regulation No 1/POJK.05/2016* on Investment in Government Securities for Non-Bank Financial Institution
Life Insurance Company
Min. 20% of total investment ( by Dec.
31 2016).
Min 30% of total investment ( by Dec.
31 2017).
General Insurance, Reinsurance & Guarantee
Company
Min. 10% of total investment ( by Dec.
31 2016).
Min. 20% of total investment ( by Dec.
31 2017).
Employer Pension Fund
Min. 20% of total investment ( by Dec.
31 2016)
Min 30% of total investment ( by Dec.
31 2017).
BPJS Ketenagakerjaan (The Social Security
Administration Body for Employment)
Min. 50% of total investment of
Employment Social Security Fund (by Dec. 31 2016).
Min. 30% of total portfolio investment
of BPJS Ketenagakerjaan (by
Dec. 31 2016)
BPJS Kesehatan (Healthcare Social Security Agency)
Min. 30% of total investment of BPJS Kesehatan (by Dec.
31 2016).
DOMESTIC INSTITUTIONAL INVESTORS
14
*Since November 14, 2016 this regulation is revised to be FSA (OJK) Regulation No.36/POJK.05/2016 . The revised regulation
has added SOE infrastructure bonds as instrument other than Gov’t Securities that can be utilized to fulfill the minimum
investment requirement.
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
Pre-emptive Measures
Implementing Crisis Management Protocol (CMP)
Implementing Bond Stabilization Framework (BSF)
Enhancing coordination between government
institutions and continuous dialogue with market
participants
Specific policies in place to address crises
enacted in 2017 budget law
Swap facility arrangements based on
international cooperation
Crisis Management Protocol
Indicators to determine crisis level of Government
Securities Market condition (normal, aware, alert,
crisis)
Several market indicators that are monitored
daily:
- Yield of benchmark series;
- Exchange rate;
- Jakarta Composite Index;
- Foreign ownership in government securities
Policies to address the crisis at every level :
- Repurchase the government securities at
secondary market
- Postpone or stop the issuance
First Line of Defense
State’s Budget
Buyback fund at DG of Budget
Financing and Risk Management
Investment fund at Public Service
Agency (BLU) (min. level Aware)
State Owned Enterprises
(BUMN)’s Budget Related BUMNs (min. level Aware)
Social Security
Organizing Agency
(BPJS)’s Budget
BPJS (min. level Aware)
Second Line of Defense
State’s Budget
State General Treasury Account
(Rekening KUN) (min. level Alert)
Accumulated cash surplus (SAL) (min.
Level Crisis)
State Owned Enterprises
(BUMN)’s Budget Related BUMNs (min. level Alert)
Social Security
Organizing Agency
(BPJS)’s Budget
BPJS (min. level Alert)
Bond Stabilization Framework
IMPLEMENT MEASURES TO MANAGE EXTERNAL VOLATILITY TO MITIGATE SUDDEN REVERSALS
15
DEBT OUTSTANDING & RISK PROFILE
0
20
40
60
80
100
120
140
160
180
200
220
240
Domestic Foreign
-
20
40
60
80
100
120
140
160
180
200
220
240
Loan Gov't Sec
TOTAL DEBT MATURITY PROFILE A.O. END OF MARCH, 2017
17
Maturity Profile of Central Government by Currencies (in trillion IDR)
Maturity Profile of Central Government by Instruments (in trillion IDR)
80%
20%
Gov't Sec Loan
42% 58%
Foreign Domestic
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
OUTSTANDING CENTRAL GOVERNMENT DEBT
BY INSTRUMENT
18
Note: *) Preliminary figures **) Exclude accrued interest IDR43.3 trillion
2016*)
Nominal Nominal %
a. Foreign Loan (in billion USD) 68.4 63.6 58.4 54.2 54.4 54.0 54.9 20.0%
Bilateral 42.1 37.2 31.5 26.9 24.7 23.2 23.7 8.7%
Multilateral 23.5 23.8 23.7 23.5 26.1 27.5 27.8 10.2%
Commercial 2.8 2.5 3.3 3.8 3.6 3.3 3.3 1.2%
Suppliers 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0%
b Domestic Loan (in billion USD) 0.1 0.19 0.2 0.3 0.3 0.4 0.4 0.1%
c. Government Securities (in billion USD) 131.0 140.8 136.3 155.2 174.7 207.0 218.7 79.8%
Foreign Currency Denominated 21.6 27.4 32.8 36.7 47.8 57.1 59.3 21.6%
Rupiah Denominated 109.4 113.4 103.5 118.5 126.9 149.9 159.4 58.2%
Total Central Government Debt
(in billion USD) 199.5 194.9 209.7 229.4 261.3 274.0
Total Central Government Debt
(in trilion IDR)1,808.9 2,375.5 2,608.8 3,165.1 3,511.1 3,649.8
Exchange Rate Assumption (IDR/USD1) 9,068.0 12,189.0 12,440.0 13,795.0 13,436.0 13,321.0
GDP (in trillion IDR) 7,831.7 9,524.7 10,542.7 11,540.8 12,406.8
Debt to GDP Ratio 23.1% 23.0% 24.9% 24.7% 27.4% 28.3%
8,615.7
9,670.0
204.5
1,977.7
Mar 2017**)
2011 2012 2013 2014 2015Description
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
OUTSTANDING CENTRAL GOVERNMENT DEBT
BY CURRENCY
19
Note: *) Preliminary figures **) Exclude accrued interest IDR43.3 trillion
2011 2015 2016*)
Mar 2017**)
Original Currency
IDR (in trillion) 993.0 1,098.0 1,263.9 1,477.8 1,755.2 2,019.2 2,128.7
USD (in billion) 43.9 49.8 56.8 61.0 73.3 80.5 82.8
JPY (in billion) 2,589.8 2,498.8 2,395.3 2,223.1 2,143.4 2,063.1 2,030.0
EUR (in billion) 5.0 4.5 4.2 5.1 6.2 8.9 8.9
Other currencies
Equivalent in Billion USD
IDR 109.5 113.5 103.7 118.8 127.2 150.3 159.8 58.3%
USD 43.9 49.8 56.8 61.0 73.3 80.2 82.8 30.2%
JPY 33.4 29.1 22.8 18.6 17.8 17.6 18.1 6.6%
EUR 6.4 6.0 5.8 6.3 6.7 9.4 9.5 3.5%
Other currencies 6.3 6.1 5.8 5.1 4.4 3.9 3.8 1.4%
Total Eq. in Billion USD 199.5 204.5 194.9 209.7 229.4 261.3 274.0
Equivalent in Trillion IDR
IDR 993.0 1,098.0 1,263.9 1,477.8 1,755.2 2,019.2 2,128.7
USD 397.9 481.9 692.0 758.6 1,009.2 1,077.1 1,102.2
JPY 302.5 281.2 278.3 231.8 245.5 236.9 241.3
EUR 58.5 57.5 71.1 77.7 92.4 126.0 126.5
Other currencies 57.1 59.1 70.2 62.9 62.9 52.1 51.1
Total Eq. in Trillion IDR 1,808.9 1,977.7 2,375.5 2,608.8 3,165.1 3,511.2 3,649.8
Foreign Currency Portion 45.1% 44.5% 46.8% 43.4% 44.5% 42.5% 41.7%
Exchange Rate Assumption USD/IDR 9,068 9,670 12,189.0 12,440.0 13,795.0 13,436.0 13,321.0
----------------Multiple Currencies -----------------------
20132012 2014
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
CENTRAL GOVERNMENT DEBT RATIOS
Debt to GDP Ratio Interest Payment to Revenue and
Expenditure Ratio
Debt Service to GDP Ratio Interest Payment to Tax Revenue &
Central Government Expenditure Ratio
Notes: Using GDP at Current Market Prices [2010 Version]
20
7.7
%
7.5
%
7.9
%
8.6
%
10
.3%
10
.7%
7.2
%
6.7
%
6.8
%
7.5
%
8.6
%
8.9
%
0%
2%
4%
6%
8%
10%
12%
2011 2012 2013 2014 2015 2016
to Revenue to Expenditure
10
.7%
10
.3%
10
.5%
11
.6%
12
.6%
13
.0%
10
.6%
9.9
%
9.9
%
11
.1%
13
.2%
16
.1%
0% 2% 4% 6% 8%
10% 12% 14% 16% 18%
2011 2012 2013 2014 2015 2016
to Tax Revenue to Central Gov't Expenditures
2.9% 3.2%
2.9%
3.5% 3.3%
4.1%
0%
1%
2%
3%
4%
5%
2011 2012 2013 2014 2015 2016
23.1% 23.0% 24.9% 24.7%
27.4% 28.3%
0%
5%
10%
15%
20%
25%
30%
2011 2012 2013 2014 2015 2016
Directorate of Government Debt Securities| Directorate General of Budget Financing and Risk Management| Ministry of Finance of The Republic of Indonesia
16.2 16.0 14.8
13.7 12.3 11.5
22.5 23.2
21.0 20.7
17.8 19.5
2012 2013 2014 2015 2016*) Mar-17
Variable Rate Ratio (%) Refixing Rate (%)
10.2 11.7 10.7 12.2 11.7 11.1
44.4 46.7
43.4 44.5 41.8 41.7
2012 2013 2014 2015 2016*) Mar-17
FX Debt to GDP Ratio (%)** FX Debt to Total Debt Ratio (%)
9.7 9.6
9.7
9.4
9.0 9.0
2012 2013 2014 2015 2016*) Mar-17
ATM (in years)
Interest Rate Risk Exchange Rate Risk
Debt Average Time to Maturity Debt Maturing
DEBT RISK INDICATORS
*) Preliminary figures **) Using GDP assumption in 2017 Budget
-Risk indicators are improving amidst pressure from rupiah depreciation
-Risk indicators show improvements in interest rate risk and stability in exchange and refinancing risks
7.2 8.6 7.7 8.4 6.6
8.9
21.5 21.8 20.1 21.4 23.0 23.7
32.4 33.4 33.9 34.7 36.5 36.6
2012 2013 2014 2015 2016*) Mar-17
In < 1 year In < 3 year In < 5 year
21
Directorate General of Budget Financing and Risk Management Ministry of Finance of The Republic of Indonesia Directorate of Government Debt Securities Frans Seda building, 4th Floor Jl. Wahidin Raya No. 1, Jakarta Pusat – Postal Code: 10710 Phone: +6221 3810175 Fax. : +6221 3846516 Website: www.djppr.kemenkeu.go.id
END OF PRESENTATION