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TRANSCRIPT
DIRECTORATE GENERAL OF DEBT MANAGEMENT
MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA
DIREKTORAT JENDERAL PENGELOLAAN UTANG
KEMENTERIAN KEUANGAN REPUBLIK INDONESIA
Kementerian Keuangan – Republik Indonesia
Bagian 1
Latar Belakang, Tujuan & Kebijakan Utang, Jenis-jenis
Utang, Landasan Hukum
1. Latar Belakang (1)
2. Latar Belakang (2)
3. Latar Belakang (3)
4. Tujuan dan Kebijakan Pengelolaan Utang (1)
5. Tujuan dan Kebijakan Pengelolaan Utang (2)
6. Jenis-jenis Utang (1)
7. Jenis-jenis Utang (2)
8. Jenis-jenis Utang (3)
9. Landasan Hukum Pengelolaan Utang (1)
10. Landasan Hukum Pengelolaan Utang (2)
Bagian 2
APBN, Pembiayaan APBN dan Perkembangan Defisit
11. APBN 2008–2012
12. Cash flow Pembiayaan 2008-2012
13. Defisit dan Pembiayaan APBN 2007-2012
14. Defisit Anggaran di berbagai Negara 2007-2011
15. Pagu dan Realisasi Pembiayaan Utang 2012
16. Realisasi Penerbitan SBN 2012
Chapter 1
Backgrounds, Debt Management Objective and Strategy,
Debt Instruments, Legal Basis
1. Backgrounds (1)
2. Backgrounds (2)
3. Backgrounds (3)
4. Debt Management Objectives and Strategy (1)
5. Debt Management Objectives and Strategy (2)
6. Debt Instruments (1)
7. Debt Instruments (2)
8. Debt Instruments (3)
9. Debt Management: Legal Basis (1)
10. Debt Management: Legal Basis (2)
Chapter 2
State Budget, Deficit and Its Financing
11. State Budget 2008–2012
12. Cash flow Financing 2008-2012
13. Fiscal Deficit and State Budget Financing, 2007-
2012
14. Deficit in Various Countries 2007-2011
15. Budget and Realization of Debt Financing 2012
16. Realization of Government Securities Issuance 2012
Kementerian Keuangan – Republik Indonesia
Daftar Isi Table of Contents
Kementerian Keuangan – Republik Indonesia
17. Penarikan Pinjaman Program dan Proyek
18. Pinjaman Program 2007-2012
19. Pembiayaan Pinjaman LN 2007 – 2012 (Grafik)
20. Penarikan Pinjaman 2012, Pembiayaan Proyek
21. Penarikan Pinjaman 2012, Pembiayaan Proyek
(Grafik)
Bagian 3
Portofolio Utang (Outstanding Utang, Profil Jatuh Tempo
Utang, Perkembangan SBN dan Pinjaman)
22. Posisi Utang Pemerintah 2007-2012
23. Posisi Utang Pemerintah 2007-2012 (Grafik)
24. Profil Jatuh Tempo Utang per 31 Agustus 2012
(Grafik)
25. Posisi Surat Berharga Negara 2007-2012
26. Posisi Pinjaman Berdasarkan Kreditur
27. Posisi Pinjaman Berdasarkan Kreditur (Grafik)
28. Posisi Pinjaman Berdasarkan Sektor Ekonomi
29. Posisi Pinjaman Berdasarkan Sektor Ekonomi
(Grafik)
30. Posisi Utang Pemerintah Beberapa Mata Uang Utama
31. Posisi Utang Pemerintah Mata Uang Lainnya
32. Posisi Utang Pemerintah Berdasarkan Mata uang
(Grafik)
33. Proporsi Penarikan Pinjaman Berdasarkan Jenis
Pinjaman (Grafik)
17. Project & Program Loans Drawing
18. Program Loan 2007-2012
19. Ext. Loan Financing 2007 – 2012 (Chart)
20. Loan Disbursement 2012, Project Financing
21. Loan Disbursement 2012, Project Financing (Chart)
Chapter 3
Debt Portfolio (Outstanding, Maturity Profile, Change in
Securities and Loans Positions)
22. Gov‟t. Debt Outstanding 2007-2012
23. Gov‟t. Debt Outstanding 2007-2012 (Chart)
24. Debt Maturity Profile as of August 31, 2012 (Chart)
25. Gov‟t. Securities Outstanding 2007-2012
26. Loans Outstanding by Creditor Types
27. Loans Outstanding by Creditor Types (Chart)
28. Loans Outstanding by Economic Sectors
29. Loans Outstanding by Economic Sectors (Chart)
30. Gov‟t. Debt Outstanding, Main Currencies
31. Gov‟t. Debt Outstanding, Other Currencies
32. Gov‟t. Debt Outstanding, by Currencies (Chart)
33. Loans Drawing Proportion, by Financing Type
(Chart)
Daftar Isi Table of Contents
Kementerian Keuangan – Republik Indonesia
Bagian 4
Kinerja Pengelolaan Portofolio Utang (Berbagai Rasio
Utang dan perbandingan antar negara, Pemanfaatan
Pinjaman, Reprofiling Struktur Jatuh Tempo SUN)
34. Perkembangan Rasio Utang terhadap PDB (Grafik)
35. Rasio Utang terhadap PDB Indonesia & berbagai
Negara
36. Rasio Utang terhadap PDB Indonesia & berbagai
Negara (Grafik)
37. Jatuh Tempo SBN Tradable 31 Agustus 2012
(Grafik)
38. Program Debt Switch dan Buyback SBN
39. Pengurangan Utang melalui Skema Debt Swap
40. Restrukturisasi Surat Utang kepada BI 2003
41. Restrukturisasi Surat Utang kepada BI 2006 (1)
42. Restrukturisasi Surat Utang kepada BI 2006 (2)
43. Restrukturisasi 2008 (SU-002 & SU-004)
44. Pemanfaatan Pinjaman (Grafik)
45. Rasio Kewajiban Pinjaman LN thd Cadangan Devisa
(Grafik)
46. Rasio Utang thd PDB Berbagai Negara &
Perubahannya (Grafik)
47. Utang per Kapita di Berbagai Negara (Grafik)
Chapter 4
Debt Portfolio Management Performance (Debt
Performance Measurement and Comparison, Loan
Disbursement, Government Debt Securities Re-profiling)
34. Central Government Debt to GDP Ratio (Chart)
35. Debt to GDP Ratio, Indonesia & some Countries
36. Debt to GDP Ratio, Indonesia & some Countries
(Chart)
37. MP of Tradable Securities as of August 31, 2012
(Chart)
38. Debt Switching and Buyback
39. Debt Reduction through Debt Swap Scheme
40. Securities Restructuring 2003
41. Securities Restructuring 2006 (1)
42. Securities Restructuring 2006 (2)
43. Restructuring 2008 (SU-002 & SU-004)
44. Loans Disbursement Performance (Chart)
45. External Loan Services to Reserves Ratio (Chart)
46. Debt to GDP Ratio, Some Countries & The Changes
(Chart)
47. Debt per Capita, of Some Countries (Chart)
Kementerian Keuangan – Republik Indonesia
Daftar Isi Table of Contents
Kementerian Keuangan – Republik Indonesia
48. Utang per Kapita di Berbagai Negara &
Perubahannya (Grafik)
49. Indikator Risiko Utang 2007-2011 (Grafik)
Bagian 5
Biaya-biaya berbagai instrumen utang (Realisasi
Pembayaran Utang, Rasio Biaya Utang, Yield Curve,
Biaya Pinjaman Luar Negeri)
50. Realisasi Pembayaran Utang Pemerintah TA 2012
51. Rasio Bunga Utang thd Pendapatan dan Belanja
(Grafik)
52. Pembayaran Bunga Utang terhadap Total Utang
(Grafik)
53. Realisasi Pembayaran Bunga Utang (Grafik)
54. Biaya Pinjaman dari Kreditur Multilateral
55. Biaya Pinjaman dari Kreditur Bilateral (Jepang)
56. Kurva Imbal Hasil SBN Rupiah (Grafik)
57. Kurva Imbal Hasil SBN Valas (Grafik)
Bagian 6
Kinerja Pasar Sekunder SBN (Aktifitas Perdagangan,
Kepemilikan SBN oleh Investor)
58. Perdagangan Rata-rata Harian SBN Rupiah di Pasar
Sekunder (Grafik)
48. Debt per Capita, of Some Countries & The Changes
(Chart)
49. Debt Risk Indicators, 2007-2011 (Chart)
Chapter 5
Costs of Borrowing (Debt Services, Cost of Fund, Yield
Curve, External Debt’s Cost)
50. Debt Services Realizations, FY 2012
51. Interest Payments. to Revenues and Expenditures
Ratio (Chart)
52. Interest Payments to Debt Total (Chart)
53. Interest Payments Realization (Chart)
54. Terms and Conditions of Loan from Multilateral
55. Terms and Conditions of Loan from Bilateral
(Japan)
56. Domestic Government Debt Securities Yield Curve
(Chart)
57. Indonesian Global Bond Yield Curve (Chart)
Chapter 6
Performance of Secondary Market for Govt. Securities
(Trading Volume, Govt. Securities’ Ownership Structure)
58. Average Daily Trading of Domestic Gov‟t. Securities
(Chart)
Daftar Isi Table of Contents
Kementerian Keuangan – Republik Indonesia
59. Posisi Kepemilikan SBN (Grafik)
60. Posisi Kepemilikan SBN Domestik
61. Posisi Kepemilikan SBN Domestik ( dlm. % )
62. Kepemilikan SBN oleh Asing berdasarkan Tenor
(Grafik)
63. Spread terhadap UST- Mar 17 (Grafik)
64. Spread terhadap UST- Feb 22 (Grafik)
65. Spread terhadap UST- Feb 42 (Grafik)
Bagian 7
Rating, Opini BPK, HIPCs, Kesimpulan
66. Rating Indonesia
67. Perkembangan Credit Rating Indonesia (1)
68. Perkembangan Credit Rating Indonesia (2) (Grafik)
69. Performa Sovereign Rating Indonesia (1)
70. Performa Sovereign Rating Indonesia (2)
71. Performa Sovereign Rating Indonesia (3)
72. Performa Sovereign Rating Indonesia (4)
73. Opini BPK tentang Laporan Keuangan
74. Kesimpulan (1)
75. Kesimpulan (2)
59. Government Debt Securities Ownership (Chart)
60. Domestic Debt Government Securities Ownership
61. Domestic Debt Government Securities Ownership
( in % )
62. Foreign Ownership of Dom. Gov‟t. Securities by
Tenor (Chart)
63. Spread over UST- Mar 17 (Chart)
64. Spread over UST- Feb 22 (Chart)
65. Spread over UST- Feb 42 (Chart)
Chapter 7
Rating, Supreme Audit Agency Opinion, Conclusion
66. Indonesian Credit Rating
67. Indonesia Credit Rating Performance (1)
68. Indonesia Credit Rating Performance (2) (Chart)
69. Indonesia Sovereign Credit Rating Performance (1)
70. Indonesia Sovereign Credit Rating Performance (2)
71. Indonesia Sovereign Credit Rating Performance (3)
72. Indonesia Sovereign Credit Rating Performance (4)
73. Supreme Audit Agency Opinion on Gov‟t.‟s
Financial Report
74. Conclusion (1)
75. Conclusion (2)
Kementerian Keuangan – Republik Indonesia
Daftar Isi Table of Contents
Kementerian Keuangan – Republik Indonesia
Bagian 1
Latar Belakang, Tujuan & Kebijakan Utang,
Jenis-jenis Utang, Landasan Hukum
Kementerian Keuangan – Republik Indonesia
Chapter 1
Background, Debt Management Strategy and
Objective, Debt Instruments, Legal Basis
Utang merupakan bagian dari Kebijakan Fiskal
(APBN) yang menjadi bagian dari Kebijakan
Pengelolaan Ekonomi secara keseluruhan.
Tujuan Pengelolaan Ekonomi adalah:
Menciptakan kemakmuran rakyat dalam
bentuk:
Penciptaan kesempatan kerja.
Mengurangi kemiskinan.
Menguatkan pertumbuhan ekonomi.
Menciptakan keamanan.
Utang terutama merupakan konsekuensi dari
postur APBN (yang mengalami defisit), dimana
Pendapatan Negara lebih kecil daripada Belanja
Negara.
Pembiayaan APBN melalui utang merupakan
bagian dari pengelolaan keuangan negara yang
lazim dilakukan oleh suatu negara:
Utang merupakan instrumen utama
pembiayaan APBN untuk menutup defisit
APBN, dan untuk membayar kembali utang
yang jatuh tempo (debt refinancing);
Refinancing dilakukan dengan terms &
conditions (biaya dan risiko) utang baru
yang lebih baik.
Debt management and policy is an integral part
of fiscal policy which also constructs economic
policy and management in general.
Ultimate objectives of economic management:
Welfare creation and maintenance in the
form of:
Reducing unemployment.
Poverty alleviation.
Spur more growth in the economy.
Security and stability enhancement.
Debt is materialized if state budget is in deficit.
Deficit financing through debt has been
perceived to be a standard approach in most of
the countries in our modern world:
Debt is primary tool to fill fiscal gap and to
refinance matured debts;
Debt refinancing will end up with new and
better debt profile in term of risk and fee.
Kementerian Keuangan – Republik Indonesia
Latar Belakang (1) Background (1)
Kenaikan jumlah nominal utang Pemerintah
berasal dari:
Akumulasi utang di masa lalu (legacy debts)
yang memerlukan refinancing yang cukup
besar;
Dampak krisis ekonomi tahun 1997/1998:
Depresiasi Rupiah terhadap mata uang
asing;
BLBI dan Rekapitalisasi Perbankan;
Sebagian setoran BPPN dari asset-recovery
digunakan untuk APBN selain untuk
melunasi utang/obligasi rekap.
Pembiayaan defisit APBN merupakan
keputusan politik antara Pemerintah dan
DPR-RI antara lain untuk:
Menjaga stimulus fiskal melalui misalnya
pembangunan infrastruktur, pertanian dan
energi,dan proyek padat karya;
Pengembangan peningkatan kesejahteraan
masyarakat misalnya PNPM, BOS,
Jamkesmas,Raskin, PKH,Subsidi;
Government debt, in nominal term, has
increased due to:
Legacy debts that need to be refinanced;
Inevitable effect of currency and banking
crises in 1997/1998:
Exchange rate depreciation;
Banking bail out and recapitalization;
Part of proceed coming from asset
recovery used for debt/banking recap
securities repayment.
Fiscal deficit financing is also a result of
political process and of political decision
made in joint by the Government and the
Parliament intended for:
Supporting fiscal stimuli through
development activity in infrastructure,
agriculture, energy, and another kind of
“pump priming” project;
Sustaining people‟s welfare program such
as PNPM, BOS, Jamkesmas, Raskin, PKH,
subsidy;
Kementerian Keuangan – Republik Indonesia
Latar Belakang (2) Background (2)
Kementerian Keuangan – Republik Indonesia
Latar Belakang (3) Background (3)
Mendukung pemulihan dunia usaha
termasuk misalnya insentif pajak;
Mempertahankan anggaran pendidikan
20%;
Peningkatan anggaran Alat Utama Sistem
Persenjataan (Alutsista);
Melanjutkan reformasi birokrasi.
Akses terhadap pinjaman luar negeri dengan
persyaratan sangat lunak dari lembaga
keuangan multilateral bagi Indonesia dibatasi
oleh:
Status Indonesia yang tidak lagi tergolong
sebagai low income country;
Batas maksimum pinjaman yang dapat
disalurkan ke suatu negara (country limit).
Supporting real sector‟s activity for
instance through tax incentive;
Maintaining 20% of state budget to back up
education sector;
Enhancing army and defense system;
Continuing bureaucratic reform.
Access to soft loans coming from multilateral
donors has been restricted by:
Indonesia is no longer considered as low
income country;
Upper limit of foreign loans can be received
by an economy.
Tujuan
Tujuan Jangka Panjang:
Mengamankan Kebutuhan Pembiayaan
APBN melalui utang dengan biaya
minimal pada tingkat risiko terkendali,
sehingga kesinambungan fiskal dapat
terpelihara
Mendukung upaya untuk menciptakan
pasar surat berharga negara (SBN) yang
dalam, aktif dan likuid
Tujuan Jangka Pendek:
Memastikan tersedianya dana untuk
menutup defisit dan pembayaran
kewajiban pokok utang secara tepat
waktu dan efisien
Objectives Long-term :
Securing Government Budget debt
financing needs at minimum cost and
tolerable risk level, thus fiscal
sustainability can be maintained
Supporting efforts to develop a deep,
active and liquid Government Securities
market.
Short-term :
Ensuring the availability of funds to
cover budget deficit and to meet debt
repayment obligations in a timely and
efficient manner
Kementerian Keuangan – Republik Indonesia
Tujuan dan Kebijakan
Pengelolaan Utang (1)
Debt Management Objective
and Strategy (1)
Kementerian Keuangan – Republik Indonesia
Tujuan dan Kebijakan
Pengelolaan Utang (2)
Debt Management Objective
and Strategy (2)
Kebijakan mengoptimalkan potensi pendanaan utang dari
sumber domestik melalui penerbitan SBN
rupiah maupun penarikan pinjaman dalam
negeri;
Melakukan pengembangan instrumen utang
agar diperoleh fleksibilitas dalam memilih
berbagai instrumen yang lebih sesuai, cost-
efficent dan risiko yang minimal;
Pengadaan pinjaman luar negeri dilakukan
sepanjang digunakan untuk memenuhi
kebutuhan prioritas, memberikan terms &
conditions yang wajar (Favourable) bagi
pemerintah, dan tanpa agenda politik dari
kreditor;
Mempertahankan kebijakan pengurangan
pinjaman luar negeri dalam periode jangka
menengah;
Meningkatkan koordinasi dengan otoritas
moneter dan otoritas pasar modal, terutama
dalam rangka mendorong upaya financial
deepening;
Meningkatkan koordinasi dan komunikasi
dengan berbagai pihak dalam rangka
meningkatkan efisiensi pengelolaan pinjaman
dan sovereign credit rating.
General Strategies optimizing potential sources of financing from
domestic market through issuance of IDR
denominated Government securities and
domestic loan disbursement;
developing debt instrument to obtain
flexibility in selecting a more suitable, cost-
efficient and minimum risk instrument;
utilizing foreign loans to finance priority
projects, at favorable terms & conditions for
the Government, and without having any
political agenda from creditors;
maintaining the medium term policy of
reducing the outstanding of foreign loan;
improving coordination with monetary and
capital market authorities, particularly to
support the financial deepening;
improving coordination and communication
with various parties to enhance the efficiency
of loan management and improve sovereign
credit rating
Pinjaman terdiri dari pinjaman luar
negeri dan pinjaman dalam negeri :
Pinjaman Luar Negeri
World Bank, Asian Development Bank,
Islamic Development Bank dan
kreditor bilateral (Jepang, Jerman,
Perancis dll), serta Kredit Ekspor.
Pinjaman Program:
Untuk budget support dan pencairannya
dikaitkan dengan pemenuhan Policy
Matrix di bidang kegiatan untuk
mencapai MDGs (pengentasan
kemiskinan, pendidikan,
pemberantasan korupsi),
pemberdayaan masyarakat, policy
terkait dengan climate change dan
infrastruktur.
Pinjaman proyek :
Untuk pembiayaan proyek infrastruktur di berbagai sektor (perhubungan, energi, dll); proyek-proyek dalam rangka pengentasan kemiskinan (PNPM).
Government Loan consists of external and domestic loans:
External Loan
World Bank, Asian Development Bank, Islamic Development Bank and bilateral donors (Japan, Germany, France, etc.) and Export Credit.
Program Loan:
Intended for budget support and its disbursement is a function of the realization of stated policy matrix aiming the targets set up in MDGs scheme (poverty alleviation, education, and corruption eradication), people empowerment and also policy related with climate change and infrastructure development.
Project Loan :
To support infrastructure project in transportation, energy etc and also poverty alleviation project.
Kementerian Keuangan – Republik Indonesia
Jenis-jenis Utang (1) Debt Instruments (1)
Pinjaman Dalam Negeri
Peraturan Pemerintah (PP) No.: 54 Tahun 2008 Tentang Tata Cara Pengadaan dan Penerusan Pinjaman Dalam Negeri oleh Pemerintah ;
Berasal dari Badan Usaha Milik Negara (BUMN); Pemerintah Daerah,dan Perusahaan Daerah;
Untuk membiayai kegiatan dalam rangka pemberdayaan industri dalam negeri dan pembangunan infrastruktur untuk pelayanan umum; kegiatan investasi yang menghasilkan penerimaan.
Surat Berharga Negara (SBN) dalam
Rupiah dan valuta asing, tradable &
non-tradable, fixed & variable :
Surat Utang Negara (SUN) Surat Perbendaharaan Negara (SPN/T-
Bills): SUN jangka pendek (s.d. 12bln);
Domestic Loan
Government Regulation No. 54 Year 2008 on Domestic Loan Procurement Procedure and Domestic Loan Channeling;
Coming from state-owned enterprise, local government and local state-owned enterprise;
To finance policy related with the effort to support local industry, infrastructure project for public service and investment generating revenue project.
Government securities (SBN) in local and foreign currency denominated, tradable and non-tradable, fixed and variable:
Government Debt Securities (SUN) T-Bills: short-term (up to 1 year);
Kementerian Keuangan – Republik Indonesia
Jenis-jenis Utang (2) Debt Instruments (2)
Kementerian Keuangan – Republik Indonesia
Jenis-jenis Utang (3) Debt Instruments (3)
Obligasi Negara (> 1 thn)
Coupon Bond
Tradable: ORI, FR/VR bond,
Global bond
Non tradable: SRBI untuk BLBI,
dan Surat Utang/SU ke BI untuk
penyehatan dan restrukturisasi
perbankan
Zero coupon
Surat Berharga Syariah Negara
(SBSN)/Sukuk Negara dalam
Rupiah dan valuta asing dengan
berbagai struktur, misalnya
Ijarah, Musyarakah, Istisna dll SBSN jangka pendek (Islamic T-Bills);
Surat Perbendaharaan Negara Syariah;
SBSN Ritail (Sukri);
SBSN jangka panjang (IFR/Ijarah Fixed
Rate; Global Sukuk; SDHI/Sukuk Dana
Haji Indonesia); Project Based Sukuk
(PBS).
Govt. Bond (> 1 year)
Coupon Bond
Tradable: ORI, FR/VR bond, Global bond
Non tradable: SRBI for bank recap, bond issued for Bank Indonesia‟s recap and re-structurization of banking industry
Zero coupon
Government Islamic securities/Sukuk (SBSN) in domestic and foreign currency denominated in the scheme of Ijarah, Musyarakah, Istisna, etc Islamic T-Bills;
IFR/Ijarah Fixed Rate; Global Sukuk; SDHI/Indonesian Haj Fund Sukuk; Project Based Sukuk (PBS).
Ketentuan Perundang-undangan:
Undang-Undang No 17/2003 tentang
Keuangan Negara
Undang-Undang No 1/2004 tentang
Perbendaharaan Negara
Undang-Undang No 15/2004 tentang
Pemeriksaan Pengelolaan dan
Tanggung Jawab Keuangan Negara
Undang-Undang No 19/2008 tentang
Surat Berharga Syariah Negara
Undang-Undang No 24/2002 tentang
Surat Utang Negara
Peraturan Pemerintah No 10/2011
tentang Tata Cara Pengadaan
Pinjaman Luar Negeri dan Penerimaan
Hibah
Peraturan Pemerintah No 54/2008
tentang Tata Cara Pengadaan dan
Penerusan Pinjaman Dalam Negeri
oleh Pemerintah
Laws and Regulations:
Law Number 17/2003 on State
Finance
Law Number 1/2004 on State
Treasury
Law Number 15/2004 on Inquiry of
State Finance Management and
Responsibility
Law Number 19/2008 on Government
Islamic Securities
Law Number 24/2002 on Government
Securities
Government Regulation Number
10/2011 on External Loan
Procurement Procedure and Grant
Receipt
Government Regulation Number
54/2008 on Domestic Loan
Procurement Procedure and Domestic
Loan Channeling
Kementerian Keuangan – Republik Indonesia
Landasan Hukum
Pengelolaan Utang (1)
Debt Management:
Legal Basis (1)
Kementerian Keuangan – Republik Indonesia
Mengatur a.l, prinsip-prinsip good
governance:
Pengadaan/penerbitan utang melalui
mekanisme APBN/mendapatkan
persetujuan DPR
Koordinasi Pemerintah (Kementerian
Keuangan, Kementerian
PPN/Bappenas), dan BI dalam
perencanaan dan pengelolaan utang
Pengawasan perdagangan SBN di pasar
sekunder oleh otoritas pasar modal
Pertanggungjawaban pengelolaan
utang dan publikasi data & informasi
utang
Setting up, among other things, good
governance principle:
Debt cannot be separated from state
budget and subject to the approval
from parliament
A good policy coordination (MoF,
Ministry of Planning & BI) is essential
for having sound debt management
Close and efficient supervision on
government securities‟ trading
activities in secondary market by the
stock market authority
Accountability and transparency in
whole range of debt management
span
Landasan Hukum
Pengelolaan Utang (2)
Debt Management:
Legal Basis (2)
Kementerian Keuangan – Republik Indonesia
Bagian 2
APBN, Pembiayaan APBN dan
Perkembangan Defisit
Kementerian Keuangan – Republik Indonesia
Chapter 2
State Budget, Deficit and Its
Financing
Kementerian Keuangan – Republik Indonesia
APBN 2008–2012 State Budget 2008-2012
LKPP/
Audited
LKPP/
Audited
LKPP/
Audited
LKPP/
Audited
APBN-P/
Budget
2008 2009 2010 2011 2012
A. Pendapatan Negara dan Hibah A. Revenues and Grants 981.6 848.8 995.3 1,210.6 1,358.2
I. Penerimaan Dalam Negeri I. Domestic Revenues 979.3 847.1 992.3 1,205.4 1,357.4
1. Penerimaan Perpajakan 1. Tax 658.7 619.9 723.3 873.9 1,016.2
2. Penerimaan Bukan Pajak 2. Non Tax 320.6 227.2 268.9 331.5 341.1
II. Hibah II. Grants 2.3 1.7 3.0 5.2 0.8
B. Belanja Negara B. Expenditures 985.7 937.4 1,042.1 1,295.0 1,548.3
I. Belanja Pemerintah Pusat I. Central Government 693.4 628.8 697.4 883.7 1,069.5
a. Bunga Utang a. Interest Payments 88.4 93.8 88.4 93.2 117.8
- Dalam Negeri - Domestic Currency 59.9 63.8 61.4 79.6 84.7
- Luar Negeri - Foreign Currency 28.5 30.0 26.9 13.6 33.0
b. Subsidi b. Subsidies 275.3 138.1 192.7 295.3 245.1
II. Transfer Daerah II. Transfers to Regions 292.4 308.6 344.7 411.3 478.8
C. Keseimbangan Primer C. Primary Balance 84.3 5.2 41.5 8.8 (72.3)
D. Surplus/ (Defisit) Anggaran (A-B) D. Budget Surplus (Deficit) (A-B) (4.1) (88.6) (46.8) (84.4) (190.1)
E. Pembiayaan E. Financing 84.1 112.6 91.5 130.9 190.1
I. Pembiayaan Utang I. Debt 16.6 83.9 86.9 102.7 156.2
II. Pembiayaan Non-Utang II. Non Debt 67.5 28.7 4.6 28.3 33.9
Kelebihan/ (Kekurangan) Pembiayaan Financing Surplus/Deficit 80.0 23.9 44.7 46.5 0.0
dalam Triliun Rupiah
(in trillion rupiah)
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Cash flow Pembiayaan
2008-2012
Cash flow Financing
2008-2012 [miliar rupiah/ billions IDR]
LKPP/Audited
2008
LKPP/Audited
2009
LKPP/Audited
2010
LKPP/Audited
2011
APBN-P/Budget
2012
Kebutuhan Pembiayaan Financing Needs (115,579) (224,292) (203,538) (245,419) (386,124)
Defisit Budget Deficit (4,121) (88,619) (46,846) (84,339) (190,105)
Pembayaran Utang Debt Repayment (108,958) (123,279) (135,893) (138,818) (169,121)
Jatuh Tempo dan Buyback Surat Berharga Negara Bond Redemptions and Buybacks (40,333) (49,067) (76,532) (87,272) (110,823)
Pembayaran Cicilan Pokok Pinjaman Luar Negeri Foreign Loan Amortization (63,435) (68,031) (50,633) (47,323) (49,725)
Pembayaran Cicilan Pokok Pinjaman Dalam Negeri Domestic Loan Amortization - - - - (141)
Penerusan Pinjaman On Lending (5,189) (6,181) (8,729) (4,224) (8,432)
Pembiayaan Non utang Non Debt Financing Needs (2,500) (12,395) (20,799) (22,262) (26,898) *) APBN 2011 *) APBN 2011
Sumber Pembiayaan Financing Sources 195,529 248,257 248,243 292,029 386,124
Utang Debt 176,468 207,200 222,822 241,503 325,283
Penerbitan SBN, Bruto Government Securities Issuance, Gross 126,249 148,538 167,634 207,136 270,419
Penerbitan SBN Domestik Domestic 86,932 101,736 142,593 176,659 -
Penerbitan SBN Valas Foreign 39,317 46,802 25,041 30,477 -
Penarikan Pinjaman LN Foreign Loan Disbursements 50,219 58,662 54,795 33,747 53,731
Pinjaman Program Program Loans 30,100 28,938 28,975 15,266 15,604
Pinjaman Proyek Pemerintah Pusat Project Loans to Central Government 14,929 23,544 17,091 14,257 29,695
Pinjaman Proyek untuk Penerusan Pinjaman Project Loans On Lending 5,189 6,181 8,729 4,224 8,432
Penarikan Pinjaman DN Domestic Loan Disbursements - - 394 619 1,132
Non Utang Non Debt 19,061 41,057 25,421 50,526 60,842
Kelebihan / (Kekurangan) Pembiayaan Financing Surplus (Deficit) 79,950 23,965 44,706 46,609 0
Net Cash Flow Pembiayaan Net Financing Cash Flows 84,072 112,583 91,552 130,949 190,105
Utang Neto Net Debt 67,510 83,921 86,929 102,685 156,162
Surat Berharga Negara Government Securities 85,916 99,471 91,102 119,864 159,597
Pinjaman Luar Negeri Foreign Loans (18,406) (15,550) (4,566) (17,799) (4,426)
Pinjaman Dalam Negeri Domestic Loans - - 394 619 991
Non Utang Neto Net Non Debt 16,561 28,662 4,622 28,264 33,943
57
86
99
91 1
20
160
(2
7)
(1
8)
(1
2)
(4
)
(1
7) (
3)
9 1
7
29
5
28
34
(50)
(4)
(89)
(47)
(84)
(190)
-1.3
-0.1
-1.6
-0.7 -1.1
-2.2
(5)
(4)
(3)
(2)
(1)
-
1
2
3
4
(200)
(180)
(160)
(140)
(120)
(100)
(80)
(60)
(40)
(20)
-
20
40
60
80
100
120
140
160
2007 2008 2009 2010 2011 2012*
[ % thd. PDB/ % to GDP ] [ triliun Rupiah/ in trillion IDR ]
SBN (neto)Securities (netto)
Pinjaman DN & LN (neto)Domestic & Foreign Loan (netto)
Non-Utang (neto)Non Debt (netto)
Surplus (Defisit) APBNBudget Surplus (Deficit)
Rasio Defisit APBN thd. PDB (RHS)Budget Deficit to GDP ratio (RHS)
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Sumber: Kementerian Keuangan/ Source: Ministry of Finance
Sejak tahun 2005 SBN menjadi instrumen utama pembiayaan APBN/
Since 2005, government securities have been played role as primary instrument of financing
Kenaikan SBN periode 2007-2012, antara lain untuk refinancing utang lama yang jatuh
tempo, dan refinancing dilakukan dengan utang baru yang mempunyai terms & conditions
yang lebih baik./
Refinancing strategy to achieve a better debt profile explains the surge of government
securities in 2007-2012
Kementerian Keuangan – Republik Indonesia
Catatan/ Notes:
2007-2011 angka LKPP/ Audited
* APBN-P 2012/ Budget 2012
Defisit dan Pembiayaan APBN
2007-2012
Fiscal Deficit and State
Budget Financing, 2007-2012
Kementerian Keuangan – Republik Indonesia
Defisit anggaran Indonesia relatif lebih rendah dibandingkan dengan defisit di negara lain.
Fiscal deficit in Indonesia is lower than other countries.
UU No 17/2003 ttg Keuangan Negara membatasi defisit nasional 3% dari PDB, dengan demikian tambahan utang untuk pembiayaan
defisit juga dibatasi.
Fiscal rule stated on Law Number 17/2003 has fixed upper limit of deficit in the level of 3% of GDP. In consequence, additional debt
to finance fiscal deficit is also limited Kementerian Keuangan – Republik Indonesia
Defisit Anggaran di berbagai
Negara 2007-2011
Deficit in Various Countries
2007-2011
2007 2008 2009 2010 2011 2012
DevelopedUS (2.7) (6.7) (13.0) (10.5) (9.6) (8.1)Japan (2.1) (4.1) (10.4) (9.4) (10.1) (10.0)
Euro AreaUK (2.7) (4.9) (10.4) (9.9) (8.7) (8.0)
Emerging MarketBrazil (2.7) (1.4) (3.1) (2.8) (2.6) (2.3)Mexico (1.2) (1.1) (4.7) (4.3) (3.4) (2.4)
Emerging AsiaChina 0.9 (0.4) (3.1) (2.3) (1.2) (1.3)
Indonesia (1.3) (0.1) (1.6) (0.7) (1.1) (2.2)
CEEMAHungary (5.1) (3.7) (4.5) (4.3) 4.0 (3.0)Poland (1.9) (3.7) (7.3) (7.8) (5.2) (3.2)Russia 6.8 4.9 (6.3) (3.5) 1.6 0.6
Sumber/ Source: International Monetary Fund, World Economic Outlook Database, April 2012 & Ministry of Finance
Keterangan - Notes:
- Nominal dalam % terhadap PDB/ in % of GDP
- Khusus untuk indonesia, tahun 2007-2010 menggunakan angka LKPP dan tahun 2011- 2012 menggunakan APBN-P/
Indonesia: for period 2007-2011 the numbers are audited and for 2012 the member is taken from Revised Budget
Kementerian Keuangan – Republik Indonesia
Catatan:
-data per/ as of August 31, 2012
* Penerbitan SBN Bruto dapat berubah sewaktu-waktu menyesuaikan kebutuhan pembiayaan dalam rangka pengelolaan portofolio SBN/
Securities issuance budget is tentative, depend on financing need in term of securities portfolio management.
[ triliun Rupiah/ in trillion IDR ]
Pagu dan Realisasi
Pembiayaan Utang 2012
Budget and Realization of
Debt Financing 2012
Instrumen Instruments Q 1 Q 2 July August Real. 2012 [ % ]
TOTAL TOTAL 325.28 104.93 74.97 17.49 13.99 211.37 65.0%
PINJAMAN LOANS 54.86 6.56 3.62 1.08 0.61 11.87 21.6%
Pinjaman Luar Negeri External Loan 53.73 6.44 3.45 1.00 0.60 11.50 21.4%
Pinjaman Program Program Loan 15.60 2.50 0.69 0.44 0.26 3.90 25.0%
Pinjaman Proyek Project Loan 38.13 3.94 2.76 0.56 0.35 7.60 19.9%
Pinjaman Dalam Negeri Domestic Loan 1.13 0.11 0.17 0.08 0.01 0.37 32.4%
SBN SECURITIES 270.42 * 98.37 71.35 16.41 13.38 199.51 73.8%
APBN-P/
Budget
2012
Kementerian Keuangan – Republik Indonesia
Realisasi Penerbitan
SBN 2012
Realization of Government
Securities Issuance 2012 (juta Rupiah) / (IDR million)
Uraian/Description Target
Nominal Realisasi/
Realization Nominal
(ao August 31, 2012)
% Realisasi/
Realization
SBN Netto (APBN-P 2012)/
Government Securities-net (Revised
Budget 2012)
159.596.700 126.995.516
79,57%
Kebutuhan Penerbitan 2012 (Gross) /
Issuance Need 270.419.408 199.507.805 73,78%
155.070.000
116.065.000
93.945.000
22.120.000
-
39.005.000
44.437.805
44.437.805
14.297.000
1.185.000
13.613.805
15.342.000
-
SUN / Government Debt Securities
SUN Domestik / Domestic GDS
- ON
- SPN
- ORI
SUN Valas / International Bonds
SBSN / Government Islamic Debt Securities
SBSN Domestik / Government Islamic Debt Securities
- IFR/PBS (- Islamic Fixed Rate Bond/Project
Based Sukuk (IFR/PBS))
- SPN-S
- SBSN Ritel
- SDHI
SBSN Valas / International Sukuk
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Penarikan Pinjaman
Program dan Proyek
Project & Program
Loans Drawing
Nominal% of APBN-
P/ Budget
TOTAL 34.07 50.22 58.66 55.19 33.36 54.86 11.87 21.6%
equivalent dlm miliar/ in billion US$ 3.62 4.59 6.24 5.51 3.68 6.10 1.24
19.61 30.10 28.94 28.97 15.27 15.60 3.90 25.0%
equivalent dlm miliar/ in billion US$ 2.08 2.75 3.08 3.22 1.68 1.75 0.41
a. World Bank 5.66 12.91 14.65 15.34 10.73 8.55 3.90 45.6%
b. A D B 8.47 9.17 5.06 6.39 3.62 5.40 - 0.0%
c. JEPANG/ JAPAN 3.77 4.87 6.07 4.59 0.87 1.80 - 0.0%
d. PERANCIS/ FRANCE - 2.20 2.79 2.73 - - - 0.0%
e. IDB 1.79 - - - - - - 0.0%
f. Lain-Lain/ Others - - - - - - - 0.0%
14.46 20.12 29.72 25.82 17.47 38.13 7.60 19.9%
equivalent dlm miliar/ in billion US$ 1.54 1.84 3.16 2.87 1.93 4.24 0.80
- - - 0.39 0.62 1.13 0.37 32.4%
equivalent dlm miliar/ in billion US$ - - - 0.04 0.07 0.13 0.04
Catatan/ Notes:
Nominal dalam triliun Rupiah/ in trillion IDR
LKPP/
Audited
2008
2012
APBN-P/
Budget
LKPP/
Audited
2009
Real. As of Aug 31, 2012LKPP/
Audited
2010
2011
3. Pinjaman Dalam Negeri/ Domestic Loan
2. Pinjaman Proyek/ Project Loan
JENIS PEMBIAYAAN/
TYPE OF FINANCING
LKPP/
Audited
2007
1. Pinjaman Program/ Program Loan
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Pinjaman Program
2007-2012
Program Loan
2007-2012 [ juta USD/ million USD ]
2007 2008 2009
Real RealAPBN/
BudgetReal
A. WORLD BANK 600 1,197 1,553 1,704 1,011 950 339
1 Public Financial Management (PFM)/ Indonesia
Institutions and Systems Reform (IISR) 300 -
2 BOS-KITA Refinancing 2 113 113
3 PNPM Refinancing Rural 4, Urban 3 249 184
4 Local Government Development Program - DAK
Reimbursements81 42
5 Domestic Connectivity 100 -
6 Financial Sector DPL 107 -
B. ASIAN DEVELOPMENT BANK 900 830 500 700 400 600 -
1 Capital Market Development Program (Financial
Market Dev and Integration Program) 300 -
2 Enhancing Inclusive Growth Through
Connectivity (EIGTC)300 -
C. JICA, JAPAN 400 500 600 505 100 200 -
1 DPL8 - Cofinancing with WB 200 -
TOTAL 1,900 2,727 2,953 3,209 1,511 1,750 339
2010 2011 2012
PEMBERI PINJAMAN/ LENDERS
Kementerian Keuangan – Republik Indonesia
Keterangan - Notes:
*) APBN-P 2012 - Budget
34.1
45.0 52.5 54.8
33.7
53.7
-57.9-63.4
-68.0-59.4
-51.5-58.2
-23.9-18.4 -15.5
-4.6
-17.8
-4.4
-90
-70
-50
-30
-10
10
30
50
70
2007 2008 2009 2010 2011 2012*
Penarikan Pinj. LN - External Loan Disb., gross Pembyrn. Pokok Pinj. LN - External Loan Princ. Repayment Pembiayaan Pinjaman LN - External Loan Financing (nett)
[ tr
iliu
n R
up
iah
/ in
trill
ion
ID
R]
[ triliun Rupiah/ in trillion IDR ]
2007 2008 2009 2010 2011 2012*
Penarikan Pinj. LN - External Loan Disb., gross 34.07 45.01 52.48 54.79 33.75 53.73
Pembyrn. Pokok Pinj. LN - External Loan Princ. Repayment (57.92) (63.44) (68.03) (59.36) (51.55) (58.16)
Pembiayaan Pinjaman LN - External Loan Financing (nett) (23.85) (18.42) (15.55) (4.57) (17.80) (4.43)
Pembiayaan Pinjaman LN
2007-2012
Ext. Loan Financing
2007-2012
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Penarikan Pinjaman 2012,
Pembiayaan Proyek
Loan Disbursement 2012,
Project Financing
Juta USD/
Million USD Miliar IDR/ Billion IDR
Juta USD/
Million USD
Miliar IDR/
Billion IDR USD IDR
JAPAN 400.88 3,700.79 9.2% 9.4%
I B R D 104.58 962.00 2.4% 2.5%
USA 24.00 221.48 0.6% 0.6%
KOREA 63.94 593.10 1.5% 1.5%
I D B 9.49 87.70 0.2% 0.2%
SPAIN 8.15 74.35 0.2% 0.2%
A D B 101.54 934.20 2.3% 2.4%
DENMARK 3.50 32.07 0.1% 0.1%
SINGAPORE 28.64 268.75 0.7% 0.7%
SOUTH AFRICA 1.97 17.73 0.0% 0.0%
I D A 10.02 92.82 0.2% 0.2%
I F A D 11.98 109.00 0.3% 0.3%
OTHERS 93.73 876.93 2.1% 2.2%
4,362.18 39,259.62 862.42 7,970.91 19.8% 20.3%
BUDGET * REAL. AS OF AUG 31, 2012 % To BUDGET 2012
CREDITORS
Kementerian Keuangan – Republik Indonesia
[ % dari Total Pagu Pinjaman Proyek + PDN di APBN/
% of Proj. Loan + Domestic Loan Budget ]
Penarikan Pinjaman 2012,
Pembiayaan Proyek
Loan Disbursement 2012,
Project Financing
9.4%
2.5%
0.6%
1.5%
0.2% 0.2%
2.4%
0.1%0.7%
0.0% 0.2% 0.3%
2.2%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
Penarikan/ Disbursement % thd Pagu APBN-P 2012/ % to Budget ( RHS )
[ milliar Rupiah/ billion IDR ]
Juta USD/
Million USD Miliar IDR/ Billion IDR
Juta USD/
Million USD
Miliar IDR/
Billion IDR USD IDR
4,362.18 39,259.62 862.42 7,970.91 19.8% 20.3%
BUDGET * REAL. AS OF AUG 31, 2012 % To BUDGET 2012
CREDITORS
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Bagian 3
Portofolio Utang
(Outstanding Utang, Profil Jatuh Tempo
Utang, Perkembangan SBN dan Pinjaman)
Chapter 3
Debt Portfolio
(Outstanding, Maturity Profile,
Change in Securities and Loans Positions)
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
* Termasuk semi commercial – Semi commercials included
** Beberapa termasuk semi concessional - Some semi commercials included
*** Seluruhnya termasuk commercial - Commercials Kementerian Keuangan – Republik Indonesia
Posisi Utang Pemerintah
2007-2012
Gov‟t. Debt Outstanding
2007-2012 2007 2008 2009 2010 2011
Nominal %
Total Utang Pemerintah Pusat (dlm. triliun IDR)/
Central Govt. Debt Total (in trillion IDR)1,389.41 1,636.74 1,590.66 1,676.85 1,803.49 1,957.20 100.0%
a. Pinjaman (dlm. triliun IDR)/ Loans (in trillion IDR) 586.36 730.25 611.20 612.45 615.83 630.21 32.2%
1). Pinjaman Luar Negeri/ External Loan 586.36 730.25 611.20 612.28 615.02 628.90
Bilateral *) 386.49 484.90 387.92 376.62 377.56 384.66 19.7%
Multilateral **) 179.47 222.69 202.37 207.95 211.86 219.79 11.2%
Komersial ***)/ Commercial ***) 19.62 21.69 20.24 27.14 25.10 24.00 1.2%
Suppliers ***) 0.77 0.97 0.66 0.57 0.50 0.45 0.0%
Lain-Lain ***)/ Others ***) - - - - - - 0.0%
2). Pinjaman Dalam Negeri/ Domestic Loan - - - 0.17 0.81 1.31
b. SBN (dlm. triliun IDR)/ Securities (in trillion IDR) 803.06 906.50 979.46 1,064.40 1,187.66 1,326.99 67.8%
Denominasi Valas/ Foreign Currency 65.93 122.64 143.15 161.97 195.63 246.74 12.6%
Denominasi Rupiah/ Local Currency 737.13 783.86 836.31 902.43 992.03 1,080.25 55.2%
Total Utang Pemerintah Pusat/ Central Govt. Debt Total
(equivalent dlm. miliar US$/ in billion US$)
147.51 149.47 169.22 186.50 198.89 204.73 100.0%
diantaranya:
SBN Denominasi Rupiah/ Local Currency Securities
(miliar US$/ in billion US$)78.26 71.58 88.97 100.37 109.40 113.00 55.2%
SBN Denominasi Valas/ Foreign Currency Securities
(miliar US$/ in billion US$)7.00 11.20 15.23 18.02 21.57 25.81 12.6%
Pinjaman Denominasi Rupiah/ Local Currency Loan
(miliar US$/ in billion US$)- - - 0.02 0.09 0.14 0.1%
Pinjaman Denominasi Valas/ Foreign Currency Loan
(miliar US$/ in billion US$)62.25 66.69 65.02 68.10 67.82 65.78 32.1%
Nilai Tukar Rupiah/ Exchange Rate (IDR to US$1) 9,419 10,950 9,400 8,991 9,068 9,560
August '12 +
Kementerian Keuangan – Republik Indonesia
Catatan:
+ Angka Sangat-Sangat Sementara – Provisional as of August 31, 2012 Kementerian Keuangan – Republik Indonesia
Posisi Utang Pemerintah
2007-2012
Gov‟t. Debt Outstanding
2007-2012
803 906 979 1,064
1,188 1,327
586
730 611612
616
630
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
2007 2008 2009 2010 2011 2012+
Pinjaman/ Loans SBN/ Securities
[ triliun rupiah/ in trillion IDR ]
[ dalam triliun Rupiah dan %/ in trillion IDR and % ]
Tahun/ Year
Pinjaman/ Loans 586 42% 730 45% 611 38% 612 37% 616 37% 630 32%
SBN/ Securities 803 58% 906 55% 979 62% 1,064 63% 1,188 63% 1,327 68%
Total Utang Pemerintah Pusat/
Central Govt. Debt Total1,389 100% 1,637 100% 1,591 100% 1,677 100% 1,803 100% 1,957 100%
2012+201020092007 20112008
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Profil Jatuh Tempo Utang
per 31 Agustus 2012
Debt Maturity Profile
as of August 31, 2012 3
7
78 8
8
72
60
58
73
69 8
3
76
91
38
33 4
4
22
47
28
3
29 31
47
8 5
21
10
34 4
2
8
9021
57
56
55
5144
4343
42
36
31
2621
18
15
12
10
9
8 8
8
64
2
1
11
1
2
-
20
40
60
80
100
120
140
160
20
12
20
13
20
14
20
15
20
16
20
17
20
18
20
19
20
20
20
21
20
22
20
23
20
24
20
25
20
26
20
27
20
28
20
29
20
30
20
31
20
32
20
33
20
34
20
35
20
36
20
37
20
38
20
39
20
40
-20
55
Pinjaman/ Loans SBN/ Securities
[triliun Rupiah/ in trillion IDR]
Tahun/ Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Pinjaman/ Loans 36% 42% 39% 43% 46% 43% 37% 38% 33% 32% 25% 40% 39% 29% 40%
SBN/ Securities 64% 58% 61% 57% 54% 57% 63% 62% 67% 68% 75% 60% 61% 71% 60%
Tahun/ Year 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039
Pinjaman/ Loans 21% 27% 73% 22% 21% 14% 46% 44% 8% 9% 2% 1% 6%
SBN/ Securities 79% 73% 27% 78% 79% 86% 54% 56% 92% 91% 98% 99% 94%
2040-2055
2%
98%
Kementerian Keuangan – Republik Indonesia
Posisi Surat Berharga Negara
2007-2012
Gov‟t. Securities Outstanding
2007-2012
SURAT BERHARGA NEGARA / GOVERNMENT SECURITIES Des '07 Des '08 Des-'09 Des-10 Des-11 31-Aug-12
A. Dapat Diperdagangkan / Tradable 543.680 648.335 724.898 803.191 919.236 1.049.794
1. Denominasi Rupiah / Rupiah Denominated 477.747 525.695 581.748 641.215 723.606 803.053
a. Surat Utang Negara (SUN) / Government Debt Securities (SUN) 477.747 520.995 570.215 615.498 684.618 741.845
1) Surat Perbendaharan Negara / T-Bill 4.169 10.012 24.700 29.795 29.900 27.770
2) Obligasi Negara Tanpa Kupon / Zero-coupon bond 10.500 11.491 8.686 2.512 2.512 2.512
3) Obligasi Negara Fixed Rate/ Fixed Rate bond +) 294.453 353.558 393.543 440.396 517.142 584.440
4) Obligasi Negara Variable Rate / Variable Rate bond 168.625 145.934 143.286 142.795 135.063 127.123
b. Surat Berharga Syariah Negara (SBSN) / Government Islamic Securities (SBSN) - 4.700 11.533 25.717 38.988 61.208
1) Surat Berharga Syariah Negara Fixed Rate / Fixed Rate Islamic bond ++) - 4.700 11.533 25.717 37.668 60.023
2) Surat Perbendaharaan Negara-Syariah / T-Bill Syariah 1.320 1.185
2. Denominasi Valuta Asing / Foreign Currency Denominated 65.933 122.640 143.150 161.976 195.630 246.741
a. SUN Valas (dalam juta US$) / Government bond (million US$) 7.000 11.200 14.200 16.200 18.700 22.950
b. SBSN Valas (dalam juta US$) / Islamic bond (million US$) - - 650 650 1.650 1.650
c. SUN Valas (dalam juta JPY) / Government bond (million JPY) - - 35.000 95.000 95.000 95.000
B. Tidak Dapat Diperdagangkan / Non Tradable 259.404 258.160 254.561 261.215 268.419 277.200
a. Surat Utang kepada Bank Indonesia / Promissory note to central bank 259.404 258.160 251.875 248.432 244.636 241.417
b. Surat Perbendaharaan Negara / T-Bill (Private Placement) - - - - - -
c. Surat Berharga Syariah Negara (SDHI) / Government Islamic Securities - - 2.686 12.783 23.783 35.783
TOTAL SURAT BERHARGA NEGARA (A +B) 803.084 906.495 979.459 1.064.406 1.187.655 1.326.994
Catatan / Notes:
- Nominal dalam miliar Rupiah, kecuali dinyatakan lain / Nominal on billion IDR
- +)
Termasuk ORI / Includes ORI
- ++)
Termasuk Sukuk Ritel / Includes Sukuk Ritel
- Asumsi Kurs / Exchange rate (IDR/US$1) 9.419 10.950 9.400 8.991 9.068 9.560
- Asumsi Kurs / Exchange rate (IDR/JPY1) 101,70 110,29 116,80 121,74
Kementerian Keuangan – Republik Indonesia
*)
Catatan - Notes:
*) tidak termasuk SBN Valas – Global Bonds excluded. Kementerian Keuangan – Republik Indonesia
Posisi Pinjaman
Berdasarkan Kreditur
Loans Outstanding
by Creditor Types [ triliun IDR/ in trillion IDR ]
Nmnl % Total
PINJAMAN LUAR NEGERI/
EXTERNAL LOAN586.36 730.25 611.20 612.28 615.02 628.90 99.8%
1. BILATERAL 292.18 389.93 313.41 321.18 321.50 327.44 52.0%
a. Jepang/ Japan 232.01 324.28 259.50 274.12 280.49 284.11 45.1%
b. Perancis/ France 24.24 27.86 25.56 24.39 20.70 23.59 3.7%
c. Jerman/ Germany 35.92 37.80 28.34 22.67 20.31 19.74 3.1%
2. MULTILATERAL 176.92 219.97 200.24 206.08 209.86 217.62 34.5%
a. ADB 95.86 118.99 102.32 100.24 97.92 97.10 15.4%
b. Bank Dunia/ World Bank 78.88 98.16 94.96 102.20 107.73 116.27 18.4%
c. IDB 2.19 2.81 2.96 3.64 4.22 4.25 0.7%
3. BILATERAL LAINNYA/
OTHER BILATERAL114.71 117.62 95.42 83.14 81.66 81.67 13.0%
4. MULTILATERAL LAINNYA/
OTHER MULTILATERAL2.55 2.73 2.13 1.88 2.00 2.17 0.3%
PINJAMAN DALAM NEGERI/
DOMESTIC LOAN0.00 0.00 0.00 0.17 0.81 1.31 0.2%
TOTAL*) 586.36 730.25 611.20 612.45 615.83 630.21 100.0%
2008Aug 31 - 2012
2007 2009 2010 2011NEGARA/ COUNTRIES
Kementerian Keuangan – Republik Indonesia
Pinjaman LN dari multilateral (WB, ADB) dan bilateral (Jepang) merupakan alternatif
sumber pembiayaan yang relatif murah & jangka panjang/
Multilateral (World Bank) and bilateral (Japan) external loan are long matured &
relatively cheap financing sources alternative Kementerian Keuangan – Republik Indonesia
Posisi Pinjaman
Berdasarkan Kreditur
Loans Outstanding
by Creditor Types
39.6%44.4% 42.5% 44.8% 45.5% 45.1%
16.3%16.3% 16.7% 16.4% 15.9% 15.4%
13.5%13.4% 15.5% 16.7% 17.5% 18.4%
19.6% 16.1% 15.6% 13.6% 13.4% 13.2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012*)
JEPANG/ JAPAN PERANCIS/ FRANCE
JERMAN/ GERMANY ADB
WORLD BANK IDB
BILATERAL LAINNYA/ OTHER BILATERAL MULTILATERAL LAINNYA/ OTHER MULTILATERAL
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
- Data per tanggal 31 Agustus 2012 – as of August 31, 2012
- Pengelompokan Sektor Ekonomi didasarkan pada standar yg digunakan oleh Bank Indonesia dan Badan Pusat Statistik –
Economic Sectors Classification by Bank Indonesia and National Statistics Agency
- Angka Sektor Keuangan didominasi oleh Pinjaman Program – Financial Sector is program loan dominated
Sumber: Kementerian Keuangan RI & Bank Indonesia/
Source : Ministry of Finance & Bank Indonesia
Posisi Pinjaman
Berdasarkan Sektor Ekonomi
Loans Outstanding
by Economic Sectors [ miliar IDR/ in billion IDR ]
2007 2008 2009 2010 2011 2012
Pertanian, Peternakan, Kehutanan & Perikanan/
Agriculture, Husbandry, Forestry & Fishing 15,454 17,683 16,773 18,130 17,658 18,117
Pertambangan & Penggalian/ Mining & Drilling 6,231 8,801 7,294 7,527 7,481 7,628
Industri Pengolahan/ Manufacturing 22,743 29,121 21,534 19,946 18,483 16,780
Listrik, Gas & Air Bersih/ Electricity, Gas & Water Works 57,992 74,873 51,442 52,308 52,839 53,239
Bangunan/ Housing & Building 94,651 122,039 115,160 115,726 115,607 117,657
Perdagangan, Hotel & Restoran/ Trading, Hotel &
Restaurant 8,997 10,510 7,717 6,990 6,223 6,163
Pengangkutan & Komunikasi/Transport & Communication27,290 29,814 22,257 20,015 20,952 20,319
Keuangan, Persewaan & Jasa Keuangan/ Financial,
Leasing and Financial Services 74,537 96,005 81,995 86,627 89,688 90,383
Jasa-jasa/ Services 129,325 167,009 145,353 150,966 160,109 169,334
Sektor Lain/ Other Sectors 149,135 174,391 141,673 134,212 126,795 130,588
TOTAL 586,356 730,246 611,198 612,446 615,834 630,208
15
,454
17,6
83
16
,77
3
18,1
30
17,
65
8
18,1
17
6,23
1
8,80
1
7,29
4
7,5
27
7,48
1
7,62
8
22,7
43
29
,121
21,5
34
19
,94
6
18,4
83
16,7
80 57
,99
2 74
,873
51,4
42
52,3
08
52,8
39
53
,23
9
94,6
51
122
,039
115,
160
11
5,7
26
11
5,6
07
117,
657
8,9
97
10
,51
0
7,7
17
6,9
90
6,2
23
6,16
3
27,2
90
29,8
14
22,2
57
20,0
15
20,9
52
20,3
19
74,5
37
96,0
05
81,9
95
86,6
27
89,6
88
90,3
83
12
9,3
25
167
,009
14
5,3
53
15
0,9
66
160
,109
169
,334
149,
135
141,
673
13
4,2
12
12
6,7
95
130,
588
-
50,000
100,000
150,000
2007 2008 2009 2010 2011 2012
Pertanian, Peternakan, Kehutanan & Perikanan/ Agriculture, Husbandry, Forestry & Fishing Pertambangan & Penggalian/ Mining & Drilling
Industri Pengolahan/ Manufacturing Listrik, Gas & Air Bersih/ Electricity, Gas & Water Works
Bangunan/ Housing & Building Perdagangan, Hotel & Restoran/ Trading, Hotel & Restaurant
Pengangkutan & Komunikasi/Transport & Communication Keuangan, Persewaan & Jasa Keuangan/ Financial, Leasing and Financial Services
Jasa-jasa/ Services Sektor Lain/ Other Sectors
[ miliar IDR/ in billion IDR ]
Kementerian Keuangan – Republik Indonesia
Sumber: Kementerian Keuangan RI & Bank Indonesia/
Source : Ministry of Finance & Bank Indonesia
Posisi Pinjaman
Berdasarkan Sektor Ekonomi
Loans Outstanding
by Economic Sectors
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
*) IDR dalam Triliun Rupiah – IDR Curr in trillion IDR, **) dalam Miliar – in billions, ***) per 31 Agustus 2012 – as of August 31,
2012 Kementerian Keuangan – Republik Indonesia
Posisi Utang Pemerintah
Beberapa Mata Uang Utama
Gov‟t. Debt Outstanding,
Main Currencies 2007 2008 2009 2010 2011 2012***
dalam mata uang asli/ in original currencies
IDR*) 737.13 783.86 836.31 902.60 992.84 1,081.6
USD**) 28.14 32.55 35.80 39.64 43.75 47.8
JPY**) 2,941.88 2,820.48 2,713.84 2,689.78 2,585.42 2,506.0
EUR**) 7.19 6.75 5.97 5.41 4.71 4.7
SDR**) 1.41 1.74 2.01 2.15 2.19 2.2
AUD**) 0.08 0.14 0.24 0.29 0.33 0.4
Mata Uang Lainnya/ Other Currencies
equivalent dlm triliun Rupiah/ in trillion IDR
IDR 737.1 783.9 836.3 902.6 992.8 1,081.6
USD 265.1 356.5 336.5 356.4 396.7 456.7
JPY 244.4 341.9 276.0 296.6 302.0 305.1
EUR 98.9 104.2 80.7 64.7 55.3 56.1
SDR 20.8 29.4 29.6 29.8 30.4 31.9
AUD 0.6 1.1 2.1 2.7 3.0 3.5
Mata Uang Lainnya/
Other Currencies22.5 19.9 29.5 24.1 23.2 22.5
Total 1,389.4 1,636.7 1,590.7 1,676.9 1,803.5 1,957.2
Kurs Tengah/ Mid Rate IDR to US$1 9,419.00 10,950.00 9,400.00 8,991.00 9,068.00 9,560.00
Kurs Tengah/ Mid Rate JPY to US$1 113.39 90.33 92.42 81.53 77.64 78.52
Kurs Tengah/ Mid Rate EUR to US$1 0.68 0.71 0.70 0.75 0.77 0.80
-------------------------- Berbagai Mata Uang --------------------------
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
*) dalam Miliar – in billions, **) per 31 Agustus 2012 – as of August 31, 2012
Posisi Utang Pemerintah
Mata Uang Lainnya
Gov‟t. Debt Outstanding,
Other Currencies 2007 2008 2009 2010 2011 2012**
dalam mata uang asli/ in original currencies
ACU*) 0.03 0.02 0.20 0.26 0.30 0.29
ADB*) 0.22 0.20 0.16 0.14 0.13 0.11
CAD*) 0.19 0.18 0.17 0.16 0.15 0.14
CHF*) 0.43 0.38 0.33 0.30 0.27 0.26
CNY*) 0.00 0.00 0.00 0.00 1.55 1.55
DKK*) 0.08 0.07 0.06 0.05 0.05 0.04
GBP*) 0.64 0.58 0.51 0.46 0.41 0.39
KRW*) 152.00 168.47 184.82 184.32 196.63 196.37
KWD*) 0.02 0.01 0.01 0.01 0.01 0.01
SAR*) 0.15 0.14 0.13 0.12 0.11 0.11
WBD*) 0.00 0.00 1.12 0.71 0.42 0.28
equivalent dlm triliun Rupiah/ in trillion IDR
ACU 0.40 0.38 2.90 3.57 4.22 4.25
ADB 2.03 2.19 1.50 1.30 1.16 1.07
CAD 1.81 1.60 1.49 1.41 1.31 1.38
CHF 3.57 3.94 3.02 2.83 2.62 2.56
CNY 0.00 0.00 0.00 0.00 2.23 2.34
DKK 0.16 0.15 0.10 0.08 0.07 0.07
GBP 12.04 9.15 7.69 6.36 5.77 5.87
KRW 1.53 1.46 1.49 1.47 1.54 1.66
KWD 0.57 0.59 0.43 0.37 0.20 0.32
SAR 0.37 0.41 0.32 0.28 0.26 0.27
WBD 0.00 0.00 10.56 6.39 3.78 2.70
TOTAL 22.5 19.9 29.5 24.1 23.2 22.5
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Posisi Utang Pemerintah
Berdasarkan Mata uang
Gov‟t. Debt Outstanding,
by Currencies
53%48%
53% 54% 55% 55%
19%22%
21% 21% 22% 23%
18% 21%17% 18% 17% 16%
7% 6% 5% 4% 3% 3%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012*)
IDR USD JPY EUR SDR AUD Others
19
.61
30
.10
28
.94
28
.97
15
.27
15
.60
14
.46
20
.12
29
.72
25
.82
17.4
7
38
.13
0.6
2
1.1
3
0%
10%
20%
30%
40%
50%
60%
70%
80%
-
5
10
15
20
25
30
35
40
2007* 2008* 2009* 2010* 2011* 2012**PINJ. PROGRAM/ PROG. LOAN PINJ. PROYEK/ PROJ. LOAN PINJ. DN/ DOM. LOAN
% PINJ. PROG./ PROG. LOAN (RHS) % PINJ. PROYEK/ PROJ. LOAN (RHS) % PINJ. DN/ DOM. LOAN (RHS)
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
*) Angka Realisasi LKPP - Audited
**) Angka APBN-P 2012 - Budget Kementerian Keuangan – Republik Indonesia
[ triliun Rupiah/ in trillion IDR ] [ % ]
[triliun Rupiah/ in trillion IDR]
JENIS PINJAMAN/ TYPE OF LOANS 2007* % 2008* % 2009* % 2010* % 2011* % 2012** %
PINJ. PROGRAM/ PROG. LOAN 19.61 58% 30.10 60% 28.94 49% 28.97 53% 15.27 46% 15.60 28%
PINJ. PROYEK/ PROJ. LOAN 14.46 42% 20.12 40% 29.72 51% 25.82 47% 17.47 52% 38.13 69%
PINJ. DN/ DOM. LOAN - 0% - 0% - 0% 0.39 1% 0.62 2% 1.13 2%
TOTAL 34.07 50.22 58.66 55.19 33.36 54.86
Proporsi Penarikan Pinjaman
Berdasarkan Jenis Pinjaman
Loans Drawing Proportion,
by Financing Type
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Bagian 4
Kinerja Pengelolaan Portofolio Utang
(Berbagai Rasio Utang dan perbandingan antar
negara, Pemanfaatan Pinjaman, Reprofiling
Struktur Jatuh Tempo SUN)
Chapter 4
Debt Portfolio Management Performance
(Debt Performance Measurement and
Comparison, Loan Disbursement, Government
Debt Securities Re-profiling)
[ triliun Rupiah/ in trillion IDR ]
2004 2005 2006 2007 2008 2009 2010 2011 2012*
637 620 559 586 730 611 612 616 612
662 693 743 803 906 979 1,064 1,188 1,347
1,300 1,313 1,302 1,389 1,637 1,591 1,677 1,803 1,960
Pinjaman/ Loans
SBN/ Securities
Total
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Sumber: Kementerian Keuangan dan BPS, diolah
Sources: Ministry of Finance and National Statistics Agency, processed
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
*) Angka sangat sangat sementara, berdasarkan asumsi APBN-P 2012 – Provisinal, based on Budget asumption
Perkembangan Rasio Utang
terhadap PDB
Central Government
Debt to GDP Ratio
56.6%
47.3%
39.0%35.1% 33.0%
28.3% 26.0% 24.4% 22.9%
0%
20%
40%
60%
80%
100%
120%
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
9,000
2004 2005 2006 2007 2008 2009 2010 2011 2012*
[ % ]
Outstanding Utang/ Debt Outs. PDB/ GDP Rasio Utang thd. PDB/ Debt to GDP Ratio (RHS)
[ triliun rupiah/ in trillion IDR ]
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Keterangan - Notes:
- Nominal dalam % terhadap PDB – Nominal in % to GDP
-Khusus untuk Indonesia, menggunakan data LKPP/Realisasi sementara
Indonesia data: taken from audited Government Financial Statements.
Tambahan utang di negara maju lebih besar dibandingkan di negara berkembang
Developed Countries‟s debt rise is greater than Developing Countries‟s
Rasio Utang terhadap PDB
Indonesia & berbagai Negara
Debt to GDP Ratio,
Indonesia & some Countries
2007 2008 2009 2010 2011
Argentina 56.1 48.6 48.6 45.1 41.4
Brazil 45.1 38.8 59.5 54.7 54.2
Germany 64.9 66.0 73.2 83.4 81.8
India 58.2 56.4 57.3 50.6 48.5
Indonesia 35.1 33.0 28.3 26.0 24.4
Italy 104.0 105.8 115.8 119.1 120.1
Japan 170.0 172.1 192.9 199.7 211.7
Turkey 38.9 40.0 46.3 43.0 39.9
United Kingdom 43.6 51.8 68.2 76.1 86.3
United States 60.8 37.5 53.5 62.9 67.7
Sumber - Source: Bloomberg dan Kementerian Keuangan - Bloomberg and Minis try of Finance
Kementerian Keuangan – Republik Indonesia
Indonesia lebih baik dibandingkan dengan ‘non investment grade peer group’ (Argentina dan Turki), bahkan dibandingkan dengan
USA, UK, Jepang, dan Italia.
Indonesia is better than „non investment grade peer group‟ countries (Argentina and Turkey), even than USA, UK, Japan, and Italy.
Sumber - Source: Bloomberg Kementerian Keuangan – Republik Indonesia
Rasio Utang terhadap PDB
Indonesia & berbagai Negara
Debt to GDP Ratio,
Indonesia & some Countries
0.0
50.0
100.0
150.0
200.0
250.0
2007 2008 2009 2010 2011
Argentina Indonesia Italy Japan Turkey United Kingdom United States
Kementerian Keuangan – Republik Indonesia
Jatuh Tempo SBN Tradable
31 Agustus 2012
MP of Tradable Securities
as of August 31, 2012
ZC : Zero Coupon bond PN : T’bills IFR : Islamic Fixed Rate Bond SNI : International Sukuk
IB : International Bond ORI : Retail Bond SR : Retail Sukuk SPN-S: Sharia T’bills
VR : Variable Rate Bond FR : Fixed Rate Bond RIJPY : Samurai Bond PBS: Project Based Sukuk
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 2031 2032 … 2035 2036 2037 2038 2041 2042
Total 33,64 70,04 71,39 64,47 52,21 48,56 61,82 56,83 69,90 59,78 75,28 24,13 18,01 28,02 19,61 44,25 25,44 25,68 27,10 42,80 - 15,30 4,11 26,62 34,81 13,55 33,51
PBS - - - - - - 4,16 - - - 1,02 - - - - 2,85 - - - - - - - 5,88 - - -
SPNS 1,19 - - - - - - - - - - - - - - - - - - - - - - - - - -
SNI - - 6,21 - - - 9,56 - - - - - - - - - - - - - - - - - - - -
SR - 8,03 7,34 13,61 - - - - - - - - - - - - - - - - - - - - - - -
IFR - 0,55 - 5,35 - 1,17 1,99 - 0,25 - - - - 1,55 - - - 2,18 - - - - 4,11 - - - -
RIJPY - - - - - - - 4,26 7,30 - - - - - - - - - - - - - - - - - -
ZC 1,25 1,26 - - - - - - - - - - - - - - - - - - - - - - - - -
FR 14,49 34,30 15,43 19,35 25,94 24,71 10,03 10,74 17,90 35,88 55,14 24,13 18,01 26,47 19,61 41,40 25,44 23,50 27,10 42,80 - - - 6,40 15,69 13,55 12,00
SPN 12,35 15,42 - - - - - - - - - - - - - - - - - - - - - - - - -
IB - - 21,99 9,56 8,60 9,56 18,16 19,12 19,12 23,90 19,12 - - - - - - - - - - 15,30 - 14,34 19,12 - 21,51
ORI - 10,48 11,00 - - - - - - - - - - - - - - - - - - - - - - - -
VR 4,37 - 9,41 16,60 17,67 13,12 17,92 22,72 25,32 - - - - - - - - - - - - - - - - - -
-5
5
15
25
35
45
55
65
75
85
95
tril
lio
n r
up
iah
/ ID
R tri
llio
n
Kementerian Keuangan – Republik Indonesia
Buyback : program pengelolaan utang yang bertujuan untuk stabilisasi pasar, pengelolaan portofolio utang dan mengurangi outstanding utang yang diterbitkan
dengan kupon tinggi - debt management program which objectives are stabilizing the market, managing portfolio of debt and reducing Government
Debt Securities outstanding which issued with high coupon
Debt Switching : program pengelolaan utang yang bertujuan untuk mengurangi refinancing risk - debt management program to reduce refinancing risk
Program Debt Switch
dan Buyback SBN
Debt Switching
and Buyback
TahunFrekuensi
Lelang
Jumlah Seri Yang
Hendak Ditukar
Tenor Seri Yang Hendak
Ditukar
Tenor Seri
Penukar
Vol. Yang
Diterima
(milliar
Rupiah)
YearAuction
FrequencySource Bonds Tenor of Source Bonds Destination Bonds
Volume of Bid
Accepted
(billion IDR)
2005 1 x 9 seri < 1 tahun s.d. 4 tahun 15 tahun 5.673
2006 12 x 7 s.d. 21 seri < 1 tahun s.d. 5 tahun 5 s.d. 19 tahun 31.179
2007 9 x 12 s.d. 21 seri < 1 tahun s.d. 6 tahun 11 s.d. 20 tahun 15.782
2008 2 x 21 s.d. 31 seri < 1 tahun s.d. 4 tahun 14 s.d. 15 tahun 4.571
2009 6 x 24 s.d. 28 seri < 1 tahun s.d. 5 tahun 12 s.d. 15 tahun 2.938
2010 6 x 11 s.d. 28 seri < 1 tahun s.d. 8 tahun 10 s.d. 21 tahun 3.920
2011 4 x 22 s.d. 27 seri < 1 tahun s.d. 4 tahun 15 tahun 664
2012 2x 18 s.d 20 seri < 1 tahun s.d. 5 tahun 10 s.d. 15 year July-28
Total 75.160
Tahun
Frekuensi
(Lelang dan
Transaksi
Langsung)
Jumlah Seri Yang
Dibeli Kembali
Dalam Setiap
Transaksi
Tenor Seri Yang Dibeli
Kembali
Vol. Dibeli
Kembali
(milliar Rupiah)
YearAuction
FrequencySeries to be Buyback
Tenor of Series to be
Buyback
Volume of Buyback
Accepted (billion
IDR)
2003 2 x 4 s.d. 7 seri 1 tahun s.d. 3 tahun 8.127
2004 1 x 5 seri 3 tahun s.d. 5 tahun 1.962
2005 4 x 2 s.d. 8 seri < 1 tahun s.d. 4 tahun 5.158
2007 2 x 11 s.d. 13 seri <1 tahun s.d. 5 tahun 2.859
2008 3 x 4 s.d. 8 seri < 1 tahun s.d. 19 tahun 2.375
2009 2 x 4 seri < 1 tahun 8.528
2010 13 x 1 s.d. 11 seri < 1 tahun s.d. 4 tahun 3.201
2011 10 x 1 s.d. 8 seri < 1 tahun s.d. 20 tahun 3.500
2012 3x 1 seri < 1 tahun s.d. 4 tahun 629
Total 36.339
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Keterangan - Notes:
*) TFCA Kontribusi dari GoI sebesar USD 20 juta – GoI contribution is USD 20 millions
Kontribusi dari NGO Conservation Int'l Foundation & Kehati sebesar USD 2 juta – Contribution from NGO Conservation Int'l Foundation & Kehati is USD 2 millions
Jumlah yang akan dicancel dikemudian hari sebesar USD 29,921,500 – Future cancellation is USD 29,921,500 (principal + interest)
Pengurangan Utang melalui
Skema Debt Swap
Debt Reduction through Debt
Swap Scheme
Nama/ Title
1 2 3
Debt Swap I Elementary Education EUR 12.8 EUR 25.6 EUR 25.6
Debt Swap II Junior Secondary Education EUR 11.5 EUR 23.0 EUR 23.0
Debt Swap IIIa Financial Assistance for Environmental Investements
for Micro and Small Enterprises Project
EUR 6.3 EUR 12.5 EUR 3.2
Debt Swap IIIb Strengthening the Development of National Parks in
Fragile Ecosystems
EUR 6.3 EUR 12.5 EUR 0.0
Debt Swap IV School Reconstruction and Rehabilitation in
Earthquake Area in Yogyakarta and Central Java
EUR 10.0 EUR 20.0 EUR 20.0
Debt Swap V Global Fund to Fight AIDS, Tubercolosis and Malaria
(GFATM)
EUR 25.0 EUR 50.0 EUR 40.0
Debt Swap VII Indonesian - German Scholarship Program EUR 9.4 EUR 18.8 EUR 0.0
EUR 5.7 EUR 5.7 EUR 5.7
USD 24.2 USD 24.2 USD 24.2
USA Debt Development Swap Tropical Forest Conservation Act/TFCA USD 20.0 USD 29.9 USD 12.9 *)
Debt Development Swap Tropical Forest Conservation Act/TFCA II USD 23.8 USD 29.5 USD 4.8
Australia Debt Swap Debt2Health AUD 37.5 AUD 75.0 AUD 11.4
EUR 87.0 EUR 168.0 EUR 117.5
USD 68.0 USD 83.6 USD 41.9
AUD 37.5 AUD 75.0 AUD 11.4
213.9 368.1 199.6
Negara/
CountryDebt Swap
Proyek/ Project Pembatalan/ Cancelation
Jumlah/ AmountKomitmen/
Commitment
Realisasi/
Realization
TOTAL
TOTAL Equivalent juta USD/ in million USD
4 5 6
Germany
Italy Debt Swap I Housing and Setlement
Kesepakatan Bersama Antara Pemerintah dan
Bank Indonesia tanggal 1 Agustus 2003
Mengenai Penyelesaian BLBI Serta Hubungan
Keuangan Pemerintah dan Bank Indonesia
Jumlah BLBI yang disepakati sebesar
Rp144.536.094.294.530 SU-001 sebesar Rp80.000.000.000.000
SU-003 sebesar Rp64.536.094.294.530
Kedua seri tersebut diganti dengan SU
baru, seri SRBI-01/MK/2003 sebesar
Rp144.536.094.294.530, efektif per 1
Agustus 2003.
Pelunasan dengan skema burden sharing: Jika rasio modal terhadap kewajiban moneter BI
lebih dari 10%, maka surplus yang menjadi bagian
Pemerintah digunakan untuk membayar sisa pokok
SRBI-01
Jika rasio dimaksud di bawah 3%, maka Pemerintah
membayar charge sebesar kekurangan untuk
mencapai 3% tersebut.
Tingkat bunga SRBI-01/MK/2003: 0,1% per
tahun (fixed, semi annual)
Agreement between the Government and Bank Indonesia on August 1, 2003 on the settlement of liquidity support to banking industry (BLBI) and financial relationship between the Government and Bank Indonesia
Agreed BLBI amounting Rp 144.536.094.294.530 SU-001 Rp 80.000.000.000.000
SU-003 Rp 64.536.094.294.530
Both series reissued with new single series SRBI-01/MK/2003 Rp 144.536.094.294.530 starting 1st August 2003.
Repayment arranged under burden sharing scheme: In the case where BI‟s monetary liabilities are greater
than 10%, the Government will use its surplus accrued to repay remaining principal of SRBI-01
If it is lower than 3%, the Government shall pay a charge until BI‟s monetary liabilities filled up to that 3% figure.
Interest Rate of SRBI-01/MK/2003: 0,1% per annual (fixed, semi annual)
Kementerian Keuangan – Republik Indonesia
Restrukturisasi Surat Utang
kepada BI 2003
Securities Restructuring
2003
SU-002/MK/1998:
Terbit: 23 Oktober 1998;
Nominal: Rp20.000.000.000.000,-
Pokok diindeks terhadap inflasi setiap tahun.
Bunga 3% setahun yang dibayar setiap enam
bulan terhadap pokok setelah dilakukan
indeksasi.
Pokok diamortisasi setiap enam bulan mulai 1
Oktober 2003 dan berakhir 1 April 2018.
SU-004/MK/1999:
Terbit: 28 Mei 1999;
Nominal: Rp53.779.500.000.000,-
Pokok diindeks terhadap inflasi setiap tahun.
Bunga 3% setahun yang dibayar setiap enam
bulan terhadap pokok setelah dilakukan
indeksasi.
Pokok diamortisasi setiap enam bulan mulai 1
Juni 2004 dan berakhir 1 Desember 2018.
Tunggakan bunga dan indeksasi SU-002 & SU-004 Rp. 54.862.150.308.421:
Tunggakan bunga: Rp16.929.470.080.766
Indeksasi terhadap inflasi: Rp37.932.680.227.655
SU-002/MK/1998: Date of issuance: October 23, 1998;
Nominal: Rp20.000.000.000.000,-
Principal is indexed to inflation, on a yearly basis.
After indexation, of 3% interest payment as made on semi-annual basis calculated from principal.
Principal amortization is in semi-annual basis starting from 1st October 2003 to 1 April 2018.
SU-004/MK/1999: Date of issuance : May 28, 1999;
Nominal: Rp53.779.500.000.000,-
Principal is indexed to inflation, on a yearly basis.
After indexation, of 3% interest payment as made on semi-annual basis calculated from principal.
Principal amortization is in semi-annual basis starting from 1st June 2003 to 1st December 2018.
Interest arrear and indexation SU-002 & SU-004 IDR54.862.150.308.421: Interest arrear: Rp16.929.470.080.766
Indexed to inflation: Rp37.932.680.227.655
Kementerian Keuangan – Republik Indonesia
Sebelum Restrukturisasi Pre-restructuring
Restrukturisasi Surat Utang
kepada BI 2006 (1)
Securities Restructuring
2006 (1)
Kementerian Keuangan – Republik Indonesia
SU-002/MK/1998:
Nominal: Rp20.000.000.000.000,-
Bunga 1% setahun dibayar setiap enam
bulan.
Pokok diamortisasi setiap enam bulan mulai
1 April 2010 dan berakhir 1 April 2025
(tidak diindeks terhadap inflasi).
SU-004/MK/1999:
Nominal: Rp53.779.500.000.000,-
Bunga 3% setahun dibayar setiap enam
bulan.
Pokok diamortisasi setiap enam bulan mulai
1 Juni 2010 dan berakhir 1 Desember 2025
(tidak diindeks terhadap inflasi).
SU-007/MK/2007
Nominal: 54.862.150.308.421
Non tradable, bunga 0,1% per tahun
Pokok diangsur secara eksponensial secara
tunai atau dengan SUN tradable sampai
dengan 2025.
SU-002/MK/1998: Nominal: Rp20.000.000.000.000,-
1% interest will be repaid in semi-annual basis.
Principal was amortized semi-annually, starting from 1st April 2025 (no indexation to inflation applies).
SU-004/MK/1999: Nominal: Rp53.779.500.000.000,-
3% interest will be repaid in semi-annual basis.
Principal was amortized semi-annually, starting from 1st December 2025 (no indexation to inflation applied).
SU-007/MK/2007 Nominal: 54.862.150.308.421
Non tradable, 0.1% interest per annum
Principal was installed exponentially by a cash or tradable SUN until 2025.
Pasca Restrukturisasi Post-restructuring
Restrukturisasi Surat Utang
kepada BI 2006 (2)
Securities Restructuring
2006 (2)
Berdasarkan Laporan Panja Belanja Pemerintah
Pusat tanggal 16 – 28 Oktober 2008, Panja
menyepakati antara lain bahwa dalam tahun
2009 dilakukan restrukturisasi SU-002 dan SU-
004 dengan tingkat bunga sebesar Rp0,1% atau
dengan benchmark dan terms and condition
seperti SRBI-01.
Berdasarkan hasil pembahasan Kementerian
Keuangan dan BI disepakati bahwa tingkat
bunga SU-002 dan SU-004 diturunkan, dari
masing-masing 1% dan 3% menjadi masing-
masing 0,1% per tahun, efektif 1 Januari 2009.
• Amortisasi SU-007 telah dilakukan sejak 2007
• Amortisasi SU-002 dan SU-004 dimulai sejak tahun 2010
Based on Its report on Central Govt Expenditure dated October 16-28, 2008, Working Committee agreed among others that SU-002 and SU-004 will be restructured in 2009 with interest rate applied was 0.1% or with benchmark and terms condition of SRBI-01.
Ministry of Finance and BI agreed that interest rate of both SU-002 and SU-004 will be reduced to 0.1% from 1% and 3% respectively, starting on 1st January 2009 .
• Amortization of SU-007 was conducted since 2007
• Amortization of SU-002 and SU-004 will be conducted in 2010
Kementerian Keuangan – Republik Indonesia
SU dan SRBI Positionas of August 31, 2012
Restrukturisasi 2008
(SU-002 & SU-004)
Restructuring 2008
(SU-002 & SU-004)
Seri / Seri Terbit / Issued Jatuh Tempo / Maturity Nominal / Nominal
SU-002/MK/1998 October-98 April-25 18.438.222.281.149,00
SU-004/MK/1999 May-99 December-25 49.833.015.196.884,00
SRBI-01/MK/2003 August-03 August-33 126.390.778.837.033,00
SU-007/MK/2006 January-06 01-Aug-25 46.754.718.593.138,00
241.416.734.908.204,00 TOTAL
Kementerian Keuangan – Republik Indonesia
Keterangan - Notes:
- angka th 2008 s.d. th 2012 merupakan kumulatif sejak tanggal 1 Januari 2008.
nominal between 2008 until 2012 have been cumulatively calculated since January 1, 2008.
-Net commitment = jumlah pinjaman yang disepakati; disbursement = jumlah pinjaman yang dicairkan.
Net commitment = signed loans; disbursement = disbursed loans. Kementerian Keuangan – Republik Indonesia
Pemanfaatan Pinjaman
Loans Disbursement
Performance
[triliun Rupiah/ in trillion IDR]
Tahun/ YearCumulative 1967
to 20072008 2009 2010 2011 2012
Cumulative 1967
to 2012
Net Commitment 1,711.8 56.6 110.1 163.5 205.9 263.6 1,975.4
Disbursement 1,620.9 45.2 97.3 152.5 185.6 196.6 1,817.5
Undisbursed 90.9 11.4 12.8 11.0 20.3 67.0 157.9
0
50
100
150
200
250
300
Net Commitment Disbursement Undisbursed
[triliun IDR/ in trillion IDR]
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Catatan:
Pembayaran kewajiban Pinjaman LN = Pembyr. Bunga dan Pokok Pinj. LN
* Angka Proyeksi Sederhana, asumsi: 1) kewajiban PLN menggunakan
angka realisasi s.d. bulan berkenaan , 2) angka cadangan devisa adalah
nilai rata-rata awal tahun s.d. bulan berkenaan
Rasio Kewajiban Pinjaman
LN thd Cadangan Devisa
External Loan Services
to Reserves Ratio
Notes:
External Loan Services = Ext. Loan Principal + Ext. Loan Interest Payments
* provisional, based on assumption: 1) ext loan services nominal =
realizations as of end of period , 2) reserves nominal = averages of
reserves nominal from the beginning of year until the end of period.
18.0%
16.8%17.9%
9.0%
6.1%
3.8%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
2007 2008 2009 2010 2011 2012*
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Public Debt, 2011
(in % of GDP)
Public Debt, changes 2003-2011
(in % of GDP)
Sumber - Source: Bloomberg
Rasio Utang thd PDB Berbagai
Negara & Perubahannya
Debt to GDP Ratio, Some
Countries & The Changes
- 50.0 100.0 150.0 200.0 250.0
Japan
Italy
United Kingdom
Germany
Australia
United States
Poland
Brazil
Malaysia
Philippines
India
Colombia
Thailand
Turkey
South Africa
Indonesia
Chile
-100 -50 0 50 100
United Kingdom
Japan
Germany
Poland
Malaysia
Italy
Australia
United States
Brazil
South Africa
Thailand
Colombia
India
Philippines
Chile
Turkey
Indonesia
0
20000
40000
60000
80000
100000
120000
0
1000
2000
3000
4000
5000
6000
7000
39417 39783 40148 40513 40878
Brazil Poland Chile India Philippines Indonesia Japan (rhs)
2007 2008 2009 2010 2011
Kementerian Keuangan – Republik Indonesia Sumber - Source: Bloomberg
Kementerian Keuangan – Republik Indonesia
Utang per Kapita
di Berbagai Negara
Debt per Capita,
of Some Countries
• Nominal in USD • Nominal in USD
Utang per kapita Indonesia termasuk paling rendah dengan perubahan yang tidak signifikan dibandingkan
negara lain
Indonesian debt per capita is among the lowest and it is considered to fluctuate insignificantly
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Public Debt per Capita, 2011
(in US$)
Public Debt per Capita, changes 2003-2011
(in %)
Sumber - Source: Bloomberg
Utang per Kapita di Berbagai
Negara & Perubahannya
Debt per Capita, of Some
Countries & The Changes
0 40000 80000 120000
India
Indonesia
Philippines
Chile
Thailand
Colombia
South Africa
Turkey
Malaysia
Poland
Brazil
United States
United Kingdom
Japan
0 100 200 300 400 500
Indonesia
Turkey
Philippines
Thailand
South Africa
United States
Japan
Chile
India
Poland
Colombia
Malaysia
Brazil
United Kingdom
Kementerian Keuangan – Republik Indonesia
Sumber: Kementerian Keuangan – Source: Ministry of Finance
Indikator Risiko Utang
2007-2011
Debt Risk Indicators,
2007-2011
26.7
22.921.2 20.3
18.816.5
30.228.2 28.2
26.1 25.923.4
2007 2008 2009 2010 2011 Q2-2012
Interest Rate Risk
Variable rate ratio [%] Refixing rate [%]
16.5 17.213.4 12.1 10.9 11.0
46.952.1
47.4 46.2 45.1 44.8
2007 2008 2009 2010 2011 Q2-2012
Exchange Rate Risk
FX Debt to GDP ratio (%) FX Debt to total debt ratio (%)
10.4
10.0
9.7
9.59.3
9.7
2007 2008 2009 2010 2011 Q2-2012
Average Time To Maturity (ATM)-Years
Average Time to Maturity (in percentage)
6.8 6.4 7.6 7.1 8.2 8.0
19.4 18.6 20.3 20.822.7 22.0
30.6 31.133.2 34.2 34.6 33.5
2007 2008 2009 2010 2011 Q2-2012
Debt Maturing in 1, 3 and 5 Years
Maturity debt portion < 1 year (%) Maturity debt portion < 3 year (%)
Maturity debt portion < 5 year (%)
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Bagian 5
Biaya-biaya berbagai instrumen utang
(Realisasi Pembayaran Utang, Rasio Biaya
Utang, Yield Curve, Biaya Pinjaman Luar
Negeri)
Chapter 5
Costs of Borrowing
(Debt Services, Cost of Fund, Yield Curve,
External Debt’s Cost)
Kementerian Keuangan – Republik Indonesia
Realisasi Pembayaran Utang
Pemerintah TA 2012
Debt Services Realizations,
FY 2012 [ miliar Rupiah/ in billion IDR ]
Q I Q II Juli Agustus Total
I. POKOK I. PRINCIPALS 197,104 50,078 34,187 10,978 18,874 114,117 57.90%
A. PINJAMAN A. LOANS 49,866 8,484 16,778 3,004 2,642 30,908 61.98%
a. Pinjaman Dalam Negeri a. Domestic Loan 141 - 71 - - 71 0.00%
b. Pinjaman Luar Negeri b. External Loan 49,725 8,484 16,708 3,004 2,642 30,837 62.02%
B. SURAT BERHARGA NEGARA B. GOVERNMENT SECURITIES 147,238 41,594 17,409 7,974 16,232 83,209 56.51%
1. SBN Rupiah 1. Rupiah Denominated Securities 141,238 41,594 17,409 7,974 16,232 83,209 58.91%
a. SUN a. Securities 124,570 31,770 16,989 7,930 16,143 72,832 58.47%
b. SBSN b. Islamic Securities 16,668 9,824 420 44 89 10,377 62.26%
2. SBN Valas 2. Foreign Curr. Denominated Securities 6,000 - - - - - 0.00%
a. SUN a. Securities 6,000 - - - - - 0.00%
b. SBSN b. Islamic Securities - - - - - - 0.00%- - - - - -
II. BUNGA I. INTERESTS 117,785 26,868 22,346 10,968 5,773 65,954 55.99%
A. PINJAMAN A. LOANS 16,151 2,072 4,913 830 676 8,491 52.58%
a. Pinjaman Dalam Negeri a. Domestic Loan 167 - 35 - - 35 20.69%
b. Pinjaman Luar Negeri b. External Loan 15,984 2,072 4,879 830 676 8,457 52.91%
B. SURAT BERHARGA NEGARA B. GOVERNMENT SECURITIES 101,634 24,796 17,432 10,137 5,097 57,462 56.54%
1. SBN Rupiah 1. Rupiah Denominated Securities 84,582 20,030 14,755 7,846 4,625 47,256 55.87%
a. SUN a. Securities 76,165 18,092 13,183 7,232 3,539 42,047 55.20%
b. SBSN b. Islamic Securities 8,418 1,937 1,572 613 1,086 5,209 61.88%
2. SBN Valas 2. Foreign Curr. Denominated Securities 17,052 4,766 2,677 2,292 472 10,207 59.86%
a. SUN a. Securities 15,818 4,766 2,229 2,291 472 9,759 61.69%
b. SBSN b. Islamic Securities 1,234 - 448 0 - 448 36.31%- - - - - -
III. TOTAL POKOK + BUNGA III. PRINCIPALS + INTEREST, TOTAL 314,890 76,945 56,533 21,945 24,647 180,070 57.19%
Pagu APBN-P/
Revised Budget
Realisasi Pembayaran/ Payments Realization % thd Pagu
APBN/
% to Budget
11
.3%
9.0
%
11
.0%
8.9
%
7.9
%
8.7
%
10
.5%
9.0
%
10
.0%
8.5
%
7.0
%
7.6
%
-1%
1%
3%
5%
7%
9%
11%
13%
15%
2007 2008 2009 2010 2011* 2012**
terhadap Penerimaan terhadap Belanja
Kementerian Keuangan – Republik Indonesia
Biaya utang yang semakin efisien
Kementerian Keuangan – Republik Indonesia
Keterangan - Notes:
Angka LKPP-Audited
* angka proyeksi berdasarkan APBN-P 2012 – provisional, based on Revised Budget assumption
[miliar Rupiah/ in billion IDR]
2007 2008 2009 2010 2011 2012*
Pendapatan dan Hibah - Revenues and Grants 706,108 981,609 848,763 995,272 1,210,600 1,358,205
Belanja - Expenditures 757,650 985,731 937,398 1,042,117 1,295,000 1,548,310
Pembayaran Bunga Utang - Interest Payments 79,806 88,430 93,782 88,383 93,200 117,785
Rasio Bunga Utang thd
Pendapatan dan Belanja
Interest Paymts. to Revenues
and Expenditures Ratio
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
Angka Realisasi LKPP – Audited
*) Angka sangat sementara, menggunakan angka proyeksi akhir tahun 2012.
Provisional, based on end of year 2012 adjusted projection
Pembayaran Bunga Utang
terhadap Total Utang
Interest Payments
to Debt Total
[triliun Rupiah/ in trillion IDR]
2007 2008 2009 2010 2011 2012*
Total Utang/ Debt 1,389.41 1,636.74 1,590.66 1,676.85 1,803.49 1,989.92
Pemby. Bunga/ Interest Paymt. 79.81 88.34 93.78 88.38 93.20 111.87
5.9% 5.8% 5.8% 5.4% 5.4% 5.6%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
-
500
1,000
1,500
2,000
2,500
2007 2008 2009 2010 2011 2012*
Total Utang/ Debt Pemby. Bunga/ Interest Paymt. Rasio/ Ratio (RHS)
[triliun Rupiah/ in trillion IDR] [ Persentase/ Percentage ]
Kementerian Keuangan – Republik Indonesia
Catatan - Notes:
Angka Realisasi LKPP – Audited
*) Angka sangat sangat sementara, menggunakan asumsi APBN-P 2012 – provisional, based on Revised Budget assumption.
[ triliun Rupiah/ in trillion IDR ]
Nml % Nml % Nml % Nml % Nml % Nml %
79.80 100.00 88.60 100.00 93.78 100.00 88.38 100.00 93.20 100.00 117.79 100.00
a. Pembayaran Bunga Utang DN/
Domestic Debt Interest Payment
54.10 67.79 59.90 67.61 63.76 67.98 61.4 69.47 79.60 85.41 84.75 71.95
b. Pembayaran Bunga Utang LN/
External Debt Interest Payment
25.70 32.21 28.70 32.39 30.03 32.02 27.0 30.53 13.60 14.59 33.04 28.05
2012*
Pembayaran Bunga Utang/
Debt Interest Payment
2010200920082007 2011
Realisasi Pembayaran
Bunga Utang
Interest Payments
Realization
32% 32% 32% 30%15%
28%
68% 68% 68% 70%85%
72%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2007 2008 2009 2010 2011 2012*
Pembayaran Bunga Utang DN/ Domestic Debt Interest Payment Pembayaran Bunga Utang LN/ External Debt Interest Payment
Kementerian Keuangan – Republik Indonesia
Loan Maturity 24.5 years 15-18 years 15-20 years 15-25 years
Grace Period 9 years 3 years 3-5 years 3-5 years
Repayment Period 15.5 years 12 years 11-15 years 12-20 years
Commitment Charge - - - 0.15%
Front End Fee 0.25% - - -
Service Charge - - - -
Interest Rate/ LIBOR + 0,40%
Mark-up ***) *)
LIBOR + 0.48% (Variable
Spread) 0.2% - 1.4%
ALM ≤ 13 tahun = Nil **)
13 tahun< ALM ≤ 16
tahun = 0.10 % p.a
**)
ALM > 16 tahun = 0.20%
p.a
**)
LIBOR + 1.0% (Fixed Spread)
IFAD Reference Rate
(Semester I tahun 2012= 1.39%)
LIBOR (swap) + 1.25%
Maturity Premium
Description
Multilateral
IBRD-WB IFAD IDB ADB-OCR
*) Untuk Nego yang dilaksanakan pada dan/atau setelah 1 Juli 2011 - for negotiations held on and / or after July 1, 2011
**) Untuk nego yang dilaksanakan pada atau setelah 1 April 2012 - for negotiations held on and / or after April1, 2012
ALM = Average Loan Maturity
Biaya Pinjaman dari
Kreditur Multilateral
Terms and Conditions of
Loan from Multilateral
Kementerian Keuangan – Republik Indonesia
Standard Option1 Option2 Standard Option1 Option2 Option3 Standard Option
Loan Maturity 32 years 26 years 20 years 50 years 40 years 26 years 20 years 50 years 40 years
Grace Period 7 years 6 years 5 years 10 years 10 years 6 years 5 years 10 years 10 years
Repayment Period 25 years 20 years 15 years 40 years 30 years 20 years 15 years 40 years 30 years
Commitment Charge
Front End Fee - - - - - - - - -
Service Charge - - - - - - - - -
Interest Rate
(for non consultant services)
Interest Rate
(for consultant services) 0,01%
Maturity Premium
0,1%
1,40% 0,95% 0,80% 0,65% 0,55% 0,50% 0,40% 0,20% 0,10%
Description
Bilateral
Jepang/ Japan (JICA)
General terms Prefential terms STEP
Biaya Pinjaman dari
Kreditur Bilateral (Jepang)
Terms and Conditions of
Loan from Bilateral (Japan)
4
6
8
10
12
1Y2Y3Y4Y5Y6Y7Y8Y9Y10Y 15Y 20Y 30Y
31 Agust '12 Des '11 Des '10 Des '09 Des '08
Tenor 31-Agust-12 Des '11 Des '10 Des '09 Des '08
1Y 5,04 4,35 5,36 6,72 10,36
2Y 5,45 4,92 5,82 7,61 11,22
3Y 5,55 5,22 6,27 8,23 11,45
4Y 5,66 5,24 6,34 8,75 11,67
5Y 5,65 5,35 6,78 8,80 11,70
6Y 5,94 5,45 6,96 9,06 11,77
7Y 5,95 5,83 7,16 9,24 11,82
10Y 6,23 5,96 7,57 10,04 11,86
15Y 6,56 6,56 8,78 10,64 11,92
20Y 6,96 7,02 9,24 10,72 11,91
30Y 6,79 7,26 9,68 10,97 12,17
Penurunan cost of fund SBN Rupiah (bagi Pemerintah) secara signifikan menunjukkan kepercayaan pasar yang meningkat
terhadap pengelolaan fiskal yang kredibel dan pengelolaan utang yang prudent.
Declining cost of fund of Domestic Government Securities reflects increasing market confidence as a response of prudent
fiscal policy and debt management. Kementerian Keuangan – Republik Indonesia
[ % ]
Kurva Imbal Hasil
SBN Rupiah
Domestic Government Debt
Securities Yield Curve
42 Kementerian Keuangan – Republik Indonesia
[ % ]
Kurva Imbal Hasil
SBN Valas
Indonesian Global Bond
Yield Curve
0
2
4
6
8
10
12
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
31-Dec-08
31-Dec-09
31-Dec-10
30-Dec-11
31-Aug-12
31-Dec-08 31-Dec-09 31-Dec-10 30-Dec-11 31-Aug-12
2 Y 2,707 1,536
3 Y 2,991 2,112
4 Y 2,55 3,079
5 Y 8,642 4,188 3,169 3,374 2,403
6 Y 9,057 4,387 3,608 3,515 2,626
7 Y 9,925 4,886 3,931 3,899 2,875
8 Y 5,107 4,146 3,955 3,115
9 Y 9,385 5,255 4,468 3,179
20 Y 4,685
25 Y 9,662 6,731 5,954 5,044 4,66
30 Y 9,321 6,806 6,065 5,201 4,544
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Bagian 6
Kinerja Pasar Sekunder SBN
(Aktifitas Perdagangan, Kepemilikan SBN oleh
Investor)
Chapter 6
Performance of Secondary Market
for Govt. Securities
(Trading Volume, Govt. Securities’s
Ownership Structure)
0
100
200
300
400
500
600
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
11.0
12.0
J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A
2007 2008 2009 2010 2011 2012
[ Frekuensi] / [Frequency][ Triliun Rupiah] / [IDR Trillion]
Volume Rata-Rata Volume per Tahun (Average Daily Volume per Year) Frekuensi (Frequency) - RHS
Kementerian Keuangan – Republik Indonesia
Trend volume dan frekuensi perdagangan
rata-rata harian SUN menunjukkan
likuiditas pasar yang semakin baik.
Positive trend on average daily trading
activity shows increasing market liquidity
Perdagangan Rata-rata Harian
SBN Rupiah di Pasar Sekunder Average Daily Trading of
Domestic Gov‟t. Securities
-
5.00%
10.00%
15.00%
20.00%
25.00%
30.00%
35.00%
40.00%
45.00%
50.00%
0
100
200
300
400
500
600
700
800
900
Jan
'07
May'0
7
Sep
'07
Jan
'08
May'0
8
Sep
'08
Jan
'09
May'0
9
Sep
'09
Jan
'10
May'1
0
Sep
'10
Jan
'11
May'1
1
Sep
'11
Jan
'12
May'1
2
Rp Triliun / IDR trillion
NON-BANK BANK % Asing thd. Total - RHS
Kementerian Keuangan – Republik Indonesia
Catatan/ Notes:
Non-Bank termasuk Institusi Pemerintah/ Non-Bank including Government institution
Investor SBN semakin terdiversifikasi tercermin dari berkurangnya kepemilikan oleh
bank, dan meningkatnya kepemilikan oleh lembaga keuangan non-bank, investor
ritel dan asing.
More diversified investor base which demonstrated by increasing ownership from
non-bank, foreign and retail investor.
Trend peningkatan kepemilikan oleh asing menunjukkan peningkatan kepercayaan
pasar terhadap SBN
Increasing offshore ownership indicates better market confidence.
Posisi Kepemilikan SBN
Government Debt Securities
Ownership
45 Kementerian Keuangan – Republik Indonesia
Catatan:
• Nominal dalam triliun rupiah;
• Termasuk kepemilikan SBSN
• Asing terdiri dari Bank, Private Banking, Reksadana, dan Sekuritas Asing;
• Lain-lain terdiri dari Perusahaan, Perorangan, Yayasan, dll.
*) Sejak 8 Februari 2008, termasuk transaksi repo SUN kepada Bank Indonesia
Posisi Kepemilikan
SBN Domestik
Domestic Debt Government
Securities Ownership
Notes:
• Nominal in trillion IDR;
• Includes only tradable domestic Government Debt Securities;
• Including Islamic Government Debt Securities
• Foreign ownership of Bank, Private Bank, Mutual Funds, and Foreign Securities;
• Others include Corporates, Retail, Foundation, etc;
*) Since February 8, 2008, including repo transaction of Government Securities to Bank of Indonesia.
Des '07 Des'08 Des'09 Des'10 Des'11 Mar'12 31-Aug-12
BANK 268,65 258,75 254,36 217,27 265,03 293,16 290,61
Bank BUMN Rekap / State-owned Bank Recap 154,67 144,72 144,19 131,72 148,64 148,50 135,26
Bank Swasta Rekap / Private Bank recap 72,63 61,67 59,98 54,93 67,33 84,61 83,19
Bank Non Rekap / Non-recap Bank 35,37 45,17 42,40 26,26 42,84 52,24 59,42
BPD Rekap / BPD recap 5,97 6,50 6,02 1,41 4,32 4,55 8,12
Bank Syariah / Shariate Bank 0,69 1,77 2,95 1,90 3,26 4,61
Institusi
Pemerintah / Government Institution14,86 23,01 22,50 17,42 7,84 3,12 31,57
Bank Indonesia / Bank of Indonesia * 14,86 23,01 22,50 17,42 7,84 3,12 31,57
NON-BANK 194,24 243,93 304,89 406,53 450,75 464,30 480,88
Reksadana / Mutual Fund 26,33 33,11 45,22 51,16 47,22 46,95 47,22
Asuransi / Insurance 43,47 55,83 72,58 79,30 93,09 100,63 108,98
Asing / Foreign 78,16 87,61 108,00 195,76 222,86 224,72 233,15
Dana Pensiun / Pension Fund 25,50 32,98 37,50 36,75 34,39 33,93 34,59
Sekuritas / Securities 0,28 0,53 0,46 0,13 0,14 0,53 0,63
Lain-lain / Others 20,50 33,87 41,12 43,43 53,05 57,54 56,30
TOTAL 477,75 525,69 581,75 641,21 723,61 760,58 803,05
46 Kementerian Keuangan – Republik Indonesia
Posisi Kepemilikan
SBN Domestik ( dlm % )
Domestic Debt Government
Securities Ownership ( in % )
Catatan:
• Nominal dalam triliun rupiah;
• Termasuk kepemilikan SBSN
• Asing terdiri dari Bank, Private Banking, Reksadana, dan Sekuritas Asing;
• Lain-lain terdiri dari Perusahaan, Perorangan, Yayasan, dll.
*) Sejak 8 Februari 2008, termasuk transaksi repo SUN kepada Bank Indonesia
Notes:
• Nominal in trillion IDR;
• Includes only tradable domestic Government Debt Securities;
• Including Islamic Government Debt Securities
• Foreign ownership of Bank, Private Bank, Mutual Funds, and Foreign Securities;
• Others include Corporates, Retail, Foundation, etc;
*) Since February 8, 2008, including repo transaction of Government Securities to Bank of Indonesia.
Des '07 Des'08 Des'09 Des'10 Des'11 Mar'12 31-Aug-12
BANK 56,23% 49,22% 43,72% 33,88% 36,63% 38,54% 36,19%
Bank BUMN Rekap / State-owned Bank Recap 32,38% 27,53% 24,79% 20,54% 20,54% 19,52% 16,84%
Bank Swasta Rekap / Private Bank recap 15,20% 11,73% 10,31% 8,57% 9,30% 11,12% 10,36%
Bank Non Rekap / Non-recap Bank 7,40% 8,59% 7,29% 4,10% 5,92% 6,87% 7,40%
BPD Rekap / BPD recap 1,25% 1,24% 1,03% 0,22% 0,60% 0,60% 1,01%
Bank Syariah / Shariate Bank 0,13% 0,30% 0,46% 0,26% 0,43% 0,57%
Institusi
Pemerintah / Government Institution3,11% 4,38% 3,87% 2,72% 1,08% 0,41% 3,93%
Bank Indonesia / Bank of Indonesia * 3,11% 4,38% 3,87% 2,72% 1,08% 0,41% 3,93%
NON-BANK 40,66% 46,40% 52,41% 63,40% 62,29% 61,05% 59,88%
Reksadana / Mutual Fund 5,51% 6,30% 7,77% 7,98% 6,53% 6,17% 5,88%
Asuransi / Insurance 9,10% 10,62% 12,48% 12,37% 12,86% 13,23% 13,57%
Asing / Foreign 16,36% 16,66% 18,56% 30,53% 30,80% 29,55% 29,03%
Dana Pensiun / Pension Fund 5,34% 6,27% 6,45% 5,73% 4,75% 4,46% 4,31%
Sekuritas / Securities 0,06% 0,10% 0,08% 0,02% 0,02% 0,07% 0,08%
Lain-lain / Others 4,29% 6,44% 7,07% 6,77% 7,33% 7,57% 7,01%
Total 100% 100% 100% 100% 100% 100% 100%
Kementerian Keuangan – Republik Indonesia
Kepemilikan SBN oleh Asing
berdasarkan Tenor
Foreign Ownership of Dom.
Gov‟t. Securities by Tenor
December-10 December-11 January-12 February-12 March-12 April-12 May-12 June-12 July-12 31-Aug-12
Total 195.755 222.857 235.971 226.982 224.716 228.870 224.502 224.422 234.556 233.155
>5 131.232 140.762 145.759 143.858 143.770 143.067 142.470 150.943 157.951 164.624
>2-5 35.511 37.400 39.582 38.440 38.933 42.617 41.124 38.632 45.097 42.903
>1-2 9.077 18.252 19.606 18.787 14.039 14.317 15.596 11.026 10.561 6.264
0-1 19.935 26.443 31.024 25.897 27.973 28.868 25.311 23.821 20.946 19.363
0
50.000
100.000
150.000
200.000
250.000
[Rp miliar] / [IDR billion]
67,34%
4,50%
8.93%
19,23%
70,61%
2,69%
8,30%
18,40%
Long end Government Debt Securities
dominates foreign holding which reached
by 70,61% as of August 31, 2012
Mayoritas investor asing merupakan „long-term
investors‟, dimana kepemilikan mereka atas
SBN bertenor panjang (lebih dari 5 th)
mencapai 70,61% per 31 August 2012.
Kementerian Keuangan – Republik Indonesia
Spread terhadap UST- Mar 17 Spread over UST- Mar 17
0
200
400
600
800
30-Aug-11 30-Oct-11 30-Dec-11 29-Feb-12 30-Apr-12 30-Jun-12
MEX 17 BRAZ 17
PHIL 17 INDO 17
TURK 17
Yield
DATE MEX 17 BRAZ 17 PHIL 17 INDO 17 UST 17 TURK 17
Dec-11 2.46 2.34 2.89 3.34 0.90 4.79
Mar-12 2.13 1.87 2.73 2.94 1.04 4.19
Jun-12 1.80 1.83 2.34 3.07 0.71 3.66
Jul-12 1.55 1.53 2.01 2.44 0.54 3.10
24-Aug-12 1.54 1.52 1.97 2.49 0.64 2.77
27-Aug-12 1.54 1.49 1.97 2.49 0.62 2.75
28-Aug-12 1.53 1.44 1.97 2.49 0.62 2.74
29-Aug-12 1.58 1.49 1.96 2.48 0.62 2.69
30-Aug-12 1.54 1.44 1.95 2.48 0.59 2.63
Kementerian Keuangan – Republik Indonesia
Spread terhadap UST- Feb 22 Spread over UST- Feb 22
-
200
400
600
19-Mar-12 18-Apr-12 18-May-12 17-Jun-12 17-Jul-12 16-Aug-12
PHIL 21 BRAZ 21
INDO 22 MEX 22
TURK 22
Yield
Date PHIL 21 BRAZ 21 UST 22 INDO 22 MEX 22 TURK 22
Mar-12 3.43 3.14 2.21 3.49 5.27
Jun-12 2.96 2.80 1.61 3.79 3.02 4.59
Jul-12 2.57 2.22 1.42 3.17 2.67 3.89
24-Aug-12 2.63 2.38 1.61 3.28 2.64 3.77
27-Aug-12 2.63 2.40 1.57 3.28 2.72 3.77
28-Aug-12 2.64 2.33 1.55 3.31 2.76 3.76
29-Aug-12 2.63 2.36 1.57 3.29 2.58 3.74
30-Aug-12 2.60 2.32 1.54 3.31 2.68 3.69
Kementerian Keuangan – Republik Indonesia
Spread terhadap UST- Feb 42 Spread over UST- Feb 42
0
200
400
600
9-Feb-12 10-Mar-12 9-Apr-12 9-May-12 8-Jun-12 8-Jul-12 7-Aug-12
MEX 40 BRAZ 41
TURK 41 COLM 41
INDO 42
Yield
DATE MEX 40 BRAZ 41 TURK 41 COLM 41 INDO 42 UST 42
Mar-12 4.73 4.64 6.07 4.65 4.93 3.34
Jun-12 4.30 4.24 5.61 4.23 4.96 2.75
Jul-12 3.79 3.81 4.95 3.84 4.46 2.54
24-Aug-12 3.98 3.94 4.89 3.99 4.47 2.78
27-Aug-12 3.98 3.94 4.88 3.98 4.48 2.74
28-Aug-12 3.98 3.87 4.86 3.96 4.49 2.72
29-Aug-12 4.03 3.93 4.85 3.97 4.48 2.74
30-Aug-12 4.00 3.90 4.82 3.93 4.52 2.72
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Bagian 7
Rating, Opini BPK, Kesimpulan
Chapter 7
Rating, Supreme Audit Agency Opinion,
Conclusion
Faktor Penentu Perbaikan Rating
Ketahanan Perekonomian Indonesia dalam
menghadapi krisis global 2007-2008
Kestabilan politik dan perbaikan law
enforcement
Pengelolaan utang pemerintah yang prudent:
Penurunan rasio utang terhadap PDB
Ketepatan waktu pembayaran kewajiban utang
Meningkatnya kepercayaan investor/ kreditor
Sovereign Credit Rating (Fitch,
Moody‟s, S&P)
Peningkatan rating 1 notch berpotensi
menurunkan yield SBN valas baru sekitar 75-
115bps
Country Risk Classification (CRC)
Pengukuran risiko kredit suatu negara oleh
negara-negara anggota OECD
Rentang 0 (berisiko rendah) sampai dengan 7
(berisiko tinggi)
Penurunan 1 level CRC berpotensi menurunkan
biaya pinjaman luar negeri khususnya fasilitas
kredit ekspor baru sekitar 130-150bps
Rating Improvement Determinants
The Indonesian economy resilience in the face
of global crisis in 2007-2008
Political stability and law enforcement
improvement
Prudential government debt management:
Decrease of debt to GDP ratio
Timeliness of debt obligations payment
Increasing investors / lenders confidence
Sovereign Credit Rating (Fitch,
Moody‟s, S&P)
Improvement rating one notch down the
potential performance yield of new foreign
currency of government securities
approximately 75-115bps
Country Risk Classification (CRC)
Credit risk measurement of a country by OECD
member countries
Range 0-7 (high risk)
Decrease 1 level CRC potentially reduce the
cost of foreign loans, especially new export
credit facility of about 130-150bps
Kementerian Keuangan – Republik Indonesia
Rating Indonesia Indonesian Credit Rating
S&P Fitch Moody's R&I JCRA CRC
1999 CCC+ B- B3 B- - 6
2000 B- B- B3 B- - 6
2001 CCC B- B3 B- - 6
2002 CCC+ B B3 B- B 6
2003 B B+ B2 B- B 6
2004 B+ B+ B2 B- B+ 6
2005 B+ BB- B2 BB- B+ 5
2006 BB- BB- B1 BB- BB- 5
2007 BB- BB- Ba3 BB+ BB- 5
2008 BB- BB Ba3 BB+ BB- 5
2009 BB- BB Ba2 BB+ BB+ 5
2010 BB BB+ Ba2 BB+ BBB- 4
2011 BB+ BBB- Ba1 BB+ BBB- 4
2012 BB+ BBB- Baa3 BB+ BBB- 3
Year
Rating
OECD: Tanggal 30 Maret 2012
menaikkan peringkat CRC
Indonesia dari klasifikasi 4
menjadi klasifikasi 3
Moody’s: Tanggal 18 Januari 2012
menaikkan sovereign credit
rating Republik Indonesia dari
Ba1 menjadi Baa3 dengan outlook
stable
on March 30, 2012, OECD
upgraded CRC of Indonesia from
classification 4 to 3
on January 18, 2012, Moody's
upgraded Indonesia's Credit
Rating from Ba1 to Baa3
Perkembangan Rating Indonesia 1999 - 2012
Kementerian Keuangan – Republik Indonesia
Indonesia Rating Performance 1999 - 2012
Perkembangan
Credit Rating Indonesia (1)
Indonesia Credit Rating
Performance (1)
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
11.00
12.00
13.00
14.00
-
1
2
3
4
5
6
7
8
9
10
11
12
13
14
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Moody's (RHS) S&P's Fitch's S&P's Fitch's Moody's (RHS)
Ca
Caa2
B3
B1
Ba2
Baa3
Baa1
C
Caa3
Caa1
B2
Ba3
Ba1
Baa2
CCC-
CCC+
B
BB-
BB+
BBB
SD/DDD
R/C
CC
CCC
B-
B+
BB
BBB-
BBB+ Inve
stm
en
t g
rad
e
Moodys‟s menaikan rating ke Ba1
per 17 Januari 2011
S&P‟s menaikan rating ke BB+
per 8 April 2011
Fitch‟s menaikan rating ke BBB-
per 15 Desember 2011
Rekapitalisasi
Perbankan
Krisis
ekonomi
1998 Reprofiling VR & HB,
Asset-Bond Swap, &
penerbitan SUN
jk panjang
Lelang penerbitan
SUN secara reguler,
program Buyback
Lelang penerbitan
SUN secara reguler,
program Buyback, &
Debt Swtiching
Lelang penerbitan
SUN secara reguler,
program Buyback,
Debt Swtiching, &
diversivikasi
instrumen
Inve
stm
en
t g
rad
e
No
n I
nve
stm
en
t g
rad
e
S&P sempat
menurunkan
rating ke
Selective Default
namun direvisi
kembali 2 hari
kemudian
No
n In
ve
stm
en
t gra
de
Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia
Moodys‟s menaikan rating ke Baa3
per 18 Januari 2012
Perkembangan
Credit Rating Indonesia (2)
Indonesia Credit Rating
Performance (2)
Pada tanggal 30 Maret 2012, OECD menaikkan peringkat CRC (Country Risk Classification) Indonesia dari klasifikasi 4 menjadi klasifikasi 3. Saat ini Indonesia berada dalam kelompok yang sama dengan negara-negara seperti Thailand, Uruguay, Afrika Selatan, Rusia, India, Brasil dan Peru.
Tanggal 18 Januari 2012, Moody's Investors Services menaikkan sovereign credit rating Republik Indonesia dari Ba1 menjadi Baa3 dengan outlook stable. Adapun highlight dari Moody's antara lain sebagai berikut: "Some of the key drivers of the decision
are Moody's anticipation that government financial metrics will remain in line with Baa peers, the demonstrated resilience of Indonesia's economic growth to large external shocks, the presence of policy buffers and tools that address financial vulnerabilities and a healthier banking system capable of withstanding stress"
On March 30th 2012, OECD upgraded Indonesia's Country Risk Classification (CRC) from classification 4 to 3, along with Thailand, Uruguay, South Africa, Rusia, India, Brasil and Peru.
On January 18th 2012, Moody's Investors Services upgraded Indonesia's Sovereign Credit Rating from Ba1 to Baa3 with stable outlook. Highlights from Moody's are: "Some of the key drivers of the decision
are Moody's anticipation that government financial metrics will remain in line with Baa peers, the demonstrated resilience of Indonesia's economic growth to large external shocks, the presence of policy buffers and tools that address financial vulnerabilities and a healthier banking system capable of withstanding stress"
Kementerian Keuangan – Republik Indonesia
Performa Sovereign Rating
Indonesia (1)
Indonesia Sovereign Credit
Rating Performance (1)
Kementerian Keuangan – Republik Indonesia
Tanggal 15 Desember 2011, Fitch menaikkan peringkat kredit indonesia dari BB+ menjadi BBB- dengan outlook stable sehingga masuk kategori Investment Grade, adapun highlight dari Fitch’s antara lain sebagai berikut: "The upgrades reflect the country's strong
and resilient economic growth, low and declining public debt ratios, strengthened external liquidity and a prudent overall macro policy framework“
Tanggal 8 April 2011, S&P menaikan peringkat kredit Indonesia dari BB menjadi BB+ dengan outlook positive, adapun highlight dari S&P antara lain sebagai berikut: “The main factor supporting this decision is
continuing improvements in the government's balance sheet and external liquidity, against a backdrop of a resilient economic performance and cautious fiscal management
On December 15th 2011, Fitch upgraded Indonesia Credit Rating from BB+ to BBB- with stable outlook which placed Indonesia into Investment Grade. Highlights from Fitch are: The upgrades reflect the country's strong
and resilient economic growth, low and declining public debt ratios, strengthened external liquidity and a prudent overall macro policy framework“
On April 8th 2011, S&P upgraded Indonesia Credit Rating from BB to BB+ with positive outlook. Highlights from S&P are: “The main factor supporting this decision is
continuing improvements in the government's balance sheet and external liquidity, against a backdrop of a resilient economic performance and cautious fiscal management
Performa Sovereign Rating
Indonesia (2)
Indonesia Sovereign Credit
Rating Performance (2)
Tanggal 14 Oktober 2010, R & I merubah outlook Indonesia dari Stable menjadi Positive dengan peringkat BB+, adapun highlight dari R & I antara lain sebagai berikut: “The outlook revision and rating
affirmation reflects that Indonesia is considered successful in maintaining high growth despite the global financial turmoil. R&I believes an upgrade to the ‘investment grade’ or BBB rating category is possible once Indonesia is set to sustain balanced economic growth by boosting investment in infrastructure.”
Kementerian Keuangan – Republik Indonesia
Performa Sovereign Rating
Indonesia (3)
Indonesia Sovereign Credit
Rating Performance (3)
On October 14th 2010, R&I upgraded Indonesia’s outlook from Stable to Positive with rating BB+. Highlights from R&I are: “The outlook revision and rating
affirmation reflects that Indonesia is considered successful in maintaining high growth despite the global financial turmoil. R&I believes an upgrade to the ‘investment grade’ or BBB rating category is possible once Indonesia is set to sustain balanced economic growth by boosting investment in infrastructure.”
Kementerian Keuangan – Republik Indonesia
Tanggal 13 Juli 2010 JCRA menaikan peringkat kredit Indonesia hingga masuk kategori Investment Grade dari BB+ menjadi BBB-, adapun highlight dari JCRA antara lain sebagai berikut: “JCRA explained that the upgrade
reflects (i) enhanced political and social stability along with the progress in democratization and decentralization, (ii) sustainable economic growth outlook underpinned by solid domestic demand, (iii) alleviated public debt burden as a result of prudent fiscal management, (iv) reinforced resilience to external shocks stemming from the foreign reserves accumulation and an improved capacity for external debt management and (v) efforts made by the second Yudhoyono administration to outline the framework to deal with structural issues such as infrastructure development.”
Performa Sovereign Rating
Indonesia (4)
Indonesia Sovereign Credit
Rating Performance (4)
On July 13th 2010 JCRA upgraded Indonesia’s Credit Rating from BB+ to BBB- which placed Indonesia into Investment Grade. Highlights from JCRA are: “JCRA explained that the upgrade
reflects (i) enhanced political and social stability along with the progress in democratization and decentralization, (ii) sustainable economic growth outlook underpinned by solid domestic demand, (iii) alleviated public debt burden as a result of prudent fiscal management, (iv) reinforced resilience to external shocks stemming from the foreign reserves accumulation and an improved capacity for external debt management and (v) efforts made by the second Yudhoyono administration to outline the framework to deal with structural issues such as infrastructure development.”
Wajar Tanpa Pengecualian (WTP)
terhadap Laporan Keuangan
Bagian Anggaran terkait
Pengelolaan Utang (BA-999.01)
Akuntabilitas kinerja pengelolaan
utang membaik
Sistem Pengendalian Internal
(SPI)
Kepatuhan terhadap
peraturan dan ketentuan yang
berlaku
Indonesian Supreme Audit Agency
(BPK) gives Unqualified Opinion
to the Financial Report of all
accounts related to debt
management and administration
(BA-999.01)
Debt management‟s
accountability continues to
improve
Internal control system
Compliance to the existing
regulation
Kementerian Keuangan – Republik Indonesia
Opini BPK tentang
Laporan Keuangan
Supreme Audit Agency Opinion
on Gov‟t.‟s Financial Report
Utang Pemerintah diperlukan untuk membiayai defisit APBN, penyediaan arus kas jangka pendek, dan refinancing utang lama.
Meskipun utang nominal mengalami peningkatan, namun rasio terhadap PDB cenderung menurun dan saat ini telah mencapai batas yang aman
Pengelolaan utang pemerintah diarahkan untuk mendapatkan sumber pembiayaan dengan biaya dan risiko rendah, jangka panjang, dan tidak ada ikatan politik.
Pengelolaan fiskal & utang Indonesia relatif semakin baik:
Berbagai rasio utang dan rasio biaya
utang menunjukkan trend yang
membaik dan bahkan dibandingkan
rasio-rasio yang sama di negara lain,
termasuk negara maju
Fiscal deficit requires financing. Debt has long been recognized as the best policy tool to support liquidity and to refinance matured debt
Debt outstanding accounts growth in nominal term but debt as a share of GDP keeps to record a significant decrease and, as our fiscal rule mandates, it is still in a healthy level
Ultimate goal of debt management is to acquire fund with low cost & risk, with long term maturity, untied to any political agenda
Continuing to achieve sound fiscal policy and debt management:
Looking at another developing and even advanced countries‟ performance, debt indicator of Indonesia stays better and is continuing to be so
Kementerian Keuangan – Republik Indonesia
Kesimpulan (1) Conclusion (1)
Kementerian Keuangan – Republik Indonesia
Kegiatan pengelolaan didasarkan pada
ketentuan perundang-undangan yang
menjamin transparasi dan
akuntabilitas publik
LKPP 2008, LKPP 2009, LKPP 2010,
dan LKPP 2011 terkait pengelolaan
utang dinilai Wajar Tanpa
Pengecualian/WTP oleh BPK/Badan
Pemeriksa Keuangan
Perbaikan rating terutama sejak
2005, dan pada tanggal 12 Maret 2010
perbaikan peringkat oleh S&P dari BB-
menjadi BB meskipun di tengah krisis
global yang sampai saat ini masih
dirasakan di beberapa negara.
Sementara oleh JCRA dan Fitch,
Indonesia telah dimasukkan dalam
kategori investment grade
Rules and regulations are already installed in place to guarantee accountability and transparency of debt management
Central Government‟s Financial Report 2008, 2009, 2010, and 2011 has been judged as unqualified (Wajar Tanpa Pengecualian/WTP) by the State Audit Board (BPK)
Global crisis has not changed investor expectation and market confidence to Indonesia. Rating upgrade especially since 2005, and on March 12th 2010 S&P upgraded Indonesia rating from BB- to BB the midst of global financial crisis and of rating downgrading of other economies proves at least two things: positive expectation of the economy in the short-to-medium run and the credibility of fiscal policy. By JCRA and Fitch, Indonesia has been placed into Investment Grade category
Kesimpulan (2) Conclusion (2)
© 2012
Direktorat Evaluasi, Akuntansi dan Setelmen
Direktorat Jenderal Pengelolaan Utang
Kementerian Keuangan Republik Indonesia
Jl. Lapangan Banteng Timur 2-4 Jakarta
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