Indonesia's Central Government Debt Profile April 2013 (English)

MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA
DIRECTORATE GENERAL OF DEBT MANAGEMENT
Table of Contents
Chapter 1 Backgrounds, Debt Management Objective and Strategy, Debt Instruments, Legal Basis
1. 16.
Loan Disbursement 2013 - Project Financing
17.
Loan Disbursement 2013 - Project Financing (Chart)
Backgrounds (1)
2.
3. 4. 5. 6.
Backgrounds (2)
Debt Management Objectives and Strategy Debt Instruments (1) Debt Instruments (2) Debt Management: Legal Basis
Chapter 3 Debt Portfolio (Outstanding, Maturity Profile, Change in Securities and Loans Positions)
18. 19. 20. 21. 22. 23. 24. 25. 26.
Government Debt Outstanding 2008-2013 Government Debt Outstanding 2008-2013 (Chart) Debt Maturity Profile as of March 28,2013 Government Securities Outstanding 2008-2013 Loans Outstanding by Creditor Types Loans Outstanding by Creditor Types (Chart) Loans Outstanding by Economic Sectors Loans Outstanding by Economic Sectors (Chart) Government Debt Outstanding - Main Currencies
Chapter 2 State Budget, Deficit and Its Financing

7. 8.
State Budget (APBN) 20082013 Financing Cash flow 2008-2013
9.
10. 11. 12. 13. 14. 15.
Fiscal Deficit and State Budget Financing, 2008-2013

Deficit in Various Countries 2008-2013 Budget and Realization of Debt Financing 2013 Realization of Government Securities Issuance 2013 Loans Drawing by Type of Financing, 2008-2013 Program Loan 2008-2013 External Loan Financing 2008 2013
27.
28. 29.
Government Debt Outstanding - Other Currencies

Government Debt Outstanding - by Currencies (Chart) Loans Drawing Proportion by Financing Type (Chart)
Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia
Table of Contents
Chapter 4 Debt Portfolio Management Performance (Debt Performance Measurement and Comparison, Loan Disbursement, Government Debt Securities Re-profiling)
30. 31. 32.
Chapter 5 Costs of Borrowing (Debt Services, Cost of Fund, Yield Curve, External Debts Cost)
41. 42. 43.
Central Government Debt to GDP Ratio Debt to GDP Ratio, Indonesia & some Countries Maturity Profile of Tradable Securities as of March 28, 2013
Debt Services Realizations, Fiscal Year 2013 Debt Services Realizations, Fiscal Year 2013 (Chart) Interest Payment to Debt Ratio
44.
45. 46. 47. 48.
Interest Payment Realization

Terms and Conditions of Loan from Multilateral Terms and Conditions of Loan from Bilateral (Japan) Domestic Government Debt Securities Yield Curve Indonesian Global Bond Yield Curve
33.
34. 35. 36. 37.
Debt Switching and Buyback

Debt Reduction through Debt Swap Scheme Loans Disbursement Performance External Loan Services to Reserves Ratio Debt to GDP Ratio, Some Countries & The Changes
38.
39. 40.
Debt per Capita, of Some Countries

Debt per Capita, of Some Countries & The Changes Debt Risk Indicators, 2008-2012
Chapter 6 Performance of Secondary Market for Govt. Securities (Trading Volume, Govt. Securities Ownership Structure)
49.
Average Daily Trading of Domestic Govt. Securities
50.
51.
Government Debt Securities Ownership

Domestic Debt Government Securities Ownership
Table of Contents
52.
53. 54. 55. 56.
Domestic Debt Government Securities Ownership ( in % )

Foreign Ownership of Domestic Government Securities by Tenor Spread over UST- Jan 18 Spread over UST- Feb 22 Spread over UST- Feb 42
60. 61. 62. 63. 64.
Indonesia Sovereign Credit Rating Performance (1) Indonesia Sovereign Credit Rating Performance (2) Government Guarantee Outstanding and Budget Allocation BPK Opinion on Government Financial Report Conclusion
Chapter 7 Rating, Government Guarantee, Supreme Audit Agency (BPK) Opinion, Conclusion
57. 58. 59.
Credit Rating of Indonesia Indonesia Credit Rating Performance (1) Indonesia Credit Rating Performance (2)
Chapter 1 Background, Debt Management Strategy and Objective, Debt Instruments, Legal Basis
Kementerian Keuangan Ministry of Finance Republik Republic Indonesia of Indonesia
Background (1)
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. Alleviating poverty. Spurring 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 a 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 Ministry of Finance Keuangan Republic of Indonesia Ministry of Finance Republik Republic of Indonesia
Background (2)
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 by the Government and the Parliament, which is intended for:

Supporting fiscal stimuli through development activity in infrastructure, agriculture, energy, and another kind of pump priming project; Sustaining peoples welfare program such as PNPM, BOS, Jamkesmas, Raskin, PKH, subsidy; Supporting real sectors 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; How much upper limit of foreign loans can be received by an economy.
Debt Management Strategy and Objective

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
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
Debt Instruments (1)

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. Its disbursement is a function of the realization of stated policy matrix aiming at 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.
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.
Debt Instruments (2)

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); Govt. Bond (> 1 year) Coupon Bond Tradable: ORI, FR/VR bond, Global bond Non tradable: SRBI for bank recap, bond issued for Bank Indonesias recap and restructuring 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).
Legal Basis
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
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
Chapter 2 State Budget, Deficit and Its Financing
State Budget (APBN) 20082013

[ in Trillion IDR ]
LKPP 2008 A. Revenues and Grants I. Domestic Revenues 1. Tax Revenues 2. Non Tax Revenues / II. Grants B. Expenditures I. Central Government a. Interest Payments - Domestic Currency - Foreign Currency b. Subsidies / II. Transfers to Regions C. / Primary Balance D. / Budget Surplus (Deficit) (A-B) E. Financing I. Debt II. Non Debt Financing Surplus (Deficit) 981.6 979.3 658.7 320.6 2.3 985.7 693.4 88.4 59.9 28.5 275.3 292.4 84.3 (4.1) 84.1 67.5 16.6 80.0
LKPP 2009 848.8 847.1 619.9 227.2 1.7 937.4 628.8 93.8 63.8 30.0 138.1 308.6 5.2 (88.6) 112.6 87.1 25.5 23.9
LKPP 2010 995.3 992.3 723.3 268.9 3.0 1,042.1 697.4 88.4 61.4 26.9 192.7 344.7 41.5 (46.8) 91.6 86.9 4.6 44.7
LKPP 2011 1,210.6 1,205.4 873.9 331.5 5.2 1,295.0 883.7 93.2 79.6 13.6 295.3 411.3 8.8 (84.4) 130.9 102.7 28.3 46.5
BUDGET-R 2012 1,358.2 1,357.4 1,016.2 341.1 0.8 1,548.3 1,069.5 117.8 84.7 33.0 245.1 478.8 (72.3) (190.1) 190.1 156.2 33.9 0.0
BUDGET 2013 1,529.7 1,525.2 1,193.0 332.2 4.5 1,683.0 1,154.4 113.2 80.7 32.5 317.2 528.6 (40.1) (153.3) 153.3 161.5 (8.1) 0.0
Financing Cash flow 2008-2013

[ in Billions IDR ]
LKPP 2008
Financing Needs
Budget Deficit Debt Repayment
LKPP 2009
(236,975)
(88,619) (120,145)
LKPP 2010
(203,538)
(46,846) (135,893)
LKPP 2011
(245,479)
(84,399) (138,818)
BUDGET -R 2012
(386,124)
(190,105) (169,121)
BUDGET 2013
(342,312)
(153,338) (166,044)
(99,720)
(4,121) (108,958)
Bond Redemptions and Buybacks Foreign Loan Amortization Domestic Loan Amortization On Lending
Non Debt Financing Needs
(40,333) (63,435) (5,189)

13,359
(49,067) (68,031) (3,047)

(28,211)
(76,532) (50,633) (8,729)

(20,799)
(87,272) (47,323) (4,224)

(22,262)
(110,823) (49,725) (141) (8,432)

(26,898)
(100,421) (58,405) (250) (6,968)

(22,929) -904
Financing Sources
Debt
179,670
176,468
260,939
207,200
248,243
222,822
292,029
241,503
386,124
325,283
342,311
327,530
Government Securities Issuance, Gross Domestic Foreign Foreign Loan Disbursements Program Loans Project Loans to Central Government Project Loans On Lending Domestic Loan Disbursements
Non Debt
126,249 86,932 39,317 50,219 30,100 14,929 5,189 3,202
148,538 101,736 46,802 58,662 28,938 26,678 3,047 53,740
167,634 142,593 25,041 54,795 28,975 17,091 8,729 394

25,421
207,136 176,659 30,477 33,747 15,266 14,257 4,224 619

50,526
270,419 53,731 15,604 29,695 8,432 1,132

60,842
280,861 45,919 6,510 32,441 6,968 750

14,782 48750.7 (0) -0.1 153,338 161,486
Financing Surplus (Deficit) Net Financing Cash Flows

Net Debt
79,950 84,072
67,510
23,965 112,583
87,055
44,706 91,552
86,929
46,549 130,949
102,685
(0) 190,105
156,162
Government Securities Foreign Loans Domestic Loans Domestic Loans

Net Non Debt
85,916 (18,406) 16,561
99,471 (12,416) 25,528
91,102 (4,566) 394

4,622
119,864 (17,799) 619

28,264
159,596 (4,426) 991

33,943
180,440 (19,454) 500

(8,148)
Fiscal Deficit and State Budget Financing 2008-2013

[Trillion Rupiah]
200 180 160 140 120 100
Since 2005, government securities have played role as a primary instrument of financing Refinancing strategy to achieve a better debt profile explains the movement of government securities in 2008-2013.
180
[ % to GDP]
4
120
160
60 40 20 0 (20)
86
91
80
99
17
(4)
(0.1)
26
28
34
5
-
(89)
(47)
(84)
(190)
(12)
(18)
(17)
(40) (60) (80) (100) (120) (140) (160) (180) (200)
(0.7)
(19)
(8)
(153)
(4)
(3)
(1.1)
(1.6) (2.2)
(1) (1.7) (2)
(3)
(4)
2008
2009
2010
2011
2012*
2013**
Securities (netto)
Domestic & Foreign Loan (netto)
Non Debt (netto)
Budget Surplus (Deficit)
Budget Deficit to GDP ratio (RHS)
Source: Ministry of Finance
Notes : 2008-2011 Audited * BUDGET-R 2012 ** BUDGET
Deficit in Various Countries 2008-2013

6.0
4.0
2.0
0.0
-2.0
-4.0
-6.0 -8.0 -10.0 -12.0 -14.0 2008 Brazil Mexico 2009 China Russia 2010 2011 Indonesia United Kingdom 2012 Japan United States 2013
Source: International Monetary Fund, World Economic Outlook Database, October 2012 & Ministry of Finance Notes : - in % to GDP - For Indonesia, Year 20082011 are the audited (LKPP) numbers, 2012 are APBN-P numbers and 2013 are the budget (APBN) numbers
Fiscal deficit in Indonesia is lower than other countries. 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.
Budget and Realization of Debt Financing 2013

(in billion IDR)
No.
(1)
Description
(2)
Budget
(3)
Realization *) as of March 28, 2013 Nominal

(6)=(4)+(5)
rest of budget Nominal

(8) = (3) - (6)
%
(7) = (6) : (3)
%
(9) = (8) : (3)
A. 1
Expenditures Domestic Interest Payments

- Securities - Domestic Loans
113,243.8 80,703.3
80,613.2 90.1
26,348.5 18,865.0
18,865.0 -
23.3 23.4 23.4 23.0 14.5 30.5
86,895.3 61,838.3
61,748.2 90.1
76.7 76.6 76.6 100.0 77.0 85.5 69.5
External Interest Payments

- External Loans - Global Bonds / Securities in valas
32,540.5
15,216.2 17,324.3
7,483.4
2,208.2 5,275.3
25,057.1
13,008.0 12,049.0
B. I
II
Financing Domestic Financing A. Domestic Loans (Net) B. Net Securities External Financing (Net) 1. External Loan Disbursement (Gross)
a. Program Loan b. Project Loan 1. Central Government Project Loan 2. On Lending
500.0 180,439.9 (19,454.2) 45,919.1

6,510.0 39,409.1 32,440.8 6,968.3
24.5 40,011.7 (7,396.5) 1,746.4

37.7 1,708.7 1,246.1 462.6
4.9 22.2 3.8 0.6 4.3 3.8 6.6 6.6 14.9
475.5 140,428.2 44,172.7

6,472.3 37,700.4 31,194.7 6,505.7
95.1 77.8 96.2 99.4 95.7 96.2 93.4 93.4 85.1
2. On Lending (Spending) 3. External Loan Amortization
(6,968.3) (58,405.0)
(462.6) (8,680.2)
(6,505.7) (49,724.8)
Notes: *) Provisional - Securities issuance budget is tentative, depend on financing need in term of securities portfolio management
Realization of Government Securities Issuance 2013

(in million IDR)
Description Gov ernment Securities-Net (Budget 2013) Gov ernment Securities Maturity 2013 Buyback Issuance Need* Gov ernment Debt Securities (GDS) Domestic GDS - ON - SPN - ORI International Bonds Gov ernment Islamic Debt Securities Domestic Government Islamic Debt Securities - IFR/PBS (- Islamic Fixed Rate Bond/Project Based Sukuk (IFR/PBS)) - SPN-S - SBSN Ritel - SDHI International Sukuk
* Adjusted by changes in Cash Management & Debt Switch
Target
Realization Nominal (as of March 28, 2013) 40.011.717 28.934.586 37.572 68.983.875 49.800.000 49.800.000 41.000.000 8.800.000
% Realization 22,17% 33,79% 1,25% 24,56%
180.439.900 85.620.835 3.000.000 280.860.735
19.183.875 19.183.875 4.215.000
14.968.875
Loan Drawing by Type of Financing, 2008-2013

[in Trillions IDR]
TYPE OF FINANCING
LKPP/ LKPP/ LKPP/ LKPP/ Audited Audited Audited Audited 2012 * 2008 2009 2010 2011 50.22
4.59
Budget 46.42
4.99
2013 Real. As of March 28, 2013 Nominal % of Budget 1.77

0.18
TOTAL
in billion US$
58.66
6.24
55.19
5.51
34.37
3.79
31.95
3.35
3.8% 0.6%
0.8% 0.0% 0.0% 0.0% 0.0% 0.0%
1. Program Loan
in billion US$ a. World Bank b. A D B c. JAPAN d. FRANCE e. IDB f. Others
30.10
2.75 12.91 9.17 4.87 2.20 -
28.94
3.08 14.65 5.06 6.07 2.79 -
28.97
3.22 15.34 6.39 4.59 2.73 -
15.27
1.68 10.76 3.63 0.87 -
14.98
1.57 8.61 5.80 0.57 -
6.51
0.70 4.65 1.86 -
0.04
0.00 0.04 -
2. Project Loan
in billion US$
20.12
1.84
29.72
3.16
25.82
2.87
18.48
2.04
16.05
1.71
39.41
4.24
1.71
0.18
4.3% 4.9%
3. Domestic Loan
in billion US$
*) Provisional (Unaudited)
0.39
0.04
0.62
0.07
0.93
0.07
0.50
0.05
0.02
0.00
Kementerian Ministry Kementerian of Finance Keuangan Keuangan Republic Republik Republik of Indonesia Indonesia
Program Loan 2008-2013

[ in Million USD]
2008 2009 2010 LENDERS Real

1,197 1,553 830 500 500 600 1,704 700 505 3,209
2011 Real
1,011 400 100 1,511
2012 Real
907 600 59 1,566
2013 Real - as of BUDGET March 28, 2013

500 200 700 3.9 3.9
A. WORLD BANK B. ASIAN DEVELOPMENT BANK C. JICA, JAPAN D. ISLAMIC DEVELOPMENT BANK TOTAL
Source : Directorate of External Debt and Grant
2,727 2,953
External Loan Financing 2008 - 2013

2008 70 50 30 45.0 2009 55.6 2010 2011 2012 45.3 29.5 2013*
46.1
39.0
[ in trillion IDR ]
10
-10
-30 -50 -18.4 -12.4
-4.6 -17.8 -47.3
-4.4 -19.5 -49.7 -58.4
-50.6 -70 -63.4 -68.0
-90
External Loan Disbursement, gross External Loan Principal Repayment External Loan Financing (nett)
[ in trillion IDR ] 2008 External Loan Disbursement, gross External Loan Principal Repayment External Loan Financing (nett)
Notes : *) Budget 2013
2009 55.62 (68.03) (12.42)
2010 46.07 (50.63) (4.57)
2011 29.52 (47.32) (17.80)
2012 45.30 (49.73) (4.43)
2013* 38.95 (58.41) (19.46)
45.03 (63.44) (18.41)
Loan Disbursement 2013 - Project Financing

BUDGET NEGARA Million USD Billion IDR Real. As of March 28, 2013 Million USD Billion IDR % to BUDGET
A. Int'l Organization WORLD BANK (IBRD & IDA) ADB IDB IFAD B. Country JAPAN GERMANY AUSTRIA FRANCE SINGAPORE SPAIN OTHERS
TOTAL 4,237.54 39,409.10
69.19 49.03 10.01 5.90 4.25 106.44 23.69 10.68 4.49 8.38 9.41 0.19 49.61
175.63
670.30 473.33 97.29 58.51 41.18 1,038.41 236.33 103.30 43.37 80.74 91.26 1.86 481.55
1,708.71
1.6% 1.2% 0.2% 0.1% 0.1% 2.5% 0.6% 0.3% 0.1% 0.2% 0.2% 0.0% 1.2%
4.1%
Kementerian Ministry Kementerian of Finance Keuangan Keuangan Republic Republik Republik of Indonesia Indonesia
Loan Disbursement 2013 - Project Financing (chart)

[ in billion IDR ] [ % of Project Loan ]
600
1.2% 1.2%
1.4% 1.2%
500 400 300 200

0.2% 0.3% 0.1% 0.1% 0.1% 0.0% 0.6%
1.0%
0.8% 0.6%
0.2% 0.2%
0.4% 0.2% 0.0%
100 -
Disbursement
% to Budget (RHS)
BUDGET NEGARA
TOTAL
Real. As of March 28, 2013 Million USD

175.63
Million USD
4,237.54
Billion IDR
39,409.10
Billion IDR
1,708.71
% to BUDGET
4.14%
Chapter 3 Debt Portfolio (Outstanding, Maturity Profile, Change in Securities and Loans Positions)
Kementerian Ministry Keuangan Finance Republik Indonesia Ministryof of Finance Republic Republicof ofIndonesia Indonesia
Government Debt Outstanding, 2008-2013

2008 Central Govt. Debt Total (in trillion IDR) a. Loans (in trillion IDR)
1). External Loan Bilateral *) Multilateral **) Commercial ***) Suppliers ***) Others ***) 2). Domestic Loan
1,636.74 730.25 730.25 484.90 222.69 21.69 0.97 906.50 122.64 783.86 149.47
2009
1,590.66 611.20 611.20 387.92 202.37 20.24 0.66 979.46 143.15 836.31 169.22
2010
1,681.66 617.25 616.86 380.67 208.28 27.34 0.57 0.39 1,064.40 161.97 902.43 187.04
2011
1,808.95 621.29 620.28 381.66 212.96 25.15 0.50 1.01 1,187.66 195.63 992.03 199.49
2012#)
1,975.42 614.32 612.52 358.12 229.68 24.32 0.41 1.80 1,361.10 264.91 1,096.19 204.28
March 2013
Nominal
##
1,991.22 590.20 588.38 336.74 227.67 23.62 0.35 1.82 1,401.01 264.81 1,136.21 204.88
100.0% 29.6% 16.9% 11.4% 1.2% 0.0% 0.0%
b. Securities (in trillion IDR)

Foreign Currency Local Currency
Central Govt. Debt Total
(In billion US$) Consist of :
70.4% 13.3% 57.1% 100.0%
Local Currency Securities Foreign Currency Securities Local Currency Loan Foreign Currency Loan
Exchange Rate (IDR to US$1)
(in billion US$) (in billion US$)
71.58 11.20 66.69

10,950
88.97 15.23 65.02

9,400
100.37 18.02 0.04 68.61

8,991
109.40 21.57 0.11 68.40

9,068
113.36 27.39 0.19 63.34

9,670
116.91 27.25 0.19 60.54

9,719
57.1% 13.3% 0.1% 29.5%
(in billion US$) (in billion US$)
Notes : * Semi commercials included ** Some semi commercials included *** Commercials
#) ##)
Provisional Very Provisional

Government Debt Outstanding, 2008-2013 (chart)

[ in Trillions IDR ]
2,000
1,800 1,600 1,400 1,200 730 611 621 614 590
617
1,000
800 600 906 979 1,064 1,188 1,361 1,401
400
200 -
2008
2009
2010
2011
2012*)
2013**)
Loans
Year Loans Securities Central Govt. Debt Total 2008 730 906 1,637 45% 55% 100% 2009 611 979 1,591 38% 62% 100% 2010 617 1,064 1,682
Securities
[ in trillion IDR and % ] 2011 37% 63% 100% 621 1,188 1,809 37% 63% 100% 2012*) 614 1,361 1,975 31% 69% 100% 2013**) 590 1,401 1,991 30% 70% 100%
Notes : *) Provisional **) Very Provisional, As of March 28, 2013
Debt Maturity Profile as of March 28, 2013

[in Trillions IDR] 160 140
120
55 53 42 49 45 41 43 40 35
30
100 80 60
95
25
108
18 21
56 44
13
88
85
75
69
77
40
61
82
7 8
8
47 31 33
1
3
21
59
47
15
33 22
29
5
2034 5
2
2036 10
37
20 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
43
43
2029 3
2024
2025
2026
2027
2028
2030
2031
2032
2033
2035
2037
2038
2039
1
2040-2055
Loans
Securities
Year Loans Securities Year Loans Securities
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 42% 37% 38% 40% 42% 32% 37% 33% 32% 22% 31% 39% 29% 41% 21% 58% 63% 62% 60% 58% 68% 63% 67% 68% 78% 69% 61% 71% 59% 79% 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 20% 74% 22% 21% 15% 18% 49% 12% 14% 3% 2% 6% 80% 26% 78% 79% 85% 82% 51% 88% 86% 97% 98% 94% 2040-2055 2% 98%
90
10
Government Securities Outstanding 2008 2013

GOVERNMENT SECURITIES A. Tradable 1. Rupiah Denominated a. Government Debt Securities (SUN) 1) T-Bill 2) Zero-coupon bond 3) Fixed Rate bond *) 4) Variable Rate bond b. Government Islamic Securities (SBSN) 1) Fixed Rate Islamic bond **) 2) T-Bill Syariah 2. Foreign Currency Denominated a. Government bond (million US$) b. Islamic bond (million US$) c. Government bond (million JPY) B. Non Tradable a. Promissory note to central bank b. T-Bill (Private Placement) c. Government Islamic Securities TOTAL GOVERNMENT SECURITIES (A +B)
Notes: - Nominal on billion IDR - +) Includes ORI - ++) Includes Sukuk Ritel - Exchange rate (IDR/US$1) - Exchange rate (IDR/JPY1) 10,950
Dec '08 648,335 525,695 520,995 10,012 11,491 353,558 145,934 4,700 4,700 122,640 11,200 258,160 258,160 906,495
Dec-'09 724,898 581,748 570,215 24,700 8,686 393,543 143,286 11,533 11,533 143,150
14,200 650 35,000
Dec-10 803,191 641,215 615,498 29,795 2,512 440,396 142,795 25,717 25,717 161,976
16,200 650
Dec-11 919,236 723,606 684,618 29,900 2,512 517,142 135,063 38,988 37,668 1,320 195,630
18,700 1,650
Dec-12 1,085,173 820,266 757,231 22,820 1,263 610,393 122,755 63,035 62,840 195 264,907
22,950 2,650
Feb-13 1,120,076 856,388 783,868 21,520 639,593 122,755 72,520 71,625 895 263,688
22,950 2,650
Mar-13 1,126,322 861,515 787,330 21,720 642,855 122,755 74,185 72,570 1,615 264,807
22,950 2,650
95,000 261,215
248,432 12,783
95,000 268,419
244,636 23,783
155,000 275,927
240,144 35,783
155,000 274,690
238,907 35,783
155,000 274,690
238,907 35,783
254,561
251,875 2,686
979,459
1,064,406
1,187,655
1,361,101
1,394,767
1,401,012
9,400 101.70
8,991 110.29
9,068 116.80
9,670 111.97
9,667 104.60
9,719 103.23
Loans Outstanding by Creditor Types

[ in trillion IDR ]
AS of March 28, 2013 COUNTRIES 2008 2009 2010 2011 2012 Nominal EXTERNAL LOAN 1. BILATERAL a. Japan b. France c. Germany d. Other Bilateral 2. MULTILATERAL a. World Bank b. ADB c. IDB d. Other Multilateral 3. COMMERCIAL 4. SUPPLIERS DOMESTIC LOAN TOTAL*)
730.25 611.20
% Total 99.7% 57.1% 39.8% 3.6% 3.3% 10.4% 38.6% 20.7% 16.6% 0.8% 0.4% 4.0% 0.1% 0.3%
100.0%
730.25 484.90 324.28 27.86 37.80 94.96 222.69 98.16 118.99 2.81 2.73 21.69 0.97
611.20 387.92 259.50 25.56 28.34 74.52 202.37 94.96 102.32 2.96 2.13 20.24 0.66
616.86 380.67 274.47 21.88 22.65 61.68 208.28 102.23 100.40 3.76 1.89 27.34 0.57 0.39
617.25
620.28 381.66 280.45 20.90 20.29 60.02 212.96 108.73 97.92 4.23 2.09 25.15 0.50 1.01
621.29
612.52 358.12 254.64 21.30 20.00 62.18 229.68 122.14 100.34 5.05 2.14 24.32 0.41 1.80
614.32
588.38 336.74 235.16 21.03 19.43 61.12 227.67 122.38 98.24 4.93 2.12 23.62 0.35 1.82
590.20
*)
Notes : *) Global Bonds excluded.

Loans Outstanding by Creditor Types (chart)

100%
90%
80%
16%
17%
16%
16%
16%
17%
70%
60%
13%
16%
17%
18%
20%
21%
50% 40%
30%
20%
10%
44%
42%
45%
45%
41%
40%
0%
2008
2009
2010
2011
2012
March 2013
Japan ADB
France IDB
Germany Other Multilateral
Other Bilateral COMMERCIAL
World Bank SUPPLIERS
Multilateral (World Bank, ADB) and Bilateral (Japan) external loan are long matured & relatively cheap financing sources alternatives
Loans Outstanding by Economic Sectors

[ in billion IDR ]
2008
Agriculture, Husbandry, Forestry & Fishing Mining & Drilling Manufacturing Electricity, Gas & Water Works Housing & Building Trading, Hotel & Restaurant Transport & Communication Financial, Leasing and Financial Services Services Other Sectors 17,683 8,801 29,121 74,873 122,039 10,510 29,814 96,005 167,009 174,391
2009
16,773 7,294 21,534 51,442 115,160 7,717 22,257 81,995 145,353 141,673
2010
19,946 7,620 19,946 53,408 113,448 6,990 21,476 86,422 153,544 134,452
2011
19,593 7,479 18,483 53,145 114,340 6,290 20,001 88,092 163,684 130,185
2012
13,881 5,671 14,916 43,607 95,764 5,276 17,516 57,559 237,653 122,479
2013 *)
16,594 6,566 13,796 46,029 105,784 4,969 19,173 96,825 163,707 116,762
TOTAL
Source : Ministry of Finance & Bank Indonesia
730,246
611,198
617,252
621,292
614,322
590,205
Notes : *) As of March 28, 2013 - Economic Sectors Classification by Bank Indonesia and National Statistics Agency - Financial Sector is program loan dominated
Loans Outstanding by Economic Sectors (chart)

Source : Ministry of Finance & Bank Indonesia
[ in billion IDR ]
250,000 200,000
167,009 174,391
163,684
237,653
153,544 134,452
150,000
122,039
145,353 141,673
130,185
122,479
163,707 105,784 95,764 5,276 17,516 57,559
115,160
96,005
16,773 7,294 21,534 51,442
19,946 7,620 19,946 53,408
19,593 7,479 18,483 53,145
10,510 29,814
7,717 22,257
6,990 21,476
6,290 20,001
13,881 5,671 14,916 43,607
16,594 6,566 13,796 46,029
50,000 -
17,683 8,801 29,121 74,873
81,995
86,422
88,092
2008
2009
2010
2011
2012
2013 *)
Agriculture, Husbandry, Forestry & Fishing Manufacturing Housing & Building Transport & Communication Services
Notes : *) As of March 28, 2013
Mining & Drilling Electricity, Gas & Water Works Trading, Hotel & Restaurant Financial, Leasing and Financial Services Other Sectors
4,969 19,173
96,825
100,000
113,448
114,340
116,762
Government Debt Outstanding - Main Currencies

2008
in original currencies IDR*) USD**) JPY**) EUR**) SDR**) AUD**) Other Currencies in trillion IDR IDR USD JPY EUR SDR AUD Other Currencies Total
Mid Rate IDR to US$1 Mid Rate JPY to US$1 Mid Rate EUR to US$1
2009
2010
2011
2012
2013***
783.86 32.55 2,820.48 6.75 1.74 0.14
836.31 35.80 2,713.84 5.97 2.01 0.24
902.82 39.77 2,698.75 5.44 2.15 0.29
992.84 44.35 2,585.42 4.71 2.19 0.33
1,097.99 49.78 2,498.81 4.49 2.17 0.39
1,138.03 49.67 2,500.46 4.45 2.16 0.40
-------------------------- Other Currencies --------------------------
783.86 356.46 341.90 104.15 29.44 1.08 19.86 1,636.74

10,950.00 90.33 0.71
836.31 336.54 276.01 80.68 29.57 2.05 29.49 1,590.66

9,400.00 92.42 0.70
902.82 357.61 297.62 64.99 29.83 2.66 26.13 1,681.66

8,991.00 81.53 0.75
992.84 402.16 301.98 55.30 30.44 3.05 23.18 1,808.95

9,068.00 77.64 0.77
1,097.99 481.33 279.77 57.53 32.39 3.88 22.54 1,975.42

9,670.00 86.37 0.75
1,138.03 482.70 258.12 55.33 31.38 4.07 21.59 1,991.22

9,719.00 94.15 0.78
Notes : *) IDR Currency in Trillion IDR,
**) in Billions,
***) As of March 28, 2013

Government Debt Outstanding - Other Currencies

2008
in original currencies ACU*) ADB*) CAD*) CHF*) CNY*) DKK*) GBP*) KRW*) KWD*) SAR*) WBD*) in trillion IDR ACU ADB CAD CHF CNY DKK GBP KRW KWD SAR WBD TOTAL
2009
2010
2011
2012
2013**
0.02 0.20 0.18 0.38 0.00 0.07 0.58 168.47 0.01 0.14 0.00 0.38 2.19 1.60 3.94 0.00 0.15 9.15 1.46 0.59 0.41 0.00 19.86
0.20 0.16 0.17 0.33 0.00 0.06 0.51 184.82 0.01 0.13 1.12 2.90 1.50 1.49 3.02 0.00 0.10 7.69 1.49 0.43 0.32 10.56 29.49
0.27 0.14 0.16 0.30 1.43 0.05 0.46 184.32 0.01 0.12 0.71 3.69 1.30 1.41 2.83 1.94 0.08 6.36 1.47 0.37 0.28 6.39 26.13
0.30 0.13 0.15 0.27 1.55 0.05 0.41 196.63 0.01 0.11 0.42 4.22 1.16 1.31 2.62 2.23 0.07 5.77 1.54 0.20 0.26 3.78 23.18
0.34 0.11 0.14 0.24 1.55 0.04 0.36 205.44 0.01 0.10 0.21 5.05 1.06 1.35 2.55 2.38 0.07 5.66 1.86 0.30 0.26 1.99 22.54
0.34 0.10 0.14 0.24 1.55 0.04 0.36 212.59 0.01 0.10 0.17 4.93 0.99 1.33 2.45 2.40 0.07 5.33 1.86 0.30 0.26 1.67 21.59
Notes : *) in Billions,
**) As of March 28, 2013

Government Debt Outstanding by Currencies (chart)

100% 90% 80% 70% 60%
50% 40% 30% 21% 21%
1% 2%
2% 2% 2%
1% 2%
1% 2%
1% 2%
6%
5%
4% 18%
3% 17%
3%
14%
3% 13%
2%
21%
17%
22%
24%
24%
22%
48% 20% 10% 0%

2008
IDR USD
53%
54%
55%
56%
57%
2009
JPY
2010
EUR
2011
SDR
2012
AUD
2013*)
Others
Notes : *) As of March 28, 2013

Loans Drawing Proportion by Financing Type

[ in trillion IDR]
40 35 30 25 20 15
[%]
90% 80% 70% 60% 50% 40% 30% 20% 10% 0%
23.54
25.82
28.57
15.27
28.97
10 5 -
18.48
15.60
38.13
6.51
39.41
2013***
DOMESTIC LOAN
2009*
PROGRAM LOAN
2010*
2011**
PROJECT LOAN % PROJECT LOAN (RHS)
2012**
% PROGRAM LOAN (RHS)
% DOMESTIC LOAN (RHS)

[in trillion IDR]
TYPE OF LOANS PROGRAM LOAN PROJECT LOAN DOMESTIC LOAN TOTAL

Notes : *) LKPP - Audited **) Provisional ***) Budget 2013
2008*
2009*
2010*
2011*
2012**
2013***
0.75
30.10 60% 20.12 40% 50.22 0%
28.94 49% 29.72 51% 58.66 0%
28.97 53% 25.82 47% 0.39 1% 55.19
15.27 44% 18.48 54% 0.62 2% 34.37
15.60 28% 38.13 69% 1.13 2% 54.86
6.51 14% 39.41 84% 0.75 2% 46.67
Chapter 4
Debt Portfolio Management Performance (Debt Performance Measurement and Comparison, Loan Disbursement, Government Debt Securities Re-profiling)
Central Government Debt to GDP Ratio

[ in Trillions IDR] 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 2008
Loans
[ %] 100.0% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0%

33.0%
28.3%
26.1% 16.5%
9.6%
23.1% 24.4%
30.0% 20.0% 10.0%
18.3%
14.7%
24.0%
16.5%
17.4%
16.0% 8.4%
16.6% 6.4%
10.9%
7.5%
0.0% 2009 2010

Securities
2011
GDP
2012*)
2013**)
Loan to GDP Ratio (RHS)
Securities to GDP Ratio (RHS)
Total Debt to GDP Ratio (RHS)
[ in trillions IDR ]
Loans Securities Total GDP

Notes : *) Provisional **) BUDGET 2013
2008 730 906 1,637 4,954
2009 611 979 1,591 5,613
2010 617 1,064 1,682 6,443
2011 621 1,188 1,809 7,427
2012*) 614 1,361 1,975 8,242
2013**) 595 1,542 2,137 9,270
Sources: Ministry of Finance and National Statistics Agency, processed data
Debt to GDP Ratio,

Indonesia & some Countries
Country Argentina Brazil Germany India Indonesia Italy (RHS) Japan (RHS) Turkey United Kingdom United States 2008 58.5 63.5 66.9 74.1 33.0 105.7 191.8 40.0 52.2 76.1 2009 58.7 66.9 74.7 74.2 28.3 116.0 210.2 46.1 68.0 89.7 2010 49.2 65.2 82.4 68.0 26.0 118.6 215.3 42.4 75.0 98.6 2011 44.9 64.9 80.6 67.0 24.4 120.1 229.6 39.3 81.8 102.9 2012 45.2 64.1 83.0 67.6 24.0 126.3 236.6 37.7 88.7 107.2
Source: IMF, World Economic Outlook Database, October 2012 & Ministry of Finance
Notes : - Nominal in % to GDP - Indonesia data: taken from audited Government Financial Statements
The debt rises of Developed Countries are greater than those of Developing Countries
Maturity Profile of Tradable Securities

as of March 28, 2013
100,00
80,00
60,00
40,00
20,00
TOTAL SUKUK USD
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 2031 2032 2033 2035 2036 2037 2038 2041 2042
52,62 77,80 77,16 66,67 49,63 76,62 56,50 69,11 60,18 91,71 42,45 18,01 28,02 19,61 44,28 39,82 25,68 27,10 42,80 28,65 15,55 4,11 2,17 6,32 7,34 9,72 8,66 0,25 9,72 1,22 1,55 2,88 2,18 4,11 18,96 14,97 1,17 29,72 35,12 13,55 33,87 8,74 -
SUKUK IDR SUN JPY SUN USD SUN IDR
8,75
9,72
3,61
6,19
6,19
15,55 -
6,40
21,87
22,35 9,72
18,47 19,44 19,44 24,30 19,44
14,58 19,44
50,45 41,79 48,48 42,95 38,74 39,78 33,45 43,22 35,88 55,14 42,45 18,01 26,47 19,61 41,40 39,82 23,50 27,10 42,80 28,65
15,69 13,55 12,00
Debt Switching and Buyback

Debt Switching : debt management program to reduce refinancing risk
Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 Total Auction Frequency 1 12 9 2 6 6 4 4 1 Tenor of Source Bonds (Year) < 1 year s.d. 4 year < 1 year s.d. 5 year < 1 year s.d. 6 year < 1 year s.d. 4 year < 1 year s.d. 5 year < 1 year s.d. 8 year < 1 year s.d. 4 year < 1 year s.d. 5 year < 1 year s.d. 5 year Destination Bonds (Yaer) 15 year 5 s.d. 19 year 11 s.d. 20 year 14 s.d. 15 year 12 s.d. 15 year 10 s.d. 21 year 15 year 10 s.d. 15 year 10 year Volume of Bid Accepted (billion IDR) 5,673 31,179 15,782 4,571 2,938 3,920 664 11,859 616 77,202
Buyback : debt management program which objectives are stabilizing the market, managing portfolio of debt and reducing Government Debt Securities outstanding which issued with high coupon
Ye a r 2003 2004 2005 2007 2008 2009 2010 2011 2012 2013 Tota l Auction Fre que ncy 2 1 4 2 3 2 13 10 6 1 Te nor of Se rie s to be Buyba ck (Ye a r) 1 year up to 3 year 3 year up to 5 year < 1 year up to 4 year <1 year up to 5 year < 1 year up to 19 year < 1 year < 1 year up to 4 year < 1 year up to 20 year < 1 year up to 5 year 10 tahun Volume of Buyba ck Acce pte d (billion IDR) 8.127 1.962 5.158 2.859 2.375 8.528 3.201 3.500 1.138 38 36.885
Ministry Ministryof ofFinance FinanceRepublic Republicof ofIndonesia Indonesia
Debt Reduction through Debt Swap Scheme

[in Millions]
Project Country
1
Cancelation Amount
4
Debt Swap
2
Title
3
Commitment
5
Realization
6
Germany Debt Swap I Debt Swap II Debt Swap IIIa Debt Swap IIIb Debt Swap IV Debt Swap V Debt Swap VII Italy USA Debt Swap I
Elementary Education Junior Secondary Education
EUR EUR
12.8 EUR 11.5 EUR 6.3 EUR 6.3 EUR 10.0 EUR 25.0 EUR 9.4 EUR 5.7 EUR 24.2 USD 20.0 USD 23.8 USD 37.5 AUD 87.0 EUR 68.0 USD 37.5 AUD 218.2
25.6 EUR 23.0 EUR 12.5 EUR 12.5 EUR 20.0 EUR 50.0 EUR 18.8 EUR 5.7 EUR 24.2 USD 29.9 USD 29.5 USD 75.0 AUD 168.0 EUR 83.6 USD 75.0 AUD 376.6
25.6 23.0 3.2 0.0 20.0 50.0 0.0 5.7 24.2 15.7 8.1 15.6 127.5 48.0 15.6 227.2
*)
Financial Assistance for Environmental Investements EUR for Micro and Small Enterprises Project Strengthening the Development of National Parks in Fragile Ecosystems School Reconstruction and Rehabilitation in Earthquake Area in Yogyakarta and Central Java EUR EUR
Global Fund to Fight AIDS, Tubercolosis and Malaria EUR (GFATM) Indonesian - German Scholarship Program Housing and Setlement EUR EUR USD USD USD AUD EUR TOTAL USD AUD TOTAL in million USD
Debt Development Swap Tropical Forest Conservation Act/TFCA Debt Development Swap Tropical Forest Conservation Act/TFCA II Debt2Health
Australia Debt Swap
Notes : *) TFCA - GoI contribution is USD 20 millions - Contribution from NGO Conservation Int'l Foundation & Kehati is USD 2 millions - Future cancellation is USD 29,921,500 (principal + interest)
Loans Disbursement Performance

[in Trilions IDR] 300 250 200 150 100 50 0
Net Commitment
Disbursement
Undisbursed
[in trillion IDR] Year Net Commitment Disbursement Undisbursed Cumulative 1967 to 2007 1,711.8 1,620.9 90.9 2008 55.2 52.8 2.4 2009 143.9 91.7 52.2 2010 197.0 129.3 67.8 2011 239.8 146.0 93.8 2012 326.4 159.1 167.3 2013 335.6 160.6 175.0 Cumulative 1967 to 2013 2,047.5 1,781.5 265.9
Notes : - Nominals between 2008 until 2013 have been cumulatively calculated since January 1, 2008. - Net commitment = signed loans; disbursement = disbursed loans.
External Loan Services to Reserves Ratio

20.0%
18.0%
17.9% 16.8%
16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% 2008 2009 2010 2011 2012* 2013** 9.0%
7.4%
7.9%
8.7%
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.
Debt to GDP Ratio,

Some Countries & The Changes
Indonesian debt per capita is among the lowest compared to those of developed countries with the fastest/biggest decrease
Public Debt, 2012 (in % of GDP)
0 50 100 150 200 250
Indonesia Australia Turkey Philippines Colombia Chile Thailand South Africa Brazil India Poland
Malaysia
Public Debt, changes 2003-2012 (in % of GDP)

-100 -50 0 50 100
Chile Indonesia Australia Colombia Turkey South Africa Philippines Thailand Malaysia Poland Brazil India Germany United Kingdom United States Italy Japan
Italy Germany Japan United States United Kingdom
Source: IMF
Debt per Capita of Some Countries

China and India have higher ratios despite the more populations compared to Indonesia. Brazil and Italy with investment grade rating have higher ratios compared to Indonesia of noninvestment grade rating
In US Dolar
120,000
In US Dolar
8,000 7,000
100,000 6,000 80,000 5,000 4,000 3,000 40,000 2,000 20,000 1,000 0 2007 Brazil 2008 Poland Chile 2009 India 2010 Philippines 2011 Indonesia 2012 Japan (RHS) 0 60,000
Source: IMF
Debt per Capita,

Some Countries & The Changes
Indonesian debt per capita is among the lowest and it is considered to fluctuate insignificantly
Public Debt per Capita, 2012 (in US$) Public Debt per Capita, changes 2003-2012 (in %)
Japan United States United Kingdom Poland Brazil Malaysia Turkey South Africa Colombia Thailand Chile Philippines India Indonesia Source: IMF
United Kingdom Brazil India Poland Malaysia Colombia Chile United States Thailand Japan South Africa Turkey Indonesia Philippines 20,000 40,000 60,000 80,000 100,000 120,000 0% 100% 200% 300%
Debt Risk Indicators,2008-2012

Interest Rate Risk
28.2
Exchange Rate Risk

25.9 22.4 52.1 47.4
28.2 22.0 20.3
26.1 18.8
22.9
46.2
45.1
44.4
16.1 17.2
13.4
12.1
11.0
10.6
2008
2009
2010
2011
Refixing rate [%]
2012
2008
2009
FX Debt to GDP ratio (%)
2010
2011
2012
Variable rate ratio [%]
FX Debt to total debt ratio (%)
Average Time To Maturity (ATM)

10.0
9.7 9.5 9.3 9.7
Debt Maturing in 1, 3 and 5 Years

31.1
18.6
33.2
34.2
34.6 22.7
32.4
21.5
20.3
20.8
6.4
7.6
7.1
8.2
7.2
2008
2009
2010
2011
2012
2008
2009
2010
Average Time to Maturity
2011
2012
Maturity debt portion < 1 year (%) Maturity debt portion < 5 year (%)
Maturity debt portion < 3 year (%)
Notes: *) The 2012 projection figures are based on realization per December 2012. Source: Ministry of Finance
Chapter 5
Costs of Borrowing (Debt Services, Cost of Fund, Yield Curve, External Debts Cost)
Debt Services Realizations

Fiscal Year 2013
[ in billion Rupiah ]
Payment Realization *) Budget January I. POKOK A. PINJAMAN a. Pinjaman Dalam Negeri b. Pinjaman Luar Negeri B. SURAT BERHARGA NEGARA 1. SBN Rupiah a. SUN b. SBSN 2. SBN Valas a. SUN b. SBSN II. BUNGA A. PINJAMAN a. Pinjaman Dalam Negeri b. Pinjaman Luar Negeri B. SURAT BERHARGA NEGARA 1. SBN Rupiah a. SUN b. SBSN 2. SBN Valas a. SUN b. SBSN III. TOTAL POKOK + BUNGA 186,464 58,655 250 58,405 127,809 123,809 109,025 14,784 4,000 4,000 113,244 15,306 90 15,216 97,937 80,613 70,543 10,070 17,324 15,904 1,420 299,708 7,882 2,915 2,915 4,968 4,968 4,966 2 10,686 802 802 9,883 7,547 6,918 629 2,337 2,337 18,568 February 15,535 2,210 2,210 13,325 13,325 5,250 8,075 5,863 689 689 5,174 4,692 3,407 1,285 483 483 21,398 March 14,894 3,556 3,556 11,338 11,338 11,338 9,800 717 717 9,083 6,627 5,852 775 2,456 2,456 24,693 Q-1 38,311 8,680 8,680 29,630 29,630 21,554 8,076 -
% to Budget Total 38,311 8,680 8,680 29,630 29,630 21,554 8,076 -
20.55% 14.80% 0.00% 14.86% 23.18% 23.93% 19.77% 54.63% 0.00% 0.00% 0.00% 23.27% 14.43% 0.00% 14.51% 24.65% 23.40% 22.93% 26.70% 30.45% 33.17% 0.00% 21.57%
26,348 2,208 2,208 24,140 18,865 16,177 2,688 5,275 5,275 64,659
26,348 2,208 2,208 24,140 18,865 16,177 2,688 5,275 5,275 64,659
Notes : - Provisional, realization as of March 28, 2013
Debt Services Realizations

Fiscal Year 2013 (Chart)
140,000 30%
120,000
25%
25%
127,809 100,000
23%
97,937
20%
in Billion IDR
80,000 15% 60,000

58,655
14%
15%
10% 40,000 29,630

24,140
20,000 8,680 A. LOAN PRINCIPAL B. SECURITIES A. LOAN INTEREST B. SECURITIES

15,306
5%
2,208 0%
Budget
Realization *)
% to Budget (RHS)
Notes : - Provisional, realization as of March 28, 2013

Interest Payment to Debt Ratio

12% 10% 8.7% 8% 7.6% 7.4% 6.7%
6% 4%
2% 0% 2008 to Revenues 2009 2010 to Expenditures 2011
6.2%
5.5%
1.4% 1.2%
2012 to Total Debt 2013* to GDP
to Revenues to Expenditures to Total Debt to GDP
2008 9.0% 9.0% 5.8% 1.8%
2009 11.0% 10.0% 5.8% 1.7%
2010 8.9% 8.5% 5.4% 1.4%
2011 7.7% 7.2% 5.3% 1.3%
2012 8.7% 7.6% 6.2% 1.4%
2013* 7.4% 6.7% 5.5% 1.2%
Notes : - LKPP - Audited *) provisional, based on Budget 2013 assumption.

Interest Payment Realization

100% 90%
80%
70% 60% 50% 40%
68%
68%
70% 85%
72%
71%
30% 20%
10% 0%
32%
2008
32%
2009
30% 15%
2010 2011
28%
2012*
29%
2013**
Domestic Debt Interest Payment
External Debt Interest Payment
[in trillion IDR ]
Debt Interest Payment a. Domestic Debt Interest Payment b. External Debt Interest Payment
Notes : -LKPP - Audited *) Provisional -**) Budget 2013
2012* 2013** Nml % Nml % Nml % Nml % Nml % Nml % 88.43 100.00 93.78 100.00 88.38 100.00 93.20 100.00 117.79 100.00 113.24 100.00 59.90 67.74 63.76 67.98 61.4 69.47 79.60 85.41 84.75 71.95 80.70 71.27 28.53 32.26 30.03 32.02 27.0 30.53 13.60 14.59 33.04 28.05 32.54 28.73
2008
2009
2010
2011
Terms and Conditions of Loan from Multilateral

Multilateral
Description
Loan Maturity Grace Period Repayment Period Commitment Charge Front End Fee Service Charge Interest Rate/ Mark-up ***)
IBRD-WB
24.5 years 9 years 15.5 years 0.25% -
IFAD
15-18 years 3 years 12 years -
IDB
14-20 years 3-5 years 9-16 years -
ADB-OCR
up to 32 years up to 8 years 5-27 years 0.15% LIBOR + 0,40%
LIBOR + 1.0% (Fixed Spread) LIBOR + 0.48% (Variable Spread)
LIBOR (swap) + 1.35%

IFAD Referenc e Rate (Semester I 2012= 1.39%)
*)
ALM 13 years = Nil **) 13 years< ALM 16 years = 0.10 % p.a
Maturity Premium
**) 16< ALM < 19 years = 0.20% p.a **)
*) for negotiations held on and / or after July 1, 2011 **) for negotiations held on and / or after April1, 2012 ***) Mark-up = margin (IDB Loan) ALM = Average Loan Maturity
Terms and Conditions of Loan from Bilateral (Japan)

Bilateral Jepang/ Japan (JICA) General terms Description Loan Maturity Grace Period Repayment Period Commitment Charge Front End Fee Service Charge Interest Rate
(for non c onsultant servic es) 1,40% 0,95% 0,80% 0,65% 0,55% 0,50% 0,40% 0,20% 0,10% S t a nda rd O ption1 O ption2
Prefential terms
S t a nda rd O ption1 O ption2 O ption3
STEP
S t a nda rd O ption
25 years 7 years 18 years
30 years 20 years 10 years 20 years 0,1% 6 years 14 years
Interest Rate
(for c onsultant servic es) 0,01%
Maturity Premium
Domestic Government Debt Securities Yield Curve

[%]
Des '12 Des '11 Des '10 Des '09 28 Mar '13
12
10
Tenor 1Y 2Y 3Y 4Y 5Y 6Y
28 Mar '13 Des '12 4,24 4,44 4,65 4,84 5,05 5,13 5,24 5,55 6,28 6,50 6,51 3,96 4,32 4,52 4,63 4,65 4,88 4,98 5,15 5,87 6,24 6,34
Des '11 4,35 4,92 5,22 5,24 5,35 5,45 5,83 5,96 6,56 7,02 7,26
Des '10 5,36 5,82 6,27 6,34 6,78 6,96 7,16 7,57 8,78 9,24 9,68
Des '09 6,72 7,61 8,23 8,75 8,80 9,06 9,24 10,04 10,64 10,72 10,97
7Y 10Y 15Y 20Y 30Y
4 1Y 2Y 3Y 4Y 5Y 6Y 7Y 10Y 15Y 20Y 30Y
Declining cost of fund of Domestic Government Securities reflects increasing market confidence as a response of prudent fiscal policy and debt management.
Indonesian Global Bond Yield Curve

[%]
12
10
Dec-08
Dec-09
Dec-11 2,707 2,991 3,079 3,374 3,515 3,899 3,955 3,97 5,044 5,201
4
Dec-08 Dec-09
Dec-11 Dec-12 28-Mar-13
0 1 2 3 4 5 6 7 8 9 10 15 16 17 18 19 20 25 26 27 28 29 30
1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 20 Y 25 Y 30 Y
8,642 9,057 9,925 9,385
4,188 4,387 4,886 5,107 5,255 5,346 6,731 6,806
Dec-12 1,416 1,421 1,647 1,965 2,141 2,448 2,666 2,826 2,902 4,268 4,297 4,235
28-Mar-13 0,979 1,581 1,979 2,327 2,905 2,994 3,132 3,439
9,662 9,321
4,846 4,942 4,806
Kementerian Ministry Keuangan Finance Republik Indonesia 42 Ministryof of Finance Republic Republicof ofIndonesia Indonesia
Chapter 6
Performance of Secondary Market for Government Securities (Trading Volume, Government Securitiess Ownership Structure)
Average Daily Trading of Domestic Government Securities

[in IDR Trillion]
[Frequency]
14.0 13.0 12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0
Positive trend on average daily trading activity shows increasing market liquidity
700
600
500
400
300
200
100
J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FMAMJ J ASOND J FM 2007 2008
Average Daily Volume per Month
2009
2010
Average Daily Volume per Year
2011
2012
Frequency - RHS
2013
Government Debt Securities Ownership

[IDR trillion]
900 50,00%
More diversified investor base which demonstrated by

800
increasing ownership from non-bank, foreign and retail investor.

Increasing offshore ownership indicates better market
45,00%
700
40,00%
confidence.
600
35,00%
30,00%
500
25,00% 400 20,00%

300 15,00%
200
10,00%
100
5,00%
Agust'04
Apr'09
Agust'11
BANK
NON-BANK
% Foreign to Total - RHS
Note: Non-Bank including Government institution

October-12
Nop'09
Dec'06
Sep'08
Feb '08
Mar'12
Mar'05
Jun'10
Okt'05
Mei'06
Jul'07
Jan'11
Domestic Debt Government Securities Ownership

Dec'08 Dec'09 254.36 144.19 59.98 42.40 6.02 1.77 22.50 304.89 45.22 72.58 108.00 Dec'10 217.27 131.72 54.93 26.26 1.41 2.95 17.42 406.53 51.16 79.30 195.76 Dec'11 265.03 148.64 67.33 42.84 4.32 1.90 7.84 450.75 47.22 93.09 222.86 Dec'12 299.66 147.52 81.58 62.07 3.67 4.83 3.07 517.53 43.19 83.42 270.52 Jan'13 307.46 152.64 81.66 64.30 4.14 4.72 1.90 524.05 43.78 85.72 273.20 Feb'13 309.93 150.88 78.16 71.36 4.22 5.31 4.60 541.86 43.04 117.44 281.63 50.87 32.98 0.53 33.87 525.69 37.50 0.46 41.12 581.75 36.75 0.13 43.43 641.21 34.39 0.14 53.05 723.61 56.46 0.30 63.64 820.27 57.31 0.63 25.77 37.65 833.42 27.55 1.18 30.29 40.72 856.39 Mar'13 315.89
BANK
State-owned Bank Recap Private Bank Recap Non-Recap Bank BPD Recap Shariate Bank
258.75 144.72 61.67 45.17 6.50 0.69 23.01 243.93 33.11 55.83 87.61
5.17 4.86 540.76 41.91 120.78 280.75 51.04 27.61 1.04 27.56 41.12 861.52
Government Institution NON-BANK

Mutual Fund Insurance Foreign Including: Central Bank of Foreign Country Pension Fund Securities Individu Others
TOTAL
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.
Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia 45
Domestic Debt Government Securities Ownership (%)

Dec'08 BANK State-owned Bank Recap Private Bank recap Non-recap Bank BPD recap Shariate Bank 49.22% 27.53% 11.73% 8.59% 1.24% 0.13% 4.38% 46.40% 6.30% 10.62% 16.66% Dec'09 43.72% 24.79% 10.31% 7.29% 1.03% 0.30% 3.87% 52.41% 7.77% 12.48% 18.56% Dec'10 33.88% 20.54% 8.57% 4.10% 0.22% 0.46% 2.72% 63.40% 7.98% 12.37% 30.53% Dec'11 36.63% 20.54% 9.30% 5.92% 0.60% 0.26% 1.08% 62.29% 6.53% 12.86% 30.80% Dec'12 36.53% 17.98% 9.95% 7.57% 0.45% 0.59% 0.37% 63.09% 5.27% 10.17% 32.98% Jan'13 36.89% 18.32% 9.80% 7.72% 0.50% 0.57% 0.23% 62.88% 5.25% 10.29% 32.78% Feb'13 36.19% 17.62% 9.13% 8.33% 0.49% 0.62% 0.54% 63.27% 5.03% 13.71% 32.89% 18.06% 6.27% 0.10% 6.44% 100% 6.45% 0.08% 7.07% 100% 5.73% 0.02% 6.77% 100% 4.75% 0.02% 7.33% 100% 6.88% 0.04% 7.76% 100% 6.88% 0.08% 3.09% 4.52% 100% 3.22% 0.14% 3.54% 4.76% 100% Mar'13 36.67%
0.60% 0.56% 62.77% 4.87% 14.02% 32.59% 18.18% 3.20% 0.12% 3.20% 4.77% 100%
Government Institution
NON-BANK Mutual Fund Insurance Foreign Including: Central Bank of Foreign Country Pension Fund Securities Individu Others
TOTAL
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.
Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia 46
Foreign Ownership of Domestic Government Securities by Tenor

100,00%
49,30% 46,00% 38,23% 45,01% 44,91% 45,46% 46,42%
40%
80,00%
32,98% 30,53% 30,80%
32,78%
32,89%
32,59%
60,00%
19%
21,03%
24,93%
27,83%
25,11%
27,30%
27,67%
20%
40,00%
21,72% 19,78% 18,14%
16,78%
16,50% 16,66% 16,62%
20,00%
16,69% 2,58% 6,63%

Mar-13 28 Maret 2013
4,64% 4,74%
8,19% 11,87%
Dec-11
10,18%
Dec-10
0,00%
4,46%
Dec-09
2,83% 7,84%
Dec-12
3,11% 10,22%
Jan-13
2,53% 8,10%
Feb-13
0%
0-1
>1-2
>2-5
>5-10
>10
% Foreign Ownership to Total (RHS)

Spread over UST- Jan 18

600 INDO 18
PHIL 19
TURK 18
BRAZ 19
DATE INDO 18 UST 18 TURK 18 PHIL 19 BRAZ 19 MEX 19
MEX 19
400
Sep-12 Dec-12 Jan-13 Feb-13 22-Mar-13 25-Mar-13 26-Mar-13 27-Mar-13
2.27 2.16 2.42 2.59 2.64 2.68 2.71 2.74
0.69 0.73 0.87 0.73 0.76 0.75 0.74 0.70
2.95 2.43 2.64 2.55 2.75 2.76 2.77 2.80
2.19 2.00 2.22 2.19 2.23 2.23 2.24 2.22
1.91 1.75 2.05 2.15 2.23 2.23 2.23 2.16
1.83 1.39 1.12 1.10 1.47 1.44 1.35 1.35
200
0 26-Jan-12
26-Mar-12
26-May-12
26-Jul-12
26-Sep-12
26-Nov-12
26-Jan-13
26-Mar-13
Spread over UST- Feb 22

600 PHIL 21 INDO 22
TURK 22
BRAZ 21
Date PHIL 21 BRAZ 21 UST 22 INDO 22 MEX 22 TURK 22 2.43 2.26 2.50 2.39 2.49 2.49 2.49 2.48 2.25 2.08 2.45 2.51 2.63 2.59 2.60 2.60 1.53 1.61 1.83 1.69 1.72 1.72 1.71 1.64 3.05 2.90 3.13 3.28 3.47 3.51 3.55 3.54 2.68 2.58 2.61 2.78 2.82 2.81 2.90 3.01 3.77 3.21 3.53 3.59 3.73 3.75 3.76 3.80
MEX 22
400
200
26-Mar-12
26-May-12
26-Jul-12
26-Sep-12
26-Nov-12
26-Jan-13
26-Mar-13
Spread over UST-Feb 42

600
MEX 40 TURK 41 INDO 42 400
BRAZ 41
DATE MEX 40 BRAZ 41 TURK 41 COLM 41 INDO 42 UST 42
COLM 41
4.01 3.95 4.38 4.43 4.54 4.54 4.54 4.48
3.96 3.80 4.30 4.37 4.63 4.59 4.59 4.55
4.91 4.44 4.77 4.92 5.11 5.12 5.12 5.14
4.00 3.91 4.34 4.38 4.57 4.55 4.52 4.47
4.40 4.23 4.57 4.71 4.75 4.77 4.79 4.80
2.80 2.91 3.14 3.06 3.13 3.13 3.13 3.07
200
0 26-Mar-12
26-May-12
26-Jul-12
26-Sep-12
26-Nov-12
26-Jan-13
26-Mar-13
Chapter 7
Rating, Government Guarantee, Supreme Audit Agency Opinion (BPK), Conclusion
Credit Rating of Indonesia

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 Improvement rating one notch down the potential performance yield of new foreign currency of government securities approximately 75-115bps 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
Sovereign Credit Rating (Fitch, Moodys, S&P)
Country Risk Classification (CRC)

Indonesia Credit Rating Performance (1)

Indonesia Rating Performance 1999 - 2012
Tahun/ year 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
S&P CCC+ BCCC CCC+ B B+ B+ BBBBBBBBBB BB+ BB+
Fitch BBBB B+ B+ BBBBBBBB BB BB+ BBBBBB-
Rating Moody's R&I B3 BB3 BB3 BB3 BB2 BB2 BB2 BBB1 BBBa3 BB+ Ba3 BB+ Ba2 BB+ Ba2 BB+ Ba1 BB+ Baa3 BBB-
JCRA B B B+ B+ BBBBBBBB+ BBBBBBBBB-
CRC 6 6 6 6 6 6 5 5 5 5 5 4 4 3
On October 18, 2012, R&I upgraded Indonesias Sovereign Credit Rating from BB+ to BBBon 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
Indonesia Credit Rating Performance (2)

Regular issuance
Regular issuance Bank through auction, Economic Reprofiling VR & HB, Regular issuance BBB+ Baa1 through auction, Recapitalization 14 buyback program Crisis in assets bond swap, long through auction, buyback program s , debt switching, & 1998 term issuance buyback program , & Debt Switching BBB diversification Baa2 13 instrument BBB12 Baa3 BB+ 11 Ba1 BB 10 Ba2 BB9 Ba3 8 B+ B1 Moodyss upgrade to Ba1/stable 7 B outlook as of 17 Jan2011 B2 6 Moodyss upgrade to Baa3/stable Boutlook as of 18 Jan 2012 B3 5 S&Ps upgrade to BB+/ positif CCC+ outlook as of 8 Apr 2011 Caa1 4 CCC S&Ps downgrade S&Ps reconfirm at BB+/positif to Selective 3 outlook as of 23 Apri2012 Caa2 Default, but CCCFitchs upgrade to BBB-/stable revised it after 2 2 days outlook as of 15 Dec 2011 Caa3 CC Fitchs reconfirm at BBB-/stable 1 outlook , as of Nov 21, 2012 Ca R/C C SD/DD 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 1999 1997 1998 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Investment grade
Investment grade
Non Investment grade
Non Investment grade
Moody's (RHS)
S&P's
Fitch's
Kementerian Keuangan Republik Indonesia Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia
Indonesia Sovereign Credit Rating Performance (1)

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
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
Indonesia Sovereign Credit Rating Performance (2)

On October 18, 2012, R&I upgrades Sovereign Credit Rating of the Republic of
Indonesia to BBB- /stable outlook. R & I stated key factors supporting the decision of upgrading the sovereign credit rating of Indonesia (1) Indonesian economic resilience in achieving high growth amid the global economic downturn (2) conservative fiscal management (3) Governments debt burden is kept low and (4 ) financial system has become more stable.
On July 13th 2010 JCRA upgraded Indonesias 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.
Government Guarantee Outstanding and Budget Allocation

Alokasi APBN (Miliar Rupiah) 2008 2009 2010 2011 889.0 15.0 904.0 2012 623.3 10.0 633.3 706.0 2013 611.2 35.0 59.8
No
Program Penjaminan
Jumlah Surat Nilai Jaminan Jaminan (Miliar Rupiah) 34 3 1 4 74,386.80 205.16 30,944.00 20,656.13 126,192.09
1 Fast track Program Phase 1 (FTP 1) 2 3 Program Percepatan Penyediaan Air Minum (Clean Water Avaliability Program) Penjaminan Proyek Kerjasama Pemerintah dan Swasta (Public Private Partnership Project)
283.0 1,000.0 1,000.0 50.0 -
4 Fast track Program Phase 2 (FTP 2) TOTAL

Notes: - As of February 28, 2013 - Rate assumptions : Rp. 9670,- per USD
283.0 1,000.0 1,050.0
BPK Opinion on Government Financial Report

Indonesian Supreme Audit Agency (BPK) has awarded
Unqualified Opinion to the Financial Report of all accounts related to debt management and administration (BA999.01)
Debt managements accountability continues to improve
Internal
control system Compliance to the existing regulation
Conclusion
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 Rules and regulations are already installed in place to guarantee accountability and transparency of debt management Central Governments Financial Report of 2008, 2009, 2010, and 2011 has been awarded Unqualified Opinion (WTP) by the Supreme Audit Agency (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 in the midst of global financial crisis and rating downgrading of other economies. This 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
2013 Directorate of Evaluation, Accounting and Settlement Directorate General of Debt Management Ministry of Finance of The Republic of Indonesia Frans Seda Building, 7th Floor Jalan DR. Wahidin Raya No. 1 Jakarta Phone. +62-21-3864778; Fax. +62-21-3843712 www.djpu.depkeu.go.id
CP: achmadfauzi@depkeu.go.id/ wawan.hernawan@depkeu.go.id

Indonesia&#39;s Central Government Debt Profile April 2013 (English)

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MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA

DIRECTORATE GENERAL OF DEBT MANAGEMENT

Loan Disbursement 2013 - Project Financing

Loan Disbursement 2013 - Project Financing (Chart)

Chapter 2 State Budget, Deficit and Its Financing

State Budget (APBN) 20082013 Financing Cash flow 2008-2013

Fiscal Deficit and State Budget Financing, 2008-2013

Government Debt Outstanding - Other Currencies

Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia

Interest Payment Realization

Debt Switching and Buyback

Debt per Capita, of Some Countries

Average Daily Trading of Domestic Govt. Securities

Government Debt Securities Ownership

Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia

Domestic Debt Government Securities Ownership ( in % )

60. 61. 62. 63. 64.

Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia

Kementerian Keuangan Ministry of Finance Republik Republic Indonesia of Indonesia

Welfare creation and maintenance in the form of:

Reducing unemployment. Alleviating poverty. Spurring more growth in the economy.

Security and stability enhancement.

Debt Management Strategy and Objective

fiscal sustainability can be maintained

a timely and efficient manner

Debt Instruments (1)

Debt Instruments (2)

Setting up, among other things, good governance principle:

Chapter 2 State Budget, Deficit and Its Financing

Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia

State Budget (APBN) 20082013

Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia

Financing Cash flow 2008-2013

(40,333) (63,435) (5,189)

(49,067) (68,031) (3,047)

(76,532) (50,633) (8,729)

(87,272) (47,323) (4,224)

(110,823) (49,725) (141) (8,432)

(100,421) (58,405) (250) (6,968)

126,249 86,932 39,317 50,219 30,100 14,929 5,189 3,202

148,538 101,736 46,802 58,662 28,938 26,678 3,047 53,740

167,634 142,593 25,041 54,795 28,975 17,091 8,729 394

207,136 176,659 30,477 33,747 15,266 14,257 4,224 619

270,419 53,731 15,604 29,695 8,432 1,132

280,861 45,919 6,510 32,441 6,968 750

Financing Surplus (Deficit) Net Financing Cash Flows

Government Securities Foreign Loans Domestic Loans Domestic Loans

85,916 (18,406) 16,561

99,471 (12,416) 25,528

91,102 (4,566) 394

119,864 (17,799) 619

159,596 (4,426) 991

180,440 (19,454) 500

Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia

Fiscal Deficit and State Budget Financing 2008-2013

(40) (60) (80) (100) (120) (140) (160) (180) (200)

(1) (1.7) (2)

Domestic & Foreign Loan (netto)

Non Debt (netto)

Budget Surplus (Deficit)

Budget Deficit to GDP ratio (RHS)

Source: Ministry of Finance

Notes : 2008-2011 Audited * BUDGET-R 2012 ** BUDGET

Kementerian Ministry of Finance Keuangan Republic Republik of Indonesia

Indonesia's Central Government Debt Profile April 2013 (English)

Indonesia's Central Government Debt Profile April 2013 (English)