2022 State Budget: Fiscal Policy and Structural Reform
2021 Financing Needs
Include National Economic Recovery (PEN) program funding
Budget Deficit 2021
APBN: 1,006 T
Outlook: 939,6T
(APBN & Outlook :
5,7% of GDP)
+
Investment financing
Lending
Liabilities
Other financing
Matured debt
Government Securities (GS)
Loan
Domestic GS
80-85%
Domestic Loan
IDR2.7 T
Foreign
12-15%
Foreign Loan -
Project
e.q US$ 2
bio
Denominated Bonds
Retail GS
3-6%
Foreign Loan -
Program
e.q US$ 5
- 6 bio
GS Policy:
Loan Policy:
Optimization of medium-long tenor
domestic GS to mitigate refinancing
risk
$ Foreign GS as a complement to
avoid the crowding out effect
Retail GS to increase participation
public in financing development
Measurable private placements,
consider needs financing and state
treasury conditions
Coordination with Bl in fulfillment GS
issuance target
Program loans can be
optimized up to USD6
www.billion at capacity
lenders with
consideration
cost and risk
+
USD2 billion project loan
according to
implementing capacity
project
Flexibility of use program
loan with target
issuance of foreign GS
Source: Ministry of Finance
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