2022 State Budget: Fiscal Policy and Structural Reform
Stronger Fundamentals Facing the Headwinds
1998
Inflation Rate (%)
Inflation controlled within the target range
2008
12.1
Nov 2021
1.75 (yoy)
1998
1998
82.4
2008
15 Dec 21
Non-Performing Loan/NPL (%)
NPL level (gross) is below the maximum threshold of 5%
2008
3.8
Oct 2021
3.22
0
5
10
15
20
25
External Debt (Public & Private) to
FX Reserve Ratio
Significantly lower than 1998 crisis
30
30
30
35
40
IDR Movement (%)
IDR depreciated year-to-date
Foreign Reserves (USD bn)
Significantly higher than 1998 & 2008, ample to cover 8.1
months of import and external debt repayment
-197
-35
1998
17.4
2008
-1.97 (ytd)
Nov 2021
-300
-200
-100
0
Government Debt/GDP
Consistently well-maintained
More Liquid Market (%)
Overnight interbank money market rate is
relatively lower
62
10.5
2.79
1998
2008
Nov 2021
50.2
External Debt/GDP
Higher than 2008, but significantly lower
than 1998
145.9
8.6x
3.1x
2.90x
100.0%
27.4%
39.84%
116.8%
33.2%
37.0%
2008
Oct 2021
2008
Nov 2021
2008
Q3-2021
1998
1998
1998
49View entire presentation