2022 State Budget: Fiscal Policy and Structural Reform
Disciplined and Advanced Debt Portfolio Management
Stable Debt to GDP Ratio Over the Years
Prudent Fiscal Deficit
IDR Tn
Government Debt/ GDP (%)
1,500
10%
8,000.00
39.39% 39.84%
45%
1,177
8%
1,000
7,000.00
40%
6%
6,000.00
27.46% 28.34% 29.40% 29.81% 30.18%
823.49
35%
500
362
407
442
358
446
4%
852.91
5,000.00 24.68%
30%
19
14
- 2%
50
25%
4,000.00
764.48
810.74
746.32
3,000.00
2,000.00 67054
1,000.00
734.85
755,12
1,931.22
2,410.01
2,780.86
3,248.93
3,612.69
4,014.80
5,221.65
5,889.73
-58
4
-69
(2056)
(66)
(9 (35)
(36)
- 0%
20%
15% (500)
-298
(308)
(269)
(341)
(349)
-2%
-1.8%
10%
-2.6%
-2.5%
-2.2%
-2.5%
(1,000)
5%
0%
-4%
1956)
-6%
-6.1%
(1,500)
2014
2015
2016
2017
2018
2019
2020
Nov-21
2015
2016
2017
2018
2019
-8%
2020
Bond
Debt to GDP
Loan
Weighted Average Debt Maturity of ~8.79 Years
GS Nett
Loan Nett
Non-Debt
Surplus (Deficit) Budget
-Ratio Deficit to GDP
Well Diversified Across Different Currencies
% of Yearly Issuance
9.75
1%
1%
1%
1%
1%
1%
100%
9.39
7.6%
6%
6%
5%
9.13
80%
23%
21%
31%
29%
30%
27%
8.79
8.68
60%
8.52
8.5
8.37
40%
57%
59%
58%
62%
66%
69%
20%
0%
2014
2015
2016
2017
2018
2019
2020
Nov-21
2016
2017
ATM
■IDR
2018
2019
USD
EUR
2020
Nov-21
JPY
OTHER
Source: Ministry of Finance
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