Indonesia's COVID-19 Vaccination and Economic Resilience Strategy
Strengthened Private External Debt Risk Management
Debt Burden Indicator (External Debt/GDP) Remains Comparable to Peers Rating Encouraging Corporates Compliance on Hedging Ratio & Liquidity Ratio
External Debt/GDP (%)
Uruguay
Philippines
Panama
609
Hedging Ratio*
161 corporates
(6.5%)
67.7
79.4
87.2
277
corporates
(11.1%)
2022
50195.2
2021
2020
≤ 3 months
81.3
88.996.2
346
37.6
Mexico
42.7
Kazakhstan
I
Indonesia
Colombia
313339
534-15
57.2
Source: Moody's Credit View Fundamental Data, September 2022
Regulation on Prudential Principle in Managing External Debt
Regulation Key Points
Object of Regulation
1 Jan 17 & beyond
Governs all foreign currency Debt
Hedging Ratio
≤ 3 months
> 3-6 months
Liquidity Ratio
(≤ 3 months)
Credit Rating
Hedging transaction to meet hedge ratio
Sanction
25%
25%
70%
Minimum rating of BB-
(State-owned Enterprises)
Must be done with a bank in
Indonesia
Applied
Source: Bank Indonesia
2217 corporates
(88.9%)
Liquidity Ratio*
331
corporates
(13.3%)
> 3-6 months
2333 corporates
(93.5%)
2163
corporates
(86.7%)
■Comply ■Not Comply
*Data as of Q2-2022, with total population 2.,494 corporates
Source: Bank Indonesia
60
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