2022 State Budget: Fiscal Policy and Structural Reform

GS Primary Market Performance 2020-2021 Through Auction In 2021, average incoming bid = IDR56.77 tn/auction while average awarded bid = IDR18.97 tn/auction [IDR Trillion] 450 400 350 300 250 200 5.14 150 100 50 6.50 Incoming Bids Awarded Bids % Bid to Cover Ratio (RHS) Average Incoming Bid 2020 = IDR54.50T/a uction Average Awarded Bid 2020 = IDR15.85T/ auction 3.91 3.14 3.01 4.24 14.00 12.17 12.00 10.00 8.43 8.00 6.00 4.92 4.00 198 Jan-20 Feb-20 Mar-20 Apr-20 Source: Ministry of Finance May-20 Jun-20 3.35 2.45 2.95 2.16 3.85 Jul-20 Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 2.30 2.21 2.96 2.03 2.23 1 5 3.06 3.86 Feb-21 Mar-21 Apr-21 May-21 Jun-21 Jul-21 Aug-21 Sep-21 Oct-21 a.o Nov 2, 2021 2.00 91

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