DIRECTORATE GENERAL OF DEBT MANAGEMENT MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA

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DIRECTORATE GENERAL OF DEBT MANAGEMENT MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA DIREKTORAT JENDERAL PENGELOLAAN UTANG

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Kementerian Keuangan – Republik Indonesia

Bagian 1

Latar Belakang, Tujuan & Kebijakan Utang, Jenis-jenis Utang, Landasan Hukum

1. Latar Belakang (1)

4. Tujuan dan Kebijakan Pengelolaan Utang (1)

5. Tujuan dan Kebijakan Pengelolaan Utang (2)

6. Jenis-jenis Utang (1)

9. Landasan Hukum Pengelolaan Utang (1)

10. Landasan Hukum Pengelolaan Utang (2) Bagian 2

APBN, Pembiayaan APBN dan Perkembangan Defisit

11. APBN 2008–2012

12. Cash flow Pembiayaan 2008-2012

13. Defisit dan Pembiayaan APBN 2007-2012

14. Defisit Anggaran di berbagai Negara 2007-2011

15. Pagu dan Realisasi Pembiayaan Utang 2012

16. Realisasi Penerbitan SBN 2012

Chapter 1

Backgrounds, Debt Management Objective and Strategy, Debt Instruments, Legal Basis

1. Backgrounds (1)

4. Debt Management Objectives and Strategy (1)

5. Debt Management Objectives and Strategy (2)

6. Debt Instruments (1)

9. Debt Management: Legal Basis (1)

10. Debt Management: Legal Basis (2)

Chapter 2

State Budget, Deficit and Its Financing

11. State Budget 2008–2012

12. Cash flow Financing 2008-2012

13. Fiscal Deficit and State Budget Financing,

2007-2012

14. Deficit in Various Countries 2007-2011

15. Budget and Realization of Debt Financing 2012

16. Realization of Government Securities Issuance 2012

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17. Penarikan Pinjaman Program dan Proyek

18. Pinjaman Program 2007-2012

19. Pembiayaan Pinjaman LN 2007 – 2012 (Grafik)

20. Penarikan Pinjaman 2012, Pembiayaan Proyek

21. Penarikan Pinjaman 2012, Pembiayaan Proyek (Grafik)

Bagian 3

Portofolio Utang (Outstanding Utang, Profil Jatuh Tempo Utang, Perkembangan SBN dan Pinjaman)

22. Posisi Utang Pemerintah 2007-2012

23. Posisi Utang Pemerintah 2007-2012 (Grafik)

24. Profil Jatuh Tempo Utang per 31 Agustus 2012 (Grafik)

25. Posisi Surat Berharga Negara 2007-2012

26. Posisi Pinjaman Berdasarkan Kreditur

27. Posisi Pinjaman Berdasarkan Kreditur (Grafik)

28. Posisi Pinjaman Berdasarkan Sektor Ekonomi

29. Posisi Pinjaman Berdasarkan Sektor Ekonomi (Grafik)

30. Posisi Utang Pemerintah Beberapa Mata Uang Utama

31. Posisi Utang Pemerintah Mata Uang Lainnya

32. Posisi Utang Pemerintah Berdasarkan Mata uang (Grafik)

33. Proporsi Penarikan Pinjaman Berdasarkan Jenis Pinjaman (Grafik)

17. Project & Program Loans Drawing

18. Program Loan 2007-2012

19. Ext. Loan Financing 2007 – 2012 (Chart)

20. Loan Disbursement 2012, Project Financing

21. Loan Disbursement 2012, Project Financing (Chart)

Chapter 3

Debt Portfolio (Outstanding, Maturity Profile, Change in Securities and Loans Positions)

22. Gov‟t. Debt Outstanding 2007-2012

23. Gov‟t. Debt Outstanding 2007-2012 (Chart)

24. Debt Maturity Profile as of August 31, 2012 (Chart)

25. Gov‟t. Securities Outstanding 2007-2012

26. Loans Outstanding by Creditor Types

27. Loans Outstanding by Creditor Types (Chart)

28. Loans Outstanding by Economic Sectors

29. Loans Outstanding by Economic Sectors (Chart)

30. Gov‟t. Debt Outstanding, Main Currencies

31. Gov‟t. Debt Outstanding, Other Currencies

32. Gov‟t. Debt Outstanding, by Currencies (Chart)

33. Loans Drawing Proportion, by Financing Type

(Chart)

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Bagian 4

Kinerja Pengelolaan Portofolio Utang (Berbagai Rasio Utang dan perbandingan antar negara, Pemanfaatan Pinjaman, Reprofiling Struktur Jatuh Tempo SUN)

34. Perkembangan Rasio Utang terhadap PDB (Grafik)

35. Rasio Utang terhadap PDB Indonesia & berbagai Negara

36. Rasio Utang terhadap PDB Indonesia & berbagai Negara (Grafik)

37. Jatuh Tempo SBN Tradable 31 Agustus 2012 (Grafik)

38. Program Debt Switch dan Buyback SBN

39. Pengurangan Utang melalui Skema Debt Swap

40. Restrukturisasi Surat Utang kepada BI 2003

41. Restrukturisasi Surat Utang kepada BI 2006 (1)

42. Restrukturisasi Surat Utang kepada BI 2006 (2)

43. Restrukturisasi 2008 (SU-002 & SU-004)

44. Pemanfaatan Pinjaman (Grafik)

45. Rasio Kewajiban Pinjaman LN thd Cadangan Devisa (Grafik)

46. Rasio Utang thd PDB Berbagai Negara & Perubahannya (Grafik)

47. Utang per Kapita di Berbagai Negara (Grafik)

Chapter 4

Debt Portfolio Management Performance (Debt Performance Measurement and Comparison, Loan

Disbursement, Government Debt Securities Re-profiling)

34. Central Government Debt to GDP Ratio (Chart)

35. Debt to GDP Ratio, Indonesia & some Countries

36. Debt to GDP Ratio, Indonesia & some Countries

(Chart)

37. MP of Tradable Securities as of August 31, 2012

(Chart)

38. Debt Switching and Buyback

39. Debt Reduction through Debt Swap Scheme

40. Securities Restructuring 2003

41. Securities Restructuring 2006 (1)

42. Securities Restructuring 2006 (2)

43. Restructuring 2008 (SU-002 & SU-004)

44. Loans Disbursement Performance (Chart)

45. External Loan Services to Reserves Ratio (Chart)

46. Debt to GDP Ratio, Some Countries & The Changes

(Chart)

47. Debt per Capita, of Some Countries (Chart)

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48. Utang per Kapita di Berbagai Negara & Perubahannya (Grafik)

49. Indikator Risiko Utang 2007-2011 (Grafik) Bagian 5

Biaya-biaya berbagai instrumen utang (Realisasi Pembayaran Utang, Rasio Biaya Utang, Yield Curve, Biaya Pinjaman Luar Negeri)

50. Realisasi Pembayaran Utang Pemerintah TA 2012

51. Rasio Bunga Utang thd Pendapatan dan Belanja (Grafik)

52. Pembayaran Bunga Utang terhadap Total Utang (Grafik)

53. Realisasi Pembayaran Bunga Utang (Grafik)

54. Biaya Pinjaman dari Kreditur Multilateral

55. Biaya Pinjaman dari Kreditur Bilateral (Jepang)

56. Kurva Imbal Hasil SBN Rupiah (Grafik)

57. Kurva Imbal Hasil SBN Valas (Grafik) Bagian 6

Kinerja Pasar Sekunder SBN (Aktifitas Perdagangan, Kepemilikan SBN oleh Investor)

58. Perdagangan Rata-rata Harian SBN Rupiah di Pasar Sekunder (Grafik)

48. Debt per Capita, of Some Countries & The Changes

(Chart)

49. Debt Risk Indicators, 2007-2011 (Chart)

Chapter 5

Costs of Borrowing (Debt Services, Cost of Fund, Yield Curve, External Debt’s Cost)

50. Debt Services Realizations, FY 2012

51. Interest Payments. to Revenues and Expenditures

Ratio (Chart)

52. Interest Payments to Debt Total (Chart)

53. Interest Payments Realization (Chart)

54. Terms and Conditions of Loan from Multilateral

55. Terms and Conditions of Loan from Bilateral

(Japan)

56. Domestic Government Debt Securities Yield Curve

(Chart)

57. Indonesian Global Bond Yield Curve (Chart)

Chapter 6

Performance of Secondary Market for Govt. Securities (Trading Volume, Govt. Securities’ Ownership Structure)

58. Average Daily Trading of Domestic Gov‟t. Securities

(Chart)

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59. Posisi Kepemilikan SBN (Grafik)

60. Posisi Kepemilikan SBN Domestik

61. Posisi Kepemilikan SBN Domestik ( dlm. % )

62. Kepemilikan SBN oleh Asing berdasarkan Tenor (Grafik)

63. Spread terhadap UST- Mar 17 (Grafik)

64. Spread terhadap UST- Feb 22 (Grafik)

65. Spread terhadap UST- Feb 42 (Grafik) Bagian 7

Rating, Opini BPK, HIPCs, Kesimpulan

66. Rating Indonesia

67. Perkembangan Credit Rating Indonesia (1)

68. Perkembangan Credit Rating Indonesia (2) (Grafik)

69. Performa Sovereign Rating Indonesia (1)

73. Opini BPK tentang Laporan Keuangan

74. Kesimpulan (1)

75. Kesimpulan (2)

59. Government Debt Securities Ownership (Chart)

60. Domestic Debt Government Securities Ownership

61. Domestic Debt Government Securities Ownership

( in % )

62. Foreign Ownership of Dom. Gov‟t. Securities by

Tenor (Chart)

63. Spread over UST- Mar 17 (Chart)

64. Spread over UST- Feb 22 (Chart)

65. Spread over UST- Feb 42 (Chart)

Chapter 7

Rating, Supreme Audit Agency Opinion, Conclusion

66. Indonesian Credit Rating

67. Indonesia Credit Rating Performance (1)

68. Indonesia Credit Rating Performance (2) (Chart)

69. Indonesia Sovereign Credit Rating Performance (1)

73. Supreme Audit Agency Opinion on Gov‟t.‟s

Financial Report

74. Conclusion (1)

75. Conclusion (2)

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Bagian 1

Latar Belakang, Tujuan & Kebijakan Utang,

Jenis-jenis Utang, Landasan Hukum

Chapter 1 Background, Debt Management Strategy and

Objective, Debt Instruments, Legal Basis

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 Utang merupakan bagian dari Kebijakan Fiskal (APBN) yang menjadi bagian dari Kebijakan Pengelolaan Ekonomi secara keseluruhan.  Tujuan Pengelolaan Ekonomi adalah:

 Menciptakan kemakmuran rakyat dalam

bentuk:

 Penciptaan kesempatan kerja.  Mengurangi kemiskinan.

 Menguatkan pertumbuhan ekonomi.  Menciptakan keamanan.

 Utang terutama merupakan konsekuensi dari postur APBN (yang mengalami defisit), dimana Pendapatan Negara lebih kecil daripada Belanja Negara.

 Pembiayaan APBN melalui utang merupakan bagian dari pengelolaan keuangan negara yang lazim dilakukan oleh suatu negara:

 Utang merupakan instrumen utama

pembiayaan APBN untuk menutup defisit APBN, dan untuk membayar kembali utang yang jatuh tempo (debt refinancing);

 Refinancing dilakukan dengan terms & conditions (biaya dan risiko) utang baru yang lebih baik.

 Debt management and policy is an integral part of fiscal policy which also constructs economic policy and management in general.

 Ultimate objectives of economic management:

 Welfare creation and maintenance in the

form of:

 Reducing unemployment.  Poverty alleviation.

 Spur more growth in the economy.  Security and stability enhancement.

 Debt is materialized if state budget is in deficit.

 Deficit financing through debt has been

perceived to be a standard approach in most of the countries in our modern world:

 Debt is primary tool to fill fiscal gap and to

refinance matured debts;

 Debt refinancing will end up with new and

better debt profile in term of risk and fee.

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 Kenaikan jumlah nominal utang Pemerintah berasal dari:

 Akumulasi utang di masa lalu (legacy debts)

yang memerlukan refinancing yang cukup besar;

 Dampak krisis ekonomi tahun 1997/1998:  Depresiasi Rupiah terhadap mata uang

asing;

 BLBI dan Rekapitalisasi Perbankan;

Sebagian setoran BPPN dari asset-recovery digunakan untuk APBN selain untuk

melunasi utang/obligasi rekap.  Pembiayaan defisit APBN merupakan

keputusan politik antara Pemerintah dan DPR-RI antara lain untuk:

 Menjaga stimulus fiskal melalui misalnya pembangunan infrastruktur, pertanian dan energi,dan proyek padat karya;

 Pengembangan peningkatan kesejahteraan masyarakat misalnya PNPM, BOS,

Jamkesmas,Raskin, PKH,Subsidi;

 Government debt, in nominal term, has increased due to:

 Legacy debts that need to be refinanced;  Inevitable effect of currency and banking

crises in 1997/1998:

 Exchange rate depreciation;

 Banking bail out and recapitalization;  Part of proceed coming from asset

recovery used for debt/banking recap securities repayment.

 Fiscal deficit financing is also a result of

political process and of political decision made in joint by the Government and the Parliament intended for:

 Supporting fiscal stimuli through

development activity in infrastructure, agriculture, energy, and another kind of “pump priming” project;

 Sustaining people‟s welfare program such as PNPM, BOS, Jamkesmas, Raskin, PKH, subsidy;

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Latar Belakang (3)

Background (3)

 Mendukung pemulihan dunia usaha termasuk misalnya insentif pajak;  Mempertahankan anggaran pendidikan

20%;

 Peningkatan anggaran Alat Utama Sistem Persenjataan (Alutsista);

 Melanjutkan reformasi birokrasi.

 Akses terhadap pinjaman luar negeri dengan persyaratan sangat lunak dari lembaga

keuangan multilateral bagi Indonesia dibatasi oleh:

 Status Indonesia yang tidak lagi tergolong

sebagai low income country;

 Batas maksimum pinjaman yang dapat

disalurkan ke suatu negara (country limit).

 Supporting real sector‟s activity for instance through tax incentive;

 Maintaining 20% of state budget to back up education sector;

 Enhancing army and defense system;  Continuing bureaucratic reform.

 Access to soft loans coming from multilateral donors has been restricted by:

 Indonesia is no longer considered as low

income country;

 Upper limit of foreign loans can be received

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

Tujuan

 Tujuan Jangka Panjang:

 Mengamankan Kebutuhan Pembiayaan

APBN melalui utang dengan biaya

minimal pada tingkat risiko terkendali, sehingga kesinambungan fiskal dapat terpelihara

 Mendukung upaya untuk menciptakan

pasar surat berharga negara (SBN) yang dalam, aktif dan likuid

 Tujuan Jangka Pendek:

 Memastikan tersedianya dana untuk

menutup defisit dan pembayaran kewajiban pokok utang secara tepat waktu dan efisien



Objectives

 Long-term :

 Securing Government Budget debt

financing needs at minimum cost and tolerable risk level, thus fiscal

sustainability can be maintained

 Supporting efforts to develop a deep,

active and liquid Government Securities market.

 Short-term :

 Ensuring the availability of funds to

cover budget deficit and to meet debt repayment obligations in a timely and efficient manner

Tujuan dan Kebijakan

Pengelolaan Utang (1)

Debt Management Objective

and Strategy (1)

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Tujuan dan Kebijakan

Pengelolaan Utang (2)

Debt Management Objective

and Strategy (2)



Kebijakan

 mengoptimalkan potensi pendanaan utang dari

sumber domestik melalui penerbitan SBN rupiah maupun penarikan pinjaman dalam negeri;

 Melakukan pengembangan instrumen utang

agar diperoleh fleksibilitas dalam memilih berbagai instrumen yang lebih sesuai, cost-efficent dan risiko yang minimal;

 Pengadaan pinjaman luar negeri dilakukan

sepanjang digunakan untuk memenuhi kebutuhan prioritas, memberikan terms & conditions yang wajar (Favourable) bagi pemerintah, dan tanpa agenda politik dari kreditor;

 Mempertahankan kebijakan pengurangan

pinjaman luar negeri dalam periode jangka menengah;

 Meningkatkan koordinasi dengan otoritas

moneter dan otoritas pasar modal, terutama dalam rangka mendorong upaya financial deepening;

 Meningkatkan koordinasi dan komunikasi

dengan berbagai pihak dalam rangka

meningkatkan efisiensi pengelolaan pinjaman dan sovereign credit rating.



General Strategies

 optimizing potential sources of financing from

domestic market through issuance of IDR denominated Government securities and domestic loan disbursement;

 developing debt instrument to obtain

flexibility in selecting a more suitable, cost-efficient and minimum risk instrument;

 utilizing foreign loans to finance priority

projects, at favorable terms & conditions for the Government, and without having any political agenda from creditors;

 maintaining the medium term policy of

reducing the outstanding of foreign loan;

 improving coordination with monetary and

capital market authorities, particularly to support the financial deepening;

 improving coordination and communication

with various parties to enhance the efficiency of loan management and improve sovereign credit rating

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

Pinjaman

terdiri dari pinjaman luar

negeri dan pinjaman dalam negeri :

 Pinjaman Luar Negeri

World Bank, Asian Development Bank, Islamic Development Bank dan

kreditor bilateral (Jepang, Jerman, Perancis dll), serta Kredit Ekspor.

 Pinjaman Program:

Untuk budget support dan pencairannya dikaitkan dengan pemenuhan Policy Matrix di bidang kegiatan untuk mencapai MDGs (pengentasan kemiskinan, pendidikan, pemberantasan korupsi),

pemberdayaan masyarakat, policy terkait dengan climate change dan infrastruktur.

 Pinjaman proyek :

Untuk pembiayaan proyek infrastruktur di berbagai sektor (perhubungan, energi, dll); proyek-proyek dalam rangka pengentasan kemiskinan (PNPM).



Government Loan

consists of

external and domestic loans:

 External Loan

World Bank, Asian Development Bank, Islamic Development Bank and

bilateral donors (Japan, Germany, France, etc.) and Export Credit.

 Program Loan:

Intended for budget support and its disbursement is a function of the realization of stated policy matrix aiming the targets set up in MDGs

scheme (poverty alleviation, education, and corruption eradication), people empowerment and also policy related with climate change and infrastructure development.

 Project Loan :

To support infrastructure project in transportation, energy etc and also poverty alleviation project.

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 Pinjaman Dalam Negeri

 Peraturan Pemerintah (PP) No.: 54

Tahun 2008 Tentang Tata Cara

Pengadaan dan Penerusan Pinjaman Dalam Negeri oleh Pemerintah ;

 Berasal dari Badan Usaha Milik Negara

(BUMN); Pemerintah Daerah,dan Perusahaan Daerah;

 Untuk membiayai kegiatan dalam

rangka pemberdayaan industri dalam negeri dan pembangunan infrastruktur untuk pelayanan umum; kegiatan

investasi yang menghasilkan penerimaan.



Surat Berharga Negara (SBN)

dalam

Rupiah dan valuta asing, tradable &

non-tradable, fixed & variable :



Surat Utang Negara (SUN)

 Surat Perbendaharaan Negara

(SPN/T-Bills): SUN jangka pendek (s.d. 12bln);

 Domestic Loan

 Government Regulation No. 54 Year

2008 on Domestic Loan Procurement Procedure and Domestic Loan

Channeling;

 Coming from state-owned enterprise,

local government and local state-owned enterprise;

 To finance policy related with the

effort to support local industry,

infrastructure project for public service and investment generating revenue project.



Government securities (SBN)

in local

and foreign currency denominated,

tradable and non-tradable, fixed and

variable:



Government Debt Securities

(SUN)

 T-Bills: short-term (up to 1 year);

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Jenis-jenis Utang (3)

Debt Instruments (3)

 Obligasi Negara (> 1 thn)

 Coupon Bond

 Tradable: ORI, FR/VR bond,

Global bond

 Non tradable: SRBI untuk BLBI,

dan Surat Utang/SU ke BI untuk penyehatan dan restrukturisasi perbankan

 Zero coupon



Surat Berharga Syariah Negara

(SBSN)/Sukuk Negara dalam

Rupiah dan valuta asing dengan

berbagai struktur, misalnya

Ijarah, Musyarakah, Istisna dll

 SBSN jangka pendek (Islamic T-Bills);

Surat Perbendaharaan Negara Syariah; SBSN Ritail (Sukri);

 SBSN jangka panjang (IFR/Ijarah Fixed

Rate; Global Sukuk; SDHI/Sukuk Dana Haji Indonesia); Project Based Sukuk (PBS).

 Govt. Bond (> 1 year)

 Coupon Bond

 Tradable: ORI, FR/VR bond,

Global bond

 Non tradable: SRBI for bank

recap, bond issued for Bank Indonesia‟s recap and re-structurization of banking industry

 Zero coupon



Government Islamic

securities/Sukuk (SBSN) in

domestic and foreign currency

denominated in the scheme of

Ijarah, Musyarakah, Istisna, etc

 Islamic T-Bills;

 IFR/Ijarah Fixed Rate; Global Sukuk;

SDHI/Indonesian Haj Fund Sukuk; Project Based Sukuk (PBS).

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

Ketentuan Perundang-undangan:

 Undang-Undang No 17/2003 tentang Keuangan Negara  Undang-Undang No 1/2004 tentang Perbendaharaan Negara  Undang-Undang No 15/2004 tentang

Pemeriksaan Pengelolaan dan

Tanggung Jawab Keuangan Negara

 Undang-Undang No 19/2008 tentang

Surat Berharga Syariah Negara

 Undang-Undang No 24/2002 tentang

Surat Utang Negara

 Peraturan Pemerintah No 10/2011

tentang Tata Cara Pengadaan

Pinjaman Luar Negeri dan Penerimaan Hibah

 Peraturan Pemerintah No 54/2008

tentang Tata Cara Pengadaan dan Penerusan Pinjaman Dalam Negeri oleh Pemerintah



Laws and Regulations:

 Law Number 17/2003 on State

Finance

 Law Number 1/2004 on State

Treasury

 Law Number 15/2004 on Inquiry of

State Finance Management and Responsibility

 Law Number 19/2008 on Government

Islamic Securities

 Law Number 24/2002 on Government

Securities

 Government Regulation Number

10/2011 on External Loan

Procurement Procedure and Grant Receipt

 Government Regulation Number

54/2008 on Domestic Loan

Procurement Procedure and Domestic Loan Channeling

Landasan Hukum

Pengelolaan Utang (1)

Debt Management:

Legal Basis (1)

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

Mengatur a.l, prinsip-prinsip

good

governance

:

 Pengadaan/penerbitan utang melalui

mekanisme APBN/mendapatkan persetujuan DPR

 Koordinasi Pemerintah (Kementerian

Keuangan, Kementerian

PPN/Bappenas), dan BI dalam

perencanaan dan pengelolaan utang

 Pengawasan perdagangan SBN di pasar

sekunder oleh otoritas pasar modal

 Pertanggungjawaban pengelolaan

utang dan publikasi data & informasi utang



Setting up, among other things,

good

governance principle

:

 Debt cannot be separated from state

budget and subject to the approval from parliament

 A good policy coordination (MoF,

Ministry of Planning & BI) is essential for having sound debt management

 Close and efficient supervision on

government securities‟ trading

activities in secondary market by the stock market authority

 Accountability and transparency in

whole range of debt management span

Landasan Hukum

Pengelolaan Utang (2)

Debt Management:

Legal Basis (2)

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Bagian 2

APBN, Pembiayaan APBN dan

Perkembangan Defisit

Chapter 2 State Budget, Deficit and Its

Financing

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APBN 2008–2012

State Budget 2008-2012

LKPP/ Audited LKPP/ Audited LKPP/ Audited LKPP/ Audited APBN-P/ Budget 2008 2009 2010 2011 2012

A. Pendapatan Negara dan Hibah A. Revenues and Grants 981.6 848.8 995.3 1,210.6 1,358.2

I. Penerimaan Dalam Negeri I. Domestic Revenues 979.3 847.1 992.3 1,205.4 1,357.4 1. Penerimaan Perpajakan 1. Tax 658.7 619.9 723.3 873.9 1,016.2 2. Penerimaan Bukan Pajak 2. Non Tax 320.6 227.2 268.9 331.5 341.1 II. Hibah II. Grants 2.3 1.7 3.0 5.2 0.8

B. Belanja Negara B. Expenditures 985.7 937.4 1,042.1 1,295.0 1,548.3

I. Belanja Pemerintah Pusat I. Central Government 693.4 628.8 697.4 883.7 1,069.5 a. Bunga Utang a. Interest Payments 88.4 93.8 88.4 93.2 117.8 - Dalam Negeri - Domestic Currency 59.9 63.8 61.4 79.6 84.7 - Luar Negeri - Foreign Currency 28.5 30.0 26.9 13.6 33.0 b. Subsidi b. Subsidies 275.3 138.1 192.7 295.3 245.1 II. Transfer Daerah II. Transfers to Regions 292.4 308.6 344.7 411.3 478.8

C. Keseimbangan Primer C. Primary Balance 84.3 5.2 41.5 8.8 (72.3)

D. Surplus/ (Defisit) Anggaran (A-B) D. Budget Surplus (Deficit) (A-B) (4.1) (88.6) (46.8) (84.4) (190.1)

E. Pembiayaan E. Financing 84.1 112.6 91.5 130.9 190.1

I. Pembiayaan Utang I. Debt 16.6 83.9 86.9 102.7 156.2 II. Pembiayaan Non-Utang II. Non Debt 67.5 28.7 4.6 28.3 33.9

Kelebihan/ (Kekurangan) Pembiayaan Financing Surplus/Deficit 80.0 23.9 44.7 46.5 0.0

dalam Triliun Rupiah (in trillion rupiah)

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Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia

Cash flow Pembiayaan

2008-2012

Cash flow Financing

2008-2012

[miliar rupiah/ billions IDR]

LKPP/Audited 2008 LKPP/Audited 2009 LKPP/Audited 2010 LKPP/Audited 2011 APBN-P/Budget 2012 Kebutuhan Pembiayaan Financing Needs (115,579) (224,292) (203,538) (245,419) (386,124)

Defisit Budget Deficit (4,121) (88,619) (46,846) (84,339) (190,105) Pembayaran Utang Debt Repayment (108,958) (123,279) (135,893) (138,818) (169,121)

Jatuh Tempo dan Buyback Surat Berharga Negara Bond Redemptions and Buybacks (40,333) (49,067) (76,532) (87,272) (110,823) Pembayaran Cicilan Pokok Pinjaman Luar Negeri Foreign Loan Amortization (63,435) (68,031) (50,633) (47,323) (49,725) Pembayaran Cicilan Pokok Pinjaman Dalam Negeri Domestic Loan Amortization - - - - (141) Penerusan Pinjaman On Lending (5,189) (6,181) (8,729) (4,224) (8,432)

Pembiayaan Non utang Non Debt Financing Needs (2,500) (12,395) (20,799) (22,262) (26,898)

*) APBN 2011 *) APBN 2011

Sumber Pembiayaan Financing Sources 195,529 248,257 248,243 292,029 386,124

Utang Debt 176,468 207,200 222,822 241,503 325,283

Penerbitan SBN, Bruto Government Securities Issuance, Gross 126,249 148,538 167,634 207,136 270,419 Penerbitan SBN Domestik Domestic 86,932 101,736 142,593 176,659 -Penerbitan SBN Valas Foreign 39,317 46,802 25,041 30,477 -Penarikan Pinjaman LN Foreign Loan Disbursements 50,219 58,662 54,795 33,747 53,731 Pinjaman Program Program Loans 30,100 28,938 28,975 15,266 15,604 Pinjaman Proyek Pemerintah Pusat Project Loans to Central Government 14,929 23,544 17,091 14,257 29,695 Pinjaman Proyek untuk Penerusan Pinjaman Project Loans On Lending 5,189 6,181 8,729 4,224 8,432 Penarikan Pinjaman DN Domestic Loan Disbursements - - 394 619 1,132

Non Utang Non Debt 19,061 41,057 25,421 50,526 60,842

Kelebihan / (Kekurangan) Pembiayaan Financing Surplus (Deficit) 79,950 23,965 44,706 46,609 0 Net Cash Flow Pembiayaan Net Financing Cash Flows 84,072 112,583 91,552 130,949 190,105

Utang Neto Net Debt 67,510 83,921 86,929 102,685 156,162

Surat Berharga Negara Government Securities 85,916 99,471 91,102 119,864 159,597 Pinjaman Luar Negeri Foreign Loans (18,406) (15,550) (4,566) (17,799) (4,426) Pinjaman Dalam Negeri Domestic Loans - - 394 619 991

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57 86 99 91 120 160 ( 27) (18 ) ( 12) ( 4 ) ( 1 7 ) (3) 9 17 29 5 28 34 (50) (4) (89) (47) (84) (190) -1.3 -0.1 -1.6 -0.7 -1.1 -2.2 (5) (4) (3) (2) (1) 1 2 3 4 (200) (180) (160) (140) (120) (100) (80) (60) (40) (20) 20 40 60 80 100 120 140 160 2007 2008 2009 2010 2011 2012* [ % thd. PDB/ % to GDP ] [ triliun Rupiah/ in trillion IDR ] SBN (neto) Securities (netto)

Pinjaman DN & LN (neto)

Domestic & Foreign Loan (netto)

Non-Utang (neto) Non Debt (netto)

Surplus (Defisit) APBN Budget Surplus (Deficit)

Rasio Defisit APBN thd. PDB (RHS) Budget Deficit to GDP ratio (RHS)

Sumber: Kementerian Keuangan/ Source: Ministry of Finance  Sejak tahun 2005 SBN menjadi instrumen utama pembiayaan APBN/

Since 2005, government securities have been played role as primary instrument of financing

 Kenaikan SBN periode 2007-2012, antara lain untuk refinancing utang lama yang jatuh

tempo, dan refinancing dilakukan dengan utang baru yang mempunyai terms & conditions yang lebih baik./

Refinancing strategy to achieve a better debt profile explains the surge of government securities in 2007-2012

Catatan/ Notes:

2007-2011 angka LKPP/ Audited * APBN-P 2012/ Budget 2012

Defisit dan Pembiayaan APBN

2007-2012

Fiscal Deficit and State

(22)

 Defisit anggaran Indonesia relatif lebih rendah dibandingkan dengan defisit di negara lain. Fiscal deficit in Indonesia is lower than other countries.

 UU No 17/2003 ttg Keuangan Negara membatasi defisit nasional 3% dari PDB, dengan demikian tambahan utang untuk pembiayaan

defisit juga dibatasi.

Fiscal rule stated on Law Number 17/2003 has fixed upper limit of deficit in the level of 3% of GDP. In consequence, additional debt to finance fiscal deficit is also limited _{Kementerian Keuangan – Republik Indonesia}

Defisit Anggaran di berbagai

Negara 2007-2011

Deficit in Various Countries

2007-2011

2007 2008 2009 2010 2011 2012 Developed US (2.7) (6.7) (13.0) (10.5) (9.6) (8.1) Japan (2.1) (4.1) (10.4) (9.4) (10.1) (10.0) Euro Area UK (2.7) (4.9) (10.4) (9.9) (8.7) (8.0) Emerging Market Brazil (2.7) (1.4) (3.1) (2.8) (2.6) (2.3) Mexico (1.2) (1.1) (4.7) (4.3) (3.4) (2.4) Emerging Asia China 0.9 (0.4) (3.1) (2.3) (1.2) (1.3) Indonesia (1.3) (0.1) (1.6) (0.7) (1.1) (2.2) CEEMA Hungary (5.1) (3.7) (4.5) (4.3) 4.0 (3.0) Poland (1.9) (3.7) (7.3) (7.8) (5.2) (3.2) Russia 6.8 4.9 (6.3) (3.5) 1.6 0.6

Sumber/ Source: International Monetary Fund, World Economic Outlook Database, April 2012 & Ministry of Finance

Keterangan - Notes:

- Nominal dalam % terhadap PDB/ in % of GDP

- Khusus untuk indonesia, tahun 2007-2010 menggunakan angka LKPP dan tahun 2011- 2012 menggunakan APBN-P/

(23)

Catatan:

-data per/ as of August 31, 2012

* Penerbitan SBN Bruto dapat berubah sewaktu-waktu menyesuaikan kebutuhan pembiayaan dalam rangka pengelolaan portofolio SBN/ Securities issuance budget is tentative, depend on financing need in term of securities portfolio management.

[ triliun Rupiah/ in trillion IDR ]

Pagu dan Realisasi

Pembiayaan Utang 2012

Budget and Realization of

Debt Financing 2012

Instrumen Instruments Q 1 Q 2 July August Real. 2012 [ % ]

TOTAL TOTAL 325.28 104.93 74.97 17.49 13.99 211.37 65.0%

PINJAMAN LOANS 54.86 6.56 3.62 1.08 0.61 11.87 21.6%

Pinjaman Luar Negeri External Loan 53.73 6.44 3.45 1.00 0.60 11.50 21.4%

Pinjaman Program Program Loan 15.60 2.50 0.69 0.44 0.26 3.90 25.0% Pinjaman Proyek Project Loan 38.13 3.94 2.76 0.56 0.35 7.60 19.9%

Pinjaman Dalam Negeri Domestic Loan 1.13 0.11 0.17 0.08 0.01 0.37 32.4%

SBN SECURITIES 270.42 * 98.37 71.35 16.41 13.38 199.51 73.8%

APBN-P/ Budget

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Realisasi Penerbitan

SBN 2012

Realization of Government

Securities Issuance 2012

(juta Rupiah) / (IDR million)

Uraian/Description Target Nominal Realisasi/ Realization Nominal (ao August 31, 2012) % Realisasi/ Realization SBN Netto (APBN-P 2012)/

Government Securities-net (Revised Budget 2012)

159.596.700

126.995.516

79,57% Kebutuhan Penerbitan 2012 (Gross) /

Issuance Need 270.419.408 199.507.805 73,78% 155.070.000 116.065.000 93.945.000 22.120.000 39.005.000 44.437.805 44.437.805 14.297.000 1.185.000 13.613.805 15.342.000

SUN / Government Debt Securities SUN Domestik / Domestic GDS

- ON - SPN - ORI

SUN Valas / International Bonds

SBSN / Government Islamic Debt Securities

SBSN Domestik / Government Islamic Debt Securities - IFR/PBS (- Islamic Fixed Rate Bond/Project Based Sukuk (IFR/PBS))

- SPN-S - SBSN Ritel - SDHI

(25)

Kementerian Keuangan – Republik Indonesia

Penarikan Pinjaman

Program dan Proyek

Project & Program

Loans Drawing

Nominal % of

APBN-P/ Budget

TOTAL 34.07 50.22 58.66 55.19 33.36 54.86 11.87 21.6%

equivalent dlm miliar/ in billion US$ 3.62 4.59 6.24 5.51 3.68 6.10 1.24 19.61

30.10 28.94 28.97 15.27 15.60 3.90 25.0% equivalent dlm miliar/ in billion US$ 2.08 2.75 3.08 3.22 1.68 1.75 0.41

a. World Bank 5.66 12.91 14.65 15.34 10.73 8.55 3.90 45.6% b. A D B 8.47 9.17 5.06 6.39 3.62 5.40 - 0.0% c. JEPANG/ JAPAN 3.77 4.87 6.07 4.59 0.87 1.80 - 0.0% d. PERANCIS/ FRANCE - 2.20 2.79 2.73 - - - 0.0% e. IDB 1.79 - - - - - - 0.0% f. Lain-Lain/ Others - - - - - - - 0.0% 14.46 20.12 29.72 25.82 17.47 38.13 7.60 19.9% equivalent dlm miliar/ in billion US$ 1.54 1.84 3.16 2.87 1.93 4.24 0.80

- - 0.39 0.62 1.13 0.37 32.4% equivalent dlm miliar/ in billion US$ - - - 0.04 0.07 0.13 0.04

Catatan/ Notes:

Nominal dalam triliun Rupiah/ in trillion IDR

LKPP/ Audited 2008 2012 APBN-P/ Budget LKPP/ Audited 2009 Real. As of Aug 31, 2012 LKPP/ Audited 2010 2011

3. Pinjaman Dalam Negeri/ Domestic Loan 2. Pinjaman Proyek/ Project Loan

JENIS PEMBIAYAAN/ TYPE OF FINANCING

LKPP/ Audited

2007

(26)

Pinjaman Program

2007-2012

Program Loan

2007-2012

[ juta USD/ million USD ]

2007 2008 2009

Real Real APBN/

Budget Real

A. WORLD BANK 600 1,197 1,553 1,704 1,011 950 339 1 Public Financial Management (PFM)/ Indonesia

Institutions and Systems Reform (IISR) 300

-2 BOS-KITA Refinancing -2 113 113

3 PNPM Refinancing Rural 4, Urban 3 249 184

4 Local Government Development Program - DAK

Reimbursements 81 42

5 Domestic Connectivity 100

-6 Financial Sector DPL 107

-B. ASIAN DEVELOPMENT BANK 900 830 500 700 400 600 -1 Capital Market Development Program (Financial

Market Dev and Integration Program) 300

-2 Enhancing Inclusive Growth Through

Connectivity (EIGTC) 300

-C. JICA, JAPAN 400 500 600 505 100 200

-1 DPL8 - Cofinancing with WB 200

-TOTAL 1,900 2,727 2,953 3,209 1,511 1,750 339

2010 2011 2012

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Kementerian Keuangan – Republik Indonesia Keterangan - Notes: *) APBN-P 2012 - Budget 34.1 45.0 52.5 54.8 33.7 53.7 -57.9 -63.4 -68.0 -59.4 -51.5 -58.2 -23.9 -18.4 -15.5 -4.6 -17.8 -4.4 -90 -70 -50 -30 -10 10 30 50 70 2007 2008 2009 2010 2011 2012*

Penarikan Pinj. LN - External Loan Disb., gross Pembyrn. Pokok Pinj. LN - External Loan Princ. Repayment Pembiayaan Pinjaman LN - External Loan Financing (nett)

[ tr ili u n R u p ia h / in tr ill io n I D R ]

[ triliun Rupiah/ in trillion IDR ]

2007 2008 2009 2010 2011 2012*

Penarikan Pinj. LN - External Loan Disb., gross 34.07 45.01 52.48 54.79 33.75 53.73 Pembyrn. Pokok Pinj. LN - External Loan Princ. Repayment (57.92) (63.44) (68.03) (59.36) (51.55) (58.16) Pembiayaan Pinjaman LN - External Loan Financing (nett) (23.85) (18.42) (15.55) (4.57) (17.80) (4.43)

Pembiayaan Pinjaman LN

2007-2012

Ext. Loan Financing

2007-2012

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Kementerian Keuangan – Republik Indonesia

Penarikan Pinjaman 2012,

Pembiayaan Proyek

Loan Disbursement 2012,

Project Financing

Juta USD/

Million USD Miliar IDR/ Billion IDR

Juta USD/ Million USD

Miliar IDR/

Billion IDR USD IDR

JAPAN 400.88 3,700.79 9.2% 9.4% I B R D 104.58 962.00 2.4% 2.5% USA 24.00 221.48 0.6% 0.6% KOREA 63.94 593.10 1.5% 1.5% I D B 9.49 87.70 0.2% 0.2% SPAIN 8.15 74.35 0.2% 0.2% A D B 101.54 934.20 2.3% 2.4% DENMARK 3.50 32.07 0.1% 0.1% SINGAPORE 28.64 268.75 0.7% 0.7% SOUTH AFRICA 1.97 17.73 0.0% 0.0% I D A 10.02 92.82 0.2% 0.2% I F A D 11.98 109.00 0.3% 0.3% OTHERS 93.73 876.93 2.1% 2.2% 4,362.18 39,259.62 862.42 7,970.91 19.8% 20.3%

BUDGET * REAL. AS OF AUG 31, 2012 % To BUDGET 2012

(29)

[ % dari Total Pagu Pinjaman Proyek + PDN di APBN/ % of Proj. Loan + Domestic Loan Budget ]

Penarikan Pinjaman 2012,

Pembiayaan Proyek

Loan Disbursement 2012,

Project Financing

9.4% 2.5% 0.6% 1.5% 0.2% 0.2% 2.4% 0.1% 0.7% _0.0% 0.2% 0.3% 2.2% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% -500 1,000 1,500 2,000 2,500 3,000 3,500 4,000

Penarikan/ Disbursement % thd Pagu APBN-P 2012/ % to Budget ( RHS ) [ milliar Rupiah/ billion IDR ]

Juta USD/

Million USD Miliar IDR/ Billion IDR

Juta USD/ Million USD

Miliar IDR/

Billion IDR USD IDR

4,362.18

39,259.62 862.42 7,970.91 19.8% 20.3%

BUDGET * REAL. AS OF AUG 31, 2012 % To BUDGET 2012

(30)

Bagian 3

Portofolio Utang

(Outstanding Utang, Profil Jatuh Tempo

Utang, Perkembangan SBN dan Pinjaman)

Chapter 3 Debt Portfolio

(Outstanding, Maturity Profile,

(31)

Catatan - Notes:

* Termasuk semi commercial – Semi commercials included

** Beberapa termasuk semi concessional - Some semi commercials included

*** Seluruhnya termasuk commercial - Commercials

Posisi Utang Pemerintah

2007-2012

Gov‟t. Debt Outstanding

2007-2012

2007 2008 2009 2010 2011

Nominal %

Total Utang Pemerintah Pusat (dlm. triliun IDR)/

Central Govt. Debt Total (in trillion IDR) 1,389.41 1,636.74 1,590.66 1,676.85 1,803.49 1,957.20 100.0% a. Pinjaman (dlm. triliun IDR)/ Loans (in trillion IDR) 586.36 730.25 611.20 612.45 615.83 630.21 32.2% 1). Pinjaman Luar Negeri/ External Loan 586.36 730.25 611.20 612.28 615.02 628.90

Bilateral *) 386.49 484.90 387.92 376.62 377.56 384.66 19.7% Multilateral **) 179.47 222.69 202.37 207.95 211.86 219.79 11.2% Komersial ***)/ Commercial ***) 19.62 21.69 20.24 27.14 25.10 24.00 1.2% Suppliers ***) 0.77 0.97 0.66 0.57 0.50 0.45 0.0% Lain-Lain ***)/ Others ***) - - - - - - 0.0% 2). Pinjaman Dalam Negeri/ Domestic Loan - - - 0.17 0.81 1.31

b. SBN (dlm. triliun IDR)/ Securities (in trillion IDR) 803.06 906.50 979.46 1,064.40 1,187.66 1,326.99 67.8% Denominasi Valas/ Foreign Currency 65.93 122.64 143.15 161.97 195.63 246.74 12.6% Denominasi Rupiah/ Local Currency 737.13 783.86 836.31 902.43 992.03 1,080.25 55.2%

Total Utang Pemerintah Pusat/ Central Govt. Debt Total

(equivalent dlm. miliar US$/ in billion US$)

147.51

149.47 169.22 186.50 198.89 204.73 100.0%

diantaranya:

SBN Denominasi Rupiah/ Local Currency Securities

(miliar US$/ in billion US$) 78.26 71.58 88.97 100.37 109.40 113.00 55.2%

SBN Denominasi Valas/ Foreign Currency Securities

Pinjaman Denominasi Rupiah/ Local Currency Loan

(miliar US$/ in billion US$) - - - 0.02 0.09 0.14 0.1%

Pinjaman Denominasi Valas/ Foreign Currency Loan

Nilai Tukar Rupiah/ Exchange Rate (IDR to US$1) 9,419 10,950 9,400 8,991 9,068 9,560

(32)

Catatan:

+ Angka Sangat-Sangat Sementara – Provisional as of August 31, 2012

Posisi Utang Pemerintah

2007-2012

Gov‟t. Debt Outstanding

2007-2012

803 906 979 1,064 1,188 1,327 586 730 611 612 616 630 -200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000 2007 2008 2009 2010 2011 2012+

Pinjaman/ Loans SBN/ Securities

[ triliun rupiah/ in trillion IDR ]

[ dalam triliun Rupiah dan %/ in trillion IDR and % ]

Tahun/ Year

Pinjaman/ Loans 586 42% 730 45% 611 38% 612 37% 616 37% 630 32%

SBN/ Securities 803 58% 906 55% 979 62% 1,064 63% 1,188 63% 1,327 68%

Total Utang Pemerintah Pusat/

Central Govt. Debt Total 1,389 100% 1,637 100% 1,591 100% 1,677 100% 1,803 100% 1,957 100% 2012+ 2010

2009

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Profil Jatuh Tempo Utang

per 31 Agustus 2012

Debt Maturity Profile

as of August 31, 2012

37 78 88 ₇₂ 60 58 73 ₆₉ 83 76 91 38 ₃₃ 44 22 47 28 3 29 31 47 8 ₅ 21 10 34 42 8 90 21 57 56 55 51 44 43 43 42 36 31 26 21 18 15 12 10 9 8 8 8 6 ₄ 2 1 1 1 1 2 -20 40 60 80 100 120 140 160 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 -2055

Pinjaman/ Loans SBN/ Securities

[triliun Rupiah/ in trillion IDR]

Tahun/ Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Pinjaman/ Loans 36% 42% 39% 43% 46% 43% 37% 38% 33% 32% 25% 40% 39% 29% 40% SBN/ Securities 64% 58% 61% 57% 54% 57% 63% 62% 67% 68% 75% 60% 61% 71% 60% Tahun/ Year 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Pinjaman/ Loans 21% 27% 73% 22% 21% 14% 46% 44% 8% 9% 2% 1% 6% SBN/ Securities 79% 73% 27% 78% 79% 86% 54% 56% 92% 91% 98% 99% 94% 2040-2055 2% 98%

(34)

Posisi Surat Berharga Negara

2007-2012

Gov‟t. Securities Outstanding

2007-2012

SURAT BERHARGA NEGARA / GOVERNMENT SECURITIES Des '07 Des '08 Des-'09 Des-10 Des-11 31-Aug-12

A. Dapat Diperdagangkan / Tradable 543.680 648.335 724.898 803.191 919.236 1.049.794

1. Denominasi Rupiah / Rupiah Denominated 477.747 525.695 581.748 641.215 723.606 803.053

a. Surat Utang Negara (SUN) / Government Debt Securities (SUN) 477.747 520.995 570.215 615.498 684.618 741.845

1) Surat Perbendaharan Negara / T-Bill 4.169 10.012 24.700 29.795 29.900 27.770

2) Obligasi Negara Tanpa Kupon / Zero-coupon bond 10.500 11.491 8.686 2.512 2.512 2.512

3) Obligasi Negara Fixed Rate/ Fixed Rate bond +) 294.453 353.558 393.543 440.396 517.142 584.440

4) Obligasi Negara Variable Rate / Variable Rate bond 168.625 145.934 143.286 142.795 135.063 127.123

b. Surat Berharga Syariah Negara (SBSN) / Government Islamic Securities (SBSN) - 4.700 11.533 25.717 38.988 61.208 1) Surat Berharga Syariah Negara Fixed Rate / Fixed Rate Islamic bond ++) _- _4.700 _11.533 _25.717 _37.668 _60.023

2) Surat Perbendaharaan Negara-Syariah / T-Bill Syariah 1.320 1.185

2. Denominasi Valuta Asing / Foreign Currency Denominated 65.933 122.640 143.150 161.976 195.630 246.741

a. SUN Valas (dalam juta US$) / Government bond (million US$) 7.000 11.200 14.200 16.200 18.700 22.950

b. SBSN Valas (dalam juta US$) / Islamic bond (million US$) - - 650 650 1.650 1.650

c. SUN Valas (dalam juta JPY) / Government bond (million JPY) - - 35.000 95.000 95.000 95.000

B. Tidak Dapat Diperdagangkan / Non Tradable 259.404 258.160 254.561 261.215 268.419 277.200

a. Surat Utang kepada Bank Indonesia / Promissory note to central bank 259.404 258.160 251.875 248.432 244.636 241.417

b. Surat Perbendaharaan Negara / T-Bill (Private Placement) - - - - -

-c. Surat Berharga Syariah Negara (SDHI) / Government Islamic Securities - - 2.686 12.783 23.783 35.783

TOTAL SURAT BERHARGA NEGARA (A +B) 803.084 906.495 979.459 1.064.406 1.187.655 1.326.994

Catatan / Notes:

- Nominal dalam miliar Rupiah, kecuali dinyatakan lain / Nominal on billion IDR - +) Termasuk ORI / Includes ORI

- ++) Termasuk Sukuk Ritel / Includes Sukuk Ritel

- Asumsi Kurs / Exchange rate (IDR/US$1) 9.419 10.950 9.400 8.991 9.068 9.560 - Asumsi Kurs / Exchange rate (IDR/JPY1) 101,70 110,29 116,80 121,74

(35)

*)

Catatan - Notes:

*) tidak termasuk SBN Valas – Global Bonds excluded.

Posisi Pinjaman

Berdasarkan Kreditur

Loans Outstanding

by Creditor Types

[ triliun IDR/ in trillion IDR ]

Nmnl % Total PINJAMAN LUAR NEGERI/

EXTERNAL LOAN 586.36 730.25 611.20 612.28 615.02 628.90 99.8% 1. BILATERAL 292.18 389.93 313.41 321.18 321.50 327.44 52.0% a. Jepang/ Japan 232.01 324.28 259.50 274.12 280.49 284.11 45.1% b. Perancis/ France 24.24 27.86 25.56 24.39 20.70 23.59 3.7% c. Jerman/ Germany 35.92 37.80 28.34 22.67 20.31 19.74 3.1% 2. MULTILATERAL 176.92 219.97 200.24 206.08 209.86 217.62 34.5% a. ADB 95.86 118.99 102.32 100.24 97.92 97.10 15.4%

b. Bank Dunia/ World Bank 78.88 98.16 94.96 102.20 107.73 116.27 18.4%

c. IDB 2.19 2.81 2.96 3.64 4.22 4.25 0.7%

3. BILATERAL LAINNYA/

OTHER BILATERAL 114.71 117.62 95.42 83.14 81.66 81.67 13.0% 4. MULTILATERAL LAINNYA/

OTHER MULTILATERAL 2.55 2.73 2.13 1.88 2.00 2.17 0.3% PINJAMAN DALAM NEGERI/

DOMESTIC LOAN 0.00 0.00 0.00 0.17 0.81 1.31 0.2% TOTAL*) 586.36 730.25 611.20 612.45 615.83 630.21 100.0% 2008 Aug 31 - 2012 2007 2009 2010 2011 NEGARA/ COUNTRIES

(36)

Pinjaman LN dari multilateral (WB, ADB) dan bilateral (Jepang) merupakan alternatif sumber pembiayaan yang relatif murah & jangka panjang/

Multilateral (World Bank) and bilateral (Japan) external loan are long matured &

relatively cheap financing sources alternative Kementerian Keuangan – Republik Indonesia

Posisi Pinjaman

Berdasarkan Kreditur

Loans Outstanding

by Creditor Types

39.6% 44.4% 42.5% 44.8% 45.5% 45.1% 16.3% 16.3% 16.7% 16.4% 15.9% 15.4% 13.5% 13.4% 15.5% 16.7% 17.5% 18.4% 19.6% 16.1% 15.6% 13.6% 13.4% 13.2% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2007 2008 2009 2010 2011 2012*)

JEPANG/ JAPAN PERANCIS/ FRANCE

JERMAN/ GERMANY ADB

WORLD BANK IDB

(37)

Kementerian Keuangan – Republik Indonesia Catatan - Notes:

- Data per tanggal 31 Agustus 2012 – as of August 31, 2012

- Pengelompokan Sektor Ekonomi didasarkan pada standar yg digunakan oleh Bank Indonesia dan Badan Pusat Statistik – Economic Sectors Classification by Bank Indonesia and National Statistics Agency

- Angka Sektor Keuangan didominasi oleh Pinjaman Program – Financial Sector is program loan dominated Sumber: Kementerian Keuangan RI & Bank Indonesia/

Source : Ministry of Finance & Bank Indonesia

Posisi Pinjaman

Berdasarkan Sektor Ekonomi

Loans Outstanding

by Economic Sectors

[ miliar IDR/ in billion IDR ]

2007 2008 2009 2010 2011 2012

Pertanian, Peternakan, Kehutanan & Perikanan/

Agriculture, Husbandry, Forestry & Fishing 15,454 17,683 16,773 18,130 17,658 18,117 Pertambangan & Penggalian/ Mining & Drilling 6,231 8,801 7,294 7,527 7,481 7,628 Industri Pengolahan/ Manufacturing 22,743 29,121 21,534 19,946 18,483 16,780 Listrik, Gas & Air Bersih/ Electricity, Gas & Water Works 57,992 74,873 51,442 52,308 52,839 53,239

Bangunan/ Housing & Building 94,651 122,039 115,160 115,726 115,607 117,657

Perdagangan, Hotel & Restoran/ Trading, Hotel &

Restaurant 8,997 10,510 7,717 6,990 6,223 6,163

Pengangkutan & Komunikasi/Transport & Communication27,290 29,814 22,257 20,015 20,952 20,319 Keuangan, Persewaan & Jasa Keuangan/ Financial,

Leasing and Financial Services 74,537 96,005 81,995 86,627 89,688 90,383

Jasa-jasa/ Services 129,325 167,009 145,353 150,966 160,109 169,334

Sektor Lain/ Other Sectors 149,135 174,391 141,673 134,212 126,795 130,588