direktorat jenderal pengelolaan utang … · defisit anggaran di berbagai negara 2007-2011 15. ......

DIRECTORATE GENERAL OF DEBT MANAGEMENT

MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA

DIREKTORAT JENDERAL PENGELOLAAN UTANG

KEMENTERIAN KEUANGAN REPUBLIK INDONESIA

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)

2. Backgrounds (2)

3. Backgrounds (3)

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


Daftar Isi Table of Contents


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 30 September 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 (Grfk)

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 September 30 (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)



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 30 September 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 September 30, 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)




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)



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, Penjaminan, Opini BPK, Kesimpulan

66. Rating Indonesia

67. Perkembangan Credit Rating Indonesia (1)

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

69. Performa Sovereign Rating Indonesia (1)




73. Posisi Penjaminan Pemerintah & Alokasi APBN

74. Opini BPK tentang Laporan Keuangan

75. Kesimpulan (1)

76. 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, Government Guarantee, 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. Gov’t Guarantee Outstanding and Budget Allocation

74. BPK Opinion on Government Financial Report

75. Conclusion (1)

76. Conclusion (2) Kementerian Keuangan – Republik Indonesia



Bagian 1

Latar Belakang, Tujuan & Kebijakan Utang,

Jenis-jenis Utang, Landasan Hukum


Chapter 1

Background, Debt Management Strategy and

Objective, Debt Instruments, Legal Basis

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.


Latar Belakang (1) Background (1)

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;





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

by an economy.

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)


Tujuan dan Kebijakan


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

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.


Jenis-jenis Utang (1) Debt Instruments (1)

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);





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).

Ketentuan Perundang-undangan:

Undang-Undang No 17/2003 tentang

Keuangan Negara


Perbendaharaan Negara


Pemeriksaan Pengelolaan dan

Tanggung Jawab Keuangan Negara


Surat Berharga Syariah Negara


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


Debt Management:

Legal Basis (1)


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


Debt Management:

Legal Basis (2)


Bagian 2

APBN, Pembiayaan APBN dan

Perkembangan Defisit


Chapter 2

State Budget, Deficit and Its

Financing


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)

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

Non Utang Neto Net Non Debt 16,561 28,662 4,622 28,264 33,943

57

86

99

91 1

20

160

(2

7)

(1

8)

(1

2)

(4

)

(1

7) (

3)

9 1

7

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) APBNBudget 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

Budget Financing, 2007-2012


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

DevelopedUS (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 AreaUK (2.7) (4.9) (10.4) (9.9) (8.7) (8.0)

Emerging MarketBrazil (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 AsiaChina 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)

CEEMAHungary (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/

Indonesia: for period 2007-2011 the numbers are audited and for 2012 the member is taken from Revised Budget


Catatan:

-data per/ as of September 30, 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 Q 3 Real. 2012 [ % ]

TOTAL TOTAL 325.28 105.14 75.05 45.01 225.21 69.2%

PINJAMAN LOANS 54.86 6.77 3.71 2.61 13.10 23.9%

Pinjaman Luar Negeri External Loan 53.73 6.66 3.54 2.51 12.71 23.7%

Pinjaman Program Program Loan 15.60 2.50 0.69 0.70 3.90 25.0%

Pinjaman Proyek Project Loan 38.13 4.15 2.85 1.81 8.81 23.1%

Pinjaman Dalam Negeri Domestic Loan 1.13 0.11 0.17 0.10 0.39 34.0%

SBN SECURITIES 270.42 * 98.37 71.35 42.39 212.11 78.4%

APBN-P/

Budget

2012


Realisasi Penerbitan

SBN 2012

Realization of Government

Securities Issuance 2012 (Juta Rupiah) / (IDR Millions)

Uraian/Description Target

Nominal Realisasi/

Realization Nominal

(ao September 28, 2012)

% Realisasi/

Realization

SBN Netto (APBN-P 2012) /

Government Securities-net (Revised

Budget 2012)

159,596,700 136,738,516 85.68%

Kebutuhan Penerbitan 2012 (Gross) /

Issuance Need270,419,408 212,110,805 78.44%

166,570,000

127,565,000

102,445,000

25,120,000

-

39,005,000

45,540,805

45,540,805

15,400,000

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 Valas / International Sukuk

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


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 13.10 23.9%

equivalent dlm miliar/ in billion US$ 3.62 4.59 6.24 5.51 3.68 6.10 1.37

19.61 30.10 28.94 28.97 15.27 15.60 3.90 25.0%


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 8.81 23.1%


- - - 0.39 0.62 1.13 0.39 34.0%

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 Sep 30, 2012LKPP/

Audited

2010

2011

3. Pinjaman Dalam Negeri/ Domestic Loan

2. Pinjaman Proyek/ Project Loan

JENIS PEMBIAYAAN/

TYPE OF FINANCING

LKPP/

Audited

2007

1. Pinjaman Program/ Program Loan


Pinjaman Program

2007-2012

Program Loan

2007-2012 [ juta USD/ million USD ]

2007 2008 2009

Real RealAPBN/

Budget

Real - as

of Sept

30 2012

A. WORLD BANK 600 1,197 1,553 1,704 1,011 950 403

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 3 249 247

4 Local Government Development Program - DAK

Reimbursements81 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 1,750 403

2010 2011 2012

PEMBERI PINJAMAN/ LENDERS


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

iliu

n R

up

iah

/ in

trill

ion

ID

R]


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


Penarikan Pinjaman 2012,

Pembiayaan Proyek

Loan Disbursement 2012,

Project Financing

Juta USD/ Miliar IDR/ Juta USD/ Miliar IDR/

Million USD Billion IDR Million USD Billion IDR

A. Int'l Organization 258.38 2,383.41 6.1%

A D B 107.46 990.36 2.5%

WORLD BANK (IBRD & IDA) 127.49 1,177.79 3.0%

I D B 11.44 106.26 0.3%

I F A D 11.98 109.00 0.3%

B. Negara - Country 693.33 6,430.19 16.4%

JAPAN 453.37 4,199.12 10.7%

KOREA 68.35 635.21 1.6%

AUSTRALIA 37.41 347.26 0.9%

CHINA 30.44 285.35 0.7%

SINGAPORE 28.64 268.75 0.7%

U S A 24.00 221.48 0.6%

OTHERS 51.12 473.02 1.2%

TOTAL 4,236.36 38,127.20 951.71 8,813.60 22.5%

NEGARA / COUNTRY

BUDGET Real. As of Sept 30, 2012% to BUDGET

2012


[ % dari Total Pagu Pinjaman Proyek di APBN/

% of Project Loan Budget ]

Penarikan Pinjaman 2012,

Pembiayaan Proyek

Loan Disbursement 2012,

Project Financing

2.5%2.9%

0.3% 0.3%

10.4%

1.6%

0.9% 0.7% 0.7% 0.6%1.2%

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

4,500

Penarikan / Disbursement % thd APBN-P 2012 / % to Budget (RHS)

[ miliar Rupiah/billions IDR ]

Juta USD/ Miliar IDR/ Juta USD/ Miliar IDR/

Million USD Billion IDR Million USD Billion IDR

4,236.36 38,127.20 951.71 8,813.60 22.5%

% to BUDGET

2012CREDITORS

BUDGET Real. As of Sept 30, 2012


Bagian 3

Portofolio Utang

(Outstanding Utang, Profil Jatuh Tempo

Utang, Perkembangan SBN dan Pinjaman)

Chapter 3

Debt Portfolio

(Outstanding, Maturity Profile,

Change in Securities and Loans Positions)


Catatan - Notes:

* Termasuk semi commercial – Semi commercials included

** Beberapa termasuk semi concessional - Some semi commercials included

*** Seluruhnya termasuk commercial - Commercials Kementerian Keuangan – Republik Indonesia

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 1,808.95 1,975.62 100.0%

a. Pinjaman (dlm. triliun IDR)/ Loans (in trillion IDR) 586.36 730.25 611.20 612.45 621.29 638.01 32.3%

1). Pinjaman Luar Negeri/ External Loan 586.36 730.25 611.20 612.28 620.28 636.68

Bilateral *) 386.49 484.90 387.92 376.62 381.66 391.62 19.8%

Multilateral **) 179.47 222.69 202.37 207.95 212.96 220.16 11.1%

Komersial ***)/ Commercial ***) 19.62 21.69 20.24 27.14 25.15 24.45 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 1.01 1.33

b. SBN (dlm. triliun IDR)/ Securities (in trillion IDR) 803.06 906.50 979.46 1,064.40 1,187.66 1,337.61 67.7%

Denominasi Valas/ Foreign Currency 65.93 122.64 143.15 161.97 195.63 247.61 12.5%

Denominasi Rupiah/ Local Currency 737.13 783.86 836.31 902.43 992.03 1,090.00 55.2%

Total Utang Pemerintah Pusat/ Central Govt. Debt Total

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

147.51 149.47 169.22 186.50 199.49 206.05 100.0%

diantaranya:

SBN Denominasi Rupiah/ Local Currency Securities

(miliar US$/ in billion US$)78.26 71.58 88.97 100.37 109.40 113.68 55.2%

SBN Denominasi Valas/ Foreign Currency Securities


Pinjaman Denominasi Rupiah/ Local Currency Loan

(miliar US$/ in billion US$)- - - 0.02 0.11 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 9,588

September '12


Catatan:

+ Angka Sangat-Sangat Sementara – Provisional as of September 30, 2012 Kementerian Keuangan – Republik Indonesia


2007-2012

Gov’t. Debt Outstanding

2007-2012

803 906 979 1,064

1,188 1,338

586

730 611612

621

638

-

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% 621 37% 638 32%

SBN/ Securities 803 58% 906 55% 979 62% 1,064 63% 1,188 63% 1,338 68%

Total Utang Pemerintah Pusat/

Central Govt. Debt Total1,389 100% 1,637 100% 1,591 100% 1,677 100% 1,809 100% 1,976 100%

2012+201020092007 20112008

32

72

71

65

52

50

63

57

70

60

76

27

18 2

8

20

44

26

0

26

27

43

7

0

15

4

27 3

5

0

47

18

57 57

56

5145

4444

42

37

31

26

22

18

15

13

11

9

8 8

8

7

4

2

1

11

1

2

-

20

40

60

80

100

120

140

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

20

21

20

22

20

23

20

24

20

25

20

26

20

27

20

28

20

29

20

30

20

31

20

32

20

33

20

34

20

35

20

36

20

37

20

38

20

39

20

40

-20

55

Pinjaman/ Loans SBN/ Securities

[triliun Rupiah/ in trillion IDR]


Profil Jatuh Tempo Utang

per 30 September 2012

Debt Maturity Profile

as of September 30, 2012

Tahun/ Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

Pinjaman/ Loans 36% 44% 44% 46% 50% 47% 41% 43% 38% 38% 29% 49% 55% 39% 43%

SBN/ Securities 64% 56% 56% 54% 50% 53% 59% 57% 62% 62% 71% 51% 45% 61% 57%

Tahun/ Year 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039

Pinjaman/ Loans 22% 29% 100% 25% 23% 15% 47% 100% 11% 23% 3% 2% 100%

SBN/ Securities 78% 71% 0% 75% 77% 85% 53% 0% 89% 77% 97% 98% 0%

2040-2055

4%

96%


Posisi Surat Berharga Negara

2007-2012

Gov’t. Securities Outstanding

2007-2012

SURAT BERHARGA NEGARA / GOVERNMENT SECURITIES Dec '07 Dec '08 Des-'09 Des-10 Des-11 30-Sep-12

A. Dapat Diperdagangkan / Tradable 543,680 648,335 724,898 803,191 919,236 1,060,407

1. Denominasi Rupiah / Rupiah Denominated 477,747 525,695 581,748 641,215 723,606 812,796

a. Surat Utang Negara (SUN) / Government Debt Securities (SUN) 477,747 520,995 570,215 615,498 684,618 750,765

1) Surat Perbendaharan Negara / T-Bill 4,169 10,012 24,700 29,795 29,900 28,220

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 +) 294,453 353,558 393,543 440,396 517,142 592,910

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 62,031

1) Surat Berharga Syariah Negara Fixed Rate / Fixed Rate Islamic bond ++) - 4,700 11,533 25,717 37,668 61,126

2) Surat Perbendaharaan Negara-Syariah / T-Bill Syariah 1,320 905

2. Denominasi Valuta Asing / Foreign Currency Denominated 65,933 122,640 143,150 161,976 195,630 247,611

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 1,337,606

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 9,588

- Asumsi Kurs / Exchange rate (IDR/JPY1) 101.70 110.29 116.80 123.64


*)

Catatan - Notes:

*) tidak termasuk SBN Valas – Global Bonds excluded. Kementerian Keuangan – Republik Indonesia

Posisi Pinjaman

Berdasarkan Kreditur

Loans Outstanding

by Creditor Types [ triliun IDR/ in trillion IDR ]

Nmnl % Total

PINJAMAN LUAR NEGERI/

EXTERNAL LOAN586.36 730.25 611.20 612.28 620.28 636.68 99.8%

1. BILATERAL 386.49 484.90 387.92 376.62 381.66 391.62 61.4%

a. Jepang/ Japan 232.01 324.28 259.50 274.12 280.45 288.52 45.2%

b. Perancis/ France 24.24 27.86 25.56 24.39 20.90 21.40 3.4%

c. Jerman/ Germany 35.92 37.80 28.34 22.67 20.29 20.37 3.2%

d. Bilateral lainnya / others 94.31 94.96 74.52 55.44 60.02 61.32 9.6%

2. MULTILATERAL 179.47 222.69 202.37 207.95 212.96 220.16 34.5%

a. Bank Dunia/ World Bank 78.88 98.16 94.96 102.20 108.73 116.47 18.3%

b. ADB 95.86 118.99 102.32 100.24 97.92 97.18 15.2%

c. IDB 2.19 2.81 2.96 3.64 4.23 4.33 0.7%

d. Multilateral lainnya / others 2.55 2.73 2.13 1.88 2.09 2.19 0.3%

3. KOMERSIAL/COMMERCIAL 19.62 21.69 20.24 27.14 25.15 24.45 3.8%

4. SUPPLIERS 0.77 0.97 0.66 0.57 0.50 0.45 0.1%

PINJAMAN DALAM NEGERI/

DOMESTIC LOAN0.17 1.01 1.33 0.2%

TOTAL*) 586.36 730.25 611.20 612.45 621.29 638.01 100.0%

2008Sep 30 - 2012

2007 2009 2010 2011NEGARA/ COUNTRIES


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

40%44% 42% 45% 45% 45%

13% 13%16% 17% 18% 18%

16% 16% 17% 16% 16% 15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 Sep 30 - 2012

Jepang/ Japan Perancis/ France Jerman/ Germany

Bilateral lainnya / others Bank Dunia/ World Bank ADB

IDB Multilateral lainnya / others KOMERSIAL/COMMERCIAL

SUPPLIERS


Catatan - Notes:

- Data per tanggal 30 September 2012 – as of September 30, 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 18,293

Pertambangan & Penggalian/ Mining & Drilling 6,231 8,801 7,294 7,527 7,481 7,735

Industri Pengolahan/ Manufacturing 22,743 29,121 21,534 19,946 18,483 17,047

Listrik, Gas & Air Bersih/ Electricity, Gas & Water Works 57,992 74,873 51,442 52,308 52,839 53,806

Bangunan/ Housing & Building 94,651 122,039 115,160 115,726 115,607 119,701

Perdagangan, Hotel & Restoran/ Trading, Hotel &

Restaurant 8,997 10,510 7,717 6,990 6,223 6,244

Pengangkutan & Komunikasi/Transport & Communication 27,290 29,814 22,257 20,015 20,952 20,570

Keuangan, Persewaan & Jasa Keuangan/ Financial,

Leasing and Financial Services 74,537 96,005 81,995 86,627 89,688 90,797

Jasa-jasa/ Services 129,325 167,009 145,353 150,966 160,109 170,997

Sektor Lain/ Other Sectors 149,135 174,391 141,673 134,212 126,795 132,822

TOTAL 586,356 730,246 611,198 612,446 615,834 638,013

15

,45

4

17

,68

3

16

,77

3

18

,13

0

17

,65

8

18

,29

3

6,2

31

8,8

01

7,2

94

7,5

27

7,4

81

7,7

35

22

,74

3

29

,12

1

21

,53

4

19

,94

6

18

,48

3

17

,04

7

57

,99

2 74

,87

3

51

,44

2

52

,30

8

52

,83

9

53

,80

6

94

,65

1

12

2,0

39

11

5,1

60

11

5,7

26

11

5,6

07

11

9,7

01

8,9

97

10

,51

0

7,7

17

6,9

90

6,2

23

6,2

44

27

,29

0

29

,81

4

22

,25

7

20

,01

5

20

,95

2

20

,57

0

74

,53

7

96

,00

5

81

,99

5

86

,62

7

89

,68

8

90

,79

7

12

9,3

25

16

7,0

09

14

5,3

53

15

0,9

66

16

0,1

09

14

9,1

35

14

1,6

73

13

4,2

12

12

6,7

95

13

2,8

22

-

50,000

100,000

150,000

2007 2008 2009 2010 2011 2012

Pertanian, Peternakan, Kehutanan & Perikanan/ Agriculture, Husbandry, Forestry & Fishing Pertambangan & Penggalian/ Mining & Drilling

Industri Pengolahan/ Manufacturing Listrik, Gas & Air Bersih/ Electricity, Gas & Water Works

Bangunan/ Housing & Building Perdagangan, Hotel & Restoran/ Trading, Hotel & Restaurant

Pengangkutan & Komunikasi/Transport & Communication Keuangan, Persewaan & Jasa Keuangan/ Financial, Leasing and Financial Services

Jasa-jasa/ Services Sektor Lain/ Other Sectors

[ miliar IDR/ in billion IDR ]


Sumber: Kementerian Keuangan RI & Bank Indonesia/

Source : Ministry of Finance & Bank Indonesia

Posisi Pinjaman

Berdasarkan Sektor Ekonomi

Loans Outstanding

by Economic Sectors


Catatan - Notes:

*) IDR dalam Triliun Rupiah – IDR Curr in trillion IDR, **) dalam Miliar – in billions, ***) per 30 September 2012 – as of

September 30, 2012 Kementerian Keuangan – Republik Indonesia


Beberapa Mata Uang Utama

Gov’t. Debt Outstanding,

Main Currencies

2007 2008 2009 2010 2011 2012***

dalam mata uang asli/ in original currencies

IDR*) 737.13 783.86 836.31 902.60 992.84 1,091.3

USD**) 28.14 32.55 35.80 39.64 44.35 47.7

JPY**) 2,941.88 2,820.48 2,713.84 2,689.78 2,585.42 2,506.9

EUR**) 7.19 6.75 5.97 5.41 4.71 4.7

SDR**) 1.41 1.74 2.01 2.15 2.19 2.2

AUD**) 0.08 0.14 0.24 0.29 0.33 0.4

Mata Uang Lainnya/ Other Currencies

equivalent dlm triliun Rupiah/ in trillion IDR

IDR 737.1 783.9 836.3 902.6 992.8 1,091.3

USD 265.1 356.5 336.5 356.4 402.2 457.5

JPY 244.4 341.9 276.0 296.6 302.0 310.0

EUR 98.9 104.2 80.7 64.7 55.3 58.1

SDR 20.8 29.4 29.6 29.8 30.4 32.3

AUD 0.6 1.1 2.1 2.7 3.0 3.9

Mata Uang Lainnya/

Other Currencies22.5 19.9 29.5 24.1 23.2 22.5

Total 1,389.4 1,636.7 1,590.7 1,676.9 1,808.9 1,975.6

Kurs Tengah/ Mid Rate IDR to US$1 9,419.00 10,950.00 9,400.00 8,991.00 9,068.00 9,588.00

Kurs Tengah/ Mid Rate JPY to US$1 113.39 90.33 92.42 81.53 77.64 77.54

Kurs Tengah/ Mid Rate EUR to US$1 0.68 0.71 0.70 0.75 0.77 0.77

-------------------------- Berbagai Mata Uang --------------------------


Catatan - Notes:

*) dalam Miliar – in billions, **) per 30 September 2012 – as of September 30, 2012


Mata Uang Lainnya


Other Currencies

2007 2008 2009 2010 2011 2012**

dalam mata uang asli/ in original currencies

ACU*) 0.03 0.02 0.20 0.26 0.30 0.29

ADB*) 0.22 0.20 0.16 0.14 0.13 0.11

CAD*) 0.19 0.18 0.17 0.16 0.15 0.14

CHF*) 0.43 0.38 0.33 0.30 0.27 0.26

CNY*) 0.00 0.00 0.00 0.00 1.55 1.55

DKK*) 0.08 0.07 0.06 0.05 0.05 0.04

GBP*) 0.64 0.58 0.51 0.46 0.41 0.39

KRW*) 152.00 168.47 184.82 184.32 196.63 194.87

KWD*) 0.02 0.01 0.01 0.01 0.01 0.01

SAR*) 0.15 0.14 0.13 0.12 0.11 0.11

WBD*) 0.00 0.00 1.12 0.71 0.42 0.24

equivalent dlm triliun Rupiah/ in trillion IDR

ACU 0.40 0.38 2.90 3.57 4.22 4.33

ADB 2.03 2.19 1.50 1.30 1.16 1.07

CAD 1.81 1.60 1.49 1.41 1.31 1.40

CHF 3.57 3.94 3.02 2.83 2.62 2.63

CNY 0.00 0.00 0.00 0.00 2.23 2.34

DKK 0.16 0.15 0.10 0.08 0.07 0.07

GBP 12.04 9.15 7.69 6.36 5.77 6.04

KRW 1.53 1.46 1.49 1.47 1.54 1.68

KWD 0.57 0.59 0.43 0.37 0.20 0.32

SAR 0.37 0.41 0.32 0.28 0.26 0.27

WBD 0.00 0.00 10.56 6.39 3.78 2.30

TOTAL 22.5 19.9 29.5 24.1 23.2 22.5



Berdasarkan Mata uang


by Currencies

53%48%

53% 54% 55% 55%

19%22%

21% 21% 22% 23%

18% 21%17% 18% 17% 16%

7% 6% 5% 4% 3% 3%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012*)

IDR USD JPY EUR SDR AUD Others

19

.61

30

.10

28

.94

28

.97

15

.27

15

.60

14

.46

20

.12

29

.72

25

.82

17.4

7

38

.13

0.6

2

1.1

3

0%

10%

20%

30%

40%

50%

60%

70%

80%

-

5

10

15

20

25

30

35

40

2007* 2008* 2009* 2010* 2011* 2012**PINJ. PROGRAM/ PROG. LOAN PINJ. PROYEK/ PROJ. LOAN PINJ. DN/ DOM. LOAN

% PINJ. PROG./ PROG. LOAN (RHS) % PINJ. PROYEK/ PROJ. LOAN (RHS) % PINJ. DN/ DOM. LOAN (RHS)


Catatan - Notes:

*) Angka Realisasi LKPP - Audited

**) Angka APBN-P 2012 - Budget Kementerian Keuangan – Republik Indonesia

[ triliun Rupiah/ in trillion IDR ] [ % ]


JENIS PINJAMAN/ TYPE OF LOANS 2007* % 2008* % 2009* % 2010* % 2011* % 2012** %

PINJ. PROGRAM/ PROG. LOAN 19.61 58% 30.10 60% 28.94 49% 28.97 53% 15.27 46% 15.60 28%

PINJ. PROYEK/ PROJ. LOAN 14.46 42% 20.12 40% 29.72 51% 25.82 47% 17.47 52% 38.13 69%

PINJ. DN/ DOM. LOAN - 0% - 0% - 0% 0.39 1% 0.62 2% 1.13 2%

TOTAL 34.07 50.22 58.66 55.19 33.36 54.86

Proporsi Penarikan Pinjaman

Berdasarkan Jenis Pinjaman

Loans Drawing Proportion,

by Financing Type


Bagian 4

Kinerja Pengelolaan Portofolio Utang

(Berbagai Rasio Utang dan perbandingan antar

negara, Pemanfaatan Pinjaman, Reprofiling

Struktur Jatuh Tempo SUN)

Chapter 4

Debt Portfolio Management Performance

(Debt Performance Measurement and

Comparison, Loan Disbursement, Government

Debt Securities Re-profiling)

Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia Kementerian Keuangan – Republik Indonesia

Sumber: Kementerian Keuangan dan BPS, diolah

Sources: Ministry of Finance and National Statistics Agency, processed


Catatan - Notes:

*) Angka sangat sangat sementara, berdasarkan asumsi APBN-P 2012 – Provisinal, based on Budget asumption

Perkembangan Rasio Utang

terhadap PDB

Central Government

Debt to GDP Ratio

56.6%

47.3%

39.0%35.1% 33.0%

28.3% 26.0% 24.4% 23.1%

0%

20%

40%

60%

80%

100%

120%

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

2004 2005 2006 2007 2008 2009 2010 2011 2012*

[ % ]

Outstanding Utang/ Debt Outs. PDB/ GDP Rasio Utang thd. PDB/ Debt to GDP Ratio (RHS)

[ triliun rupiah/ in trillion IDR ]


2004 2005 2006 2007 2008 2009 2010 2011 2012*

637 620 559 586 730 611 612 621 638

662 693 743 803 906 979 1,064 1,188 1,338

1,300 1,313 1,302 1,389 1,637 1,591 1,677 1,809 1,976

Pinjaman/ Loans

SBN/ Securities

Total


Keterangan - Notes:

- Nominal dalam % terhadap PDB – Nominal in % to GDP

-Khusus untuk Indonesia, menggunakan data LKPP/Realisasi sementara

Indonesia data: taken from audited Government Financial Statements.

Tambahan utang di negara maju lebih besar dibandingkan di negara berkembang

Developed Countries’s debt rise is greater than Developing Countries’s

Rasio Utang terhadap PDB

Indonesia & berbagai Negara

Debt to GDP Ratio,

Indonesia & some Countries

2007 2008 2009 2010 2011

Argentina 56.1 48.6 48.6 45.1 41.4

Brazil 45.1 38.8 59.5 54.7 54.2

Germany 64.9 66.0 73.2 83.4 81.8

India 58.2 56.4 57.3 50.6 48.5

Indonesia 35.1 33.0 28.3 26.0 24.4

Italy 104.0 105.8 115.8 119.1 120.1

Japan 170.0 172.1 192.9 199.7 211.7

Turkey 38.9 40.0 46.3 43.0 39.9

United Kingdom 43.6 51.8 68.2 76.1 86.3

United States 60.8 37.5 53.5 62.9 67.7

Sumber - Source: Bloomberg dan Kementerian Keuangan - Bloomberg and Minis try of Finance


Indonesia lebih baik dibandingkan dengan ‘non investment grade peer group’ (Argentina dan Turki), bahkan dibandingkan dengan

USA, UK, Jepang, dan Italia.

Indonesia is better than ‘non investment grade peer group’ countries (Argentina and Turkey), even than USA, UK, Japan, and Italy.

Sumber - Source: Bloomberg Kementerian Keuangan – Republik Indonesia

Rasio Utang terhadap PDB

Indonesia & berbagai Negara

Debt to GDP Ratio,

Indonesia & some Countries

0.0

50.0

100.0

150.0

200.0

250.0

2007 2008 2009 2010 2011

Argentina Indonesia Italy Japan Turkey United Kingdom United States


Jatuh Tempo SBN Tradable

30 September 2012

MP of Tradable Securities

as of September 30, 2012

ZC : Zero Coupon bond PN : T’bills IFR : Islamic Fixed Rate Bond SNI : International Sukuk

IB : International Bond ORI : Retail Bond SR : Retail Sukuk SPN-S: Sharia T’bills

VR : Variable Rate Bond FR : Fixed Rate Bond RIJPY : Samurai Bond PBS: Project Based Sukuk

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2030 2031 2032 … 2035 2036 2037 2038 2041 2042

Total 31,81 72,04 71,47 64,50 52,23 49,54 62,56 56,95 70,07 59,85 75,52 26,73 18,01 28,02 19,61 44,25 26,04 25,68 27,10 42,80 - 15,34 4,11 26,91 34,86 13,55 33,57

PBS - - - - - - 4,82 - - - 1,21 - - - - 2,85 - - - - - - - 6,13 - - -

SPNS 0,91 - - - - - - - - - - - - - - - - - - - - - - - - - -

SNI - - 6,23 - - - 9,59 - - - - - - - - - - - - - - - - - - - -

SR - 8,03 7,34 13,61 - - - - - - - - - - - - - - - - - - - - - - -

IFR - 0,55 - 5,35 - 1,17 1,99 - 0,25 - - - - 1,55 - - - 2,18 - - - - 4,11 - - - -

RIJPY - - - - - - - 4,33 7,42 - - - - - - - - - - - - - - - - - -

ZC 1,25 1,26 - - - - - - - - - - - - - - - - - - - - - - - - -

FR 14,49 34,30 15,43 19,35 25,94 25,66 10,03 10,74 17,90 35,88 55,14 26,73 18,01 26,47 19,61 41,40 26,04 23,50 27,10 42,80 - - - 6,40 15,69 13,55 12,00

SPN 10,80 17,42 - - - - - - - - - - - - - - - - - - - - - - - - -

IB - - 22,05 9,59 8,63 9,59 18,22 19,18 19,18 23,97 19,18 - - - - - - - - - - 15,34 - 14,38 19,18 - 21,57

ORI - 10,48 11,00 - - - - - - - - - - - - - - - - - - - - - - - -

VR 4,37 - 9,41 16,60 17,67 13,12 17,92 22,72 25,32 - - - - - - - - - - - - - - - - - -

-5

5

15

25

35

45

55

65

75

85

95

tril

lio

n r

up

iah


Buyback : program pengelolaan utang yang bertujuan untuk stabilisasi pasar, pengelolaan portofolio utang dan mengurangi outstanding utang yang diterbitkan

dengan kupon tinggi - debt management program which objectives are stabilizing the market, managing portfolio of debt and reducing Government

Debt Securities outstanding which issued with high coupon

Debt Switching : program pengelolaan utang yang bertujuan untuk mengurangi refinancing risk - debt management program to reduce refinancing risk

Program Debt Switch

dan Buyback SBN

Debt Switching

and Buyback

TahunFrekuensi

Lelang

Jumlah Seri Yang

Hendak Ditukar

Tenor Seri Yang Hendak

Ditukar

Tenor Seri

Penukar

Vol. Yang

Diterima

(milliar Rupiah)

YearAuction

Frequency

Source Bonds

(Series)

Tenor of Source Bonds

(Year)

Destination Bonds

(Yaer)

Volume of Bid

Accepted (billion

IDR)

2005 1 x 9 seri < 1 tahun s.d. 4 tahun 15 tahun 5,673

2006 12 x 7 s.d. 21 seri < 1 tahun s.d. 5 tahun 5 s.d. 19 tahun 31,179





2011 4 x 22 s.d. 27 seri < 1 tahun s.d. 4 tahun 15 tahun 664

2012 2x 18 s.d 20 seri < 1 tahun s.d. 5 tahun 10 s.d. 15 tahun 10,433

Total 75,160

Tahun

Frekuensi

(Lelang dan

Transaksi

Langsung)

Jumlah Seri Yang

Dibeli Kembali

Dalam Setiap

Transaksi

Tenor Seri Yang Dibeli

Kembali

Vol. Dibeli

Kembali

(milliar Rupiah)

YearAuction

Frequency

Series to be Buyback

(Series)

Tenor of Series to be

Buyback (Year)

Volume of

Buyback

Accepted (billion

IDR)

2003 2 x 4 s.d. 7 seri 1 tahun s.d. 3 tahun 8,127

2004 1 x 5 seri 3 tahun s.d. 5 tahun 1,962

2005 4 x 2 s.d. 8 seri < 1 tahun s.d. 4 tahun 5,158

2007 2 x 11 s.d. 13 seri <1 tahun s.d. 5 tahun 2,859


2009 2 x 4 seri < 1 tahun 8,528



2012 3x 1 seri < 1 tahun s.d. 4 tahun 629

Total 36,339


Keterangan - Notes:

*) TFCA Kontribusi dari GoI sebesar USD 20 juta – GoI contribution is USD 20 millions

Kontribusi dari NGO Conservation Int'l Foundation & Kehati sebesar USD 2 juta – Contribution from NGO Conservation Int'l Foundation & Kehati is USD 2 millions

Jumlah yang akan dicancel dikemudian hari sebesar USD 29,921,500 – Future cancellation is USD 29,921,500 (principal + interest)

Pengurangan Utang melalui

Skema Debt Swap

Debt Reduction through Debt

Swap Scheme

Nama/ Title

1 2 3

Debt Swap I Elementary Education EUR 12.8 EUR 25.6 EUR 25.6

Debt Swap II Junior Secondary Education EUR 11.5 EUR 23.0 EUR 23.0

Debt Swap IIIa Financial Assistance for Environmental Investements

for Micro and Small Enterprises Project

EUR 6.3 EUR 12.5 EUR 3.2

Debt Swap IIIb Strengthening the Development of National Parks in

Fragile Ecosystems

EUR 6.3 EUR 12.5 EUR 0.0

Debt Swap IV School Reconstruction and Rehabilitation in

Earthquake Area in Yogyakarta and Central Java

EUR 10.0 EUR 20.0 EUR 20.0

Debt Swap V Global Fund to Fight AIDS, Tubercolosis and Malaria

(GFATM)

EUR 25.0 EUR 50.0 EUR 40.0

Debt Swap VII Indonesian - German Scholarship Program EUR 9.4 EUR 18.8 EUR 0.0

EUR 5.7 EUR 5.7 EUR 5.7

USD 24.2 USD 24.2 USD 24.2

USA Debt Development Swap Tropical Forest Conservation Act/TFCA USD 20.0 USD 29.9 USD 13.6 *)

Debt Development Swap Tropical Forest Conservation Act/TFCA II USD 23.8 USD 29.5 USD 5.4

Australia Debt Swap Debt2Health AUD 37.5 AUD 75.0 AUD 11.4

EUR 87.0 EUR 168.0 EUR 117.5

USD 68.0 USD 83.6 USD 43.3

AUD 37.5 AUD 75.0 AUD 11.4

213.9 368.1 200.9

Negara/

CountryDebt Swap

Proyek/ Project Pembatalan/ Cancelation

Jumlah/ AmountKomitmen/

Commitment

Realisasi/

Realization

TOTAL

TOTAL Equivalent juta USD/ in million USD

4 5 6

Germany

Italy Debt Swap I Housing and Setlement

Kesepakatan Bersama Antara Pemerintah dan

Bank Indonesia tanggal 1 Agustus 2003

Mengenai Penyelesaian BLBI Serta Hubungan

Keuangan Pemerintah dan Bank Indonesia

Jumlah BLBI yang disepakati sebesar

Rp144.536.094.294.530 SU-001 sebesar Rp80.000.000.000.000

SU-003 sebesar Rp64.536.094.294.530

Kedua seri tersebut diganti dengan SU

baru, seri SRBI-01/MK/2003 sebesar

Rp144.536.094.294.530, efektif per 1

Agustus 2003.

Pelunasan dengan skema burden sharing: Jika rasio modal terhadap kewajiban moneter BI

lebih dari 10%, maka surplus yang menjadi bagian

Pemerintah digunakan untuk membayar sisa pokok

SRBI-01

Jika rasio dimaksud di bawah 3%, maka Pemerintah

membayar charge sebesar kekurangan untuk

mencapai 3% tersebut.

Tingkat bunga SRBI-01/MK/2003: 0,1% per

tahun (fixed, semi annual)

Agreement between the Government and Bank Indonesia on August 1, 2003 on the settlement of liquidity support to banking industry (BLBI) and financial relationship between the Government and Bank Indonesia

Agreed BLBI amounting Rp 144.536.094.294.530 SU-001 Rp 80.000.000.000.000

SU-003 Rp 64.536.094.294.530

Both series reissued with new single series SRBI-01/MK/2003 Rp 144.536.094.294.530 starting 1st August 2003.

Repayment arranged under burden sharing scheme: In the case where BI’s monetary liabilities are greater

than 10%, the Government will use its surplus accrued to repay remaining principal of SRBI-01

If it is lower than 3%, the Government shall pay a charge until BI’s monetary liabilities filled up to that 3% figure.

Interest Rate of SRBI-01/MK/2003: 0,1% per annual (fixed, semi annual)


Restrukturisasi Surat Utang

kepada BI 2003

Securities Restructuring

2003

SU-002/MK/1998:

Terbit: 23 Oktober 1998;

Nominal: Rp20.000.000.000.000,-

Pokok diindeks terhadap inflasi setiap tahun.

Bunga 3% setahun yang dibayar setiap enam

bulan terhadap pokok setelah dilakukan

indeksasi.

Pokok diamortisasi setiap enam bulan mulai 1

Oktober 2003 dan berakhir 1 April 2018.

SU-004/MK/1999:

Terbit: 28 Mei 1999;

Nominal: Rp53.779.500.000.000,-

Pokok diindeks terhadap inflasi setiap tahun.

Bunga 3% setahun yang dibayar setiap enam

bulan terhadap pokok setelah dilakukan

indeksasi.

Pokok diamortisasi setiap enam bulan mulai 1

Juni 2004 dan berakhir 1 Desember 2018.

Tunggakan bunga dan indeksasi SU-002 & SU-004 Rp. 54.862.150.308.421:

Tunggakan bunga: Rp16.929.470.080.766

Indeksasi terhadap inflasi: Rp37.932.680.227.655

SU-002/MK/1998: Date of issuance: October 23, 1998;

Nominal: Rp20.000.000.000.000,-

Principal is indexed to inflation, on a yearly basis.

After indexation, of 3% interest payment as made on semi-annual basis calculated from principal.

Principal amortization is in semi-annual basis starting from 1st October 2003 to 1 April 2018.

SU-004/MK/1999: Date of issuance : May 28, 1999;

Nominal: Rp53.779.500.000.000,-

Principal is indexed to inflation, on a yearly basis.

After indexation, of 3% interest payment as made on semi-annual basis calculated from principal.

Principal amortization is in semi-annual basis starting from 1st June 2003 to 1st December 2018.

Interest arrear and indexation SU-002 & SU-004 IDR54.862.150.308.421: Interest arrear: Rp16.929.470.080.766

Indexed to inflation: Rp37.932.680.227.655


Sebelum Restrukturisasi Pre-restructuring


kepada BI 2006 (1)


2006 (1)


SU-002/MK/1998:

Nominal: Rp20.000.000.000.000,-

Bunga 1% setahun dibayar setiap enam

bulan.

Pokok diamortisasi setiap enam bulan mulai

1 April 2010 dan berakhir 1 April 2025

(tidak diindeks terhadap inflasi).

SU-004/MK/1999:

Nominal: Rp53.779.500.000.000,-

Bunga 3% setahun dibayar setiap enam

bulan.

Pokok diamortisasi setiap enam bulan mulai

1 Juni 2010 dan berakhir 1 Desember 2025

(tidak diindeks terhadap inflasi).

SU-007/MK/2007

Nominal: 54.862.150.308.421

Non tradable, bunga 0,1% per tahun

Pokok diangsur secara eksponensial secara

tunai atau dengan SUN tradable sampai

dengan 2025.

SU-002/MK/1998: Nominal: Rp20.000.000.000.000,-

1% interest will be repaid in semi-annual basis.

Principal was amortized semi-annually, starting from 1st April 2025 (no indexation to inflation applies).

SU-004/MK/1999: Nominal: Rp53.779.500.000.000,-

3% interest will be repaid in semi-annual basis.

Principal was amortized semi-annually, starting from 1st December 2025 (no indexation to inflation applied).

SU-007/MK/2007 Nominal: 54.862.150.308.421

Non tradable, 0.1% interest per annum

Principal was installed exponentially by a cash or tradable SUN until 2025.

Pasca Restrukturisasi Post-restructuring


kepada BI 2006 (2)


2006 (2)

Berdasarkan Laporan Panja Belanja Pemerintah

Pusat tanggal 16 – 28 Oktober 2008, Panja

menyepakati antara lain bahwa dalam tahun

2009 dilakukan restrukturisasi SU-002 dan SU-

004 dengan tingkat bunga sebesar Rp0,1% atau

dengan benchmark dan terms and condition

seperti SRBI-01.

Berdasarkan hasil pembahasan Kementerian

Keuangan dan BI disepakati bahwa tingkat

bunga SU-002 dan SU-004 diturunkan, dari

masing-masing 1% dan 3% menjadi masing-

masing 0,1% per tahun, efektif 1 Januari 2009.

• Amortisasi SU-007 telah dilakukan sejak 2007

• Amortisasi SU-002 dan SU-004 dimulai sejak tahun 2010

Based on Its report on Central Govt Expenditure dated October 16-28, 2008, Working Committee agreed among others that SU-002 and SU-004 will be restructured in 2009 with interest rate applied was 0.1% or with benchmark and terms condition of SRBI-01.

Ministry of Finance and BI agreed that interest rate of both SU-002 and SU-004 will be reduced to 0.1% from 1% and 3% respectively, starting on 1st January 2009 .

• Amortization of SU-007 was conducted since 2007

• Amortization of SU-002 and SU-004 will be conducted in 2010


SU dan SRBI Positionas of September 30, 2012

Restrukturisasi 2008

(SU-002 & SU-004)

Restructuring 2008

(SU-002 & SU-004)

Seri / Seri Terbit / Issued Jatuh Tempo / Maturity Nominal / Nominal

SU-002/MK/1998 October-98 April-25 18,438,222,281,149.00

SU-004/MK/1999 May-99 December-25 49,833,015,196,884.00

SRBI-01/MK/2003 August-03 August-33 126,390,778,837,033.00

SU-007/MK/2006 January-06 01-Aug-25 46,754,718,593,138.00

241,416,734,908,204.00 TOTAL

0

50

100

150

200

250

300

Net Commitment Disbursement Undisbursed

[triliun IDR/ in trillion IDR]


Keterangan - Notes:

- angka th 2008 s.d. th 2012 merupakan kumulatif sejak tanggal 1 Januari 2008.

nominal between 2008 until 2012 have been cumulatively calculated since January 1, 2008.

-Net commitment = jumlah pinjaman yang disepakati; disbursement = jumlah pinjaman yang dicairkan.

Net commitment = signed loans; disbursement = disbursed loans. Kementerian Keuangan – Republik Indonesia

Pemanfaatan Pinjaman

Loans Disbursement

Performance


Tahun/ YearCumulative 1967

to 20072008 2009 2010 2011 2012

Cumulative 1967

to 2012

Net Commitment 1,711.8 56.6 110.1 163.5 205.9 268.9 1,980.7

Disbursement 1,620.9 45.2 97.3 152.5 185.6 198.3 1,819.2

Undisbursed 90.9 11.4 12.8 11.0 20.3 70.5 161.5


Catatan:

Pembayaran kewajiban Pinjaman LN = Pembyr. Bunga dan Pokok Pinj. LN

* Angka Proyeksi Sederhana, asumsi: 1) kewajiban PLN menggunakan

angka realisasi s.d. bulan berkenaan , 2) angka cadangan devisa adalah

nilai rata-rata awal tahun s.d. bulan berkenaan

Rasio Kewajiban Pinjaman

LN thd Cadangan Devisa

External Loan Services

to Reserves Ratio

Notes:

External Loan Services = Ext. Loan Principal + Ext. Loan Interest Payments

* provisional, based on assumption: 1) ext loan services nominal =

realizations as of end of period , 2) reserves nominal = averages of

reserves nominal from the beginning of year until the end of period.

18.0%

16.8%17.9%

9.0%

6.1%

3.8%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2007 2008 2009 2010 2011 2012*


Public Debt, 2011

(in % of GDP)

Public Debt, changes 2003-2011

(in % of GDP)

Sumber - Source: Bloomberg

Rasio Utang thd PDB Berbagai

Negara & Perubahannya

Debt to GDP Ratio, Some

Countries & The Changes

- 50.0 100.0 150.0 200.0 250.0

Japan

Italy

United Kingdom

Germany

Australia

United States

Poland

Brazil

Malaysia

Philippines

India

Colombia

Thailand

Turkey

South Africa

Indonesia

Chile

-100 -50 0 50 100

United Kingdom

Japan

Germany

Poland

Malaysia

Italy

Australia

United States

Brazil

South Africa

Thailand

Colombia

India

Philippines

Chile

Turkey

Indonesia

0

20000

40000

60000

80000

100000

120000

0

1000

2000

3000

4000

5000

6000

7000

39417 39783 40148 40513 40878

Brazil Poland Chile India Philippines Indonesia Japan (rhs)

2007 2008 2009 2010 2011

Kementerian Keuangan – Republik Indonesia Sumber - Source: Bloomberg


Utang per Kapita

di Berbagai Negara

Debt per Capita,

of Some Countries

• Nominal in USD • Nominal in USD

Utang per kapita Indonesia termasuk paling rendah dengan perubahan yang tidak signifikan dibandingkan

negara lain

Indonesian debt per capita is among the lowest and it is considered to fluctuate insignificantly


Public Debt per Capita, 2011

(in US$)

Public Debt per Capita, changes 2003-2011

(in %)

Sumber - Source: Bloomberg

Utang per Kapita di Berbagai

Negara & Perubahannya

Debt per Capita, of Some

Countries & The Changes

0 40000 80000 120000

India

Indonesia

Philippines

Chile

Thailand

Colombia

South Africa

Turkey

Malaysia

Poland

Brazil

United States

United Kingdom

Japan

0 100 200 300 400 500

Indonesia

Turkey

Philippines

Thailand

South Africa

United States

Japan

Chile

India

Poland

Colombia

Malaysia

Brazil

United Kingdom


Sumber: Kementerian Keuangan – Source: Ministry of Finance

Indikator Risiko Utang

2007-2011

Debt Risk Indicators,

2007-2011

26.7

22.921.2 20.3

18.816.5

30.228.2 28.2

26.1 25.923.4

2007 2008 2009 2010 2011 Q2-2012

Interest Rate Risk

Variable rate ratio [%] Refixing rate [%]

16.5 17.213.4 12.1 10.9 11.0

46.952.1

47.4 46.2 45.1 44.8

2007 2008 2009 2010 2011 Q2-2012

Exchange Rate Risk

FX Debt to GDP ratio (%) FX Debt to total debt ratio (%)

10.4

10.0

9.7

9.59.3

9.7

2007 2008 2009 2010 2011 Q2-2012

Average Time To Maturity (ATM)-Years

Average Time to Maturity (in percentage)

6.8 6.4 7.6 7.1 8.2 8.0

19.4 18.6 20.3 20.822.7 22.0

30.6 31.133.2 34.2 34.6 33.5

2007 2008 2009 2010 2011 Q2-2012

Debt Maturing in 1, 3 and 5 Years

Maturity debt portion < 1 year (%) Maturity debt portion < 3 year (%)

Maturity debt portion < 5 year (%)


Bagian 5

Biaya-biaya berbagai instrumen utang

(Realisasi Pembayaran Utang, Rasio Biaya

Utang, Yield Curve, Biaya Pinjaman Luar

Negeri)

Chapter 5

Costs of Borrowing

(Debt Services, Cost of Fund, Yield Curve,

External Debt’s Cost)


Realisasi Pembayaran Utang

Pemerintah TA 2012

Debt Services Realizations,

FY 2012 [ miliar Rupiah/ in billion IDR ]

Realisasi Pembayaran/ Payments Realization

Q-1 Q-2 Q-3 Total

I. POKOK I. PRINCIPALS 197,104 50,078 34,187 35,208 119,473 60.61%

A. PINJAMAN A. LOANS 49,866 8,484 16,778 8,142 33,404 66.99%

a. Pinjaman Dalam Negeri a. Domestic Loan 141 - 71 - 71 0.00%

b. Pinjaman Luar Negeri b. External Loan 49,725 8,484 16,708 8,142 33,333 67.04%

B. SURAT BERHARGA NEGARA B. GOVERNMENT SECURITIES 147,238 41,594 17,409 27,066 86,069 58.46%

1. SBN Rupiah 1. Rupiah Denominated Securities 141,238 41,594 17,409 27,066 86,069 60.94%

a. SUN a. Securities 124,570 31,770 16,989 26,653 75,412 60.54%

b. SBSN b. Islamic Securities 16,668 9,824 420 413 10,657 63.94%

2. SBN Valas 2. Foreign Curr. Denominated Securities 6,000 - - - - 0.00%

a. SUN a. Securities 6,000 - - - - 0.00%

b. SBSN b. Islamic Securities - - - - - 0.00%

II. BUNGA I. INTERESTS 117,785 26,868 22,346 26,713 75,926 64.46%

A. PINJAMAN A. LOANS 16,151 2,072 4,913 2,236 9,221 57.09%

a. Pinjaman Dalam Negeri a. Domestic Loan 167 - 35 - 35 20.69%

b. Pinjaman Luar Negeri b. External Loan 15,984 2,072 4,879 2,236 9,186 57.47%

B. SURAT BERHARGA NEGARA B. GOVERNMENT SECURITIES 101,634 24,796 17,432 24,477 66,705 65.63%

1. SBN Rupiah 1. Rupiah Denominated Securities 84,582 20,030 14,755 19,287 54,072 63.93%


b. SBSN b. Islamic Securities 8,418 1,937 1,572 2,403 5,912 70.24%

2. SBN Valas 2. Foreign Curr. Denominated Securities 17,052 4,766 2,677 5,190 12,634 74.09%


b. SBSN b. Islamic Securities 1,234 - 448 0 448 36.31%- - - - -

III. TOTAL POKOK + BUNGA III. PRINCIPALS + INTEREST, TOTAL 314,890 76,945 56,533 61,921 195,399 62.05%

Pagu APBN-P/

Revised Budget

% thd Pagu

APBN/

% to Budget

11

.3%

9.0

% 11

.0%

8.9

%

7.7

% 8.7

%

10

.5%

9.0

%

10

.0%

8.5

%

7.2

%

7.6

%

-1%

1%

3%

5%

7%

9%

11%

13%

15%

2007 2008 2009 2010 2011 2012*

terhadap Penerimaan/to revenues terhadap Belanja/to expenditures


Biaya utang yang semakin efisien


Keterangan - Notes:

Angka LKPP-Audited

* angka proyeksi berdasarkan APBN-P 2012 – provisional, based on Revised Budget assumption

[miliar Rupiah/ in billion IDR]

2007 2008 2009 2010 2011 2012*

Pendapatan dan Hibah - Revenues and Grants 706,108 981,609 848,763 995,272 1,210,600 1,358,205

Belanja - Expenditures 757,650 985,731 937,398 1,042,117 1,295,000 1,548,310

Pembayaran Bunga Utang - Interest Payments 79,806 88,430 93,782 88,383 93,200 117,785

Rasio Pembayaran Bunga

Utang

Interest Payments Ratios


Catatan - Notes:

Angka Realisasi LKPP – Audited

*) Angka sangat sementara, menggunakan angka proyeksi akhir tahun 2012.

Provisional, based on end of year 2012 adjusted projection

Pembayaran Bunga Utang

terhadap Total Utang

Interest Payments

to Debt Total

5.9% 5.8% 5.8% 5.4% 5.4% 5.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

-

500

1,000

1,500

2,000

2,500

2007 2008 2009 2010 2011 2012*

Total Utang/ Debt Pemby. Bunga/ Interest Paymt. Rasio/ Ratio (RHS)

[triliun Rupiah/ in trillion IDR] [ Persentase/ Percentage ]


2007 2008 2009 2010 2011 2012*

Total Utang/ Debt 1,389.41 1,636.74 1,590.66 1,676.85 1,808.95 1,989.92

Pemby. Bunga/ Interest Paymt. 79.81 88.43 93.78 88.38 93.20 117.79


Catatan - Notes:

Angka Realisasi LKPP – Audited

*) Angka sangat sangat sementara, menggunakan asumsi APBN-P 2012 – provisional, based on Revised Budget assumption.

Realisasi Pembayaran

Bunga Utang

Interest Payments

Realization

32% 32% 32% 30%15%

28%

68% 68% 68% 70%85%

72%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2007 2008 2009 2010 2011 2012*

Pembayaran Bunga Utang DN/ Domestic Debt Interest Payment Pembayaran Bunga Utang LN/ External Debt Interest Payment


Nml % Nml % Nml % Nml % Nml % Nml %

79.80 100.00 88.43 100.00 93.78 100.00 88.38 100.00 93.20 100.00 117.79 100.00

a. Pembayaran Bunga Utang DN/

Domestic Debt Interest Payment

54.10 67.79 59.90 67.74 63.76 67.98 61.4 69.47 79.60 85.41 84.75 71.95

b. Pembayaran Bunga Utang LN/

External Debt Interest Payment

25.70 32.21 28.53 32.26 30.03 32.02 27.0 30.53 13.60 14.59 33.04 28.05

2012*

Pembayaran Bunga Utang/

Debt Interest Payment

2010200920082007 2011


Loan Maturity 24.5 years 15-18 years 15-20 years 15-25 years

Grace Period 9 years 3 years 3-5 years 3-5 years

Repayment Period 15.5 years 12 years 11-15 years 12-20 years

Commitment Charge - - - 0.15%

Front End Fee 0.25% - - -

Service Charge - - - -

Interest Rate/ LIBOR + 0,40%

Mark-up ***) *)

LIBOR + 0.48% (Variable

Spread) 0.2% - 1.4%

ALM ≤ 13 tahun = Nil **)

13 tahun< ALM ≤ 16

tahun = 0.10 % p.a

**)

ALM > 16 tahun = 0.20%

p.a

**)

LIBOR + 1.0% (Fixed Spread)

IFAD Reference Rate

(Semester I tahun 2012= 1.39%)

LIBOR (swap) + 1.25%

Maturity Premium

Description

Multilateral

IBRD-WB IFAD IDB ADB-OCR

*) Untuk Nego yang dilaksanakan pada dan/atau setelah 1 Juli 2011 - for negotiations held on and / or after July 1, 2011

**) Untuk nego yang dilaksanakan pada atau setelah 1 April 2012 - for negotiations held on and / or after April1, 2012

ALM = Average Loan Maturity

Biaya Pinjaman dari

Kreditur Multilateral

Terms and Conditions of

Loan from Multilateral


Standard Option1 Option2 Standard Option1 Option2 Option3 Standard Option

Loan Maturity 32 years 26 years 20 years 50 years 40 years 26 years 20 years 50 years 40 years

Grace Period 7 years 6 years 5 years 10 years 10 years 6 years 5 years 10 years 10 years

Repayment Period 25 years 20 years 15 years 40 years 30 years 20 years 15 years 40 years 30 years

Commitment Charge

Front End Fee - - - - - - - - -

Service Charge - - - - - - - - -

Interest Rate

(for non consultant services)

Interest Rate

(for consultant services) 0,01%

Maturity Premium

0,1%

1,40% 0,95% 0,80% 0,65% 0,55% 0,50% 0,40% 0,20% 0,10%

Description

Bilateral

Jepang/ Japan (JICA)

General terms Prefential terms STEP

Biaya Pinjaman dari

Kreditur Bilateral (Jepang)

Terms and Conditions of

Loan from Bilateral (Japan)

4

6

8

10

12

1Y2Y3Y4Y5Y6Y7Y8Y9Y10Y 15Y 20Y 30Y

28 Sep '12 Des '11 Des '10 Des '09 Des '08

Tenor 28-Sep-12 Des '11 Des '10 Des '09 Des '08

1Y 4,76 4,35 5,36 6,72 10,36

2Y 5,15 4,92 5,82 7,61 11,22

3Y 5,33 5,22 6,27 8,23 11,45

4Y 5,49 5,24 6,34 8,75 11,67

5Y 5,54 5,35 6,78 8,80 11,70

6Y 5,69 5,45 6,96 9,06 11,77

7Y 5,78 5,83 7,16 9,24 11,82

10Y 5,98 5,96 7,57 10,04 11,86

15Y 6,34 6,56 8,78 10,64 11,92

20Y 6,72 7,02 9,24 10,72 11,91

30Y 6,53 7,26 9,68 10,97 12,17

Penurunan cost of fund SBN Rupiah (bagi Pemerintah) secara signifikan menunjukkan kepercayaan pasar yang meningkat

terhadap pengelolaan fiskal yang kredibel dan pengelolaan utang yang prudent.

Declining cost of fund of Domestic Government Securities reflects increasing market confidence as a response of prudent

fiscal policy and debt management. Kementerian Keuangan – Republik Indonesia

[ % ]

Kurva Imbal Hasil

SBN Rupiah

Domestic Government Debt

Securities Yield Curve

42 Kementerian Keuangan – Republik Indonesia

[ % ]

Kurva Imbal Hasil

SBN Valas

Indonesian Global Bond

Yield Curve

0

2

4

6

8

10

12

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30

31-Dec-08

31-Dec-09

31-Dec-10

30-Dec-11

28-Sep-12

31-Dec-08 31-Dec-09 31-Dec-10 30-Dec-11 28-Sep-12

2 Y 2,707 1,453

3 Y 2,991 1,79

4 Y 2,55 3,079

5 Y 8,642 4,188 3,169 3,374 2,044

6 Y 9,057 4,387 3,608 3,515 2,263

7 Y 9,925 4,886 3,931 3,899 2,589

8 Y 5,107 4,146 3,955 2,788

9 Y 9,385 5,255 4,468 2,997

20 Y 4,486

25 Y 9,662 6,731 5,954 5,044 4,444

30 Y 9,321 6,806 6,065 5,201 4,402


Bagian 6

Kinerja Pasar Sekunder SBN

(Aktifitas Perdagangan, Kepemilikan SBN oleh

Investor)

Chapter 6

Performance of Secondary Market

for Govt. Securities

(Trading Volume, Govt. Securities’s

Ownership Structure)

0

100

200

300

400

500

600

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S

2007 2008 2009 2010 2011 2012

[ Frekuensi] / [Frequency] [ Triliun Rupiah] / [IDR Trillion]

Volume Rata-Rata Volume per Tahun (Average Daily Volume per Year) Frekuensi (Frequency) - RHS


Trend volume dan frekuensi perdagangan

rata-rata harian SUN menunjukkan

likuiditas pasar yang semakin baik.

Positive trend on average daily trading

activity shows increasing market liquidity

Perdagangan Rata-rata Harian

SBN Rupiah di Pasar Sekunder Average Daily Trading of

Domestic Gov’t. Securities

-

5.00%

10.00%

15.00%

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

50.00%

0

100

200

300

400

500

600

700

800

900

Jan

'07

May'0

7

Sep

'07

Jan

'0

8

May'0

8

Sep

'08

Jan

'09

May'0

9

Sep

'09

Jan

'10

May'1

0

Sep

'10

Jan

'11

May'1

1

Sep

'11

Jan

'12

May'1

2

28-S

ep

-12

Rp Triliun / IDR trillion

NON-BANK BANK % Asing thd. Total/Foreign to Total - RHS


Catatan/ Notes:

Non-Bank termasuk Institusi Pemerintah/ Non-Bank including Government institution

Investor SBN semakin terdiversifikasi tercermin dari berkurangnya kepemilikan oleh

bank, dan meningkatnya kepemilikan oleh lembaga keuangan non-bank, investor

ritel dan asing.

More diversified investor base which demonstrated by increasing ownership from

non-bank, foreign and retail investor.

Trend peningkatan kepemilikan oleh asing menunjukkan peningkatan kepercayaan

pasar terhadap SBN

Increasing offshore ownership indicates better market confidence.

Posisi Kepemilikan SBN

Government Debt Securities

Ownership


Catatan:

• Nominal dalam triliun rupiah;

• Termasuk kepemilikan SBSN

• Asing terdiri dari Bank, Private Banking, Reksadana, dan Sekuritas Asing;

• Lain-lain terdiri dari Perusahaan, Perorangan, Yayasan, dll.

*) Sejak 8 Februari 2008, termasuk transaksi repo SUN kepada Bank Indonesia

Posisi Kepemilikan

SBN Domestik

Domestic Debt Government

Securities Ownership

Notes:

• Nominal in trillion IDR;

• Includes only tradable domestic Government Debt Securities;

• Including Islamic Government Debt Securities

• Foreign ownership of Bank, Private Bank, Mutual Funds, and Foreign Securities;

• Others include Corporates, Retail, Foundation, etc;

*) Since February 8, 2008, including repo transaction of Government Securities to Bank of Indonesia.

Des '07 Dec'08 Dec'09 Dec'10 Des'11 Jan'12 Aug-12 28-Sep-12

BANK 268.65 258.75 254.36 217.27 265.03 267.49 290.61 317.43

Bank BUMN Rekap / State-owned Bank Recap 154.67 144.72 144.19 131.72 148.64 148.02 135.26 143.54

Bank Swasta Rekap / Private Bank recap 72.63 61.67 59.98 54.93 67.33 70.90 83.19 88.14

Bank Non Rekap / Non-recap Bank 35.37 45.17 42.40 26.26 42.84 41.74 59.42 72.20

BPD Rekap / BPD recap 5.97 6.50 6.02 1.41 4.32 5.03 8.12 9.03

Bank Syariah / Shariate Bank 0.69 1.77 2.95 1.90 1.81 4.61 4.53

Institusi

Pemerintah / Government Institution14.86 23.01 22.50 17.42 7.84 2.42 31.57 4.63

Bank Indonesia / Bank of Indonesia * 14.86 23.01 22.50 17.42 7.84 2.42 31.57 4.63

NON-BANK 194.24 243.93 304.89 406.53 450.75 465.71 480.88 490.73

Reksadana / Mutual Fund 26.33 33.11 45.22 51.16 47.22 47.63 47.22 47.01

Asuransi / Insurance 43.47 55.83 72.58 79.30 93.09 93.63 108.98 109.54

Asing / Foreign 78.16 87.61 108.00 195.76 222.86 235.97 233.15 240.98

Dana Pensiun / Pension Fund 25.50 32.98 37.50 36.75 34.39 33.53 34.59 34.35

Sekuritas / Securities 0.28 0.53 0.46 0.13 0.14 0.27 0.63 0.51

Lain-lain / Others 20.50 33.87 41.12 43.43 53.05 54.68 56.30 58.35

TOTAL 477.75 525.69 581.75 641.21 723.61 735.62 803.05 812.80


Posisi Kepemilikan

SBN Domestik ( dlm % )

Domestic Debt Government

Securities Ownership ( in % )

Catatan:

• Nominal dalam triliun rupiah;

• Termasuk kepemilikan SBSN

• Asing terdiri dari Bank, Private Banking, Reksadana, dan Sekuritas Asing;

• Lain-lain terdiri dari Perusahaan, Perorangan, Yayasan, dll.

*) Sejak 8 Februari 2008, termasuk transaksi repo SUN kepada Bank Indonesia

Notes:

• Nominal in trillion IDR;

• Includes only tradable domestic Government Debt Securities;

• Including Islamic Government Debt Securities

• Foreign ownership of Bank, Private Bank, Mutual Funds, and Foreign Securities;

• Others include Corporates, Retail, Foundation, etc;

*) Since February 8, 2008, including repo transaction of Government Securities to Bank of Indonesia.

Des '07 Dec'08 Dec'09 Dec'10 Des'11 Jan'12 Aug-12 28-Sep-12

BANK 56.23% 49.22% 43.72% 33.88% 36.63% 36.36% 36.19% 39.05%

Bank BUMN Rekap / State-owned Bank Recap 32.38% 27.53% 24.79% 20.54% 20.54% 20.12% 16.84% 17.66%

Bank Swasta Rekap / Private Bank recap 15.20% 11.73% 10.31% 8.57% 9.30% 9.64% 10.36% 10.84%

Bank Non Rekap / Non-recap Bank 7.40% 8.59% 7.29% 4.10% 5.92% 5.67% 7.40% 8.88%

BPD Rekap / BPD recap 1.25% 1.24% 1.03% 0.22% 0.60% 0.68% 1.01% 1.11%

Bank Syariah / Shariate Bank 0.13% 0.30% 0.46% 0.26% 0.25% 0.57% 0.56%

Institusi

Pemerintah / Government Institution3.11% 4.38% 3.87% 2.72% 1.08% 0.33% 3.93% 0.57%

Bank Indonesia / Bank of Indonesia * 3.11% 4.38% 3.87% 2.72% 1.08% 0.33% 3.93% 0.57%

NON-BANK 40.66% 46.40% 52.41% 63.40% 62.29% 63.31% 59.88% 60.38%

Reksadana / Mutual Fund 5.51% 6.30% 7.77% 7.98% 6.53% 6.48% 5.88% 5.78%

Asuransi / Insurance 9.10% 10.62% 12.48% 12.37% 12.86% 12.73% 13.57% 13.48%

Asing / Foreign 16.36% 16.66% 18.56% 30.53% 30.80% 32.08% 29.03% 29.65%

Dana Pensiun / Pension Fund 5.34% 6.27% 6.45% 5.73% 4.75% 4.56% 4.31% 4.23%

Sekuritas / Securities 0.06% 0.10% 0.08% 0.02% 0.02% 0.04% 0.08% 0.06%

Lain-lain / Others 4.29% 6.44% 7.07% 6.77% 7.33% 7.43% 7.01% 7.18%

Total 100% 100% 100% 100% 100% 100% 100% 100%

December-10 December-11 January-12 May-12 June-12 July-12 August-12 28-Sep-12

Total 195.755 222.857 235.971 224.502 224.422 234.556 233.155 242.887

>5 131.232 140.762 145.759 142.470 150.943 157.951 164.624 169.691

>2-5 35.511 37.400 39.582 41.124 38.632 45.097 42.903 44.907

>1-2 9.077 18.252 19.606 15.596 11.026 10.561 6.264 3.549

0-1 19.935 26.443 31.024 25.311 23.821 20.946 19.363 24.740

0

50.000

100.000

150.000

200.000

250.000

[Rp miliar] / [IDR billion]


Kepemilikan SBN oleh Asing

berdasarkan Tenor

Foreign Ownership of Dom.

Gov’t. Securities by Tenor

67,34%

4,50%

8.93%

19,23%

70,61%

2,69%

8,30%

18,40%

Mayoritas investor asing merupakan ‘long-term

investors’, dimana kepemilikan mereka atas

SBN bertenor panjang (lebih dari 5 th)

mencapai 69,86% per 28 September 2012.

Long end Government Debt Securities

dominates foreign holding which reached

by 69,86% as of September 28, 2012

0

200

400

600

800

27-Sep-11 27-Nov-11 27-Jan-12 27-Mar-12 27-May-12 27-Jul-12 27-Sep-12

MEX 17 BRAZ 17

PHIL 17 INDO 17

TURK 17


Spread terhadap UST- Mar 17 Spread over UST- Mar 17

Yield

DATE MEX 17 BRAZ 17 PHIL 17 INDO 17 UST 17 TURK 17

Dec-11 2.46 2.34 2.89 3.34 0.90 4.79

Mar-12 2.13 1.87 2.73 2.94 1.04 4.19

Jun-12 1.80 1.83 2.34 3.07 0.71 3.66

Jul-12 1.55 1.53 2.01 2.44 0.54 3.10

Aug-12 1.53 1.45 1.96 2.48 0.52 2.63

21-Sep-12 1.41 1.21 1.77 2.11 0.59 2.70

24-Sep-12 1.42 1.22 1.75 2.09 0.58 2.77

25-Sep-12 1.45 1.25 1.76 2.09 0.57 2.85

26-Sep-12 1.44 1.27 1.74 2.10 0.54 2.93

27-Sep-12 1.45 1.27 1.67 2.06 0.56 2.88

-

200

400

600

20-Mar-12 20-Apr-12 20-May-12 20-Jun-12 20-Jul-12 20-Aug-12 20-Sep-12

PHIL 21 BRAZ 21

INDO 22 MEX 22

TURK 22


Spread terhadap UST- Feb 22 Spread over UST- Feb 22

Yield

Date PHIL 21 BRAZ 21 UST 22 INDO 22 MEX 22 TURK 22

Mar-12 3.43 3.14 2.21 3.49 5.27

Jun-12 2.96 2.80 1.61 3.79 3.02 4.59

Jul-12 2.57 2.22 1.42 3.17 2.67 3.89

Aug-12 2.60 2.32 1.46 3.32 2.67 3.67

21-Sep-12 2.51 2.26 1.65 3.17 2.69 3.83

24-Sep-12 2.51 2.26 1.61 3.18 2.68 3.95

25-Sep-12 2.50 2.26 1.56 3.18 2.70 3.99

26-Sep-12 2.50 2.25 1.51 3.18 2.62 3.99

27-Sep-12 2.45 2.25 1.56 3.10 2.66 3.84

0

200

400

600

9-Feb-12 10-Mar-12 9-Apr-12 9-May-12 8-Jun-12 8-Jul-12 7-Aug-12 6-Sep-12

MEX 40 BRAZ 41

TURK 41 COLM 41

INDO 42


Spread terhadap UST- Feb 42 Spread over UST- Feb 42

Yield

DATE MEX 40 BRAZ 41 TURK 41 COLM 41 INDO 42 UST 42

Mar-12 4.73 4.64 6.07 4.65 4.93 3.34

Jun-12 4.30 4.24 5.61 4.23 4.96 2.75

Jul-12 3.79 3.81 4.95 3.84 4.46 2.54

Aug-12 4.01 3.91 4.81 3.92 4.54 2.65

21-Sep-12 4.02 3.97 4.89 4.03 4.42 2.92

24-Sep-12 4.02 3.96 4.98 4.03 4.42 2.87

25-Sep-12 4.02 3.96 4.99 4.03 4.43 2.82

26-Sep-12 4.00 3.93 5.02 4.00 4.45 2.75

27-Sep-12 3.99 3.95 4.95 4.01 4.42 2.81


Bagian 7

Rating, Penjaminan, Opini BPK, Kesimpulan

Chapter 7

Rating, Government Guarantee, Supreme

Audit Agency Opinion (BPK), Conclusion

Faktor Penentu Perbaikan Rating

Ketahanan Perekonomian Indonesia dalam

menghadapi krisis global 2007-2008

Kestabilan politik dan perbaikan law

enforcement

Pengelolaan utang pemerintah yang prudent:

Penurunan rasio utang terhadap PDB

Ketepatan waktu pembayaran kewajiban utang

Meningkatnya kepercayaan investor/ kreditor

Sovereign Credit Rating (Fitch,

Moody’s, S&P)

Peningkatan rating 1 notch berpotensi

menurunkan yield SBN valas baru sekitar 75-

115bps

Country Risk Classification (CRC)

Pengukuran risiko kredit suatu negara oleh

negara-negara anggota OECD

Rentang 0 (berisiko rendah) sampai dengan 7

(berisiko tinggi)

Penurunan 1 level CRC berpotensi menurunkan

biaya pinjaman luar negeri khususnya fasilitas

kredit ekspor baru sekitar 130-150bps

Rating Improvement Determinants

The Indonesian economy resilience in the face

of global crisis in 2007-2008

Political stability and law enforcement

improvement

Prudential government debt management:

Decrease of debt to GDP ratio

Timeliness of debt obligations payment

Increasing investors / lenders confidence

Sovereign Credit Rating (Fitch,

Moody’s, S&P)

Improvement rating one notch down the

potential performance yield of new foreign

currency of government securities

approximately 75-115bps

Country Risk Classification (CRC)

Credit risk measurement of a country by OECD

member countries

Range 0-7 (high risk)

Decrease 1 level CRC potentially reduce the

cost of foreign loans, especially new export

credit facility of about 130-150bps


Rating Indonesia

Credit Rating of Indonesia

S&P Fitch Moody's R&I JCRA CRC

1999 CCC+ B- B3 B- - 6

2000 B- B- B3 B- - 6

2001 CCC B- B3 B- - 6

2002 CCC+ B B3 B- B 6

2003 B B+ B2 B- B 6

2004 B+ B+ B2 B- B+ 6

2005 B+ BB- B2 BB- B+ 5

2006 BB- BB- B1 BB- BB- 5

2007 BB- BB- Ba3 BB+ BB- 5

2008 BB- BB Ba3 BB+ BB- 5

2009 BB- BB Ba2 BB+ BB+ 5

2010 BB BB+ Ba2 BB+ BBB- 4

2011 BB+ BBB- Ba1 BB+ BBB- 4

2012 BB+ BBB- Baa3 BB+ BBB- 3

Year

Rating

OECD: Tanggal 30 Maret 2012

menaikkan peringkat CRC

Indonesia dari klasifikasi 4

menjadi klasifikasi 3

Moody’s: Tanggal 18 Januari 2012

menaikkan sovereign credit

rating Republik Indonesia dari

Ba1 menjadi Baa3 dengan outlook

stable

on March 30, 2012, OECD

upgraded CRC of Indonesia from

classification 4 to 3

on January 18, 2012, Moody's

upgraded Indonesia's Credit

Rating from Ba1 to Baa3

Perkembangan Rating Indonesia 1999 - 2012


Indonesia Rating Performance 1999 - 2012

Perkembangan

Credit Rating Indonesia (1)

Indonesia Credit Rating

Performance (1)

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

-

1

2

3

4

5

6

7

8

9

10

11

12

13

14

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011

Moody's (RHS) S&P's Fitch's S&P's Fitch's Moody's (RHS)

Ca

Caa2

B3

B1

Ba2

Baa3

Baa1

C

Caa3

Caa1

B2

Ba3

Ba1

Baa2

CCC-

CCC+

B

BB-

BB+

BBB

SD/DDD

R/C

CC

CCC

B-

B+

BB

BBB-

BBB+ Inve

stm

en

t g

rad

e

Moodys’s menaikan rating ke Ba1

per 17 Januari 2011

S&P’s menaikan rating ke BB+

per 8 April 2011

Fitch’s menaikan rating ke BBB-

per 15 Desember 2011

Rekapitalisasi

Perbankan

Krisis

ekonomi

1998 Reprofiling VR & HB,

Asset-Bond Swap, &

penerbitan SUN

jk panjang

Lelang penerbitan

SUN secara reguler,

program Buyback

Lelang penerbitan

SUN secara reguler,

program Buyback, &

Debt Swtiching

Lelang penerbitan

SUN secara reguler,

program Buyback,

Debt Swtiching, &

diversivikasi

instrumen

Inve

stm

en

t g

rad

e

No

n I

nve

stm

en

t g

rad

e

S&P sempat

menurunkan

rating ke

Selective Default

namun direvisi

kembali 2 hari

kemudian

No

n In

ve

stm

en

t gra

de


Moodys’s menaikan rating ke Baa3

per 18 Januari 2012

Perkembangan

Credit Rating Indonesia (2)

Indonesia Credit Rating

Performance (2)

Pada tanggal 30 Maret 2012, OECD menaikkan peringkat CRC (Country Risk Classification) Indonesia dari klasifikasi 4 menjadi klasifikasi 3. Saat ini Indonesia berada dalam kelompok yang sama dengan negara-negara seperti Thailand, Uruguay, Afrika Selatan, Rusia, India, Brasil dan Peru.

Tanggal 18 Januari 2012, Moody's Investors Services menaikkan sovereign credit rating Republik Indonesia dari Ba1 menjadi Baa3 dengan outlook stable. Adapun highlight dari Moody's antara lain sebagai berikut: "Some of the key drivers of the decision

are Moody's anticipation that government financial metrics will remain in line with Baa peers, the demonstrated resilience of Indonesia's economic growth to large external shocks, the presence of policy buffers and tools that address financial vulnerabilities and a healthier banking system capable of withstanding stress"

On March 30th 2012, OECD upgraded Indonesia's Country Risk Classification (CRC) from classification 4 to 3, along with Thailand, Uruguay, South Africa, Rusia, India, Brasil and Peru.

On January 18th 2012, Moody's Investors Services upgraded Indonesia's Sovereign Credit Rating from Ba1 to Baa3 with stable outlook. Highlights from Moody's are: "Some of the key drivers of the decision

are Moody's anticipation that government financial metrics will remain in line with Baa peers, the demonstrated resilience of Indonesia's economic growth to large external shocks, the presence of policy buffers and tools that address financial vulnerabilities and a healthier banking system capable of withstanding stress"


Performa Sovereign Rating

Indonesia (1)

Indonesia Sovereign Credit

Rating Performance (1)


Tanggal 15 Desember 2011, Fitch menaikkan peringkat kredit indonesia dari BB+ menjadi BBB- dengan outlook stable sehingga masuk kategori Investment Grade, adapun highlight dari Fitch’s antara lain sebagai berikut: "The upgrades reflect the country's strong

and resilient economic growth, low and declining public debt ratios, strengthened external liquidity and a prudent overall macro policy framework“

Tanggal 8 April 2011, S&P menaikan peringkat kredit Indonesia dari BB menjadi BB+ dengan outlook positive, adapun highlight dari S&P antara lain sebagai berikut: “The main factor supporting this decision is

continuing improvements in the government's balance sheet and external liquidity, against a backdrop of a resilient economic performance and cautious fiscal management

On December 15th 2011, Fitch upgraded Indonesia Credit Rating from BB+ to BBB- with stable outlook which placed Indonesia into Investment Grade. Highlights from Fitch are: The upgrades reflect the country's strong

and resilient economic growth, low and declining public debt ratios, strengthened external liquidity and a prudent overall macro policy framework“

On April 8th 2011, S&P upgraded Indonesia Credit Rating from BB to BB+ with positive outlook. Highlights from S&P are: “The main factor supporting this decision is

continuing improvements in the government's balance sheet and external liquidity, against a backdrop of a resilient economic performance and cautious fiscal management


Indonesia (2)



Tanggal 14 Oktober 2010, R & I merubah outlook Indonesia dari Stable menjadi Positive dengan peringkat BB+, adapun highlight dari R & I antara lain sebagai berikut: “The outlook revision and rating

affirmation reflects that Indonesia is considered successful in maintaining high growth despite the global financial turmoil. R&I believes an upgrade to the ‘investment grade’ or BBB rating category is possible once Indonesia is set to sustain balanced economic growth by boosting investment in infrastructure.”



Indonesia (3)



On October 14th 2010, R&I upgraded Indonesia’s outlook from Stable to Positive with rating BB+. Highlights from R&I are: “The outlook revision and rating

affirmation reflects that Indonesia is considered successful in maintaining high growth despite the global financial turmoil. R&I believes an upgrade to the ‘investment grade’ or BBB rating category is possible once Indonesia is set to sustain balanced economic growth by boosting investment in infrastructure.”


Tanggal 13 Juli 2010 JCRA menaikan peringkat kredit Indonesia hingga masuk kategori Investment Grade dari BB+ menjadi BBB-, adapun highlight dari JCRA antara lain sebagai berikut: “JCRA explained that the upgrade

reflects (i) enhanced political and social stability along with the progress in democratization and decentralization, (ii) sustainable economic growth outlook underpinned by solid domestic demand, (iii) alleviated public debt burden as a result of prudent fiscal management, (iv) reinforced resilience to external shocks stemming from the foreign reserves accumulation and an improved capacity for external debt management and (v) efforts made by the second Yudhoyono administration to outline the framework to deal with structural issues such as infrastructure development.”


Indonesia (4)



On July 13th 2010 JCRA upgraded Indonesia’s Credit Rating from BB+ to BBB- which placed Indonesia into Investment Grade. Highlights from JCRA are: “JCRA explained that the upgrade

reflects (i) enhanced political and social stability along with the progress in democratization and decentralization, (ii) sustainable economic growth outlook underpinned by solid domestic demand, (iii) alleviated public debt burden as a result of prudent fiscal management, (iv) reinforced resilience to external shocks stemming from the foreign reserves accumulation and an improved capacity for external debt management and (v) efforts made by the second Yudhoyono administration to outline the framework to deal with structural issues such as infrastructure development.”


Posisi Penjaminan Pemerintah

dan Alokasi APBN

Government Guarantee

Outstanding and Budget Allocation

2008 2009 2010 2011 2012

1 Fast track Program Phase 1 (FTP 1) 34 70,694.43 283.0 1,000.0 1,000.0 889.0 623.3

2 Program Percepatan Penyediaan Air Minum

(Clean Water Avaliability Program)

3 50.19 - - 50.0 15.0 10.0

3 Penjaminan Proyek Kerjasama Pemerintah

dan Swasta (Public Private Partnership

Project)

1 28,500.00 - - - - -

4 Fast track Program Phase 2 (FTP 2) 3 13,158.61 - - - - -

112,403.22 283.0 1,000.0 1,050.0 904.0 633.3 TOTAL

NoProgram Penjaminan / Government

Guarantee Program

Jumlah Surat

Jaminan /

No of Guarantee

Letter

Nilai Jaminan

(Miliar Rupiah) /

Project Guaranteed

Amount

(Billion Rupiah)

Alokasi APBN (Miliar Rupiah) /

Budget Allocation (Billion Rupiah)

Catatan/ Notes:

Data per 30 September 2012/ As of September 30, 2012

Wajar Tanpa Pengecualian (WTP)

terhadap Laporan Keuangan

Bagian Anggaran terkait

Pengelolaan Utang (BA-999.01)

Akuntabilitas kinerja pengelolaan

utang membaik

Sistem Pengendalian Internal

(SPI)

Kepatuhan terhadap

peraturan dan ketentuan yang

berlaku

Indonesian Supreme Audit Agency

(BPK) gives Unqualified Opinion

to the Financial Report of all

accounts related to debt

management and administration

(BA-999.01)

Debt management’s

accountability continues to

improve

Internal control system

Compliance to the existing

regulation


Opini BPK tentang

Laporan Keuangan

BPK Opinion on Government

Financial Report

Utang Pemerintah diperlukan untuk membiayai defisit APBN, penyediaan arus kas jangka pendek, dan refinancing utang lama.

Meskipun utang nominal mengalami peningkatan, namun rasio terhadap PDB cenderung menurun dan saat ini telah mencapai batas yang aman

Pengelolaan utang pemerintah diarahkan untuk mendapatkan sumber pembiayaan dengan biaya dan risiko rendah, jangka panjang, dan tidak ada ikatan politik.

Pengelolaan fiskal & utang Indonesia relatif semakin baik:

Berbagai rasio utang dan rasio biaya

utang menunjukkan trend yang

membaik dan bahkan dibandingkan

rasio-rasio yang sama di negara lain,

termasuk negara maju

Fiscal deficit requires financing. Debt has long been recognized as the best policy tool to support liquidity and to refinance matured debt

Debt outstanding accounts growth in nominal term but debt as a share of GDP keeps to record a significant decrease and, as our fiscal rule mandates, it is still in a healthy level

Ultimate goal of debt management is to acquire fund with low cost & risk, with long term maturity, untied to any political agenda

Continuing to achieve sound fiscal policy and debt management:

Looking at another developing and even advanced countries’ performance, debt indicator of Indonesia stays better and is continuing to be so


Kesimpulan (1) Conclusion (1)


Kegiatan pengelolaan didasarkan pada

ketentuan perundang-undangan yang

menjamin transparasi dan

akuntabilitas publik

LKPP 2008, LKPP 2009, LKPP 2010,

dan LKPP 2011 terkait pengelolaan

utang dinilai Wajar Tanpa

Pengecualian/WTP oleh BPK/Badan

Pemeriksa Keuangan

Perbaikan rating terutama sejak

2005, dan pada tanggal 12 Maret 2010

perbaikan peringkat oleh S&P dari BB-

menjadi BB meskipun di tengah krisis

global yang sampai saat ini masih

dirasakan di beberapa negara.

Sementara oleh JCRA dan Fitch,

Indonesia telah dimasukkan dalam

kategori investment grade

Rules and regulations are already installed in place to guarantee accountability and transparency of debt management

Central Government’s Financial Report 2008, 2009, 2010, and 2011 has been judged as unqualified (Wajar Tanpa Pengecualian/WTP) by the State Audit Board (BPK)

Global crisis has not changed investor expectation and market confidence to Indonesia. Rating upgrade especially since 2005, and on March 12th 2010 S&P upgraded Indonesia rating from BB- to BB the midst of global financial crisis and of rating downgrading of other economies proves at least two things: positive expectation of the economy in the short-to-medium run and the credibility of fiscal policy. By JCRA and Fitch, Indonesia has been placed into Investment Grade category

Kesimpulan (2) Conclusion (2)

© 2012

Direktorat Evaluasi, Akuntansi dan Setelmen

Direktorat Jenderal Pengelolaan Utang

Kementerian Keuangan Republik Indonesia

Jl. Lapangan Banteng Timur 2-4 Jakarta

Telepon : 021-3449230 psw. 5647, 021-3864778

Faksimili : 021-3843712

www.dmo.or.id CP: [email protected] / [email protected]

direktorat jenderal pengelolaan utang … · defisit anggaran di berbagai negara 2007-2011 15. ......

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