DIREKTORAT JENDERAL PENGELOLAAN UTANG DIRECTORATE … · Kinerja Pengelolaan Portofolio Utang (Berbagai Rasio Debt Portfolio Management Performance (Debt Utang dan perbandingan antar

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

DIREKTORAT JENDERAL PENGELOLAAN UTANG KEMENTERIAN KEUANGAN REPUBLIK INDONESIA

Bagian 1

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

1. Latar Belakang (1)

2. Latar Belakang (2)

3. Tujuan dan Kebijakan Pengelolaan Utang

4. Jenis-jenis Utang (1)

5. Jenis-jenis Utang (2)

6. Landasan Hukum Pengelolaan Utang

Bagian 2

APBN, Pembiayaan APBN dan Perkembangan Defisit

Chapter 1

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

1. Backgrounds (1)

2. Backgrounds (2)

3. Debt Management Objectives and Strategy

4. Debt Instruments (1)

5. Debt Instruments (2)

6. Debt Management: Legal Basis

Chapter 2

State Budget, Deficit and Its Financing

Daftar Isi Table of Contents

Kementerian Keuangan – Republik Indonesia

APBN, Pembiayaan APBN dan Perkembangan Defisit

7. APBN 2008–2012

8. Cash flow Pembiayaan 2008-2012

9. Pembiayaan melalui Utang 2007-2012

10. Defisit dan Pembiayaan APBN 2007-2012

11. Defisit Anggaran di berbagai Negara 2007-2011

12. Pagu dan Realisasi Pembiayaan Utang 2012

13. Realisasi Penerbitan SBN 2012

14. Penarikan Pinjaman Program dan Proyek

15. Pinjaman Program 2007-2012

State Budget, Deficit and Its Financing

7. State Budget 2008–2012

8. Cash flow Financing 2008-2012

9. Debt Financing 2007-2012

10. Fiscal Deficit and State Budget Financing, 2007-2012

11. Deficit in Various Countries 2007-2011

12. Budget and Realization of Debt Financing 2012

13. Realization of Government Securities Issuance 2012

14. Project & Program Loans Drawing

15. Program Loan 2007-2012


16. Pembiayaan Pinjaman LN 2007 – 2012 (Grafik)

17. Penarikan Pinjaman 2012, Pembiayaan Proyek

18. Penarikan Pinjaman 2012, Pembiayaan Proyek(Grafik)

Bagian 3Portofolio Utang (Outstanding Utang, Profil Jatuh Tempo Utang, Perkembangan SBN dan Pinjaman)19. Posisi Utang Pemerintah 2007-2012

20. Posisi Utang Pemerintah 2007-2012 (Grafik)

21. Profil Jatuh Tempo Utang per 30 Juni 2012 (Grafik)

22. Posisi Surat Berharga Negara 2007-2012

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

17. Loan Disbursement 2012, Project Financing

18. Loan Disbursement 2012, Project Financing (Chart)

Chapter 3Debt Portfolio (Outstanding, Maturity Profile, Change in Securities and Loans Positions)19. Gov’t. Debt Outstanding 2007-2012

20. Gov’t. Debt Outstanding 2007-2012 (Chart)

21. Debt Maturity Profile as of June 30, 2012 (Chart)

22. Gov’t. Securities Outstanding 2007-2012



22. Posisi Surat Berharga Negara 2007-2012

23. Posisi Pinjaman Berdasarkan Kreditur

24. Posisi Pinjaman Berdasarkan Kreditur (Grafik)

25. Posisi Pinjaman Berdasarkan Sektor Ekonomi

26. Posisi Pinjaman Berdasarkan Sektor Ekonomi(Grafik)

27. Posisi Utang Pemerintah Beberapa Mata Uang Utama

28. Posisi Utang Pemerintah Mata Uang Lainnya

29. Posisi Utang Pemerintah Berdasarkan Mata uang(Grafik)

30. Proporsi Penarikan Pinjaman Berdasarkan Jenis Pinjaman (Grafik)

22. Gov’t. Securities Outstanding 2007-2012

23. Loans Outstanding by Creditor Types

24. Loans Outstanding by Creditor Types (Chart)

25. Loans Outstanding by Economic Sectors

26. Loans Outstanding by Economic Sectors (Chart)

27. Gov’t. Debt Outstanding, Main Currencies

28. Gov’t. Debt Outstanding, Other Currencies

29. Gov’t. Debt Outstanding, by Currencies (Chart)

30. 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)

31. Perkembangan Rasio Utang terhadap PDB (Grafik)

32. Rasio Utang terhadap PDB Indonesia & berbagaiNegara

33. Rasio Utang terhadap PDB Indonesia & berbagaiNegara (Grafik)

34. Jatuh Tempo SBN Tradable 30 Juni 2012 (Grafik)

Chapter 4

Debt Portfolio Management Performance (Debt Performance Measurement and Comparison, Loan Disbursement, Government Debt Securities Re-profiling)

31. Central Government Debt to GDP Ratio (Chart)

32. Debt to GDP Ratio, Indonesia & some Countries

33. Debt to GDP Ratio, Indonesia & some Countries (Chart)

34. MP of Tradable Securities as of June 30, 2012 (Chart)



35. Program Debt Switch dan Buyback SBN

36. Pengurangan Utang melalui Skema Debt Swap

37. Restrukturisasi Surat Utang kepada BI 2003

38. Restrukturisasi Surat Utang kepada BI 2006

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

40. Pemanfaatan Pinjaman (Grafik)

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

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

43. Utang per Kapita di Berbagai Negara (Grafik)

35. Debt Switching and Buyback

36. Debt Reduction through Debt Swap Scheme

37. Securities Restructuring 2003

38. Securities Restructuring 2006

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

40. Loans Disbursement Performance (Chart)

41. External Loan Services to Reserves Ratio (Chart)

42. Debt to GDP Ratio, Some Countries & The Changes (Chart)

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


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

45. Indikator Risiko Utang 2007-2011 (Grafik)

Bagian 5Biaya-biaya berbagai instrumen utang (Realisasi Pembayaran Utang, Rasio Biaya Utang, Yield Curve, Biaya Pinjaman Luar Negeri)

46. Realisasi Pembayaran Utang Pemerintah TA 2012

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

48. Pembayaran Bunga Utang terhadap Total Utang(Grafik)

44. Debt per Capita, of Some Countries & The Changes (Chart)

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

Chapter 5Costs of Borrowing (Debt Services, Cost of Fund, Yield Curve, External Debt’s Cost)

46. Debt Services Realizations, FY 2012

47. Interest Payments. to Revenues and Expenditures Ratio (Chart)

48. Interest Payments to Debt Total (Chart)



(Grafik)

49. Realisasi Pembayaran Bunga Utang (Grafik)

50. Biaya Pinjaman dari Kreditur Multilateral

51. Biaya Pinjaman dari Kreditur Bilateral (Jepang)

52. Kurva Imbal Hasil SBN Rupiah (Grafik)

53. Kurva Imbal Hasil SBN Valas (Grafik)

Bagian 6Kinerja Pasar Sekunder SBN (Aktifitas Perdagangan, Kepemilikan SBN oleh Investor)

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

49. Interest Payments Realization (Chart)

50. Terms and Conditions of Loan from Multilateral

51. Terms and Conditions of Loan from Bilateral (Japan)

52. Domestic Government Debt Securities Yield Curve (Chart)

53. Indonesian Global Bond Yield Curve (Chart)

Chapter 6Performance of Secondary Market for Govt. Securities (Trading Volume, Govt. Securities’ Ownership Structure)

54. Average Daily Trading of Domestic Gov’t. Securities (Chart)

55. Posisi Kepemilikan SBN (Grafik)

56. Posisi Kepemilikan SBN Domestik

57. Posisi Kepemilikan SBN Domestik ( dlm. % )

58. Kepemilikan SBN oleh Asing berdasarkan Tenor (Grafik)

59. Spread terhadap UST- Mar 17 (Grafik)

60. Spread terhadap UST- Feb 22 (Grafik)

61. Spread terhadap UST- Feb 42 (Grafik)

Bagian 7

Rating, Opini BPK, HIPCs, Kesimpulan

55. Government Debt Securities Ownership (Chart)

56. Domestic Debt Government Securities Ownership

57. Domestic Debt Government Securities Ownership ( in % )

58. Foreign Ownership of Dom. Gov’t. Securities by Tenor (Chart)

59. Spread over UST- Mar 17 (Chart)

60. Spread over UST- Feb 22 (Chart)

61. Spread over UST- Feb 42 (Chart)

Chapter 7

Rating, Supreme Audit Agency Opinion, Conclusion



Rating, Opini BPK, HIPCs, Kesimpulan

62. Rating Indonesia

63. Perkembangan Credit Rating Indonesia (1)

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

65. Performa Sovereign Rating Indonesia (1)

66. Performa Sovereign Rating Indonesia (2)

67. Opini BPK tentang Laporan Keuangan

68. Kesimpulan

Rating, Supreme Audit Agency Opinion, Conclusion

62. Indonesian Credit Rating

63. Indonesia Credit Rating Performance (1)

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

65. Indonesia Sovereign Credit Rating Performance (1)

66. Indonesia Sovereign Credit Rating Performance (2)

67. Supreme Audit Agency Opinion on Gov’t.’sFinancial Report

68. Conclusion


Bagian 1Latar Belakang, Tujuan & Kebijakan Utang,

Jenis-jenis Utang, Landasan Hukum

Kementerian Keuangan – Republik IndonesiaKementerian Keuangan – Republik Indonesia

Chapter 1Background, Debt Management Strategy and

Objective, Debt Instruments, Legal Basis

� Utang merupakan bagian dari Kebijakan Fiskal (APBN) yang menjadi bagian dari Kebijakan PengelolaanEkonomi 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 posturAPBN (yang mengalami defisit), dimana PendapatanNegara lebih kecil daripada Belanja Negara.

� 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.

Latar Belakang (1) Background (1)

Negara lebih kecil daripada Belanja Negara.

� Pembiayaan APBN melalui utang merupakan bagian daripengelolaan keuangan negara yang lazim dilakukan olehsuatu negara:

� Utang merupakan instrumen utama pembiayaanAPBN untuk menutup defisit APBN, dan untukmembayar kembali utang yang jatuh tempo (debt refinancing);

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

� Kenaikan jumlah nominal utang Pemerintah berasaldari:

� Akumulasi utang di masa lalu (legacy debts) yang memerlukan refinancing yang cukup besar;

� 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.

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

� Legacy debts that need to be refinanced;


� Dampak krisis ekonomi tahun 1997/1998:

� Depresiasi Rupiah terhadap mata uang asing;

� BLBI dan Rekapitalisasi Perbankan; Sebagiansetoran BPPN dari asset-recovery digunakan untukAPBN selain untuk melunasi utang/obligasi rekap.

� Pembiayaan defisit APBN merupakan keputusanpolitik antara Pemerintah dan DPR-RI antara lain untuk:

� Menjaga stimulus fiskal melalui misalnyapembangunan infrastruktur, pertanian danenergi,dan proyek padat karya;

� Pengembangan peningkatan kesejahteraanmasyarakat misalnya PNPM, BOS,

� 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

Latar Belakang (2) Background (2)

masyarakat misalnya PNPM, BOS, Jamkesmas,Raskin, PKH,Subsidi;

� Mendukung pemulihan dunia usaha termasukmisalnya insentif pajak;

� Mempertahankan anggaran pendidikan 20%;

� Peningkatan anggaran Alat Utama SistemPersenjataan (Alutsista);

� Melanjutkan reformasi birokrasi.

� Akses terhadap pinjaman luar negeri denganpersyaratan sangat lunak dari lembaga keuanganmultilateral bagi Indonesia dibatasi oleh:

� Status Indonesia yang tidak lagi tergolong sebagailow income country;

� Batas maksimum pinjaman yang dapat disalurkanke suatu negara (country limit).

� Sustaining people’s welfare program such as PNPM, BOS, Jamkesmas, Raskin, PKH, subsidy;

� 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 melaluiutang dengan biaya minimal pada tingkat risikoterkendali, sehingga kesinambungan fiskal dapatterpelihara

� Mendukung upaya untuk menciptakan pasar suratberharga negara (SBN) yang dalam, aktif dan likuid

� Tujuan Jangka Pendek:

� Memastikan tersedianya dana untuk menutup defisitdan pembayaran kewajiban pokok utang secara tepatwaktu dan efisien

� Kebijakan

� 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

� General Strategies

Tujuan dan Kebijakan Pengelolaan Utang

Debt Management Objective and Strategy

� Kebijakan� mengoptimalkan potensi pendanaan utang dari sumber

domestik melalui penerbitan SBN rupiah maupunpenarikan pinjaman dalam negeri;

� Melakukan pengembangan instrumen utang agar diperolehfleksibilitas dalam memilih berbagai instrumen yang lebihsesuai, cost-efficent dan risiko yang minimal;

� Pengadaan pinjaman luar negeri dilakukan sepanjangdigunakan 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 danotoritas pasar modal, terutama dalam rangka mendorongupaya financial deepening;

� Meningkatkan koordinasi dan komunikasi dengan berbagaipihak dalam rangka meningkatkan efisiensi pengelolaanpinjaman 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 danpinjaman 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 dikaitkandengan pemenuhan Policy Matrix di bidangkegiatan untuk mencapai MDGs (pengentasankemiskinan, pendidikan, pemberantasan korupsi), pemberdayaan masyarakat, policy terkait denganclimate change dan infrastruktur.

� 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.

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

climate change dan infrastruktur.

� Pinjaman proyek :

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

� Pinjaman Dalam Negeri� Peraturan Pemerintah (PP) No.: 54 Tahun 2008

Tentang Tata Cara Pengadaan dan PenerusanPinjaman Dalam Negeri oleh Pemerintah ;

� Berasal dari Badan Usaha Milik Negara (BUMN); Pemerintah Daerah,dan Perusahaan Daerah;

� Untuk membiayai kegiatan dalam rangkapemberdayaan industri dalam negeri danpembangunan infrastruktur untuk pelayananumum; kegiatan investasi yang menghasilkanpenerimaan.

development.

� Project Loan :

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

� 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.


� Surat Berharga Negara (SBN) dalam Rupiah danvaluta asing, tradable & non-tradable, fixed & variable :

� Surat Utang Negara (SUN) � Surat Perbendaharaan Negara (SPN/T-Bills): SUN

jangka pendek (s.d. 12bln);

� Obligasi Negara (> 1 thn)

� Coupon Bond

� Tradable: ORI, FR/VR bond, Global bond

� Non tradable: SRBI untuk BLBI, danSurat Utang/SU ke BI untuk penyehatandan restrukturisasi perbankan

� 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);

� 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

Jenis-jenis Utang (2) Debt Instruments (2)

dan restrukturisasi perbankan

� Zero coupon

� Surat Berharga Syariah Negara (SBSN)/Sukuk Negara dalam Rupiah danvaluta 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).

� 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

� Undang-Undang No 1/2004 tentang Perbendaharaan Negara

� Undang-Undang No 15/2004 tentang PemeriksaanPengelolaan dan Tanggung Jawab Keuangan Negara

� Undang-Undang No 19/2008 tentang Surat Berharga Syariah Negara

� Undang-Undang No 24/2002 tentang Surat Utang Negara

� Peraturan Pemerintah No 10/2011 tentang Tata

� 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

Landasan HukumPengelolaan Utang

Debt Management:Legal Basis

� Peraturan Pemerintah No 10/2011 tentang TataCara Pengadaan Pinjaman Luar Negeri dan Penerimaan Hibah

� Peraturan Pemerintah No 54/2008 tentang Tata Cara Pengadaan dan Penerusan Pinjaman DalamNegeri oleh Pemerintah

� 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

� Government Regulation Number 54/2008 on Domestic Loan Procurement Procedure and Domestic Loan Channeling

� 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


Bagian 2APBN, Pembiayaan APBN dan

Perkembangan Defisit


Chapter 2State 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

dalam Triliun Rupiah

(in trillion rupiah)


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

Cash flow Pembiayaan2008-2012

Cash flow Financing2008-2012

dalam Miliar Rupiah(in billion rupiah)

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) (386,674)

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) (169,671)

Jatuh Tempo dan Buyback Surat Berharga Negara Bond Redemptions and Buybacks (40,333) (49,067) (76,532) (87,272) (111,373)

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)

Sumber Pembiayaan Financing Sources 195,529 248,257 248,243 292,029 386,674

Utang Debt 176,468 207,200 222,822 241,503 325,833

Penerbitan SBN, Bruto Government Securities Issuance, Gross 126,249 148,538 167,634 207,136 270,969


Penerbitan SBN, Bruto Government Securities Issuance, Gross 126,249 148,538 167,634 207,136 270,969

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

Privatisasi & Penjualan Aset Program Restrukturisasi Privatization & Asset Sales Program Restructuring 82 - 3,232 1,391

Pengelolaan Asset Asset Management 2,820 -

Perbankan Dalam Negeri Domestic Banking 16,159 41,057 22,189 48,751

Kelebihan / (Kekurangan) Pembiayaan Financing Surplus (Deficit) 79,950 23,965 44,706 46,609 0

Net Cash Flow Pembiayaan Net Financing Cash Flows 89,261 111,256 91,552 130,949 190,105

Surat Berharga Negara Government Securities 85,916 99,442 91,102 119,864 159,597

Pinjaman Luar Negeri Foreign Loans (13,217) (16,848) (4,566) (17,799) (4,426)

Pinjaman Dalam Negeri Domestic Loans - - 394 619 991

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

Pembiayaan Melalui Utang2007-2012

Debt Financing2007-2012

[tril iun/tril l ion rupiah]

LKPP/

Audited

2007

LKPP/

Audited

2008

LKPP/

Audited

2009

LKPP/

Audited

2010

LKPP/

Audited

2011

APBN-P/

Budget

2012

Surat Berharga Negara (neto) Government Securities (netto) 57.2 85.9 99.5 91.1 119.9 159.6

Penerbitan, bruto Issuance, Gross 100.0 126.2 148.5 167.6 207.1 271.0

Domestik Domestic 86.4 86.9 101.7 142.6 176.7

Valas Foreign 13.6 39.3 46.8 25.0 30.5

Pembayaran Pokok dan Pembelian Kembali Bond Redemptions and Buybacks -42.8 -40.3 -49.1 -76.5 (87.3) -111.4

Pembiayaan Pinjaman (neto) Loan Financing (netto) (23.9) (18.4) (15.5) (4.2) (17.2) (3.4)


Pembiayaan Pinjaman (neto) Loan Financing (netto) (23.9) (18.4) (15.5) (4.2) (17.2) (3.4)

Penarikan PLN, bruto Loan Disbursements, Gross 34.1 45.0 52.5 46.1 29.5 45.3

Pinjaman program Program Loans 19.6 30.1 28.9 29.0 15.3 15.6

Pinjaman proyek Project Loans 14.5 20.1 29.7 25.8 18.5 38.1

Penerusan PLN On Lending - -5.2 -6.2 -8.7 -4.2 -8.4

Pembayaran Cici lan Pokok PLN Foreign Loan Amortization -57.9 -63.4 -68.0 -50.6 -47.3 -49.7

Penarikan Pinjaman Dalam Negeri (neto) Domestic Loan Disbursements, Net - - - 0.4 0.6 1.0

Total Pembiayaan Utang Debt Financing, Total 33.3 67.5 83.9 86.9 102.7 156.2

57

86

99

91

120

160

(27)

(18)

(12)

(4)

(17)

(3)

9 1

7

29

5

28

34

(4) -0.1 (1)

-

1

2

3

4

(40) (20)

- 20 40 60 80

100 120 140 160

[ % thd. PDB/ % to GDP ] [ triliun Rupiah/ in trillion IDR ]

� 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

Defisit dan Pembiayaan APBN 2007-2012

Fiscal Deficit and State Budget Financing, 2007-2012

(27

)

(18

)

(12

)

(17)

(50)

(89)

(47)

(84)

(190)

-1.3 -1.6

-0.7 -1.1

-2.2

(5)

(4)

(3)

(2)

(1)

(200) (180) (160) (140) (120) (100) (80) (60) (40)

2007 2008 2009 2010 2011 2012*

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


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

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)


� 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


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

[ triliun Rupiah/ in trillion IDR ]

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

TOTAL TOTAL 325.83 104.91 74.46 179.38 55.1%

PINJAMAN LOANS 54.86 6.54 3.12 9.66 17.6%

Pinjaman Luar Negeri External Loan 53.73 6.43 2.95 9.37 17.4%

APBN-P/

Budget

2012

Pagu dan RealisasiPembiayaan Utang 2012

Budget and Realization of Debt Financing 2012


Catatan:

-data per/ as of June 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.

Pinjaman Luar Negeri External Loan 53.73 6.43 2.95 9.37 17.4%

Pinjaman Program Program Loan 15.60 2.50 0.69 3.20 20.5%

Pinjaman Proyek Project Loan 38.13 3.92 2.26 6.18 16.2%

Pinjaman Dalam Negeri Domestic Loan 1.13 0.11 0.17 0.28 25.1%

SBN SECURITIES 270.97 * 98.37 71.35 169.72 62.6%

(dalam juta Rupiah/ in million IDR)

Uraian Description Target

Nominal Realisasi/

Realization Nominal

(ao 29 Juni 2012)

% Realisasi/

Realization

SBN Netto (APBN-P 2012) Government Securities-net

(Revised Budget 2012) 159,596,700 116,537,643 73.02%

Kebutuhan Penerbitan

2012 (Gross )

Issuance Need

270,969,408 169,717,805 62.63%

SUN Government Debt Securities 213,969,408 126,280,000

SUN Domestik Domestic GDS 168,214,408 87,275,000

- ON - ON 120,984,408 69,045,000

Realisasi PenerbitanSBN 2012

Realization of Government Securities Issuance 2012

- ON - ON 120,984,408 69,045,000

- SPN - SPN 35,230,000 18,230,000

- ORI - ORI 12,000,000 -

SUN Valas International Bonds 45,755,000 39,005,000

SBSN Government Islamic Debt Securities 57,000,000 43,437,805

SBSN Domestik Government Islamic Debt Securities 48,000,000 43,437,805

- IFR/PBS- Islamic Fixed Rate Bond/Project

Based Sukuk (IFR/PBS) 13,297,000

- SPN-S - SPN-S 1,185,000

- SBSN Ritel - SBSN Ritel 13,613,805 13,613,805

- SDHI - SDHI 16,542,000 15,342,000

SBSN Valas International Sukuk 9,000,000 -

17,844,195


Penarikan PinjamanProgram dan Proyek

Project & ProgramLoans Drawing

Nominal% of APBN-P/ Budget

TOTAL 34.07 50.22 58.66 55.19 33.36 54.86 9.66 17.6%

equivalent dlm miliar/ in billion US$ 3.62 4.59 6.24 5.51 3.68 6.10 1.02

19.61 30.10 28.94 28.97 15.27 15.60 3.20 20.5%


a. World Bank 5.66 12.91 14.65 15.34 10.73 8.55 3.20 37.4%

b. A D B 8.47 9.17 5.06 6.39 3.62 5.40 - 0.0%

LKPP/ Audited

2008

2012

APBN-P/ Budget

LKPP/ Audited

2009

Real. As of June 30, 2012LKPP/

Audited 2010

2011JENIS PEMBIAYAAN/ TYPE OF FINANCING

LKPP/ Audited

2007

1. Pinjaman Program/ Program Loan


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 6.18 16.2%


- - - 0.39 0.62 1.13 0.28 25.1%

equivalent dlm miliar/ in billion US$ - - - 0.04 0.07 0.13 0.03

Catatan/ Notes:Nominal dalam triliun Rupiah/ in trillion IDR

3. Pinjaman Dalam Negeri/ Domestic Loan

2. Pinjaman Proyek/ Project Loan

[ juta USD/ million USD ]

2007 2008 2009

Real RealAPBN/

BudgetReal

A. WORLD BANK 600 1,197 1,553 1,704 1,011 950 292

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 3 249 179

201220112010

PEMBERI PINJAMAN/ LENDERS

Pinjaman Program2007-2012

Program Loan2007-2012


3 PNPM Refinancing Rural 4, Urban 3 249 179

4 Local Government Development Program - DAK

Reimbursements81 -

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 1,750 292

34.1

45.0 52.5 54.8

33.7

53.7

-23.9-18.4 -15.5

-4.6

-17.8

-4.4

-30

-10

10

30

50

70

2007 2008 2009 2010 2011 2012*

[ tr

iliu

n R

up

iah

/ in

tril

lio

n I

DR

]Pembiayaan Pinjaman LN

2007-2012Ext. Loan Financing

2007-2012


Keterangan - Notes:

*) APBN-P 2012 - Budget

-57.9-63.4

-68.0-59.4

-51.5-58.2

-90

-70

-50

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

/


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)

Juta USD/

Million USD Miliar IDR/ Billion IDR

Juta USD/

Million USD

Miliar IDR/

Billion IDR USD IDR

JAPAN 328.59 3,021.17 7.5% 7.7%

I B R D 92.45 847.20 2.1% 2.2%

USA 24.00 221.48 0.6% 0.6%

KOREA 61.26 567.78 1.4% 1.4%

I D B 8.09 74.35 0.2% 0.2%

BUDGET * REAL. AS OF JUNE 30, 2012 % To BUDGET 2012

CREDITORS

Penarikan Pinjaman 2012,Pembiayaan Proyek

Loan Disbursement 2012,Project Financing


SPAIN 7.83 71.33 0.2% 0.2%

A D B 66.50 605.39 1.5% 1.5%

DENMARK 3.50 32.07 0.1% 0.1%

SINGAPORE 24.43 228.87 0.6% 0.6%

SOUTH AFRICA 1.97 17.73 0.0% 0.0%

I D A 14.32 131.87 0.3% 0.3%

I F A D 10.46 94.99 0.2% 0.2%

OTHERS 58.65 548.01 1.3% 1.4%

4,362.18 39,259.62 702.05 6,462.26 16.1% 16.5%

7.7%

2.2%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

1,000

1,500

2,000

2,500

3,000

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

Penarikan Pinjaman 2012,Pembiayaan Proyek

Loan Disbursement 2012,Project Financing

0.6%

1.4%

0.2% 0.2%

1.5%

0.1%0.6%

0.0%0.3% 0.2%

1.4%

0.0%

1.0%

2.0%

-

500

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


Juta USD/

Million USD Miliar IDR/ Billion IDR

Juta USD/

Million USD

Miliar IDR/

Billion IDR USD IDR

4,362.18 39,259.62 702.05 6,462.26 16.1% 16.5%

BUDGET * REAL. AS OF JUNE 30, 2012 % To BUDGET 2012

Bagian 3Portofolio Utang

(Outstanding Utang, Profil Jatuh Tempo

Utang, Perkembangan SBN dan Pinjaman)


Utang, Perkembangan SBN dan Pinjaman)

Chapter 3Debt Portfolio

(Outstanding, Maturity Profile,

Change in Securities and Loans Positions)

Posisi Utang Pemerintah 2007-2012

Gov’t. Debt Outstanding2007-2012

2007 2008 2009 2010 2011Nominal %

Total Utang Pemerintah Pusat (dlm. triliun IDR)/

Central Govt. Debt Total (in trillion IDR)1,389.41 1,636.74 1,590.66 1,676.85 1,803.49 1,938.40 100.0%

a. Pinjaman (dlm. triliun IDR)/ Loans (in trillion IDR) 586.36 730.25 611.20 612.45 615.83 624.27 32.2%

1). Pinjaman Luar Negeri/ External Loan 586.36 730.25 611.20 612.28 615.02 623.05

Bilateral *) 386.49 484.90 387.92 376.62 377.56 379.80 19.6%

Multilateral **) 179.47 222.69 202.37 207.95 211.86 218.74 11.3%

Komersial ***)/ Commercial ***) 19.62 21.69 20.24 27.14 25.10 24.02 1.2%

Suppliers ***) 0.77 0.97 0.66 0.57 0.50 0.47 0.0%

Lain-Lain ***)/ Others ***) - - - - - - 0.0%

2). Pinjaman Dalam Negeri/ Domestic Loan - - - 0.17 0.81 1.23

June '12 +


Catatan - Notes :* Termasuk semi commercial – Semi commercials included** Beberapa termasuk semi concessional - Some semi commercials included*** Seluruhnya termasuk commercial - Commercials


b. SBN (dlm. triliun IDR)/ Securities (in trillion IDR) 803.06 906.50 979.46 1,064.40 1,187.66 1,314.13 67.8%

Denominasi Valas/ Foreign Currency 65.93 122.64 143.15 161.97 195.63 244.57 12.6%

Denominasi Rupiah/ Local Currency 737.13 783.86 836.31 902.43 992.03 1,069.56 55.2%

Total Utang Pemerintah Pusat/ Central Govt. Debt To tal(equivalent dlm. miliar US$/ in billion US$)

147.51 149.47 169.22 186.50 198.89 204.47 100.0%

diantaranya:

SBN Denominasi Rupiah/ Local Currency Securities (miliar US$/ in billion US$)

78.26 71.58 88.97 100.37 109.40 112.82 55.2%

SBN Denominasi Valas/ Foreign Currency Securities (miliar US$/ in billion US$)

7.00 11.20 15.23 18.02 21.57 25.80 12.6%

Pinjaman Denominasi Rupiah/ Local Currency Loan (miliar US$/ in billion US$)

- - - 0.02 0.09 0.13 0.1%

Pinjaman Denominasi Valas/ Foreign Currency Loan (miliar US$/ in billion US$)

62.25 66.69 65.02 68.10 67.82 65.72 32.1%

Nilai Tukar Rupiah/ Exchange Rate (IDR to US$1) 9,419 10,950 9,400 8,991 9,068 9,480

803 906 979 1,064 1,188 1,314

586

730 611612

616624

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000 [ triliun rupiah/ in trillion IDR ]

Posisi Utang Pemerintah 2007-2012

Gov’t. Debt Outstanding2007-2012

803 906

-

200

400

2007 2008 2009 2010 2011 2012+

Pinjaman/ Loans SBN/ Securities


Catatan:+ Angka Sangat-Sangat Sementara – Provisional as of June 30, 2012


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

Tahun/ Year

Pinjaman/ Loans 586 42% 730 45% 611 38% 612 37% 616 37% 624 32%

SBN/ Securities 803 58% 906 55% 979 62% 1,064 63% 1,188 63% 1,314 68%

Total Utang Pemerintah Pusat/ Central Govt. Debt Total

1,389 100% 1,637 100% 1,591 100% 1,677 100% 1,803 100% 1,938 100%

2012+201020092007 20112008

26

5655

54

5044

4342

41

35

30

12

6

260

80

100

120

140 [triliun Rupiah/ in trillion IDR]

Surat Utangeks BLBIkepada BI (SRBI-001)/ Govt. obligationissued for bank recap (SRBI-001)

Profil Jatuh Tempo Utangper 30 Juni 2012

Debt Maturity Profileas of June 30, 2012


50

69 7365

52 4762 57

7060

72

21 1828

20

42

0

26 32

15

26

0

45

2521

18

14

12

10

9

8 8

8

4

2

1

11

1-

20

40

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

2028

2029

2030

2031

2032

2033

2034

2035

2036

2037

2038

2039

2040

-205

5

Pinjaman/ Loans SBN/ Securities

Tahun/ Year 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026Pinjaman/ Loans 34% 45% 43% 45% 49% 48% 41% 43% 37% 37% 30% 55% 54% 38% 42%SBN/ Securities 66% 55% 57% 55% 51% 52% 59% 57% 63% 63% 70% 45% 46% 62% 58%

Tahun/ Year 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039Pinjaman/ Loans 22% 33% 100% 24% 23% 19% 5% 100% 10% 20% 3% 2% 100%SBN/ Securities 78% 67% 0% 76% 77% 81% 95% 0% 90% 80% 97% 98% 0%

2040-20554%

96%

SURAT BERHARGA NEGARA GOVERNMENT SECURITIES Dec '07 Dec '08 Dec '09 Dec '10 Dec '11 June-12

A. Dapat Diperdagangkan A. Tradable 543,680 648,335 724,898 803,191 919,236 1,035,753

1. Denominasi Rupiah 1. Rupiah Denominated 477,747 525,695 581,748 641,215 723,606 791,180

a. Surat Utang Negara (SUN) a. Government Debt Securities (SUN) 477,747 520,995 570,215 615,498 684,618 730,972

1) Surat Perbendaharan Negara 1) T-Bill 4,169 10,012 24,700 29,795 29,900 28,180

2) Obligasi Negara Tanpa Kupon 2) Zero-coupon bond 10,500 11,491 8,686 2,512 2,512 2,512

3) Obligasi Negara Fixed Rate +) 3) Fixed Rate bond +) 294,453 353,558 393,543 440,396 517,142 570,507

4) Obligasi Negara Variable Rate 4) Variable Rate bond 168,625 145,934 143,286 142,795 135,063 129,773

b. Surat Berharga Syariah Negara (SBSN) b. Government Islamic Securities (SBSN) - 4,700 11,533 25,717 38,988 60,208

1) Surat Berharga Syariah Negara Fixed Rate ++) 1) Fixed Rate Islamic bond ++) - 4,700 11,533 25,717 37,668 59,023

2) Surat Perbendaharaan Negara-Syariah 2) T-Bill Syariah 1,320 1,185

Posisi Surat Berharga Negara 2007-2012

Gov’t. Securities Outstanding2007-2012


2. Denominasi Valuta Asing 2. Foreign Currency Denominated 65,933 122,640 143,150 161,976 195,630 244,573

a. SUN Valas (dalam juta US$) a. Government bond (million US$) 7,000 11,200 14,200 16,200 18,700 22,950

b. SBSN Valas (dalam juta US$) b. Islamic bond (million US$) - - 650 650 1,650 1,650

c. SUN Valas (dalam juta JPY) c. Government bond (million JPY) - - 35,000 95,000 95,000 95,000

B. Tidak Dapat Diperdagangkan B. Non Tradable 259,404 258,160 254,561 261,215 268,419 278,378

a. Surat Utang kepada Bank Indonesia a. Promissory note to central bank 259,404 258,160 251,875 248,432 244,636 242,595

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

c. Surat Berharga Syariah Negara/ SDHI c. Government Islamic Securities / SDHI - - 2,686 12,783 23,783 35,783

TOTAL SURAT BERHARGA NEGARA (A +B) GOVERNMENT SECURITIES, TOTAL (A +B) 803,084 906,495 979,459 1,064,406 1,187,655 1,314,131

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 (IDR/US$1) - Exchange rate (IDR/US$1) 9,419 10,950 9,400 8,991 9,068 9,480

- Asumsi Kurs (IDR/JPY1) - Exchange rate (IDR/JPY1) 101.70 110.29 116.80 119.63

Posisi PinjamanBerdasarkan Kreditur

Loans Outstandingby Creditor Types

[ triliun IDR/ in trillion IDR ]

Nmnl % Total

PINJAMAN LUAR NEGERI/ EXTERNAL LOAN

586.36 730.25 611.20 612.28 615.02 623.05 99.8%

1. BILATERAL 292.18 389.93 313.41 321.18 321.50 323.05 51.7%

a. Jepang/ Japan 232.01 324.28 259.50 274.12 280.49 280.28 44.9%

b. Perancis/ France 24.24 27.86 25.56 24.39 20.70 23.50 3.8%

c. Jerman/ Germany 35.92 37.80 28.34 22.67 20.31 19.28 3.1%

2008June 30 - 2012

2007 2009 2010 2011NEGARA/ COUNTRIES


*)

Catatan - Notes:*) tidak termasuk SBN Valas – Global Bonds excluded.


2. MULTILATERAL 176.92 219.97 200.24 206.08 209.86 216.58 34.7%

a. ADB 95.86 118.99 102.32 100.24 97.92 97.27 15.6%

b. Bank Dunia/ World Bank 78.88 98.16 94.96 102.20 107.73 115.04 18.4%

c. IDB 2.19 2.81 2.96 3.64 4.22 4.27 0.7%

3. BILATERAL LAINNYA/ OTHER BILATERAL

114.71 117.62 95.42 83.14 81.66 81.25 13.0%

4. MULTILATERAL LAINNYA/ OTHER MULTILATERAL

2.55 2.73 2.13 1.88 2.00 2.16 0.3%

PINJAMAN DALAM NEGERI/ DOMESTIC LOAN

0.00 0.00 0.00 0.17 0.81 1.23 0.2%

TOTAL*) 586.36 730.25 611.20 612.45 615.83 624.27 100.0%

Posisi PinjamanBerdasarkan Kreditur

Loans Outstandingby Creditor Types

16.3%16.3% 16.7% 16.4% 15.9% 15.6%

13.5%13.4% 15.5% 16.7% 17.5% 18.4%

19.6% 16.1% 15.6% 13.6% 13.4% 13.2%

30%

40%

50%

60%

70%

80%

90%

100%


Pinjaman LN dari multilateral (WB, ADB) dan bilateral (Jepang) merupakan alternatifsumber 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

39.6% 44.4% 42.5% 44.8% 45.5% 44.9%

0%

10%

20%

2007 2008 2009 2010 2011 2012*)

JEPANG/ JAPAN PERANCIS/ FRANCE

JERMAN/ GERMANY ADB

WORLD BANK IDB

BILATERAL LAINNYA/ OTHER BILATERAL MULTILATERAL LAINNYA/ OTHER MULTILATERAL

[ 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 18,021

Pertambangan & Penggalian/ Mining & Drilling 6,231 8,801 7,294 7,527 7,481 7,537

Industri Pengolahan/ Manufacturing 22,743 29,121 21,534 19,946 18,483 16,897

Listrik, Gas & Air Bersih/ Electricity, Gas & Water Works 57,992 74,873 51,442 52,308 52,839 53,078

Bangunan/ Housing & Building 94,651 122,039 115,160 115,726 115,607 116,101

Perdagangan, Hotel & Restoran/ Trading, Hotel & Restaurant

8,997 10,510 7,717 6,990 6,223 6,091

Posisi PinjamanBerdasarkan Sektor Ekonomi

Loans Outstandingby Economic Sectors


Catatan - Notes :- Data per tanggal 30 Juni 2012 – as of June 30, 2012- Pengelompokan Sektor Ekonomi didasarkan pada standar yg di gunakan oleh Bank Indonesia dan Badan Pusat Statistik –Economic Sectors Classification by Bank Indonesia a nd 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

Restaurant

Pengangkutan & Komunikasi/Transport & Communication27,290 29,814 22,257 20,015 20,952 20,313

Keuangan, Persewaan & Jasa Keuangan/ Financial, Leasing and Financial Services

74,537 96,005 81,995 86,627 89,688 90,420

Jasa-jasa/ Services 129,325 167,009 145,353 150,966 160,109 167,131

Sektor Lain/ Other Sectors 149,135 174,391 141,673 134,212 126,795 128,684

TOTAL 586,356 730,246 611,198 612,446 615,834 624,274

74

,87

3 9

4,6

51

12

2,0

39

11

5,1

60

11

5,7

26

11

5,6

07

11

6,1

01

74

,53

7

96

,00

5

81

,99

5

86

,62

7

89

,68

8

90

,42

0

12

9,3

25

16

7,0

09

14

5,3

53

15

0,9

66

16

0,1

09

16

7,1

31

14

9,1

35

14

1,6

73

13

4,2

12

12

6,7

95

12

8,6

84

100,000

150,000

[ miliar IDR/ in billion IDR ] Sumber: Kementerian Keuangan RI & Bank Indonesia/Source : Ministry of Finance & Bank Indonesia

Posisi PinjamanBerdasarkan Sektor Ekonomi

Loans Outstandingby Economic Sectors

15

,45

4

17

,68

3

16

,77

3

18

,13

0

17

,65

8

18

,02

1

6,2

31

8,8

01

7,2

94

7,5

27

7,4

81

7,5

37

22

,74

3

29

,12

1

21

,53

4

19

,94

6

18

,48

3

16

,89

7

57

,99

2 74

,87

3

51

,44

2

52

,30

8

52

,83

9

53

,07

8

8,9

97

10

,51

0

7,7

17

6,9

90

6,2

23

6,0

91

27

,29

0

29

,81

4

22

,25

7

20

,01

5

20

,95

2

20

,31

3

74

,53

7

81

,99

5

-

50,000

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


2007 2008 2009 2010 2011 2012***

dalam mata uang asli/ in original currencies

IDR*) 737.13 783.86 836.31 902.60 992.84 1,070.8

USD**) 28.14 32.55 35.80 39.64 43.75 47.9

JPY**) 2,941.88 2,820.48 2,713.84 2,689.78 2,585.42 2,516.2

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

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

Posisi Utang PemerintahBeberapa Mata Uang Utama

Gov’t. Debt Outstanding,Main Currencies


Catatan - Notes:*) IDR dalam Triliun Rupiah – IDR Curr in trillion IDR, **) dalam Miliar – in billions, ***) per 30 Juni 2012 – as of June 30, 2012


IDR 737.1 783.9 836.3 902.6 992.8 1,070.8

USD 265.1 356.5 336.5 356.4 396.7 453.8

JPY 244.4 341.9 276.0 296.6 302.0 301.0

EUR 98.9 104.2 80.7 64.7 55.3 55.5

SDR 20.8 29.4 29.6 29.8 30.4 31.5

AUD 0.6 1.1 2.1 2.7 3.0 3.3 Mata Uang Lainnya/ Other Currencies

22.5 19.9 29.5 24.1 23.2 22.5

Total 1,389.4 1,636.7 1,590.7 1,676.9 1,803.5 1,938.4

Kurs Tengah/ Mid Rate IDR to US$1 9,419.00 10,950.00 9,400.00 8,991.00 9,068.00 9,480.00

Kurs Tengah/ Mid Rate JPY to US$1 113.39 90.33 92.42 81.53 77.64 79.25

Kurs Tengah/ Mid Rate EUR to US$1 0.68 0.71 0.70 0.75 0.77 0.80

Posisi Utang PemerintahMata Uang Lainnya

Gov’t. Debt Outstanding,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 0.30

ADB*) 0.22 0.20 0.16 0.14 0.13 0.12

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*) 152.00 168.47 184.82 184.32 196.63 196.05

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 0.31


Catatan - Notes:*) dalam Miliar – in billions, **) per 30 Juni 2012 – as of June 30, 2012

WBD*) 0.00 0.00 1.12 0.71 0.42 0.31

equivalent dlm triliun Rupiah/ in trillion IDR

ACU 0.40 0.38 2.90 3.57 4.22 4.27

ADB 2.03 2.19 1.50 1.30 1.16 1.13

CAD 1.81 1.60 1.49 1.41 1.31 1.32

CHF 3.57 3.94 3.02 2.83 2.62 2.52

CNY 0.00 0.00 0.00 0.00 2.23 2.32

DKK 0.16 0.15 0.10 0.08 0.07 0.07

GBP 12.04 9.15 7.69 6.36 5.77 5.73

KRW 1.53 1.46 1.49 1.47 1.54 1.61

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 2.95

TOTAL 22.5 19.9 29.5 24.1 23.2 22.5

19%22%

21% 21% 22% 23%

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

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

50%

60%

70%

80%

90%

100%

Posisi Utang PemerintahBerdasarkan Mata uang

Gov’t. Debt Outstanding,by Currencies

53%48%

53% 54% 55% 55%

0%

10%

20%

30%

40%

50%

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

.47

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

[ triliun Rupiah/ in trillion IDR ] [ % ]

Proporsi Penarikan PinjamanBerdasarkan Jenis Pinjaman

Loans Drawing Proportion,by Financing Type

0%-

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


[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

Bagian 4Kinerja Pengelolaan Portofolio Utang

(Berbagai Rasio Utang dan perbandingan antar

negara, Pemanfaatan Pinjaman, Reprofiling

Struktur Jatuh Tempo SUN)


negara, Pemanfaatan Pinjaman, Reprofiling

Struktur Jatuh Tempo SUN)

Chapter 4Debt Portfolio Management Performance

(Debt Performance Measurement and

Comparison, Loan Disbursement, Government

Debt Securities Re-profiling)

Perkembangan Rasio Utangterhadap PDB

Central GovernmentDebt to GDP Ratio

56.6%47.3%

39.0% 35.1% 33.0%28.3% 26.0% 24.3% 22.9%

20%

40%

60%

80%

100%

120%

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

[ % ][ triliun rupiah/ in trillion IDR ]


2004 2005 2006 2007 2008 2009 2010 2011 2012*637 620 559 586 730 611 612 616 612 662 693 743 803 906 979 1,064 1,188 1,347

1,300 1,313 1,302 1,389 1,637 1,591 1,677 1,803 1,960

Pinjaman/ LoansSBN/ SecuritiesTotal

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

Sumber: Kementerian Keuangan dan BPS, diolahSources: Ministry of Finance and National Statistics Agency, processed


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

0%

20%

0

1,000

2004 2005 2006 2007 2008 2009 2010 2011 2012*

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

2007 2008 2009 2010 2011

Argentina 56.1 48.6 48.6 45.1 42.9

Brazil 45.1 38.8 59.5 54.7 54.4

Germany 64.9 66.0 73.2 83.4 81.5

India 58.2 56.4 57.3 50.6 51.6

Indonesia 35.1 33.0 28.3 26.0 24.3

Italy 104.0 105.8 115.8 119.1 120.1

Rasio Utang terhadap PDBIndonesia & berbagai Negara

Debt to GDP Ratio,Indonesia & some Countries


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

Italy 104.0 105.8 115.8 119.1 120.1

Japan 170.0 172.1 192.9 199.7 208.2

Turkey 38.9 40.0 46.3 43.0 42.4

United Kingdom 43.6 51.8 68.2 76.1 79.5

United States 60.8 37.5 53.5 62.9 69.4

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 denganUSA, UK, Jepang, dan Italia.

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

150.0

200.0

250.0

Rasio Utang terhadap PDBIndonesia & berbagai Negara

Debt to GDP Ratio,Indonesia & some Countries

Kementerian Keuangan – Republik IndonesiaSumber - Source: Bloomberg


0.0

50.0

100.0

150.0

2007 2008 2009 2010 2011

Argentina Indonesia Italy Japan Turkey United Kingdom United States

15

25

35

45

55

65

75

85

95

trill

ion

ru

pia

h

Jatuh Tempo SBN Tradable 30 Juni 2012

MP of Tradable Securitiesas of June 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 50,34 68,96 73,42 65,23 52,26 47,04 61,55 56,60 69,61 59,58 71,82 21,03 18,01 28,02 19,61 42,35 20,84 25,68 27,10 32,12 - 15,17 4,11 25,54 34,65 13,55 31,58

PBS - - - - - - 4,12 - - - 1,02 - - - - 2,85 - - - - - - - 4,92 - - -

SPNS 1,19 - - - - - - - - - - - - - - - - - - - - - - - - - -

SNI - - 6,16 - - - 9,48 - - - - - - - - - - - - - - - - - - - -

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 - - - - - - - 4,19 7,18 - - - - - - - - - - - - - - - - - -

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

FR 20,05 35,65 15,69 19,55 26,06 23,27 10,03 10,74 17,90 35,88 51,84 21,03 18,01 26,47 19,61 39,50 20,84 23,50 27,10 32,12 - - - 6,40 15,69 13,55 10,25

SPN 15,30 12,88 - - - - - - - - - - - - - - - - - - - - - - - - -

IB - - 21,80 9,48 8,53 9,48 18,01 18,96 18,96 23,70 18,96 - - - - - - - - - - 15,17 - 14,22 18,96 - 21,33

ORI 8,19 10,59 11,00 - - - - - - - - - - - - - - - - - - - - - - - -

VR 4,37 - 11,43 17,24 17,67 13,12 17,92 22,72 25,32 - - - - - - - - - - - - - - - - - -

-5

5

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

Tahun Frekuensi LelangJumlah Seri Yang Hendak

DitukarTenor Seri Yang Hendak

DitukarTenor Seri Penukar

Vol. Yang Diterima(milliar Rupiah)

Year Auction Frequency Source Bonds Tenor of Source Bo nds Destination BondsVolume of Bid

Accepted (billion IDR)2005 1 x 9 seri < 1 year s.d. 4 year 15 year 5,673

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





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

2012 1x 18 seri < 1 year s.d. 5 year 15 year 5,455

Total 70,182

Program Debt Switchdan Buyback SBN

Debt Switchingand Buyback


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

Total 70,182

TahunFrekuensi

(Lelang dan Transaksi Langsung)

Jumlah Seri Yang Dibeli Kembali

Dalam Setiap Transaksi

Tenor Seri Yang Dibeli Kembali

Vol. Dibeli Kembali(milliar Rupiah)

Year Auction Frequency Series to be BuybackTenor of Series to be

BuybackVolume of Buyback

Accepted (billion IDR)2003 2 x 4 s.d. 7 seri 1 year s.d. 3 year 8,127

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

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

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


2009 2 x 4 seri < 1 year 8,528



2012 2x 1 seri 1 year s.d. 10 year 599

Total 36,309

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 EUR 25.0 EUR 50.0 EUR 40.0

Negara/ Country

Debt SwapProyek/ Project Pembatalan/ Cancelation

Jumlah/ AmountKomitmen/

CommitmentRealisasi/

Realization4 5 6

Germany

Pengurangan Utang melalui Skema Debt Swap

Debt Reduction through Debt Swap Scheme


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)

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 11.6

Debt Development Swap Tropical Forest Conservation Act/TFCA II USD 23.8 USD 29.5 USD 4.5

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 40.3

AUD 37.5 AUD 75.0 AUD 11.4

213.9 368.1 198.0

TOTAL

TOTAL Equivalent juta USD/ in million USD

Italy Debt Swap I Housing and Setlement

Kesepakatan Bersama Antara Pemerintah danBank Indonesia tanggal 1 Agustus 2003 Mengenai Penyelesaian BLBI Serta HubunganKeuangan Pemerintah dan Bank Indonesia

� Jumlah BLBI yang disepakati sebesarRp144.536.094.294.530� 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

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 Rp144.536.094.294.530� 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

Restrukturisasi Surat Utang kepada BI 2003

Securities Restructuring 2003

baru, seri SRBI-01/MK/2003 sebesarRp144.536.094.294.530, efektif per 1 Agustus 2003.

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

lebih dari 10%, maka surplus yang menjadi bagianPemerintah digunakan untuk membayar sisa pokokSRBI-01

� Jika rasio dimaksud di bawah 3%, maka Pemerintahmembayar charge sebesar kekurangan untukmencapai 3% tersebut.

� Tingkat bunga SRBI-01/MK/2003: 0,1% per tahun (fixed, semi annual)

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)


� 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.

� 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:

Sebelum Restrukturisasi Pre-restructuring

Restrukturisasi Surat Utang kepada BI 2006

Securities Restructuring 2006

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:

� 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.

� 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

� 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 RestrukturisasiPost-restructuring

� Berdasarkan Laporan Panja Belanja Pemerintah Pusattanggal 16 – 28 Oktober 2008, Panja menyepakatiantara lain bahwa dalam tahun 2009 dilakukanrestrukturisasi SU-002 dan SU-004 dengan tingkat bungasebesar Rp0,1% atau dengan benchmark dan terms andcondition seperti SRBI-01.

� Berdasarkan hasil pembahasan Kementerian Keuangandan BI disepakati bahwa tingkat bunga SU-002 dan SU-004 diturunkan, dari masing-masing 1% dan 3% menjadimasing-masing 0,1% per tahun, efektif 1 Januari 2009.

� Based on Its report on Central Govt Expenditure datedOctober 16-28, 2008, Working Committee agreed amongothers that SU-002 and SU-004 will be restructured in2009 with interest rate applied was 0.1% or withbenchmark and terms condition of SRBI-01.

� Ministry of Finance and BI agreed that interest rate ofboth SU-002 and SU-004 will be reduced to 0.1% from1% and 3% respectively, starting on 1st January 2009 .

SU dan SRBI Positionas of June 30, 2012

Restrukturisasi 2008(SU-002 & SU-004)

Restructuring 2008(SU-002 & SU-004)

• Amortisasi SU-007 telah dilakukan sejak 2007

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

• Amortization of SU-007 was conducted since 2007

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


Seri Terbit Jatuh Tempo Nominal

Seri Issued Maturity 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-33 126,697,947,827,429.00

SU-007/MK/2006 January-06 01-Aug-25 47,625,884,600,274.00

242,595,069,905,736.00 TOTAL

as of June 30, 2012

19.8%

11.3%

6.3%8.8%

14.3%

0%

5%

10%

15%

20%

25%

30%

0

50

100

150

200

250

300[triliun IDR/ in trillion IDR] [ % ]

Pemanfaatan Pinjaman Loans Disbursement Performance


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.



Tahun/ YearCumulative 1967

to 20072008 2009 2010 2011 2012

Cumulative 1967

to 2012

Net Commitment 1,711.8 56.4 109.7 162.8 203.4 227.9 1,939.8

Disbursement 1,620.9 45.2 97.3 152.5 185.6 195.3 1,816.2

Undisbursed 90.9 11.1 12.4 10.3 17.8 32.7 123.6

Net Commitment Disbursement Undisbursed % Undisbursed (RHS)

Rasio Kewajiban Pinjaman LN thd Cadangan Devisa

External Loan Servicesto Reserves Ratio

18.0%16.8%

17.9%

9.0%

8%

10%

12%

14%

16%

18%

20%


Catatan:Pembayaran kewajiban Pinjaman LN = Pembyr. Bunga dan Pok ok Pinj. LN* Angka Proyeksi Sederhana, asumsi: 1) kewajiban PL N menggunakanangka realisasi s.d. bulan berkenaan , 2) angka cadangan devisa adalahnilai rata-rata awal tahun s.d. bulan berkenaan

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 nomi nal = averages of reserves nominal from the beginning of year until t he end of period.

6.1%

3.1%

0%

2%

4%

6%

8%

2007 2008 2009 2010 2011 2012*

Public Debt, 2011(in % of GDP)

Public Debt, changes 2003-2011(in % of GDP)

Rasio Utang thd PDB Berbagai Negara & Perubahannya

Debt to GDP Ratio, Some Countries & The Changes

0 50 100 150 200 250

Japan

Italy

United States

United Kingdom

Germany

India

-100 -50 0 50 100 150

United Kingdom

Australia

United States

Japan

Germany

Malaysia


Sumber - Source: Bloomberg

India

Brazil

Poland

Malaysia

Thailand

Philippines

Turkey

South Africa

Colombia

Indonesia

Australia

Chile

Malaysia

Poland

Italy

South Africa

Brazil

Thailand

Chile

Colombia

India

Philippines

Turkey

Indonesia

60000

80000

100000

120000

4000

5000

6000

7000

Utang per Kapita di Berbagai Negara

Debt per Capita,of Some Countries

• Nominal in USD

0

20000

40000

0

1000

2000

3000

39417 39783 40148 40513 40878

Brazil Poland Chile India Philippines Indonesia Japan (rhs)

2007 2008 2009 2010 2011

Kementerian Keuangan – Republik IndonesiaSumber - Source: Bloomberg


Utang per kapita Indonesia termasuk paling rendah dengan perubahan yang tidak signifikan dibandingkan negara lainIndonesian 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 %)

Utang per Kapita di Berbagai Negara & Perubahannya

Debt per Capita, of Some Countries & The Changes

Brazil

United States

United Kingdom

Japan

Colombia

Malaysia

Brazil

United Kingdom


Sumber - Source: Bloomberg

0 40000 80000 120000

India

Indonesia

Philippines

Chile

Thailand

Colombia

South Africa

Turkey

Malaysia

Poland

0 100 200 300 400 500

Indonesia

Turkey

Philippines

Thailand

South Africa

United States

Japan

Chile

India

Poland

26.7 22.9 22.1

20.3 17.7

30.2 28.2 28.2

26.1 24.8

2007 2008 2009 2010 2011

Interest Rate Risk

Variable rate ratio [%] Refixing rate [%]

16.5 17.2 13.4 12.1 10.9

46.9 52.1

47.4 46.2 45.0

2007 2008 2009 2010 2011

Exchange Rate Risk

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

Indikator Risiko Utang2007-2011

Debt Risk Indicators,2007-2011


Catatan - Notes:

*) Angka proyeksi akhir tahun 2011 berdasarkan realisasi per Desember 2011/

End of 2011 estimation based on December 2011 realizations.

Sumber: Kementerian Keuangan – Source: Ministry of Finance

10.4

10.0

9.7

9.5 9.3

2007 2008 2009 2010 2011

Average Time To Maturity (ATM)-Years

Average Time to Maturity (in percentage)

6.8 6.4 7.6 7.1 8.2

19.4 18.6 20.3 20.8 22.7

30.6 31.1 33.2 34.2 34.6

2007 2008 2009 2010 2011

Debt Maturing in 1, 3 and 5 Years

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

Maturity debt portion < 5 year (%)

Bagian 5Biaya-biaya berbagai instrumen utang

(Realisasi Pembayaran Utang, Rasio Biaya

Utang, Yield Curve, Biaya Pinjaman Luar

Negeri)


Utang, Yield Curve, Biaya Pinjaman Luar

Negeri)

Chapter 5Costs of Borrowing

(Debt Services, Cost of Fund, Yield Curve,

External Debt’s Cost)

[ miliar Rupiah/ in billion IDR ]

Q I April May June Q II Total

I. POKOK I. PRINCIPALS 200,491 50,078 7,377 7,057 19,753 34,187 84,265 42.03%

A. PINJAMAN A. LOANS 47,400 8,484 3,912 3,845 9,021 16,778 25,262 53.30%

a. Pinjaman Dalam Negeri a. Domestic Loan 140 - - - 71 71 71 0.00%

b. Pinjaman Luar Negeri b. External Loan 47,260 8,484 3,912 3,845 8,951 16,708 25,191 53.30%

B. SURAT BERHARGA NEGARA B. GOVERNMENT SECURITIES 153,091 41,594 3,466 3,211 10,732 17,409 59,003 38.54%

1. SBN Rupiah 1. Rupiah Denominated Securities 152,091 41,594 3,466 3,211 10,732 17,409 59,003 38.79%

a. SUN a. Securities 135,513 31,770 3,046 3,211 10,732 16,989 48,759 35.98%

b. SBSN b. Islamic Securities 16,578 9,824 420 - - 420 10,244 61.79%

2. SBN Valas 2. Foreign Curr. Denominated Securities 1,000 - - - - - - 0.00%

Pagu APBN-P/

Revised Budget

Realisasi Pembayaran/ Payments Realization % thd Pagu

APBN/

% to Budget

Realisasi Pembayaran Utang Pemerintah TA 2012

Debt Services Realizations,FY 2012


2. SBN Valas 2. Foreign Curr. Denominated Securities 1,000 - - - - - - 0.00%

a. SUN a. Securities 1,000 - - - - - - 0.00%

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

II. BUNGA I. INTERESTS 122,218 26,868 5,539 6,561 10,246 22,346 49,213 40.27%

A. PINJAMAN A. LOANS 17,887 2,072 1,683 846 2,385 4,913 6,985 39.05%

a. Pinjaman Dalam Negeri a. Domestic Loan 225 - 3 - 32 35 35 15.35%

b. Pinjaman Luar Negeri b. External Loan 17,662 2,072 1,680 846 2,353 4,879 6,950 39.35%

B. SURAT BERHARGA NEGARA B. GOVERNMENT SECURITIES 104,331 24,796 3,857 5,715 7,861 17,432 42,228 40.48%

1. SBN Rupiah 1. Rupiah Denominated Securities 88,278 20,030 2,462 4,433 7,860 14,755 34,785 39.40%

a. SUN a. Securities 80,848 18,092 1,858 3,937 7,388 13,183 31,276 38.68%

b. SBSN b. Islamic Securities 7,431 1,937 604 496 472 1,572 3,509 47.23%

2. SBN Valas 2. Foreign Curr. Denominated Securities 16,052 4,766 1,395 1,281 1 2,677 7,443 46.37%

a. SUN a. Securities 14,737 4,766 1,133 1,096 1 2,229 6,995 47.47%

b. SBSN b. Islamic Securities 1,315 - 263 185 - 448 448 34.07%- - - - - - -

III. TOTAL POKOK + BUNGA III. PRINCIPALS + INTEREST, TOTAL 322,709 76,945 12,917 13,617 29,999 56,533 133,478 41.36%

11.3

%

9.0%

11.0

%

8.9%

7.9%

8.7%

10.5

%

9.0%

10.0

%

8.5%

7.0%

7.6%

3%

5%

7%

9%

11%

13%

15% Biaya utang yang semakin efisien

Rasio Bunga Utang thdPendapatan dan Belanja

Interest Paymts. to Revenuesand Expenditures Ratio

7.0%

-1%

1%

3%

2007 2008 2009 2010 2011* 2012**

terhadap Penerimaan terhadap Belanja


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

Pembayaran Bunga Utang terhadap Total Utang

Interest Paymentsto Debt Total

5.9% 5.8% 5.8% 5.4% 5.4%6.3%

2%

4%

6%

8%

10%

12%

14%

16%

18%

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

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


Catatan - Notes:Angka Realisasi LKPP – Audited*) Angka sangat sementara, menggunakan asumsi APBN-P 2012.

Provisional, based on Revised Budget assumption


2007 2008 2009 2010 2011 2012*

Total Utang/ Debt 1,389.41 1,636.74 1,590.66 1,676.85 1,803.49 1,959.65

Pemby. Bunga/ Interest Paymt. 79.81 88.34 93.78 88.38 93.20 117.79

0%-

2007 2008 2009 2010 2011 2012*

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

Realisasi PembayaranBunga Utang

Interest PaymentsRealization

32% 32% 32% 30%15%

28%

68% 68% 68% 70%85%

72%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%


Catatan - Notes:Angka Realisasi LKPP – Audited*) Angka sangat sangat sementara, menggunakan asumsi APBN-P 2012 – provisional, based on Revised Budget assumption.


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

79.80 100.00 88.60 100.00 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 67.61 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 28.70 32.39 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

0%

2007 2008 2009 2010 2011 2012*

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

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 - - - -

Description

Multilateral

IBRD-WB IFAD IDB ADB-OCR

Biaya Pinjaman dariKreditur Multilateral

Terms and Conditions of Loan from Multilateral


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

*) 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

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 0,1%

Description

Bilateral

Jepang/ Japan (JICA)

General terms Prefential terms STEP

Biaya Pinjaman dariKreditur Bilateral (Jepang)

Terms and Conditions of Loan from Bilateral (Japan)


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

Service Charge - - - - - - - - -

Interest Rate

(for non consultant services)

Interest Rate

(for consultant services) 0,01%

Maturity Premium

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

[ % ]

Kurva Imbal HasilSBN Rupiah

Domestic Government Debt Securities Yield Curve

8

10

12

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.


4

6

8

1Y2Y3Y4Y5Y6Y7Y8Y9Y10Y 15Y 20Y 30Y

29 Jun '12 Des '11 Des '10 Des '09 Des '08

Tenor 29-Jun-12 Des '11 Des '10 Des '09 Des '08

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

2Y 4,97 4,92 5,82 7,61 11,22

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

4Y 5,30 5,24 6,34 8,75 11,67

5Y 5,39 5,35 6,78 8,80 11,70

6Y 5,76 5,45 6,96 9,06 11,77

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

10Y 6,14 5,96 7,57 10,04 11,86

15Y 6,57 6,56 8,78 10,64 11,92

20Y 6,90 7,02 9,24 10,72 11,91

30Y 6,61 7,26 9,68 10,97 12,17

[ % ]

Kurva Imbal HasilSBN Valas

Indonesian Global BondYield Curve

6

8

10

12

42Kementerian Keuangan – Republik Indonesia

0

2

4

6

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

29-Jun-12

31-Dec-08 31-Dec-09 31-Dec-10 30-Dec-11 29-Jun-12

2 Y 2,707 2,287

3 Y 2,991 2,622

4 Y 2,55 3,079 2,782

5 Y 8,642 4,188 3,169 3,374 2,956

6 Y 9,057 4,387 3,608 3,515 3,155

7 Y 9,925 4,886 3,931 3,899 3,472

8 Y 5,107 4,146 3,955 3,502

9 Y 9,385 5,255 4,468 3,656

20 Y 5,065

25 Y 9,662 6,731 5,954 5,044 4,984

30 Y 9,321 6,806 6,065 5,201 4,958

Bagian 6Kinerja Pasar Sekunder SBN

(Aktifitas Perdagangan, Kepemilikan SBN oleh

Investor)


Investor)

Chapter 6Performance of Secondary Market

for Govt. Securities

(Trading Volume, Govt. Securities’s

Ownership Structure)

300

400

500

600

6.0

7.0

8.0

9.0

10.0

11.0

12.0

[ Frekuensi - Frequency ][ triliun Rupiah - in trillion IDR ]

Trend volume dan frekuensi perdaganganrata-rata harian SUN menunjukkanlikuiditas 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

0

100

200

300

0.0

1.0

2.0

3.0

4.0

5.0

6.0

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

2007 2008 2009 2010 2011 2012

Volume Rata-Rata Vol. per Th - Av. Daily Vol. per Year Frekuensi - Frequency (RHS)Kementerian Keuangan – Republik Indonesia

20.00%

25.00%

30.00%

35.00%

40.00%

45.00%

400

500

600

700

800

900

Rp Triliun/ trillion IDR

� 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

-

5.00%

10.00%

15.00%

20.00%

0

100

200

300

400

Dec

'07

Jun'

08

Dec

'08

Jun'

09

Dec

'09

Jun'

10

Dec

'10

Jun'

11

Dec

'11

June

-12

NON-BANK BANK % Asing thd. Total - % Foreign to Total (RHS)


Catatan/ Notes:Non-Bank termasuk Institusi Pemerintah/ Non-Bank including Government institution

Posisi KepemilikanSBN Domestik

Domestic Debt Government Securities Ownership

Des '07 Dec'08 Dec'09 Dec'10 Des'11 Mar'12 June-12

BANK BANK 268.65 258.75 254.36 217.27 265.03 293.16 297.98

Bank BUMN Rekap State-owned Bank Recap 154.67 144.72 144.19 131.72 148.64 148.50 146.89 Bank Swasta Rekap Private Bank recap 72.63 61.67 59.98 54.93 67.33 84.61 81.85 Bank Non Rekap Non-recap Bank 35.37 45.17 42.40 26.26 42.84 52.24 57.98 BPD Rekap BPD recap 5.97 6.50 6.02 1.41 4.32 4.55 7.48 Bank Syariah Shariate Bank 0.69 1.77 2.95 1.90 3.26 3.77

InstitusiPemerintah

Government Institution

14.86 23.01 22.50 17.42 7.84 3.12 20.36

Bank Indonesia * Bank of Indonesia * 14.86 23.01 22.50 17.42 7.84 3.12 20.36


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.

NON-BANK NON-BANK 194.24 243.93 304.89 406.53 450.75 464.30 472.85

Reksadana Mutual Fund 26.33 33.11 45.22 51.16 47.22 46.95 48.60 Asuransi Insurance 43.47 55.83 72.58 79.30 93.09 100.63 106.86 Asing Foreign 78.16 87.61 108.00 195.76 222.86 224.72 224.42 Dana Pensiun Pension Fund 25.50 32.98 37.50 36.75 34.39 33.93 34.56 Sekuritas Securities 0.28 0.53 0.46 0.13 0.14 0.53 0.27 Lain-lain Others 20.50 33.87 41.12 43.43 53.05 57.54 58.14

TOTAL TOTAL 477.75 525.69 581.75 641.21 723.61 760.58 791.18

Posisi KepemilikanSBN Domestik ( dlm % )

Domestic Debt Government Securities Ownership ( in % )

Des '07 Dec'08 Dec'09 Dec'10 Des'11 Mar'12 June-12

BANK BANK 56.23% 49.22% 43.72% 33.88% 36.63% 38.54% 37.66%

Bank BUMN Rekap State-owned Bank Recap 32.38% 27.53% 24.79% 20.54% 20.54% 19.52% 18.57%

Bank Swasta Rekap Private Bank recap 15.20% 11.73% 10.31% 8.57% 9.30% 11.12% 10.35%

Bank Non Rekap Non-recap Bank 7.40% 8.59% 7.29% 4.10% 5.92% 6.87% 7.33%

BPD Rekap BPD recap 1.25% 1.24% 1.03% 0.22% 0.60% 0.60% 0.95%

Bank Syariah Shariate Bank 0.13% 0.30% 0.46% 0.26% 0.43% 0.48%

InstitusiPemerintah

Government Institution 3.11% 4.38% 3.87% 2.72% 1.08% 0.41 % 2.57%

Bank Indonesia* Bank of Indonesia * 3.11% 4.38% 3.87% 2.72% 1.08% 0.41% 2.57%


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.

NON-BANK NON-BANK 40.66% 46.40% 52.41% 63.40% 62.29% 61.05 % 59.76%

Reksadana Mutual Fund 5.51% 6.30% 7.77% 7.98% 6.53% 6.17% 6.14%

Asuransi Insurance 9.10% 10.62% 12.48% 12.37% 12.86% 13.23% 13.51%

Asing Foreign 16.36% 16.66% 18.56% 30.53% 30.80% 29.55% 28.37%

Dana Pensiun Pension Fund 5.34% 6.27% 6.45% 5.73% 4.75% 4.46% 4.37%

Sekuritas Securities 0.06% 0.10% 0.08% 0.02% 0.02% 0.07% 0.03%

Lain-lain Others 4.29% 6.44% 7.07% 6.77% 7.33% 7.57% 7.35%

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

Kepemilikan SBN oleh Asing berdasarkan Tenor

Foreign Ownership of Dom. Gov’t. Securities by Tenor

150.000

200.000

250.000

[Billion IDR] Long end Government Debt Securities dominates foreign holding which reached by 67,26% as of June 29, 2012

Mayoritas investor asing merupakan ‘long-term investors’, dimana kepemilikan mereka atasSBN bertenor panjang (lebih dari 5 th) mencapai 67,26% per 29 Juni 2012.

63,46%


Dec-07 Dec-08 Dec-09 Dec-10 Jan-11 July-11 Dec-11 January-12 February-12 March-12 April-12 May-12 June-12

Total 78.156 87.606 107.997 195.755 194.971 248.869 222.857 235.971 226.982 224.716 228.870 224.502 224.422

>5 52.294 61.055 76.702 131.232 132.550 159.348 140.762 145.759 143.858 143.770 143.067 142.470 150.943

>2-5 17.243 20.374 21.361 35.511 33.855 42.309 37.400 39.582 38.440 38.933 42.617 41.124 38.632

>1-2 4.374 4.491 5.119 9.077 7.736 16.747 18.252 19.606 18.787 14.039 14.317 15.596 11.026

0-1 4.246 1.687 4.816 19.935 20.829 30.465 26.443 31.024 25.897 27.973 28.868 25.311 23.821

0

50.000

100.000

63,46%

6.95%

11.27%

18,32%

67,26%

4,91%

10,61%

17,21%

400

600

MEX 17 BRAZ 17

PHIL 17 INDO 17

TURK 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

Apr-12 1.88 1.74 2.58 3.08 0.80 3.78

May-12 2.34 1.94 2.61 3.37 0.66 4.31

25-Jun-12 1.93 1.86 2.40 3.10 0.71 3.73

26-Jun-12 1.95 1.85 2.41 3.10 0.72 3.79

27-Jun-12 1.87 1.85 2.39 3.10 0.72 3.76

28-Jun-12 1.87 1.84 2.37 3.09 0.69 3.80

29-Jun-12 1.80 1.83 2.34 3.07 0.71 3.66

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


0

200

29-Jun-11 29-Aug-11 29-Oct-11 29-Dec-11 29-Feb-12 30-Apr-12

400

600

PHIL 21 BRAZ 21

INDO 22 MEX 22

TURK 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

Apr-12 3.25 2.93 1.92 3.92 3.27 4.93

May-12 3.30 3.07 1.53 4.16 3.32 5.32

25-Jun-12 3.00 2.79 1.57 3.81 3.09 4.67

26-Jun-12 3.02 2.82 1.59 3.85 3.12 4.67

27-Jun-12 3.02 2.80 1.58 3.86 3.07 4.67

28-Jun-12 3.00 2.82 1.54 3.85 3.03 4.71

29-Jun-12 2.96 2.80 1.61 3.79 3.02 4.59

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


-

200

19-Mar-12 3-Apr-12 18-Apr-12 3-May-12 18-May-12 2-Jun-12 17-Jun-12

400

500

600

MEX 40 BRAZ 41

TURK 41 COLM 41

INDO 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

Apr-12 4.48 4.44 5.87 4.47 5.09 3.11

May-12 4.64 4.56 6.08 4.61 5.31 2.64

25-Jun-12 4.33 4.22 5.70 4.26 5.00 2.67

26-Jun-12 4.33 4.25 5.69 4.30 5.02 2.69

27-Jun-12 4.32 4.24 5.67 4.27 5.02 2.69

28-Jun-12 4.30 4.26 5.69 4.24 5.01 2.67

29-Jun-12 4.30 4.24 5.61 4.23 4.96 2.75

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


0

100

200

300

9-Feb-12 29-Feb-12 20-Mar-12 9-Apr-12 29-Apr-12 19-May-12 8-Jun-12 28-Jun-12

Bagian 7Rating, Opini BPK, Kesimpulan


Chapter 7Rating, Supreme Audit Agency Opinion,

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)

� 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)

Rating Indonesia Indonesian Credit Rating

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 menurunkanbiaya pinjaman luar negeri khususnya fasilitaskredit ekspor baru sekitar 130-150bps

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


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

YearRating

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

Perkembangan Rating Indonesia 1999 - 2012

Indonesia Rating Performance 1999 - 2012

PerkembanganCredit Rating Indonesia (1)

Indonesia Credit RatingPerformance (1)

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

classification 4 to 3

on January 18, 2012, Moody's upgraded Indonesia's Credit Rating from Ba1 to Baa3


7.00

8.00

9.00

10.00

11.00

12.00

13.00

14.00

7

8

9

10

11

12

13

14

B1

Ba2

Baa3

Baa1

B2

Ba3

Ba1

Baa2

B

BB-

BB+

BBB

B+

BB

BBB-

BBB+ Investment

grade

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 penerbitanSUN secara reguler, program Buyback, Debt Swtiching, &

diversivikasiinstrumen

Inve

stm

ent

grad

eN

on In

vest

men

t gra

deN

on Investment grade

Moodys’s menaikan rating ke Baa3

PerkembanganCredit Rating Indonesia (2)

Indonesia Credit RatingPerformance (2)

-

1.00

2.00

3.00

4.00

5.00

6.00

7.00

-

1

2

3

4

5

6

7

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

C

Caa3

Caa1

B2

CCC-

CCC+

B

SD/DDD

R/C

CC

CCC

B-

Moodys’s menaikan rating ke Ba1per 17 Januari 2011

S&P’s menaikan rating ke BB+per 8 April 2011

Fitch’s menaikan rating ke BBB-per 15 Desember 2011

Non

Inve

stm

ent g

rade

S&P sempat menurunkan

rating ke Selective Default namun direvisi kembali 2 hari

kemudian

Non Investm

ent grade


Moodys’s menaikan rating ke Baa3per 18 Januari 2012

� Pada tanggal 30 Maret 2012, OECD menaikkanperingkat CRC (Country Risk Classification) Indonesia dari klasifikasi 4 menjadi klasifikasi 3. Saat iniIndonesia berada dalam kelompok yang sama dengannegara-negara seperti Thailand, Uruguay, AfrikaSelatan, 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

� 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

Performa Sovereign Rating Indonesia (1)

Indonesia Sovereign Credit Rating Performance (1)

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"

� Tanggal 15 Desember 2011, Fitch menaikkan peringkat kredit indonesia dari BB+ menjadi BBB- denganoutlook 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 outlookpositive, 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

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 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


� Tanggal 14 Oktober 2010, R & I merubah outlookIndonesia dari Stable menjadi Positive denganperingkat 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.”

� Tanggal 13 Juli 2010 JCRA menaikan peringkat kredit Indonesia hingga masuk kategori Investment Gradedari BB+ menjadi BBB-, adapun highlight dari JCRAantara lain sebagai berikut:

“JCRA explained that the upgrade reflects (i) enhanced

Performa Sovereign Rating Indonesia (2)

Indonesia Sovereign Credit Rating Performance (2)

� 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.”

� 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

� “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 Yudhoyonoadministration to outline the framework to deal with structural issues such as infrastructure development.”


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 Yudhoyonoadministration to outline the framework to deal with structural issues such as infrastructure development.”

� Wajar Tanpa Pengecualian (WTP) terhadap Laporan Keuangan Bagian Anggaran terkait Pengelolaan Utang (BA-999.01)

� Akuntabilitas kinerja pengelolaan utang membaik

� Sistem Pengendalian Internal (SPI)

� 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

Opini BPK tentangLaporan Keuangan

Supreme Audit Agency Opinion on Gov’t.’s Financial Report

(SPI)

� Kepatuhan terhadap peraturan dan ketentuan yang berlaku

accountability continues to improve

� Internal control system

� Compliance to the existing regulation


� Utang Pemerintah diperlukan untuk membiayai defisitAPBN, penyediaan arus kas jangka pendek, danrefinancing utang lama.

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

� Pengelolaan utang pemerintah diarahkan untukmendapatkan sumber pembiayaan dengan biaya danrisiko rendah, jangka panjang, dan tidak ada ikatanpolitik.

� Pengelolaan fiskal & utang Indonesia relatif semakinbaik:

� Berbagai rasio utang dan rasio biaya utang menunjukkan

� 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

Kesimpulan Conclusion

� Berbagai rasio utang dan rasio biaya utang menunjukkan

trend yang membaik dan bahkan dibandingkan rasio-rasio

yang sama di negara lain, termasuk negara maju

� 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

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

� 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 TanpaPengecualian/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


© 2012Direktorat Evaluasi, Akuntansi dan Setelmen

Direktorat Jenderal Pengelolaan UtangKementerian Keuangan Republik Indonesia

Jl. Lapangan Banteng Timur 2-4 JakartaTelepon : 021-3449230 psw. 5647, 021-3864778

Faksimili : 021-3843712www.dmo.or.id

CP: [email protected] / [email protected]

Documents

DIREKTORAT JENDERAL PENGELOLAAN UTANG DIRECTORATE … · Kinerja Pengelolaan Portofolio Utang (Berbagai Rasio Debt Portfolio Management Performance (Debt Utang dan perbandingan antar