Government Debt Interest in 2018 Swelled IDR 19.5 Trillion

JurnalFakta. Debt interest payments in the 2018 State Budget (APBN) reached Rp258.1 trillion last year. The realization swelled by Rp19.5 trillion or reached 108.2 percent from the initial assumption of Rp.238.6 trillion.

Payment of debt interest this year also recorded an increase from last year with a realization of Rp216.6 trillion or only 98.8 percent of the target.
Finance Minister Sri Mulyani Indrawati said the increase in debt interest payments was due to the normalization of US (US) monetary policy, the Federal Reserve which raised its benchmark interest rate.


"In addition, there is an influence from the weakening of the rupiah exchange rate," he said at the Ministry of Finance on Wednesday.
Recorded, the depreciation of the rupiah exchange rate this year reached 6.89 percent with an average rupiah of Rp14,247 per US dollar. On the other hand, even though debt interest payments have increased, Sri Mulyani ensured that debt financing actually declined this year.

In 2018, debt financing in the APBN is only IDR 366.7 trillion or 91.8 percent of the IDR 3,99.2 trillion target. This number is lower than last year which reached IDR 429.1 trillion and reached 93 percent of the target in the 2017 State Budget. "A decrease of around IDR 62 trillion," he added.

Furthermore, debt financing was contributed by the issuance of net Government Securities (SBN) of IDR 358.4 trillion or only 86.5 percent of the target of IDR 414.5 trillion. While the net loan is only IDR 8.3 trillion.

He said the decline in the amount of debt financing was deliberately carried out by the government because it considered the conditions of the global and domestic economy. This is because the Fed's policy that makes SBN yields increase can be burdensome for future government debt payments.

"In addition, it also considers the development of the SBN market, an increase in domestic retail investors, and an increase in Indonesia's credit rating to investment grade," he explained.

While investment financing amounted to IDR 61.1 trillion or 93.1 percent from the initial assumption of IDR 65.7 trillion. This investment financing is given to several State-Owned Enterprises (BUMN) and Public Service Agencies (BLU).

"Including for PT KAI IDR3.6 trillion, LPI, Tapera PMN, and ultramicro government investment center revolving fund IDR2.5 trillion. Then for LPDP IDR15 trillion and LMAN IDR31.2 trillion," he said.

Then, the loan is IDR 4.3 trillion or 63.5 percent of the target of IDR 6.7 trillion, guarantee obligations of IDR 1.1 trillion and other financing IDR 200 billion. That way, the total budget financing reached IDR 300.4 trillion or 92.2 percent from the initial assumption of IDR 325.9 trillion.

This is a picture of the management of the debt side carefully, because the deficit narrowed dramatically, "he concluded.

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