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

Transkripsi

1 DIREKTORAT JENDERAL PENGELOLAAN UTANG KEMENTERIAN KEUANGAN REPUBLIK INDONESIA DIRECTORATE GENERAL OF DEBT MANAGEMENT MINISTRY OF FINANCE OF REPUBLIC OF INDONESIA

2 Daftar Isi Table of Contents Bagian 1 Latar Belakang, Tujuan & Kebijakan Utang, Jenis-jenis Utang, Landasan Hukum 1. Latar Belakang (1) 2. Latar Belakang (2) 3. Latar Belakang (3) 4. Tujuan dan Kebijakan Pengelolaan Utang (1) 5. Tujuan dan Kebijakan Pengelolaan Utang (2) 6. Jenis-jenis Utang (1) 7. Jenis-jenis Utang (2) 8. Jenis-jenis Utang (3) 9. Landasan Hukum Pengelolaan Utang (1) 10. Landasan Hukum Pengelolaan Utang (2) Bagian 2 APBN, Pembiayaan APBN dan Perkembangan Defisit 11. APBN Cash flow Pembiayaan Defisit dan Pembiayaan APBN Defisit Anggaran di berbagai Negara Pagu dan Realisasi Pembiayaan Utang Realisasi Penerbitan SBN 2012 Chapter 1 Backgrounds, Debt Management Objective and Strategy, Debt Instruments, Legal Basis 1. Backgrounds (1) 2. Backgrounds (2) 3. Backgrounds (3) 4. Debt Management Objectives and Strategy (1) 5. Debt Management Objectives and Strategy (2) 6. Debt Instruments (1) 7. Debt Instruments (2) 8. Debt Instruments (3) 9. Debt Management: Legal Basis (1) 10. Debt Management: Legal Basis (2) Chapter 2 State Budget, Deficit and Its Financing 11. State Budget Cash flow Financing Fiscal Deficit and State Budget Financing, Deficit in Various Countries Budget and Realization of Debt Financing Realization of Government Securities Issuance 2012

3 Daftar Isi Table of Contents 17. Penarikan Pinjaman Program dan Proyek 18. Pinjaman Program Pembiayaan Pinjaman LN (Grafik) 20. Penarikan Pinjaman 2012, Pembiayaan Proyek 21. Penarikan Pinjaman 2012, Pembiayaan Proyek (Grafik) Bagian 3 Portofolio Utang (Outstanding Utang, Profil Jatuh Tempo Utang, Perkembangan SBN dan Pinjaman) 22. Posisi Utang Pemerintah Posisi Utang Pemerintah (Grafik) 24. Profil Jatuh Tempo Utang per 30 September 2012 (Grafik) 25. Posisi Surat Berharga Negara Posisi Pinjaman Berdasarkan Kreditur 27. Posisi Pinjaman Berdasarkan Kreditur (Grafik) 28. Posisi Pinjaman Berdasarkan Sektor Ekonomi 29. Posisi Pinjaman Berdasarkan Sektor Ekonomi (Grfk) 30. Posisi Utang Pemerintah Beberapa Mata Uang Utama 31. Posisi Utang Pemerintah Mata Uang Lainnya 32. Posisi Utang Pemerintah Berdasarkan Mata uang (Grafik) 33. Proporsi Penarikan Pinjaman Berdasarkan Jenis Pinjaman (Grafik) 17. Project & Program Loans Drawing 18. Program Loan Ext. Loan Financing (Chart) 20. Loan Disbursement 2012, Project Financing 21. Loan Disbursement 2012, Project Financing (Chart) Chapter 3 Debt Portfolio (Outstanding, Maturity Profile, Change in Securities and Loans Positions) 22. Gov t. Debt Outstanding Gov t. Debt Outstanding (Chart) 24. Debt Maturity Profile as of September 30 (Chart) 25. Gov t. Securities Outstanding Loans Outstanding by Creditor Types 27. Loans Outstanding by Creditor Types (Chart) 28. Loans Outstanding by Economic Sectors 29. Loans Outstanding by Economic Sectors (Chart) 30. Gov t. Debt Outstanding, Main Currencies 31. Gov t. Debt Outstanding, Other Currencies 32. Gov t. Debt Outstanding, by Currencies (Chart) 33. Loans Drawing Proportion, by Financing Type (Chart)

4 Daftar Isi Table of Contents Bagian 4 Kinerja Pengelolaan Portofolio Utang (Berbagai Rasio Utang dan perbandingan antar negara, Pemanfaatan Pinjaman, Reprofiling Struktur Jatuh Tempo SUN) 34. Perkembangan Rasio Utang terhadap PDB (Grafik) 35. Rasio Utang terhadap PDB Indonesia & berbagai Negara 36. Rasio Utang terhadap PDB Indonesia & berbagai Negara (Grafik) 37. Jatuh Tempo SBN Tradable 30 September 2012 (Grafik) 38. Program Debt Switch dan Buyback SBN 39. Pengurangan Utang melalui Skema Debt Swap 40. Restrukturisasi Surat Utang kepada BI Restrukturisasi Surat Utang kepada BI 2006 (1) 42. Restrukturisasi Surat Utang kepada BI 2006 (2) 43. Restrukturisasi 2008 (SU-002 & SU-004) 44. Pemanfaatan Pinjaman (Grafik) 45. Rasio Kewajiban Pinjaman LN thd Cadangan Devisa (Grafik) 46. Rasio Utang thd PDB Berbagai Negara & Perubahannya (Grafik) 47. Utang per Kapita di Berbagai Negara (Grafik) Chapter 4 Debt Portfolio Management Performance (Debt Performance Measurement and Comparison, Loan Disbursement, Government Debt Securities Re-profiling) 34. Central Government Debt to GDP Ratio (Chart) 35. Debt to GDP Ratio, Indonesia & some Countries 36. Debt to GDP Ratio, Indonesia & some Countries (Chart) 37. MP of Tradable Securities as of September 30, 2012 (Chart) 38. Debt Switching and Buyback 39. Debt Reduction through Debt Swap Scheme 40. Securities Restructuring Securities Restructuring 2006 (1) 42. Securities Restructuring 2006 (2) 43. Restructuring 2008 (SU-002 & SU-004) 44. Loans Disbursement Performance (Chart) 45. External Loan Services to Reserves Ratio (Chart) 46. Debt to GDP Ratio, Some Countries & The Changes (Chart) 47. Debt per Capita, of Some Countries (Chart)

5 Daftar Isi Table of Contents 48. Utang per Kapita di Berbagai Negara & Perubahannya (Grafik) 49. Indikator Risiko Utang (Grafik) Bagian 5 Biaya-biaya berbagai instrumen utang (Realisasi Pembayaran Utang, Rasio Biaya Utang, Yield Curve, Biaya Pinjaman Luar Negeri) 50. Realisasi Pembayaran Utang Pemerintah TA Rasio Bunga Utang thd Pendapatan dan Belanja (Grafik) 52. Pembayaran Bunga Utang terhadap Total Utang (Grafik) 53. Realisasi Pembayaran Bunga Utang (Grafik) 54. Biaya Pinjaman dari Kreditur Multilateral 55. Biaya Pinjaman dari Kreditur Bilateral (Jepang) 56. Kurva Imbal Hasil SBN Rupiah (Grafik) 57. Kurva Imbal Hasil SBN Valas (Grafik) Bagian 6 Kinerja Pasar Sekunder SBN (Aktifitas Perdagangan, Kepemilikan SBN oleh Investor) 58. Perdagangan Rata-rata Harian SBN Rupiah di Pasar Sekunder (Grafik) 48. Debt per Capita, of Some Countries & The Changes (Chart) 49. Debt Risk Indicators, (Chart) Chapter 5 Costs of Borrowing (Debt Services, Cost of Fund, Yield Curve, External Debt s Cost) 50. Debt Services Realizations, FY Interest Payments. to Revenues and Expenditures Ratio (Chart) 52. Interest Payments to Debt Total (Chart) 53. Interest Payments Realization (Chart) 54. Terms and Conditions of Loan from Multilateral 55. Terms and Conditions of Loan from Bilateral (Japan) 56. Domestic Government Debt Securities Yield Curve (Chart) 57. Indonesian Global Bond Yield Curve (Chart) Chapter 6 Performance of Secondary Market for Govt. Securities (Trading Volume, Govt. Securities Ownership Structure) 58. Average Daily Trading of Domestic Gov t. Securities (Chart)

6 Daftar Isi Table of Contents 59. Posisi Kepemilikan SBN (Grafik) 60. Posisi Kepemilikan SBN Domestik 61. Posisi Kepemilikan SBN Domestik ( dlm. % ) 62. Kepemilikan SBN oleh Asing berdasarkan Tenor (Grafik) 63. Spread terhadap UST- Mar 17 (Grafik) 64. Spread terhadap UST- Feb 22 (Grafik) 65. Spread terhadap UST- Feb 42 (Grafik) Bagian 7 Rating, Penjaminan, Opini BPK, Kesimpulan 66. Rating Indonesia 67. Perkembangan Credit Rating Indonesia (1) 68. Perkembangan Credit Rating Indonesia (2) (Grafik) 69. Performa Sovereign Rating Indonesia (1) 70. Performa Sovereign Rating Indonesia (2) 71. Performa Sovereign Rating Indonesia (3) 72. Performa Sovereign Rating Indonesia (4) 73. Posisi Penjaminan Pemerintah & Alokasi APBN 74. Opini BPK tentang Laporan Keuangan 75. Kesimpulan (1) 76. Kesimpulan (2) 59. Government Debt Securities Ownership (Chart) 60. Domestic Debt Government Securities Ownership 61. Domestic Debt Government Securities Ownership ( in % ) 62. Foreign Ownership of Dom. Gov t. Securities by Tenor (Chart) 63. Spread over UST- Mar 17 (Chart) 64. Spread over UST- Feb 22 (Chart) 65. Spread over UST- Feb 42 (Chart) Chapter 7 Rating, Government Guarantee, Supreme Audit Agency Opinion, Conclusion 66. Indonesian Credit Rating 67. Indonesia Credit Rating Performance (1) 68. Indonesia Credit Rating Performance (2) (Chart) 69. Indonesia Sovereign Credit Rating Performance (1) 70. Indonesia Sovereign Credit Rating Performance (2) 71. Indonesia Sovereign Credit Rating Performance (3) 72. Indonesia Sovereign Credit Rating Performance (4) 73. Gov t Guarantee Outstanding and Budget Allocation 74. BPK Opinion on Government Financial Report 75. Conclusion (1) 76. Conclusion (2)

7 Bagian 1 Latar Belakang, Tujuan & Kebijakan Utang, Jenis-jenis Utang, Landasan Hukum Chapter 1 Background, Debt Management Strategy and Objective, Debt Instruments, Legal Basis

8 Latar Belakang (1) Background (1) Utang merupakan bagian dari Kebijakan Fiskal (APBN) yang menjadi bagian dari Kebijakan Pengelolaan Ekonomi secara keseluruhan. Debt management and policy is an integral part of fiscal policy which also constructs economic policy and management in general. Tujuan Pengelolaan Ekonomi adalah: Ultimate objectives of economic management: Menciptakan kemakmuran rakyat dalam bentuk: Welfare creation and maintenance in the form of: Penciptaan kesempatan kerja. Reducing unemployment. Mengurangi kemiskinan. Poverty alleviation. Menguatkan pertumbuhan ekonomi. Spur more growth in the economy. Menciptakan keamanan. Security and stability enhancement. Utang terutama merupakan konsekuensi dari postur APBN (yang mengalami defisit), dimana Pendapatan Negara lebih kecil daripada Belanja Negara. Pembiayaan APBN melalui utang merupakan bagian dari pengelolaan keuangan negara yang lazim dilakukan oleh suatu negara: Utang merupakan instrumen utama pembiayaan APBN untuk menutup defisit APBN, dan untuk membayar kembali utang yang jatuh tempo (debt refinancing); Debt is materialized if state budget is in deficit. Deficit financing through debt has been perceived to be a standard approach in most of the countries in our modern world: Debt is primary tool to fill fiscal gap and to refinance matured debts; Debt refinancing will end up with new and better debt profile in term of risk and fee. Refinancing dilakukan dengan terms & conditions (biaya dan risiko) utang baru yang lebih baik.

9 Latar Belakang (2) Background (2) Kenaikan jumlah nominal utang Pemerintah berasal dari: Government debt, in nominal term, has increased due to: Akumulasi utang di masa lalu (legacy debts) yang memerlukan refinancing yang cukup besar; Dampak krisis ekonomi tahun 1997/1998: Legacy debts that need to be refinanced; Inevitable effect of currency and banking crises in 1997/1998: Exchange rate depreciation; Depresiasi Rupiah terhadap mata uang asing; BLBI dan Rekapitalisasi Perbankan; Sebagian setoran BPPN dari asset-recovery digunakan untuk APBN selain untuk melunasi utang/obligasi rekap. Pembiayaan defisit APBN merupakan keputusan politik antara Pemerintah dan DPR-RI antara lain untuk: Menjaga stimulus fiskal melalui misalnya pembangunan infrastruktur, pertanian dan energi,dan proyek padat karya; Pengembangan peningkatan kesejahteraan masyarakat misalnya PNPM, BOS, Jamkesmas,Raskin, PKH,Subsidi; Banking bail out and recapitalization; Part of proceed coming from asset recovery used for debt/banking recap securities repayment. Fiscal deficit financing is also a result of political process and of political decision made in joint by the Government and the Parliament intended for: Supporting fiscal stimuli through development activity in infrastructure, agriculture, energy, and another kind of pump priming project; Sustaining people s welfare program such as PNPM, BOS, Jamkesmas, Raskin, PKH, subsidy;

10 Latar Belakang (3) Background (3) Mendukung pemulihan dunia usaha termasuk misalnya insentif pajak; Supporting real sector s activity for instance through tax incentive; Mempertahankan anggaran pendidikan 20%; Maintaining 20% of state budget to back up education sector; Peningkatan anggaran Alat Utama Sistem Persenjataan (Alutsista); Melanjutkan reformasi birokrasi. Akses terhadap pinjaman luar negeri dengan persyaratan sangat lunak dari lembaga keuangan multilateral bagi Indonesia dibatasi oleh: Status Indonesia yang tidak lagi tergolong sebagai low income country; 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. Batas maksimum pinjaman yang dapat disalurkan ke suatu negara (country limit).

11 Tujuan dan Kebijakan Pengelolaan Utang (1) Debt Management Objective and Strategy (1) Tujuan Tujuan Jangka Panjang: Mengamankan Kebutuhan Pembiayaan APBN melalui utang dengan biaya minimal pada tingkat risiko terkendali, sehingga kesinambungan fiskal dapat terpelihara Mendukung upaya untuk menciptakan pasar surat berharga negara (SBN) yang dalam, aktif dan likuid Tujuan Jangka Pendek: Memastikan tersedianya dana untuk menutup defisit dan pembayaran kewajiban pokok utang secara tepat waktu dan efisien Objectives Long-term : Securing Government Budget debt financing needs at minimum cost and tolerable risk level, thus fiscal sustainability can be maintained Supporting efforts to develop a deep, active and liquid Government Securities market. Short-term : Ensuring the availability of funds to cover budget deficit and to meet debt repayment obligations in a timely and efficient manner

12 Tujuan dan Kebijakan Pengelolaan Utang (2) Debt Management Objective and Strategy (2) Kebijakan mengoptimalkan potensi pendanaan utang dari sumber domestik melalui penerbitan SBN rupiah maupun penarikan pinjaman dalam negeri; Melakukan pengembangan instrumen utang agar diperoleh fleksibilitas dalam memilih berbagai instrumen yang lebih sesuai, costefficent dan risiko yang minimal; Pengadaan pinjaman luar negeri dilakukan sepanjang digunakan untuk memenuhi kebutuhan prioritas, memberikan terms & conditions yang wajar (Favourable) bagi pemerintah, dan tanpa agenda politik dari kreditor; Mempertahankan kebijakan pengurangan pinjaman luar negeri dalam periode jangka menengah; Meningkatkan koordinasi dengan otoritas moneter dan otoritas pasar modal, terutama dalam rangka mendorong upaya financial deepening; Meningkatkan koordinasi dan komunikasi dengan berbagai pihak dalam rangka meningkatkan efisiensi pengelolaan pinjaman dan sovereign credit rating. General Strategies optimizing potential sources of financing from domestic market through issuance of IDR denominated Government securities and domestic loan disbursement; developing debt instrument to obtain flexibility in selecting a more suitable, costefficient 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

13 Jenis-jenis Utang (1) Debt Instruments (1) Pinjaman terdiri dari pinjaman luar negeri dan pinjaman dalam negeri : Pinjaman Luar Negeri World Bank, Asian Development Bank, Islamic Development Bank dan kreditor bilateral (Jepang, Jerman, Perancis dll), serta Kredit Ekspor. Pinjaman Program: Untuk budget support dan pencairannya dikaitkan dengan pemenuhan Policy Matrix di bidang kegiatan untuk mencapai MDGs (pengentasan kemiskinan, pendidikan, pemberantasan korupsi), pemberdayaan masyarakat, policy terkait dengan climate change dan infrastruktur. Pinjaman proyek : Untuk pembiayaan proyek infrastruktur di berbagai sektor (perhubungan, energi, dll); proyekproyek dalam rangka pengentasan kemiskinan (PNPM). Government Loan consists of external and domestic loans: External Loan World Bank, Asian Development Bank, Islamic Development Bank and bilateral donors (Japan, Germany, France, etc.) and Export Credit. Program Loan: Intended for budget support and its disbursement is a function of the realization of stated policy matrix aiming the targets set up in MDGs scheme (poverty alleviation, education, and corruption eradication), people empowerment and also policy related with climate change and infrastructure development. Project Loan : To support infrastructure project in transportation, energy etc and also poverty alleviation project.

14 Jenis-jenis Utang (2) Debt Instruments (2) Pinjaman Dalam Negeri Peraturan Pemerintah (PP) No.: 54 Tahun 2008 Tentang Tata Cara Pengadaan dan Penerusan Pinjaman Dalam Negeri oleh Pemerintah ; Berasal dari Badan Usaha Milik Negara (BUMN); Pemerintah Daerah,dan Perusahaan Daerah; Untuk membiayai kegiatan dalam rangka pemberdayaan industri dalam negeri dan pembangunan infrastruktur untuk pelayanan umum; kegiatan investasi yang menghasilkan penerimaan. Surat Berharga Negara (SBN) dalam Rupiah dan valuta asing, tradable & non-tradable, fixed & variable : Surat Utang Negara (SUN) Surat Perbendaharaan Negara (SPN/T- Bills): SUN jangka pendek (s.d. 12bln); Domestic Loan Government Regulation No. 54 Year 2008 on Domestic Loan Procurement Procedure and Domestic Loan Channeling; Coming from state-owned enterprise, local government and local state-owned enterprise; To finance policy related with the effort to support local industry, infrastructure project for public service and investment generating revenue project. Government securities (SBN) in local and foreign currency denominated, tradable and non-tradable, fixed and variable: Government Debt Securities (SUN) T-Bills: short-term (up to 1 year);

15 Jenis-jenis Utang (3) Debt Instruments (3) Obligasi Negara (> 1 thn) Coupon Bond Tradable: ORI, FR/VR bond, Global bond Non tradable: SRBI untuk BLBI, dan Surat Utang/SU ke BI untuk penyehatan dan restrukturisasi perbankan Zero coupon Surat Berharga Syariah Negara (SBSN)/Sukuk Negara dalam Rupiah dan valuta asing dengan berbagai struktur, misalnya Ijarah, Musyarakah, Istisna dll SBSN jangka pendek (Islamic T-Bills); Surat Perbendaharaan Negara Syariah; SBSN Ritail (Sukri); SBSN jangka panjang (IFR/Ijarah Fixed Rate; Global Sukuk; SDHI/Sukuk Dana Haji Indonesia); Project Based Sukuk (PBS). Govt. Bond (> 1 year) Coupon Bond Tradable: ORI, FR/VR bond, Global bond Non tradable: SRBI for bank recap, bond issued for Bank Indonesia s recap and restructurization of banking industry Zero coupon Government Islamic securities/sukuk (SBSN) in domestic and foreign currency denominated in the scheme of Ijarah, Musyarakah, Istisna, etc Islamic T-Bills; IFR/Ijarah Fixed Rate; Global Sukuk; SDHI/Indonesian Haj Fund Sukuk; Project Based Sukuk (PBS).

16 Landasan Hukum Pengelolaan Utang (1) Debt Management: Legal Basis (1) Ketentuan Perundang-undangan: Undang-Undang No 17/2003 tentang Keuangan Negara Undang-Undang No 1/2004 tentang Perbendaharaan Negara Undang-Undang No 15/2004 tentang Pemeriksaan Pengelolaan dan Tanggung Jawab Keuangan Negara Undang-Undang No 19/2008 tentang Surat Berharga Syariah Negara Undang-Undang No 24/2002 tentang Surat Utang Negara Peraturan Pemerintah No 10/2011 tentang Tata Cara Pengadaan Pinjaman Luar Negeri dan Penerimaan Hibah Peraturan Pemerintah No 54/2008 tentang Tata Cara Pengadaan dan Penerusan Pinjaman Dalam Negeri oleh Pemerintah Laws and Regulations: Law Number 17/2003 on State Finance Law Number 1/2004 on State Treasury Law Number 15/2004 on Inquiry of State Finance Management and Responsibility Law Number 19/2008 on Government Islamic Securities Law Number 24/2002 on Government Securities Government Regulation Number 10/2011 on External Loan Procurement Procedure and Grant Receipt Government Regulation Number 54/2008 on Domestic Loan Procurement Procedure and Domestic Loan Channeling

17 Landasan Hukum Pengelolaan Utang (2) Debt Management: Legal Basis (2) Mengatur a.l, prinsip-prinsip good governance: Pengadaan/penerbitan utang melalui mekanisme APBN/mendapatkan persetujuan DPR Koordinasi Pemerintah (Kementerian Keuangan, Kementerian PPN/Bappenas), dan BI dalam perencanaan dan pengelolaan utang Pengawasan perdagangan SBN di pasar sekunder oleh otoritas pasar modal Pertanggungjawaban pengelolaan utang dan publikasi data & informasi utang Setting up, among other things, good governance principle: Debt cannot be separated from state budget and subject to the approval from parliament A good policy coordination (MoF, Ministry of Planning & BI) is essential for having sound debt management Close and efficient supervision on government securities trading activities in secondary market by the stock market authority Accountability and transparency in whole range of debt management span

18 Bagian 2 APBN, Pembiayaan APBN dan Perkembangan Defisit Chapter 2 State Budget, Deficit and Its Financing

19 APBN State Budget LKPP/ Audited LKPP/ Audited LKPP/ Audited LKPP/ Audited dalam Triliun Rupiah (in trillion rupiah) APBN-P/ Budget A. Pendapatan Negara dan Hibah A. Revenues and Grants , ,358.2 I. Penerimaan Dalam Negeri I. Domestic Revenues , , Penerimaan Perpajakan 1. Tax , Penerimaan Bukan Pajak 2. Non Tax II. Hibah II. Grants B. Belanja Negara B. Expenditures , , ,548.3 I. Belanja Pemerintah Pusat I. Central Government ,069.5 a. Bunga Utang a. Interest Payments Dalam Negeri - Domestic Currency Luar Negeri - Foreign Currency b. Subsidi b. Subsidies II. Transfer Daerah II. Transfers to Regions C. Keseimbangan Primer C. Primary Balance (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 I. Pembiayaan Utang I. Debt II. Pembiayaan Non-Utang II. Non Debt Kelebihan/ (Kekurangan) Pembiayaan Financing Surplus/Deficit

20 Cash flow Pembiayaan Cash flow Financing LKPP/Audited 2008 LKPP/Audited 2009 LKPP/Audited 2010 [miliar rupiah/ billions IDR] LKPP/Audited 2011 APBN-P/Budget 2012 Kebutuhan Pembiayaan Financing Needs (115,579) (224,292) (203,538) (245,419) (386,124) Defisit Budget Deficit (4,121) (88,619) (46,846) (84,339) (190,105) Pembayaran Utang Debt Repayment (108,958) (123,279) (135,893) (138,818) (169,121) Jatuh Tempo dan Buyback Surat Berharga Negara Bond Redemptions and Buybacks (40,333) (49,067) (76,532) (87,272) (110,823) Pembayaran Cicilan Pokok Pinjaman Luar Negeri Foreign Loan Amortization (63,435) (68,031) (50,633) (47,323) (49,725) Pembayaran Cicilan Pokok Pinjaman Dalam Negeri Domestic Loan Amortization (141) Penerusan Pinjaman On Lending (5,189) (6,181) (8,729) (4,224) (8,432) Pembiayaan Non utang Non Debt Financing Needs (2,500) (12,395) (20,799) (22,262) (26,898) *) APBN 2011 *) APBN 2011 Sumber Pembiayaan Financing Sources 195, , , , ,124 Utang Debt 176, , , , ,283 Penerbitan SBN, Bruto Government Securities Issuance, Gross 126, , , , ,419 Penerbitan SBN Domestik Domestic 86, , , ,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 ,132 Non Utang Non Debt 19,061 41,057 25,421 50,526 60,842 Kelebihan / (Kekurangan) Pembiayaan Financing Surplus (Deficit) 79,950 23,965 44,706 46,609 0 Net Cash Flow Pembiayaan Net Financing Cash Flows 84, ,583 91, , ,105 Utang Neto Net Debt 67,510 83,921 86, , ,162 Surat Berharga Negara Government Securities 85,916 99,471 91, , ,597 Pinjaman Luar Negeri Foreign Loans (18,406) (15,550) (4,566) (17,799) (4,426) Pinjaman Dalam Negeri Domestic Loans Non Utang Neto Net Non Debt 16,561 28,662 4,622 28,264 33,943

21 (27) (18) (12) (17) (4) (3) Defisit dan Pembiayaan APBN [ triliun Rupiah/ in trillion IDR ] (20) (40) (60) (80) -1.3 (100) (120) (140) (160) (180) (200) (50) -0.1 (4) -1.6 (89) Fiscal Deficit and State Budget Financing, 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 , 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 * -0.7 (47) -1.1 (84) [ % thd. PDB/ % to GDP ] -2.2 (190) (1) (2) (3) (4) (5) SBN (neto) Securities (netto) Catatan/ Notes: angka LKPP/ Audited * APBN-P 2012/ Budget 2012 Pinjaman DN & LN (neto) Domestic & Foreign Loan (netto) Non-Utang (neto) Non Debt (netto) Surplus (Defisit) APBN Budget Surplus (Deficit) Rasio Defisit APBN thd. PDB (RHS) Budget Deficit to GDP ratio (RHS) Sumber: Kementerian Keuangan/ Source: Ministry of Finance

22 Defisit Anggaran di berbagai Negara Deficit in Various Countries Developed US (2.7) (6.7) (13.0) (10.5) (9.6) (8.1) Japan (2.1) (4.1) (10.4) (9.4) (10.1) (10.0) Euro Area UK (2.7) (4.9) (10.4) (9.9) (8.7) (8.0) Emerging Market Brazil (2.7) (1.4) (3.1) (2.8) (2.6) (2.3) Mexico (1.2) (1.1) (4.7) (4.3) (3.4) (2.4) Emerging Asia China 0.9 (0.4) (3.1) (2.3) (1.2) (1.3) Indonesia (1.3) (0.1) (1.6) (0.7) (1.1) (2.2) CEEMA Hungary (5.1) (3.7) (4.5) (4.3) 4.0 (3.0) Poland (1.9) (3.7) (7.3) (7.8) (5.2) (3.2) Russia (6.3) (3.5) 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 menggunakan angka LKPP dan tahun menggunakan APBN-P/ Indonesia: for period the numbers are audited and for 2012 the member is taken from Revised Budget 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

23 Pagu dan Realisasi Pembiayaan Utang 2012 Budget and Realization of Debt Financing 2012 [ triliun Rupiah/ in trillion IDR ] APBN-P/ Instrumen Instruments Budget Q 1 Q 2 Q 3 Real [ % ] 2012 TOTAL TOTAL % PINJAMAN LOANS % Pinjaman Luar Negeri External Loan % Pinjaman Program Program Loan % Pinjaman Proyek Project Loan % Pinjaman Dalam Negeri Domestic Loan % SBN SECURITIES * % Catatan: -data per/ as of September 30, 2012 * Penerbitan SBN Bruto dapat berubah sewaktu-waktu menyesuaikan kebutuhan pembiayaan dalam rangka pengelolaan portofolio SBN/ Securities issuance budget is tentative, depend on financing need in term of securities portfolio management.

24 Realisasi Penerbitan SBN 2012 Realization of Government Securities Issuance 2012 (Juta Rupiah) / (IDR Millions) Uraian/Description Target Nominal Realisasi/ Realization Nominal (ao September 28, 2012) % Realisasi/ Realization SBN Netto (APBN-P 2012) / Government Securities-net (Revised Budget 2012) Kebutuhan Penerbitan 2012 (Gross) / Issuance Need SUN / Government Debt Securities SUN Domestik / Domestic GDS - ON - SPN - ORI SUN Valas / International Bonds 159,596, ,738, % 270,419, ,110, % 166,570, ,565, ,445,000 25,120,000-39,005,000 SBSN / Government Islamic Debt Securities SBSN Domestik / Government Islamic Debt Securities - IFR/PBS (- Islamic Fixed Rate Bond/Project Based Sukuk (IFR/PBS)) - SPN-S - SBSN Ritel - SDHI SBSN Valas / International Sukuk 45,540,805 45,540,805 15,400,000 1,185,000 13,613,805 15,342,000 -

25 Penarikan Pinjaman Program dan Proyek Project & Program Loans Drawing JENIS PEMBIAYAAN/ TYPE OF FINANCING Nominal % of APBN- P/ Budget TOTAL % equivalent dlm miliar/ in billion US$ Pinjaman Program/ Program Loan % equivalent dlm miliar/ in billion US$ a. World Bank % b. A D B % c. JEPANG/ JAPAN % d. PERANCIS/ FRANCE % e. IDB % f. Lain-Lain/ Others % 2. Pinjaman Proyek/ Project Loan % equivalent dlm miliar/ in billion US$ Pinjaman Dalam Negeri/ Domestic Loan % equivalent dlm miliar/ in billion US$ Catatan/ Notes: Nominal dalam triliun Rupiah/ in trillion IDR LKPP/ Audited 2007 LKPP/ Audited 2008 LKPP/ Audited 2009 LKPP/ Audited APBN-P/ Budget 2012 Real. As of Sep 30, 2012 Kementerian Keuangan Republik Indonesia

26 Pinjaman Program Program Loan PEMBERI PINJAMAN/ LENDERS [ juta USD/ million USD ] Real Real APBN/ Budget Real - as of Sept A. WORLD BANK 600 1,197 1,553 1,704 1, Public Financial Management (PFM)/ Indonesia Institutions and Systems Reform (IISR) BOS-KITA Refinancing PNPM Refinancing Rural 4, Urban Local Government Development Program - DAK Reimbursements Domestic Connectivity Financial Sector DPL B. ASIAN DEVELOPMENT BANK Capital Market Development Program (Financial Market Dev and Integration Program) Enhancing Inclusive Growth Through Connectivity (EIGTC) C. JICA, JAPAN DPL8 - Cofinancing with WB TOTAL 1,900 2,727 2,953 3,209 1,511 1,

27 [ triliun Rupiah/ in trillion IDR ] Pembiayaan Pinjaman LN Ext. Loan Financing * Penarikan Pinj. LN - External Loan Disb., gross Pembyrn. Pokok Pinj. LN - External Loan Princ. Repayment Pembiayaan Pinjaman LN - External Loan Financing (nett) [ triliun Rupiah/ in trillion IDR ] * Penarikan Pinj. LN - External Loan Disb., gross 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) Keterangan - Notes: *) APBN-P Budget

28 Penarikan Pinjaman 2012, Pembiayaan Proyek Loan Disbursement 2012, Project Financing NEGARA / COUNTRY BUDGET Real. As of Sept 30, 2012 Juta USD/ Miliar IDR/ Juta USD/ Miliar IDR/ % to BUDGET 2012 Million USD Billion IDR Million USD Billion IDR A. Int'l Organization , % A D B % WORLD BANK (IBRD & IDA) , % I D B % I F A D % B. Negara - Country , % JAPAN , % KOREA % AUSTRALIA % CHINA % SINGAPORE % U S A % OTHERS % TOTAL 4, , , % Kementerian Keuangan Republik Indonesia

29 Penarikan Pinjaman 2012, Pembiayaan Proyek Loan Disbursement 2012, Project Financing [ miliar Rupiah/billions IDR ] [ % dari Total Pagu Pinjaman Proyek di APBN/ % of Project Loan Budget ] 4, % 4,000 3, % 10.0% 3, % 2,500 2, % 1,500 1, % 2.9% 0.3% 0.3% 1.6% 0.9% 0.7% 0.7% 0.6% 1.2% 4.0% 2.0% - 0.0% Penarikan / Disbursement % thd APBN-P 2012 / % to Budget (RHS) CREDITORS BUDGET Real. As of Sept 30, 2012 Juta USD/ Miliar IDR/ Juta USD/ Miliar IDR/ Million USD Billion IDR Million USD Billion IDR % to BUDGET , , , %

30 Bagian 3 Portofolio Utang (Outstanding Utang, Profil Jatuh Tempo Utang, Perkembangan SBN dan Pinjaman) Chapter 3 Debt Portfolio (Outstanding, Maturity Profile, Change in Securities and Loans Positions)

31 Posisi Utang Pemerintah Gov t. Debt Outstanding Total Utang Pemerintah Pusat (dlm. triliun IDR)/ Central Govt. Debt Total (in trillion IDR) September '12 Nominal % 1, , , , , , % a. Pinjaman (dlm. triliun IDR)/ Loans (in trillion IDR) % 1). Pinjaman Luar Negeri/ External Loan Bilateral *) % Multilateral **) % Komersial ***)/ Commercial ***) % Suppliers ***) % Lain-Lain ***)/ Others ***) % 2). Pinjaman Dalam Negeri/ Domestic Loan b. SBN (dlm. triliun IDR)/ Securities (in trillion IDR) , , , % Denominasi Valas/ Foreign Currency % Denominasi Rupiah/ Local Currency , % Total Utang Pemerintah Pusat/ Central Govt. Debt Total (equivalent dlm. miliar US$/ in billion US$) % diantaranya: SBN Denominasi Rupiah/ Local Currency Securities (miliar US$/ in billion US$) SBN Denominasi Valas/ Foreign Currency Securities (miliar US$/ in billion US$) Pinjaman Denominasi Rupiah/ Local Currency Loan (miliar US$/ in billion US$) Pinjaman Denominasi Valas/ Foreign Currency Loan (miliar US$/ in billion US$) % % % % Nilai Tukar Rupiah/ Exchange Rate (IDR to US$1) 9,419 10,950 9,400 8,991 9,068 9,588 Catatan - Notes: * Termasuk semi commercial Semi commercials included ** Beberapa termasuk semi concessional - Some semi commercials included *** Seluruhnya termasuk commercial - Commercials

32 Posisi Utang Pemerintah Gov t. Debt Outstanding [ triliun rupiah/ in trillion IDR ] 2,000 1,800 1,600 1,400 1,200 1, ,064 1,188 1, Pinjaman/ Loans SBN/ Securities Tahun/ Year Catatan: + Angka Sangat-Sangat Sementara Provisional as of September 30, 2012 [ dalam triliun Rupiah dan %/ in trillion IDR and % ] Pinjaman/ Loans % % % % % % SBN/ Securities % % % 1,064 63% 1,188 63% 1,338 68% Total Utang Pemerintah Pusat/ Central Govt. Debt Total , % 1, % 1, % 1, % 1, % 1, %

33 Profil Jatuh Tempo Utang per 30 September Debt Maturity Profile as of September 30, [triliun Rupiah/ in trillion IDR] Pinjaman/ Loans SBN/ Securities Tahun/ Year Pinjaman/ Loans 36% 44% 44% 46% 50% 47% 41% 43% 38% 38% 29% 49% 55% 39% 43% SBN/ Securities 64% 56% 56% 54% 50% 53% 59% 57% 62% 62% 71% 51% 45% 61% 57% Tahun/ Year Pinjaman/ Loans 22% 29% 100% 25% 23% 15% 47% 100% 11% 23% 3% 2% 100% SBN/ Securities 78% 71% 0% 75% 77% 85% 53% 0% 89% 77% 97% 98% 0% % 96%

34 Posisi Surat Berharga Negara Gov t. Securities Outstanding SURAT BERHARGA NEGARA / GOVERNMENT SECURITIES Dec '07 Dec '08 Des-'09 Des-10 Des Sep-12 A. Dapat Diperdagangkan / Tradable 543, , , , ,236 1,060, Denominasi Rupiah / Rupiah Denominated 477, , , , , ,796 a. Surat Utang Negara (SUN) / Government Debt Securities (SUN) 477, , , , , ,765 1) Surat Perbendaharan Negara / T-Bill 4,169 10,012 24,700 29,795 29,900 28,220 2) Obligasi Negara Tanpa Kupon / Zero-coupon bond 10,500 11,491 8,686 2,512 2,512 2,512 3) Obligasi Negara Fixed Rate/ Fixed Rate bond +) 294, , , , , ,910 4) Obligasi Negara Variable Rate / Variable Rate bond 168, , , , , ,123 b. Surat Berharga Syariah Negara (SBSN) / Government Islamic Securities (SBSN) - 4,700 11,533 25,717 38,988 62,031 1) Surat Berharga Syariah Negara Fixed Rate / Fixed Rate Islamic bond ++) - 4,700 11,533 25,717 37,668 61,126 2) Surat Perbendaharaan Negara-Syariah / T-Bill Syariah 1, Denominasi Valuta Asing / Foreign Currency Denominated 65, , , , , ,611 a. SUN Valas (dalam juta US$) / Government bond (million US$) 7,000 11,200 14,200 16,200 18,700 22,950 b. SBSN Valas (dalam juta US$) / Islamic bond (million US$) ,650 1,650 c. SUN Valas (dalam juta JPY) / Government bond (million JPY) ,000 95,000 95,000 95,000 B. Tidak Dapat Diperdagangkan / Non Tradable 259, , , , , ,200 a. Surat Utang kepada Bank Indonesia / Promissory note to central bank 259, , , , , ,417 b. Surat Perbendaharaan Negara / T-Bill (Private Placement) c. Surat Berharga Syariah Negara (SDHI) / Government Islamic Securities - - 2,686 12,783 23,783 35,783 TOTAL SURAT BERHARGA NEGARA (A +B) 803, , ,459 1,064,406 1,187,655 1,337,606 Catatan / Notes: - Nominal dalam miliar Rupiah, kecuali dinyatakan lain / Nominal on billion IDR - +) Termasuk ORI / Includes ORI - ++) Termasuk Sukuk Ritel / Includes Sukuk Ritel - Asumsi Kurs / Exchange rate (IDR/US$1) 9,419 10,950 9,400 8,991 9,068 9,588 - Asumsi Kurs / Exchange rate (IDR/JPY1)

35 Posisi Pinjaman Berdasarkan Kreditur Loans Outstanding by Creditor Types NEGARA/ COUNTRIES [ triliun IDR/ in trillion IDR ] Sep Nmnl % Total PINJAMAN LUAR NEGERI/ EXTERNAL LOAN % 1. BILATERAL % a. Jepang/ Japan % b. Perancis/ France % c. Jerman/ Germany % d. Bilateral lainnya / others % 2. MULTILATERAL % a. Bank Dunia/ World Bank % *) b. ADB % c. IDB % d. Multilateral lainnya / others % 3. KOMERSIAL/COMMERCIAL % 4. SUPPLIERS % PINJAMAN DALAM NEGERI/ DOMESTIC LOAN % TOTAL*) % Catatan - Notes: *) tidak termasuk SBN Valas Global Bonds excluded.

36 Posisi Pinjaman Berdasarkan Kreditur Loans Outstanding by Creditor Types 100% 90% 16% 16% 17% 16% 16% 15% 80% 70% 13% 13% 16% 17% 18% 18% 60% 50% 40% 30% 20% 40% 44% 42% 45% 45% 45% 10% 0% Sep Jepang/ Japan Perancis/ France Jerman/ Germany Bilateral lainnya / others Bank Dunia/ World Bank ADB IDB Multilateral lainnya / others KOMERSIAL/COMMERCIAL SUPPLIERS Pinjaman LN dari multilateral (WB, ADB) dan bilateral (Jepang) merupakan alternatif sumber pembiayaan yang relatif murah & jangka panjang/ Multilateral (World Bank) and bilateral (Japan) external loan are long matured & relatively cheap financing sources alternative

37 Posisi Pinjaman Berdasarkan Sektor Ekonomi Loans Outstanding by Economic Sectors Pertanian, Peternakan, Kehutanan & Perikanan/ Agriculture, Husbandry, Forestry & Fishing [ miliar IDR/ in billion IDR ] ,454 17,683 16,773 18,130 17,658 18,293 Pertambangan & Penggalian/ Mining & Drilling 6,231 8,801 7,294 7,527 7,481 7,735 Industri Pengolahan/ Manufacturing 22,743 29,121 21,534 19,946 18,483 17,047 Listrik, Gas & Air Bersih/ Electricity, Gas & Water Works 57,992 74,873 51,442 52,308 52,839 53,806 Bangunan/ Housing & Building 94, , , , , ,701 Perdagangan, Hotel & Restoran/ Trading, Hotel & Restaurant 8,997 10,510 7,717 6,990 6,223 6,244 Pengangkutan & Komunikasi/Transport & Communication 27,290 29,814 22,257 20,015 20,952 20,570 Keuangan, Persewaan & Jasa Keuangan/ Financial, Leasing and Financial Services 74,537 96,005 81,995 86,627 89,688 90,797 Jasa-jasa/ Services 129, , , , , ,997 Sektor Lain/ Other Sectors 149, , , , , ,822 TOTAL 586, , , , , ,013 Sumber: Kementerian Keuangan RI & Bank Indonesia/ Source : Ministry of Finance & Bank Indonesia Catatan - Notes: - Data per tanggal 30 September 2012 as of September 30, Pengelompokan Sektor Ekonomi didasarkan pada standar yg digunakan oleh Bank Indonesia dan Badan Pusat Statistik Economic Sectors Classification by Bank Indonesia and National Statistics Agency - Angka Sektor Keuangan didominasi oleh Pinjaman Program Financial Sector is program loan dominated

38 Posisi Pinjaman Berdasarkan Sektor Ekonomi 15,454 6,231 22,743 57,992 94,651 8,997 27,290 74, , ,135 17,683 8,801 29,121 74, ,039 10,510 29,814 96, ,009 16,773 7,294 21,534 51, ,160 7,717 22,257 81, , ,673 18,130 7,527 19,946 52,308 Loans Outstanding by Economic Sectors 115,726 6,990 20,015 86, , ,212 17,658 7,481 18,483 52, ,607 6,223 20,952 89, , ,795 18,293 7,735 17,047 53, ,701 6,244 20,570 90, ,822 [ miliar IDR/ in billion IDR ] Sumber: Kementerian Keuangan RI & Bank Indonesia/ Source : Ministry of Finance & Bank Indonesia 150, ,000 50, 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

39 Posisi Utang Pemerintah Beberapa Mata Uang Utama Gov t. Debt Outstanding, Main Currencies dalam mata uang asli/ in original currencies *** IDR*) ,091.3 USD**) JPY**) 2, , , , , ,506.9 EUR**) SDR**) AUD**) Mata Uang Lainnya/ Other Currencies equivalent dlm triliun Rupiah/ in trillion IDR IDR ,091.3 USD JPY EUR SDR AUD Mata Uang Lainnya/ Other Currencies Berbagai Mata Uang Total 1, , , , , ,975.6 Kurs Tengah/ Mid Rate IDR to US$1 9, , , , , , Kurs Tengah/ Mid Rate JPY to US$ Kurs Tengah/ Mid Rate EUR to US$ Catatan - Notes: *) IDR dalam Triliun Rupiah IDR Curr in trillion IDR, **) dalam Miliar in billions, ***) per 30 September 2012 as of September 30, 2012

40 Posisi Utang Pemerintah Mata Uang Lainnya Gov t. Debt Outstanding, Other Currencies dalam mata uang asli/ in original currencies ** ACU*) ADB*) CAD*) CHF*) CNY*) DKK*) GBP*) KRW*) KWD*) SAR*) WBD*) equivalent dlm triliun Rupiah/ in trillion IDR ACU ADB CAD CHF CNY DKK GBP KRW KWD SAR WBD TOTAL Catatan - Notes: *) dalam Miliar in billions, **) per 30 September 2012 as of September 30, 2012

41 Posisi Utang Pemerintah Berdasarkan Mata uang Gov t. Debt Outstanding, by Currencies 100% 90% 80% 7% 6% 5% 4% 3% 3% 18% 17% 18% 17% 16% 21% 70% 60% 19% 21% 21% 22% 22% 23% 50% 40% 30% 20% 53% 48% 53% 54% 55% 55% 10% 0% *) IDR USD JPY EUR SDR AUD Others

42 Proporsi Penarikan Pinjaman Berdasarkan Jenis Pinjaman Loans Drawing Proportion, by Financing Type [ triliun Rupiah/ in trillion IDR ] [ % ] 40 80% * 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) 70% 60% 50% 40% 30% 20% 10% 0% [triliun Rupiah/ in trillion IDR] JENIS PINJAMAN/ TYPE OF LOANS 2007* % 2008* % 2009* % 2010* % 2011* % 2012** % PINJ. PROGRAM/ PROG. LOAN % % % % % % PINJ. PROYEK/ PROJ. LOAN % % % % % % PINJ. DN/ DOM. LOAN - 0% - 0% - 0% % % % TOTAL Catatan - Notes: *) Angka Realisasi LKPP - Audited **) Angka APBN-P Budget

43 Bagian 4 Kinerja Pengelolaan Portofolio Utang (Berbagai Rasio Utang dan perbandingan antar negara, Pemanfaatan Pinjaman, Reprofiling Struktur Jatuh Tempo SUN) Chapter 4 Debt Portfolio Management Performance (Debt Performance Measurement and Comparison, Loan Disbursement, Government Debt Securities Re-profiling)

44 Perkembangan Rasio Utang terhadap PDB Central Government Debt to GDP Ratio [ triliun rupiah/ in trillion IDR ] 9,000 8,000 7,000 6,000 [ % ] 120% 100% 80% 5,000 4,000 3,000 2,000 1, % 47.3% 39.0% 35.1% 33.0% 28.3% 26.0% 24.4% 23.1% 60% 40% 20% * 0% Outstanding Utang/ Debt Outs. PDB/ GDP Rasio Utang thd. PDB/ Debt to GDP Ratio (RHS) Pinjaman/ Loans SBN/ Securities Total Sumber: Kementerian Keuangan dan BPS, diolah Sources: Ministry of Finance and National Statistics Agency, processed Catatan - Notes: *) Angka sangat sangat sementara, berdasarkan asumsi APBN-P 2012 Provisinal, based on Budget asumption [ triliun Rupiah/ in trillion IDR ] * ,064 1,188 1,338 1,300 1,313 1,302 1,389 1,637 1,591 1,677 1,809 1,976

45 Rasio Utang terhadap PDB Indonesia & 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 Argentina Brazil Germany India Indonesia Italy Japan Turkey United Kingdom United States Sumber - Source: Bloomberg dan Kementerian Keuangan - Bloomberg and Ministry of Finance

46 Rasio Utang terhadap PDB Indonesia & berbagai Negara Debt to GDP Ratio, Indonesia & some Countries Indonesia lebih baik dibandingkan dengan non investment grade peer group (Argentina dan Turki), bahkan dibandingkan dengan USA, UK, Jepang, dan Italia. Indonesia is better than non investment grade peer group countries (Argentina and Turkey), even than USA, UK, Japan, and Italy Argentina Indonesia Italy Japan Turkey United Kingdom United States Sumber - Source: Bloomberg

47 trillion rupiah Jatuh Tempo SBN Tradable 30 September 2012 MP of Tradable Securities as of September 30, Total 31,81 72,04 71,47 64,50 52,23 49,54 62,56 56,95 70,07 59,85 75,52 26,73 18,01 28,02 19,61 44,25 26,04 25,68 27,10 42,80-15,34 4,11 26,91 34,86 13,55 33,57 PBS , , , , SPNS 0, SNI - - 6, , SR - 8,03 7,34 13, IFR - 0,55-5,35-1,17 1,99-0, , , , RIJPY ,33 7, ZC 1,25 1, FR 14,49 34,30 15,43 19,35 25,94 25,66 10,03 10,74 17,90 35,88 55,14 26,73 18,01 26,47 19,61 41,40 26,04 23,50 27,10 42, ,40 15,69 13,55 12,00 SPN 10,80 17, IB ,05 9,59 8,63 9,59 18,22 19,18 19,18 23,97 19, ,34-14,38 19,18-21,57 ORI - 10,48 11, VR 4,37-9,41 16,60 17,67 13,12 17,92 22,72 25, 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