Indonesian gov't to take on 38.8 billion USD debt to cover 2024 budget deficit
The Indonesian government is planning to take on new debt worth 600 trillion Rp (38.8 billion USD) in 2024 to cover a projected deficit in the state budget (APBN) set at 2.9% of the GDP.
The Electronic Indonesia Bond Market Directory (E-IBMD) is launched at the Indonesia Stock Exchange (IDX) in Jakarta on December 18, 2023. (Photo: ANTARA)
Jakarta (VNA) – The Indonesian government is planning totake on new debt worth 600 trillion Rp (38.8 billion USD) in 2024 to covera projected deficit in the state budget (APBN) set at 2.9% of theGDP.
Deni Ridwan, director of bonds at the FinanceMinistry’s Financial Risk Management Directorate General, said the new debt willadd to the government’s debt both in principal and interest payments.
Indonesia’s debt-to-GDP ratio is about 37%, whichDeni said was relatively low compared with other ASEAN nations.
Further borrowing was necessary to financeessential infrastructure projects and social programmes, he noted.
Speaking at the Indonesia Stock Exchange (IDX)on December 18, Deni said that Indonesia’s debt has already increased innominal terms, and with a projected average deficit of 2.9% next year, it couldrise by another 600 trillion Rp if there are no reductions in the deficit.
Indonesia’s budget deficit in 2024 is forecast tobe higher than the 2.27% target of GDP in 2023. The Indonesian government's budget deficit management strategyfocuses on managing the debt prudently, ensuring effective debtcosts through financial markets and selective loans to finance infrastructureprojects and technology transfer./.
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The Electronic Indonesia Bond Market Directory (E-IBMD) is launched at the Indonesia Stock Exchange (IDX) in Jakarta on December 18, 2023. (Photo: ANTARA) 
