Statistical Tables. Quarter I 2012 DIRECTORATE GENERAL OF DEBT MANAGEMENT MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA

Transcription

1 Central Government Debt Statistical Tables Quarter I 2012 DIRECTORATE GENERAL OF DEBT MANAGEMENT MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA

2 2012 Directorate General of Debt Management Ministry of Finance of The Republic of Indonesia Jl. Lapangan Banteng Timur 2-4 Jakarta 10710, Indonesia Fax Material in this publication may be freely quoted or reprinted, but acknowledgement is requested, together with a reference to the document number. A copy of the publication containing the quotation or reprinted should be sent to the Directorate General of Debt Management, Ministry of Finance of The Republic of Indonesia. ISBN

3 Contents Preface Acronyms and abbreviations viii ix Coverage 1 Methodology 2 Source and definitions 5 DEBT TABLES. PART I: CENTRAL GOVERNMENT DEBT Table T-1 : Central Government Debt Outstanding and Debt Services Table T-2 : Central Government Debt Outstanding by Instrument Group and Currency Denomination 19 Table T-3 : Central Government Debt Outstanding by Currency Denomination 20 Table T-4 Table T-5 Table T-6 : Central Government Debt Outstanding by Instrument Group and Interest Rate Type. 21 : Central Government Debt Outstanding by Debt Type, Tradability Group, and Creditor Type. 22 : Central Government Debt Outstanding by Debt Type and Original Maturity.. 23 iii

4 PART II: CENTRAL GOVERNMENT EXTERNAL DEBT Table E-1 Table E-2 Table E-3 Table E-4 : Central Government External Debt Outstanding by Lender Category and Creditor Type 24 : Central Government External Debt Outstanding by Lender Category and Creditor Type 25 : Central Government External Debt Outstanding by International Organization and Country : Central Government External Debt Outstanding by International Organization and Country Table E-5 : Central Government External Debt Outstanding by Currency Denomination.. 28 Table E-6 : Central Government External Debt Outstanding by Interest Rate Type.. 29 Table E-7 Table E-8 Table E-9 Table E-10 Table E-11 Table E-12 Table E-13 Table E-14 Table E-15 Table E-16 : Central Government External Debt Outstanding by Financing Source [Indonesian Classification] 30 : Central Government External Debt Outstanding and Transaction by Lender Category and Creditor Type 31 : Central Government External Debt Outstanding and Transaction by Currency Denomination.. 32 : Central Government External Debt Outstanding including details on arrears As of / in Q by Lender Category and Creditor Type.. 33 : Changes in Amounts Undisbursed on Central Government External Debt by Creditor Country. 34 : Changes in Amounts Undisbursed on Central Government External Debt by Lender Category and Creditor Type.. 35 : Debt Service Payments on Central Government External Debt by Lender Category and Creditor Type. 36 : Net Flows and Net Transfers on Central Government External Debt by Lender Category and Creditor Type in Q : Net Transfers on Central Government External Debt by Lender Category and Creditor Type. 38 : Quarterly Projected Debt Service on Central Government External Debt Outstanding by Lender Category and Creditor Type. 39 iv

5 Table E-17 Table E-18 Table E-19 : Quarterly Projected Debt Service on Central Government External Debt Commitment by Lender Category and Creditor Type 40 : Yearly Projected Debt Service on Central Government External Debt Outstanding as of end 2011 by Lender Category, and Creditor Type 41 : Yearly Projected Debt Service on Central Government External Debt Commitment as of end 2011 by Lender Category, and Creditor Type Table E-20 : Actual and Projected Government External Debt Service in Table E-21 Table E-22 Table E-23 : New External Debt Commitments by Lender Category, Creditor Type and Credit Terms : Disbursements on Central Government External Debt by Lender Category, Creditor Type, Credit Terms, and Mode of Operation. 45 : Central Government External Debt Service by Lender Category, Creditor Type, and Mode of Operation Table E-24 : Weighted Average Interest Rate on New External Commitments in by Major Currencies, Lender Category and Creditor Type.. 47 PART III: CENTRAL GOVERNMENT DOMESTIC DEBT Table D-1 : Outstanding Government Securities As of March 31, Table D-2 : Central Government Securities Outstanding by Interest Rate & Type 49 Table D-3 : Central Government Securities Outstanding by Maturity v

6 CHARTS. PART I: CENTRAL GOVERNMENT DEBT Chart T-1a : Central Government Debt Outstanding Chart T-1b : Central Government Debt Outstanding at March 31, Chart T-2a : Central Government Debt Outstanding by Instrument Group 53 Chart T-2b : Central Government Debt Outstanding at March 31, 2012 by Instrument Group 54 Chart T-3a : Central Government Debt Outstanding by Currency Denomination 55 Chart T-3b : Central Government Debt Outstanding at March 31, 2012 by Currency Denomination 56 Chart T-4a : Central Government Debt Outstanding by Interest Rate Type Chart T-4b : Central Government Debt Outstanding at March 31, 2012 by Interest Rate Type Chart T-5a : Central Government Debt Outstanding by Tradability Group. 59 Chart T-5b : Central Government Debt Outstanding at March 31, 2012 by Tradability Group Chart T-6a : Central Government Debt Outstanding by Original Maturity.. 61 Chart T-6b : Central Government Debt Outstanding at March 31, 2012 by Original Maturity PART II: CENTRAL GOVERNMENT EXTERNAL DEBT Chart E-1a : Central Government External Debt Outstanding by Lender Category 63 Chart E-1b : Central Government External Debt Outstanding at March 31, 2012 by Lender Category.. 64 Chart E-1c : Central Government External Debt Outstanding by Creditor Type. 65 Chart E-1d : Central Government External Debt Outstanding at March 31, 2012 by Creditor Type 66 vi

7 Chart E-3a : Central Government External Debt Outstanding by International Organization and Country Chart E-3b : Central Government External Debt Outstanding at March 31, 2012 by International Organization Chart E-5a : Central Government External Debt Outstanding by Currency Denomination.. 69 Chart E-5b : Central Government External Debt Outstanding at March 31, 2012 by Currency Denomination Chart E-6a : Central Government External Debt Outstanding by Interest Rate Type.. 71 Chart E-6b : Central Government External Debt Outstanding at March 31, 2012 by Interest Rate Type Chart E-7a : Central Government External Debt Outstanding by Financing Source [Indonesian Classification] 73 Chart E-7b : Central Government External Debt Outstanding at March 31, 2012 by Financing Source [Indonesian Classification]. 74 PART III: CENTRAL GOVERNMENT DOMESTIC DEBT Chart D-2a : Central Government Domestic Debt Outstanding by Interest Rate Type 75 Chart D-2b : Central Government Domestic Debt Outstanding at March 31, 2012 by Interest Rate Type.. 76 Chart D-3a : Central Government Domestic Debt Outstanding by Instrument Type 77 Chart D-3b : Central Government Domestic Debt Outstanding at March 31, 2012 by Instrument Type vii

8 Preface The Quarterly Central Government External Debt Report consists is planned to have two volumes: Quarterly Statistical Tables and Quarterly Review. However, due to some constraints, only Quarterly Statistical Tables is published for this quarter. Quarterly Statistical Tables contain information on stocks and flows and actual and projection of the debt of the central government. It is expected that the Quarterly Review will present a simple analysis and comments on recent developments in the Government s external debt over the period, especially during the last quarter. In addition to this analysis, the Quarterly Review will also discuss any changes in policy and/or latest developments within the period. This report is not just complementary to the Monthly Central Government External Debt and the Semiannual Central Government Debt Securities Report which have been produced regularly by Directorate General of Treasury, but it is also more comprehensive, provides more tables, and more importantly, presents information on both central government external and domestic debt in one publication. To avoid misinterpretation on the presented figures on each table, it is necessary to have the same understanding and perception on the coverage, classifications and definitions of the technical terms used in this bulletin. For that reasons, we provide: (i) explanation on the coverage of debt data presented; (ii) definitions on technical terms used in the bulletin and other important terms widely used in the field of finance and international borrowing; and in addition, we present (iii) three charts on page 15 to 17, summarizing the classification of external/public debt and the level of the public sector. The first chart illustrates and, hopefully, will help the readers in understanding the classification of total public sector and total external debt based on internationally adopted standards. The second chart shows and emphasizing classification of external debt by sector. And, finally, the last chart assist the readers in understanding the level of public sector and its relation to the coverage of the debt data presented in this report. viii

9 Acronyms and abbreviations Creditors/Donors ADB : Asian Development Bank EIB : European Investment Bank IBRD : International Bank for Reconstruction and Development IDA : International Development Association IDB : Islamic Development Bank IFAD : International Fund for Agricultural Development IMF : International Monetary Fund MIGA : Multilateral Investment Guarantee Agency NIB : Nordic Investment Bank Currencies ACU : Arab Currency Unit AUD : Australian Dollar CAD : Canadian Dollar CHF : Swiss Franc DKK : Danish Kroner EUR : Euro GBP : UK Pound sterling IDR : Indonesian Rupiah JPY : Japanese Yen KRW : Korean Won KWD NZD SAR SDR USD Other : Kuwaiti Dinar : New Zealand Dollar : Saudi Arabian Riyal : Special Drawing Right : US Dollar BAPPENAS : Badan Perencanaan Pembangunan Nasional / Agency for National Development Planning DMFAS : Debt Management and Financial Analysis System LIBOR : London interbank offered rate ODA : Official Development Assistance SIBOR : Singapore interbank offered rate SBI : Sertifikat Bank Indonesia Securities issued by Bank of Indonesia) UNCTAD : United Nation Conference on Trade and Development ix

10 Coverage Understanding statistical publications, especially statistics on government/national debt of a country, can be confusing for the readers if more than one institutions provides information on the same aggregates but different figures are produced. The discrapancy between the figures whithin the publications might, among other factorss, originates from the followings: (i) different methodology in converting and compiling the figurers into currency of the report; (ii) different conceptual aproach in defining and classifying debt, especially external debt; and (iii) different coverege of debt included in the report. This section emphesizes that, the report only presents information on Central Government Debt, which includes central government external debt and central government domestic debt. The table below shows the debt by debtor sector and tells that only debt of the central government is included in this report. The debt of local government, central bank (monetary authorities), the rest of the public sector and the private sector are not included in this report. Therefore, the debt extended by the IMF to the Government of Indonesia for balance of payment (BoP) support, and administered by Bank of Indonesia, are not currently presented in this report. Coverage of the debt presented in this Quarterly Report Sectors External Debt Domestic Public Sector General Government Rest of Public Sector Central Government Yes Yes Local Government No No Financial Public Sector Central Bank Other Financial Public Sector Non Financial Public Sector No No No No No No Private Sector Guaranteed No No Non-Guaranteed No No 1

11 Methodology Methodology for aggregating data Using the United Nations Conference on Trade and Development s (UNCTAD) Debt Management and Financial Analysis System (DMFAS), the Directorate Evaluation, Accounting and Settlement in the Directorate General of Debt Management provides data on the total external debt of Central Government. The data on debt securities are supplied by Directorate Government Securities, including data based on surveys conducted by Bank of Indonesia. Converting to a common currency To produce the summary tables, the debt data have to be converted into a common currency, either U.S. dollar or Indonesian Rupiah. The conversion is done as follows: Stock figures, such as debt outstanding, are converted using end-period ex-change rates; Flows figures, such as debt services and disbursement during the period, are converted using exchange rates as of the date of each transaction. Projections are based on exchange rates specified usually for one date. Because flow data are converted using the exchange rate on the date of each transaction and the stock data at end-period exchange rates, period-to-period changes in debt outstanding and disbursed is not equal to net flows, which is drawing less principal repayment and rescheduled. In the same way, changes in undisbursed commitments are not equal to commitments less disbursements. These discrepancies are primarily caused by the exchange rate fluctuations over the period, and these are identified in the relevant tables (See table E-8, E-9, E-11, and E-12). Treatment of arrears As a consequence of the moratorium exercise, which has been/is being finalized by the Ministry of Finance with Paris Club Secretariat and all participating countries, the deferred principal and interest payments have to be recorded as arrears. These principal and interest arrears are included in the amount of debt outstanding. 2

12 Treatment of debt restructuring Debt restructuring/debt reorganization, in the context of Indonesia, takes the form of debt rescheduling. The deferred principal and interest payment are treated in two ways. First, when the payment had fallen due while the bilateral rescheduling agreement not yet signed, the principal and interest transactions are recorded as arrears; Then after the bilateral rescheduling agreement signed by all parties, the transactions in arrears will be converted as arrears (of principal and interest) rescheduled. When the transactions fall due after the date of the signature of the bilateral rescheduling agreement, they are recorded as principal and/or interest rescheduled. In the table on the Central Government External Debt Service by Mode of Operation, these two types of transactions are presented as principal and or interest reorganized (See table E-22). On the other hand, the consolidated amount of group of the principal and interest payment to be rescheduled will be translated into an individual bilateral rescheduling agreement. Every time the said obligation of principal and interest payment falls due at particular date and recorded as principal and/or interest payment under mode of execution reorganization, at same time, the equivalent amount of disbursement, also under mode of execution reorganization, are also recorded. By applying this methodology, principal rescheduled does not affect the stock of debt, but the interest (and the commission if any) rescheduled will increase the stock of debt. Classification Most of the debt classifications in each table comply with internal adopted standards. However, for some reasons, we still keep one Indonesian specific classification, by financing source, as presented in Table E-7. Methodology for projecting data The projection of future cash flows comprises of projection on future debt service payments and future disbursements. Future debt service payments Projection on future debt service payments is performed based on the repayment terms of each loan (the start and end payment dates, periodicity, conversion factor, the year and month base for interest calculation, etc.), which are translated/ calculated automatically into amortization schedule by the DMFAS. There are two types of projections that are presented in this report: (i) projection based total commitment, and (ii) projection based on debt outstanding. When projecting future debt service payments based total commitment, the system will take into account undisbursed portions of the debt, which are distributed along the rest of disbursement period of loans. With this method, projections of future payment of principal, and interest are calculated based on the amount of loan commitment. If during the life of the loan, there is / are amendment(s) to the amount of loan commitment, the future payment of principal and interest are recalculated based on the amount of the latest amended commitment/face value. Similarly, projections of regular future commitment fees are calculated based on the undisbursed amount of the loan. Other fees are recorded following terms/related clauses in the loan contract/agreement. Projection on future payment based on debt outstanding, on the other hand, is done without taking into consideration undisbursed portions of the loan so that future payment of 3

13 principal will reflect only potions of debt that have been disbursed and unpaid. Future disbursements Projection on future disbursement can be done by applying the same conceptual approach. The difference is that the future disbursement projection is calculated based on the total undisbursed amount of the loans, the disbursement period (the period between effective date and date drawing limit), and the estimation method (monthly, quarterly, semiannually, annually, or irregularly) Unlike projection on future debt services, of which the terms determined by and must follow the loan contract --so that the accuracy of the projected figures for each reporting period is higher-- the accuracy of figures on projection on future disbursement is a bit difficult to obtain due to some factors, such as: (i) the amount disbursed for particular period for each loan/project is determined by absorption capacity and/or characteristic of the project; (ii) in most cases, there is no regularity in pattern of the periodicity and in the amount disbursed for each period during the life of the loans. As a result, projecting disbursement based on regular estimation method and subjective assumption could be misleading. Due to the above constraints, and to avoid presenting unrealistic statistics, the tables/figures on projection on future disbursement are not currently presented in this statistical bulletin, until the loan-by-loan analysis and validation on individual project disbursement characteristics/ patterns are performed. This exercise requires close coordination with Bappenas and / or line ministries. Classifying Liabilities into External Debt for Government Securities As has been widely understood, and defined in the Debt Guide (External Debt Statistics: Guide for Compiler and Users), the liabilities are categorized as external debt if they are owed to nonresidents by residents. Due to some constraints, such as the very high cost for conducting survey on who currently holds government tradable securities traded in the secondary markets, classifying these securities into external debt are, currently, determined based on the holders of securities at the time of issuance, instead of who hold them at present time. In the future, this methodology would be improved by having close coordination and cooperation with Bank of Indonesia. Revision Policy Figures, presented on the last column of each table with symbol (P), for the quarter of the reporting period are still provisional and, therefore, subject to revision. This is because some transactions, especially disbursements, are sometimes received three to six months after the end of reporting period. As a result, figures on outstanding and disbursement in the last column might not represent the actual condition. To overcome this problem, on the subsequent quarter, the revision to these figures will be made, and this is presented by having symbol (R), which is stand for revised. 4

14 Source and definitions Source Debt data The principal sources of information for the tables are the database of the central government external debt administered by Directorate Evaluation, Accounting and Settlement using DMFAS and that of the central government debt securities administered by Directorate Government Security Management. These in turn are derived primarily from administrative records maintained by both directorates. Reference data The reference data or common information required in administering the debt data and/or transactions are composed of: Exchange rates; Common interest rates/ variable interest rates, such us LIBOR, EURIBOR, ect.; As far as the loan is concerned, the exchange rate applied for converting daily transactions (disbursement and debt services) and/or stock and projected flow figures are the selling rate at the date of transaction supplied by the Bank of Indonesia. For the debt securities, however, the mid-rates are applied. 5

15 Definitions Summary debt data Agreement Type See financing type. Arrears Amounts that are past-due-for-payment and unpaid. Arrears can arise both through the late payment of principal and interest on debt instruments as well as through late payments for other instrument transactions. Auction clean price Or clean price, is a price per units of government securities after deducting accrued interest if any Bilateral (Creditor Type) Financing whose source is a foreign government or its agencies (including Central Bank), an autonomous public body or an official export credit agency. Bilateral Debt Loans extended by a bilateral creditor. Bilateral Loans See official credits. Bilateral Rescheduling Agreements Rescheduling Agreements reached bilaterally between the debtor and creditor countries. These are legally the equivalent of new loan agreements. After a Paris Club rescheduling, such agreements are required to put into effect the debt restructuring set forth in the multinational Agreed Minute. Bonds These instruments give the holder the unconditional right to a fixed money income or contractually determined variable money income. These instruments are usually traded in organized or other financial markets. Bond Holders These are all holders of bonds and other securities, including those held commercial banks and other financial institutions. The holdings of these instruments are not included in the category commercial banks. Buyer s Credit A financial arrangement in which a bank or financial institution, or an export credit agency in the exporting country, extends a loan directly to a foreign buyer or to a bank in the importing country to pay for the purchase of goods and services from the exporting country. Also known as financial credit. This term does not refers to credit extended directly from the buyer to the seller (for example, through advance payment for goods and services). See export credit and supplier s credit. Cancellations A decrease of the undisbursed amount. Sometimes the term is used as a synonym for write-off. See write-off. Capitalization See capitalized interest. Capitalized Interest Capitalized interest is the conversion of accrued interest costs or future interest payments, by a contractual arrangement with the creditor, into a new debt instrument or the principal amount. The most common form of capitalization is the reinvestment of interest costs into the principal amount, either because of an explicit agreement regarding the specific debt instrument or as part of a rescheduling agreement. Frequently as part of a rescheduling agreement, some percentage of interest due during the consolidation period (see ahead) is converted, through an agreement made with the creditor, into principal. Central Government The political authority of a country s central government extends over the entire territory of 6

16 the country. The central government can impose taxes on all resident institutional units and on nonresident units engaged in economic activities within the country. The central government is typically responsible for providing collective services for the benefit of the community as a whole, such as national defense, relations with other countries, public order and safety, and the efficient operations of the social and economic system of the country. Commercial Banks This group includes loans and other financial instruments extended by commercial banks and other financial institutions, excluding the holding of bonds and other securities. The bonds and other securities are classified under the category Bond Holders. Commission (DM) Generally it refers to the amount paid to an agent, which may be an individual, a broker or a financial institution for conducting a transaction involving the sale or purchase of assets or services. In banking terms, agents and brokers are usually compensated by being allowed to retain a certain percentage of the premiums they produce known as a commission. Commission is synonymous with fee. See fee. Commitment Generally, a firm obligation to lend, guarantee, or insure resource of a specific amount under specific financial terms and conditions. Concessional Loans These are loans that are extended on terms substantially more generous than market loans. The concessionality is achieved either through interest rates below those available on the market or by grace periods, or a combination of these. Concessional loans typically have long grace periods. Coupon The nominal amount of interest expressed as a percentage of the principal value, payable to the holder of a fixed income security by the borrower; or a certificate attached to a bearer security showing interest due on a specified date. Creditor Country The country in which the creditor resides. In Paris Club terminology, it is an official bilateral creditor. Creditor Type This refers to the characteristic of the creditor or the origin of the resources. For example, bilateral and multilateral. Debt Conversion The exchange of debt for a non-debt liability, such as equity, or for counterpart funds, such as can be used to finance a particular project or policy. Debt Forgiveness The voluntary cancellation of all or part of a debt within a contractual arrangement between a creditor in one economy and a debtor in another economy. Debt Outstanding (and Disbursed) The amount that has been disbursed but has not, as yet, been paid back or forgiven. Debt Reorganization An action taken jointly by a creditor and a debtor that result in a change of the debt service profile in order to ease the burden of that profile. This action may take the form of debt reorganization lending or debt relief grants. In the latter case the action may be taken unilaterally by the creditor. Debt reorganization includes debt forgiveness, rescheduling and refinancing operations. Currently, it is often used in the context of the Paris Club or the London Club. 7

17 Debt Rescheduling Debt rescheduling refers to the formal deferment of debt service payments and the application of new and extended maturities to the deferred amount. Rescheduling debts is one means of providing a debtor with debt relief through a delay and, in the case of concessional rescheduling, a reduction in debt-services obligations. Debt Restructuring See debt reorganization. Debt Service Refers to payments in respect of both principal, interest and fees. Actual debt service is the set of payments actually made to satisfy a debt obligation, including principal, interest and any late payment fees. Scheduled debt service is the set of payments, including principal, interest and fees, that is required to be made through the life of the debt. Debt Service Obligation Any payment related to a loan. See debt service and agreement. Debt Swap Debt swaps are exchanges of debt, such as loans or securities, for a new debt contract (that is, debt-to-debts swaps), or exchanges of debtfor-equity, debt-for-exports, or debt-fordomestic currency, such as to be used for projects in the debtor country (also known as debt conversion). Deferred Payment A payment that has fallen due but where the delay is due to a pending resolution of some agreement such as a rescheduling agreement. In the context of the Paris Club this refers to debt service obligations that are not rescheduled under the terms of the agreed minute but whose payment is postponed until after the end of the consolidation period. See Paris Club, debt rescheduling, debt servicing and agreed minute Disbursement / Drawing The transactions of providing financial resources. The two counter parties must record the transaction simultaneously. In practice, disbursements are recorded at one of several stages: provision of goods and services (where trade credit is involved); placing of funds at the disposal of the recipient in an earmarked fund or account; withdrawal of funds by the recipient from an earmarked fund or account; or borrower. The term utilized may apply when the credit extended is in a form other than currency. Disbursements should be recorded gross-the actual amount disbursed. Domestic Debt It refers to the government/public domestic indebtedness of a nation. This relates to the government or public debt held by residents. Because it is difficult to determine the holdings of securities held by residents due to trading, in its restricted sense, the domestic debt is represented by the aggregate of bonds, notes, certificates of indebtedness, bill, and other direct obligations issued by the government on the domestic market. EURIBOR (Euro Inter-Bank Offered Rate) The EURIBOR is the European inter-bank base rate that replaced the national inter-bank rates (IBOR) in the countries participating in the European Monetary Union from 1 January EURO The EURO is the European currency launched on 1 January As a consequence, the currencies of the countries participating in the Monetary Union are no longer quoted on the foreign exchange markets. EURO LIBOR The EURO LIBOR is calculated by the British Banker s Association as an unweighted average of the money market rates for the euro provided by a panel of banks. See euribor. 8

18 Exchange Rate Variation This is a residual value arising from the change in debt (generally external and multi-currency debt) between two periods, and results from the movements in the stocks and flows debt, when valued in a specific currency. The stocks, (for example outstanding debt) are valued at end of period rates. The flows (for example, disbursements and principal payments) are valued at the date of the transaction. As a result, the formula Outstanding (t) + Disbursements (t t+1) Principal ( t t+1) = Outstanding (t+1) does not hold. The difference is generally due to exchange rate variations. If the debt is denominated in the currency of contraction, there should be no exchange rate variations (except in the case of multi-currency loans). Note: Other factors, in addition to exchange rate variations, can contribute to these changes, such as price changes and re-classifications (for example when the holder changes from private to official, or when the debtor changes from a private/public company to central government when the debt is assumed by the central government). Export Credit A loan extended to finance a specific purchase of goods and/or services from within the creditor country. Export credits comprise supplier s credits and buyer s credits. See Supplier s credit and Buyer s credit. External Debt Gross external debt, at any given time, is the outstanding amount of those actual current, and not contingent, liabilities that require payment(s) of interest and/or principal by the debtor at some point(s) in the future and that are owed to nonresident by residents of an economy. Fee A payment for a service, for instance commitment fee, agent fee, management fee. The term fee is interchangeable with commission. See commission. Fixed Rate Debt Debt instruments which its interest costs are not linked to any reference index. See variable-rate debt. Floating Rate Debt See variable-rate debt. General Government General government consists of (i) government units that exist at each level central, state, or local of government within the national economy; (ii) all social security funds operated at each level of government; (iii) all nonmarket nonprofit institutions that are controlled and mainly financed by government units. Public corporations, and unincorporated enterprises that function as if they were corporations (socalled quasi-corporations) are explicitly excluded from the general government sector, and are allocated to the financial or nonfinancial corporate sectors, as appropriate. Hedge bond A hedge bond is a type of government bonds specifically designed to hedge net open position for certain banks having financial trouble during late 90 s crisis. Payment of principle and interest of this bond were tied to Rp/USD exchange rate Interest For the use of principal, interest can, and usually does, accrue on the principal amount, resulting in an interest cost for the debtor. When this cost is paid periodically, as commonly occurs, it is known as an interest payment. Interest can be calculated either using a fixed-interest rate or a variable-interest rate basis. In contrast to a fixed interest rate, which remains unchanged over a period of years, a 9

19 variable-interest rate is linked to a reference index e.g. Libor, or the price of a specific commodity, or the price of a specific financial instrument that normally changes over time in a continuous manner in response to market pressures. See principal. Late Interest Compensation (penalty) one party has to pay to another party in the event of the first party failing to meet its obligations, or some of its obligations, under the terms of a commercial contract. Lender Category This refers to the broad category to which the creditors belongs. This primarily relates to whether the creditor is an official or private creditor. Local Government The legislative, judicial and executive authority of local government is restricted to the smallest geographical areas distinguished for political and administrative purposes. The scope of the local government s authority is much less than that of the central or state governments. London Club A group of commercial banks whose representatives meet periodically to negotiate the restructuring of debts of sovereign borrowers. There is no organizational framework for the London Club comparable to that of the Paris Club. Long-Term External Debt External debt that has a maturity of more than one year. Maturity can be defined either on an original or remaining basis. (See also Original Maturity and Remaining Maturity) Maturity For debt liabilities, it is recommended that the traditional distinction between long- and shortterm maturity, based on the formal criterion of original maturity, be retained. Long-term debt is defined as debt with an original maturity of more than one year or with no stated maturity. Short-term debt, which includes currency, is debt repayable on demand or with an original maturity of one year or less. If an instrument has an original maturity of one year or less it should be classified as short-term, even if the instrument is issued under an arrangement that is long-term in nature. Maturity Date The date on which a debt obligation is contracted to be extinguished. See Original Maturity and Remaining Maturity. Monetary Authorities The monetary authorities sector is a functional concept used in the balance of payments that covers the central bank (or currency board, monetary agency, etc.) and any other operations that are usually attributable to the central bank but are carried out by the government institutions or commercial banks. Such operations include the issuance of currency; maintenance and management of international reserves, including those resulting from transactions with the IMF; and the operation of exchange stabilization funds. Multilateral Creditor These creditors are multilateral institutions such as the IMF and the World Bank, as well as other multilateral development banks. Multilateral (Creditor Type) Financing whose source is the World Bank Group, regional development banks or other multilateral and intergovernmental agencies. See financing source. Multilateral Loans See official credits. Net Flow From the viewpoint of a loan, the net flow is gross disbursements less principal repayments. 10

20 Net Transfer From the viewpoint of a loan, the net flow is gross disbursements less principal repayments and interest and commission payments. Non-bank financial sector This sector comprises financial other than banks and related corporations (such as savings banks, savings and loans) associations and credit unions) and includes insurance corporations, pension funds, other non-bank financial intermediaries and financial auxiliaries. Non-financial Public Sector The sector comprises entities whose principal activity is the production of market goods and non-financial services. Nontraded Debt Debt instrument that are not usually traded or tradable in organized and other financial markets. Non-tradable Securities See nontraded debt. Official Credit Also called official loans. Official credits include bilateral loans as well as loans from multilateral organizations: - Bilateral loans are loans from governments and their agencies (including central banks), loans from autonomous bodies, and direct loans from official export credit agencies. - Loans from multilateral organizations are loans and credits from the World Bank, regional development banks, and other multilateral and intergovernmental agencies. Excluded are loans from funds administered by an international organization on behalf of a single donor government (these are classified as loans from governments). Official Creditors Public sector creditors, including multi-lateral organizations. External debt owed to official creditors might also include debt that was originally owed to private creditors, but was guaranteed by a public entity in the same economy as the creditor e.g., an export credit agency. Official bilateral creditors are official creditors in individual countries. This category of creditor is particularly relevant in the context of Paris Club discussions. The Paris Club is an umbrella arrangement under which creditors and debtors meet, discuss, and arrange debt relief packages, and not an institutional unit in its own right. Official Development Assistance (ODA) Flows of official financing administered with the promotion of the economic development countries as the main objective, and which are concessional in character with a grant element of at least 25 percent (using a fixed 10 percent rate of discount). By convention, ODA flows comprise contributions of donor government agencies, at all levels, to developing countries ( bilateral ODA ) and to multilateral institutions. ODA receipts comprise disbursement by bilateral donors and multilateral institutions. Lending by export credit agencies with the purpose of export promotion is excluded. Official Development Assistance (ODA) Loans Loans with a maturity of over one year meeting the criteria set out in the definition of ODA, provide by governments or official agencies and for which repayment is required in convertible currencies or in kind. Original Maturity The period of time from when the financial asset/liability was created to its final maturity date. 11

21 Outstanding See debt outstanding. Other Financial Sector Also called the non-bank financial sector, this sector comprises financial other than banks and related corporations (such as savings banks, savings and loans) associations and credit unions) and includes insurance corporations, pension funds, other non-bank financial (please help providing the definition) Paris Club A forum in which debt relief is provided by governments belonging to the DAC (Development Assistance Committee) of the OECD (organization of Economic Cooperation and Development). The Chairman and the secretariat are provided by the French Treasury. Any other official creditors other than those of the OECD may take part in the negotiations to reorganize the debt of one of their debtors. The Paris Club agrees the basic terms of the rescheduling the consolidation period, the cut-off date, the grace period, the repayment period and the coverage of the agreement which are set out in the agreed minute. However, the agreed minute has no legal status, and the rescheduling is actually put into effect by a series of bilateral agreements negotiated separately by each individual creditor some time after the Paris Club agreement. The bilateral agreements also set the interest rate on the rescheduling for the debts owed to each individual creditor. See burden sharing, agreed minutes, consolidation period, debt reorganization, debt rescheduling bilateral agreements and London Club. Penalty Interest See Late Interest. Prepayment The partial or full repayment by the borrower, perhaps at a discount, of an outstanding debt obligation in advance of the maturity date. The prepayment may be at a discount from the current outstanding principal amount. Principal The provision of economic value by the creditor, or the creation of debt liabilities through other means, established a principal liability for the debtor, which, until extinguished, may change in value over time. For debt instruments alone, for the use of the principal, interest can, and usually does, accrue on the principal amount, increasing its value. Principal Operations See principal repayment. Principal Repayment An actual payment made by the debtor to the creditor to cover principal reimbursement due, in accordance with the amortization table. See principal. Principal Outstanding The amount of principal disbursed and not repaid. See debt outstanding and disbursed (DOD) and principal. Private Credits Private credits are debt instrument extended by private creditors. It can include publicly issued or privately placed bonds, loans from commercial banks (including private banks and private financial institutions) and all other private loans such as credits from exporters and other suppliers as well as bank credits covered by a guarantee of an export credit agency. See private creditors. Private Creditors Creditors that are neither governments nor public sector agencies. These include private financial institutions, and manufacturers, exporters and other suppliers of goods that have financial claim. 12

22 Private non-guaranteed external debt External obligation of a private debtor that is not guaranteed for repayment by a public entity. Publicly guaranteed debt External obligation of a debtor that is guaranteed for repayment by a public entity. Public Debt External obligation of a public debtor, including the national government, political subdivision (or an agency of either), and autonomous public bodies. Public External Debt The external debt obligation of the public sector. Public Sector Public sector includes the general government, monetary authorities, and those entities in the banking and other sectors that are public corporations. A Public corporation is defined as a nonfinancial or financial corporation that is subject to control by government units, with control over a corporation defined as the ability to determine general corporate policy by choosing appropriate directors, if necessary. Real Disbursement A type of disbursement transaction: All effected cash disbursement including direct payments in the form of disbursements. Real Drawing See real disbursement. Refinancing Type of agreement or the financing type of a loan. It refers to an agreement by a lender or an agency acting on behalf of the lender, to finance service payments arising from earlier borrowing by extending a new loan for this purpose. The new loan is distinct from the loans refinanced which keep their original terms. The terms of the refinancing loan need not be the same as those of the refinanced loans or credits. A debt reorganization involving a change in either the debtor or the creditor must, therefore, use the technique of refinancing. Presently, it is more often used to describe when a debtor voluntarily takes on a new loan to pay off an old loan. Remaining (Residual) Maturity The period of time until debt payments fall due. By this definition, short-term remaining maturity of outstanding external debt is measured by adding the value of outstanding short-term external debt (original maturity) to the value of outstanding long-term external debt (original maturity) due to be paid in one year or less. See original maturity. Rescheduling See debt rescheduling. Rescheduling Agreement An agreement between a creditor, or a group of creditors, and debtor to reschedule debt. This term is sometimes used loosely to apply to a debt-reorganization/ restructuring agreement, one element of which is rescheduling. Short-Term Debt Debt that has maturity of one year or less. Maturity can be defined either on an original or remaining basis. (see also Original Maturity and Remaining Maturity) Stock of Debt See debt outstanding and disbursed. Suppliers See Supplier s Credit. Supplier s Credit (DG) A financing arrangement under which an exporter extends credit to the buyer. See export credit. 13

23 Treasury Bills A common form of sovereign short-term debt, many governments of the world issue Treasury Bills. Typically issued through the central bank with maturities ranging from four weeks to two years, they are typically issued at a discount to face value and redeemed at par. Tradable Securities Securities that are usually traded or tradable in organized and other financial markets. Undisbursed Funds committed by the creditor but not yet utilized by the borrower. In BIS terminology, this refers to open lines of credit that are legally binding on lending banks. A transaction in the balance of payments or a position in the international investment position (IIP) is only recorded when an actual disbursement takes place. Variable-rate Debt (DG) Debt instruments that its interest costs are linked to a reference index for example, LIBOR (London inter-bank offered rate), or the price of specific commodity, or the price specific financial instrument that normally change over time in a continuous manner in response to market pressures. Weighted Average Interest Rate The average interest rate is the weighted average level of interest rates on the outstanding gross external debt as at the reference date. The weights to be used are determined by the value in the unit of account of each borrowing as a percentage of the total. For example, for the general government sector the weight given to the interest rate on each external debt instrument equals the value in the unit of account of that debt as a percentage of total external debt for the general government sector. Write-Off A financial claim that a creditor regards as unrecoverable and so no longer carries on its books. 14

24 Chart I Total public sector debt and total external debt TOTAL EXTERNAL DEBT TOTAL PUBLIC SECTOR DEBT PRIVATE SECTOR NON-GOV T GUARANTEED EXTERNAL DEBT PRIVATE SECTOR GOV T GUARANTEED EXTERNAL DEBT PUBLIC SECTOR DOMESTIC DEBT PUBLIC SECTOR EXTERNAL DEBT PUBLIC & PUBLICLY GUARANTEED EXTERNAL DEBT 15

25 Chart II Total external debt TOTAL EXTERNAL DEBT PRIVATE SECTOR EXT. DEBT PUBLIC SECTOR EXT. DEBT NON- GUARANTEED PUBLICLY- GUARANTEED GENERAL GOVERNMENT REST OF THE PUBLIC SECTOR PUBLIC & PUBLICLY GUARANTEED EXTERNAL DEBT 16

26 Chart III Level of the Public Sector PUBLIC SECTOR GENERAL GOVERNMENT REST OF THE PUBLIC SECTOR CENTRAL GOVERNMENT LOCAL GOVERNMENT FINANCIAL PUBLIC SECTOR NON-FINANCIAL PUBLIC SECTOR CENTRAL BANK OTHER FINANCIAL SECTOR 17

27 DEBT TABLES

28 I. CENTRAL GOVERNMENT DEBT

29 Table T-1 Central Government Debt Outstanding and Debt Service (US$, Million, Exchange Rate as of end of period) Q (P) % of total in Q (P) Total Debt 144, , , , , , % External debt 69,253 77,889 80,157 86,114 89,397 89, % Domestic debt 74,780 71,585 88, , , , % Total debt service 21,996 15,459 20,110 21,961 23,843 23, % External debt service 9,506 8,583 8,517 7,213 6,973 6, % Domestic debt service 12,490 6,876 11,593 14,747 16,870 16, % Total principal payment 12,679 10,628 11,717 13,832 15,058 2, % External principal payments 6,322 6,356 6,705 5,613 5, % Domestic principal payments 6,357 4,272 5,012 8,219 9,636 1, % Total interest payments (incl. fees) 9,317 4,831 8,393 8,129 8, % External interest/commission payments 3,184 2,227 1,812 1,600 1, % Domestic interest payments 6,132 2,604 6,581 6,528 7, % Note: (R) = revised Note: (P) = provisional 18

30 Table T-2 Central Government Debt Outstanding by Instrument Group and Currency Denomination (US$, Million, Exchange Rate as of end of period) Q (P) % of total in Q (P) Loans 62,253 66,689 64,928 68,099 67,823 66, % Japanese Yen JPY 25,945 31,224 28,984 31,827 32,078 30, % US Dollar USD 20,954 21,353 20,952 22,792 23,398 23, % Euro EURO 10,502 9,512 8,490 7,193 6,098 6, % Others Others 4,852 4,600 6,502 6,287 6,249 6, % Securities 81,780 82, , , , , % Indonesian Rupiah IDR 74,780 71,585 88, , , , % US Dollar USD 7,000 11,200 14,850 16,850 20,350 22, % Japanese Yen JPY 379 1,165 1,224 1, % Total 144, , , , , , % Note: (R) = revised Note: (P) = provisional 19

31 Table T-3 Central Government Debt Outstanding by Currency Denomination (US$, Million, Exchange Rate as of end of period) Q (P) % of total in Q (P) Indonesian Rupiah IDR 74,780 71,585 88, , , , % Japanese Yen JPY 25,945 31,224 29,363 32,992 33,301 31, % US Dollar USD 27,954 32,553 35,802 39,642 43,748 45, % Euro EURO 10,502 9,512 8,490 7,193 6,098 6, % Others 4,852 4,600 6,502 6,287 6,249 6, % Total 144, , , , , , % 20

32 Table T-4 Central Government Debt Outstanding by Instrument Group and Interest Type (US$, Million, Exchange Rate as of end of period) Q (P) % of total in Q (P) Loans 62,253 66,689 64,928 68,099 67,823 66, % - Fixed Rate 40,045 44,785 40,072 47,967 46,844 45, % - Variable Rate 21,226 20,780 22,904 19,427 20,171 20, % LIBOR 6 MTH 13,462 12,135 15,903 12,554 13,955 14, % ADB FLOATING RATE 3,301 3,168 2,770 2,494 2,140 1, % COST OF ADB BORROWING 2,024 2,145 1,861 1,679 1,397 1, % EURIBOR 6 MTH 1,229 1,831 1,081 1,481 1,361 1, % U.S. PRIME RATE % JAPAN PRIME RATE % OTHER VARIABLE 305 1, % - No Rate 982 1,123 1, % Securities 81,780 82, , , , , % - Fixed Rate 60,794 69, , , , , % <=5.0% 20,808 25,429 30,726 32,390 35,422 35, % >5.0% - 8.0% *) 5,400 9,600 20,130 30,250 20,064 27, % >8.0% % 9,305 11,866 10,635 21,498 28,485 28, % >10.0% % 12,094 11, ,036 24,046 23, % >12.0% % 12,514 10,882 24,969 9,213 8,061 7, % >15.0% , % - Variable Rate 20,986 13,439-14,895 14, % SBI 3 month 20,986 13,439-14,895 14, % Sibor 3 month % Total 144, , , , , , % Note: (R) = revised Note: (P) = provisional 21

33 Table T-5 Central Government Debt Outstanding by Debt Type, Tradability Group, and Creditor Type (US$, Million, Exchange Rate as of end of period) Q (P) % of total in Q (P) External Debt 69,253 77,889 80,157 86,114 89,397 89, % - Tradable 7,000 11,200 15,229 18,015 21,574 23, % - Non Tradable 62,253 66,689 64,928 68,099 67,823 66, % Bilateral 41,033 44,288 41,175 41,888 41,636 40, % Multilateral 19,055 20,332 21,529 23,129 23,363 23, % Commercial Banks 2,083 1,981 2,153 3,019 2,768 2, % Suppliers % Bonds Holders 0.0% Domestic Debt 74,780 71,585 88, , , , % - Tradable Securities 53,626 48,009 61,888 71,317 79,798 82, % - Non Tradable Securities 21,154 23,576 27,081 29,053 29,601 29, % Total 144, , , , , , % Note: (R) = revised Note: (P) = provisional 22

34 Table T-6 Central Government Debt Outstanding by Debt Type and Original Maturity (US$, Million, Exchange Rate as of end of period) Q (P) % of total in Q (P) External Debt 69,253 77,889 80,157 86,114 89,397 89, % Short term % Long term 69,253 77,889 80,157 86,114 89,397 89, % Domestic Debt 74,780 71,585 88, , , , % Short term 4,198-6,819 7,488 3,443 9, % Long term 70,581 71,585 82,150 92, , , % TOTAL 144, , , , , , % Note: (R) = revised Note: (P) = provisional 23

35 II. CENTRAL GOVERNMENT EXTERNAL DEBT

36 Table E-1 Central Government External Debt Outstanding by Lender Category and Creditor Type (US$, Million, Exchange Rate as of end of period) Q (P) % of total in Q (P) Official Creditors 60,087 64,620 62,705 65,017 65,000 63, % Bilateral 41,033 44,288 41,175 41,888 41,636 40, % Multilateral 19,055 20,332 21,529 23,129 23,363 23, % Private Creditors 2,165 2,069 2,223 3,082 2,824 2, % Commercial Banks 2,083 1,981 2,153 3,019 2,768 2, % Suppliers % Bond Holders 0.0% TOTAL 62,253 66,689 64,928 68,099 67,823 66, % Note: (R) = revised Note: (P) = provisional 24

37 Table E-2 Central Government External Debt Outstanding by Lender Category and Creditor Type (US$, Million, Exchange Rate as of end of period) Q Q Q Q Q Q Q Q Q (P) % of total in Q (P) Official Creditors 61,145 60,607 63,508 65,017 65,266 65,322 66,095 65,000 63, % Bilateral 39,330 39,160 41,927 41,888 42,118 42,453 43,340 41,636 40, % Multilateral 21,815 21,447 21,581 23,129 23,149 22,869 22,756 23,363 23, % Private Creditors 3,207 2,903 3,070 3,082 3,174 3,127 2,983 2,824 2, % Commercial Banks 3,146 2,841 3,005 3,019 3,116 3,069 2,927 2,768 2, % Suppliers % Bond Holders % TOTAL 64,352 63,510 66,578 68,099 68,440 68,449 69,078 67,823 66, % Note: (R) = revised Note: (P) = provisional 25

38 Table E-3 Central Government External Debt Outstanding by International Organization and Country (US$, Million, Exchange Rate as of end of period) COUNTRY Q (P) % of total in Q (P) International Organization 19,055 20,337 21,529 23,129 23,363 23, % A D B 10,177 10,867 10,885 11,149 10,798 10, % I B R D 6,822 6,964 7,871 9,052 9,606 9, % I D A 1,552 2,001 2,231 2,315 2,274 2, % I D B % E I B % N I B % I F A D % Country 43,198 46,352 43,399 44,970 44,460 43, % JAPAN 24,632 29,614 27,607 30,488 30,932 29, % GERMANY 3,814 3,452 2,922 2,521 2,240 2, % UNITED STATES 2,752 2,412 2,063 1,854 1,709 1, % FRANCE 2,574 2,544 2,719 2,713 2,283 2, % NETHERLANDS 2,165 1,949 1,827 1,512 1,315 1, % UNITED KINGDOM 1,664 1,136 1, % AUSTRIA 1,711 1,530 1,427 1,204 1,066 1, % AUSTRALIA % SPAIN % CANADA % OTHERS 2,037 2,006 2,081 2,144 2,572 2, % TOTAL 62,253 66,689 64,928 68,099 67,823 66, % Note: (R) = revised Note: (P) = provisional 26

39 Table E-4 Central Government External Debt Outstanding by International Organization and Country (US$, Million, Exchange Rate as of end of period) COUNTRY Q Q Q Q Q Q Q Q Q (P) % of total in Q (P) International Organization 21,815 21,447 21,581 23,129 23,149 22,869 22,756 23,363 23, % A D B 11,240 11,073 11,087 11,149 11,025 10,866 10,739 10,798 10, % I B R D 7,748 7,608 7,611 9,052 9,092 8,932 9,010 9,606 9, % I D A 2,228 2,190 2,281 2,315 2,365 2,392 2,348 2,274 2, % I D B % E I B % N I B % I F A D % Country 42,537 42,063 44,997 44,970 45,292 45,580 46,323 44,460 43, % JAPAN 27,363 28,169 30,143 30,488 30,004 30,342 31,853 30,932 29, % GERMANY 2,823 2,455 2,610 2,521 2,675 2,629 2,423 2,240 2, % UNITED STATES 2,035 1,961 1,929 1,854 1,826 1,782 1,790 1,709 1, % FRANCE 2,586 2,338 2,808 2,713 2,842 2,886 2,712 2,283 2, % NETHERLANDS 1,668 1,473 1,601 1,512 1,574 1,561 1,427 1,315 1, % UNITED KINGDOM % AUSTRIA 1,309 1,157 1,273 1,204 1,264 1,259 1,149 1,066 1, % AUSTRALIA % SPAIN % CANADA % OTHERS 2,076 1,971 2,009 2,144 2,538 2,575 2,526 2,572 2, % TOTAL 64,352 63,510 66,578 68,099 68,440 68,449 69,078 67,823 66, % Note: (R) = revised Note: (P) = provisional 27

40 Table E-5 Central Government External Debt Outstanding by Currency Denomination (US$ Millions, Exchange Rate as of end of period) LOAN CURRENCY Q (P) % of total in Q (P) Japanese Yen JPY 25,945 31,224 28,984 31,827 32,078 30, % US Dollar USD 20,954 21,353 20,952 22,792 23,398 23, % Euro EUR 10,502 9,512 8,490 7,193 6,098 6, % Others 4,852 4,600 6,502 6,287 6,249 6, % TOTAL 62,253 66,689 64,928 68,099 67,823 66, % Note: (R) = revised Note: (P) = provisional 28

41 Table E-6 Central Government External Debt Outstanding by Interest Rate Type (US$ Millions, Exchange Rate as of end of period) INTEREST RATE TYPE Q (P) % of total in Q (P) - Fixed Rate 40,045 44,785 40,072 47,967 46,844 45, % - Variable Rate 21,226 20,780 22,904 19,427 20,171 20, % LIBOR 6 MTH 13,462 12,135 15,903 12,554 13,955 14, % ADB FLOATING RATE 3,301 3,168 2,770 2,494 2,140 1, % COST OF ADB BORROWING 2,024 2,145 1,861 1,679 1,397 1, % EURIBOR 6 MTH 1,229 1,831 1,081 1,481 1,361 1, % U.S. PRIME RATE % JAPAN PRIME RATE % OTHER VARIABLE 305 1, % - No Rate 982 1,123 1, % TOTAL 62,253 66,689 64,928 68,099 67,823 66, % Note: (R) = revised Note: (P) = provisional 29

42 Table E-7 Central Government External Debt Outstanding by Financing Source (US$ Millions, Exchange Rate as of end of period) (INDONESIAN CLASSIFICATION) FINANCING SOURCE Q (P) % of total in Q (P) BILATERAL 32,141 35,751 33,622 35,614 35,722 34, % MULTILATERAL 19,055 20,337 21,529 23,129 23,363 23, % EXPORT CREDIT 10,983 10,553 9,508 8,775 8,098 7, % COMMERCIAL CREDIT % LEASING % BONDS AND NOTES % TOTAL 62,253 66,689 64,928 68,099 67,823 66, % Note: (R) = revised Note: (P) = provisional 30

43 Table E-8.Central Government External Debt Outstanding and Transaction by Lender Category and Creditor Type (US$, Million) Total outstanding at 31/12/2011 exchange rate at 31/12/2011 Disbursements in Q1 / 2012 (P) exchange rate of date of transaction Principal operations in Q1 / 2012 (P) exchange rate of date of transaction Total outstanding at 31/03/2012 (P) exchange rate at 31/03/2012 Exchange rate variation (P) (1) (2) (3) (4= ) (5=4-(1+2-3)) Official Creditors 65, ,819 (1,105) Bilateral 41, ,351 (1,193) Multilateral 23, , Private Creditors 2, , Commercial Banks 2, , Suppliers (3) Bond Holders TOTAL 67, ,630 (1,037) Note: (P) = provisional 31

44 Table E-9 Central Government External Debt Outstanding and Transaction by Currency Denomination (US$, Million) Total outstanding at 31/12/2011 exchange rate at 31/12/2011 Disbursements in Q1 Principal operations in / 2012 (P) Q1 / 2012 (P) exchange rate of date of transaction exchange rate of date of transaction Total outstanding at 31/03/2012 (P) exchange rate at 31/03/2012 Exchange rate variation (P) (1) (2) (3) (4= ) (5=4-(1+2-3)) Yen 32, ,158 (1,851) US Dollars 23, , Euro 6, , Other 6, , TOTAL 67, ,630 (1,037) Note: (P) = provisional 32

45 Table E-10 Central Government External Debt Outstanding including details on arrears as of / in Q by Lender Category and Creditor Type (US$, Million, Exchange rates at 31/03/2012) Debt outstanding excl. arrears (P) Arrears of Principal (P) Debt outstanding incl. Principal arrears (P) Arrears of interest (P) Late / Penalty interest (P) Debt outstanding incl. Total arrears (P) Total arrears (P) Total arrears in % of debt outstanding incl. Arrears (P) Official Creditors 63,819-63, , % Bilateral 40,351-40,351-40, % Multilateral 23,468-23,468-23, % Private Creditors 2,811-2, , % Commercial Banks 2,762-2,762-2, % Suppliers % Bond Holders % TOTAL 66,630-66, , % Note: (P) = provisional 33

46 Table E-11 Changes in Amounts Undisbursed on Central Government External Debt by Creditor Country (US$, Million) Undisbursed as of 31/12/2011 New commitments in Q1/2012 (P) Disbursements in Cancellations in Undisbursed as of Exchange rate Q1/2012 (P) Q1/2012 (P) 31/03/2012 (P) variation (P) Exch. Rate at 31/12/2011 Exch. Rate as of end of period Exch. Rate as of the date of transaction Exch. Rate as of the date of transaction Exch. Rate at 31/03/2012 (1) (2) (3) (4) (5= ) (6=5-( ) Internasional Organization 4, ,051 1,239 A D B 1, , I B R D 1, ,797 1,201 I D A I D B I F A D E I B N I B Country 10, , AUSTRALIA 1, , AUSTRIA CANADA FRANCE GERMANY JAPAN 7, , NETHERLANDS SPAIN UNITED KINGDOM UNITED STATES OTHERS TOTAL 14, ,043 1,267 Note: (P) = provisional 34

47 Table E-12 Changes in Amounts Undisbursed on Central Gevernement External Debt by Lender Category, Creditor Type and Credit Terms (US$, Million) Undisbursed as of 31/12/2011 New commitments in Q1/2012 (P) Disbursements in Cancellations in Undisbursed as of Exchange rate Q1/2012 (P) Q1/2012 (P) 31/03/2012 (P) variation (P) Official Creditors Bilateral Exch. Rate at 31/12/2011 Exch. Rate as of end of period Exch. Rate as of the date of transaction Exch. Rate as of the date of transaction Exch. Rate at 31/03/2012 (1) (2) (3) (4) (5= ) (6=5-( )) 13, ,616 1,333 9, , ODA 7, , Non ODA 2, , Multilateral 4, ,051 1,239 Concessional 1, ,752 1,205 Non Concessional 2, , Private Creditors Commercial Banks *) Suppliers *) Bonds Holders *) TOTAL , ,043 1,267 Note: (P) = provisional *) Credit Term : Commercial rate 35

48 Table E-13 Debt Service Payments on Central Government External Debt by Lender Category and Creditor Type (US$, Million, Exchange Rate at day of transaction) Q (P) % of total in P I/C Total P I/C Total P I/C Total P I/C Total P I/C Total P I/C Total Q (P) Official Creditors 5,933 3,083 9,016 6,011 2,080 8,090 6,383 1,727 8,110 5,159 1,494 6,654 4,920 1,448 6, % Bilateral 3,502 2,195 5,697 4,034 1,266 5,300 4,413 1,118 5,531 3, ,239 3, , % Multilateral 2, ,320 1, ,790 1, ,579 1, ,415 1, , % Private Creditors % Commercial Banks % Suppliers % Bond Holders % TOTAL 6,322 3,184 9,506 6,356 2,227 8,583 6,705 1,812 8,517 5,613 1,600 7,213 5,421 1,552 6, % Note: (R) = revised Note: (P) = provisional 36

49 Table E-14 Net Flows and Net Transfers on Central Government External Debt by Lender Category and Creditor Type in Q1/2012 (US$, Million, Exchange rate as of the date of transactions) Disbursements (P) Principal repayments (P) Net flows (P) Interest & Comm (P) Net transfers (P) (1) (2) (3=1-2) (4) (5=3-4) Official Creditors (76) 135 (211) Bilateral (93) 56 (149) Multilateral (62) Private Creditors (80) 29 (109) Commercial Banks (76) 28 (104) Suppliers - 4 (4) 1 (5) Bond Holders TOTAL (156) 164 (320) Note: (P) = provisional 37

50 Table E15 Net Transfers on Central Government External Debt by Lender Category and Creditor Type (US$, Million, Exchange rates as of the day of transaction) Net transfers in 2007 Net transfers in 2008 Net transfers in 2009 Net transfers in 2010 Net transfers in 2011 Net transfers in Q (P) Official Creditors (5,328) (3,408) (3,288) (1,459) (2,925) (211) Bilateral (4,370) (3,472) (3,768) (2,283) (2,715) (149) Multilateral (959) (210) (62) Private Creditors (169) (183) 29 (289) (351) (109) Commercial Banks (136) (171) 47 (278) (339) (104) Suppliers (33) (12) (18) (11) (12) (5) Bond Holders TOTAL (5,498) (3,592) (3,259) (1,748) (3,276) (320) Note: (R) = revised Note: (P) = provisional 38

51 Table E-16 Quarterly Projected Debt Service on Central Government External Debt Outstanding by Lender Category and Creditor Type (US$, Million, Exchange rate at 30/12/2011) Over one year to two years (2012) Over one year to two years (2013) Q1 Q2 Q3 Q4 Total 2012 Q1 Q2 Q3 Q4 Total 2013 Official Creditors 873 2, ,130 5, , ,211 6,029 Bilateral 480 1, ,476 3, , ,617 3,856 Principal 389 1, ,185 3, , ,357 3,168 Interest / Comm Multilateral , ,173 Principal , ,835 Interest / Comm Private Creditors Commercial Banks Principal Interest / Comm Suppliers Principal Interest / Comm Bond Holders Principal Interest / Comm TOTAL Projected Debt Service 1,014 2, ,281 6,547 1,009 2,122 1,052 2,305 6,487 Principal 838 1, ,844 5, , ,913 5,406 Interest / Comm , ,081 39

52 Table E-17 Quarterly Projected Debt Service on Central Government External Debt Commitment by Lender Category and Creditor Type (US$, Million, Exchange rate at 30/12/2011) Over one year to two years (2012) Over one year to two years (2013) Q1 Q2 Q3 Q4 Total 2012 Q1 Q2 Q3 Q4 Total 2013 Official Creditors 994 2, ,211 6,341 1,850 2,171 1,161 2,387 7,570 Bilateral 589 1, ,508 4,135 1,332 1, ,692 5,157 Principal 439 1, ,191 3,206 1,170 1, ,410 4,288 Interest / Comm Multilateral , ,413 Principal , ,001 Interest / Comm Private Creditors Commercial Banks Principal Interest / Comm Suppliers Principal Interest / Comm Bond Holders Principal Interest / Comm Total Projected Debt Service 1,141 2,336 1,112 2,382 6,971 1,989 2,332 1,319 2,538 8,178 Principal 889 1, ,887 5,489 1,744 1,869 1,113 2,093 6,819 Interest / Comm , ,359 40

53 Table E-18 Yearly Projected Debt Service on Central Government External Debt Outstanding as of end 2011 by Lender Category and Creditor Type (US$, Million, Exchange rates at 30/12/2011) Outstanding end Official Creditors 65,000 5,969 6,029 6,370 6,095 5,581 4,935 4,845 4,744 4,562 3,957 3,341 2,799 2,297 1,907 Bilateral 41,636 3,862 3,856 4,430 4,520 4,042 3,565 3,466 3,228 3,014 2,471 1,948 1,593 1, Principal - 3,088 3,168 3,829 4,009 3,624 3,215 3,175 2,992 2,828 2,334 1,847 1,521 1, Interest / Comm Multilateral 23,363 2,107 2,173 1,939 1,574 1,538 1,370 1,379 1,516 1,548 1,486 1,393 1,206 1, Principal - 1,723 1,835 1,643 1,309 1,295 1,150 1,179 1,337 1,390 1,352 1,279 1,108 1, Interest / Comm Private Creditors 2, Commercial Banks 2, Principal Interest / Comm Suppliers Principal Interest / Comm Bond Holders Principal Interest / Comm TOTAL 67,823 6,547 6,487 6,809 6,501 5,912 5,183 5,020 4,866 4,640 4,011 3,384 2,837 2,327 1,927 Principal - 5,316 5,406 5,867 5,690 5,225 4,594 4,515 4,440 4,289 3,733 3,165 2,665 2,191 1,822 Interest / Comm. - 1,230 1,

54 Table E-19 Yearly Projected Debt Service on Central Government External Debt Commitment as of end 2011 by Lender Category and Creditor Type (US$, Million, Exchange rates at 30/12/2011) Official Creditors 6,341 7,570 6,858 8,160 6,133 5,482 5,409 5,358 5,283 4,713 4,025 3,488 2,937 2,477 Bilateral 4,135 5,157 4,743 6,390 4,387 3,900 3,809 3,603 3,437 2,895 2,299 1,890 1,475 1,234 Principal 3,206 4,288 3,981 5,605 3,820 3,410 3,389 3,250 3,145 2,663 2,111 1,740 1,352 1,133 Interest / Comm Multilateral 2,207 2,413 2,115 1,770 1,746 1,582 1,599 1,755 1,846 1,818 1,727 1,597 1,462 1,242 Principal 1,749 2,001 1,742 1,414 1,413 1,276 1,318 1,498 1,616 1,617 1,552 1,448 1,335 1,136 Interest / Comm Private Creditors Commercial Banks Principal Interest / Comm Suppliers Principal Interest / Comm Bond Holders Principal Interest / Comm TOTAL 6,971 8,178 7,379 8,653 6,551 5,814 5,638 5,498 5,376 4,768 4,070 3,526 2,967 2,495 Principal 5,489 6,819 6,179 7,461 5,612 4,991 4,917 4,875 4,845 4,329 3,703 3,223 2,715 2,286 Interest / Comm. 1,482 1,359 1,200 1,

55 Table E-20 Actual and Projected Government External Debt Service in 2012 (US$ Millions) Actual Projection Exchange rates at date of transaction Exchange rates at 31/12/2011 Jan Feb Mar Total Apr May Jun Jul Aug Sep Oct Nov Dec Total Grand Total Official Creditors , ,187 6,679 6,679 Bilateral ,003 4,024 4,024 Principal ,096 3,096 Interest / Comm Multilateral ,655 2,655 Principal ,087 2,087 Interest / Comm Private Creditors Commercial Banks Principal Interest / Comm Suppliers Principal Interest / Comm Bond Holders Principal Interest / Comm TOTAL , ,257 7,444 7,444 Principal ,811 5,811 Interest / Comm ,633 1,633 43

56 Table E-21 New External Debt Commitments by Lender Category, Creditor Type and Creditor Term (US$, Million, Exchange rate as of end of period) Q (P) % of total in Q (P) Official Creditors 4,426 2,133 4,848 5,176 3, % Bilateral 1,956 1,454 1,840 1, % ODA 1,921 1,418 1,540 1, % Non ODA % Multilateral 2, ,007 3,395 3, % Concessional 2, , , % Non Concessional ,031 3,160 1, % Private Creditors % Commercial Banks % Suppliers % Bond Holders % TOTAL 4,590 2,234 5,288 5,501 4, % Note: (R) = revised Note: (P) = provisional 44

57 Table E-22 Disbursements on Central Government External Debt by Lender Category, Creditor Type, Creditor Term and Mode of Operation (US$, Million, Exchange rate as of date of transaction) 2011 Q (P) Cash Kind Refinanced Total Cash Kind Refinanced Capitalization Capitalization Total Official Creditors Bilateral 3, , , , ODA Non ODA Multilateral 2, , Concessional Non Concessional 1, , Private Creditors Commercial Banks Suppliers Bond Holders TOTAL 3, , Note: (R) = revised Note: (P) = provisional 45

58 P a i d R e o r g a n i z e d R e f i n a n c e d F o r g i v e n A r r e a r s P r e p a i d Total P a i d R e o r g a n i z e d R e f i n a n c e d F o r g i v e n A r r e a r s P r e p a i d Total P a i d R e o r g a n i z e d R e f i n a n c e d F o r g i v e n A r r e a r s P r e p a i d Total Official Creditors Bilateral Multilateral Private Creditors Commercial Banks Suppliers Bond Holders TOTAL Principal Interest Total Table E-23 Central Government External Debt Service by Lender Category, Creditor Type and Mode of Operation (US$, Million) Q1 /

59 Table E-24 Weighted Average Interest Rate on New External Commitments in 2011 and 2012 by Major Currencies, Lender Category and Creditor Type USD EURO JPY Fixed rate Variable rate Fixed rate Variable rate Fixed rate Variable rate Official Creditors Bilateral 3.19% 2.37% 0.01% % % % - Multirateral 3.44% % 0.48% Private Creditors Commercial Banks 5.50% % 2.76% Suppliers Bond holders

60 III. CENTRAL GOVERNMENT DOMESTIC DEBT

61 No. Description of Government Securities Face Value I. TRADABLE SECURITIES 106,108 A. Government Debt Securities 98, Rupiah Denominated 77,064 a. Zero Coupon 3,765 b. Fixed Coupun 58,586 c. Variable Coupon 14, US Dollar Denominated 20,450 a. Fixed Coupun 20, Japanese Yen Denominated 1,157 a. Fixed Coupun 1,157 B. Government Islamic Securities 7, Rupiah Denominated 5, US Dollar Denominated 1,650 II. NON-TRADABLE SECURITIES 29,694 A. Government Debt Securities 26, Rupiah Denominated 26,558 a. Fixed Coupun 26,558 b. Variable Coupon - B. Government Islamic Securities 3, Rupiah Denominated 3,135 GRAND TOTAL Table D-1 Outstanding Government Securities As Of March 31, 2012 (US$ Millions, Exchange Rate as of end of period) a. Fixed Coupun 3,135 b. Variable Coupon - 135,802 Notes: 1) Assumed exchange rate for conversion (IDR/USD) is 9.180,00 2) Non-tradable Securities are held by Bank Indonesia 3) These bonds were issued for guarantee program financing. Its interest based on inflation ajusted principle. 48

62 Table D-2 Central Government Securities Outstanding by Interest Rate & Type As Of March 31, 2012 (US$ Million, Exchange Rate as of end of period) TRADABLE SECURITIES Mar-12 % of total in Q ,626 59,209 77,117 89, , , % FIXED RATE 39,985 45,881 77,117 89,333 86,477 91, % <=5,0-1,964 3,930 4,758 8,444 8, % >5,0-8,0 5,400 9,600 24,843 28,828 17,442 24, % >8,0-10,0 9,305 11,866 16,960 21,498 28,485 28, % >10,0-12,0 12,094 11,030 20,130 25,036 24,046 23, % >12,0-15,0 12,514 10,882 10,635 9,213 8,061 7, % >15, % FLOATING RATE 20,641 13, ,895 14, % SBI 3-Month/SPN 20,641 13, ,895 14, % Sibor 3-Month % NON TRADABLE SECURITIES 21,154 23,576 27,081 29,053 29,601 29, % FIXED RATE 20,808 23,465 27,081 29,053 29,601 29, % <=5,0 20,808 23,465 26,795 27,631 26,978 26, % >5,0-8, ,422 2,623 3, % >8,0-10, % >10,0-12, % >12,0-15, % >15, % FLOATING RATE % SBI 3-Month % Sibor 3-Month % TOTAL 81,780 82, , , , , % 49

63 Table D-3 Central Government Securities Outstanding by Maturity As Of March 31, 2012 (US$ Million, Exchange Rate as of end of period) TRADABLE SECURITIES Mar-12 % of total in Q ,626 59,209 77,117 89, , , % Short-Term 4,198-6,533 7,488 3,443 3, % <=3 Months 874-3,555 1, % >3 Months <= 6 Months 472-1,171 2, % >6 Months <= 9 Months 1, , % >9 Months <= 12 Months 1, ,038 2, % Medium to Long Term 56,428 59,209 70,584 81,844 97, , % >1 Years <= 3 Years 7,061 2,530 10,799 12,945 3,521 2, % >3 Years <= 5 Years 7,449 2,541 10,653 12,018 4,041 4, % >5 Years <= 8 Years 10,936 4,709 12,557 14,410 7,081 7, % >8 Years <= 10 Years 7,628 4,546 11,067 13,721 3,300 2, % >10 Years <= 15 Years 13,551 21,213 12,742 12,829 35,609 36, % >=15 Years 9,802 23,670 12,765 15,922 44,377 49, % NON TRADABLE SECURITIES 21,154 23,576 27,081 29,053 29,601 29, % Short-Term % <=3 Months % >3 Months <= 6 Months % >6 Months <= 9 Months % >9 Months <= 12 Months % Medium to Long Term 21,154 23,576 26,795 29,053 29,601 29, % >1 Years <= 3 Years ,499 1, % >3 Years <= 5 Years % >5 Years <= 8 Years % >8 Years <= 10 Years % >10 Years <= 15 Years , % >=15 Years 20,808 23,465 26,795 14,092 26,978 26, % TOTAL 81,780 82, , , , , % 50

64 CHARTS

65 I. CENTRAL GOVERNMENT DEBT

66 US$ billions 250 Chart T-1a Central Government Debt Outstanding Q Domestic debt External debt 51

67 Chart T-1b Central Government Debt Outstanding at March 31, 2012 Domestic debt 56% External debt 44% 52

68 US$ billions 250 Chart T-2a Central Government Debt Outstanding by Instrument Group Q Securities Loans 53

69 Chart T-2b Central Government Debt Outstanding at March 31, 2012 by Instrument Group Loans 33% Securities 67% 54

70 US$ Billions 250,000 Chart T-3a Central Government Debt Outstanding by Currency Denomination 200, ,000 Others 100,000 Euro US Dollar 50,000 Japanese Yen Indonesian Rupiah Q

71 Chart T-3b Central Government Debt Outstanding at March 31, 2012 by Currency Denominat Euro 3% Others 3% US Dollar 23% Japanese Yen 15% Indonesian Rupiah 56% 56

72 US$ Billions 220 Chart T-4a Central Government Debt Outstanding by Interest Rate Type Q Variable Rate Fixed Rate 57

73 Chart T-4b Central Government Debt Outstanding at March 31, 2012 by Interest Rate Type Variable Rate 17.3% Fixed Rate 70.6% 58

74 US$ Billions Chart T-5a Central Government Debt Outstanding by Tradability Group Q Tradable Non Tradable 59

75 Chart T-5b Central Government Debt Outstanding at March 31, 2012 by Tradability Group Non Tradable 47.6% Tradable 52.4% 60

76 US$ Billions 220 Chart T-6a Central Government Debt Outstanding by Orginal Maturity Q Short term Long term 61

77 Chart T-6b Central Government Debt Outstanding at March 31, 2012 by Orginal Maturity Short term 5% Long term 95% 62

78 II. CENTRAL GOVERNMENT EXTERNAL DEBT

79 US$ Billions 70 Chart E-1a Central Government External Debt Outstanding by Lender Category Q Private Creditors Official Creditors 63

80 Chart E-1b Central Government External Debt Outstanding at March 31, 2012 by Lender Category Private Creditors 4% Official Creditors 96% 64

81 US$ Billions 70 Chart E-1c Central Government External Debt Outstanding by Creditor Type Bond Holders Suppliers Commercial Banks Multilateral Bilateral Q

82 Chart E-1d Central Government External Debt Outstanding at March 31, 2012 by Creditor Commercial Banks 4% Multilateral 35% Suppliers 0% Bilateral 61% 66

83 US$ Billions Chart E-3a Central Government External Debt Outstanding by International Organization and Country OTHERS UNITED STATES 30 GERMANY 20 I B R D 10 A D B Q JAPAN 67

84 Chart. E-3b Central Government External Debt Outstanding at March 31, 2012 by International Organization and Country A D B 15.9% I B R D 14.9% GERMANY 3.5% UNITED STATES 2.6% JAPAN 43.7% OTHERS 19.5% 68

85 $ Million 70,000 Chart E-5a Central Government External Debt Outstanding by Currency Denomination 60,000 50,000 40,000 30,000 20,000 Others EUR 10, Q USD JPY 69

86 Chart E-5b Central Government External Debt Outstanding at March 31, 2012 by Currency Denomination EUR 10% Others 9% JPY 45% USD 36% 70

87 $ Million 70,000 Chart E-6a Central Government External Debt Outstanding by Interest Rate Type 60,000 50,000 40,000 30,000 20,000 10, Q OTHER COST OF ADB BORROWING ADB FLOATING RATE LIBOR 6 MTH FIXED 71

88 Chart E-6b Central Government External Debt Outstanding at March 31, 2012 by Interest Rate Type ADB FLOATING RATE 3% COST OF ADB BORROWING 2% OTHER 5% LIBOR 6 MTH 21% FIXED 69% 72

89 $ Million 70,000 Chart E-7a Central Government External Debt Outstanding by Financial Source 60,000 50,000 40,000 30,000 20,000 10,000 BONDS AND NOTES COMMERCIAL CREDIT LEASING EXPORT CREDIT MULTILATERAL BILATERAL Q

90 Chart E-7b Central Government External Debt Outstanding at March 31, 2012 by Financial Source EXPORT CREDIT 11.7% COMMERCIAL CREDIT 0.9% LEASING 0.0% BILATERAL 52.1% MULTILATERAL 35.2% 74

91 III. CENTRAL GOVERNMENT DOMESTIC DEBT

92 US$ Million 160,000 Chart D-2a Central Government Domestic Debt Outstanding by Interest Rate Type 140, , ,000 80,000 60,000 40,000 20, Q FLOATING RATE FIXED RATE 75

93 Chart D-2b Central Government Domestic Debt Outstanding at March 31, 2012 by Interest Rate Type 10.8% FIXED RATE 89.2% 76

94 US$ Million 160,000 Chart D-3a Central Government Domestic Debt Outstanding by Instrument Type 140, , ,000 80,000 60,000 40,000 20, Q NON TRADABLE SECURITIES TRADABLE SECURITIES 77

95 Chart D-3b Central Government Domestic Debt Outstanding at March 31, 2012 by Instrumen Type NON TRADABLE SECURITIES 22% TRADABLE SECURITIES 78% 78