Republic of Indonesia 18K/A Annual report (foreign governments) (amended) | SEC 21 Jul 21

EXHIBIT 99.E

RECENT DEVELOPMENTS

The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in Exhibit 99.D to the Republic’s annual report on Form 18-K for the fiscal year ended December 31, 2020. To the extent the information in this section differs from the information contained in that annual report, you should rely on the information in this section. Capitalized terms not defined in this section have the meanings ascribed to them in the annual report.

REPUBLIC OF INDONESIA

Recent Developments

Recent Public Health Developments

The Covid-19 outbreak continues in Indonesia. Daily cases of Covid-19 in Indonesia experienced a declining trend from February 2021 to mid-May 2021, but increased again from mid-May 2021, primarily due to the new Delta variant, and the daily moving average of new cases remains at the highest level since the beginning of the pandemic in December 2019. As of July 11, 2021, the country had recorded over 2.5 million cases of Covid-19, of which 66,464 were fatal. To contain the recent spike in Covid-19 cases, three-week emergency measures including movement restrictions were imposed in Java and Bali on July 1, 2021 and such measures may be extended to stricter measures, longer period and broader regions if the situation worsens.

The Government continues to vaccinate the population, and as of July 11, 2021, approximately 15.0 million persons were fully vaccinated and approximately 21.2 million persons had received a single dose of a vaccine.

Selected Key Economic Indicators

The following table sets forth certain of the Republic’s principal economic indicators as of and for the specified dates and periods.


	Year Ended December 31,															Three Months Ended March 31,
	2016^L			2017^L			2018^L			2019^P			2020^P			2021^P
National account and prices:
Real GDP growth (period-on-period)		5.0	%		5.1	%		5.2	%		5.0	%		(2.1	)%		(0.7	)%
Per capita GDP (in millions of Rupiah)		48.0			51.9			56.0			59.1			56.9			N/A
Per capita GDP (in U.S. dollars)⁽¹⁾		3,604			3,877			3,927			4,175			3,912			N/A
Average exchange rate (Rupiah per U.S. dollar)⁽²⁾		13,305			13,385			14,246			14,139			14,525			14,263
Inflation rate ((year-on-year) change in CPI)		3.0	%		3.6	%		3.1	%		2.7	%		1.7	%		1.4	%
External sector:
Current account (% of GDP)⁽³⁾		(1.8	)%		(1.6	)%		(2.9	)%		(2.7	)%		(0.4	)%		(0.4	)%
Fiscal account:
Budget deficit (% of GDP)		(2.5	)%		(2.5	)%		(1.8	)%		(2.2	)%		(6.1	)%		(0.8	)%
External debt of the central Government (in trillions of Rupiah)		1,496.3			1,648.2			1,857.4			1,815.1			2,037.0			2,121.0
Debt service ratio (% of Government revenue)		32.5	%		34.0	%		39.1	%		42.8	%		45.3	%		44.3	%

Sources: Statistics Indonesia (Badan Pusat Statistik (“BPS”)), BI and Ministry of Finance

^L	Laporan Keuangan Pemerintah Pusat (“LKPP”) (Financial Report of Central Government/Audited).

^P	Preliminary.

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⁽¹⁾

Per capita GDP in U.S. dollars has been converted from Rupiah into U.S. dollars and the U.S. dollar amounts of external debt of the central Government have been converted into Rupiah at the following exchange rates were used: Rp13,305 per U.S.$ for 2016, Rp13,385 per U.S.$ for 2017, Rp14,257 per U.S.$ for 2018, Rp14,148 per U.S.$ for 2019 and Rp14,556 per U.S.$ for 2020. These exchange rates are calculated by BPS with reference to the weighted average monthly exchange rates applicable to export and import transactions for each month in a given period.

⁽²⁾	Official average exchange rate for the relevant period published by BI in its annual report, except for 2021 which was based on Bank Indonesia’s calculation (average exchange rate up to June 15, 2021).

⁽³⁾	As published by Bank Indonesia in Indonesia’s balance of payments report, with first quarter 2021 data as published by Bank Indonesia in Bank Indonesia’s balance of payments report for the first quarter 2021.

Foreign Relations and International and Regional Organizations

The following table shows Indonesia’s capital participation in major international financial organizations as of April 30, 2021.


				As of April 30, 2021 contributed capital
Name of organization	Year of admission			Subscribed		Paid in
	(in millions of U.S. dollars)
Asian Development Bank⁽¹⁾		1966			8,375.4		418.8
IMF⁽¹⁾		1966	⁽²⁾		6,675.1		6,675.1
World Bank Group
International Bank for Reconstruction and Development		1966	⁽²⁾		2,778.3		167.2
International Development Association		1968			141.6		65.0
International Finance Corporation		1968	⁽³⁾		241.0		241.0
Multilateral Investment and Guarantee Agency		1986			20.0		3.8
Islamic Development Bank⁽⁴⁾		1975			1,579.8		209.0
International Islamic Trade Finance Corporation		1992			2.1		2.1
The Islamic Corporation for the Insurance of Investment and Export Credit(4)		1992			0.7		0.4
Islamic Corporation For The Development Of The Private Sector		1992			22.3		22.2
International Fund for Agricultural Development		1977			82.0		78.0
Common Fund for Commodities		1980			1.3		1.3
Credit Guarantee and Investment Facility		2012			21.6		15.6
ASEAN Infrastructure Investment Bank		2015			3,360.7		672.1
ASEAN Infrastructure Fund		2012			120.0		120.0
International Rubber Consortium Limited		2002			4.0		4.0

Source: Bank Indonesia and Ministry of Finance

⁽¹⁾	Denominated in Special Drawing Rights (“SDR”) of the IMF. Converted to U.S. dollars using the exchange rate on April 30, 2021 of U.S.$1.43599 to SDR 1.

⁽²⁾	Indonesia rejoined the IMF and the International Bank for Reconstruction and Development in 1966, it originally became a member of these organizations in 1954 and resigned its memberships in 1965.

⁽³⁾	Indonesia rejoined the International Finance Corporation in 1968, it originally became a member in 1956 and resigned its membership in 1961.

⁽⁴⁾	Denominated in ID (ID 1 = SDR 1). See footnote (1) above.

Economy and Gross Domestic Product

Principal Sectors of the Economy

Indonesia’s principal economic sectors are the manufacturing industry (including coal, oil and gas); agriculture, forestry and fishery; wholesale and retail trade, repair of motor vehicles and motorcycles; construction; and mining and quarrying.

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The following tables show the composition of Indonesia’s GDP by sector at current prices and constant prices, respectively, for the periods indicated.

Gross Domestic Product by Industry

(at current prices)


		Year Ended December 31,				Three Months Ended March 31,
		2020^P		%		2020^P		%		2021^P		%
		(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining			307,606		2.0		83,094		2.1		76,459		1.9
Non-Coal, Oil and Gas Manufacturing Industries			2,760,435		17.9		700,528		17.9		710,965		17.9
	��
Total Manufacturing Industry			3,068,042		19.9		783,622		20.0		787,424		19.8
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles			1,995,470		12.9		517,642		13.2		519,848		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services			1,574,977		10.2		368,399		9.4		388,811		9.8
Forestry and Logging			108,640		0.7		25,468		0.6		23,974		0.6
Fishery			431,469		2.8		109,637		2.8		109,971		2.8

Total Agriculture, Forestry, and Fishery			2,115,086		13.7		503,503		12.8		522,756		13.2
Mining and Quarrying
Oil, Gas and Geothermal Mining			332,560		2.2		94,956		2.4		104,176		2.6
Coal and Lignite Mining			283,195		1.8		84,282		2.1		95,672		2.4
Metal Ore			130,957		0.8		27,035		0.7		41,566		1.0
Other Mining and Quarrying			246,831		1.6		61,147		1.6		61,990		1.6

Total Mining and Quarrying			993,542		6.4		267,420		6.8		303,403		7.6
Construction			1,652,660		10.7		419,714		10.7		428,662		10.8
Government Administration, Defense Compulsory Social Security			580,175		3.8		141,389		3.6		137,466		3.5
Information and Communication			695,839		4.5		166,869		4.3		181,836		4.6
Transportation and Warehousing			689,701		4.5		202,881		5.2		169,661		4.3
Financial and Insurance Service			696,066		4.5		184,403		4.7		181,827		4.6
Education Service			549,397		3.6		129,855		3.3		128,699		3.2
Other*			1,837,029		11.9		477,307		12.2		76,932		1.9

Gross Value Added at Basic Prices			14,873,005		96.4		3,794,607		96.7		3,828,379		96.5
Taxes less Subsidies on Products			561,147		3.6		127,950		3.3		140,699		3.5

Total GDP			15,434,152		100.0		3,922,557		100.0		3,969,078		100.0

Source: BPS

^P	Preliminary.

*	Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.

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Gross Domestic Product by Industry

(at constant prices)


	Year Ended December 31,				Three Months Ended March 31,
	2020^P		%		2020^P		%		2021^P		%
	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		202,604		1.9		54,860		2.0		50,638		1.9
Non-Coal, Oil and Gas Manufacturing Industries		2,007,317		18.7		511,892		18.9		508,269		18.9

Total Manufacturing Industry		2,209,920		20.6		566,752		21.0		558,908		20.8
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		1,386,695		12.9		355,938		13.2		351,552		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,060,823		9.9		242,867		9.0		254,558		9.5
Forestry and Logging		63,196		0.6		15,089		0.6		13,742		0.5
Fishery		254,112		2.4		64,495		2.4		63,650		2.4

Total Agriculture, Forestry, and Fishery		1,378,131		12.9		322,451		11.9		331,950		12.4
Mining and Quarrying
Oil, Gas and Geothermal Mining		272,583		2.5		70,549		2.6		65,701		2.4
Coal and Lignite Mining		245,499		2.3		65,457		2.4		60,845		2.3
Metal Ore		105,829		1.0		23,119		0.9		28,778		1.1
Other Mining and Quarrying		166,564		1.6		41,660		1.5		41,402		1.5

Total Mining and Quarrying		790,475		7.4		200,784		7.4		196,726		7.3
Construction		1,072,335		10.0		273,625		10.1		271,471		10.1
Government Administration, Defense Compulsory Social Security		365,441		3.4		90,468		3.3		87,806		3.3
Information and Communication		651,931		6.1		156,011		5.8		169,623		6.3
Transportation and Warehousing		393,482		3.7		112,013		4.1		97,316		3.6
Financial and Insurance Service		457,482		4.3		120,736		4.5		177,122		6.6
Education Service		350,330		3.3		83,927		3.1		82,578		3.1
Other*		1,276,373		11.9		332,263		12.3		49,683		1.9

Gross Value Added at Basic Prices		10,332,595		96.4		2,614,967		96.7		2,588,002		96.5
Taxes less Subsidies on Products		389,848		3.6		88,183		3.3		95,110		3.5

Total GDP		10,722,443		100.0		2,703,149		100.0		2,683,112		100.0

Source: BPS

^P	Preliminary.

*	Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.

Manufacturing Industry

In the first quarter of 2021, Indonesia’s manufacturing industry contracted by 1.4%. This was due to a 0.7% contraction in the non-coal, oil and gas manufacturing industry as compared to the same period in 2020 and a 7.7% contraction in the coal, oil and gas refinery industry as compared to the same period in 2020.

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Wholesale and retail trade; repair of motor vehicles and motorcycles

In the first quarter of 2021, the wholesale and retail trade, repair of motor vehicles and motorcycles sector declined by 1.2% as compared to the same period in 2020. This was driven by the trade of cars, motorbikes and their repair with growth contraction of 5.5%, which was caused by a 0.2% decrease in sales of cars and motorbikes and wholesale and retail trade, not cars and bicycles, due to the closure of a number of retail outlets.

Agriculture, forestry and fishery

In the first quarter of 2021, the agriculture, forestry and fishery sector grew by 3.0% as compared to the same period in 2020. This growth was mainly driven by the agriculture, livestock, hunting and agriculture subsector, which grew by 4.8% compared to the same period in 2020.

Mining and Quarrying

In the first quarter of 2021, the mining and quarrying sector contracted by 2.0%, as compared to the same period in 2020. This was mainly driven by the oil, gas and geothermal mining subsector, which contracted by 6.9% compared to the same period in 2020, while the coal and lignite mining subsector contracted by 7.1% compared to the same period in 2020.

Oil and Natural Gas

The following table sets forth the average price of Indonesian crude oil, measured by the ICP, for the periods indicated.


	Year Ended December 31,		Six Months Ended June 30,
	2020^P		2021^P
	(in U.S. dollars per barrel)
ICP⁽¹⁾		40.4		70.2

Sources: Directorate General of Oil and Gas, Ministry of Energy and Mineral Resources

^P	Preliminary.

⁽¹⁾

ICP is calculated as the sum of the Dated Brent and Alpha prices. Dated Brent is calculated based on the publication average of the current month, while Alpha is calculated based on publication average within the current month or the publication average within the current month and the previous month, taking into account the quality of crude oil, development of international crude oil prices, and/or national energy resilience.

Construction

In the first quarter of 2021, the construction sector contracted by 0.8%, compared to the same period in 2020. This was primarily due to a decrease in the index construction value and reduced construction activity as a result of the Covid-19 pandemic, which led to delayed completion of infrastructure projects.

Transportation and Warehousing

In the first quarter of 2021, the transportation and warehousing sector contracted by 13.1%, compared to the same period in 2020. This was partly due to mobility restriction during the Covid-19 pandemic.

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Information and Communication

In the first quarter of 2021, the information and communication sector grew by 8.7%, compared to the same period in 2020. This was primarily due to an increase in data traffic in telecommunications industry as a result of the work-from-home and school-from-home arrangements.

Gross Domestic Product by Expenditure

The following table shows the distribution of GDP in the Indonesian economy by expenditure at current prices and constant prices, respectively, for the periods indicated.

Gross Domestic Product by Expenditure

(at current prices)


	Year Ended December 31,						Three Months Ended March 31,
	2020^P			%			2020^P		%		2021^P		%
	(in billions of Rupiah and percentage of GDP)
GDP		15,434,152			100.0			3,922,557		100.0		3,969,078		100.0
Add: Imports of goods and services		2,472,899			16.0			687,067		17.5		718,059		18.1

Total supply of goods and services		17,907,051			116.0			4,609,624		117.5		4,687,137		118.1
Less: Exports of goods and services		2,649,787			17.2			681,791		17.4		761,088		19.2

Total domestic expenditure		15,257,264			98.9			3,927,833		100.1		3,926,049		98.9

Allocation of total domestic expenditure:
Household consumption expenditure		8,900,011			57.7			2,280,069		58.1		2,259,443		56.9
NPISHs consumption expenditure		201,276			1.3			50,270		1.3		48,678		1.2
Government consumption expenditure		1,433,686			9.3			254,831		6.5		265,942		6.7

Total consumption		10,534,974			68.3			2,585,170		65.9		2,574,063		64.9
Gross domestic fixed capital formation		4,897,786			31.7			1,249,549		31.9		1,269,479		32.0
Change in inventories (residual)⁽¹⁾		(175,496	)		(1.1	)		93,114		2.4		82,506		2.1

Total domestic expenditure		15,257,264			98.9			3,927,833		100.1		3,926,049		98.9

Source: BPS

^P	Preliminary.

⁽¹⁾	Includes statistical discrepancies.

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Gross Domestic Product by Expenditure

(at constant 2010 prices)


	Year Ended December 31,				Three Months Ended March 31,
	2020^P		%		2020^P		%		2021^P		%
	(in billions of Rupiah and percentage of GDP)
GDP		10,722,443		100.0		2,703,149		100.0		2,683,112		100.0
Add: Imports of goods and services		1,740,166		16.2		471,650		17.4		496,517		18.5

Total supply of goods and services		12,462,609		116.2		3,174,799		117.4		3,179,629		118.5
Less: Exports of goods and services		2,092,038		19.5		547,350		20.2		584,238		21.8

Total domestic expenditure		10,370,571		96.7		2,627,449		97.2		2,595,391		96.7

Allocation of total domestic expenditure:
Household consumption expenditure		5,780,218		53.9		1,483,329		54.0		1,450,300		54.1
NPISHs consumption expenditure		130,193		1.2		32,626		1.2		31,146		1.2
Government consumption expenditure		872,558		8.1		159,531		5.9		164,257		6.1

Total consumption		6,782,970		63.3		1,675,487		62.0		1,645,703		61.3
Gross domestic fixed capital formation		3,419,704		31.9		876,316		32.4		874,341		32.6
Change in inventories (residual)⁽¹⁾		167,897		1.6		75,646		2.8		75,347		2.8

Total domestic expenditure		10,370,571		96.7		2,627,449		97.2		2,595,391		96.7

Source: BPS

^P	Preliminary.

⁽¹⁾	Calculated with calendar year 2010 as the Base Year.

⁽²⁾	Includes statistical discrepancies.

Inflation

The following table shows the Consumer Price Index, or CPI, as of the end of the periods indicated and the percentage change against the previous period.

Changes in Consumer Price Index


	As of December 31,			As of June 30,
	2020			2021
CPI⁽¹⁾		105.7			106.5
Annual percentage year-on-year		1.7	%		1.3	%

Source: BPS

⁽¹⁾	Calculated on the basis of 2018 CPI = 100 for 2020 and 2021. From January 2020, BPS calculated CPI based on a consumption pattern obtained from a cost of living survey conducted in 2018 in 90 cities in Indonesia.

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Inflation by Commodity⁽¹⁾⁽²⁾


	Year Ended December 31,			Six Months Ended June 30,
	2020			2020			2021
Food, drinks, and tobacco		3.6			3.0			1.9
Clothing and Footwear		1.0			1.3			1.2
Housing, water, electricity, and household fuel		0.4			1.1			0.3
Household equipment, tools, and routine maintenance		1.0			1.7			1.8
Health		2.8			4.2			1.9
Transportation		(0.9	)		(1.0	)		0.1
Information, communication, and financial services		(0.4	)		(0.3	)		0.01
Recreation, sports, and culture		0.7			1.4			1.0
Education		1.4			3.7			1.6
Food and beverage providers/restaurant		2.3			3.0			2.7
Personal care and other services		5.8			5.7			3.5

Source: BPS

⁽¹⁾	Annual percentage year-on-year.

⁽²⁾

From January 2020, BPS calculated CPI based on a consumption pattern obtained from a cost of living survey conducted in 2018 in 90 cities in Indonesia. Prior to January 2020, CPI was based on a consumption pattern obtained from a cost of living survey conducted in 2012 in 82 provincial capital cities in Indonesia. The categories of commodities measured under the cost of living survey changed between the 2012 and the 2018 surveys. Accordingly, inflation by commodity for 2020 and 2021 may not be directly comparable to prior periods.

As of June 2021, annual inflation was 1.3%, which was lower than the 1.7% annual inflation in May 2021 and the 1.7% annual inflation in December 2020. This was primarily due to smaller increases in the prices for almost all commodities, such as food, drinks and tobacco; health; education; and personal care and other services, which increased at 1.9%, 1.9%, 1.6% and 3.5%, respectively. The CPI in Indonesia decreased by 0.2% in June 2021 from the previous month.

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Labor and Employment

Labor

The following table sets forth the proportion of the employed labor force in each sector of the economy as of the period indicated.


	As of August 2020⁽¹⁾				As of February 2021⁽¹⁾
	(in millions)		%		(in millions)		%
Agriculture, forestry and fishery		38.2		29.8		38.8		29.6
Mining and quarrying		1.4		1.1		1.4		1.0
Manufacturing industry		17.5		13.6		17.8		13.6
Electricity, gas, and water supply		0.3		0.2		0.3		0.2
Water supply, sewerage, waste management and remediation activities		0.5		0.4		0.5		0.4
Construction		8.1		6.3		7.9		6.1
Wholesale and retail trade, repair of motor vehicles and motorcycles		24.7		19.2		25.2		19.2
Transportation and storage		5.6		4.4		5.3		4.1
Accommodation and food service activities		8.5		6.7		9.2		7.0
Information and communication		0.9		0.7		1.1		0.8
Financial and insurance activities		1.6		1.2		1.5		1.2
Real estate activities		0.4		0.3		0.5		0.4
Business activities		1.8		1.4		1.9		1.4
Public administration and defence, compulsory social security		4.6		3.6		4.7		3.6
Education		6.0		4.7		6.5		5.0
Human health and social work activities		2.0		1.6		2.3		1.8
Other service activities		6.4		5.0		6.4		4.9

Total		128.5		100.0		131.1		100.0

Source: BPS

⁽¹⁾	Estimation using population projections weighing results.

Employed Labor Force of Indonesia by Gender

The following table sets forth Indonesia’s employed labor force by gender as of the period indicated.

As of August 2020

As of February 2021

(in millions)

% ⁽¹⁾

(in millions)

% ⁽¹⁾

Male

77.8

60.5

78.6

59.9

Female

50.7

39.5

52.5

40.1

Total

128.5

100.0

131.1

100.0

Source: BPS

^P	Preliminary.

⁽¹⁾	Percentages are calculated as percentages of the employed labor force.

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Employment and Unemployment in Indonesia

The following table sets forth Indonesia’s employment and unemployment rate as a percentage of Indonesia’s labor force as of the period indicated.⁽¹⁾


	As of August 2020				As of February 2021
	(in millions)		%		(in millions)		%
Employed		128.5		92.9		131.1		93.7
Unemployed⁽²⁾		9.8		7.1		8.8		6.3

Total		138.2		100.0		139.8		100.0

Source: BPS

⁽¹⁾	Working age population refers to all persons in Indonesia 15 years old or older and includes certain non-workforce categories such as students and home makers.

⁽²⁾

The Government defines unemployment to include all persons 15 years old and older without work who (i) are looking for work, (ii) have established a new business, (iii) are not looking for work because they do not expect to find work, and (iv) have made arrangements to start work on a date subsequent to the unemployment measurement date.

Income Distribution

As of March 2021, Indonesia had a Gini Index of 0.384. The Gini Index is a measure of income distribution that ranges between 0.0 and 1.0, with higher numbers indicating greater inequality. In practice, the lowest value does not go below 0.2 and the highest value may reach 0.6.

The percentage of people living below the poverty line in Indonesia has exhibited a decreasing trend since the Asian financial crisis in 1998. BPS measures poverty using a basic needs approach and defines poverty as an economic inability to fulfill food and non-food basic needs, measured by consumption and expenditure. Based on this methodology, approximately 49.5 million people, or 24.2% of the population, were living below the poverty line in 1998, and this decreased to approximately 27.5 million, or 10.1% of the population, as of March 2021.

Regional Growth

As the island with the highest population density, high consumption and an industrial base, Java has historically been the main contributor to Indonesia’s economic growth. In the first quarter of 2021, Java contributed 58.7% of the country’s GDP, Sumatera contributed 21.5%, Kalimantan contributed 8.1%, Sulawesi contributed 6.5%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.4%.

Foreign Investment in Indonesia

The following table sets out the amounts of foreign investments in Indonesia by non-residents.

Foreign Investment in Indonesia


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
Direct Investments
Equity Capital		19,323			5,076			5,191
Debt instrument		(639	)		(86	)		(63	)

Total direct investments		18,685			4,990			5,128

E-10


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
Portfolio investments:
Equity securities		(4,362	)		(714	)		847
Debt securities		8,928			(5,541	)		4,378

Total portfolio investments		4,566			(6,255	)		5,225
Financial derivatives		(1,291	)		(619	)		(240	)
Other investments		2,457			3,539			(894	)

Total foreign investment		24,417			1,655			9,219

Source: Bank Indonesia

^P	Preliminary.

Foreign Direct Investment in Indonesia by Country of Origin⁽¹⁾


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
North America		793			588			223
USA		622			430			213
Canada		17			2			10
Other North America⁽²⁾		154			156			0
Central and South America		1,551			667			327
Argentina		0			0			0
Brazil		3			2			(2	)
Mexico		0			0			0
Cayman Islands		100			49			(6	)
Other Central and South America		1,447			616			335
Europe		(1,000	)		61			47
European Union		(990	)		57			26
Austria		59			7			14
Belgium		(17	)		(7	)		2
Denmark		5			(2	)		(13	)
Finland		15			(0	)		(2	)
France		(45	)		(79	)		6
Germany		(48	)		40			(17	)
Greece		0			(0	)		0
Ireland		61			34			39
Italy		(409	)		(159	)		(125	)
Luxembourg		0			12			(1	)
Netherlands		(94	)		31			210
Portugal		0			(0	)		0
Spain		12			7			20
Sweden		(8	)		(1	)		0
United Kingdom		(520	)		175			(105	)
Other European Union		0			0			(1	)
Russia		23			(0	)		0
Turkey		4			6			7
Other Europe		(37	)		(1	)		14

E-11


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
Asia		16,676			4,039			4,246
Japan		2,083			1,522			233
People’s Republic of China		872			129			511
South Korea		1,530			577			412
India		303			(13	)		80
Hong Kong SAR		2,618			1,075			1,012
Taiwan		694			70			9
Saudi Arabia		39			39			0
ASEAN		7,956			729			2,009
Brunei Darussalam		0			0			0
Cambodia		2			3			1
Lao PDR		—			—			—
Malaysia		414			398			13
Myanmar		1			0			0
Philippines		1			2			3
Singapore		4,201			264			1,932
Thailand		3,212			61			58
Vietnam		126			1			3
Other Asia		581			(90	)		(21	)
Australia and Oceania		191			92			100
Australia		186			89			99
New Zealand		4			2			0
Other Australia and Oceania		1			1			0
Africa		(29	)		(79	)		(23	)
South Africa		25			1			0
Other Africa		(55	)		(80	)		(23	)
Others		(81	)		(110	)		6

Total		18,101			5,259			4,925

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Presents foreign direct investment in accordance with the directional principle prescribed by BPM5.

⁽²⁾	Includes Bermuda, Greenland and Saint Pierre & Miquelon.

E-12

Foreign Direct Investment

The following table sets out the amounts of foreign direct investments in Indonesia by non-residents.

Foreign Direct Investment


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
Equity capital⁽¹⁾		19,323			5,076			5,191
Debt instruments:
Inflow		41,111			10,353			10,090
Outflow		(41,750	)		(10,439	)		(10,153	)
Total debt instruments		(639	)		(86	)		(63	)

Total direct investments		18,685			4,990			5,128

Memorandum⁽²⁾
Direct investment in Indonesia		18,101			5,259			4,925

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Includes privatization and banking restructuring.

⁽²⁾	Presents foreign direct investment in accordance with the directional principle prescribed by BPM5.

In 2020, despite the exceptional global financial market uncertainty caused by the Covid-19 pandemic, net foreign direct investment was maintained at U.S.$18.7 billion, down from U.S.$25.0 billion in 2019. Foreign direct investment inflows in 2020 were primarily attributable to a net inflow of equity capital relating to the acquisition of a domestic bank by a company from Thailand and in the form of debt instruments relating to global bond issuances by mining companies through foreign affiliates. The financial intermediaries and manufacturing sectors were still the main contributors to net foreign direct investment inflows in 2020. ASEAN countries were the main contributors to foreign direct investment inflows, followed by China and other Asian emerging markets.

In the first quarter of 2021, net foreign direct investment was U.S.$5.1 billion, which represented a slight increase from U.S.$5.0 billion in the first quarter of 2020. Foreign investors’ sustained confidence in Indonesia’s economic outlook has resulted in a surplus in direct investment. The manufacturing sectors (among others pharmaceuticals and mining product processing) and financial intermediaries were the main contributors to net foreign direct investment inflows in the first quarter of 2021. China and other Asian emerging countries were the main contributors to foreign direct investment inflows, followed by ASEAN countries.

E-13

Foreign Portfolio Investment

The following table sets out the amounts of foreign portfolio investments in Indonesia by non-residents.

Foreign Portfolio Investments


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
Equity securities:
Inflows		44,300			12,069			15,957
(Outflows)		(48,662	)		(12,783	)		(15,111	)
Net equity securities		(4,362	)		(714	)		847
Debt securities (net)		8,928			(5,541	)		4,378

Total portfolio investments		4,566			(6,255	)		5,225

Source: Bank Indonesia

^P	Preliminary.

In the first quarter of 2021, foreign capital inflows in the form of portfolio investments were U.S.$5.2 billion, thereby reversing the U.S.$6.3 billion outflows recorded in the same period of 2020 amid maintained positive investor perceptions of domestic economic outlook despite ongoing global financial market uncertainty. The surplus in the first quarter of 2021 was primarily attributable to the issuance of global bonds and increasing foreign capital inflows in the stock market.

Other Foreign Investment

The following table sets out the amounts of other investments (other than portfolio or foreign direct investments) in Indonesia by non-residents, mainly consisting of loans received and paid.

Other Foreign Investments


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
Loans
Bank sector:
Disbursements		3,902			1,232			227
Debt repayments		(5,502	)		(1,084	)		(972	)

Total bank sector		(1,600	)		147			(745	)
Corporate sector:
Disbursements		20,919			7,117			3,392
Debt repayments		(17,853	)		(4,788	)		(3,883	)

Total corporate sector		3,065			2,329			(491	)
Other (net)⁽¹⁾		992			1,063			341

Total other investments		2,457			3,539			(894	)

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Consists of loans of public sector and trade credit, currency and deposits, and other liabilities of private sector and public sector.

E-14

In the first quarter of 2021, foreign other investments recorded a deficit of U.S.$0.9 billion, reversing the surplus of U.S.$3.5 billion in the first quarter of 2020. The deficit was primarily stemming from a net repayment of government and corporate sector loans.

Direct Investment Realizations

Foreign Direct Investment

The following table sets forth the amount of realized foreign direct investment by sector of the economy for the periods indicated.

Realized Foreign Direct Investment by Sector⁽¹⁾


	Year Ended December 31,		Three Months Ended March 31,
	2020^P		2020^P		2021^P
	(in millions of U.S. dollars)
Primary Sector
Food Crops, Plantation & Livestock		1,184		479		277
Forestry		43		16		17
Fishery		48		35		5
Mining		2,005		483		509

Total Primary Sector		3,280		1,012		807

Secondary sector:
Food Industry		1,592		298		968
Textile Industry		280		65		98
Leather Goods & Footwear Industry		214		52		75
Wood Industry		85		14		11
Paper and Printing Industry		943		126		123
Chemical and Pharmaceutical Industry		1,743		569		494
Rubber and Plastic Industry		291		88		59
Non Metallic Mineral Industry		248		119		85
Metal, Industry not Machinery & Electronic Industry		5,969		1,524		1,712
Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry		601		127		226
Motor Vehicles & Other Transport Equipment Industry		942		75		597
Other Industry		294		13		25

Total Secondary Sector		13,202		3,070		4,474

Tertiary sector:
Electricity, Gas & Water Supply		4,614		869		598
Construction		190		41		5
Trade & Repair		434		60		77
Hotel & Restaurant		441		220		76
Transportation, Storage & Communication		3,580		807		843
Housing, Ind. Estate & Office Building		2,191		603		536
Other Services		733		122		236

Total Tertiary Sector		12,184		2,721		2,372

Total		28,666		6,804		7,653

Source: BKPM

⁽¹⁾

Excludes foreign investment in oil and natural gas projects, banking, non-bank financial institutions, insurance, leasing, mining in terms of contracts of work, coal mining in terms of agreement of work, investment in which licenses were issued by a technical/sectoral agency, portfolio as well as household investment.

E-15

Domestic Direct Investment

In addition to direct equity investments by foreign persons, BKPM also approves certain types of domestic direct investments. The following table sets forth the amount of realized domestic direct investment by sector of the economy for the periods indicated.

Realized Domestic Direct Investment by Sector⁽¹⁾


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P		2021^P
	(in billions of Rupiah)
Primary Sector
Food Crops, Plantation & Livestock		32,096			10,318		9,890
Forestry		1,164			517		134
Fishery		565			37		191
Mining		13,755			5,373		4,578

Total Primary Sector		47,580			16,244		14,793

Secondary sector:
Food Industry		27,873			7,308		7,614
Textile Industry		2,103			61		813
Leather Goods & Footwear Industry		395			20		115
Wood Industry		1,263			469		56
Paper and Printing Industry		3,746			1,181		3,102
Chemical and Pharmaceutical Industry		22,526			1,635		2,238
Rubber and Plastic Industry		4,429			1,770		1,227
Non Metallic Mineral Industry		5,862			2,633		4,216
Metal, Industry not Machinery & Electronic Industry		8,858			2,597		2,863
Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry		1,156			159		49
Motor Vehicles & Other Transport Equipment Industry		2,556			1,057		472
Other Industry		2,051	��		903		205

Total Secondary Sector		82,818			19,792		22,971

Tertiary sector:
Electricity, Gas & Water Supply		35,519			5,528		11,471
Construction		68,289			14,123		9,563
Trade & Repair		16,748			3,948		4,888
Hotel & Restaurant		10,203			2,611		5,734
Transportation, Storage & Communication		93,283			37,649		13,299
Housing, Ind. Estate & Office Building		44,853			9,116		21,610
Other Services		14,243			3,724		3,689

Total Tertiary Sector		283,138			76,698		70,253

Total		413,536			112,734		108,017

Source: BKPM

⁽¹⁾	Excludes foreign investment in oil and natural gas projects, banking, non-bank financial institutions, insurance, leasing, mining in terms of contracts of work, coal mining in terms of agreement of work.

E-16

Foreign Trade and Balance of Payments

Exports and Imports

Exports and Imports


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
	(in millions of U.S. dollars)
Exports:
Oil and gas exports (f.o.b.)		8,480			2,308			3,009
Non-oil and gas exports (f.o.b.)		154,875			39,429			46,360

Total exports (f.o.b.)		163,355			41,737			49,370
Total imports (c.i.f.)		(142,147	)		(39,145	)		(43,587	)

Balance of trade		21,208			2,592			5,782

Source: Bank Indonesia

^P	Preliminary.

In the first quarter of 2021, Indonesia recorded a trade surplus of U.S.$5.8 billion, higher than the U.S.$2.6 billion surplus in the same period of 2020. The higher trade surplus was caused by 18.3% year-on-year increase in exports, which was higher than the 11.3% year-on-year increase in imports. The improvement of exports performance was due to growing demand in trading partner countries, coupled with higher international commodity prices. Consistent with stronger exports and domestic demand, imports also experienced an uptick compare to the same period last year.

Export-Import Data from the Central Statistics Agency

In addition to the exports and imports related data published by Bank Indonesia, the Central Statistics Agency or BPS also publishes data relating to imports and exports compiled based on the International Merchandise Trade Statistics Manual issued by the United Nations. Due to the different methods and timing of compiling export-import statistics, the export-import data published by BPS is different to the export-import data published by Bank Indonesia.

The tables below show Indonesia’s exports and imports for the periods indicated as published by the BPS.

Year Ended
December 31,

Six Months Ended
June 30,

2020^R

2021^P

(in millions of U.S. dollars)

Exports:

Non-oil and gas exports

154,940.7

72,400.9

97,058.0

Oil and gas exports

8,251.1

3,928.2

5,815.3

Total exports

163,191.8

76,329.1

102,873.3

Imports:

Non-oil and gas imports

127,312.0

63,373.0

79,492.2

Oil and gas imports

14,256.8

7,530.2

11,518.1

Total imports

141,568.8

70,903.2

91,010.3

^P	Preliminary.

Revised.

E-17

Exports

The following table sets forth Indonesia’s exports by major commodity groups for the periods indicated.

Exports by Sector


	Year Ended December 31,		Three Months Ended March 31,
	2020^P		2020^P		2021^P
	(in thousands of U.S. dollars)
General merchandise		157,813,244		40,034,577		48,885,448
Agricultural
Coffee bean		808,635		200,402		192,760
Tea		66,850		16,544		16,996
Spices		706,632		134,478		167,054
Tobacco		63,743		13,534		8,658
Cocoa bean		77,023		17,584		9,355
Shrimp and prawn		1,558,668		354,861		373,787
Other agricultural products		2,911,091		720,930		742,479

Total Agricultural products		6,192,642		1,458,333		1,511,089

Manufacture products
Textile and Textile products		10,598,554		3,128,007		3,022,614
Processed wood products		3,514,645		899,732		952,608
Palm oils		17,289,749		4,026,469		5,783,002
Chemicals		3,957,653		1,018,087		1,580,301
Base metal products		16,696,618		3,746,276		5,318,450
Electrical apparatus, measuring instruments and others		9,400,790		2,302,699		2,712,986
Cement		322,887		50,869		117,474
Paper and paper products		4,243,152		1,013,110		1,075,494
Processed rubber		5,264,533		1,425,929		1,792,135
Oil products⁽¹⁾		1,312,539		357,628		352,605
Liquefied Petroleum Gas⁽¹⁾		416		126		996
Other manufacture products		51,720,860		12,897,894		15,607,326

Total Manufacture products		124,322,396		30,866,825		38,315,992

Mining products
Copper ore		2,412,204		122,146		754,194
Nickel ore		0		0		0
Coal		16,443,058		5,213,944		5,321,965
Bauxite		555,518		142,967		92,945
Crude oil⁽¹⁾		1,426,591		175,933		1,054,862
Natural Gas⁽¹⁾		5,111,340		1,590,493		1,366,632
o/w LNG		3,359,689		1,026,135		707,201
Other mining products		404,904		113,563		103,708

Total Mining products		26,353,614		7,359,046		8,694,307

Other merchandise⁽²⁾		944,593		350,372		364,061
Other goods⁽³⁾		5,541,878		1,702,698		484,098

Total Exports		163,355,122		41,737,275		49,369,546

Memorandum⁽⁴⁾
Non-oil & gas exports		154,874,741		39,429,110		46,360,248
Oil & gas exports		8,480,381		2,308,160		3,009,298

E-18

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	As a component of oil and gas exports.

⁽²⁾	Consists of art goods, goods not elsewhere specified, and goods procured in ports by carriers.

⁽³⁾	Consists of non-monetary gold and merchanting goods.

⁽⁴⁾	Presents the classification of exports based on two main groups of commodities: (i) oil and gas and (ii) non-oil and gas.

The table below sets forth Indonesia’s exports by destination for the periods indicated.

Exports by Destination


	Year Ended December 31,		Three Months Ended March 31,
	2020^P		2020^P		2021^P
	(in thousands of U.S. dollars)
America
North America
United States of America		18,594,853		4,819,146		5,601,024
Canada		782,733		201,019		240,159
Other North America		1,021		198		445
Total North America		19,378,608		5,020,364		5,841,628
Central and South America
Argentina		157,271		44,213		51,560
Brazil		1,017,307		255,879		337,429
Mexico		883,204		283,195		291,674
Other Central and South America		1,112,753		305,256		390,103

Total Central and South America		3,170,535		888,543		1,070,766

Total America		22,549,143		5,908,906		6,912,394

Europe
European Union
Netherlands		3,106,339		766,342		974,541
Belgium		1,175,519		297,646		338,264
United Kingdom		1,264,374		303,155		324,128
Italy		1,740,505		482,731		479,052
Germany		2,407,245		615,933		711,099
France		913,922		266,959		242,281
Spain		1,509,349		435,103		414,804
Other European Union		2,106,142		573,643		595,274

Total European Union		14.223.394		3,741,512		4,079,442

Russia		971,609		205,785		337,461
Turkey		1,046,747		293,830		306,466
Other Europe		2,796,242		563,231		349,052

Total Europe		19,037,992		4,804,359		5,072,420

E-19


	Year Ended December 31,		Three Months Ended March 31,
	2020^P		2020^P		2021^P
	(in thousands of U.S. dollars)
Asia and Middle East
ASEAN
Brunei Darussalam		128,789		29,709		46,626
Philippines		5,892,160		1,546,248		1,883,210
Cambodia		540,472		169,749		152,067
PDR Laos		5,038		1,726		1,876
Malaysia		7,985,113		1,976,967		2,682,706
Myanmar		1,030,922		267,931		256,389
Singapore		10,817,048		3,510,774		2,785,259
Thailand		5,086,067		1,487,386		1,897,154
Vietnam		4,937,619		1,194,745		1,539,826

Total ASEAN		36,423,227		10,185,234		11,245,112

Hong Kong SAR		2,003,349		689,925		364,129
India		10,350,802		2,926,425		2,867,838
Iraq		185,901		29,711		39,834
Japan		13,472,202		3,648,503		4,006,068
South Korea		6,334,797		1,673,599		1,796,799
Pakistan		2,374,442		525,091		781,210
People’s Republic of China		31,557,501		6,276,529		10,138,426
Saudi Arabia		1,337,231		414,569		421,690
Taiwan		4,232,878		972,069		1,105,539
Other Asia and Middle East		5,714,233		1,745,007		2,006,401

Total Asia and Middle East		113,986,564		29,086,663		34,773,046

Australia and Oceania
Australia		2,506,086		508,171		818,510
New Zealand		479,782		127,917		152,643
Other Australia and Oceania		373,653		90,914		87,686

Total Australia and Oceania		3,359,521		727,002		1,058,839

Africa
South Africa		572,239		151,441		202,615
Other Africa		2,912,644		709,992		987,542

Total Africa		3,484,883		861,433		1,190,157

Unclassified exports⁽¹⁾		937,019		348,912		362,689

Total (f.o.b.)		163,355,122		41,737,275		49,369,546

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Consists of goods procured in ports by carriers and merchanting goods.

E-20

Imports

The following table sets forth Indonesia’s imports by major commodity groups for the periods indicated.

Imports by Sector⁽¹⁾


	Year Ended December 31,		Three Months Ended March 31,
	2020^P		2020^P		2021^P
	(in thousands of U.S. dollars)
General Merchandise		140,245,219		38,736,860		42,995,662
Consumption Goods
Food and beverages, primary, mainly for household		2,311,232		323,722		471,954
Food and beverages, processed, mainly for household		3,123,868		696,798		790,734
Passenger motor cars		305,712		117,641		83,709
Transport equipment, nonindustrial		202,426		46,626		49,938
Durable consumer goods		1,777,178		445,456		532,287
Semi-durable consumer goods		3,198,551		845,710		861,799
Non-durable consumer goods		2,608,670		696,017		1,106,765
Fuels and lubricants, processed, oil products⁽²⁾		3,666,469		1,263,271		1,407,833
Goods not elsewhere specified		781,049		311,893		107,699

Total Consumption Goods		17,975,155		4,747,134		5,412,718

Raw materials and auxiliary goods
Food and beverages, primary, mainly for industry		5,006,804		1,448,384		1,521,473
Food and beverages, processed, mainly for industry		3,763,531		931,973		1,320,039
Industrial supplies, primary		4,545,622		1,132,309		1,398,531
Industrial supplies, processed		48,763,004		13,578,991		15,580,687
Parts and accessories for capital goods		17,749,286		4,582,805		5,038,574
Parts and accessories for transport equipment		5,800,391		1,915,330		1,720,737
Fuels and lubricants, primary		4,459,708		1,790,877		1,772,456
o/w Crude oil⁽²⁾		3,557,106		1,553,478		1,450,389
Fuels and lubricants, processed		7,772,769		2,443,433		2,526,834
o/w Oil products⁽²⁾		4,533,505		1,472,252		1,436,624
o/w Liquefied Petroleum Gas⁽²⁾		2,809,927		881,795		963,820

Total Raw materials and auxiliary goods		97,861,114		27,824,102		30,879,332

Capital Goods
Capital goods (except transport equipment)		21,970,509		5,430,573		5,782,210
Passenger motor cars		305,712		117,641		83,709
Other transport equipment, industrial		1,714,339		469,566		731,017

Total Capital Goods		23,990,560		6,017,779		6,596,937

Other merchandise⁽³⁾		418,390		147,845		106,676
Other goods⁽⁴⁾		1,901,635		407,927		591,523

Total		142,146,854		39,144,787		43,587,186

E-21

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Data collected on a cost, insurance and freight basis.

⁽²⁾	As a component of oil and gas imports.

⁽³⁾	Consists of goods procured in ports by carriers.

⁽⁴⁾	Consists of nonmonetary gold.

The following table sets forth Indonesia’s imports by country of origin for the periods indicated.

Imports by Place of Origin⁽¹⁾


	Year Ended December 31,		Three Months Ended March 31,
	2020^P		2020^P		2021^P
			(in thousands of U.S. dollars)
America
North America
United States of America		8,417,952		2,029,839		2,307,340
Canada		1,623,021		386,475		459,439
Other North America		1		0		0

Total North America		10,040,973		2,416,315		2,766,779

Central and South America
Argentina		1,740,897		699,543		440,661
Brazil		2,275,776		414,532		744,824
Mexico		238,295		64,477		58,645
Other Central and South America		500,835		125,173		127,170
Total Central and South America		4,755,804		1,303,725		1,371,300

Total America		14,796,777		3,720,040		4,138,079

Europe
European Union
Netherlands		820,167		222,715		203,788
Belgium		513,385		139,679		111,006
United Kingdom		984,941		241,765		226,358
Italy		1,521,690		402,584		449,412
Germany		2,939,619		781,109		669,681
France		1,420,698		352,320		313,124
Spain		440,412		118,257		116,106
Other European Union		2,412,368		606,610		492,622

Total European Union		11,053,278		2,865,039		2,582,097

Russia		843,722		235,146		217,150
Turkey		273,981		81,699		76,116
Other Europe		2,317,252		605,834		365,487

Total Europe		14,488,232		3,787,719		3,240,850

E-22


	Year Ended December 31,		Three Months Ended March 31,
	2020^P		2020^P		2021^P
			(in thousands of U.S. dollars)
Asia and Middle East
ASEAN
Brunei Darussalam		71,940		38,827		39,382
Philippines		556,337		176,101		292,139
Cambodia		44,258		15,487		13,883
PDR Laos		42,290		15,957		8,428
Malaysia		6,992,397		1,872,764		2,086,555
Myanmar		187,175		61,475		51,688
Singapore		13,895,102		4,086,720		4,264,343
Thailand		6,289,009		2,181,287		1,981,556
Vietnam	��	2,983,247		916,671		1,067,373

Total ASEAN		31,061,756		9,365,288		9,805,348

Hong Kong SAR		4,015,843		1,085,971		1,272,889
India		3,595,103		936,002		1,583,594
Iraq		301		12		21
Japan		11,001,764		3,686,279		3,238,004
South Korea		7,063,543		2,021,574		2,423,393
Pakistan		196,596		67,556		80,293
People’s Republic of China		38,202,228		8,793,741		11,513,507
Saudi Arabia		2,559,806		772,186		926,014
Taiwan		3,610,972		1,006,840		953,254
Other Asia and Middle East		3,791,845		1,210,418		1,188,159

Total Asia and Middle East		105,099,757		28,945,866		32,984,475

Australia and Oceania
Australia		4,499,423		1,381,683		1,995,725
New Zealand		750,076		183,243		213,852
Other Australia and Oceania		167,923		26,069		5,098

Total Australia and Oceania		5,417,421		1,590,995		2,214,675

Africa
South Africa		258,480		50,293		127,085
Other Africa		1,667,797		902,029		775,347

Total Africa		1,926,277		952,322		902,431

Unclassified imports⁽²⁾		418,390		147,845		106,676

Total		142,146,854		39,144,787		43,587,186

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Data collected on a cost, insurance and freight basis.

⁽²⁾	Consists of goods procured in ports by carriers.

E-23

Balance of Payments

The following table sets forth the Republic’s balance of payments for the periods indicated.


	Year Ended December 31,			Three Months Ended March 31,
	2020^P			2020^P			2021^P
				(in millions of U.S. dollars)
Current account		(4,341	)		(3,426	)		(997	)
Goods⁽²⁾		28,214			4,507			7,911
Total exports (f.o.b.)		163,355			41,737			49,370
Non-oil and gas exports		154,875			39,429			46,360
Oil and gas exports		8,480			2,308			3,009
Total imports (f.o.b.)		(135,141	)		(37,231	)		(41,458	)
Non-oil and gas imports		(121,275	)		(32,306	)		(36,463	)
Oil and gas imports		(13,867	)		(4,925	)		(4,995	)
Services		(9,596	)		(1,719	)		(3,422	)
Primary income		(28,891	)		(7,905	)		(6,917	)
Secondary income		5,932			1,692			1,431
Capital account		37			1			2
Financial account⁽⁴⁾		7,608			(3,025	)		5,560
(i) Public sector		3,413			(8,478	)		998
Portfolio investment		1,424			(8,138	)		1,528
Assets		—			—			—
Liabilities		1,424			(8,138	)		1,528
Other investment		1,989			(341	)		(530	)
Assets		—			—			—
Liabilities		1,989			(341	)		(530	)
Loans		1,989			(341	)		(530	)
Drawings		8,166			817			760
Repayments		(6,177	)		(1,158	)		(1,290	)
Other liabilities		—			—			—
(ii) Private sector		4,195			5,453			4,561
Direct investment		13,650			4,288			4,147
Assets		(5,035	)		(702	)		(982	)
Liabilities		18,685			4,990			5,128
Portfolio investment		1,944			1,794			3,374
Assets		(1,199	)		(88	)		(323	)
Liabilities		3,143			1,883			3,696
Financial derivatives		18			(326	)		110
Other investment		(11,417	)		(303	)		(3,069	)
Assets		(11,885	)		(4,182	)		(2,705	)
Liabilities		468			3,879			(364	)
Errors and omissions		(706	)		(2,095	)		(501	)
Overall balance		2,597			(8,545	)		4,065
Reserves and related items		(2,597	)		8,545			(4,065	)
Memorandum⁽³⁾
Reserve asset position		135,897			120,969			137,095

Source: Bank Indonesia

^P	Preliminary.

(1)

Bank Indonesia uses (+) and (-) signs in its published data to follow BPM5 whereby (+) means inflow and (-) means outflow. In financial account, (+) denotes increase in liabilities or decrease in assets, while (-) represents increase in assets or decrease in liabilities. The table above has been adjusted to align with the formatting hereof.

E-24

(2)	The calculation of export and import figures included in the balance of payments data compiled by Bank Indonesia differs in coverage and timing from the data on export/import trade compiled by BPS.

(3)	Presents the position of reserve assets at the end of period. A surplus/deficit in the overall balance of payments during a reporting period will increase/decrease the outstanding amount of reserve assets at the end of that period.

In 2020, the current account deficit decreased considerably to U.S.$4.3 billion compared to a U.S.$30.3 billion deficit in 2019. The lower current account deficit was primarily due to higher goods trade surplus and lower primary income deficit. The higher goods trade surplus in 2020 was driven by rapid growth of the non-oil and gas trade surplus coupled with a narrower oil and gas trade deficit. In addition, lower primary income deficit in line with the ongoing Covid-19 pandemic coupled with exceptional global financial market uncertainty, which fed through to deteriorating corporate performance and lower foreign capital inflows in the form of direct investment, portfolio investment and other investment. On the other hand, the services trade deficit recorded a wider deficit which was primarily caused by reduction in the travel services trade surplus due to a precipitous decline of international and domestic travelers caused by closed borders and mobility restrictions to prevent Covid-19 transmission.

The capital and financial account surplus decreased to U.S.$7.6 billion in 2020 compared to a U.S.$36.6 billion surplus in 2019, primarily due to a net outflow of portfolio investment at the beginning of the year in response to global financial market panic stoked by rapid Covid-19 transmission around the world.

Indonesia’s overall balance of payments in 2020 recorded a surplus of U.S.$2.6 billion, accompanied by a higher position of reserve assets from U.S.$129.2 billion at the end of 2019 to U.S.$135.9 billion at the end of 2020.

After recording a deficit of U.S.$3.4 billion in the first quarter of 2020, the current account recorded a smaller deficit of U.S.$1.0 billion in the first quarter of 2021. The reduced deficit was primarily supported by a goods trade surplus due to stronger exports in line with increasing demand in Indonesia’s main trading partners and rising global commodities prices. The primary income account also recorded a narrower deficit from the same quarter in the prior year due to declining dividend payments of direct investment. On the other hand, the services trade balance deficit increased, mainly due to a lower surplus in travel as a result of a declining number of international travelers visiting Indonesia during the Covid-19 pandemic.

The capital and financial account recorded a surplus of U.S.$5.6 billion in the first quarter of 2021, after experiencing deficit of U.S.$3.0 billion in the same period of 2020, primarily supported by portfolio investment. Foreign capital inflows in portfolio investment continued to increase in line with positive investor perceptions of domestic economic outlook amidst ongoing global financial market uncertainty.

Indonesia’s overall balance of payments in the first quarter of 2021 recorded a surplus of U.S.$4.1 billion, accompanied by official reserve assets of U.S.$137.1 billion as of March 31, 2021, an increase from U.S.$121.0 billion as of March 31, 2020.

Financial System

The Banking System

As of March 31, 2021, total banking assets were Rp9,448.3 trillion, consisting of commercial bank assets of Rp9,276.4 trillion and rural bank assets (including assets of sharia rural banks) of Rp171.8 trillion.

Islamic Financial System

As of March 31, 2021, of the 90 underwriters licensed by OJK, only 26 were involved in issuances of Sukuk, and only 62 of the 98 investment managers (including one sharia investment manager fully managing Sharia funds) were licensed by OJK.

E-25

As of March 31, 2021, assets of Sharia banks were Rp408.1 trillion, or 4.4% of Indonesia’s total banking assets.

Bank Indonesia

The following table sets forth the balance sheet of Bank Indonesia and was prepared in accordance with the Monetary and Financial Statistics Manual published by the IMF, as of the dates indicated.

Analytical Balance Sheet of Bank Indonesia


	As of December 31,			As of June 30,
	2020^P			2021^P
Base Money (M0)		1,147,200			1,069,791
Currency in Circulation⁽¹⁾		898,870			832,385
Commercial Banks Demand Deposits at Bank Indonesia		246,807			235,722
Private sector Demand Deposits		1,523			1,685
Bank Indonesia Certificates (“SBI”)⁽²⁾		—			—
Factors Affecting Base Money (M0)		1,147,200			1,069,791
Net Foreign Assets		1,877,480			1,955,082
Claims on Non-Residents		1,997,927			2,076,179
Liabilities to Non-Resident		(120,447	)		(121,097	)
Claims on Other Depository Corporations		56			56
Liquidity Credits		56			56
Other Claims		—			—
Net claims on central Government		(191,278	)		(318,697	)
Claims on central Government		124,326			115,585
Liabilities to central Government		(315,605	)		(434,281	)
Claims on Other Sectors		9,805			9,813
Claims on Other Financial Institutions		—			—
Claims on Private Sectors		9,805			9,813
Open Market Operations⁽³⁾		(15,312	)		1,955
Other Liabilities to Commercial & Rural Banks		(58,222	)		(83,094	)
Deposits included in Broad Money (M2)		—			—
Deposits excluded from Broad Money (M2)		—			—
Shares and Other Equity		(447,681	)		(442,926	)
Net Other items		(27,649	)		(52,398	)

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Currency outside banks plus cash in vault.

⁽²⁾

SBI which is used to fulfil the secondary statutory reserve requirement of banks and accounted for as primary money supply components. Included in base money from October 2009 to June 2018. Starting from July 2018 SBI is not accounted as component of primary money supply, due to changes in the reserve requirement regulation.

⁽³⁾

Consists of total SBI after it is reduced by the SBI used to fulfil the secondary statutory reserve requirement of banks, and is accounted for as a primary money supply component (see footnote 2). Such SBI types include: Syariah SBI, Third Party Syariah SBI, Bank Indonesia Facility, Fine Tune Operation, Government Bonds, State Syariah Negotiable Paper, and Reserve Reverse Repo Government Bonds.

E-26

Banks and Other Financial Institutions

The following table sets forth the total number of financial institutions in operation and their share of total assets of the financial system as of the date indicated.

Indonesian Financial Institutions as of March 31, 2021


	Number of institutions			Assets*			Percentage of total assets
				(in trillions of Rupiah)			(%)
Banking:
Commercial banks		107			9,276.4			74.5
Rural credit banks⁽¹⁾		1,661			171.8			1.4

Total banking		1,768			9,448.3			75.9

Insurance:
Life insurance		59			585.6			4.7
General insurance & Reinsurance		84			217.9			1.6
Social insurance⁽²⁾		5			691.6			5.6

Total insurance		148			1,495.1			12.0

Pension funds:
Financial institution pension funds		24			110.0			0.9
Employer pension funds		194			205.7			1.7

Total pension funds		218			315.7			2.5

Finance companies⁽³⁾		173			440.1			3.5
Venture capital companies		61			21.7			0.2
Securities companies		124	⁽⁴⁾		60.7	⁽⁵⁾		0.5
Mutual funds (collective investment schemes, not institutions)		2,227			565.9			4.5
Credit guarantee companies		22			32.8			0.3
Pawn shops		98			73.5			0.6

Total		47			12,453.7			100.0

Sources: OJK

*	Unaudited.

⁽¹⁾	Including sharia rural banks.

⁽²⁾	Social insurance encompasses traffic and public transportation, health social security programs, worker social security programs and insurance for civil servants and the armed forces.

⁽³⁾	Finance companies provide investment financing, working capital financing, multipurpose financing, sharia financing and other financing based on OJK approval.

⁽⁴⁾	Includes 26 securities companies that are not members of a securities exchange but act as broker-dealers.

⁽⁵⁾	Only assets of securities companies as members of a securities exchange.

E-27

Bank Assets and Liabilities

The following table sets forth the consolidated balance sheets of the commercial banks as of the dates indicated.

Consolidated Balance Sheet of Commercial Banks


	As of December 31,		As of March 31,
	2020^P		2021^P
	(in trillions of Rupiah)
Assets
Loans		5,547.6		5,556.0
Interbank Assets		252.8		245.9
Placements at Bank Indonesia		775.4		787.1
Securities (including Government Bonds)		1,466.9		1,589.2
Equity Participation		55.0		60.5
Other Claims		656.5		689.3
Others		423.6		348.4
Total Assets		9,177.8		9,276.4
Liabilities
Third Party Funds		6,665.4		6,804.6
Liabilities owed to Bank Indonesia		6.0		6.7
Interbank Liabilities		176.7		166.3
Securities		125.1		121.5
Borrowing		270.0		253.7
Other Liabilities		135.0		102.6
Guarantee Deposits		4.4		3.3
Others		526.2		526.2
Capital:
Paid in Capital		229.6		244.3
Reserves		73.7		76.7
Current Earnings/Loss		104.7		33.0
Retained Earnings/Loss		612.6		662.6
Estimates of Additional Paid in Capital		192.2		181.0
Others		56.2		63.7
Total Liabilities		9,177.8		9,276.4

Source: OJK.

^P	Preliminary.

The following table shows the average capital adequacy ratio of the banking system as of the dates indicated:

Average Capital Adequacy Ratios


	As of December 31,		As of March 31,
	2020^P		2021^P
	(percentages)
CAR		23.8		24.2

Source: OJK

^P	Preliminary.

E-28

Non-Performing Loans

The following table shows the gross NPL ratios as of the dates indicated.

Non-Performing Loans Ratios


	As of December 31,		As of March 31,
	2020^P		2021^P
	(percentages)
Gross NPL ratio		3.1		3.2

Source: OJK

^P	Preliminary.

Capital Markets and Capital Markets Regulation

The following table sets forth key indicators regarding the IDX and any securities traded on the IDX as of and for the five months ended May 31, 2021.

Indonesian Stock Exchange


	IDX
Market capitalization (in trillions of Rupiah)		7,038.7
Listed shares (in billions of shares)		6,385.9
Average daily transaction value (in billions of Rupiah)⁽¹⁾		13,676.8
Average daily transaction volume (in millions of shares)⁽¹⁾		18,304.9

Source: IDX

⁽¹⁾	For the five months ended May 31, 2021.

The IDX, a self-regulatory body, has two indices based on Sharia stock, the Jakarta Islamic Index (“JII”), and the Indonesia Sharia Stock Index (“ISSI”).

The JII is a stock market index established on the Indonesian Stock Exchange. The JII was launched in 2000 and consists of the 30 largest Sharia-compliant listings by market capitalization and average liquidity in the regular market. As of May 31, 2021, the market capitalization of the JII was Rp1,856.13 trillion.

The IDX launched the Indonesia Sharia Stock Index, or ISSI on May 12, 2011. The ISSI is comprised of 436 Sharia stocks which are listed on the IDX as of May 31, 2021. As of May 31, 2021, the market capitalization of the ISSI was Rp3,399.63 trillion.

Monetary Policy

Bank Indonesia has continued and strengthened its policy mix since the outbreak of the Covid-19 pandemic to support the national economic recovery and maintain financial system stability. Bank Indonesia directs all of its policy mix instruments - monetary, macroprudential, and payment systems - to support the national economic recovery, in close coordination with the Government and the Financial System Stability Committee.

E-29

In April 2021, Bank Indonesia maintained the BI Repo Rate at 3.50% and maintained the deposit facility rate at 2.75% and lending facility rate at 4.25%. The decision is consistent with the need to maintain Rupiah exchange rate stability amidst elevated global financial market uncertainty despite projected low inflation. Supporting the national economic recovery effort, Bank Indonesia has optimized its accommodating monetary and macroprudential policy mix and accelerated payment system digitalization. Bank Indonesia maintained an accommodative macroprudential policy by holding the countercyclical capital buffer at 0%, the macroprudential liquidity buffer at 6% with repo flexibility at 6%, as well as the sharia macroprudential liquidity buffer at 4.5% with repo flexibility also at 4.5%. Furthermore, in order to accelerate monetary policy transmission to lending rates in the banking industry and stimulate lending and financing to the corporate sector, Bank Indonesia strengthened prime lending rate transparency in the banking industry, while coordinating with the Government and other relevant authorities.

In May 2021, Bank Indonesia maintained the BI Repo Rate at 3.50% and maintained the deposit facility rate at 2.75% and lending facility rate at 4.25%. The decision is consistent with projected low inflation and efforts to maintain Rupiah exchange rate stability, while accelerating national economic recovery. Bank Indonesia continues to optimize the accommodative monetary and macroprudential policy mix, while accelerating payment system digitalization in Indonesia to strengthen the national economic recovery. Bank Indonesia maintained prime lending rate transparency in the banking industry with an emphasis on prime lending rate components, including the cost of funds, overhead costs and profit margin, and addressed the interest-rate rigidity affecting new loans. Bank Indonesia also lowered the upper limit on credit card interest rates from 2% to 1.75% per month to support interest rate policy transmission and cashless transaction efficiency, effective from July 1, 2021. Additionally, Bank Indonesia also strengthened the accommodative macroprudential policy stance by refining the MSME credit ratio into the macroprudential inclusive financing ratio by expanding the scope of bank partners to disburse inclusive financing as well as through inclusive financing securitization and other business models, amongst others. Other recent monetary policy decisions include expanding money market deepening efforts by accelerating the establishment of a central counterparty as well as standardizing repo transactions for clearing via the central counterparty, promoting trade and investment as well as continuing to socialize the use of local currency settlement in conjunction with other relevant institutions.

In June 2021, Bank Indonesia maintained the BI Repo Rate at 3.50% and maintained the deposit facility rate at 2.75% and lending facility rate at 4.25%. The decision is consistent with projected low inflation and efforts to maintain Rupiah exchange rate stability, while boosting the economic recovery. Bank Indonesia continues to optimize the accommodative monetary and macroprudential policy mix and accelerate payment system digitalization in Indonesia to support the national economic recovery. Bank Indonesia strengthened prime lending rate transparency in the banking industry with an emphasis on suppressing higher interest rates on new loans, the affecting factors (increasing risk perception and profit margin) as well as prime lending rate analysis at individual banks. Bank Indonesia also extended the policy of lower late payment penalties on credit cards at 1% of the outstanding balance, or a maximum of Rp100,000, until December 31, 2021, to encourage the use of credit cards as a private consumption buffer to support the national economic recovery. Other recent monetary policy decisions include accelerating the money market deepening program by strengthening the corresponding regulatory framework and implementing the Multi-Matching Electronic Trading Platform (ETP), specifically targeting the Rupiah money market and foreign exchange market.

To stimulate national economic recovery and maintain financial system stability, Bank Indonesia introduced monetary stimuli in the form of quantitative easing. Beginning in 2020, Bank Indonesia has injected liquidity through quantitative easing to the banking industry totaling Rp820.61 trillion (5.30% of GDP), consisting of Rp726.57 trillion in 2020 and Rp94.03 trillion in 2021 (as of June 15, 2021).

E-30

Synergy between monetary expansion and fiscal stimuli has been strengthened through government securities purchases by Bank Indonesia in the primary market. After making purchases in the primary market totaling Rp473.42 trillion to fund the 2020 State Budget, Bank Indonesia continues to purchase government securities in the primary market to help fund the 2021 State Budget through mechanisms pursuant to the Joint Decree issued by the Minister of Finance and Governor of Bank Indonesia on April 16, 2020, which was subsequently extended on December 11, 2020 until December 31, 2021. As of June 15, 2021, Bank Indonesia has purchased government securities in the primary market totaling Rp116.26 trillion, consisting of Rp40.80 trillion through primary auction and Rp75.46 trillion through greenshoe options.

Money Supply

The following table sets forth the money supply as of the periods indicated.

Money Supply


			Money
End of period	Base money		Currency		Demand deposits		Total^M1		Quasi- money		Securities other than shares		Total^M2
	(in billions of Rupiah)
2020^P		1,147,200		760,045		1,095,580		1,855,625		5,021,205		23,220		6,900,049
2021 (As of May 31)^P		1,092,435		743,655		1,118,233		1,861,887		5,114,819		18,165		6,994,871

Source: Bank Indonesia

^P	Preliminary.

M1	Narrow Money.

M2	Broad Money.


	Factors affecting money supply
End of period	Foreign assets (net)		Claims on central Government (net)⁽¹⁾		Claims on business sectors		Other items (net)⁽²⁾
	(in billions of Rupiah)
2020^P		1,711,188		818,727		5,126,988		707,246
2021 (As of May 31)^P		1,765,829		765,259		5,147,117		792,210

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Claims on the Government include net of the Government’s deposits with the banking system.

⁽²⁾	Includes capital accounts, tradeable government bonds held by central bank and inter-system accounts.

As of December 31, 2020, broad money experienced faster growth on the back of narrow money and quasi-money. Totaling Rp6,900.0 trillion, broad money growth accelerated to 12.4% (year on year) compared to 6.5% (year on year) growth as of the end of the previous year. Narrow money growth increased to 18.5% (year on year) compared to 7.4% (year on year) as of the end of the previous year, in line with increases recorded in terms of currency outside banks and Rupiah demand deposits. Quasi-money growth increased to 10.5% (year on year), compared to the 6.1% (year on year) at the end of the previous year, due to increases in all components, namely time deposits, saving deposits and foreign currency demand deposits.

As of May 31, 2021, broad money grew by 8,1% (year on year) compared to 10.4% (year on year) as of the same date in the previous year, resulting from slower growth in quasi money. Quasi-money growth decreased to 6.8% (year on year) compared to 10.5% (year on year) at the same date in the previous year, mainly due to a decrease in all its components, namely time deposits, saving deposits and foreign currency demand deposits. Meanwhile, narrow money growth increased to 12.6% (year on year) as of May 31, 2021 compared to 9.7% (year on year) as of the same date in the previous year, due to faster growth in currency outside banks.

E-31

Government Budget

Fiscal Policy

The following table sets forth Government revenues and expenditures for the periods indicated.

Government Revenues and Expenditures


	Year Ended December 31,						Six Months Ended June 30,
	2020^L			2021^B			2020			2021^P
	(in trillions of Rupiah)
Revenues and grants:
Domestic revenues
Tax revenues		1,285.1			1,444.5			625.0			680.0
Non-tax revenue		343.8			298.2			185.7			206.9
Total domestic revenues		1,629.0			1,742.7			810.7			886.9
Grants		18.8			0.9			1.9			0.02

Total revenues and grants		1,647.8			1,743.6			812.6			886.9

Expenditures:
Central government expenditures		1,833.0			1,954.5			668.8			796.3
Transfer to regions and rural fund		762.5			795.5			400.9			373.9

Total expenditures		2,595.5			2,750.0			1,069.7			1,170.1

Primary balance⁽¹⁾		(633.6	)		(633.1	)		(99.6	)		(116.3	)
Surplus/(deficit)		(947.7	)		(1,006.4	)		(257.2	)		(283.2	)

Financing:⁽²⁾
Debt Financing		1,229.6			1,177.4			421.4			443.0
Investment Financing		(104.7	)		(184.5	)		(6.0	)		(25.6	)
On-Lending		1.0			0.4			1.0			1.6
Government Guarantee		(3.6	)		(2.7	)		(0.4	)		0.0
Other Financing		70.9			15.8			0.2			0.1

Total Financing		1,193.3			1,006.4			416.2			419.2

Source: Ministry of Finance

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

⁽¹⁾	Primary balance represents revenues minus expenditures excluding interest expenditures.

⁽²⁾	In 2020, total financing of Rp1,193.3 trillion exceeded the 2020 deficit of Rp947.7 trillion and the Government added the difference of Rp245.6 trillion to its reserves.

2021 Budget

For the six months ended June 30, 2021, the realization of total Government revenues (including grants) for 2021 was Rp886.9 trillion, or 50.9% of the targeted amount set out in the 2021 Budget. Total Government revenues consisted of Rp680.0 trillion in tax revenues, Rp206.9 trillion in non-tax revenues and Rp0.02 trillion in grants. Total Government expenditures realization amounted to Rp1,170.1 trillion, or 42.5% of the projected expenditures in the 2021 Budget. Total expenditures consisted of Rp796.3 trillion in central Government expenditure and Rp373.9 trillion in transfers to regions and rural funds. Primary balance realization amounted to Rp(116.3) trillion, deficit realization was Rp283.2 trillion and financing realization amounted to Rp419.2 million.

E-32

Realization of 2020 Budget

The key macroeconomic results for 2020, as compared with the key macroeconomic assumptions underlying the revised 2020 Budget, are as follows:

•

an economic growth rate of minus 2.1%, compared to 0.5% in the 2020 Revised Budget;

•

an inflation rate of 1.7%, compared to 3.0% in the 2020 Revised Budget;

•

a three-month Indonesian treasury bills yield of 3.2%, compared to 4.5% in the 2020 Revised Budget;

•

an exchange rate of Rp14,577 to U.S.$1, compared to Rp15,300 to U.S.$1 in the 2020 Revised Budget;

•

an ICP of U.S.$40.4 per barrel, compared to ICP of U.S.$33.0 per barrel in the 2020 Revised Budget;

•

an oil production by the Republic of 707 thousand barrels of oil per day, compared with 705 thousand barrels of oil per day in the 2020 Revised Budget; and

•

gas production by the Republic of 983 million barrels of oil equivalent of gas per day, compared to 992 million barrels of oil equivalent of gas per day in the 2020 revised Budget.

The realization of total Government revenues (including grants) for 2020 was Rp1,647.8 trillion, or 96.9% of the targeted amount set out in the 2020 Revised Budget, primarily driven by lower domestic tax revenues. Total Government revenues consisted of Rp1,285.1 trillion in tax revenue and Rp343.8 trillion in non-tax revenues. During 2020, total Government expenditures realization amounted to Rp2,595.5 trillion, or 94.8% of the projected expenditures in the 2020 Revised Budget. Total expenditures consisted of Rp1,833.0 trillion in central Government expenditure and Rp762.5 trillion in transfers to regions and rural funds. The total Government expenditures realization for 2020, as a percentage of the projected expenditures in the 2020 Revised Budget, was better than the corresponding performance in 2019. The better realization for 2020 was mainly driven by the higher realization of social assistance which reached Rp202.5 trillion or 116.1% of the 2020 Revised Budget, mainly due to the expansion of the distribution of social assistance to the community in the context of dealing with the impact of the Covid-19 pandemic.

E-33

Government Finances

The following table sets forth information regarding the revenues and expenditures of the Government for the periods indicated.

Government Revenues

The following table sets forth Government revenues by category for the periods indicated.

Government Revenues


	Year Ended December 31,				Six Months Ended June 30,
	2020^L		2021^B		2020		2021^P
	(in trillions of Rupiah)
Domestic revenues:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		33.0		45.8		18.1		22.3
Non-oil and gas		561.0		638.0		312.3		303.2

Total income tax		594.0		683.8		330.3		325.5
Value added tax (VAT)		450.3		518.5		189.5		217.7
Land and building tax		21.0		14.8		9.1		10.0
Excises		176.3		180.0		75.4		91.3
Other taxes		6.8		12.4		2.8		4.6

Total domestic taxes		1,248.4		1,409.6		607.2		649.1
International trade taxes:
Import duties		32.4		33.2		16.5		17.7
Export tax		4.3		1.8		1.3		13.2

Total international trade taxes		36.7		35.0		17.8		30.9

Total tax revenues		1,285.1		1,444.5		625.0		680.0

Non-tax revenues:
Natural resources:
Oil		44.9		57.9		28.0		33.3
Gas		24.2		17.1		13.7		6.6

Total oil and gas		69.1		75.0		41.7		39.9
General mining		21.2		22.1		10.2		16.5
Forestry		4.4		4.6		1.6		2.2
Fishery		0.6		1.0		0.3		0.3
Geothermal		2.0		1.4		0.7		0.8

Total non-oil and gas		28.1		29.1		12.8		19.8

Total natural resources		97.2		104.1		54.5		59.7
Profit transfer from SOEs		66.1		26.1		46.2		15.9
Other non-tax revenues		111.2		109.2		54.4		70.9
Public Service Agency (BLU) Income⁽¹⁾		69.3		58.8		30.6		60.3

Total non-tax revenues		343.8		298.2		185.7		206.9

Total domestic revenues		1,629.0		1,742.7		810.7		886.9

Grants		18.8		0.9		1.9		0.0
Total revenues and grants		1,647.8		1,743.6		812.6		886.9

E-34

Source: Ministry of Finance

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

⁽¹⁾	Includes Government’s share of Bank Indonesia’s profits representing amounts in excess of Bank Indonesia’s capital ratio requirements, which excess amounts are transferred to the central Government to be used for repayments of certain central Government obligations to Bank Indonesia.

Government revenues decreased by 16.0% from Rp1,960.6 trillion in 2019 to Rp1,647.8 trillion in 2020, caused by reduced economic activities due to the Covid-19 pandemic and provision of tax incentives. By the end of 2020, total tax revenues decreased by 16.9% from Rp1,546.1 trillion in 2019 to Rp1,285.1 trillion in 2020, mainly driven by decreases in almost all tax revenues. Total non-tax revenues decreased by 15.9% from Rp409.0 trillion in 2019 to Rp343.8 trillion in 2020. This was mainly due to a decrease in the average price of Indonesian crude oil, measured by the ICP, and a decrease in oil and gas lifting, compared to 2019.

Government revenues increased by 9.1% from Rp812.6 trillion in the six months ended June 30, 2020 to Rp886.9 trillion in the six months ended June 30, 2021, caused by increases in tax revenues. From the six months ended June 30, 2020 to the six months ended June 30, 2021, total tax revenues increased by 8.8% from Rp625.0 trillion to Rp680.0 trillion, primarily due to the recovery of economic activity and the increase in commodity prices which encourage production, consumption and international trade activities, and total non-tax revenue increased by 11.4% from Rp185.7 trillion to Rp206.9 trillion, primarily due to the increasing average crude oil prices and commodity prices since the beginning of 2021.

The tax ratio, which is calculated by taking tax revenue and non-tax revenue from oil, gas and general mining over gross domestic product, was 8.9% in 2020.

E-35

Government Expenditures

The following table sets forth the expenditures of the Government for the periods indicated.

Government Expenditures


	Year Ended December 31,				Six Months Ended June 30,
	2020^L		2021^B		2020		2021^P
	(in trillions of Rupiah)
Central Government expenditures:
Personnel expenditures		380.5		421.1		192.1		210.5
Good and services expenditures		422.3		362.5		99.7		178.5
Capital expenditures		190.9		246.8		37.7		71.6
Interest payments:
Domestic debt		297.2		355.1		148.0		161.2
Foreign debt		16.9		18.2		9.6		5.7
Total interest payments		314.1		373.3		157.6		166.9
Subsidies:
Energy subsidies		97.4		110.5		48.3		59.5
Non-energy subsidies		98.8		64.8		22.5		20.4
Total subsidies		196.2		175.4		70.8		79.9
Grant expenditures		6.3		6.8		0.7		0.4
Social assistance⁽¹⁾		202.5		161.4		99.4		76.0
Other expenditures		120.0		207.3		10.9		12.4

Total central Government expenditures		1,833.0		1,954.5		668.8		796.3

Transfers to Regions and Rural Fund
Transfer to Regions
Balanced funds:
General transfer funds:
Revenue sharing funds		93.9		102.0		41.6		44.4
General allocation funds		381.6		390.3		226.5		206.4
Total general transfer funds		475.5		492.3		268.1		250.8
Specific allocation funds:
Physical special allocation fund		50.2		65.2		5.3		4.8
Non-physical special allocation fund		126.4		131.2		71.9		77.3
Total specific allocation funds		176.6		196.4		77.2		82.2
Total balanced funds		652.1		688.7		345.3		333.0
Regional incentive fund		18.5		13.5		8.5		6.8
Specific autonomy funds⁽²⁾		19.6		20.0		5.9		5.8
Specific Fund for Special Region of Yogyakarta		1.3		1.3		1.1		1.1
Total Transfer to Regions		691.4		723.5		360.7		346.6
Rural Fund		71.1		72.0		40.2		27.2

Total transfers to regions and Rural Fund		762.5		795.5		400.9		373.9

Total Government expenditures		2,595.5		2,750.0		1,069.7		1,170.1

E-36

Source: Ministry of Finance

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

⁽¹⁾	Consists of Social Assistance from Ministries/Agencies Spending and Social Assistance for Disaster Relief.

⁽²⁾	Consists of specific autonomy fund and additional specific infrastructure autonomy fund for Papua and West Papua Provinces.

Fuel Prices and Subsidies

The table below sets forth the amount of subsidies for the periods indicated.

Year Ended
December 31,

Six Months Ended
June 30,

2020^L

2021^B

2020

2021^P

(in trillions of Rupiah)

Subsidies:

Energy subsidies

97.4

110.5

48.3

59.5

Non-energy subsidies

98.8

64.8

22.5

20.4

Total subsidies

196.2

175.4

70.8

79.9

Source: Ministry of Finance

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

Government Expenditure Allocation

The following table sets forth, by percentage, the allocation of central Government expenditures by function for the periods indicated.

Allocation of Central Government Expenditures by Function


	Year Ended December 31,
	2020^L		2021^B
	(percentages)
General public services		29.3		26.9
Defense		7.5		7.0
Public order and safety		8.4		8.5
Economic affairs		21.8		26.2
Environmental protection		0.7		0.9
Housing and community amenities		1.2		1.7
Health		5.7		5.7
Tourism and culture		0.2		0.3
Religion		0.5		0.6
Education		8.5		9.0
Social protection		16.1		13.3
Total		100.0		100.0

Source: Ministry of Finance

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

E-37

The table below sets forth certain Government budget expenditures for priority sectors for the periods indicated.


	Year Ended December 31,
	2020^U		2021^B
	(in trillions of Rupiah)
Education		473.7		550.0
Infrastructure		286.5		417.4
Energy Subsidy		108.8		110.5
Health		178.5		169.7

Source: Ministry of Finance

^U	LKPP (Financial Report of Central Government/Unaudited).

Budget.

Deficit Financing

The following table sets forth, by amount, information on deficit financing for the periods indicated.

Deficit Financing


	Year Ended December 31,						Six Months Ended June 30,
	2020^L			2021^B			2020			2021^P
	(in trillions of Rupiah)
Debt financing
Government securities (net)		1,177.2			1,207.3			430.4			464.0
Loans
Domestic loans (net)		2.4			1.0			(0.4	)		(0.3	)
Foreign loans:
Gross drawings:
Program loan		102.3			21.9			26.6			16.4
Project loan		38.9			29.5			9.8			6.0
Total gross drawing		141.1			51.4			36.4			22.5
Amortization		(91.0	)		(82.3	)		(45.0	)		(43.1	)
Total foreign loan (net)		50.1			(30.9	)		(8.6	)		(20.7	)
Total loans (net)		52.5			(29.9	)		(9.0	)		(20.9	)

Total debt financing		1,229.6			1,177.4			421.4			443.0

Investment financing
Investment to SOEs		(31.3	)		(37.4	)		0.0			0.0
Investment to other institutions		(25.0	)		(5.0	)		0.0			0.0
Investment to public service agencies		(31.3	)		(60.7	)		(6.0	)		(15.6	)
Investment in financial organisations/institutions		(0.7	)		(0.9	)		0.0			0.0
Revenue of investment		22.0			—			0.0			—
Government’s Investments		(38.4	)		(10.0	)		0.0			(10.0	)
Others investment financing		—			(70.4	)		0.0			0.0

Total investment financing		(104.7	)		(184.5	)		(6.0	)		(25.6	)

E-38


	Year Ended December 31,						Six Months Ended June 30,
	2020^L			2021^B			2020			2021^P
	(in trillions of Rupiah)
Lending
On-lending to SOEs/local government/institutions/other agencies:		1.0			0.4			1.0			1.6
Total lending		1.0			0.4			1.0			1.6
Mandatory guarantee		(3.6	)		(2.7	)		(0.4	)		0.0
Other financing		70.9			15.8			0.2			0.1

Total financing (net)		1,193.3			1,006.4			416.2			419.2

Source: Ministry of Finance

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

Government Expenditures

Total Government expenditures in 2020 reached Rp2,595.5 trillion or an increase of 12.4% from Rp2,309.3 trillion in 2019, in line with the countercyclical State Budget policy strategy adopted by the Government to withstand the impact of the Covid-19 pandemic. Total central Government expenditure increased by 22.5% from Rp1,496.3 trillion in 2019 to Rp1,833.0 trillion in 2020. Total transfers to regions and rural fund decreased by 6.2% from Rp813.0 trillion in 2019 to Rp762.5 trillion in 2020 primarily due to lower general allocation funds realization, which also has lower budget allocation in the Revised 2020 Budget No. 2 compared to 2019.

Total Government expenditures in the six months ended June 30, 2021 reached Rp1,170.1 trillion or an increase of 9.4% from Rp1,069.7 trillion in the six months ended June 30, 2020, primarily due to higher central Government expenditures to support Government programs in handling Covid-19 and economic recovery. From the six months ended June 30, 2020 to the six months ended June 30, 2021, total central Government expenditure increased by 19.1% from Rp668.8 trillion to Rp796.3 trillion, primarily due to higher realization in good and service expenditures, which was mainly driven by the realization for health care and vaccination, assistance for micro, small and medium enterprises (MSME), as well as the distribution of various government social programs. Total transfers to regions and rural fund decreased by 6.8% from Rp400.9 trillion to Rp373.9 trillion, primarily due to lower general allocation funds realization.

E-39

Government Revenues

The following table sets forth the revenues of the Government as (i) audited 2019 revenue as a percentage of the 2019 GDP at current prices and (ii) LKPP unaudited revenues for 2020 as a percentage of the 2020 GDP at current prices, respectively.

Government Revenues


	2019 LKPP Audited			2020 LKPP Audited
	(percentage of 2019 GDP)			(percentage of 2020 GDP)
Total revenues and grants (in trillions of Rupiah)		1,960.6			1,647.8
Domestic revenues:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		0.4	%		0.2	%
Non-oil and gas		4.5	%		3.6	%
Total income tax		4.9	%		3.8	%
Value added tax (VAT)		3.4	%		2.9	%
Land and building tax		0.1	%		0.1	%
Excises		1.1	%		1.1	%
Other taxes		0.0	%		0.0	%
Total domestic taxes		9.5	%		8.1	%
International trade taxes:
Import duties		0.2	%		0.2	%
Export tax		0.0	%		0.0	%
Total international trade taxes		0.3	%		0.2	%

Total tax revenue		9.8	%		8.3	%

Non-tax revenues:
Natural resources:
Oil		0.5	%		0.3	%
Gas		0.2	%		0.2	%
Total oil and gas		0.8	%		0.4	%
General Mining		0.2	%		0.1	%
Forestry		0.0	%		0.0	%
Fishery		0.0	%		0.0	%
Geothermal		0.0	%		0.0	%
Total non-oil and gas		0.2	%		0.2	%
Total natural resources		1.0	%		0.6	%
Profit transfer from SOEs		0.5	%		0.4	%
Other non-tax revenues		0.8	%		0.7	%
Public Service Agency (BLU) Income⁽¹⁾		0.3	%		0.4	%

Total non-tax revenues		2.6	%		2.2	%

Total domestic revenues		12.3	%		10.6	%

Grants		0.0	%		0.1	%
Total Revenues and Grants		12.4	%		10.7	%

Source: Ministry of Finance

⁽¹⁾	Includes Government’s share of Bank Indonesia’s profits, representing amounts in excess of Bank Indonesia’s capital ratio requirements. The excess amounts are transferred to the central Government to be used for repayments of certain central Government obligations to Bank Indonesia.

E-40

Government Expenditures

The following table sets forth the expenditures of the Government as (i) audited 2019 expenditures as a percentage of the 2019 GDP and (ii) LKPP audited expenditures for 2020 as a percentage of 2020 GDP, respectively.

Government Expenditure


	2019 LKPP Audited			2020 LKPP Audited
	(percentages of 2019 GDP)			(percentages of 2020 GDP)
Total expenditures (in trillions of Rupiah)		2,309.3			2,595.5
Central Government expenditures:
Personnel expenditures		2.4	%		2.5	%
Good and services expenditures		2.1	%		2.7	%
Capital expenditures		1.1	%		1.2	%
Interest payments:
Domestic debt		1.6	%		1.9	%
Foreign debt		0.1	%		0.1	%
Total interest payments		1.7	%		2.0	%
Subsidies:
Energy subsidies		0.9	%		0.6	%
Non-energy subsidies		0.4	%		0.6	%
Total subsidies		1.3	%		1.3	%
Grant expenditures		0.0	%		0.0	%
Social assistance⁽¹⁾		0.7	%		1.3	%
Other expenditures		0.1	%		0.8	%

Total central Government expenditures		9.5	%		11.9	%
				��
Transfers to Regions and Rural Fund:
Transfer to Regions
Balance funds:
General transfer funds:
Revenue sharing funds		0.7	%		0.6	%
General allocation funds		2.7	%		2.5	%
Total general transfer funds		3.3	%		3.1	%
Specific allocation funds:
Physical special allocation fund		0.4	%		0.3	%
Non-physical special allocation fund		0.8	%		0.8	%
Total specific allocation funds		1.2	%		1.1	%
Total balanced funds		4.5	%		4.2	%
Regional incentive fund		0.1	%		0.1	%
Specific autonomy funds⁽²⁾		0.1	%		0.1	%
Specific Fund for Special Region of Yogyakarta		0.0	%		0.0	%
Total transfer to Regions		4.7	%		4.5	%
Rural Fund		0.4	%		0.5	%

Total transfer to regions and rural fund		5.1	%		4.9	%

Total Government expenditures		14.6	%		16.8	%

Source: Ministry of Finance

⁽¹⁾	Consists of Social Assistance from Ministries/Agencies Spending and Social Assistance for Disaster Relief.

⁽²⁾	Consists of specific autonomy fund and additional specific infrastructure autonomy fund for Papua and West Papua Provinces.

E-41

Government Deficit Financing

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2019 deficit financing as a percentage of the 2019 GDP and (ii) LKPP audited 2020 deficit financing as a percentage of preliminary 2020 GDP, respectively.

Government Deficit Financing


	2019 LKPP Audited			2020 LKPP Audited
	(percentages of 2019 GDP)			(percentages of 2020 GDP)
Total financing (net) (in trillions of Rupiah)		402.1			1,193.3
Debt financing
Government securities (net)		2.8	%		7.6	%
Loans
Domestic loans (net)		0.0	%		0.0	%
Foreign loans:
Gross drawings:
Program loan		0.2	%		0.7	%
Project loan		0.2	%		0.3	%
Total gross drawing		0.5	%		0.9	%
Amortization		(0.5	)%		(0.6	)%
Total foreign loan (net)		(0.1	)%		0.3	%
Total loans (net)		(0.1	)%		0.3	%
Total debt financing		2.8	%		8.0	%
Investment financing
Investment to SOEs		(0.1	)%		(0.2	)%
Investment to other institutions		(0.0	)%		(0.2	)%
Investment to public service agencies		(0.2	)%		(0.2	)%
Investment in financial organisations/institutions		(0.0	)%		0.0	%
Revenue of investment		0.0	%		0.1	%
Government’s investments		—			(0.2	)%
Total investment financing		(0.3	)%		(0.7	)%
Lending
On-lending to SOEs/local government/institutions/other agencies:		(0.0	)%		0.0	%
Total lending		(0.0	)%		0.0	%
Mandatory guarantee		—			0.0	%
Other financing		0.1	%		0.5	%
Total financing (net)		2.5	%		7.7	%

Source: Ministry of Finance

Public Debt

The reduction of public debt in percentage-of-GDP terms has been a consistent key fiscal policy objective of the Government. To achieve this objective, the Government’s policy has emphasized the strengthening of public debt management, the lengthening and balancing of the maturities of public debt and the growth of public debt at sustainable levels.

As of May 31, 2021, the central Government’s foreign debt-to-GDP ratio was 12.9%, with foreign debt to total debt ratio of 32.0%.

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External Public Debt of the Republic

Outstanding External Public Debt of the Republic by Source⁽¹⁾


	As of December 31,			As of May 31,
	2020^P			2021^P
	(in billions of U.S. dollars)
Concessional Loans:
Multilateral creditors		32.9			32.6
Bilateral creditors		23.7			22.2
Commercial⁽²⁾		87.8			88.9
Total		144.4			143.6
Total external public debt of the Republic, as a percentage of GDP for the period indicated⁽³⁾		12.7	%		12.9	%

Source: Ministry of Finance

^P	Preliminary.

⁽¹⁾	Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

⁽²⁾	Includes securities (bonds and Sukuk) issued in international capital markets and commercial bank borrowings.

⁽³⁾	In calculating as a percentage of GDP, GDP in U.S. dollars has been converted from Rupiah into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

As of April 30, 2021, 61.9% and 38.1% of the outstanding external public debt of the Republic are from commercial and concessional loans, respectively. The total outstanding external public debt of the Republic as of April 30, 2021 was U.S.$146.8 billion.

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Sources of External Public Borrowing

The following table sets forth the outstanding amounts of international development assistance received by the Republic as of the dates indicated.

International Development Assistance⁽¹⁾⁽²⁾


	As of December 31,		As of May 31,
	2020^P		2021^P
	(in millions of U.S. dollars)
Bilateral loans		23,662.5		22,168.4
Multilateral loans:
International Monetary Fund		—		—
World Bank Group		19,285.4		18,746.9
Asian Development Bank		10,947.5		11,112.3
Islamic Development Bank		1,305.6		1,288.7
Nordic Investment Bank		9.4		8.9
European Investment Bank		—		—
International Fund for Agricultural Development		195.7		200.7
Asian Infrastructure Development Bank		1,167.6		1,214.4
Multilateral Investment Guarantee Agency		—		—

Total multilateral loans		32,911.1		32,571.9

Total loans		56,573.6		54,740.3

Source: Ministry of Finance

^P	Preliminary.

⁽¹⁾	The term international development assistance includes any concessionary loans provided by international financial institutions or foreign governments, excluding grants.

⁽²⁾	Foreign currency values of international development assistance have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

The following table sets forth the external public debt of the Republic by currency as of the dates indicated.

Outstanding External Public Debt of the Republic by Major Currency


	As of December 31,				As of May 31,
	2020^P				2021^P
	(in millions of original currency)		(in millions of U.S. dollars)⁽¹⁾		(in millions of original currency)		(in millions of U.S. dollars)⁽¹⁾
U.S. dollars		97,990		97,990		94,308.2		94,308.2
Japanese yen		2,207,056		21,354		2,439,119.2		22,241.6
Euros		17,494		21,494		19,346.7		23,601.0
SDR		862		1,241		796.5		1,149.7
British pounds		17		23		1.7		2.4
Others		Multiple Currencies		2,314		Multiple Currencies		2,292.5
Total		N/A		144,415		N/A		143,595.4

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Source: Ministry of Finance

^P	Preliminary.

⁽¹⁾	Calculated based on the applicable BI middle exchange rates as of the date indicated for each column.

As of May 31, 2021, 65.7%, 15.5%, 16.4% and 2.4% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies respectively.

The following table sets forth the external debt service requirements of the central Government for the years indicated.

External Debt Service Requirements of the Central Government


Period	Principal repayment		Interest repayment		Total
	(in billions of U.S. dollars)
2020^R		9.4		4.4		13.8
2021*		11.9		4.1		16.0
2022**		12.3		3.9		16.2
2023**		13.1		3.7		16.7
2024**		13.0		3.3		16.3

Source: Ministry of Finance

^R	Realization.

^*	Calculated based on (i) actual principal and interest payments made from January 1, 2021 to May 31, 2021 and (ii) projected principal and interest payments to be made from June 1, 2021 to December 31, 2021 based on external debt outstanding as of May 31, 2021.

^**	Projected based on external debt outstanding as of May 31, 2021.

External Debt of Bank Indonesia

As of December 31, 2020 and March 31, 2021, external debt of Bank Indonesia amounted to U.S.$2,852 million and U.S.$2,806 million, respectively, entirely comprising multilateral debt, and commercial debt was nil as of both of the same dates. For calculation purposes, foreign currency values of outstanding external debt were converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

The following table sets forth the external debt service requirements of Bank Indonesia for the years indicated.

External Debt Service Requirements of Bank Indonesia


Period	Principal repayment		Interest repayment		Total
	(in millions of U.S. dollars)
2020		0.0		0.0		0.0
2021*⁽¹⁾		0.0		2.1		2.1

Source: Bank Indonesia

*	Projected based on external debt outstanding as of April 15, 2021.

⁽¹⁾	Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of March 31, 2021.

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External Debt of State-Owned-Enterprises

The following table sets forth the outstanding direct external debt of SOEs as of the dates indicated.

Outstanding Direct External Debt of State Owned Enterprises⁽¹⁾


	As of December 31,		As of April 30,
	2020^P		2021^P
	(in millions of U.S. dollars)
Financial institutions:
Bank		8,807		9,764
Non-bank		3,370		3,368

Total financial institutions		12,177		13,132
Non-financial institutions		45,692		47,309

Total		57,869		60,441

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Foreign currency values of outstanding direct external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

Domestic Public Debt of the Central Government

The following table sets forth the outstanding domestic public debt of the central Government as of the dates indicated.


	As of December 31,		As of May 31,
	2020^P		2021^P
	(in trillions of Rupiah)
Total domestic public debt⁽¹⁾		4,037.6		4,365.9

Source: Ministry of Finance

^P	Preliminary.

⁽¹⁾	Excludes SBI, which are obligations of Bank Indonesia and not of the Government.

Domestic Debt Service Requirements of the Central Government

The following table sets forth the debt service requirements for the central Government for the years indicated.

Direct Domestic Debt Service Requirements of the Central Government


Period	Principal repayment and redemption		Interest repayment		Total
	(in trillions of Rupiah)
2020^R		306.3		233.8		540.1
2021*		340.6		271.1		611.7
2022**		265.0		260.6		525.6
2023**		323.3		246.1		569.4
2024**		361.7		219.0		580.8

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Source: Ministry of Finance

^R	Realization.

*	Calculated based on (i) actual principal and interest payments made from January 1, 2021 to May 31, 2021 and (ii) projected principal and interest payments to be made from June 1, 2021 to December 31, 2021 based on domestic debt outstanding as of May 31, 2021.

**	Projected based on domestic debt outstanding as of May 31, 2021.

Foreign Exchange and Reserves

Exchange Rates

The following table sets forth information on exchange rates between the Rupiah and the U.S. dollar for the periods indicated.

Exchange Rates


	End of Period		Average
	Rupiah per U.S. dollar
2016		13,473		13,305
2017		13,568		13,385
2018		14,380		14,246
2019		13,883		14,139
2020		14,050		14,525
2021^		14,225		14,263

Source: Bank Indonesia

^	As of June 15, 2021 (average exchange rate on year-to-date basis).

As of June 15, 2021, the Rupiah depreciated by 1.23% to Rp14,225 per U.S. dollar from Rp14,050 per U.S. dollar as of December 30, 2020, but on average the Rupiah appreciated by 1.84% year to date to Rp14,263 per U.S. dollar. Rupiah stability was supported by an increase of foreign capital inflows to domestic financial markets due to positive perception of investors towards a promising domestic economic outlook, despite recent pressures caused by US Treasury yield fluctuations.

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International Reserves

The following table sets forth the Republic’s total official international reserves, expressed in (i) U.S. dollar equivalents and (ii) the number of months of imports and Government external debt repayments, in each case at the end of the periods indicated. These reserves consist of foreign exchange, gold, SDRs and a reserve position with the IMF. Indonesia complies with the IMF’s Special Data Dissemination Standard requirement on international reserves and foreign exchange currency liquidity.

Official International Reserves of the Republic⁽¹⁾


	As of December 31, 2020^P		As of June 30, 2021^P
	(in millions of U.S. dollars, except for months)
Gold		4,758		4,438
SDRs		1,605		1,590
Reserve position with the IMF		1,135		1,131
Foreign exchange and others		128,398		129,933

Total		135,897		137,093

Total as number of months of imports and Government external debt repayments		9.8		8.8

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

As of June 30, 2021, foreign reserves increased to U.S.$137.1 billion, equivalent to 8.8 months of import coverage and government external debt service requirements. In addition, the coverage ratio is in excess of the recommended international adequacy ratio of 3.0 months of import coverage.

Regional Swap Arrangements of the Republic

As of June 30, 2021, no drawdowns on existing bilateral and regional swap arrangements have been made.

Debt-to-GDP Ratios

The following table sets forth the central Government’s debt-to-GDP ratio and debt service to GDP ratio as of the dates indicated.

Debt-to-GDP Ratios


	As of December 31, 2020^P		As of May 31, 2021^P
	(percentages, unless indicated otherwise)
Debt-to-GDP ratio		39.4		40.5
Debt service to GDP ratio		4.8		3.1
Total public debt of the central Government (in billions of U.S.$)⁽¹⁾		430.7		449.1
—% in Loans		14.0		13.1
—% in Bonds		86.0		86.9

Source: Ministry of Finance, Bank Indonesia

^P	Preliminary.

⁽¹⁾	Outstanding foreign currency debt was converted to U.S. dollars using the BI middle exchange rate as of each period indicated in the table.

As of May 31, 2021, the central Government’s debt-to-GDP ratio was 40.5%, with U.S.$449.1 billion of total public debt of the central Government, 13.1% of which are in loans and 86.9% are in bonds.

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Republic of Indonesia 18-K/AAnnual report (foreign governments) (amended)