Republic of Indonesia 18K Annual report (foreign governments) | SEC 30 Aug 22

EXHIBIT 99.D

DESCRIPTION OF THE REPUBLIC OF INDONESIA DATED AUGUST 30, 2022

TABLE OF CONTENTS


	Page
CERTAIN DEFINED TERMS AND CONVENTIONS		D-2
PRESENTATION OF INFORMATION		D-3
FORWARD-LOOKING STATEMENTS		D-4
DATA DISSEMINATION		D-5
REPUBLIC OF INDONESIA		D-6
Overview		D-6
Recent Developments		D-7
Land and People		D-7
Government and Political Developments		D-10
Foreign Relations and International and Regional Organizations		D-15
Economy and Gross Domestic Product		D-18
Privatization of State-Owned Enterprises		D-32
Labor and Employment		D-33
Infrastructure Development		D-37
Foreign Investment		D-40
Foreign Trade and Balance of Payments		D-47
Financial System		D-56
Monetary Policy		D-64
Government Budget		D-71
Public Debt		D-84
Foreign Exchange and Reserves		D-89
Debt-to-GDP Ratios		D-92
DEBT TABLES OF THE REPUBLIC OF INDONESIA		D-92

D-1

CERTAIN DEFINED TERMS AND CONVENTIONS

Unless otherwise indicated, all references in this report to “Rupiah”, “IDR” or “Rp” are to the currency of Indonesia, those to “dollars”, “U.S. dollars” or “U.S.$” are to the currency of the United States of America, those to “Euro” or “€” are to the currency of the European Union, those to “SDR” are to Special Drawing Rights of the International Monetary Fund (“IMF”) and those to “ID” are to Islamic Dinars of the Islamic Development Bank. References to “Indonesia” or the “Republic” are to the Republic of Indonesia, references to the “Government” are to the Government of Indonesia and references to “BI” are to Bank Indonesia.

In addition, unless otherwise indicated, all references in this report to (i) “tons” are to metric tons, each of which is equal to 1,000 kilograms or approximately 2,204.6 pounds, (ii) “barrels” are to U.S. barrels, each of which is equal to 159.0 liters, (iii) “LNG” are to liquefied natural gas and (iv) “LPG” are to liquefied petroleum gas. Measures of distance referred to herein are stated in kilometers or “km” each of which is equal to 1,000 meters or approximately 0.62 miles. Measures of area referred to herein are stated in square kilometers, each of which is equal to approximately 0.39 square miles, or in hectares, each of which is equal to approximately 2.47 acres.

The Ministry of Energy and Mineral Resources publishes an average monthly and annual price for Indonesian crude oil which is commonly referred to as the Indonesian Crude Price (the “ICP”). According to the Minister of Energy and Mineral Resources Regulation No. 29 of 2021 on the Procedure for Determination of Methodology, Price Formula, and Indonesian Crude Price, the determination of ICP can be based on 3 methods, namely benchmarking method, indexation method, and auction method. The Government evaluates the methodology of the calculation of the ICP from time to time and, if appropriate, adjusts the formula to ensure that the ICP closely tracks world market prices for Indonesian crude oil. The Government uses the ICP for various accounting and other purposes. For instance, the Ministry of Finance uses the ICP as an assumption underlying the preparation of the Government budget. See “Republic of Indonesia — Government Budget.”

Statistical information included in this report is the latest official data publicly available at the date hereof. Financial data provided in this report may be subsequently revised in accordance with Indonesia’s ongoing maintenance of its economic data. The Republic has no obligation to distribute such revised data to any holder of debt securities.

In August 2014, the Republic revised its methodology in compiling balance of payments data, using the sixth edition of Balance of Payments and International Investment Position Manual (“BPM6”). This revised methodology was implemented to comply with international best practices. BPM6 will be implemented gradually in Indonesia’s balance of payments (BOP) statistics. The first phase of implementation, which began in the second quarter of 2014, involves reclassifying existing data components and improving the methodology in accordance with BPM6, using sources of data currently available.

The shift to the new methodology impacts the following data:

•

In the goods account, the changes include: (a) reclassifying “goods for processing” as “manufacturing services on physical inputs owned by others” and “repairs on goods” as “maintenance and repair services” in the services account; and (b) incorporating only “goods procured in ports by carriers” and “general merchandise on a balance of payments basis.”

•

In the services account, the changes include: (a) combining “information and computer services” and “communication services (excluding postal and couriers)” into “telecommunication, computer and information services”; (b) reclassifying “postal and couriers services” to “transportation services”; and (c) incorporating the “financial intermediation services” section into “indirectly measured estimates” (“FISIM”).

•

The income account and current transfers account are renamed the primary income account and secondary income account, respectively, to comply with the terms used in the System of National Accounts 2008 and adjustments were made to the accounts after the implementation of FISIM.

•

In the financial account, the changes include: (a) the presentation format of direct investment data, which was previously based on the directional principle of investment (direct investments abroad and foreign direct investments in Indonesia) that was based on the principle of assets-liabilities (“direct investments — asset” and “direct investments — liability”). Notwithstanding the change, the net value of direct investments according to BPM6 is the same as that in the fifth edition of Balance of Payments and International Investment Program Manual (“BPM5”); and (b) including financial derivative data as an independent component, which is consistent with the information displayed by Indonesia’s International Investment Position Statistics.

•

In the current account, the changes include: (a) the calculation of several indicators associated with the account; (b) reclassifying “goods for processing” from goods to services; and (c) recording net values instead of gross values. While the changes resulted in smaller values of imports of goods and services and current account receipts, and larger values of indicators for reserve adequacy and the debt service ratio, the level of the current account remains unchanged from the previous methodology.

The shift to the new methodology does not affect the “net errors and omissions,” “total balance,” and “reserves and related items” values in the current and financial accounts.

In this report, gross domestic product (“GDP”) is shown in both current and constant market prices. GDP at current market prices value a country’s output using the actual prices for each year, while GDP at constant market prices (also referred to as “real” GDP) value output using the prices from a base year, thereby eliminating the distorting effects of inflation and deflation. In 2015, Statistics Indonesia (Badan Pusat Statistik (“BPS”)) adopted the calendar year 2010 as the base year (the “Base Year”) for the calculation of Indonesia’s GDP in constant market prices. Unless stated otherwise, all GDP growth rates in this report (in aggregate or by sector) are period-on-period comparisons based on constant market prices using the Base Year. Percentage shares of Indonesia’s GDP represented by various sectors (unless otherwise noted) use current market prices.

D-2

PRESENTATION OF INFORMATION

For ease of presentation, certain financial information relating to the Republic included herein is presented as translated into U.S. dollars. Unless otherwise specified herein, all translations of Rupiah into U.S. dollars or from U.S. dollars into Rupiah were made at the middle exchange rate, the mid-point between the buy and sell rates (the “BI middle exchange rate”), between the Rupiah and the U.S. dollar, as announced by Bank Indonesia, the Indonesian Central Bank, as of the respective dates to which such information relates. However, these translations should not be construed as a representation that the Rupiah amount actually represents such U.S. dollar amount or could be converted into U.S. dollars at the rate indicated or any other rate. The BI Transaction Exchange Rate — Mid-Rate was Rp14,822.00 = U.S.$1.00 on August 19, 2022. In addition, unless otherwise specified herein, all translations of Rupiah into currencies other than U.S. dollars, or from such other currencies into Rupiah, were made at the BI middle exchange rate between the Rupiah and such other currencies as announced by Bank Indonesia as of the respective dates to which such information relates.

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

Exchange Rates


	Rupiah per U.S. dollar
	End of Period		Average
2017		13,568		13,385
2018		14,380		14,246
2019		13,883		14,139
2020		14,050		14,525
2021		14,252		14,296
2022
January		14,382		14,337
February		14,367		14,342
March		14,369		14,344
April		14,497		14,351
May		14,581		14,394
June		14,898		14,449

Source: Bank Indonesia

^	As of June 30, 2022.

Unless otherwise indicated, all statistical data and figures for 2021 and 2022 or any part thereof are estimates based upon preliminary data and are subject to review and adjustment.

Certain budget figures appear as audited numbers in the relevant year’s Central Government Financial Report (Laporan Keuangan Pemerintah Pusat (“LKPP”)).

Certain statistical or financial information included in this report may differ from previously published information for a number of reasons, including basis of presentation and ongoing statistical revisions. Also, certain monetary amounts included in this report have been subject to rounding adjustments. Accordingly, figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures that precede them.

D-3

FORWARD-LOOKING STATEMENTS

Forward-looking statements are statements that are not about historical facts, including statements about Indonesia’s beliefs and expectations. These statements are based on current plans, estimates and projections, and therefore, you should not place undue reliance on them. Forward-looking statements speak only as of the date they are made. Some of the statements contained in this report under “Republic of Indonesia” are forward looking. They include statements concerning, among others:

•

the Republic’s economic, business and political conditions and prospects;

•

the Republic’s financial stability;

•

the depreciation or appreciation of the Rupiah;

•

changes in interest rates; and

•

governmental, statutory, regulatory or administrative initiatives.

The Republic undertakes no obligation to update publicly any of them in light of new information or future events, including changes in Indonesia’s economic policy or budgeted expenditures, or to reflect the occurrence of unanticipated events.

Forward-looking statements involve inherent risks and uncertainties. The Republic cautions you that a number of important factors could cause actual results to differ materially from those expressed in any forward-looking statement. These factors include, but are not limited to:

•

adverse external factors, such as high international interest rates and recession or low growth in the Republic’s trading partners. High international interest rates could increase the Republic’s current account deficit and budgetary expenditures. Recession or low growth in the Republic’s trading partners could lead to fewer exports from the Republic and, indirectly, lower growth in the Republic;

•

instability or volatility in the international financial markets. This could lead to domestic volatility, making it more difficult for the Government to achieve its macroeconomic goals. This could also lead to declines in foreign direct and portfolio investment inflows;

•

adverse domestic factors, such as a decline in domestic savings and investment, increases in domestic inflation, high domestic interest rates and exchange rate volatility. Each of these factors could lead to lower growth or lower international reserves; and

•

other adverse factors, such as adverse oil price movements, climatic or seismic events, international or domestic hostilities, infectious disease outbreaks or pandemics, political uncertainty and delays in implementing and realizing infrastructure projects and economic policies.

D-4

DATA DISSEMINATION

The Republic subscribes to the IMF’s Special Data Dissemination Standard, which is designed to improve the timeliness and quality of information of subscribing member countries. This standard requires subscribing member countries to provide schedules, referred to as the “Advance Release Calendar”, indicating, in advance, the date on which data will be released. For Indonesia, precise dates or “no-later-than-dates” for the release of data are disseminated three months in advance through the Advance Release Calendar, which is published on the Internet under the IMF’s Dissemination Standards Bulletin Board. Summary methodologies of all metadata to enhance transparency of statistical compilation are also provided on the Internet under the IMF’s Dissemination Standards Bulletin Board. The internet website for Indonesia’s Advance Release Calendar and metadata is located at https://dsbb.imf.org/sdds/country/IDN/advance-release-calendar-base. Neither the Republic nor any agents or underwriters acting on behalf of the Republic in connection with the offer and sale of securities, as contemplated in this report, accept any responsibility for information included on that website, and its contents are not intended to be incorporated by reference into this report.

D-5

REPUBLIC OF INDONESIA

Overview

Indonesia is the world’s fourth most populous country, with a population of approximately 272.7 million in 2021. It is a developing nation in Southeast Asia, spread across an archipelago of approximately 16,766 islands.

Despite a contraction in 2020 largely due to the negative impact of the Covid-19 outbreak, in recent years Indonesia has enjoyed relatively high economic growth and consolidated its transformation to a participatory democracy that places greater political power in the hands of local and regional governments. The Republic’s domestic economic activity started to recover and its economic growth resumed in 2021.

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

Selected Key Economic Indicators


	Year Ended December 31,															Six months ended June 30,
	2017^L			2018^L			2019^L			2020^L			2021^L			2022^P

National account and prices:
Real GDP growth (period-on-period)		5.1	%		5.2	%		5.0	%		(2.1	)%		3.7	%		5.2	%
Per capita GDP (in millions of Rupiah)		51.9			56.0			59.1			56.9			62.2			N/A
Per capita GDP (in U.S. dollars)⁽¹⁾		3,877			3,927			4,175			3,912			4,350			N/A
Average exchange rate (Rupiah per U.S. dollar)⁽²⁾		13,385			14,246			14,139			14,525			14,296			14,449
Inflation rate ((year-on-year) change in CPI)		3.6	%		3.1	%		2.7	%		1.7	%		1.9	%		4.4	%
External sector:
Current account (% of GDP)		(1.6	)%		(2.9	)%		(2.7	)%		(0.4	)%		0.3	%⁽³⁾		N/A
Fiscal account:
Budget deficit (% of GDP)		(2.5	)%		(1.8	)%		(2.2	)%		(6.1	)%		(4.7	)%		0.4	%
External debt of the central Government (in trillions of Rupiah)		1,648.2			1,857.4			1,815.1			2,041.0			2,077.8			2,115.7
Debt service ratio (% of Government revenue)		34.0	%		39.1	%		42.8	%		45.4	%		42.2	%		41.3	%

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.

⁽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 per U.S. dollar: Rp13,385 per U.S. dollar for 2017, Rp14,257 per U.S. dollar for 2018, Rp14,148 per U.S. dollar for 2019, Rp14,556 per U.S. dollar for 2020, and Rp14,309 per U.S. dollar for 2021. 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.

⁽³⁾	As published by BI in Indonesia’s balance of payments report.

D-6

Recent Developments

Recent Public Health Developments

The Covid-19 outbreak continues in Indonesia. The daily cases of Covid-19 in Indonesia experienced an increase from mid-May 2021 to late July 2021, primarily due to the Delta variant, and decreased gradually from July 2021 to December 2021. In December 2021, Indonesia recorded its first Omicron variant case and since then, the daily cases of Covid-19 in Indonesia, including Omicron variant cases, experienced an increase. The number of recorded daily cases reached its peak in late February 2022 and then decreased. As of August 19, 2022, the country had recorded approximately 6.31 million cases of Covid-19 since the start of the pandemic, of which 157,343 were fatal.

The Government continues to vaccinate the population, and as of August 19, 2022, approximately 170.6 million persons were fully vaccinated, approximately 59.0 million persons had received three doses of vaccine, and approximately 203.1 million persons had received at least a single dose of vaccine. Since December 14, 2021, the Government began to vaccinate children from the ages 6 – 11 years old. In addition, on January 12, 2022, the Government started a booster vaccine program for citizens above 18 years old who had been fully vaccinated for more than six months. Recently in August 2022, the Government started a program to give the fourth dose of vaccine which is still limited only to medical workers. As of August 19, 2022, approximately 272.7 thousand persons had received the fourth dose of vaccine.

The Government has substantially relaxed its Covid-19 related restrictions in light of the improving pandemic situation. Effective on January 12, 2022, the Government has reopened Indonesia to international tourists, and starting from March 22, 2022, all quarantine requirements have been lifted for international visitors who are fully vaccinated.

Economic Recovery and Outlook

Indonesia’s gross domestic product grew by 5.2% in the first half of 2022, compared with the same period in the previous year. This positive economic performance, which followed the annual economic growth of 3.7% from 2020 to 2021, was driven by growing domestic demand and maintained export performance. Moving forward, Indonesia’s economy growth is expected to continue, with the Ministry of Finance projecting a growth of 4.9% to 5.3% in 2022, supported by a faster vaccination roll-out, broad reopening of economic sectors as well as stimulus efforts by the Government and BI.

On April 27, 2022, Standard and Poor’s revised Indonesia’s outlook to stable from negative and affirmed Indonesia’s sovereign credit rating at BBB. Furthermore, on June 28, 2022, Fitch affirmed Indonesia’s outlook as stable and sovereign credit rating at BBB.

Task Force for Covid-19 and National Economic Recovery Program

In April 2020, the Government established the Task Force for Covid-19 and a National Economic Recovery Program (Komite Penanganan Covid-19 dan Pemulihan Ekonomi Nasional, “KPC-PEN”) to take comprehensive countermeasures to address the Covid-19 pandemic and to minimize its impact to society. The KPC-PEN program focuses on the health sector, social protection, support for corporations and micro, small, and medium enterprises (“MSMEs”), business incentives, and priority programs on important sectors such as labor-intensive programs, food security programs, and tourism. For 2020 and 2021, the PEN realization was Rp575.9 trillion and Rp658.6 trillion, respectively. The government allocated Rp455.6 trillion for 2022, with Rp124.5 trillion of that amounts having been realized through the first semester.

Land and People

Area

Situated between Malaysia, Singapore and the Philippines to the north and Australia to the south, the Republic of Indonesia covers a total land area of approximately 1,916,907 square km, comprising approximately 16,766 islands (the majority of which are uninhabited) and forming part of the world’s largest archipelago.

The main islands of Indonesia are Sumatera, Java, Bali, Kalimantan (also known as Borneo, the northern part of which belongs to Malaysia and Brunei), Sulawesi and Papua (the eastern part of which belongs to Papua New Guinea). Indonesia extends 5,120 km across the equator from Nanggroe Aceh Darussalam, or Aceh, in the west to Papua in the east. Jakarta, Indonesia’s capital and largest city, is located on the northern coast of the western part of Java.

In recent years, the Government has implemented various measures to address haze and other adverse effects caused by forest and field fires related to land clearance for agriculture in the islands of Sumatera and Kalimantan.

Volcanic and Other Natural Disasters

Indonesia is located in one of the most volcanically and seismically active regions in the world. Because it is located in the convergence zone of three major lithospheric plates, it is subject to significant seismic activity that can lead to destructive volcanic eruptions, earthquakes and tsunamis, or tidal waves, including the 2004 earthquake and subsequent Indian Ocean tsunami that devastated the Province of Aceh and the 2018 earthquake and subsequent tsunami that caused substantial loss of life and extensive infrastructure and property damage in Central Sulawesi. In addition to these geological events, Indonesia has also been struck by other natural disasters such as heavy rains and flooding. The central Government’s realization of contingency fund for financing post-natural disaster relief efforts was Rp4.3 trillion in 2017, Rp7.0 trillion in 2018, Rp10.4 trillion in 2019, Rp3.0 trillion in 2020, and Rp4.5 trillion in 2021. All of these natural disasters have resulted in loss of life, the displacement of people and destruction of property, and could have significant economic and developmental effects.

D-7

Environment

Environmental problems confronting Indonesia include:

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deforestation;

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scarcity and quality of the water supply;

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land subsidence;

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soil erosion;

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air pollution;

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inadequate waste management in urban centers; and

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land and forest fires.

Indonesia is also vulnerable to the impact of global climate change such as prolonged droughts, increased frequency of extreme weather events and heavy rainfall resulting in floods, that will, in turn, impact the production and distribution of food, water, and energy which are ongoing in ten provinces or regencies across Indonesia. Therefore, Indonesia considers climate change mitigation and adaptation efforts as an integrated concept that is essential for building resilience in safeguarding food, water and energy resources. Indonesia has adopted the National Action Plan on Climate Change Adaptation, which provides a national framework for adaptation initiatives that has been mainstreamed into the National Development Plan. The medium-term goal of Indonesia’s climate change adaptation strategy is to reduce risks on all development sectors (agriculture, water, energy security, forestry, maritime and fisheries, health, public service, infrastructure, and urban system) by 2030 through local capacity strengthening, improved knowledge management, convergent policy on climate change adaptation and disaster risks reduction, and application of adaptive technology.

The Government seeks to address these environmental concerns through greater supervision and regulation, and community and private sector awareness and involvement.

In 2009, former President Susilo Bambang Yudhoyono announced an emissions target that became the basis for Indonesia’s national climate change policy (“INDC”) in 2015: a 26.0% reduction in greenhouse gas emissions below business-as-usual by 2020 and up to 41.0% reduction by 2020 with international assistance. The current INDC provides for 29.0% reduction in greenhouse gas (“GHG”) by 2030 and the same 41.0% conditional target by 2030. In 2011, Yudhoyono issued Presidential Regulation No. 61/2011 which included the National Action Plan for Greenhouse Gas Reduction (Rencana Aksi Nasional Penurunan Emisi Gas Rumah Kaca (“RAN-GRK”)), as well as Presidential Regulation No. 71/2011 on Implementation of a National GHG Inventory. It identifies the actions that Indonesia will take to reduce its GHG emissions. In 2012, the National Development Planning Agency (Kementerian PPN/Bappenas (“Bappenas”)), established a secretariat for RAN-GRK.

RAN-GRK requires the participation of Government ministries and institutions to reduce GHG emissions. RAN-GRK identifies major sectors that will be essential for Indonesia’s provinces to achieve emission reduction target described in Local Action Plan for Green House Gas Emission Reduction (Rencana Aksi Daerah untuk Penurunan Emisi Gas Rumah Kaca (“RAD-GRK”)). These sectors are: forestry and peatlands, agriculture, energy, industry, transportation, waste and other supporting sectors. Although RAN-GRK is a national action plan, it also lays the foundation for the actions of provinces, localities, and private enterprises to implement GHG reductions. RAN-GRK mandates that Indonesia’s provinces develop and submit RAD-GRK. RAN-GRK provides local governments with capacity building, budgets and potential participation in domestic and international markets to incentivize them to contribute to RAN-GRK’s goals. RAD-GRKs are tailored to the development plans of each province. The Ministry of Home Affairs with the support of Bappenas and the Ministry of the Environment oversees and coordinates the preparation of RAD-GRKs. Bappenas creates the guidelines for each of the local action plans.

Indonesia’s environmental law was enacted in 2009 by virtue of Law No. 32 of 2009 on Environmental Protection and Management (the “Environmental Law”) and was partially amended by Law No. 11 of 2020 (the “Law on Job Creation”). The Environmental Law is based on the concepts of sustainable development, prevention, precaution and a “polluter pays” principle and introduced environmental documentation and licensing requirements. Under the Environmental Law, all business activities must have an environmental document, either in the form of an environmental impact planning document (“AMDAL”), an environmental management/monitoring efforts report (“UKL-UPL”), or a written statement on readiness to manage and monitor the environment (“SPPL”). An AMDAL is a comprehensive study of the potentially significant environmental impacts of a proposed business. A UKL-UPL covers the monitoring and management efforts undertaken by businesses that are unlikely to have a significant impact on the environment. An SPPL is typically required by services providers. These documents must be obtained before the business can apply for a business license. The Law on Job Creation simplified such environmental licensing policy by, among other things, integrating the environmental license into the business license (perizinan berusaha) which is now administered through the Online Single Submission (“OSS”) system. The OSS system is, an electronic licensing platform managed by the OSS Body, which is part of the Indonesia Investment Coordinating Board (Badan Koordinasi Penanaman Modal). The implementation of this integrated licensing policy is pending the relevant implementing rules under the Law on Job Creation.

D-8

To better address environmental issues, the Ministry of Environment and the Ministry of Forestry were merged to become the Ministry of Environment and Forestry in October 2014. Its objectives include the design, implementation, execution and supervision of a coherent and consistent environmental and deforestation policy at a national level and for each relevant sector. The Ministry of Environment and Forestry received a budget for 2017 of Rp6,463 billion, or approximately U.S.$477.1 million, for 2018 of Rp8,025 billion, or approximately U.S.$598.9 million, for 2019 of Rp9,076.5 billion, or approximately U.S.$672.3 million, for 2020 of Rp6,779.6 billion, or approximately U.S.$480.7 million, for 2021 of Rp7,957.1 billion, or approximately U.S.$509.4 million and for 2022 of Rp7,120.4 billion, or approximately U.S.$496.2 million.

The budgets are focused on improving water quality, air quality, forest and land rehabilitation, mangrove rehabilitation, hazardous material and hazardous waste management, conservation forest management, domestic waste management, and environmental law enforcement.

In recent years, Jakarta has been plagued by frequent floods amid peaks in the rainy season given inadequate infrastructure and water management, resulting in the temporary relocation of tens of thousands of residents. Jakarta is also experiencing land subsidence issues primarily due to deep groundwater extraction combined with demand pressure from high-rise buildings in Jakarta. To address this, the Ministry of Public Works and Housing introduced a National Capital Integrated Coastal Development master plan.

In addition, the Ministry of Public Works and Housing is collaborating with the Ministry of Environment and Forestry on an environmental program to build regional domestic waste infrastructure and domestic wastewater treatment in order to improve environmental quality.

Population

Indonesia had a population of approximately 272.7 million in 2021 and is the fourth most populous country in the world, after China, India and the United States. The population is primarily concentrated in Java (estimated at approximately 152.9 million in 2021). In 2021, Jakarta, the capital, was estimated to have a population of approximately 10.6 million.

Indonesia’s population is young and growing. In 2021, the Government estimated that approximately 24.2% of the population was under 15 years of age and approximately 68.8% was 15 to 64 years of age. The annual population growth rate during the period of 2010 to 2021 was 1.29% per annum.

Indonesia’s population is predominantly Muslim, with a significant Christian minority and the remaining consists of Hindus, Buddhists and followers of other religions. Indonesia’s population is primarily of Malay descent, but consists of more than 300 ethnic groups, including the Acehnese, Batak and Minangkabau in Sumatera; the Javanese and Sundanese in Java; the Madurese in Madura; the Balinese in Bali; the Sasak in Lombok; the Minahasan, Makassarese, Toraja and Bugis in Sulawesi; the Dayak in Kalimantan; and the Dani and Asmat in Papua. The country’s population also includes people of Chinese, Arab, Eurasian, Indian and Pakistani backgrounds.

The national language is Bahasa Indonesia, which is based on the Malay language. English is widely used and taught in most secondary schools. In total, approximately 500 languages and dialects are spoken throughout Indonesia.

D-9

Government and Political Developments

Political History and Development of Political Parties

From 1605 until its independence in 1945, Indonesia was under almost continuous Dutch colonial rule. The period of Dutch administration was interrupted by a short period of British colonial rule in the 19^th century and ended by the Japanese occupation for three years before Indonesia proclaimed its independence on August 17, 1945. In the same year, Indonesia adopted its Constitution. In 1967, the executive power was transferred from President Soekarno to General Soeharto who served as Indonesia’s President until 1998, when he resigned in the aftermath of social unrest that followed the 1997 Asian financial crisis.

The post-Soeharto era, which is known in Indonesia as the Reformasi, led to changes in various governmental institutions and structural reforms of the judiciary, legislature, and executive office. Between 1999 and 2002, the Constitution was amended to strengthen constitutional checks and balances and the separation of powers and provide for a more direct democracy.

2019 Elections and Recent Political Developments

In 2019, for the first time, Indonesia’s presidential and legislative election was held simultaneously. The general election was held on April 17, 2019 for the election of president and vice president, members of the Regional Representatives’ Council, members of the Provincial Legislative Council, and members of the City/Regency Legislative Council.

On May 21, 2019, the General Election Commission (Komisi Pemilihan Umum) confirmed the election of President Joko Widodo and Vice President KH. Ma’ruf Amin to serve as the president and vice president, respectively, until 2024. Following the announcement of the election results, the primary opposition presidential and vice presidential candidates filed a claim against the general election’s result with the Constitutional Court. On June 27, 2019, the Constitutional Court rendered a decision rejecting these claims. President Widodo and Vice President Amin took their oath of office and commenced serving their five-year term on October 20, 2019.

While Indonesia has successfully conducted elections in the past (and the recent general elections), the country continues to face various socio-political issues and has, from time to time, experienced political instability and social and civil unrest. Since 2000, thousands of Indonesians have participated in demonstrations in Jakarta and other Indonesian cities both for and against former President Megawati, former President Yudhoyono and current President Widodo, as well as in response to specific issues, including the introduction of new bills, laws and/or policies by the Government, reductions in fuel or electricity subsidies, privatization of state assets, anticorruption measures, decentralization and provincial autonomy, actions of former Government officials and their family members, and the American-led military campaigns in the Middle-East and, most recently, the Law on Job Creation. Gubernatorial elections in Jakarta in February and April 2017 led to protests with religious undertones. Despite a few demonstrations that turned disruptive, Indonesia has gone through several major elections that were generally peaceful and led to successful transition. Considering the recent state of the political environment in Indonesia, political campaigns in Indonesia may bring a degree of political and social uncertainty to Indonesia that could lead to further civil disturbances.

In August 2019, President Widodo announced plans to move Indonesia’s capital from Jakarta to an area in East Kalimantan province on the island on the island of Borneo. He further announced that the physical relocation of the capital will begin in 2024 and is expected to cost Rp466 trillion, 19% of which will originate from state budget. The remaining amount will be funded through public private partnerships as well as private investments. Law No. 3 of 2022 on New Capital City (Undang Undang Ibu Kota Negara) was enacted on February 15, 2022 and will be a legal basis to develop the new capital city in East Kalimantan province.

Following the inauguration of his second presidential term in October 2019, President Widodo announced his administration’s plans to continue regulatory reform by focusing on initiatives such as developing a dynamic workforce, promoting industry cooperation through technology, continuing infrastructure development, simplifying regulations by creating two omnibus laws—one on job creation and one on small business empowerment—which will be a legislative priority, reducing bureaucracy and diversifying the nation’s economy by reducing dependency on production of natural resources.

Central Government

The Government is based on the Constitution, under which the Republic is structured as a unitary republic. The Constitution enshrines a set of fundamental principles known as Pancasila (the five principles), encompassing belief in one supreme God, humanity, the unity of Indonesia, democracy led by the wisdom of deliberations among representatives and social justice for all.

The Constitution vests the sovereignty in the country’s people and establishes the office of the President, the People’s Consultative Assembly (Majelis Permusyawaratan Rakyat) or MPR, (which consists of the House of Representatives (Dewan Perwakilan Rakyat) or DPR and the Regional Representatives’ Council (Dewan Perwakilan Daerah) or DPD, the Supreme Audit Agency (Badan Pemeriksa Keuangan) or BPK, the Supreme Court (Mahkamah Agung), the Constitutional Court (Mahkamah Konstitusi) and the Judicial Commission (Komisi Yudisial).

The MPR has the authority to amend the Constitution and inaugurate and dismiss the President. The MPR has a bicameral structure, consisting of the DPR, which is the principal legislative body, and the DPD. The DPR has 575 members. Starting from 2019, the DPD has 136 members, consisting of four members from each province, where elections were successfully held in 2019.

Members of the DPR are elected by a proportional representation system. The DPD members are elected in non-partisan elections based on a plurality of votes within the relevant electorate.

Each of the DPR and the President has the power to initiate legislation. All legislation, including the Republic’s budget, must be approved by both the DPR and the President. While the DPD is able to initiate legislation regarding regional matters, this is subject to approval from both the DPR and the President.

The President has the authority and responsibility for the conduct of the administration of the Republic. This includes the authority to declare war, make peace, conclude treaties with other states and propose statutes; these presidential actions must, however, be approved by the DPR before taking effect. Constitutional amendments in 1999 restrict the President and Vice President to a maximum of two five-year terms.

The President is assisted in the administration of his responsibilities by ministers who are appointed and dismissed by the President and who are responsible only to the President.

D-10

Judicial System

The Constitution states that the Indonesian judicial system must be independent and that judicial authority is to be exercised by the courts free from the influence of non-judicial power. The Republic’s judicial power is exercised by the Supreme Court, various lower courts and the Constitutional Court. The courts below the Supreme Court are organized by subject matter jurisdiction. These courts include the general, religious, military and administrative courts. The general courts have jurisdiction over all criminal and civil cases outside the limited jurisdiction of any of the special courts. The religious courts have jurisdiction over cases such as family law among Muslims. The military courts have jurisdiction over cases involving military personnel. The administrative courts have jurisdiction over actions involving certain Government decisions.

Furthermore, there are several special courts under the general courts and the administrative courts such as (i) commercial courts, which have jurisdiction over bankruptcy cases and intellectual property rights cases (except trade secrets); (ii) juvenile courts, which have jurisdiction over child cases; (iii) human rights courts, which have jurisdiction over gross violations of human rights cases; (iv) corruption courts, which have jurisdiction over corruption cases; (v) labor courts, which have jurisdiction over industrial relations cases; (vi) fishery courts, which have jurisdiction over criminal fishery cases; and (vii) tax courts which have jurisdiction over tax disputes. The Supreme Court also has the authority to issue opinions on legal matters to various Government authorities and officials, to order a court to adjudicate a particular matter or to set aside an unlawful decision. The Constitutional Court has exclusive jurisdiction with respect to questions of constitutional law.

Regional Governments and Regional Autonomy

Indonesia has 34 provinces, including the special capital region of Jakarta. Each province is headed by a governor and consists of several subdivisions. There are two types of subdivisions, namely kabupaten, or regencies, and kota, or municipalities. Political and governmental arrangements in regencies and municipalities are generally similar, but municipalities tend to be more urban. Regencies and municipalities are divided into kecamatan, or districts, which in turn are further divided into kelurahan, or villages, or sub-districts. Indonesia consists of 416 regencies and 98 municipalities in 34 provinces. The latest regional elections were successfully held in 9 provinces, 37 municipalities and 224 regencies in December 2020.

Over the past two decades, the central Government has promoted and created significant regional autonomy through legislation. Under current law, government matters are divided into three areas:

(i)

matters that are solely under the authority of the central Government, such as foreign affairs, defense, security, judicial, national fiscal and monetary matters, and religion;

(ii)

matters that are concurrently implemented by the central Government, provincial Governments and regency/municipal Governments. Based on the Law on Job Creation, the Government may determine the implementation of these concurrent matters based on, among others, certain norms, standards, procedures and criteria as determined by the central Government. These include:

(a)

mandatory matters to be implemented by regional Governments, namely basic services, which consists of education, health, public works and special planning, housing, social order and social welfare, and non-basic services. Social welfare and non-basic services are further divided into other matters such as labor, women’s empowerment and child protection, food sustainability, land policy, living environment, population administration and civil registration, community and village empowerment, population control and family planning, transportation, communication and informatics, cooperatives, plantations, investment, youth and sports, statistics, encryption, culture, libraries and archives; and

(b)

optional matters to be implemented by regional Governments, namely maritime and fisheries, tourism, agriculture, forestry, energy and mineral resources, trade, industry and transmigration; and

(iii)

matters that are solely under the authority of the President as head of Government, such as Army, Navy and Air Force affairs, the appointment and the replacement of ambassadors and consuls, the granting of pardon and rehabilitation, amnesty and abolition, award of titles, decorations and other marks of state honor.

The provinces of Aceh, Jakarta, Yogyakarta, Papua and West Papua enjoy special autonomy from the central Government. In Papua and West Papua, a portion of the population has shown support for the Free Papua Movement (generally known by its Indonesian initials, OPM). While there have been some violent incidents involving the armed wing of the OPM, including those targeting the Indonesian police, the National Armed Forces and police have taken measures to maintain security and order in these provinces, and the Government has continued its policy of promoting social welfare in Papua and West Papua. The Government is addressing the concerns of certain groups seeking greater independence by expanding the powers of the local governments, investing in infrastructure, improving judicial access, instituting affirmative action programs, working to resolve differences among local ethnic groups, increasing welfare programs and infrastructure development and fostering business growth and investment in areas populated by these groups.

D-11

Terrorism

Several terrorism-linked bombing incidents have taken place in Indonesia over the years, including incidents linked to ISIS and Jemaah Islamiah, a Southeast Asian terrorist network linked to other terrorist organizations outside the region. In response to these incidents, security forces and the judiciary took action to bring the perpetrators to justice and have targeted terrorist networks. Since the emergence of ISIS, several terror attacks have been committed by ISIS or ISIS affiliated groups in Indonesia.

On May 24, 2017, in an incident commonly known as the Kampung Melayu bombing, two suicide bombers set off explosives near the Kampung Melayu bus station, one of Jakarta’s busiest transit hubs, killing three police officers, the two suicide bombers, and wounding at least 10 other people. In June 2017, the anti-terror squad of Indonesia’s national police arrested 36 men suspected of being involved in the Kampung Melayu bombing and who are members of the Jamaah Anshar Daulah/Jamaah Ansharut Tauhid terror group, a splinter cell of Jemaah Islamiah.

A terror incident commonly known as the Surabaya bombings occurred on May 13, 2018, in which suicide bombers detonated bombs in three churches and an apartment complex in Surabaya, the second largest city in Indonesia. The next day, two perpetrators detonated their devices at the Surabaya police headquarters while they were being checked by the police at the entrance. In total, 15 civilians, one police officer and 13 suicide bombers were killed, and around 50 people were injured in the Surabaya bombings. The attacks occurred just days after a three-day prison standoff between the Indonesian national police and inmates convicted of terrorist activities at the headquarters of the mobile brigade of the Indonesian national police in West Java, commonly known as the Mako Brimob standoff, in which five police officers were killed. These attacks were the deadliest terror attacks in Indonesia since the 2002 Bali bombings. Indonesia’s national police believed the attacks were perpetrated in retaliation for the imprisonment of Aman Abdurrahman, the leader of the Jamaah Ansharut Daulah/Jamaah Ansharut Tauhid terror group.

On June 1, 2018, Indonesia’s national police announced that they had arrested 37 suspects after a series of anti-terror operations across Indonesia. Four people who were accused of terrorism were killed during shootouts. By mid-July 2018, 197 suspected terrorists had been apprehended, of which 20 were killed during the raids.

On June 22, 2018, Indonesia enacted a revised anti-terrorism law, which now enables Indonesian security forces to take pre-emptive action against suspected militants and envisages a broader role for Indonesian armed forces to support the efforts of the counter-terrorism unit of Indonesia’s national police.

Several arrests of suspected terrorists were made during March 2019 in North Sumatera during which one suspect and her child were killed during an explosion.

On October 10, 2019, the then current security minister Wiranto was stabbed during an official visit in Banten followed by suicide bombings at the police headquarters in Medan in November 2019. 74 arrests were made in the aftermath of the attacks and both instances have been linked to the Jamaah Ansharut Daulah/Jamaah Ansharut Tauhid terror group. Overall, the number of acts of terrorism decreased by 53% in 2019 with nine cases in 2019 compared to 19 cases in 2018.

Indonesia’s counter-terrorism efforts include laws in respect of counter-terrorism, anti-radicalization, money laundering, cyber security, and training efforts for police and security officers (including sending officers to Canada and the United States for training). Indonesia also participates in regional counter-terrorism efforts through the Association of South East Asian Nations (“ASEAN”), and global efforts through the United Nations. The Government also adopted de-radicalization/counter narrative measures as well as bolstered police anti-terror units with additional personnel, equipment and training. Over the past three years of the Widodo administration, several hundred terrorist suspects have been reformed through de-radicalization measures.

Data from the National Police of the Republic Indonesia stated that terrorism cases decreased in 2021 compared to 2020. Throughout 2021, the National Police of the Republic Indonesia has carried out the prevention of acts of terrorism in Indonesian territory by arresting 370 terrorism suspects.

The factors that drive the magnitude of the threat of terrorism in Indonesia are caused by the increasing urgency of ISIS Group in Syria due to the advance offensive of multinational forces that render ISIS increasingly pushed and moved to other area; and orders from ISIS higher-up to its sympathisers in various countries to carry out their actions in their respective regions. Therefore, the Balloon Theory applies: as the pressure in Iraq and Syria increases, the power will move to other places, especially Southeast Asia (in particular Indonesia), which is one of the places for recruitment.

Technological advances have also contributed to acts of terror. Some acts of terror were caused by perpetrators who experienced self-radicalisation with the help of the internet. This trend is expected to increase especially if the actions of intolerant groups continue to grow and the action becomes a justification for radical acts.

From the description above, it can be concluded that the threat of terrorism in 2021 in Indonesia is still very strong and serious. Therefore, it requires integrated steps from the government, the communities, and all components of the nation so that the situation will not be utilised by radical groups to carry out their action through strengthening the security and intelligence apparatus and the judiciary institution, and certainly not only from the technical side but also from the regulatory and political side as well as mastering technology. So that the Law on Crime of Terrorism, the Law on Intelligence Service, and the Law on ITE need to be adjusted to the prevailing developments so that acts of terrorism can be dealt with and handled (with the largest portion of prevention not in prosecution).

D-12

National Medium-Term Development Plan (RPJMN) 2020-2024

In October 2019, President Joko Widodo announced his presidential vision for the establishment of an advanced sovereign, independent and supportive to mutual cooperation. Such vision contained the following objectives:

•

improving the quality of the Indonesian labor force;

•

achieving a productive, independent and competitive economic structure;

•

attaining equitable and prosperous national development;

•

achieving a sustainable environmental climate;

•

developing cultural progress reflecting the nation’s personality;

•

developing a dignified and trustworthy legal system which is free from corruption;

•

protection of all nations and provision of security to all Indonesian citizens;

•

attaining good, effective and reliable governance; and

•

achieving synergy of the governmental framework with the regional Government.

In addition, in October 2019, President Joko Widodo also introduced the Government’s National Medium-Term Development Plan 2020-2024 (the “RPJMN 2020-2024”), containing President Widodo’s five main priorities, namely enhancement of human resource development, enhancement of infrastructure development, simplification of regulation and bureaucracy and economic transformation. Such priorities were translated into the RPJMN 2020-2024 development agenda as follows:

•

strengthening economic resilience to achieve superior economic growth,

•

developing more remote regions to reduce economic gaps and improve equality;

•

improvement of quality and competitiveness of the labor force;

•

engaging in mental revolution and cultural development;

•

strengthening infrastructure to support economic development and improve basic services;

•

conservation of environment, supporting climate change and enhancing disaster resilience; and

•

enhancing political, legal, defense, stability and transforming public services.

To realize the RPJMN 2020-2024 development agenda, in October 2019, President Widodo announced his administration’s plans to implement regulatory reform by focusing on initiatives in line with such objectives by preparing three bills of omnibus laws, namely an omnibus bill on job creation (which has been promulgated under the Law on Job Creation), an omnibus bill on development and strengthening the financial sector and an omnibus bill on tax provision (which has been promulgated under Law No. 7 of 2021 on Harmonisation on Tax Regulation).

Economic Equalization Policy

In April 2017, the Government announced the Economic Equalization Policy (“EEP”), which embodies a national policy for economic transformation to overcome the middle-income trap and to enable Indonesia to achieve the status of a developed country. The EEP is an integrated reform policy comprising three parts: (i) land; (ii) opportunity; and (iii) human capital:

Land

•

Social forestry

•

The Ministry of Environment and Forestry will distribute access to social forest management covering an area of 211,522 hectares for 48,911 families with 134 permits. The initial focus will be on 11 villages with a total area of 15,576 hectares for 9,411 households.

•

Agrarian reform and transmigration land legalization

•

Transmigration of land of 220,000 hectares and 3,800 hectares under the National Agrarian Operation Project is ready to be legalized from a total of 4.5 million hectares, while 23,000 hectares of displaced land and 707,000 hectares of forest disposal are also ready to be redistributed from a total of 4.5 million hectares.

•

Agrarian reforms will be expanded to several provinces, including Banten, West Java, Central Java, Riau, West Kalimantan, West Sumatra, North Sumatra and Maluku.

•

Affordable housing for the urban poor

•

The central Government is committed to housing development within urban areas which are well connected to centers of activity, economic resources and public transportation for the urban poor. Core housing policies include the provision of land for affordable housing (land availability), implementation of a housing scheme for the construction of cheap housing and a housing financing scheme.

Opportunity

•

Targeted development of key sectors

•

The EEP aims to have a targeted development of key sectors, which includes focusing on addressing issues relating to the tax system, development of manufacturing and IT industries and the retail sector. Through this targeted development, the Government hopes to improve the competitiveness of the retail sector and strengthen synergies between traditional and modern retail.

D-13

Human capital

•

Vocational training and labor markets

•

Vocational and labor policies will be structured for capacity building of human resources, especially to align with industry needs and to support government priority programs.

•

Policy steps will also be taken by the Government to draft and improve the road map for vocational education and training, through reclassification and prioritization of business fields and positions.

•

There will be a job matching program that will focus on strengthening vocational programs for industries.

•

Vocational schemes will be in place for the automotive, tourism and transportation sectors.

Infrastructure Reforms

The Government has undertaken certain infrastructure reforms to accelerate infrastructure provision. The reforms are: (i) fiscal reforms; (ii) institutional reforms; and (iii) regulatory reforms:

Fiscal reforms

•

Viability gap funding

•

Issuance of Minister of Finance Regulation No. 223/PMK.011/2012 on Provision of Feasibility Support as Part of Construction Costs in Public Private Partnership in Providing Infrastructure as amended by Minister of Finance Regulation No. 170/PMK.08/2018 to increase project financial feasibility by contributing up to 49.0% of the construction cost.

•

Availability payment

•

Issuance of a regulatory framework for annuity payment scheme by the Government (Minister of Finance Regulation No. 260/PMK.08/2016 on Procedures of Payments of Services in Public Private Partnership in Providing Infrastructure for the central Government and Minister of Home Affairs Regulation No. 96 of 2016 for the regional Government) during the concession period after the project becomes operational by the private sector in order to make the project bankable.

•

Land revolving fund

•

Issuance of Minister of Finance Regulation No. 220/PMK.05/2010 on the Procedures of Provision, Distribution, Management and Accountability of Revolving Funds of Land Acquisitions for Toll Roads, which is a revolving fund sourced from the state budget to accelerate land acquisitions.

•

Risk-sharing guidelines

•

The Indonesia Infrastructure Guarantee Fund (“IIGF”) has issued risk allocation and mitigation guidelines for public-private partnership projects (“PPP”).

Institutional reforms

•

Committee for Acceleration of Priority Infrastructure Delivery (Komite Percepatan Penyediaan Infrastruktur Prioritas (“KPPIP”))

•

KPPIP is actively involved in accelerating the delivery of priority infrastructure projects.

•

PT. Sarana Multi Infrastruktur (“PT SMI”)

•

PT SMI merged with the Government Investment Center to become an infrastructure funding company.

•

IIGF

•

The IIGF has the capacity to provide project guarantees for non-PPP projects.

•

Public-private Partnership Unit (“PPP Unit”)

•

The PPP Unit provides facilities to help government contracting agencies with preparation for PPP projects.

•

State Asset Management Agency

•

The State Asset Management Agency is mandated to provide land funds for National Strategic Projects to ensure timely land acquisition process.

•

Regulatory reforms

•

Direct lending

•

Issuance of Presidential Regulation No. 82 of 2015 on Central Government Guarantees for the Infrastructure Financing through Direct Loan from International Financial Institutions to the State-Owned Enterprises to allow guarantees for direct lending to state-owned enterprises (“SOEs”) to accelerate financial close process for infrastructure projects.

•

Land acquisition

•

Issuance of Presidential Regulation No. 148 of 2015 as the fourth amendment to Presidential Regulation No. 71 of 2012 on the Implementation of Acquisition of Land for the Development of Public Interest to stipulate land acquisition acceleration based on Law No. 2 of 2012, which was later superseded by Government Regulation No. 19 of 2021, to implement the Law on Job Creation.

•

Economic packages

•

Conduct deregulation for issues that impede infrastructure delivery and develop a task force under the Coordinating Ministry for Economic Affairs to ensure effective implementation of economic packages.

D-14

Foreign Relations and International and Regional Organizations

Indonesia maintains close diplomatic relationships with neighboring countries and its major economic partners and aims to continue to strengthen economic relations with all its partners.

The Republic is one of the five founding members of ASEAN, an organization that was established in 1967 to ensure regional stability and is now committed to reducing development gaps among its member states (Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam), which have entered into various agreements on mutual assistance and cooperation in several areas.

The Republic’s other principal memberships in international and regional organizations include:

•

United Nations;

•

the IMF;

•

the World Bank and certain World Bank-related organizations;

•

the Asian Development Bank (“ADB”);

•

the Chiang Mai Initiative Multilateralization;

•

the Credit Guarantee and Investment Facility (“CGIF”);

•

the Group of Twenty (“G20”), in which it is the only ASEAN member state that concurrently enjoys membership;

•

the Islamic Development Bank;

•

World Trade Organization;

•

the Asia Pacific Economic Cooperation (“APEC”), where it was one of the 12 founding economies and continues to play an important role;

•

the Asian Infrastructure Investment Bank, an initiative by the government of China which has a mission to improve social and economic outcomes by investing in sustainable infrastructure and other productive sectors in Asia and beyond; and

•

the Indian Ocean Rim Association (“IORA”).

Indonesia also seeks to lead other developing countries through its membership in the following organizations of developing countries: the Non-Aligned Movement, the Organization of the Islamic Conference, the Group of 77 and China, the Developing 8, the Group of 15, and as observer at the G-24 Forum.

Since 1962, the Republic has been a member of the Organisation of Petroleum Exporting Countries (“OPEC”). In view of the shift in its status from a net exporter to a net importer of oil, the Republic suspended its membership in OPEC effective from January 2009. The Republic reactivated its OPEC membership effective from January 2016, but due to policy considerations and its continuing status as a net importer of oil, the Republic decided to suspend its OPEC membership during the November 30, 2016 OPEC meeting. On May 24, 2017, the Republic sent OPEC a letter requesting reactivation of its membership on the condition that Indonesian crude oil production would not have to be cut. In December 2017, the Government decided not to continue the reactivation process.

In terms of bilateral cooperation with China, Indonesia has been pursuing opportunities to support Government’s infrastructure connectivity development program through the Belt and Road Initiative. This initiative led by the People’s Republic of China, comprises two segments: (i) the Silk Road Economic Belt, a land road route western mainland China that leads to Central Asia up to the Middle East; and (ii) the 21^st Century Maritime Silk Road, a strategic and important sea-land encircling Southeast Asia, the Persian Gulf and reaching the Horn of Africa. This initiative promotes better connectivity among countries in Asia, Europe as well as Africa and South America, and also encourages trade balance, e-commerce, digital economy and financial inclusion. In 2017, Indonesia was actively involved in the formulation of the Guiding Principles on Financing the Development for the Belt and Road Initiative. The Republic is developing a new airport in Lembeh Island, North Sulawesi as part of its involvement in the Belt and Road Initiative.

Indonesia became a member of the IORA (an association that connects countries along the Indian Ocean region) in 1997. Since joining the IORA, Indonesia has been an active member and has directly engaged in a number of initiatives and Indonesia continues to promote economic and maritime diplomacy in the Indian Ocean region. Indonesia hosted the leader’s summit of IORA in Jakarta in March 2017, which concluded with the enactment of the IORA Concord (also referred to as the Jakarta Concord), which aims to lay the foundation and set the course for cooperation within the IORA in the coming years to overcome the increasingly complex problems in the Indian Ocean region.

D-15

The following table shows Indonesia’s capital participation in certain major international financial organizations as of December 31, 2021.


	As of December 31, 2021 contributed capital
Name of organization	Year of admission			Subscribed		Paid in

	(in millions of U.S. dollars)
Asian Development Bank⁽¹⁾		1966			8,099.1		405.0
IMF⁽¹⁾		1966	⁽²⁾		6,512.3		6,512.3
World Bank Group
International Bank for Reconstruction and Development		1966	⁽²⁾		3,059.7		200.3
International Development Association		1968			140.9		65.0
International Finance Corporation		1968	⁽³⁾		263.7		263.7
Multilateral Investment and Guarantee Agency		1986			20.0		3.8
Islamic Development Bank⁽⁴⁾		1975			1,768.7		207.7
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		0.3
Islamic Corporation for the Development of the Private Sector		1992			22.2		22.2
International Fund for Agricultural Development		1977			92.0		82.0
Common Fund for Commodities		1980			1.3		1.3
Credit Guarantee and Investment Facility		2012			30.6		18.6
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 January 3, 2022 of U.S.$1.400980 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.

Foreign Relations

Indonesia embraces a foreign policy that is free and active while remaining committed to playing an important role in the maintenance of peace and security in the world. This policy is ingrained in Indonesia’s Constitution and is further testament that the aspirations of the international community as enshrined in the Charter of the United Nations is aligned to that of Indonesia. In this respect, Indonesia assumes leadership roles in advancing the interests of not just certain blocs of like-minded countries, as is likely the norm in international relations but rather continuously and persistently assumes the bridge-building negotiating role in constructing platforms that accommodate the interests of all countries for the common benefit of all.

Indonesia continues its active participation in the forums deemed crucial to life outcomes for the billions in the world for decades to come. In this context, Indonesia has shown active participation in the G20 Summit held in Hamburg, Germany from July 7 to 8, 2017 and the APEC Summit held in Da Nang, Vietnam from November 10 to 11, 2017, the APEC Summit held in Port Moresby, Papua New Guinea from November 17 to 18, 2018, the G20 Summit held in Buenos Aires, Argentina from November 30 to December 1, 2018, the G20 Summit held in Osaka, Japan from June 28 to June 29, 2019, the APEC Summit held virtually from Kuala Lumpur, Malaysia on November 20, 2020, the G20 Summit held virtually from Riyadh, Saudi Arabia from November 21 to November 22, 2020, the APEC Summit held virtually from Auckland, New Zealand on November 12, 2021, and the G20 Summit held in Rome, Italy from October 30 to 31, 2021. The next G20 Summit will take place in Bali from November 15 to 16, 2022.

After the 2021 G20 Summit was held in Rome, Italy from October 30 to 31, 2021, from October 31, 2021, the handover of the Presidency from Italy as the 2021 G20 Presidency to Indonesia was carried out, so that Indonesia will officially hold the G20 Presidency for a full year from December 1, 2021 until November 30, 2022. Indonesia carries the theme “Recover Together, Recover Stronger” at this G20 Presidency. There are three strategic issues that Indonesia will focus on, including inclusive health management, digital-based economic transformation and the transition to sustainable energy use. During the Indonesian Presidency, around 150 meetings and side events will be held which are divided into meetings at the Working Groups level, Ministerial level, Sherpa and Finance Deputies level, to the Summit. The number of delegates attending per meeting ranges from 500 to 5,800 throughout the year.

Based on the Presidential Decree No. 12 of 2021 regarding the National Committee for the G20 Summit Presidency, as lastly amended by the Presidential Decree No. 3 of 2022, the Coordinating Ministry for Economic Affairs together with the Ministry of Foreign Affairs will coordinate the discussion of non-financial topics (Sherpa Track); the Ministry of Finance and BI will coordinate the discussion of financial topics (Finance Track); the Coordinating Ministry for Maritime and Investments will coordinate the Support for Event Organising, while the Ministry of Communications and Information Technology will serve as the Head of Communications and Media.

Indonesia has hosted a series of international events in recent years, including the 2018 Annual Meeting of IMF and World Bank Group in Bali, the Indonesia — Africa Forum in Bali, the 18^th Asian Games and the 2018 Asian Para Games. The 2018 Annual Meeting of IMF and World Bank Group in Bali was held from October 12 to 14, 2018 and was attended by 3,500 delegates from 189 member countries, including G20 countries such as China, Japan, United States and France.

The Indonesia-Africa Forum in Bali was held from April 10 to 11, 2018 and was attended by 53 countries. The forum aims to explore various economic opportunities, to strengthen technical cooperation, and to enhance existing partnership between Indonesia and African countries.

With more than 150,000 attendees, the 18th Asian Games involved more than 11,000 athletes across 44 countries, including G20 countries such as China, India, Japan and South Korea. The 2018 Asian Para Games had more than 450,000 attendees with approximately 3,000 athletes from 43 countries, including G20 countries such as China, India, Japan and South Korea.

The Our Ocean Conference (“OOC”) in Bali was held from October 29 to 30, 2018. The OOC 2018 resulted in 305 commitments in the maritime sector with an estimated value of U.S.$10.7 billion, as well as the establishment of 14 million square kilometers new marine protected areas.

D-16

Maritime Boundaries Delimitation and the South China Sea

The Government has conducted border diplomacy with its 10 neighboring countries, namely, India, Thailand, Malaysia, Singapore, Vietnam, the Philippines, Palau, Papua New Guinea, Timor-Leste, and Australia.

Indonesia has agreed on the following maritime boundaries:

•

Several Territorial Sea boundaries with Malaysia (northern part of the Malacca Strait) and Singapore (central, western and eastern part of the Singapore Strait), and completion of all Territorial Sea boundaries with Papua New Guinea;

•

Exclusive Economic Zone with the Philippines, Australia, and Papua New Guinea; and

•

Continental Shelf with India, Thailand, Malaysia (Malacca Strait and South China Sea), Vietnam, Australia and Papua New Guinea.

Negotiations on the following maritime boundaries are ongoing:

•

Remaining segments of Territorial Sea boundaries with Malaysia, Singapore and Timor-Leste;

•

Exclusive Economic Zone with India, Thailand, Malaysia, Vietnam, Palau and Timor-Leste; and

•

Continental Shelf with Malaysia, the Philippines, Palau, and Timor-Leste.

Indonesia aims to resolve these maritime boundaries through peaceful and diplomatic channels in accordance with international law.

Indonesia is working to ensure its national interest and to ensure that stability and security are maintained in the South China Sea. These aims are advanced both on a bilateral basis with China as well as through initiatives advanced through ASEAN. In line with this effort, in November 2017, China and the ten member states of ASEAN, including Indonesia, announced an agreement to begin discussions on a Code of Conduct (“COC”), to implement the 2002 ASEAN-China Declaration on the Conduct of Parties in the South China Sea (frequently referred to as the DOC) based on a negotiating framework agreed in August 2017. The Ministry of Foreign Affairs hosted a workshop on the South China Sea on November 16-17, 2017 attended by representatives from Brunei Darussalam, China, the Philippines, Indonesia, Laos, Malaysia, Myanmar, Singapore, Vietnam and Taiwan to explore opportunities for cooperation between stakeholders and encourage dialogue on cooperation projects and maritime borders. Indonesia also hosted the 7th ASEAN Maritime Forum and the 5th Expanded ASEAN Maritime Forum in December 2017. Matters discussed in these forums included the importance of strengthening linkages in maritime cooperation to further promote mutual trust and confidence to ensure security, peace and stability in the region, including matters relating to safety and freedom of navigation and overflight. The Ministry of Foreign Affairs hosted a workshop on the Safety of Navigation and Communication in the South China Sea on November 30 to December 1, 2018 in Manado, North Sulawesi attended by representatives from China, the Philippines, Indonesia, Malaysia, Myanmar, Singapore and Vietnam to explore opportunities for cooperation between stakeholders and encourage dialogue on maritime safety in the South China Sea. Matters discussed in these forums included the relevant international legal instruments, regional framework as well as its implementation to further promote and ensure safety of navigation in the South China Sea. Other matters such as maritime pollution prevention/marine environment protection, innovative technology and policy in the area of maritime safety were also deliberated during the workshop.

The Ministry of Foreign Affairs Republic of Indonesia and The Center for South East Asian Studies jointly organised the Workshop on Managing Potential Conflict in the South China Sea in Batam, Riau Islands, on September 10-12, 2019. The workshop was attended by 54 experts in their personal capacities, from Indonesia, China, Lao PDR, Malaysia, the Philippines, Chinese-Taipei, and Viet Nam. The workshop discussed potential cooperation in various projects and explore more on the potential of business cooperation in the South China Sea Rim.

While Indonesia does not have overlapping territorial claims in the South China Sea with China, it continues to establish communication and consultation with China to promote dispute resolution and the avoidance of conflict in this area. In May 2017, the foreign ministers of Indonesia and China signed a Plan of Action for the Implementation of the Comprehensive Strategic Partnership for 2017-2021, which included China’s commitment to the full implementation of the DOC and to expedite the adoption of a Code of Conduct. Indonesia has also encouraged cooperation between the Indonesian Maritime Security Board and the Chinese Coast Guard to enhance mutual trust and prevent potential conflict.

Indonesia continues to pursue the economic development of its exclusive economic zone off the coast of the Natuna Islands in the North Natuna Sea (which is also referred to as a part of the South China Sea). According to press reports, Indonesia has taken action against foreign-flagged fishing vessels, which have included Chinese vessels, in this zone, in which China has said is a traditional Chinese fishing ground.

D-17

Sustainable Development Goals

In September 2021, the Republic published its SDGs Government Securities Framework for the issuance of green and blue bonds and sukuk and social and sustainability bonds and sukuk (which we collectively refer to as “green and SDG” securities). Under the framework, green and SDG securities will be issued to fund eligible expenditures with (a) green and blue focus of 10 categories, including (i) renewable energy, (ii) energy efficiency, (iii) resilience to climate change for highly vulnerable areas and sectors and disaster risk reduction, (iv) sustainable transport, (v) waste to energy and waste management, (vi) sustainable management of nature resources on land, (vii) sustainable management of natural resources on ocean, (viii) green tourism, (ix) green buildings, and (x) sustainable water and wastewater management, and (b) social focus of four categories, comprising (i) employment generation and socioeconomic advancement and empowerment, (ii) food security and sustainable food systems, (iii) access to essential services, and (iv) affordable basic infrastructure. The Republic believes that eligible expenditures will deliver environmental and social benefits and will be part of the Republic’s efforts in achieving its 2030 SDGs targets.

The Republic’s 2030 SDGs targets have been described in the Roadmap of SDGs Indonesia which was published by the Ministry of National Development Planning (“Bappenas”) pursuant to the Presidential Regulation no. 59/2017. The 2030 SDGs targets include 17 targets with respect to green, social and sustainable development such as, among others, eradication of poverty and hunger, improvement of education, health and well-being, reduced inequalities, affordable and clean energy, climate action, and sustainable cities and communities, and the Republic aims to achieve those targets or make substantial progress by 2030.

The Republic will implement an evaluation and selection process to seek to ensure that the proceeds from green and SDG securities are used for eligible expenditures. The process involves a budget tagging process where various ministries will select and tag projects that will be reviewed primarily by the Ministry of Finance for expenditures with green and blue focus and by the Bappenas for expenditures with social focus. Tagged projects that fall into one or more of the eligibility criteria and that have a project development timeline consistent with the tenor of the relevant green and SDG securities may be approved by the Bappenas and the Ministry of Finance, in coordination with other line ministries, to be funded by the proceeds of the relevant green and SDG securities.

The Ministry of Finance will manage and allocate the proceeds from each issue of green and SDG securities and the ministries utilizing the proceeds will track, monitor and report to the Ministry of Finance the environmental and social benefits of the eligible expenditures in their portfolio. A green and SDG securities allocation register will be established to record the allocation of proceeds therefrom. For each issue of green and SDG securities, the Republic will report the fund allocation and the respective impacts annually. This reporting policy is not a contractual obligation of the Republic, and the Republic may decide to change its reporting policy or not comply with the policy at any time. If the Republic does provide such reports, they will be published on a designated page of the Ministry of Finance’s website.

There is currently no market consensus on what precise attributes are required for a particular project or series of notes to be defined as “green” or “social,” and therefore the Republic gives no assurance that selected projects will meet expectations regarding environmental or social performance. Although the projects will be selected in accordance with the categories recognized under the SDGs Government Securities Framework, and will be developed in accordance with relevant legislation and standards, the projects may fail to deliver the benefits as anticipated, and there can be no assurance that adverse environmental and/or social impacts will not occur during the design, construction, commissioning and operation of the projects.

Economy and Gross Domestic Product

Introduction

Indonesia has a balanced and diversified economy. The main challenges currently facing Indonesia’s economy include uncertainty in relation to the global economic recovery and commodity prices, which are crucial factors in determining the Republic’s export performance.

Domestically, factors that affect the economy are demographic growth and job creation, the country’s progress in implementing its infrastructure programs, maintaining relatively stable and low inflation and balancing domestic budgetary pressures against the burden of serving external debt.

D-18

Principal Sectors of the Economy

Indonesia’s principal economic sectors are 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.

The tables below 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,																				Six Months Ended June 30,
	2017		%		2018		%		2019		%		2020^P		%		2021^P		%		2022^P		%

	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		309,373		2.3		332,299		2.2		336,673		2.1		307,606		2.0		320,009		1.9		174,016		1.8
Non-Coal, Oil and Gas Manufacturing Industries		2,430,339		17.9		2,615,152		17.6		2,782,921		17.6		2,760,435		17.9		2,946,895		17.4		1,570,072		16.6

Total Manufacturing Industry		2,739,712		20.2		2,947,451		19.9		3,119,594		19.7		3,068,042		19.9		3,266,904		19.3		1,744,088		18.5
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		1,768,865		13.0		1,931,813		13.0		2,060,379		13.0		1,994,125		12.9		2,200,529		13.0		1,216,050		12.9
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,347,526		9.9		1,417,317		9.6		1,488,986		9.4		1,575,280		10.2		1,672,252		9.9		908,740		9.6
Forestry and Logging		91,609		0.7		97,397		0.7		104,122		0.7		108,640		0.7		111,991		0.7		56,484		0.6
Fishery		348,828		2.6		385,908		2.6		419,635		2.7		431,469		2.8		469,594		2.8		240,279		2.5

Total Agriculture, Forestry, and Fishery		1,787,963		13.2		1,900,622		12.8		2,012,743		12.7		2,115,389		13.7		2,253,837		13.3		1,205,504		12.8
Mining and Quarrying
Oil, Gas and Geothermal Mining		391,450		2.9		460,170		3.1		439,603		2.8		332,560		2.2		461,703		2.7		278,854		3.0
Coal and Lignite Mining		323,365		2.4		401,277		2.7		368,891		2.3		283,195		1.8		603,138		3.6		581,630		6.2
Metal Ore		94,322		0.7		111,321		0.8		96,825		0.6		130,957		0.8		204,590		1.2		127,025		1.3
Other Mining and Quarrying		220,418		1.6		226,219		1.5		244,596		1.5		246,831		1.6		254,219		1.5		127,860		1.4

Total Mining and Quarrying		1,029,555		7.6		1,198,987		8.1		1,149,914		7.3		993,542		6.4		1,523,650		9.0		1,115,369		11.8
Construction		1,410,514		10.4		1,562,297		10.5		1,701,741		10.7		1,652,660		10.7		1,771,727		10.4		919,937		9.8
Government Administration, Defense Compulsory Social Security		499,344		3.7		541,686		3.7		571,622		3.6		582,628		3.8		584,361		3.4		293,127		3.1
Information and Communication		513,716		3.8		558,938		3.8		626,533		4.0		695,964		4.5		748,755		4.4		397,635		4.2
Transportation and Warehousing		735,230		5.4		797,777		5.4		881,548		5.6		689,578		4.5		719,633		4.2		444,387		4.7
Financial and Insurance Service		571,204		4.2		616,315		4.2		671,434		4.2		696,067		4.5		736,189		4.3		399,517		4.2
Education Service		447,138		3.3		481,747		3.2		522,375		3.3		549,626		3.6		556,318		3.3		268,258		2.8
Other*		1,563,357		11.5		1,699,126		11.5		1,863,546		11.8		1,836,908		11.9		1,922,790		11.3		1,020,766		10.8

Gross Value Added at Basic Prices		13,066,596		96.1		14,236,758		95.9		15,181,428		95.9		14,874,528		96.3		16,284,691		96.0		9,024,638		95.7
Taxes less Subsidies on Products		523,230		3.9		601,998		4.1		651,108		4.1		563,489		3.7		686,098		4.0		408,619		4.3

Total GDP		13,589,826		100.0		14,838,756		100.0		15,832,535		100.0		15,438,018		100.0		16,970,789		100.0		9,433,257		100

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.

D-19

Gross Domestic Product by Industry

(at constant prices)


	Year Ended December 31,																				Six Months Ended June 30,
	2017		%		2018		%		2019		%		2020^P		%		2021^P		%		2021^P		%

	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		219,849		2.2		219,832		2.1		217,402		2.0		202,604		1.9		203,767		1.8		103,155		1.8
Non-Coal, Oil and Gas Manufacturing Industries		1,883,617		19.0		1,973,537		18.9		2,059,266		18.8		2,007,317		18.7		2,081,055		18.7		1,071,608		18.7

Total Manufacturing Industry		2,103,466		21.2		2,193,368		21.0		2,276,668		20.8		2,209,920		20.6		2,284,822		20.5		1,174,763		20.5
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		1,311,747		13.2		1,376,879		13.2		1,440,263		13.2		1,385,747		12.9		1,450,226		13.0		750,793		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		970,263		9.8		1,005,655		9.6		1,038,903		9.5		1,061,023		9.9		1,072,507		9.6		556,291		9.7
Forestry and Logging		61,280		0.6		62,982		0.6		63,218		0.6		63,196		0.6		63,236		0.6		30,322		0.5
Fishery		226,833		2.3		238,616		2.3		252,279		2.3		254,112		2.4		267,967		2.4		132,900		2.3

Total Agriculture, Forestry, and Fishery		1,258,376		12.7		1,307,253		12.5		1,354,399		12.4		1,378,331		12.9		1,403,710		12.6		719,513		12.5
Mining and Quarrying
Oil, Gas and Geothermal Mining		302,653		3.1		298,420		2.9		289,980		2.6		272,583		2.5		260,546		2.3		123,099		2.1
Coal and Lignite Mining		226,479		2.3		235,561		2.3		259,599		2.4		245,499		2.3		261,710		2.4		132,046		2.3
Metal Ore		95,150		1.0		103,719		1.0		88,003		0.8		105,829		1.0		130,000		1.2		76,396		1.3
Other Mining and Quarrying		155,396		1.6		158,804		1.5		168,624		1.5		166,564		1.6		169,844		1.5		84,199		1.5

Total Mining and Quarrying		779,678		7.9		796,505		7.6		806,206		7.4		790,475		7.4		822,100		7.4		415,740		7.2
Construction		987,925		10.0		1,048,083		10.1		1,108,425		10.1		1,072,335		10.0		1,102,518		9.9		551,955		9.6
Government Administration, Defense Compulsory Social Security		326,514		3.3		349,278		3.4		365,534		3.3		365,439		3.4		364,233		3.3		182,398		3.2
Information and Communication		503,421		5.1		538,763		5.2		589,536		5.4		652,063		6.1		696,460		6.3		368,067		6.4
Transportation and Warehousing		406,679		4.1		435,337		4.2		463,158		4.2		393,438		3.7		406,188		3.7		233,011		4.1
Financial and Insurance Service		398,971		4.0		415,621		4.0		443,093		4.0		457,483		4.3		464,639		4.2		238,143		4.1
Education Service		304,811		3.1		321,134		3.1		341,355		3.1		350,265		3.3		350,655		3.2		168,482		2.9
Other*		1,149,671		11.6		1,220,674		11.7		1,310,119		12.0		1,276,166		11.9		1,323,802		11.9		691,407		12.0

Gross Value Added at Basic Prices		9,531,259		96.1		10,002,893		95.9		10,498,756		95.9		10,331,662		96.3		10,669,353		96.0		5,494,272		95.7
Taxes less Subsidies on Products		381,669		3.9		422,959		4.1		450,282		4.1		391,392		3.7		449,516		4.0		248,175		4.3

Total GDP		9,912,928		100.0		10,425,852		100.0		10,949,038		100.0		10,723,055		100.0		11,118,869		100.0		5,742,447		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.

D-20

Manufacturing Industry

Indonesia’s principal manufacturing industries include food products and beverages, coal and refined petroleum products, fabricated metal products, computer, electronic and optical products and electrical equipment. Other major manufacturing industries include transport equipment and chemicals, pharmaceuticals and botanical products. Manufacturing has been the largest contributor to economic growth since the 1980s. The manufacturing industry sector consists of the sub-sectors of (i) coal industry and oil and gas refining and (ii) non-coal, oil and gas manufacturing industries.

In 2017, Indonesia’s manufacturing industries grew by 4.3%, the same as in the previous year. Non-coal, oil and gas manufacturing industries grew by 4.9% during 2017, mainly driven by growth in the food and beverage manufacturing sub-sector, which grew by 9.2%. Coal, oil, and gas manufacturing industries contracted by 0.3% during the 2017 compared to the previous year.

In 2018, Indonesia’s manufacturing industries grew by 4.3%, the same as in the previous year. Non-coal, oil and gas manufacturing industries grew by 4.8% during 2018, mainly driven by the machinery and equipment sub-sector, which grew by 9.5%. This was partially offset by a 1.4% contraction in the chemical, pharmaceutical and traditional medicine sub-sector.

In 2019, Indonesia’s manufacturing industries grew by 3.8% compared to 4.3% in 2018, mainly driven by the growth in non-coal, oil and gas manufacturing industries, which grew by 4.3%, offset by the contraction in coal, oil and gas refinery industry, which contracted by 1.1% in 2019.

In 2020, Indonesia’s manufacturing industries contracted by 2.9% compared to the 3.8% growth in 2019, primarily due to a 6.8% contraction in the coal, oil and gas refinery industry. Non-coal, oil and gas manufacturing industries declined by 2.5%, primarily due to contractions in the transport equipment industry and the machinery equipment industry, which contracted by 19.9% and 10.2%, respectively.

In 2021, Indonesia’s manufacturing industry grew by 3.4% compared to the 2.9% contraction in 2020. Non-coal, oil and gas manufacturing industries grew by 3.7%, mainly driven by growth in the transportation equipment industry, basic metal industry, and machinery and equipment industry sub-sector, which grew by 17.8%, 11.5% and 11.4% respectively.

In the six months ended June 30, 2022, the manufacturing industry grew by 4.5% compared to the same period in 2021. This was due to a growth of 4.9% in the non-coal, oil and gas manufacturing industries and a growth of 1.0% in the coal, oil and gas refining industry. The growth in the non-coal, oil and gas manufacturing industries was primarily driven by a growth of 13.1% in the textile and apparel industry due to an increase in demand for apparel during Ramadan and Eid al-Fitr. This was partially offset by a 7.8% contraction in the rubber industry, rubber and plastic goods industry.

Wholesale and retail trade; repair of motor vehicles and motorcycles

The wholesale and retail trade; repair of motor vehicles and motorcycles sector includes wholesale and retail trade, as well as the repair of motor vehicles, including motorcycles. In recent years, this has generally been the third largest segment of the economy, behind manufacturing and agriculture, forestry and fishery.

In 2017, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 4.5%, compared to 4.0% in 2016. This growth was mainly driven by the wholesale and retail trade of cars, motorcycles, and repairs sub-sector, which grew by 4.8%. The wholesale and retail trade of non-cars and motorcycles sub-sector grew by 4.4% in 2017.

In 2018, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.0%, compared to 4.5% growth in 2017. This growth was mainly driven by the wholesale and retail trade of non-cars and motorcycles sub-sector, which grew by 5.0%. The wholesale and retail trade of cars and motorcycles, and repairs sub-sector grew by 4.9% in 2018.

In 2019, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 4.6% compared to 5.0% in 2018. This growth was mainly driven by the wholesale and retail trade of non-cars and motorcycles sub-sector, which grew by 4.8%. The wholesale and retail trade of cars and motorcycles, and repairs sub-sector grew by 3.7% in 2019.

In 2020, the wholesale and retail trade, repair of motor vehicles and motorcycles sector declined by 3.8% compared to the 4.6% growth in 2019, mainly driven by a 14.1% contraction in the wholesale, retail trade, and repairs of cars and motorcycles sub-sector. The wholesale and retail trade of non-cars and motorcycles sub-sector declined by 1.4%.

In 2021, the wholesale and retail trade, repair of motor vehicles and motorcycles sector increased by 4.7% compared to the 3.8% decline in 2020. This was mainly driven by the trade of cars, motorbikes and repair sub-sector, which grew by 12.1%, as a result of the implementation of sales tax incentives on luxurious goods which drives an increase in the number of car sales.

In the six months ended June 30, 2022, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.1% compared to the same period in 2021. This was mainly driven by a growth of 5.3% in the trade of cars, motorbikes and repair sub-sector and a growth of 5.0% in the big trade and retail (not cars and motorcycles) sub-sector.

D-21

Agriculture, forestry and fishery

The agriculture, forestry and fishery sector consists of the sub-sectors of (i) agriculture, livestock, hunting and agriculture services, (ii) forestry and logging, and (iii) fishery.

In 2017, the agriculture, forestry, and fishery sector grew by 3.9%, compared to 3.4% in 2016. This growth was mainly driven by the fishery sub-sector, which grew by 5.7% compared to 2016. The agriculture, livestock, hunting and agriculture services sub-sector, and the forestry and logging sub-sector grew by 3.6% and 2.1%, respectively, in 2017.

In 2018, the agriculture, forestry, and fishery sector grew by 3.9%, the same rate as in 2017. This growth was mainly driven by the fishery sub-sector, which grew by 5.2% compared to 2017. The agriculture, livestock, hunting and agriculture services sub-sector and the forestry and logging sub-sector grew by 3.7% and 2.8%, respectively, in 2018.

In 2019, the agriculture, forestry, and fishery sector grew by 3.6% compared to 3.9% in 2018. This growth was mainly driven by the fishery sub-sector, which grew by 5.7% compared to 2018. The agriculture, livestock, hunting and agriculture services sub-sector and the forestry and logging sub-sector grew by 3.3% and 0.4%, respectively, in 2019.

In 2020, the agriculture, forestry, and fishery sector grew by 1.8% compared to 3.6% in 2019. This growth was mainly driven by the agriculture, livestock, hunting and agriculture services sub-sector, which grew by 2.1% compared to 2019. The fishery sub-sector grew by 0.7% and the forestry and logging sub-sector declined by 0.03%, in 2020.

In 2021, the agriculture, forestry and fishery sector grew by 1.8%, the same as in the previous year. This growth was mainly driven by the fishery sub-sector which grew by 5.5% due to an increased production of captured fish and seaweed cultivation. The agriculture, livestock, hunting, and agriculture services sub-sector grew by 1.1% and the forestry and logging sub-sector grew by 0.1% as compared to 2020.

In the six months ended June 30, 2022, the agriculture, forestry and fishery sector grew by 1.3% compared to the same period in 2021. This was mainly driven by a growth of 1.4% in agriculture, livestock, hunting, & agriculture services sub-sector and a growth of 1.2% in fishery sub-sector.

The following table sets forth production statistics for Indonesia’s most important agricultural products for the periods indicated.

Production of Principal Agricultural Products by Sub-sectors


	Year Ended December 31,
	2017		2018		2019		2020		2021^P

	(in thousands of tons, except as otherwise indicated)
Food crops
Rice^{(1) (2)}		81,149		59,201		54,604		54,649		54,415
Cassava		19,054		19,341		N/A		N/A		N/A
Corn		28,924		30,056		N/A		N/A		N/A
Sweet Potato		2,029		1,914		N/A		N/A		N/A
Soybeans (shelled)		539		983		N/A		N/A		N/A
Peanuts (shelled)		495		512		N/A		N/A		N/A
Mung bean		241		235		N/A		N/A		N/A
Estate cash crops
Dry Rubber		3,680		3,630		3,301		3,037		3,121
Coffee		718		756		753		762		775
Cocoa		591		767		735		721		707
Tea		146		140		130		144		145
Sugarcane		2,122		2,172		2,227		2,131		2,418
Tobacco		181		196		270		261		237
Palm Oil		37,965		42,884		47,120		48,297		46,223
Livestock
Meat		4,597		4,779		4,888		4,555		4,792
Eggs		5,217		5,268		5,355		5,874		5,926
Milk		928		951		945		947		963
Fish products
Captured Fish		7,071		7,361		7,335		7,704		8,088
Farmed Fish		16,116		15,689		15,212		15,459		16,392
Forestry⁽³⁾
Logs		43,682		47,966		45,840		51,916		64,424
Sawn Timber		1,912		2,079		2,529		2,581		3,160
Plywood		3,761		4,214		4,158		3,863		5,276

Sources: BPS, Ministry of Agriculture, Ministry of Marine Affairs and Fisheries, and Ministry of Environment and Forestry

^P	Preliminary.

N/A	Not available.

⁽¹⁾	2017 result of coordination meeting between Ministry of Agriculture and BPS.

⁽²⁾	Since 2018, the calculation of paddy harvested area data was carried out using the area sampling framework method, replacing the eye estimate method previously.

⁽³⁾	All units are in thousands of cubic meters.

D-22

Mining and Quarrying

Indonesia is a significant player in the global mining and quarrying industry with significant production of natural gas, coal, crude oil, tin, nickel, bauxite and copper.

In 2017, the mining and quarrying sector grew by 0.7% compared to 0.9% in 2016, primarily due to growth in the metal ore , the other mining and quarrying, and the coal and lignite mining sub-sectors, which grew by 6.6%, 4.7%, and 1.5%, respectively. This was partially offset by a contraction in the oil, gas and geothermal mining sub-sector, which contracted by 3.5% in 2017.

In 2018, the mining and quarrying sector grew by 2.2% compared to 0.7% in 2017, primarily due to growth in the metal ore mining, the coal and lignite mining, and the other mining and quarrying sub-sectors, which grew by 9.0%, 4.0%, and 2.2%, respectively. This was partially offset by a contraction in the oil, gas and geothermal mining sub-sector, which contracted by 1.4% in 2018.

In 2019, the mining and quarrying sector grew by 1.2% compared to 2.2% in 2018, primarily due to growth in the coal and lignite mining and the other mining and quarrying sub-sectors, which grew by 10.2% and 6.2%, respectively. This growth was partially offset by a contraction in the metal ore mining and the oil, gas and geothermal mining sub-sectors, which contracted by 15.2% and 2.8%, respectively.

In 2020, the mining and quarrying sector declined by 2.0% compared to the 1.2% growth in 2019, primarily due to contractions in the oil, gas, and geothermal mining sub-sector and the coal and lignite mining sub-sector, which respectively contracted by 6.0% and 5.4%. This contraction was offset by a growth in metal ore mining sub-sector, which grew by 20.3%.

In 2021, the mining and quarrying sector grew by 4.0% compared to a contraction of 2.0% the previous year. This was mainly driven by the metal ore mining sub-sector, which grew by 22.8% due to increase in copper and gold production. The oil, gas and geothermal mining sub-sector contracted by 4.4% due to a decrease in the amount of oil production.

In the six months ended June 30, 2022, the mining and quarrying sector grew by 3.9% compared to the same period in 2021. This was mainly driven by a growth of 24.0% in metal ore mining sub-sector due to an increase in copper and gold production. This growth is offset by a decline of 5.0% in oil, gas and geothermal mining sub-sector as compared to the same period in 2021.

As products in the mining and quarrying sector are internationally traded commodities with prices set by the world markets, the performance of this sub-sector is primarily affected by international market prices. See “— Foreign Trade and Balance of Payments — Exports and Imports.”

Oil and Natural Gas

The oil and gas market in Indonesia is characterized by the presence of large, diversified companies with highly vertically integrated operations throughout oil exploration, production, refining, transportation and marketing. Pertamina, a SOE, plays an important role in the production of oil and gas in Indonesia.

In 2017, the contribution of the Indonesian oil and gas industry to Indonesia’s GDP decreased due to a decrease in international crude oil prices. Oil and gas exports contributed 9.5%, 7.0%, 5.1%, 5.3% and 5.5% to total exports in 2018, 2019, 2020, 2021 and the six months ended June 30, 2022, respectively. Decrease in oil and gas exports is primarily due to Government’s policy to optimize the utilization of oil and gas for domestic demand. In 2018, 2019, 2020, 2021 and the six months ended June 30, 2022, oil gas revenues comprised 10.7%, 9.2%, 6.2%, 7.4% and 8.9%, respectively, of the Government’s domestic revenue (inclusive of income tax revenue from the oil and gas sub-sector). Decrease in oil production within the last two and a half years is primarily due to natural decline in the reservoir performance and lack of new oil and gas reserve which may increase production.

The following table sets forth crude oil production by source for the periods indicated.

Crude Oil Production by Source⁽¹⁾


	Year Ended December 31,
	2017		2018		2019		2020		2021^P
Pertamina		28		29		30		29		26
Production sharing contracts⁽²⁾		264		253		242		230		215

Total		292		282		272		259		241

Source: Ministry of Energy and Mineral Resources

^P	Preliminary

⁽¹⁾	Includes production of crude oil condensate.

⁽²⁾

Most of the production under production sharing contracts is provided to Pertamina. Production sharing contracts are a common type of joint cooperation contract used in Indonesia’s oil and gas upstream sector, under which the Government and the contractor agree to split the production measured in revenue based on agreed percentages.

D-23

The table below sets forth Indonesia’s proven crude oil reserves for the periods indicated based on estimates prepared by the Ministry of Energy and Mineral Resources’ Reserve Oil and Gas Evaluation Team, which is composed of representatives from the Oil and Gas Directorate of the Ministry of Energy and Mineral Resources, the Center of Research and Development of Oil and Gas Technology of the Ministry of Energy and Mineral Resources, as well as SKK Migas, which are based on the applicable Annual Reserve Oil and Gas Report received by SKK Migas from various oil and gas contractors. SKK Migas is a government entity responsible for supervising upstream oil and gas activities. Proven crude oil reserves include developed and undeveloped volumes that are economically recoverable at either current prices or forecasted future prices as calculated by each relevant contractor under the coordination of SKK Migas. Estimates of proven crude oil reserves are comparable to estimates prepared using international standards and include total volume without regard to the direct economic benefit of Indonesia. Estimates are prepared pursuant to the Petroleum Resources Management System sponsored by the Society of Petroleum Engineers.

Proven Crude Oil Reserves


Year	Proven Crude Oil Reserves
	(in million stock tank barrels)
2017		3,170.9
2018		3,154.3
2019		2,483.9
2020		2,442.1
2021		2,245.2

Source: Ministry of Energy and Mineral Resources

The following table sets forth Indonesia’s crude oil exports by source for the periods indicated.

Crude Oil Exports⁽¹⁾


	Year Ended December 31,
	2017		2018		2019		2020		2021^P

	(in millions of barrels)
Production sharing contracts⁽²⁾		102		73		26		28		44
Government and government-designated⁽³⁾		1		1		0		4		0

Total		103		74		26		32		44

Source: Ministry of Energy and Mineral Resources

^P	Preliminary

⁽¹⁾	Includes exports of crude oil condensate.

⁽²⁾

⁽³⁾	Exports by Pertamina and entities designated by SKK Migas are reported together.

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

Average Price of Crude Oil

Year Ended December 31,

As of
July 31,

2017

2018

2019

2020

2021

2022

(in U.S. dollars per barrel)

ICP⁽¹⁾

51.2

67.5

62.4

40.4

68.5

106.7

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

⁽¹⁾	For a description of the ICP, see “Certain Defined Terms and Conventions.”

D-24

The following table sets forth natural gas production by source for the periods indicated.

Natural Gas Production by Source⁽¹⁾


	Year Ended December 31,
	2017		2018		2019		2020		2021^P

	(in millions of cubic feet)
Pertamina		371		371		349		314		326
Production sharing contracts⁽²⁾		2,410		2,463		2,298		2,129		2,114

Total		2,781		2,834		2,647		2,443		2,440

Source: Ministry of Energy and Mineral Resources

^P	Preliminary

⁽¹⁾	Includes LPG.

⁽²⁾

The table below sets forth Indonesia’s proven natural gas reserves for the periods indicated based on estimates prepared by the Ministry of Energy and Mineral Resources’ Reserve Oil and Gas Evaluation Team, which is composed of representatives from the Oil and Gas Directorate of the Ministry of Energy and Mineral Resources, the Center of Research and Development of Oil and Gas Technology of the Ministry of Energy and Mineral Resources, as well as SKK Migas, which are based on the applicable Annual Reserve Oil and Gas Report received by SKK Migas from various oil and gas contractors. Proven natural gas reserves represent marketable volumes that generate sales revenue. Estimates of proven natural gas reserves are comparable to estimates prepared using international standards and include total volume without regard to the direct economic benefit of Indonesia. Estimates are prepared pursuant to the Petroleum Resources Management System sponsored by the Society of Petroleum Engineers.

Proven Natural Gas Reserves


Year	Proven Natural Gas Reserves
	(in trillions of standard cubic feet of gas)
2017		100.4
2018		96.1
2019		49.7
2020		43.6
2021		41.6

Source: Ministry of Energy and Mineral Resources

D-25

Minerals

The Republic’s major mineral products are coal, nickel, copper and bauxite, and it has substantial resources of each of these minerals. In recent years, the Government has pursued policies designed to increase the production and export of value-added products using these mineral resources.

Grasberg Copper Mine

Under Law No. 4 of 2009 on Mineral and Coal Mining enacted by the Government in January 2009 (which was subsequently amended by Law No. 3 of 2020 enacted in June 2020 and further amended by Article 39 of the Law on Job Creation, as so amended, the “Mining Law”), two new types of licenses were created: ijin usaha pertambangan (“IUP”) and ijin usaha pertambangan khusus (“IUPK”). Subsequent to the enactment of the Mining Law, the Government issued various regulations thereunder, including (i) regulations mandating the domestic processing and refining of minerals, (ii) regulations requiring the reclamation of areas affected by mining activities, (iii) regulations related to local community development and empowerment, optimization and conservation of mineral resources, and job opportunities for local mining service providers and local communities surrounding a mining area and (iv) regulations relating to procedures for the granting of a production operation special mining permit, which provide guidelines for the granting of an operation production IUPK in order to continue the operation of a contract of work.

Pursuant to the Mining Law, contracts of work issued under the prior mining law, including PT Freeport Indonesia’s (“Freeport”) contract of work, will remain valid until the end of their terms. Under the current regulations, however, contract of work holders, including Freeport, are required to refine their mining products in Indonesia and, contract of work holders, including Freeport, are required to convert their contract of work into an IUPK to continue the export of concentrate.

On February 20, 2017, Freeport-McMoRan Inc. (“FCX”), the parent company of Freeport, the operator of the Grasberg copper mine in the province of Papua, announced that Freeport had provided to the Government formal notice of an impending dispute pursuant to the dispute resolutions provisions of the contract of work entered into between Freeport and the Government.

On April 4, 2017, the Government granted Freeport a temporary special mining permit, which was effective from February 2017 to October 2017. In August 2017, Freeport agreed to convert its contracts of work into an IUPK and to transfer to Indonesia a 51% stake in the Grasberg copper mine. Freeport also agreed to build a smelter to process copper concentrate in Indonesia in order to support job creation and increase the amount of processing work done in Indonesia. In exchange, the Government agreed to grant Freeport an initial five-year license expiring in 2021 and to extend Freeport’s permit to operate the mine for two additional ten-year terms until 2041, subject to the construction of certain smelters, submission of the applicable permit applications and certain other conditions.

On September 27, 2018, the Indonesian state-owned enterprise PT Indonesia Asahan Aluminium (Persero) or Inalum, entered into various agreements with FCX, Rio Tinto and other relevant parties in connection with Inalum’s acquisition of a 51.2% share ownership in Freeport Indonesia and other interests related to the Grasberg copper mine for a cash consideration of U.S.$3.85 billion.

The transaction was completed in December 2018, pursuant to which Inalum owns, directly and indirectly, 51.2% beneficial equity interest in Freeport Indonesia (subject to a dividend assignment mechanism to replicate the joint venture economics), and FCX’s ownership is 48.8%. FCX continues to manage the operations of Freeport Indonesia. The Government has granted Freeport Indonesia an IUPK to replace its Contract of Work, enabling Freeport Indonesia to conduct operations in the Grasberg minerals district through Freeport Indonesia an extension of mining rights through 2031, with rights to extend mining rights through 2041 subject to it completing the construction of a new smelter within five years of the closing of the transaction and fulfilling its defined fiscal obligations to the Government.

Construction

Over the last five years, besides the development of a basic public services infrastructure, the main drivers of the construction sector were improvement works in the areas of communications and logistics infrastructure, transportation and electrification.

In 2017, the construction sector grew by 6.8% compared to a growth of 5.2% in 2016, primarily due to several infrastructure projects conducted by the public and private sectors such as roads, highways, light rail transit, and bridges.

In 2018, the construction sector grew by 6.1% compared to 6.8% in 2017, primarily due to the increased construction activity on infrastructure projects such as light rail transits and highways.

In 2019, the construction sector grew by 5.8% compared to 6.1% in 2018. This growth was primarily due to the increased construction activity on infrastructure projects such as light rail transits and highways.

In 2020, the construction sector contracted by 3.3% compared to 5.8% growth in 2019. This contraction was primarily due to reduced construction activity as a result of Covid-19, which led to delayed completion of infrastructure projects.

In 2021, the construction sector grew by 2.8% compared to 3.3% contraction in 2020. This is in line with the increase in infrastructure activities and the increase in imports of raw materials for construction activities.

In the six months ended June 30, 2022, the construction sector grew by 3.0% compared to the same period in 2021.

D-26

Transportation and Warehousing

The transportation and warehousing sector comprises the sub-sectors of (i) railway transport, (ii) land transport, (iii) sea transport, (iv) river, lake and ferry transport, (v) air transport and (vi) warehousing and support activities for transportation; postal and courier.

In 2017, the transportation and warehousing sector grew by 8.5%, compared to 7.4% in 2016. The sub-sector contributing the highest growth was railway transport at 19.0%, followed by air transport at 11.9% and warehousing and support activities for transportation; postal and courier at 8.5%.

In 2018, the transportation and warehousing sector grew by 7.1%, compared to 8.5% in 2017. The sub-sector contributing the highest growth was railway transport at 10.7%, followed by warehousing and support activities for transportation; postal and courier at 7.9%, and sea transport and land transport at 7.2% and 7.1% respectively.

In 2019, the transportation and warehousing sector grew by 6.4% compared to 7.1% in 2018. The sub-sector contributing the highest growth was sea transport at 10.5%, followed by warehousing and support activities for transportation, postal and courier at 10.3%. This was partially offset by contraction in the air transport sub-sector, which contracted by 9.8%.

In 2020, the transportation and warehousing sector contracted by 15.1% compared to the 6.4% growth in 2019. The sub-sector contributing the highest contractions was air transport at 53.1%, followed by railways transport at 42.3%. This contraction was primarily due to mobility restriction during the Covid-19 pandemic.

In 2021, the transportation and warehousing sector grew by 3.2% compared to 15.1% decline in 2020. This was partly due to increased mobility in public transportation and recreational areas.

In the six months ended June 30, 2022, the transportation and warehousing sector grew by 18.6% compared to the same period in 2021. This was primarily due to a growth of 71.4% in river, lake and ferry transport sub-sector and 55.6% in air transport sub-sector. Sea transport and land transport sub-sectors grew by 8.3% and 2.3% respectively.

Information and Communication

In 2019, the information and communication grew by 9.4% compared to 7.0% in 2018. This growth was primarily due to an increase in the number of start-ups, game online industries, and construction of base transceiver stations.

In 2020, the information and communication grew by 10.6% compared to 9.4% in 2019. This growth was primarily due to an increase in data traffic in telecommunications industry as a result of the working from home and school from home arrangements.

In 2021, the information and communication sector grew by 6.8% compared to 10.6% in 2020. The slower growth was partly due to decline in the information industry, which includes the printing and paper goods industry.

During the six months ended June 30, 2022, the information and communication sector grew by 7.6% compared to the same period in 2021.

Other sectors

None of the other sectors shown in the tables above comprised more than 5.0% of GDP, at either current prices or constant prices, for the periods indicated.

D-27

Gross Domestic Product by Expenditure

In this report, GDP is shown in both current and constant prices. GDP at current prices value a country’s output using the actual prices for each year, while GDP at constant prices (also referred to as “real” GDP) value output using the prices from a base year, thereby eliminating the distorting effects of inflation and deflation.

The following tables show the distribution of GDP in the Indonesian economy by expenditure at current prices and constant prices, respectively, for the periods indicated (at current prices).

Gross Domestic Product by Expenditure

(at current prices)


	Year Ended December 31,
	2017		%		2018		%		2019		%		2020^P			%			2021^P		%

	(in billions of Rupiah and percentage of GDP)
GDP		13,589,826		100.0		14,838,756		100.0		15,832,535		100.0		15,438,018			100.0			16,970,789		100.0
Add: Imports of goods and services		2,606,283		19.2		3,275,145		22.1		3,008,574		19.0		2,424,413			15.7			3,201,023		18.9

Total supply of goods and services		16,196,109		119.2		18,113,901		122.1		18,841,109		119.0		17,862,431			115.7			20,171,812		118.9

Less: Exports of goods and services		2,742,061		20.2		3,116,546		21.0		2,920,518		18.4		2,666,365			17.3			3,659,040		21.6

Total domestic expenditure		13,454,048		99.0		14,997,355		101.1		15,920,592		100.6		15,196,066			98.4			16,512,772		97.3

Allocation of total domestic expenditure:
Household consumption expenditure		7,623,056		56.1		8,274,214		55.8		8,965,837		56.6		8,899,918			57.6			9,236,010		54.4
NPISHs consumption expenditure		160,594		1.2		180,893		1.2		206,093		1.3		201,362			1.3			207,767		1.2
Government consumption expenditure		1,239,470		9.1		1,338,639		9.0		1,394,795		8.8		1,474,068			9.5			1,551,707		9.1

Total consumption		9,023,120		66.4		9,793,746		66.0		10,566,726		66.7		10,575,347			68.5			10,995,483		64.8

Gross domestic fixed capital formation		4,370,575		32.2		4,791,211		32.3		5,121,372		32.3		4,897,050			31.7			5,227,854		30.8
Change in inventories (residual)⁽¹⁾		60,353		0.4		412,397		2.8		232,494		1.5		(276,331	)		(1.8	)		289,435		1.7

Total domestic expenditure		13,454,048		99.0		14,997,355		101.1		15,920,592		100.6		15,196,066			98.4			16,512,772		97.3

Source: BPS

^P	Preliminary.

⁽¹⁾	Includes statistical discrepancies.

D-28


	Six months ended June 30, 2022^P		%
	(in billions of Rupiah)		(in percentage of GDP)
GDP		9,433,256		100.0
Add: Imports of goods and services		1,938,974		20.6

Total supply of goods and services		11,372,230		120.6

Less: Exports of goods and services		2,261,007		24.0

Total domestic expenditure		9,111,224		96.6

Allocation of total domestic expenditure:
Household consumption expenditure		4,953,757		52.5
NPISHs consumption expenditure		110,709		1.2
Government consumption expenditure		589,915		6.3

Total consumption		5,654,381		59.9

Gross domestic fixed capital formation		2,717,286		28.8
Change in inventories (residual)⁽¹⁾		739,557		7.8

Total domestic expenditure		9,111,224		96.6

Source: BPS

^P	Preliminary.

⁽¹⁾	Includes statistical discrepancies.

Gross Domestic Product by Expenditure

(at constant 2010 prices)


	Year Ended December 31,⁽¹⁾
	2017		%		2018		%		2019		%		2020		%		2021^P		%

	(in billions of Rupiah and percentage of GDP)
GDP		9,912,928		100.0		10,425,852		100.0		10,949,038		100.0		10,723,055		100.0		11,118,869		100.0
Add: Imports of goods and services		1,964,819		19.8		2,203,270		21.1		2,040,354		18.6		1,704,165		15.9		2,101,352		18.9

Total supply of goods and services		11,877,747		119.8		12,629,122		121.1		12,989,392		118.6		12,427,220		115.9		13,220,220		118.9
Less: Exports of goods and services		2,146,565		21.7		2,286,395		21.9		2,266,679		20.7		2,090,273		19.5		2,592,682		23.3

Total domestic expenditure		9,731,183		98.2		10,342,727		99.2		10,722,713		97.9		10,336,946		96.4		10,627,538		95.6

Allocation of total domestic expenditure:
Household consumption expenditure		5,379,629		54.3		5,651,456		54.2		5,936,399		54.2		5,780,223		53.9		5,896,697		53.0
NPISHs consumption expenditure		112,664		1.1		122,970		1.2		136,027		1.2		130,249		1.2		132,317		1.2
Government consumption expenditure		790,756		8.0		828,877		8.0		855,931		7.8		872,774		8.1		909,173		8.2

Total consumption		6,283,049		63.4		6,603,303		63.3		6,928,357		63.3		6,783,246		63.3		6,938,187		62.4
Gross domestic fixed capital formation		3,228,763		32.6		3,444,310		33.0		3,597,664		32.9		3,419,182		31.9		3,549,219		31.9
Change in inventories (residual)⁽²⁾		219,370		2.2		295,114		2.8		196,692		1.8		134,519		1.3		140,132		1.3

Total domestic expenditure		9,731,183		98.2		10,342,727		99.2		10,722,713		97.9		10,336,946		96.4		10,627,538		95.6

Source: BPS

^P	Preliminary.

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

⁽²⁾	Includes statistical discrepancies.

D-29


	Six months ended June 30, 2022^{P (1)}		%
	(in billions of Rupiah)		(in percentage of GDP)
GDP		5,742,447		100.0
Add: Imports of goods and services		1,145,398		19.9

Total supply of goods and services		6,887,845		119.9

Less: Exports of goods and services		1,431,734		24.9

Total domestic expenditure		5,456,111		95.0

Allocation of total domestic expenditure:
Household consumption expenditure		3,063,491		53.3
NPISHs consumption expenditure		68,596		1.2
Government consumption expenditure		350,883		6.1

Total consumption		3,482,971		60.7

Gross domestic fixed capital formation		1,787,058		31.1
Change in inventories (residual)⁽¹⁾		186,082		3.2

Total domestic expenditure		5,456,111		95.0

Source: BPS

^P	Preliminary.

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

⁽²⁾	Includes statistical discrepancies.

Inflation

The Government sets inflation targets periodically and targeted an inflation rate of 3.5% (±1.0%) for 2019 and 3.0% (±1.0%) for 2020 to 2023, and 2.5% (±1.0%) for 2024. Bank Indonesia enacts and implements policies to achieve the inflation target in coordination with the Government.

In addition, the Inflation Management and Monitoring Team (Tim Pemantauan dan Pengendalian Inflasi (“TPI”)) is responsible for identifying and analyzing the sources of inflation and making policy recommendations to maintain low and stable inflation levels in the medium-to-long term. The TPI at the national level consists of a number of governmental authorities, including Bank Indonesia, the Ministry of Finance, the Ministry of Transportation, the Ministry of Trade, the Ministry of Agriculture, the Ministry of Energy and Mineral Resources, and the Coordinating Ministry of Economic Affairs. Since 2010, the TPI has also been formed in various regions to strengthen policy coordination, particularly in monitoring and controlling regional inflation.

The following table shows the Consumer Price Index (“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 July 31,
	2017			2018			2019			2020			2021			2022
CPI⁽¹⁾		131.3			135.4			139.1			105.7			107.7			111.8
Annual percentage year-on-year		3.6	%		3.1	%		2.7	%		1.7	%		1.9	%		4.9	%

Source: BPS

⁽¹⁾

Calculated on the basis of (i) 2012 CPI = 100 for 2017-2019, and (ii) 2018 CPI = 100 for 2020-2022. 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.

D-30

The following table shows percentage changes year-on-year in the CPI for certain commodities for the periods indicated.

Inflation by Commodity⁽¹⁾


	For the year ended December 31,
	2017		2018		2019
Food		1.3		3.4		4.3
Processed food, beverages and cigarettes		4.1		3.9		4.0
Housing		5.1		2.4		1.8
Clothing		3.9		3.6		4.9
Health		3.0		3.1		3.5
Education, recreation and sports		3.3		3.2		3.3
Transportation, communication, and financial Service		4.2		3.2		0.2

Source: BPS

⁽¹⁾	Annual percentage year-on-year.

Inflation by Commodity⁽¹⁾⁽²⁾


	As of December 31,						As of July 31,
	2020			2021			2022
Food, drinks, and tobacco		3.6			3.1			9.4
Clothing and Footwear		1.0			1.5			1.5
Housing, water, electricity, and household fuel		0.4			0.8			2.6
Household equipment, tools, and routine maintenance		1.0			2.7			4.9
Health		2.8			1.7			2.3
Transportation		(0.9	)		1.6			6.7
Information, communication, and financial services		(0.4	)		(0.1	)		(0.3	)
Recreation, sports, and culture		0.7			1.1			2.3
Education		1.4			1.6			1.9
Food and beverage providers/restaurant		2.3			2.7			4.0
Personal care and other services		5.8			1.7			4.8

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 2020-2022 may not be directly comparable to prior periods.

Indonesia measures annual inflation by year-on-year changes in the CPI.

In 2017, annual inflation was 3.6%, which was higher than the 3.0% annual inflation in 2016. This increase was primarily due to larger increases in the prices for: housing; transportation, communication, and financial service; clothing; and education, recreation and sports, which increased by 5.1%, 4.2%, 3.9% and 3.3%, respectively.

In 2018, annual inflation was 3.1%, which was lower than the 3.6% annual inflation in 2017. This was primarily due to smaller increases in the prices for: housing; transportation, communication, and financial service; clothing; and processed food, beverages and cigarettes, which increased at 2.4%, 3.1%, 3.5% and 3.9%, respectively.

In 2019, annual inflation was 2.7%, which was lower than the 3.1% annual inflation in 2018. This was primarily due to smaller increases in the prices for: housing; and transportation, communication, and financial service, which increased at 1.8% and 0.2%, respectively.

In 2020, annual inflation was 1.7%, which was lower than the 2.7% annual inflation in 2019. This was primarily due to deflation in the prices for: transportation; and information, communication, and financial services, which decreased at 0.9% and 0.4%, respectively. From January 2020, BPS has 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.

In 2021, annual inflation was 1.9%, which was higher than the 1.7% annual inflation in 2020. This was primarily due to increases in the prices for: food, drinks and tobacco; food and beverage providers/restaurant; household equipment, tools, and routine maintenance; and personal care and other services, which increased at 3.1%, 2.7%, 2.7% and 1.7%, respectively.

As of July 2022, annual inflation was 4.9%, which was higher than the 4.4% annual inflation in June 2022. This was due to increases in the prices for all sectors from June 2022 to July 2022. The three sectors which experienced the highest inflation as of July 2022 were food, drinks and tobacco, transportation, and household equipment, tools and routine maintenance, for which the month-to-month inflation compared to June 2022 was 1.2%, 1.1% and 0.3%, respectively, and the annual inflation was 9.4%, 6.7% and 4.9%, respectively.

D-31

Privatization of State-Owned Enterprises

The sale by the Government of SOE shares to private investors has been an important means for the Government to promote private investment and to improve the efficiency, transparency, public accountability and corporate governance of the SOEs.

As of December 31, 2021, there were 87 SOEs that comprised 14 listed SOEs, 61 non-listed SOEs, and 12 special purpose entities. In addition, there were 40 enterprises in which the Government owned a minority stake. Ministry of SOEs formed clusters based on supply-chain linkages and industry similarities to increase synergies that divided into 13 clusters. As of December 2021, these clusters include Danareksa-PPA cluster (35 SOEs), Infrastructure cluster (10 SOEs), Logistic cluster (9 SOEs), Manufacturing cluster (7 SOEs), Banking cluster (5 SOEs), Insurance cluster (5 SOEs), Tourism cluster (4 SOEs), Food and Agri cluster (3 SOEs), Energy cluster (2 SOEs), Health Care cluster (2 SOEs), Plantations cluster (2 SOEs), Telco cluster (2 SOEs), and Mining cluster (1 SOE).

The Government is currently pursuing the sale of minority interests by various SOEs and/or their subsidiaries. The Government is also pursuing the amalgamation of SOEs that operate in the same or related industries or sectors.

The following table sets forth significant full and partial privatizations since 2011 (including prior periods where relevant):

State-Owned Enterprises Privatizations


SOE	Year of offering			Government equity interest after offering		Proceeds to the Government			Proceeds to SOE

				(percentages)		(in billions of Rupiah)
PT Bank Tabungan Negara (Persero) Tbk		2009			72.9		—			1,819
		2012	⁽³⁾		60.0		135.9			1,870
PT Garuda Indonesia (Persero) Tbk		2011			69.1		—			3,187
		2014	⁽³⁾		60.5		11.2			1,449
PT Kertas Basuki Rachmat Tbk⁽¹⁾		2011			—		2.6	⁽²⁾		—
PT Atmindo Tbk⁽¹⁾		2011			—		9.0	⁽²⁾		—
PT Jakarta International Hotel Development, Tbk⁽¹⁾		2011			—		18.5	⁽²⁾		—
PT Waskita Karya (Persero) Tbk		2012			68.0		—			1,171
PT Semen Baturaja (Persero) Tbk		2013			76.2		—			1,309
PT Sarana Karya (Persero)⁽⁴⁾		2013			—		48.2			—
PT Kertas Padalarang (Persero)⁽⁵⁾		2013			—		12.1			—
PT Waskita Karya (Persero) Tbk⁽⁶⁾		2015			68.0		—			5,289
PT Aneka Tambang (Persero) Tbk⁽⁶⁾		2015			65.0		—			5,381
PT Adhi Karya (Persero) Tbk⁽⁶⁾		2015			51.0		—			2,727
PT Wijaya Karya (Persero) Tbk⁽⁶⁾		2016			65.0		—			6,149
PT Krakatau Steel (Persero) Tbk⁽⁶⁾		2016			80.0		—			1,875
PT Pembangunan Perumahan (Persero) Tbk⁽⁶⁾		2016			51.0		—			4,412
PT Jasa Marga (Persero) Tbk⁽⁶⁾		2016			70.0		—			1,786
PT Bank Rakyat Indonesia (Persero) Tbk⁽⁷⁾		2021			56.8		—			95,900
PT Waskita Karya Tbk⁽⁸⁾		2021			75.4		—			9,444
PT Dayamitra Komunikasi Tbk⁽⁹⁾		2021			—		—			18,460

Source: Ministry of State-Owned Enterprises.

⁽¹⁾	Minority Ownership by Government.

⁽²⁾	Sale of unsold shares from 2007.

⁽³⁾	Rights issue through the issuance of new shares.

⁽⁴⁾	Pursuant to Government Regulation No. 91 of 2013, sales of shares held by the Republic in PT Sarana Karya (Persero) have been made using strategic sales method to PT Wijaya Karya (Persero) Tbk with total gross proceeds of Rp50 billion on December 31, 2013.

⁽⁵⁾	Pursuant to Government Regulation No. 35 and 36 of 2013, sales of shares held by the Republic in PT Kertas Padalarang (Persero) have been made using strategic sales method to Perum Peruri with total gross proceeds of Rp13 billion on December 18, 2013.

⁽⁶⁾	Rights issues carried out through the execution of pre-emptive rights using the addition of State Capital Investment Fund, from the Government.

⁽⁷⁾	Rights issue due the consolidation of SOEs for the establishment of ultra-micro holdings with PT Bank BRI as the parent company and PT PNM and PT Pegadaian as subsidiaries.

⁽⁸⁾	Rights issue of PT Waskita for business restructuring and the capital injection from the Government.

⁽⁹⁾	Mitratel is a subsidiary of PT Telkom Indonesia and underwent an initial public offering (IPO) on the Indonesia Stock Exchange (IDX) in November 2021.

D-32

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 February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February
Sector	2017⁽¹⁾				2017⁽¹⁾				2018⁽¹⁾				2018⁽¹⁾				2019¹⁾				2019⁽¹⁾				2020⁽¹⁾				2020⁽¹⁾				2021⁽¹⁾				2021⁽¹⁾				2022⁽¹⁾
	(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%
Agriculture, forestry and fishing		39.7		31.9		35.9		29.7		39.8		30.7		36.6		29.0		39.1		29.7		35.5		27.5		39.0		29.2		38.2		29.8		38.8		29.6		37.1		28.3		40.6		30.0
Mining and quarrying		1.4		1.1		1.4		1.1		1.4		1.1		1.5		1.2		1.4		1.0		1.4		1.1		1.3		1.0		1.4		1.1		1.4		1.0		1.4		1.1		1.6		1.2
Manufacturing		17.1		13.7		17.6		14.5		18.2		14.0		18.5		14.7		18.5		14.0		19.2		14.9		18.7		14.0		17.5		13.6		17.8		13.6		18.7		14.3		18.7		13.8
Electricity, gas, steam and air conditioning supply		0.3		0.2		0.3		0.2		0.3		0.3		0.3		0.3		0.3		0.2		0.4		0.3		0.3		0.3		0.3		0.2		0.3		0.2		0.3		0.2		0.3		0.2
Water supply, sewerage, waste management and remediation activities		0.4		0.3		0.4		0.3		0.4		0.3		0.5		0.4		0.4		0.3		0.5		0.4		0.5		0.3		0.5		0.4		0.5		0.4		0.6		0.4		0.5		0.4
Construction		7.2		5.8		8.1		6.7		7.2		5.6		8.5		6.7		7.8		5.9		8.7		6.7		8.1		6.1		8.1		6.3		7.9		6.1		8.3		6.3		8.2		6.0
Wholesale and retail trade, repair of motor vehicles and motorcycles		23.2		18.7		22.5		18.6		23.9		18.5		23.5		18.6		24.8		18.9		24.2		18.8		24.8		18.6		24.7		19.2		25.2		19.2		25.7		19.6		25.8		19.0
Transportation and storage		4.9		4.0		5.1		4.2		5.2		4.0		5.5		4.3		5.3		4.0		5.7		4.4		5.5		4.1		5.6		4.4		5.3		4.1		5.4		4.2		5.7		4.2
Accommodation and food service activities		7.1		5.7		6.9		5.7		8.2		6.3		7.8		6.1		8.9		6.8		8.6		6.7		9.1		6.8		8.5		6.7		9.2		7.0		9.2		7.0		9.6		7.1
Information and communication		0.8		0.7		0.8		0.7		1.0		0.8		0.9		0.7		1.0		0.7		0.9		0.7		1.0		0.7		0.9		0.7		1.1		0.8		1.0		0.8		1.1		0.8
Financial and insurance activities		1.8		1.4		1.7		1.4		1.7		1.3		1.8		1.4		1.8		1.4		1.8		1.4		1.8		1.4		1.6		1.2		1.5		1.2		1.6		1.2		1.5		1.1
Real estate activities		0.3		0.3		0.3		0.3		0.3		0.2		0.4		0.3		0.3		0.3		0.4		0.3		0.4		0.3		0.4		0.3		0.5		0.4		0.4		0.3		0.4		0.3
Professional, scientific and technical activities, Administrative and support service activities		1.4		1.2		1.7		1.4		1.6		1.2		1.7		1.3		1.7		1.3		1.9		1.5		1.8		1.4		1.8		1.4		1.9		1.4		2.0		1.5		1.9		1.4
Public administration and defence, compulsory social security		5.0		4.0		4.6		3.8		5.5		4.2		4.8		3.8		5.2		4.0		4.9		3.8		5.4		4.1		4.6		3.6		4.7		3.6		4.9		3.7		4.6		3.4
Education		6.4		5.1		6.0		4.9		6.4		5.0		6.2		4.9		6.7		5.1		6.4		5.0		7.1		5.3		6.0		4.7		6.5		5.0		6.5		5.0		6.6		4.9
Human health and social work activities		1.8		1.5		1.8		1.5		2.0		1.6		1.9		1.5		2.0		1.5		2.0		1.5		2.2		1.7		2.0		1.6		2.3		1.8		2.2		1.7		2.4		1.8
Other service activities		5.6		4.5		6.0		5.0		6.3		4.9		6.1		4.8		6.4		4.9		6.4		4.9		6.2		4.7		6.4		5.0		6.4		4.9		5.8		4.4		5.9		4.3

Total		124.5		100.0		121.0		100.0		129.5		100.0		126.3		100.0		131.7		100.0		128.8		100.0		133.3		100.0		128.5		100.0		131.1		100.0		131.1		100.0		135.6		100.0

Source: BPS

⁽¹⁾	Estimation using population projections weighing results.

D-33

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
February

As of
August

As of
February

As of
August

As of
February

As of
August

As of
February

As of
August

As of
February

As of
August

As of
February

2017

2018

2019

2020

2021

2022

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

(in
millions)

%⁽¹⁾

Male

74.8

60.0

74.7

61.8

77.6

60.0

77.7

61.5

78.9

59.9

79.4

61.6

80.7

60.5

77.8

60.5

78.6

59.9

79.3

60.5

82.3

60.7

Female

49.8

40.0

46.3

38.2

51.9

40.0

48.6

38.5

52.8

40.1

49.4

38.4

52.6

39.5

50.7

39.5

52.5

40.1

51.8

39.5

53.3

39.3

Total

124.5

100.0

121.0

100.0

129.5

100.0

126.3

100.0

131.7

100.0

128.8

100.0

133.3

100.0

128.5

100.0

131.1

100.0

131.1

100.0

135.6

100.0

Source: BPS

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

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 February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February
	2017				2017				2018				2018				2019				2019				2020				2020				2021				2021				2022
	(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%
Employed		124.5		94.7		121.0		94.5		129.5		94.9		126.3		94.7		131.7		95.0		128.8		94.8		133.3		95.1		128.5		92.9		131.1		93.7		131.1		93.5		135.6		94.2
Unemployed ⁽²⁾		7.0		5.3		7.0		5.5		7.0		5.1		7.1		5.3		6.9		5.0		7.1		5.2		6.9		4.9		9.8		7.1		8.8		6.3		9.1		6.5		8.4		5.8

Total		131.5		100.0		128.1		100.0		136.4		100.0		133.4		100.0		138.6		100.0		135.9		100.0		140.2		100.0		138.2		100.0		139.8		100.0		140.2		100.0		144.0		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.

D-34

Despite improvements in recent years, unemployment is expected to remain a problem in Indonesia if economic growth and job creation fail to keep pace with population growth. Youth unemployment (between the ages of 15 to 24) remains a particular problem, but has improved in recent years. The Government has sought to address employment issues through a number of policies and regulations, including efforts to create new areas of work and to develop existing areas of work through employee-employer relationships and entrepreneurial programs. The Government provides various forms of assistance (including tax relief and infrastructure support) to encourage employers to create jobs for employees while also creating and developing productive and sustainable working opportunities through entrepreneurial programs, the use of technology and encouraging voluntary work. As of February 2020, immediately prior to the severity of the Covid-19 outbreak in the country, Indonesia had its lowest unemployment rate in ten years. This improvement was due in part to a narrowing of the gap between workforce skills and the skills required in available jobs.

Regional governments have the power to establish minimum wage requirements through tripartite wage boards and do so from the beginning of each calendar year. The table below sets out the national average monthly minimum wage for each year and the average increase across the country for each year. Due to the Covid-19 pandemic, most provinces have not increased the minimum wage for 2021.

The Government increased the average minimum wage of each province by 1.1% for 2022. The figure was obtained through the new guidelines on the minimum wage under Government Regulation No. 36 of 2021, one of the implementing regulations of the Law on Job Creation.


Year	National average minimum wage		Increase in average minimum wage
2017		Rp2,074,151.1		8.9	%
2018		Rp2,268,874.2		9.3	%
2019		Rp2,455,662.2		8.2	%
2020		Rp2,672,370.8		8.9	%
2021		Rp2,687,723.7		0.0	%
2022		Rp2,722,468.3		1.1	%

Source: Ministry of Manpower

Pension and Health Funds

The pension system in Indonesia consists of compulsory and voluntary pension funds. The compulsory system includes health insurance for Government employees (not including employees of SOEs) administered by PT Askes (Persero), pension plans for Government employees (not including employees of SOEs) administered by PT Taspen (Persero), old age savings for the police and armed forces administered by PT Asabri and old age security for private sector and SOEs employees (in companies that meet minimum requirements stipulated in the relevant law) administered by PT Jamsostek (Persero).

The establishment of pension funds for non-government employees is regulated by Law No. 11 of 1992 on Pension Funds that provides for the establishment of two types of pension funds: employer pension funds, which are provided by a private employer to its employees, and financial institution pension funds, which are formed by a bank or insurance company that aims to manage pension funds for employees and self-employed who want to have a pension fund. In addition, the law and several Government regulations and decrees specify the types of assets that these pension funds may acquire, as well as the permissible allocation of investments among assets and asset classes.

In November 2011, the Government enacted a law creating the Social Security Administering Agencies (Badan Penyelenggara Jaminan Sosial (“BPJS”)) or Law No. 24 of 2011 on Social Security Administering Agencies. The BPJS consists of the (i) BPJS for Health Coverage (“ BPJS Kesehatan”), which provides healthcare services for all citizens and (ii) BPJS for Social Security Benefit for Workers (“BPJS Ketenagakerjaan”), which provides social security benefits for private sector and informal workers. BPJS Kesehatan and BPJS Ketenagakerjaan took over the functions of the Government’s other social security administering agencies, namely PT Jamsostek (Persero) and PT Askes (Persero), on January 1, 2014. In November 2020, Law No. 24 of 2011 was amended by the Law on Job Creation.

In order to implement the BPJS, PT Asabri (Persero) and PT Taspen (Persero) will assign: (i) the provision of healthcare benefits and pensions for police and armed forces to be administered by PT Asabri (Persero) and (ii) the provision of pensions and retirement benefits to be administered by PT Taspen (Persero) and BPJS Ketenagakerjaan. The assignments are expected to be completed by no later than 2029.

In November 2020, the Law on Job Creation amended Law No. 40 of 2004 on the National Social Security System by adding the Unemployment Benefits Program (Jaminan Kehilangan Pekerjaan (“JKP”)). Prior to the effectiveness of the Law on Job Creation, unemployment benefit was not a part of Indonesia’s social security program. Under Law of Job Creation and its implementing regulation, employers are mandated to register their employees in JKP program. The benefits include hard cash, access to job market information and job training, all of which are accessible in the event of employment termination.

D-35

Income Distribution

As of March 2022, 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 26.2 million, or 9.5% of the population, as of March 2022.

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. Based on preliminary data for the year ended December 31, 2021, Java contributed 57.9% of the country’s GDP, Sumatera contributed 21.7%, Kalimantan contributed 8.3%, Sulawesi contributed 6.9%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.5%.

In the second quarter of 2022, Java contributed 56.6% of the country’s GDP, Sumatera contributed 22.0%, Kalimantan contributed 9.1%, Sulawesi contributed 7.1%, Bali and Nusa Tenggara contributed 2.7%, and Maluku and Papua contributed 2.5%.

The Government allocates a portion of the state budget for transfers to regions and village funds each year. Transfers to regions and village funds has become one of the funding instruments for accelerated development programs and is an instrument to achieve national priority goals carried out by the regional Government. This allocation plays a strategic role to support the performance of all regions in improving the quality of and equalizing basic public services, creating employment, alleviating poverty and improving equity in capacity inter-regional finance.

With the implementation of Law No. 33 of 2004 concerning Financial Balance between the Central Government and the Regional Government (as partially amended by Law No. 2 of 2020 which was issued in response to Covid-19, with respect to, among other things, budget allocation and deficit provisions), the Government allocates a portion of the state budget for transfers to regions and village funds each year. Transfers to regions and village funds have become one of the funding instruments for accelerated development programs and is an instrument to achieve national priority goals carried out by the regional government. This allocation plays a strategic role to support the performance of all regions in improving the quality of and equalizing basic public services, creating employment, alleviating poverty and improving equity in capacity inter-regional finance.

From 2017 to 2021, the budget for transfers to regions and village funds on average increased by 2.14% per year. The increase in transfers to the regions in recent years has been instrumental in improving delivery of basic public services in the area. For more information, see “— Government Revenues and Expenditure.”

The Law on Job Creation

On November 2, 2020, the President signed Law No. 11 of 2020 (the “Law on Job Creation”), an omnibus law that amended or revoked more than 70 existing laws and regulations. The Law on Job Creation aims to increase investment in the country by (i) reducing and streamlining licensing requirements, (ii) reducing restrictions on foreign investments, (iii) creating a framework for incentivizing investments, (iv) amending employment laws and regulations, including changes to existing rules on employee termination, fixed-term employment and outsourcing, and (v) amending land and spatial planning laws. The Law on Job Creation provides for the establishment of an Indonesian sovereign wealth fund, the Nusantara Investment Authority, to attract foreign capital to invest in strategic sectors of the Indonesian economy, support sustainable development and boost economic growth. The Nusantara Investment Authority will have a two-tiered board, comprising a five-member supervisory board co-chaired by the Minister of Finance and the Minister of State-Owned Enterprises and a five-member independent board of directors.

The Law on Job Creation mandates the issuance of implementing government regulations and presidential regulations that will significantly influence how the law is substantively implemented. Since February 2021, the government issued forty nine (49) of the implementing regulations for the Law on Job Creation. The implementation of the Law on Job Creation is carried out through the Government Regulation No. 5 of 2021, which regulates the business permit based on risk-based business licensing, the purpose of which is to improve the investment ecosystem and business activities to make it more effective and simple as well as to oversee transparent, structured, and accountable business activities. Furthermore, for the purpose of the implementation of the Government Regulation No. 5 of 2021, the Government issued the Central Statistics Agency Regulation No. 2 of 2020, which regulates the new Standard Classification of Indonesian Business Fields (“KBLI”) 2020 and replaces the KBLI 2017. The business permit has to comply with the KBLI 2020, which is a standard reference, coordination, integration and synchronization of statistical operations.

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Infrastructure Development

A key priority of the Government is to encourage infrastructure development as a means to accelerate economic growth particularly in rural areas, support further industrial development and tourism, enhance urban transportation and improve the lives and economic welfare of Indonesians by reducing unemployment and poverty.

The Government has introduced a number of sector-specific reforms to encourage infrastructure development, including the requirement that the relevant ministries prepare long-term infrastructure development master plans for their respective sectors. See “— Government and Political Developments.”

According to Presidential Regulation No. 3 of 2016 on Acceleration of the Implementation of the National Strategic Projects, as lastly amended by Presidential Regulation No. 109 of 2020 and Coordinating Ministry for Economic Affairs Regulation No. 7 of 2021, the Government has selected a list of projects called National Strategic Projects, which currently consists of 208 projects across 12 sectors (toll road, seaport, airport, railway, industrial estate, housing, dam and irrigation, water and sanitation, sea wall, energy, technology, and education), and ten programs (electricity, economic equality, border zones, toll access, national strategic tourism areas, waste to energy installation, development of smelters, food estate provision, development of super-hubs and development of economic areas). The Government estimates that the total cost of the infrastructure projects under the National Strategic Projects will be approximately Rp5,698.5 trillion (equivalent to U.S.$391.1 billion, using the 2022 Budget exchange rate assumption of Rp14,350 per U.S.$). Indonesia’s infrastructure investment requirements exceed available public sector funding. As a result, the Government expects to pay for approximately 31.0% of this cost using public sector funding (state budgets, SOEs and regional SOEs) as well as private sector investment. The public sector funds would primarily be used to support basic infrastructure projects, food security (e.g., irrigation, dams) and transportation, logistics and connectivity projects as well as urban transportation.

In addition to maintaining and upgrading existing infrastructure, the Government has identified a number of priority infrastructure projects under the Coordinating Minister of Economic Affair Regulation No. 12 of 2015 on Acceleration in Preparing Priority Infrastructure, as amended by Coordinating Minister of Economic Affair Regulation No. 5 of 2017. The KPPIP has designated 51 priority projects in eight main sectors: roads and bridges, water and sanitation, refineries, electricity, ports, public transportation, railways, and information technology. The priority projects have an estimated cost of Rp2,665.5 trillion and are eligible to receive certain direct administrative support provided by KPPIP. As of December 31, 2021, 12 priority projects have been completed, 11 priority projects have been partially operational, and 19 priority projects have entered the construction stage. Meanwhile, there are six priority projects that are still in the preparation stage and another three priority projects that are still in the transaction process. The Government expects the remainder to be completed between 2022 and 2027.

As part of the newly released RPJMN 2020-2024, the Government has selected a list of major projects called Strategic Priority Projects, which consists of 41 major projects with main focus areas, among others, regulation and policy harmonization, tourism, industrial area, agriculture and fishery, renewable energy, ports, regional development, disaster recovery, skill improvement and education, roads and bridges, railways, public transportation, refineries, electricity, information technology, water and sanitation as well as housing. The Government estimates that the total cost of the infrastructure projects under the National Strategic Projects will be approximately Rp6,394 trillion (equivalent to approximately U.S.$445.6 billion using the 2022 Budget exchange rate assumption or Rp14,350 per U.S.$1.00).

The Government expects to finance the remaining cost of the priority infrastructure projects through greater private sector participation, specifically: partnerships between the Government and the private sector (i.e., private public partnerships (“PPPs”)), and increased borrowing by the Government and SOEs.

The Government recognizes the important role of PPPs in the development of infrastructure projects and has adopted regulations that provide the legal and regulatory framework for PPPs— from procurement of the PPP concessionaire to the provision of Government support and guarantees. For a discussion of these guarantees, see “ — Public Debt — Contingent Liabilities.”

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Transportation-related projects

The transportation network on the Indonesian archipelago relies heavily on sea and air transportation compared to most other countries of comparable size. Most road networks in and around major cities are heavily congested, while many inter-urban and rural road networks are in poor condition and are in need of repair. Public funds for road maintenance and construction are insufficient, and the Government is encouraging private participation and investment in building toll roads, mostly in Java, Sumatera and Sulawesi.

In the railways sector, by 2030 the railway network is expected to cover 12,100 km and achieve passenger share of approximately 11.0%-13.0%, and freight transport share of approximately 15.0%-17.0%. In addition, the plan provides strategies for the Government to achieve its goals by 2030, such as strategies regarding railway network development, increasing security and safety, technology transfer and industrial development, human resources development, institutional development, investment and financing.

In addition, railway projects are expected to be developed in the provinces of Aceh, North Sumatera, West Sumatera, South Sumatera and South Sulawesi, as well as in Java and several urban railways in Jakarta, Bandung, Yogyakarta, Surabaya and Medan. The Government is also studying the feasibility of railway projects in Kalimantan and Papua and an elevated train and subway system in Jakarta.

Construction of the Jakarta Mass Rapid Transit (“MRT”), (Phase One), connecting Lebak Bulus to Bundaran Hotel Indonesia, commenced in 2013. Phase One constitutes approximately 15.7 km out of a total of approximately 23.8 km and was completed and operational in March 2019. Construction for Phase Two, connecting Bundaran Hotel Indonesia, MRT East-West Line and Kalideres-Ujung Menteng has commenced.

Construction of the Light Rail Transit in South Sumatera and the Jakarta, Bogor, Depok and Bekasi region commenced in 2015. Construction in South Sumatera was completed in 2018, whereas construction in Jakarta was partially completed in 2019. Construction in Bogor, Depok and Bekasi is still ongoing.

Construction of a high-speed train to connect Jakarta and Bandung commenced in 2016. In addition, two additional bus-way corridors have been developed and the construction of the remaining sections of the tolled ring road circling the outer city of Jakarta, the Jakarta Outer Ring Road, has been completed.

Energy related projects

The Government has included the construction of 27,000 MW Power Plant, 19,000 KMS Transmission System, and 38,000 MVA Main Station to develop the electricity sector in Indonesia, as parts of the 41 Strategic Priority Projects under the RPJMN 2020-2024.

Currently, the Government is guided by policy objectives as provided in the Government Annual Work Plan Document 2020, which provides a general framework for the preparation of specific work plans and budgets by the various ministries. These policy objectives are:

(i)

Improving the management on energy and electricity, including the funding aspect through several measures:

implementation of electrical industry management to achieve transformation into an efficient and transparent industry;

implementation of optimal energy and electricity tariff and pricing;

promotion of wider access and utilization of renewable energy sources and energy efficiency measures by implementing creative funding schemes and providing incentive grants; and

provision of extra funding to provide better access to energy and electricity for low-income families.

(ii)

Developing sustainable and efficient energy and electricity resource management through several measures:

optimizing the use of renewable energy, such as geothermal, water, sun, and biomass to create an optimal mixture of energy sources;

improvement of energy efficiency through the development of energy service companies and smart grid system; and

utilization of high efficiency and low emission technologies.

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(iii)

Expanding access to and improving the service quality of energy and electricity to make it more affordable for the society through several measures:

development of on grid and off grid network system;

expansion, rehabilitation, and upgrades of transmission system and distribution with improved information system management and data control;

utilization of economically-efficient cooking method and fuel, such as urban gas distribution network, liquefied petroleum gas, electrical stove and clean cook stove; and

governmental direct subsidy on energy and electricity.

(iv)

Improving the energy and electricity supply through several measures:

fulfillment of energy demand with better energy supply based on regional development plans;

improvement of oil and natural gas refineries infrastructure;

guaranteed primary energy supply from domestic resources; and

development of operational back up supply of fuels and liquefied natural gas from domestic resources.

Based on the National Medium Term Plan to develop the electricity sector in Indonesia, the Government is guided by policy objectives as provided in the Government Annual Work Plan Document 2018, which provides a general framework for the preparation of specific work plans and budgets by the various ministries. These policy objectives are:

(i)

accelerating the development of energy and electricity infrastructure;

(ii)

expanding access to energy and electricity infrastructure to rural, remote, border areas, and to the areas of economic activity

(iii)

promoting energy diversification;

(iv)

improving funding and pricing policies;

(v)

encouraging private participation; and

(vi)

encouraging the use of local components and inputs.

Telecommunications

The Government aims to reduce the digital divide between rural and urban areas. One Government initiative to achieve this reduction is to implement the Universal Service Obligation (“USO”), which aims at providing broadband access to villages in non-commercial areas using facilities placed in schools, community health centers, or rural government offices.

Due to the importance of broadband network access to the improvement of economic growth, the Government introduced the Indonesia Broadband Plan (“IBP”), which consists of a policy document and an implementation plan. The policy document outlines Indonesia’s current broadband ecosystem, the use of broadband as a strategy to improve Indonesia’s competitiveness, and the policies and strategies for developing Indonesia’s broadband. The implementation plan includes a detailed action plan for the broadband infrastructure project and its development.

One of the Government’s major projects in telecommunication is the Palapa Ring Broadband project. This Rp21 trillion (U.S.$1.55 billion) project comprises three sections, west, central and east, and will span 13,000 kilometers. It aims to construct a broadband network across Indonesia’s 57 cities, as well as in frontier, outermost and remote regions. In July 2017, telecommunication developer PT Palapa Timur Telematika commenced the construction of a broadband network in eastern Indonesia under the Palapa Ring Broadband project, which was completed in October 2019.

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Foreign Investment

Foreign investment in Indonesia is primarily governed under Law No.25 of 2007 on Capital Investment (as partially amended by Law on Job Creation) (the “2007 Investment Law”). Pursuant to 2007 Investment Law, the Government has enacted a list of among others (i) sectors that are restricted for any investment and (ii) sectors that are open for investment with certain requirements (e.g. maximum foreign ownership or limited to certain locations) by issuing a presidential regulation. Any sector that is not included in the list is open for foreign investment without restriction. Since the enactment of 2007 Investment Law, the list was amended several times, lastly in 2016.

As part of the implementing regulations to the Law on Job Creation, in 2021, the government enacted a new investment list. The new investment list notably reduces a considerable number of sectors that are open for investment with certain requirements, from previously 350 sectors to 46 sectors. Sectors that are not listed are generally fully open for any investment (domestic or foreign investment) without any ownership restriction/limitation.

Following the issuance of Government Regulation No. 24 of 2018 on Electronic Integrated Business Licensing Services, as part of the Government’s ease of doing business initiative, the Government, among other things, launched the OSS system and changed the applicable licensing policy from a “pre-approval” regime to a “post evaluation” regime. These initiatives are also applicable to foreign investments.

The 2007 Investment Law provides certain tax incentives such as income tax deductions and certain deductions or exemptions with respect to import duties and value added tax on purchases of capital goods and raw materials. These tax incentives are granted in accordance with prevailing tax laws and regulations. Companies’ income tax holidays or reductions within certain amounts and periods may only be granted to a new investment in a pioneer industry, namely an industry with wide-ranging links that give added value, promotes new technology, and possesses strategic values for the national economy.

The Government has also taken other measures to attract more foreign direct investment, including measures described in the Government’s economic policy packages. See “— Government and Political Developments.”

Foreign Investment in Indonesia

Foreign investment in Indonesia is divided into direct investments, portfolio investments and other investments, and information about these types of investments is included in the Republic’s reports on its balance of payments published by the Bank Indonesia. Due to the different concept and method of compiling investment statistics, foreign direct investment statistical data published by Bank Indonesia are not comparable to the “administrative” foreign direct investment statistical data published by the Indonesia Investment Coordinating Board (Badan Koordinasi Penanaman Modal (“BKPM”)) under “Direct Investments Realizations.”

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,
	2017			2018			2019			2020			2021^P			2022^P

	(in millions of U.S. dollars)
Direct Investments
Equity Capital		18,839			19,993			25,069			19,348			20,485			4,896
Debt instrument		1,671			(1,083	)		(76	)		(173	)		464			542

Total direct investments		20,510			18,910			24,994			19,175			20,948			5,528
Portfolio investments:
Equity securities		(2,538	)		(3,668	)		(397	)		(4,362	)		3,131			2,027
Debt securities		26,953			18,151			21,978			8,929			3,722			(3,957	)

Total portfolio investments		24,415			14,483			21,581			4,567			6,853			(1,930	)
Financial derivatives		(569	)		(584	)		(730	)		(1,291	)		(1,143	)		(184	)
Other investments		2,740			11,499			6,059			2,264			(584	)		1,299

Total foreign investment		47,096			44,308			51,903			24,715			26,075			4,713

Source: Bank Indonesia

^P	Preliminary.

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


	Year Ended December 31,															Three months ended March 31,
	2017			2018			2019			2020			2021^P			2022^P

	(in millions of U.S. dollars)
North America		(2,546	)		(3,997	)		2,199			786			1.532			459
USA		(2,458	)		(3,936	)		1,247			613			1.472			453
Canada		(27	)		(25	)		852			17			38			6
Other North America⁽²⁾		(61	)		(37	)		99			156			22			0
Central and South America		36			798			439			1,580			(70	)		94
Argentina		1			(0	)		(0	)		0			0			—
Brazil		15			17			10			3			18			(5	)
Mexico		1			1			1			0			1			2
Cayman Islands		(141	)		84			235			101			(7	)		46
Other Central and South America		160			696			193			1,476			(81	)		51
Europe		5,932			1,097			2,801			(1,055	)		990			401
European Union		5,349			540			2,445			(1,039	)		952			344
Austria		45			99			132			58			(40	)		19
Belgium		(18	)		(13	)		26			(17	)		96			14
Denmark		8			3			27			5			(15	)		4
Finland		136			54			(159	)		15			1			(7	)
France		(340	)		63			528			(46	)		38			5
Germany		561			565			383			(48	)		9			(31	)
Greece		(5	)		(0	)		0			0			0			0
Ireland		151			181			122			41			38			7
Italy		13			(335	)		(669	)		(403	)		(407	)		(48	)
Luxembourg		114			47			99			(1	)		(1	)		(3	)
)Netherlands		4,059			522			289			(115	)		399			175
Portugal		0			(0	)		0			0			0			0
Spain		106			1			5			12			20			1
Sweden		36			(305	)		23			(8	)		142			0
United Kingdom		469			(333	)		1,636			(532	)		672			207
Other European Union		14			(10	)		1			(0	)		0			1
Russia		1			1			0			23			0			0
Turkey		2			20			41			4			4			0
Other Europe		580			536			315			(43	)		34			57
Asia		16,862			22,303			17,831			17,202			18.319			4.531
Japan		3,913			5,679			8,319			2,089			1.870			572
People’s Republic of China		1,994			3,398			811			904			5.025			391
South Korea		16			109			1,053			1,557			769			521
India		40			85			57			302			226			339
Hong Kong SAR		548			1,161			453			2,850			3.071			664
Taiwan		(1	)		31			119			944			109			33
Saudi Arabia		1			1			1			40			2			0
ASEAN		10,190			11,157			6,880			7,928			7.244			1.992
Brunei Darussalam		(3	)		(3	)		(3	)		(0	)		0			1
Cambodia		0			1			0			2			1			0
Lao PDR		—			—			—			—			—			—
Malaysia		976			621			(608	)		415			(25	)		782
Myanmar		1			1			(0	)		1			0			0
Philippines		14			17			15			0			5			4
Singapore		9,413			10,334			6,316			4,177			5.201			1.117
Thailand		(232	)		164			1,137			3,208			2.058			91
Vietnam		20			21			23			126			3			(1	)
Other Asia		163			682			139			588			3			21
Australia and Oceania		156			15			279			189			118			247
Australia		175			13			273			184			117			248
New Zealand		(20	)		2			1			4			2			0
Other Australia and Oceania		1			1			6			1			(2	)		0
Africa		64			49			43			(29	)		(24	)		(9	)
South Africa		1			3			3			25			0			0
Other Africa		63			46			39			(55	)		(23	)		(9	)
Others		76			299			292			(83	)		(351	)		(53	)

Total		20,579			20,563			23,883			18,591			20,515			5,670

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.

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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,
	2017			2018			2019			2020			2021^P			2022^P

	(in millions of U.S. dollars)
Equity capital⁽¹⁾		18,839			19,993			25,069			19,348			20,485			4,986
Debt instruments:
Inflow		49,415			48,458			48,070			41,710			42,501			10,679
Outflow		(47,744	)		(49,540	)		(48,146	)		(41,882	)		(42,038	)		(10,137	)
Total debt instruments		1,671			(1,083	)		(76	)		(173	)		464			542

Total direct investments		20,510			18,910			24,994			19,175			20,948			5,528

Memorandum⁽²⁾
Direct investment in Indonesia		20,579			20,563			23,883			18,591			20,515			5,670

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 2017, net foreign direct investment was U.S.$20.5 billion compared to U.S.$4.5 billion in 2016. This increase was mainly due to a promising domestic economic outlook and a more conducive investment climate, which encourages foreign investors to make long term investments in Indonesia, including equity investments in Indonesian start-up companies. The manufacturing, trade, and the agriculture sectors were the main contributors to net foreign direct investment in 2017. The majority of the foreign direct investment came from ASEAN countries, followed by Japan and Europe.

In 2018, net foreign direct investment was U.S.$18.9 billion compared to U.S.$20.5 billion in 2017. This decrease was mainly due to significant outflows related to the acquisitions of several foreign direct investment companies in the mining sector by domestic companies and higher inter-company debt repayments, which was partially offset by foreign direct investment inflows from capital investments in several Indonesian start-up companies. The manufacturing, trade, and agriculture sectors were still the main contributors to net foreign direct investment in 2018. ASEAN countries were the main contributors to foreign direct investment inflows, followed by Japan, China and Hong Kong.

In 2019, net foreign direct investment was U.S.$25.0 billion compared to U.S.$18.9 billion in 2018. This increase was mainly due to capital investments in several Indonesian companies, especially banks, and acquisition of several domestic manufacturing firms and financial intermediaries by foreign investors. In addition, foreign direct investment inflows were also supported by the global bond issuances by companies in the mining, manufacturing, property and energy sectors. The manufacturing and trade sectors were still the main contributors to net foreign direct investment in 2019. The majority of the foreign direct investment was from Japan, followed by ASEAN countries.

In 2020, despite the exceptional global financial market uncertainty caused by the Covid-19 pandemic, net foreign direct investment was maintained at U.S.$19.2 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 middle of rapid transmission of the highly virulent Delta variant, net foreign direct investment amassed a higher U.S.$20.9 billion surpluses in 2021 compared to U.S.$19.2 billion in 2020, primarily stemming from a higher net inflow of equity capital. Debt instruments also recorded a net inflow, reversing deficit in the previous year. A higher net inflow on equity capital primarily driven in part by foreign capital investment in domestic courier companies, mining, manufacturing and financial intermediaries. The manufacturing sector dominated foreign direct investment inflows in 2021, followed by mining and quarrying sector. Meanwhile, the emerging Asia (including China) tended to dominate foreign direct investment inflows in 2021, along with foreign direct investment inflows from ASEAN region.

In the first quarter of 2022, net foreign direct investment was U.S.$4.5 billion, relatively stable compared with conditions in the first quarter of 2021. Such conditions were in line with investor confidence in the national economic outlook, thereby attracting foreign capital flows to Indonesia. By sector, the manufacturing industry, trade sector and others sector dominated foreign direct investment inflows in the first quarter of 2022. Based on country of origin, the ASEAN region, primarily Singapore, as well as emerging Asia (including China), particularly Hong Kong, and Japan tended to dominate foreign direct investment inflows in the first quarter of 2022.

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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,
	2017			2018			2019			2020			2021^P			2022^P

	(in millions of U.S. dollars)
Equity securities:
Inflows		18,526			25,052			48,065			44,300			59,114			20,270
(Outflows)		(21,064	)		(28,720	)		(48,462	)		(48,662	)		(55,983	)		(18,243	)
Net equity securities		(2,538	)		(3,668	)		(397	)		(4,362	)		3,131			2,027
Debt securities (net)		26,952			18,151			21,978			8,929			3,722			(3,957	)

Total portfolio investments		24,415			14,483			21,581			4,567			6,853			(1,930	)

Source: Bank Indonesia

^P	Preliminary.

In 2017, foreign capital inflows in the form of portfolio investments were U.S.$24.4 billion, higher than the U.S.$16.8 billion recorded in 2016. The increase resulted from higher global corporate bond issuances for expansion and refinancing purposes issued to capitalize on lower interest rates. Furthermore, the increase was also supported by higher foreign capital inflows to long-term public sector debt instruments denominated in Rupiah. These developments were in line with continued economic growth in Indonesia and investor confidence in the domestic economic outlook.

In 2018, foreign capital inflows in the form of portfolio investments were U.S.$14.5 billion, lower than the U.S.$24.4 billion recorded in 2017. Uncertainty in the global financial markets caused limited foreign fund placements in the stock market and government bond market, resulting in a decrease in the net foreign capital inflows to Indonesia. In addition, the decrease was also caused by an increase of outflows due to the payment at maturity of government global bonds.

In 2019, foreign capital inflows in the form of portfolio investments were U.S.$21.6 billion, higher than the U.S.$14.5 billion recorded in 2018. This was primarily due to a favorable domestic economic outlook resulting in higher net foreign fund placements in the bond market and lower net outflows from the stock market.

In 2020, foreign capital inflows in the form of portfolio investments were U.S.$4.6 billion, lower than the U.S.$21.6 billion recorded in 2019. Elevated financial market uncertainty caused by global and domestic factors, especially in the first quarter of 2021 has contributed to limited foreign fund placements in the government bond market and higher net outflows in the stock market, resulting in lower net foreign capital inflows to Indonesia.

After recording a surplus of U.S.$4.6 billion in 2020, portfolio investment achieved a higher surplus of U.S.$6.9 billion in 2021, predominantly driven by a larger net inflow in the first half of 2021. For the year, the stronger performance of the stock market bolstered portfolio investment inflow in line with the accelerated domestic economic growth achieved in 2021, thus maintaining non-resident investor confidence in the Indonesian economic outlook.

In the first quarter of 2022, portfolio investments recorded a U.S.$1.9 billion deficit, reversing from U.S.$5.2 billion surplus in the first quarter of 2021, in line with elevated global financial market uncertainty given faster policy normalization in advanced economies and escalating geopolitical tensions between Russia and Ukraine. Capital outflows of portfolio investments in the first quarter of 2022 primarily originated from government bond market amid a rally on the stock market, booking a net inflow of foreign capital.

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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,
	2017			2018			2019			2020			2021^P			2022^P

	(in millions of U.S. dollars)
Loans
Bank sector:
Disbursements		3,541			7,837			3,121			3,902			1,484			429

Debt repayments		(4,568	)		(3,546	)		(4,521	)		(5,502	)		(4,489	)		(853	)

Total bank sector		(1,027	)		4,291			(1,400	)		(1,600	)		(4,489	)		(853	)
Corporate sector:
Disbursements		19,711			28,746			30,187			20,975			15,060			4,346

Debt repayments		(16,619	)		(22,733	)		(23,012	)		(17,887	)		(20,161	)		(4,652	)

Total corporate sector		3,092			6,013			7,175			3,088			(5,101	)		(305	)
Other (net)⁽¹⁾		675			1,196			284			776			7,522			2,028

Total other investments		2,740			11,499			6,059			2,264			(584	)		1,299

Source: Bank Indonesia

^P	Preliminary.

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

In 2017, foreign other investments increased from a deficit of U.S.$7.3 billion in 2016 to a surplus of U.S.$2.7 billion. The surplus was primarily due to net withdrawals of foreign loans by the private sector and increased inflows of trade credit in line with higher imports of goods.

In 2018, foreign other investments increased from a surplus of U.S.$2.7 billion in 2017 to a surplus of U.S.$11.5 billion. The increased surplus was primarily due to higher increase in withdrawals of foreign loans by the banking and corporate sector than their debt repayments as well as higher inflows of trade credits.

In 2019, foreign other investments fell from a surplus of U.S.$11.5 billion in 2018 to a surplus of U.S.$6.1 billion. The decrease in surplus was primarily due to higher loan repayments coupled with lower loan drawings of government and banks.

In 2020, foreign other investments decreased from a surplus of U.S.$6.1 billion in 2019 to a surplus of U.S.$2.3 billion. The decreased surplus was primarily due to lower loan withdrawal and a net payment on trade credit of private sector.

In 2021, foreign other investments fell from a surplus of U.S.$2.3 billion in 2020 to a deficit of U.S.$0.6 billion. The deficit was primarily due to net payments of foreign loans by both the public and private sectors (banking and corporate sector).

In the first quarter of 2022, foreign other investments recorded a U.S.$1.3 billion su

rplus, reversing from U.S.$0.8 billion deficit in the first quarter of 2021, predominantly driven by net withdrawals of foreign loans by the government and inflows of other liabilities.

Direct Investment Realizations

Foreign Direct Investment

In 1973, the Republic established BKPM, an investment services agency of the Government, to accelerate economic growth by attracting foreign capital investment. BKPM’s main function is to implement the Government’s objectives for investment in the country.

Under Indonesian law, most direct equity investments by foreign persons are subject to approval by the BKPM, regardless of the size of the investment. The BKPM reviews applications for approval based on the Negative Investment List, which lists those business sectors that are closed to foreign investment and those that are open to foreign investment subject to certain conditions, including limits on the percentage of foreign capital ownership; and also based on criteria established by the particular ministry that regulates the sector in which the foreign investor seeks to invest. Upon receiving approval, a foreign investor may complete the investment, but is not obligated to do so.

Due to the different concept and method of compiling investment statistics, “administrative” foreign direct investment statistical data published by the BKPM and “Balance of Payment” foreign direct investment statistical data published by Bank Indonesia are not comparable. BKPM calculates foreign direct investment based on realized investments in Indonesian companies owned by foreign investors within a certain reporting period. BKPM’s realization data covers the total value of investments funded by foreign investors, other foreign creditors, as well as domestic investors and creditors. In comparison, Bank Indonesia’s calculation method covers the entire flow of investments stemming from foreign investors over a certain reporting period. In addition, Bank Indonesia excludes from its calculations foreign investments made by investors with a non-resident ownership of less than 10% per individual investors while BKPM has no such minimum ownership requirement. In terms of sector coverage, BKPM excludes certain sectors from its calculation, including investments in oil and gas, banking, non-bank financial institutions, insurance, leasing, investment sectors licensed by technical/sectoral agencies, investments through the stock market and household investments. Bank Indonesia covers all economic sectors. As a result the data regarding realized foreign direct investments is not comparable to those under “Foreign Investment in Indonesia” in the table above.

D-44

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,										Six months ended June 30,
	2017		2018		2019		2020		2021		2022

	(in millions of U.S. dollars)
Primary Sector
Food Crops, Plantation & Livestock		1,433		1,721		947		1,184		951		857
Livestock⁽²⁾		160		—		—		—		—		—
Forestry		48		43		36		43		41		32
Fishery		59		24		54		48		17		13
Mining		4,376		3,039		2,256		2,005		3,817		2,429

Total Primary Sector		6,076		4,827		3,294		3,280		4,826		3,332

Secondary sector:
Food Industry		1,970		1,307		1,272		1,592		2,337		1,239
Textile Industry		372		305		239		280		312		236
Leather Goods & Footwear Industry		369		244		188		214		486		260
Wood Industry		396		276		95		85		68		135
Paper and Printing Industry		596		668		446		943		953		662
Chemical and Pharmaceutical Industry		2,579		1,938		1,486		1,743		1,657		1,751
Rubber and Plastic Industry		633		447		292		291		262		140
Non Metallic Mineral Industry		672		456		475		248		327		196
Metal, Industry not Machinery & Electronic Industry		3,782		2,219		3,559		5,969		6,974		5,683
Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry		5		1,341		500		601		679		317
Motor Vehicles & Other Transport Equipment Industry		1,271		971		754		942		1,502		778
Other Industry		504		174		245		294		246		150

Total Secondary Sector		13,149		10,348		9,551		13,202		15,804		11,544

Tertiary sector:
Electricity, Gas & Water Supply		4,241		4,384		5,921		4,614		2,939		1,819
Construction		225		248		162		190		93		55
Trade & Repair		1,294		609		421		434		464		427
Hotel & Restaurant		1,090		869		626		441		432		251
Transportation, Storage & Communication		1,900		3,027		4,728		3,580		3,159		1,754
Housing, Ind. Estate & Office Building		2,874		4,303		2,889		2,191		2,186		1,513
Other Services		1,392		693		618		733		1,190		934
Total Tertiary Sector		13,015		14,133		15,364		12,184		10,463		6,754

Total		32,240		29,308		28,209		28,666		31,093		21,629

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.

⁽²⁾	Since 2018, the “Livestock” sector was merged into the “Food Crops & Plantation” sector to become the “Food Crops, Plantation & Livestock” sector.

D-45

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,										Six months ended June 30,
	2017		2018		2019		2020		2021		2022

	(in billions of Rupiah)
Primary sector:
Food Crops, Plantation & Livestock		22,041		31,186		43,599		32,096		29,375		19,888
Livestock⁽²⁾		843		—		—		—		—		—
Forestry		30		3,053		9,367		1,164		6,863		4,198
Fishery		33		88		248		565		1,012		393
Mining		20,635		33,100		25,675		13,755		25,517		33,369

Total Primary Sector		43,582		67,427		78,888		47,580		62,767		57,838

Secondary sector:
Food Industry		38,540		39,088		36,603		27,873		26,518		24,202
Textile Industry		7,863		3,597		1,313		2,103		1,972		2,596
Leather Goods & Footwear Industry		196		282		77		395		700		189
Wood Industry		1,569		1,536		1,586		1,263		1,144		1,588
Paper and Printing Industry		9,023		2,894		2,950		3,746		7,833		4,594
Chemical and Pharmaceutical Industry		13,734		13,338		9,484		22,526		23,364		12,883
Rubber and Plastic Industry		4,823		3,415		3,069		4,429		7,803		3,004
Non Metallic Mineral Industry		7,641		4,522		3,573		5,862		6,522		3,014
Metal Industry not Machinery & Electronic Industry		13,809		10,468		8,183		8,858		15,656		6,311
Medical Precision & Optical Instruments, Watches & Clock, Machinery, and Electronic Industry		0		1,950		1,152		1,156		535		1,761
Motor Vehicles & Other Transport Equipment Industry		34,474		1,837		2,608		2,556		1,459		1,063
Other Industry		676		717		2,076		2,051		1,192		3,945

Total Secondary Sector		99,188		83,643		72,673		82,818		94,699		65,151

Tertiary sector:
Electricity, Gas & Water Supply		25,428		37,265		37,164		35,519		38,728		15,269
Construction		30,334		44,980		55,091		68,289		39,569		17,357
Trade & Repair		3,712		6,430		13,663		16,748		22,432		17,487
Hotel & Restaurant		4,797		9,096		16,163		10,203		17,819		12,234
Transportation, Storage & Communication		34,474		58,740		68,083		93,283		61,242		39,899
Housing, Ind. Estate & Office Building		17,246		15,472		27,797		44,853		85,498		29,896
Other Services		3,589		5,551		16,977		14,243		24,310		19,070

Total Tertiary Sector		119,581		177,534		234,937		283,138		289,598		151,210

Total		262,351		328,604		386,498		413,536		447,064		274,199

Source: BKPM

⁽¹⁾

⁽²⁾	Since 2018, the “Livestock” sector was merged into the “Food Crops & Plantation” sector to become the “Food Crops, Plantation & Livestock” sector.

D-46

Foreign Trade and Balance of Payments

Membership in International and Regional Free Trade Agreements

The Government supports the liberalization of international trade and investment through its membership in several international and regional trade organizations. Indonesia is a signatory to the GATT 1947 and a founding member of the World Trade Organization through the ratification of Law No. 7 of 1994 on Agreement Establishing the World Trade Organization. In 2017, the Government ratified the WTO Trade Facilitation Agreement through Law No. 17 of 2017 on Ratification of Protocol Amending the Marrakesh Agreement Establishing the World Trade Organization.

ASEAN has served as the forum for the negotiation of a number of regional agreements, and in 2015, ASEAN leaders adopted the ASEAN Economic Community Blueprint 2025, which is a roadmap for strategic integration of the economies of the ASEAN Member States. In 2009, the ASEAN Member States also entered into the ASEAN Comprehensive Investment Agreement which aims to create a free and open regime in ASEAN to achieve economic integration. ASEAN Member States have entered into six free trade agreements, namely: the ASEAN Trade in Goods Agreement (“ATIGA”), the ASEAN-China Free Trade Agreement (“ACFTA”), the ASEAN-Korea Free Trade Agreement (“AKFTA”), the ASEAN-Japan Comprehensive Economic Partnership (“AJCEP”), the ASEAN-India Free Trade Agreement (“AIFTA”), and the ASEAN-Australia and New Zealand Free Trade Agreement (“AANZFTA”). In addition, Indonesia has entered into two bilateral trade agreements and one regional trade agreement: the Indonesia-Japan Economic Partnership Agreement (“IJ-EPA”), the Indonesia-Pakistan Preferential Trade Agreement (“IP-PTA”), and the ASEAN-Hong Kong, China Free Trade Agreement (“AHKFTA”), which is pending ratification by the President of the Republic. These free trade agreements cover three core areas, namely: trade in goods, trade in services and investments.

On November 15, 2020, the member states of ASEAN, including the Republic, and Australia, China, Japan, New Zealand and South Korea entered into the Regional Comprehensive Economic Partnership (“RCEP”). RCEP seeks to establish a comprehensive, high-quality, and mutually beneficial economic partnership that will facilitate the expansion of regional trade and investment and contribute to global economic growth by eliminating tariffs on imports between its signatories and establishing common rules for e-commerce, trade and intellectual property. The agreement is expected to stimulate the economies of its members through a significant reduction of tariffs and the establishment of a common framework for e-commerce and rules of origin. RCEP does not establish unified labor or environmental standards.

Further to the above, on July 5, 2020, Indonesia has also finalized the Indonesia-Australia Comprehensive Economic Partnership Agreement (“IA-CEPA”). Building on existing Asean-Australia-New Zealand Free Trade Agreement, the IA-CEPA provides for the elimination of the remaining tariffs applicable on Indonesian imports into Australia. It also provides for ‘skill exchange’ programs, allowing professionals from both countries to gain experience in the other’s market.

Various regional and bilateral free trade agreements of which Indonesia is a party are currently in different stages of negotiations, namely, the Indonesia-European Union Comprehensive Economic Partnership Agreement and the Indonesia European Free Trade Association Comprehensive Economic Partnership Agreement.

Tariff Reforms

The Minister of Finance is authorized to set rates for import duties. The Republic maintains a policy of using tariff rates to promote the competitiveness of Indonesian products in international markets and to reduce price distortions in order to support the establishment of free trade. The Republic has implemented preferential tariff commitments under the ATIGA, the ACFTA, the AKFTA, the AIFTA, the AANZFTA, the IJ-EPA and the IP-PTA. As of March 1, 2018, the preferential tariff commitments under AJCEP have been implemented based on the Minister of Finance Regulation No. 18/PMK. 010/2018. The AHKFTA is intended to be implemented after the Republic has ratified the AHKFTA.

D-47

Exports and Imports

Beginning in 2012, the Republic started using a revised methodology in compiling exports and imports data. This revised methodology was implemented in order to comply with international best practices and to improve consistency with other Bank Indonesia publications. As a result of this change, the classification of certain export and import products has changed. Revisions following classification changes were carried out for data published in 2005 onwards. Since March 1, 2014, exporters must declare the value of their exported goods using terms of delivery cost insurance freight in order to enhance the validity and accuracy of freight and insurance data for export activities. The requirements introduced in 2014 have not changed the business process of export transactions, in which the export value is still the real transaction value agreed by exporters and importers.

The following table shows Indonesia’s exports and imports for the periods indicated as published by Bank Indonesia.

Exports and Imports


	Year Ended December 31,															Three Months Ended March 31,
	2017			2018			2019			2020			2021^P			2022^P

	(in millions of U.S. dollars)
Exports:
Oil and gas exports (f.o.b.)		15,573			17,614			11,981			8,480			13,201			3,816
Non-oil and gas exports (f.o.b.)		153,310			163,111			156,474			154,921			219,635			62,957

Total exports (f.o.b.)		168,883			180,725			168,455			163,402			232,835			66,773
Total imports (c.i.f.)		(157,683	)		(190,317	)		(173,489	)		(142,104	)		(198,800	)		(58,478	)

Balance of trade		11,199			(9,592	)		(5,033	)		21,298			34,035			8,295

Source: Bank Indonesia

^P	Preliminary.

In 2017, Indonesia recorded a trade surplus of U.S.$11.2 billion, higher than the U.S.$8.6 billion surplus recorded in 2016. The higher trade surplus was caused by an increase in exports of 16.9% to U.S.$168.9 billion, which was higher than the 16.0% increase in imports. This increase in exports was primarily driven by higher commodity prices and improvements in global demand in 2017, while higher imports was in line with increased domestic economic activities in 2017.

In 2018, Indonesia recorded a trade deficit of U.S.$9.6 billion, a reversal of the U.S.$11.2 billion surplus in 2017. The trade deficit was caused by a 20.7% increase in imports, which was higher than the 7.0% increase in exports. Imports increased at a higher rate as a result of robust domestic demand, primarily due to higher imports of raw materials and capital goods, including importation for public infrastructure projects. Higher imports were also a result of higher global oil prices. Export growth rate was lower in 2018 than in 2017, in line with lower global trade volumes and weakening global commodity prices.

In 2019, Indonesia recorded a trade deficit of U.S.$5.0 billion, lower than the U.S.$9.6 billion deficit in 2018. The lower trade deficit was caused by an 8.8% decrease in imports, which was higher than the 6.8% decrease in exports. The decrease in exports and imports in 2019 was in line with lower global trade volumes and weakening global commodity prices, which led to real export and import contraction. The lower imports were also in line with the government’s policies to control imports, including the B-20 program.

In 2020, Indonesia recorded a trade surplus of U.S.$21.3 billion, reversed from the U.S.$5.0 billion deficit in 2019. The trade surplus was caused by an 18.1% decrease in imports, which was greater than the 3.0% decrease in exports. A greater import contraction affected all commodity groups in response to severely impaired domestic economic activity, curbed by mobility restrictions during the Covid-19 pandemic, as well as an export contraction recorded in 2020.

In 2021, Indonesia recorded a trade surplus of U.S.$34.0 billion, which increased from the U.S.$21.3 billion surplus recorded in 2020. The higher trade surplus was caused by a 42.5% increase in exports, which was higher than the 39.9% increase in imports, each compared to the previous year. Exports expanded at a higher rate compared to 2020, given stronger demand and higher export prices in 2021, which is in line with the global economic recovery. Increasing prices of Indonesia’s major commodities such as coal and palm oil has boosted exports throughout 2021.

D-48

In the first quarter of 2022, Indonesia recorded a trade surplus of U.S.$8.3 billion, which increased from the U.S.$5.5 billion recorded in the first quarter of 2021. The increase stemmed from a 35.2% increase in exports, which was higher than the 33.2% increase in imports, each compared to the corresponding period in the previous year. Rising exports was primarily driven by higher commodity prices owing to escalating geopolitical tensions between Russia and Ukraine.

On April 28, 2022, the Government implemented a temporary ban on export of Indonesian (i) crude palm oil, (ii) bleached and deodorized palm oil, (iii) refined, bleached, and deodorized palm olein, and (iv) used cooking oil, to the global market. The policy was aimed at maintaining the domestic stock and reducing the scarcity of palm-based cooking oil in the domestic Indonesian market. The policy was implemented to maintain the domestic stock and solve the scarcity of palm-based cooking oil in the domestic Indonesian market. As a result, the Government has stabilized the stock and lower the palm-based cooking oil price in the domestic market. In May 2022, the Government revoked the ban and raised the curtain for Indonesian palm company to conduct export of (i) crude palm oil, (ii) bleached and deodorized palm oil, (iii) refined, bleached, and deodorized palm olein, and (iv) used cooking oil.

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,
	2017		2018		2019		2020		2021		2022^P

	(in millions of U.S. dollars)
Exports:
Non-oil and gas exports		153,083.8		162,841.0		155,893.7		154,940.7		219,362.1		133,305.1
Oil and gas exports		15,744.4		17,171.7		11,789.3		8,251.1		12,247.4		7,763.2

Total exports		168,828.2		180,012.7		167,683.0		163,191.8		231,609.5		141,068.3

Imports:
Non-oil and gas imports		132,669.3		158,842.4		148,842.1		127,312.0		170,660.9		96,718.0
Oil and gas imports		24,316.2		29,868.8		21,885.3		14,256.8		25,529.1		19,464.2

Total imports		156,985.5		188,711.2		170,727.4		141,568.8		196,190.0		116,182.2

Source: BPS.

^P	Preliminary.

D-49

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,
		2017		2018		2019		2020		2021^P		2022^P

		(in thousands of U.S. dollars)
General merchandise			167,001,721		178,702,737		164,910,990		157,859,928		231,316,430		66,471,023
Agricultural
Coffee bean			1,175,625		807,357		872,089		808,635		848,285		260,104
Tea			88,171		78,624		63,791		66,850		62,171		15,097
Spices			568,048		543,032		560,463		706,632		678,397		158,456
Tobacco			55,547		67,005		59,737		63,743		73,901		23,393
Cocoa bean			55,522		74,284		82,215		77,023		56,244		13,309
Shrimp and prawn			1,543,894		1,471,051		1,391,141		1,558,667		1,644,429		445,370
Other agricultural products			2,447,373		2,781,591		2,805,987		2,911,090		3,303,394		845,106

Total Agricultural products			5,934,180		5,822,944		5,835,423		6,192,641		6,666,820		1,760,834

Manufacture products
Textile and Textile products			12,580,222		13,272,404		12,916,809		10,598,560		13,182,868		3,862,691
Processed wood products			3,756,483		4,123,971		3,554,922		3,514,645		4,636,060		1,237,911
Palm oils			18,512,908		16,528,433		14,720,420		17,289,749		26,516,433		6,151,371
Chemicals			4,611,231		4,702,931		4,349,491		3,957,822		6,546,591		1,862,372
Base metal products			9,493,976		12,377,082		13,363,675		16,696,618		30,443,013		9,811,763
Electrical apparatus, measuring instruments and others			8,851,781		9,318,094		9,412,842		9,400,790		11,730,664		3,304,987
Cement			128,604		237,185		281,951		322,887		402,352		98,320
Paper and paper products			3,877,961		4,524,415		4,408,263		4,243,152		4,284,955		1,082,475
Processed rubber			7,235,893		6,149,674		5,741,597		5,264,533		6,832,214		1,673,505
Oil products⁽¹⁾			1,439,359		1,550,453		1,646,807		1,312,539		1,899,971		1,014,819
Liquefied Petroleum Gas⁽¹⁾			75,797		56,405		9,734		416		4,185		0
Other manufacture products			51,567,588		53,976,851		52,600,236		51,720,855		68,334,868		20,332,440

Total Manufacture products			122,131,803		126,817,901		123,006,747		124,322,566		174,814,175		50,432,654

Mining products
Copper ore			3,439,732		4,186,888		1,280,055		2,412,204		5,386,321		2,126,487
Nickel ore			155,189		628,027		1,097,556		0		0		0
Coal			20,473,795		23,967,604		21,687,266		16,443,057		31,505,219		8,719,539
Bauxite			66,433		265,013		467,585		555,518		628,176		216,961
Crude oil⁽¹⁾			5,267,880		5,086,551		1,720,014		1,426,591		2,956,045		347,750
Natural Gas⁽¹⁾			7,994,558		9,719,229		7,505,736		5,111,340		7,178,270		2,046,691
o/w LNG			5,566,051		6,665,555		4,909,596		3,359,689		4,294,339		1,234,050
Other mining products			180,884		265,312		400,215		404,904		485,173		138,288

Total Mining products			37,578,472		44,118,624		34,158,426		26,353,613		48,139,205		13,595,717
Other merchandise⁽²⁾			1,357,266		1,943,268		1,910,394		991,108		1,696,229		681,818
Other goods⁽³⁾			1,880,792		2,022,247		3,544,376		5,541,878		1,518,852		301,983

Total Exports			168,882,513		180,724,984		168,455,366		163,401,806		232,835,282		66,773,006
	��
Memorandum⁽⁴⁾
Non-oil & gas exports			153,309,550		163,110,799		156,474,110		154,921,425		219,634,699		62,956,631
Oil & gas exports			15,572,963		17,614,185		11,981,260		8,480,381		13,200,583		3,816,375

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.

D-50

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,
	2017		2018		2019		2020		2021^P		2022^P

	(in thousands of U.S. dollars)
America
North America
United States of America		17,761,095		18,454,928		17,814,460		18,594,853		25,765,002		7,784,674
Canada		820,451		912,897		856,090		782,733		1,064,214		321,164
Other North America		1,487		1,735		1,178		1,021		1,620		419
Total North America		18,583,033		19,369,561		18,671,728		19,378,608		26,830,836		8,106,256
Central and South America
Argentina		266,407		238,057		202,416		157,271		281,227		74,303
Brazil		1,229,571		1,145,641		1,003,214		1,017,307		1,504,539		322,303
Mexico		969,911		902,494		933,401		883,204		1,298,970		386,444
Other Central and South America		1,096,573		1,304,236		1,185,127		1,112,753		1,910,190		513,737

Total Central and South America		3,562,461		3,590,428		3,324,157		3,170,535		4,994,925		1,296,787

Total America		22,145,494		22,959,989		21,995,885		22,549,143		31,825,761		9,403,044

Europe
European Union
Netherlands		4,038,134		3,892,838		3,107,328		3,106,339		4,624,534		1,376,387
Belgium		1,240,474		1,261,226		1,075,660		1,175,519		1,635,031		527,202
United Kingdom		1,405,751		1,463,845		1,347,574		1,264,374		1,474,290		376,524
Italy		1,935,497		1,919,750		1,748,679		1,740,505		2,804,545		728,730
Germany		2,660,084		2,699,327		2,400,449		2,407,245		2,912,856		844,697
France		976,592		1,001,618		1,008,851		913,922		996,178		314,104
Spain		2,009,431		2,264,238		1,606,738		1,509,349		2,347,650		587,574
Other European Union		2,060,831		2,572,118		2,213,190		2,106,142		2,657,501		787,409

Total European Union		16,326,794		17,074,960		14,508,470		14,223,394		19,452,584		5,542,627

Russia		1,225,509		1,000,426		862,376		971,609		1,492,891		399,265
Turkey		1,166,983		1,179,583		1,147,700		1,046,747		1,599,382		463,063
Other Europe		1,725,671		1,163,159		1,427,068		2,796,242		2,162,096		1,280,378

Total Europe		20,444,958		20,418,128		17,945,614		19,037,992		24,706,953		7,685,333

Asia and Middle East
ASEAN
Brunei Darussalam		64,393		61,402		102,853		128,789		211,268		50,457
Philippines		6,596,663		6,825,281		6,767,873		5,892,160		8,590,823		2,529,522
Cambodia		509,699		524,127		609,618		540,472		530,909		191,355
PDR Laos		4,199		7,293		6,811		5,038		7,578		7,216
Malaysia		8,289,391		9,007,479		8,695,155		7,985,113		11,954,531		3,498,643
Myanmar		827,078		897,486		874,498		1,030,922		1,117,043		256,511
Singapore		12,751,079		13,831,319		12,904,470		10,817,047		12,167,500		3,710,321
Thailand		6,346,267		6,697,297		6,167,367		5,086,236		7,110,300		1,782,493
Vietnam		3,560,980		4,534,581		5,134,383		4,937,619		6,842,952		1,728,886

Total ASEAN		38,949,750		42,386,265		41,263,029		36,423,395		48,532,903		13,066,509

Hong Kong SAR		2,393,397		2,557,530		2,492,627		2,003,349		2,001,026		595,065
India		13,997,145		13,712,737		11,797,304		10,350,802		13,308,709		4,530,320
Iraq		126,070		135,567		168,850		185,901		218,389		113,609
Japan		17,026,602		18,763,677		15,272,018		13,472,208		17,595,122		5,272,358
South Korea		7,371,175		9,047,961		6,993,812		6,334,796		9,161,223		2,963,015
Pakistan		2,396,857		2,411,831		1,917,150		2,374,442		3,823,688		1,070,459
People’s Republic of China		23,238,232		26,946,250		27,912,462		31,557,495		53,278,076		13,060,522
Saudi Arabia		1,380,757		1,221,072		1,503,450		1,337,231		1,580,531		430,019
Taiwan		4,835,246		4,748,062		4,351,577		4,232,878		6,726,353		1,620,984
Other Asia and Middle East		6,351,102		6,246,418		6,297,157		5,714,233		8,676,922		3,880,389

Total Asia and Middle East		118,066,334		128,177,369		119,969,433		113,986,732		164,902,942		46,603,248

Australia and Oceania
Australia		2,527,490		2,733,511		2,321,841		2,506,086		3,236,357		595,065
New Zealand		426,694		489,885		444,705		479,782		717,463		4,530,320
Other Australia and Oceania		360,945		347,332		372,667		373,653		403,551		113,609

Total Australia and Oceania		3,315,129		3,570,728		3,139,213		3,359,521		4,357,371		1,044,590

Africa
South Africa		685,637		645,333		585,479		572,239		965,270		253,706
Other Africa		2,876,878		3,016,491		2,915,213		2,912,644		4,388,304		1,102,973

Total Africa		3,562,515		3,661,823		3,500,692		3,484,883		5,353,573		1,356,679

Unclassified exports⁽¹⁾		1,348,083		1,936,947		1,904,528		983,534		1,688,680		680,113

Total (f.o.b.)		168,882,513		180,724,984		168,455,366		163,401,806		232,835,282		66,773,006

Source: Bank Indonesia

^P	Preliminary.

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

D-51

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,
	2017		2018		2019		2020		2021^P		2022^P

	(in thousands of U.S. dollars)
General Merchandise		156,657,285		188,187,080		171,720,170		140,202,566		196,118,688		57,935,857
Consumption Goods
Food and beverages, primary, mainly for household		2,256,256		2,304,817		2,461,143		2,311,232		2,754,783		562,106
Food and beverages, processed, mainly for household		2,892,394		4,182,556		3,427,209		3,123,868		3,860,341		1,049,972
Passenger motor cars		571,655		530,492		563,382		305,712		375,210		106,999
Transport equipment, nonindustrial		184,479		288,635		237,743		202,426		229,968		61,141
Durable consumer goods		1,557,133		1,985,222		2,069,190		1,777,178		2,227,130		625,098
Semi-durable consumer goods		2,841,290		3,592,082		3,802,345		3,198,553		3,547,131		950,492
Non-durable consumer goods		2,516,428		3,095,309		2,816,772		2,608,670		5,931,056		971,048
Fuels and lubricants, processed, oil products⁽²⁾		7,156,986		9,346,912		7,531,780		3,666,469		7,567,201		3,240,635
Goods not elsewhere specified		777,941		668,994		663,501		781,049		308,987		64,142

Total Consumption Goods		20,754,563		25,995,020		23,573,065		17,975,158		26,801,807		7,631,633

Raw materials and auxiliary goods
Food and beverages, primary, mainly for industry		5,172,249		5,316,619		5,528,661		5,006,804		6,791,471		1,869,723
Food and beverages, processed, mainly for industry		3,561,421		3,402,989		3,233,934		3,763,531		4,408,737		1,650,640
Industrial supplies, primary		5,018,999		6,103,771		5,650,464		4,545,622		7,409,535		1,946,193
Industrial supplies, processed		53,844,245		63,771,434		59,354,978		48,763,004		69,801,404		20,145,879
Parts and accessories for capital goods		17,287,162		20,597,484		19,124,732		17,749,286		20,765,500		5,807,400
Parts and accessories for transport equipment		7,528,898		9,048,335		8,241,401		5,800,391		8,039,984		2,359,191
Fuels and lubricants, primary		7,920,735		10,527,350		7,106,269		4,459,708		10,014,214		3,548,467
o/w Crude oil⁽²⁾		7,279,080		9,627,278		6,054,275		3,557,106		7,886,555		2,898,347
Fuels and lubricants, processed		9,970,888		11,956,794		10,179,672		7,772,769		12,669,639		4,137,924
o/w Oil products⁽²⁾		6,884,186		8,385,774		6,881,369		4,533,505		7,367,209		2,705,627
o/w Liquefied Petroleum Gas⁽²⁾		2,754,544		3,142,809		2,876,647		2,809,927		4,713,059		1,330,341

Total Raw materials and auxiliary goods		110,304,596		130,724,776		118,420,110		97,861,115		139,900,484		41,465,417

Capital Goods
Capital goods (except transport equipment)		21,229,079		25,955,366		25,811,574		21,970,509		25,371,226		7,572,550
Passenger motor cars		571,655		530,492		563,382		305,712		375,210		106,999
Other transport equipment, industrial		3,223,416		4,245,633		2,676,473		1,714,339		3,085,572		1,033,796

Total Capital Goods		25,024,150		30,731,490		29,051,428		23,990,560		28,832,008		8,713,345

Other merchandise⁽³⁾		573,977		735,794		675,566		375,733		584,389		125,463

Other goods⁽⁴⁾		1,025,757		2,129,700		1,768,419		1,901,635		2,681,663		542,186

Total		157,683,042		190,316,780		173,488,589		142,104,201		198,800,351		58,478,043

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.

D-52

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,
	2017		2018			2019		2020		2021^P		2022^P

	(in thousands of U.S. dollars)
America
North America
United States of America		8,156,624		10,133,329			9,292,376		8,417,952		11,607,176		2,314,966
Canada		1,539,436		1,849,810			1,827,252		1,623,021		2,039,320		622,362
Other North America		24		195			3		1		0		—

Total North America		9,696,084		11,983,334			11,119,630		10,040,973		13,646,496		2,937,328

Central and South America
Argentina		1,150,507		1,438,057			1,810,225		1,740,897		2,028,162		599,508
Brazil		1,784,443		1,687,381			1,846,832		2,275,776		2,357,034		825,926
Mexico		184,127		269,351			252,495		238,295		251,035		81,017
Other Central and South America		567,051		516,954			517,974		500,835		600,554		157,650
Total Central and South America		3,686,128		3,911,743			4,427,526		4,755,804		5,236,784		1,664,101

Total America		13,382,212		15,895,077			15,547,156		14,796,777		18,883,280		4,601,429

Europe
European Union
Netherlands		1,035,945		1,225,689			859,506		820,167		877,900		223,175
Belgium		631,535		611,069			640,921		513,385		763,083		149,221
United Kingdom		1,047,837		1,138,205			1,060,357		984,941		1,116,936		248,595
Italy		1,550,224		1,801,754			1,743,423		1,521,690		1,674,996		344,476
Germany		3,502,246		3,909,355			3,421,230		2,939,619		3,057,219		832,761
France		1,630,294		1,692,548			1,463,555		1,420,698		1,316,552		325,250
Spain		482,722		668,137			603,465		440,412		676,814		161,879
Other European Union		2,600,335		2,986,296			2,636,266		2,412,368		2,413,677		715,185

Total European Union		12,481,136		14,033,053			12,428,724		11,053,278		11,897,176		3,000,542

Russia		1,270,371		1,508,902			1,089,622		843,722		1,033,735		526,780
Turkey		576,238		607,201			341,337		273,981		353,531		121,481
Other Europe		2,100,603		2,267,195			2,250,665		2,317,252		2,732,492		592,369

Total Europe		16,428,348		18,416,351			16,110,347		14,488,232		16,016,934		4,241,172

Asia and Middle East
ASEAN
Brunei Darussalam		38,021		14,289			29,155		71,940		156,977		145,956
Philippines		823,612		904,048			791,066		556,337		1,169,335		339,145
Cambodia		27,942		32,593			40,583		44,258		50,094		13,453
PDR Laos		11,897		25,426			31,233		42,290		38,976		24,827
Malaysia		8,750,587		8,767,438			7,826,886		6,992,397		9,634,006		3,060,750
Myanmar		145,240		151,124			182,505		187,175		164,217		39,208
Singapore		18,217,827		23,957,617	��		20,168,411		13,895,105		18,470,973		5,428,180
Thailand		9,037,149		10,557,703			9,079,021		6,289,009		8,920,455		3,092,357
Vietnam		3,163,823		3,658,058			3,650,859		2,983,247		3,972,949		1,203,651

Total ASEAN		40,216,098		48,068,296			41,799,719		31,061,759		42,577,980		13,347,527

Hong Kong SAR		3,054,928		4,306,538			5,136,340		4,015,843		5,557,561		1,201,140
India		3,975,918		4,648,384			4,065,942		3,595,103		7,057,958		2,608,733
Iraq		168		95			161		301		110		10
Japan		15,363,524		18,304,503			16,084,462		11,001,764		15,533,193		4,377,792
South Korea		8,354,646		9,350,079			8,707,588		7,063,543		9,773,262		3,136,446
Pakistan		239,310		642,791			379,989		196,596		192,770		59,575
People’s Republic of China		34,292,172		43,678,116			43,165,693		38,202,228		53,649,120		15,239,710
Saudi Arabia		2,770,951		4,714,594			3,565,923		2,559,806		4,359,067		1,515,723
Taiwan		3,268,451		3,555,643			3,721,549		3,610,972		4,293,046		1,220,995
Other Asia and Middle East		4,900,394		5,424,837			4,762,408		3,791,845		5,166,872		1,832,391

Total Asia and Middle East		116,436,560		142,693,876			131,389,772		105,099,760		148,160,938		44,540,042

Australia and Oceania
Australia		5,915,819		5,651,408			5,455,153		4,499,423		9,404,535		2,029,200
New Zealand		732,917		772,749			755,917		750,076		954,512		313,866
Other Australia and Oceania		173,445		234,079			213,786		167,923		39,107		33,043

Total Australia and Oceania		6,822,182		6,658,236			6,424,855		5,417,421		10,398,154		2,376,109

Africa
South Africa		366,530		584,671			181,345		258,480		634,585		595,438
Other Africa		3,673,232		5,332,776			3,159,547		1,667,797		4,122,070		1,998,392

Total Africa		4,039,762		5,917,447			3,340,892		1,926,277		4,756,656		4,593,830

Unclassified imports⁽²⁾		573,977		735,794			675,566		375,733		584,389		125,463

Total		157,683,042		190,316,780			173,488,589		142,104,201		198,800,351		58,478,043

Source: Bank Indonesia

^P	Preliminary.

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

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

D-53

Balance of Payments

Balance of payments figures measure the relative flow of goods, services and capital into and out of a country as represented in the current account and the capital and financial account. The current account tracks a country’s trade in goods and services, as well as income and current transfer transactions. The capital and financial account covers all transactions involving capital transfers, acquisition or disposal of non-produced, non-financial assets, and financial assets and liabilities. A balance of payments surplus indicates a net inflow of foreign currencies, while a balance of payments deficit indicates a net outflow of foreign currencies.

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

Balance of Payments⁽¹⁾


	Year Ended December 31,															Three months ended March 31,
	2017			2018			2019			2020			2021^P			2022^P

	(in millions of U.S. dollars)
Current account		(16,196	)		(30,633	)		(30,279	)		(4,433	)		3,430			221
Goods⁽²⁾		18,814			(228	)		3,508			28,301			43,806			11,140
Total exports (f.o.b.)		168,883			180,725			168,455			163,402			232,835			66,773

Non-oil and gas exports		153,310	��		163,111			156,474			154,921			219,635			62,957

Oil and gas exports		15,573			17,614			11,981			8,480			13,201			3,816
Total imports (f.o.b.)		(150,069	)		(180,953	)		(164,948	)		(135,101	)		(189,029	)		(55,633	)

Non-oil and gas imports		(127,146	)		(151,935	)		(142,647	)		(121,234	)		(162,864	)		(45,961	)
Oil and gas imports		(22,922	)		(29,019	)		(22,300	)		(13,867	)		(26,166	)		(9,672	)
Services		(7,379	)		(6,485	)		(7,641	)		(9,755	)		(14,678	)		(4,407	)
Primary income		(32,131	)		(30,815	)		(33,775	)		(28,911	)		(31,961	)		(8,007	)
Secondary income		4,500			6,895			7,629			5,932			6,264			1,494
Capital account		46			97			39			37			80			1
Financial account		28,686			25,122			36,564			7,884			11,895			(1,704	)

(i) Public sector		20,515			8,748			12,675			3,413			4,317			(2,283	)
Portfolio investment		21,868			9,732			15,230			1,424			(616	)		(3,486	)

Assets		(9	)		228			258			—			—			—
Liabilities		21,877			9,504			14,973			1,424			(616	)		(3,486	)
Other investment		(1,353	)		(983	)		(2,555	)		1,989			4,933			1,203

Assets		—			—			—			—			—			—
Liabilities		(1,353	)		(983	)		(2,555	)		1,989			4,933			1,203
Loans		(1,362	)		(755	)		(2,298	)		1,989			(1,377	)		1,203
Drawings		3,645			4,588			3,773			8,166			4,355			2,534
Repayments		(5,007	)		(5,344	)		(6,070	)		(6,177	)		(5,732	)		(1,331	)
Other liabilities		9			(228	)		(258	)		—			6,310			—
(ii) Private sector		8,171			16,374			23,888			4,471			7,577			579
Direct investment		18,502			12,511			20,531			14,142			16,904			4,467

Assets		(2,008	)		(6,399	)		(4,462	)		(5,033	)		(4,044	)		(1,061	)
Liabilities		20,510			18,910			24,994			19,175			20,948			5,528
Portfolio investment		(809	)		(420	)		6,760			1,945			5,692			542

Assets		(3,346	)		(5,399	)		152			(1,199	)		(1,778	)		(1,014	)
Liabilities		2,537			4,980			6,608			3,144			7,469			1,556
Financial derivatives		(128	)		34			186			18			333			137

Other investment		(9,395	)		4,249			(3,589	)		(11,634	)		(15,351	)		(4,567	)

Assets		(13,487	)		(8,233	)		(12,203	)		(11,908	)		(9,835	)		(4,663	)
Liabilities		4,093			12,482			8,614			274			(5,517	)		96
Errors and omissions		(950	)		(1,717	)		(1,648	)		(891	)		(1,944	)		(335	)

Overall balance		11,586			(7,131	)		4,676			2,597			13,461			(1,817	)

Reserves and related items		(11,586	)		7,131			(4,676	)		(2,597	)		(13,461	)		1,817

Memorandum⁽³⁾
Reserve asset position		130,196			120,654			129,183			135,897			144,905			139,129

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.

⁽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.

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In 2017, the current account deficit decreased to U.S.$16.2 billion and improved as a percentage of GDP to 1.6% of GDP compared to 1.8% of GDP in 2016. The lower deficit was primarily attributable to a higher trade balance surplus that offset the higher deficit of services and primary income.

Improving investor perception of the domestic economic outlook led to a high capital and financial account surplus that reached U.S.$28.7 billion in 2017. However, the increase in placements of private sectors’ deposits in offshore banks resulted in an increase in net deficit of other investments, leading to capital and financial accounts being lower in 2017 compared to 2016.

Indonesia’s overall balance of payments in 2017 recorded a surplus of U.S.$11.6 billion, slightly lower than the U.S.$12.1 billion surplus in 2016. The surplus resulted in an increase in international reserves from U.S.$116.4 billion as of December 31, 2016 to U.S.$130.2 billion as of December 31, 2017.

In 2018, the current account deficit increased to U.S.$30.6 billion or 2.9% of GDP compared to a U.S.$16.2 billion deficit or 1.6% of GDP in 2017. The higher deficit was mainly due to higher non-oil and gas imports, particularly imports of raw materials and capital goods reflecting robust economic activity in Indonesia, amid restrained performance of exports of non-oil and gas. The increase in the deficit was also due to an increase in oil imports in line with the increase in average global oil prices and domestic fuel consumption.

Amid high uncertainty in the global financial markets, the capital and financial account recorded a significant surplus of U.S.$25.2 billion in 2018, mainly due to long-term capital inflows from foreign direct investments.

Indonesia’s overall balance of payments in 2018 recorded a deficit of U.S.$7.1 billion, which resulted in a decrease in international reserves from U.S.$130.2 billion as of December 31, 2017 to U.S.$120.7 billion as of December 31, 2018.

In 2019, the current account deficit decreased slightly to U.S.$30.3 billion compared to a U.S.$30.6 billion deficit in 2018. The lower current account deficit was primarily due to goods trade surplus and higher secondary income surplus. Goods trade surplus in 2019 reversed the deficit in the previous year, affected by higher surplus of non-oil and gas and coupled with lower deficit of oil and gas. Meanwhile, higher secondary income surplus was primarily due to an increase of Indonesian workers remittances receipts.

The capital and financial account surplus increased to U.S.$36.6 billion in 2019 compared to a U.S.$25.2 billion deficit in 2018, primarily due to significant inflows in foreign direct investment and portfolio investment.

Indonesia’s overall balance of payments in 2019 recorded a surplus of U.S.$4.7 billion, in line with the higher capital and financial account surplus. Consequently, official reserve assets were U.S.$129.2 billion as of December 31, 2019, an increase from U.S.$120.7 billion as of December 31, 2018.

In 2020, the current account deficit decreased considerably to U.S.$4.4 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.$7.9 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.

In 2021, the current account reversed to a surplus of U.S.$3.4 billion compared to a U.S.$4.4 billion deficit in 2020. The current account improvements were primarily supported by a significantly larger goods trade surplus compared with conditions one year earlier due to non-oil and gas export performance. Exports of all major commodities improved in 2020, boosted by stronger export demand and higher prices. In addition, the secondary income account surplus also increased as compared to the previous year, which contributed to the current account surplus in 2021.

Notwithstanding the uncertainties in the global financial markets due to the Covid-19 pandemic, the financial account increased to a surplus of U.S.$12.0 billion in 2021, mainly due to long-term capital inflows from foreign direct investments and portfolio investments of the private sector.

Indonesia’s overall balance of payments in 2021 recorded a surplus of U.S.$13.5 billion, accompanied by a higher position of reserve assets from U.S.$135.9 billion at the end of 2020 to U.S.$144.9 billion at the end of 2021.

In the first quarter of 2022, the current account reversed to a surplus of U.S.$0.2 billion compared to a U.S.$1.1 billion deficit in the first quarter of 2021. The current account performance was underpinned by a solid non-oil and gas trade surplus given soaring international commodity prices, including coal and crude palm oil (CPO), despite a higher oil and gas trade deficit in line with the rising global oil price. Meanwhile, the services trade deficit increased as economic activity continued to improve and the number of outbound Indonesian travelers picked up in response to looser international travel restrictions and reopening of the umrah pilgrimage. The primary income deficit also increased in line with improving corporate performance, thereby offsetting a larger current account surplus.

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The capital and financial account recorded a deficit of U.S.$1.7 billion in the first quarter of 2022, compared to a U.S.$5.8 billion surplus in the first quarter of 2021, primarily due to foreign capital outflows of portfolio investment which triggered by persistently elevated global financial market uncertainty in line with escalating geopolitical tensions between Russia and Ukraine, and faster policy normalization in advanced economies.

Indonesia’s overall balance of payments in first quarter of 2022 recorded a deficit of U.S.$1.8 billion. Consequently, the position of reserve assets at the end of March 2022 stood at U.S.$139.1 billion.

Financial System

Indonesia Financial Safety Net and Crisis Management

In April 2016, the Law on Prevention and Resolution of Financial System Crisis was passed that revamped the coordination framework for crisis management and resolution among Indonesia Financial Safety Net (“KSSK”) participants and also refined the emphasis on strengthened supervisory capacity, improved banking liquidity and prevention measures. These coordinated policy responses allow an institutionalized early warning system and crisis management protocol which enable KSSK to identify potential disruptions, and determine effective policy responses and resolution steps.

As a KSSK, the Ministry of Finance also contributes to safeguard financial system stability. In the event of a disruption, such as sudden reversals in capital flows, the Crisis Management Protocol will be activated to determine the policy response required to maintain market confidence and stability. Policy responses include, amongst others, the Bond Stabilization Framework which provides the mechanism to execute buybacks with several SOEs for the purpose of maintaining stability of the sovereign bond market, placement of funds in instruments with a longer maturity period by issuing longer term securities, debt switching to lengthen debt maturities and reduce the risks associated with refinancing.

Indonesia Deposit Insurance Corporation and Liquidity Support

Since September 2005, the Indonesia Deposit Insurance Corporation (“IDIC”), has insured customers’ deposits and actively participated in maintaining the stability of the financial system. The IDIC membership is compulsory for every bank conducting business in Indonesia. The prevailing IDIC coverage is up to Rp2 billion for each depositor in any one bank. The IDIC will pay, in accordance with its procedures, deposit insurance claims when a member bank has its license revoked by the OJK. The maximum amount of deposit insured can be adjusted, among others, in the event of a crisis that can potentially decrease public trust in the banking system or affect the stability of the financial system.

The Government’s policy on addressing sudden reversals in capital flows involves, among others, the implementation of a Crisis Management Protocol, which involves cooperation between the Ministry of Finance, Bank Indonesia, OJK and IDIC. In the event of a financial crisis, policy steps could include executing buybacks for stabilization in the event of a disruption; taking steps to enhance cooperation among Government institutions, Bank Indonesia, SOEs, regulators and other market participants to maintain stability of the sovereign bond market; and encouraging the placement of funds in instruments with a longer maturity by issuing longer term securities and debt switching to lengthen debt maturities and reduce risks associated with refinancing.

In April 2016, the parliament passed Law on Prevention and Resolution of Financial System Crisis, which provides a clear division of responsibilities between the Ministry of Finance, Bank Indonesia, OJK and IDIC in preventing and resolving crises in the financial system through the establishment of a Financial System Stability Committee with representatives from each of the Ministry of Finance, Bank Indonesia, OJK and IDIC. The Financial System Stability Committee aims to provide a coordinated policy response on the basis of regular monitoring of key areas of the financial system. In March 2020, certain provisions with respect to short term liquidity loans were revoked in order to enable the implementation of Covid-19 related financial policies.

The Banking System

The Government’s policies for the banking sector emphasize the strengthening of the banking system.

The law governing Bank Indonesia, Indonesia’s central bank, was amended in 2004 to, among other things, provide that Bank Indonesia will conduct monetary policy to achieve an inflation target as determined by the Government in consultation with Bank Indonesia. It also provides for the creation of the Bank Indonesia Supervisory Board (the “Supervisory Board”), to assist the DPR in conducting oversight of Bank Indonesia’s internal financial management. The Supervisory Board comprises five members chosen by the DPR and appointed by the President for three-year tenures. The January 2004 amendment also stipulates that Bank Indonesia is the lender of last resort to ensure the stability of the financial system. Bank Indonesia’s banking supervision function was transferred to the OJK on December 31, 2013. The latest amendment to the Central Bank Law was in 2008, mainly to amend the collateral requirement on Sharia financing, certain provisions of which were revoked by the Law on Prevention and Resolution of Financial System Crisis.

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The authorities implement risk mitigation by strengthening micro and macro-prudential surveillance. Micro-prudential surveillance is performed on an individual bank or financial institution in order to ensure the fulfillment of prudential regulations through on-site and off-site supervision. Additionally, macro-prudential surveillance also aims to ensure that prudential regulations are adhered to at the industry level as an aggregate.

Under a framework of strengthening micro-prudential surveillance, a number of measures have been introduced by Bank Indonesia and the OJK to bolster and improve surveillance in order to better anticipate the symptoms of troubled banks on a risk basis, as well as enhance the quality of human resources through training, attachments and certification programs.

In addition, improvements to the tools and methodologies used in surveillance are ongoing in order to reinforce macro-prudential aspects, among others, stress testing, probability of default analysis, transition matrices and other early warning mechanisms. The creation of the financial system safety net also assists authorities to mitigate potential systemic risks that might arise.

OJK has issued banking regulations that are in line with the international standards, such as the Basel framework. In terms of the capital reforms, OJK issued its rule for the Basel III capital framework in December 2013, which was amended in February 2016. These cover (i) raising the quality of regulatory capital, (ii) setting a minimum Tier 1 and CET 1 ratio of 6% and 4.5%, respectively, as well as a minimum capital requirement based on risk profile between 8% to 14%, and (iii) building-up of adequate buffers above the minimum capital requirement based on risk profile (including a capital conservation buffer, countercyclical buffer and capital surcharge for D-SIBs). In 2015, OJK issued regulation regarding D-SIB methodology and capital surcharge application which was applied for the first time in January 2016.

As part of its Basel III implementation policies, OJK issued regulations for the Basel III Liquidity framework, Liquidity Coverage Ratio (“LCR”), Net Stable Funding Ratio (“NSFR”), and the risk weighted assets (“RWA”), calculation relating to derivative transactions. The LCR regulation was issued in December 2015 and requires banks to maintain short-term liquidity through high quality liquid assets that meet their liquidity needs for thirty days. The NSFR regulation was issued in July 2017 and uses NSFR as an indicator to evaluate a bank’s long-term liquidity risk by comparing the amount of stable funding available to the bank with the amount of stable funding required by the bank. It aims to reduce long-term liquidity risk by requiring banks to fund activities from stable and adequate sources of funds. Regulations relating to the RWA calculation for derivative transactions were issued in September 2017, providing guidelines for calculating the risk exposure to derivative transactions due to counterparty credit risk.

Under the Prevention and Resolution of Financial System Crisis law, OJK has issued a regulation concerning a systemic bank recovery plan in April 2017. This regulation establishes the requirements for systemic banks to prepare and submit recovery plans. Systemic banks are also required to have guidelines in relation to the recovery plan in place, which are prepared by taking into account the governance principles supporting the implementation of the recovery plan. Moreover, systemic banks are also obliged to evaluate and perform stress testing in order to assess the adequacy of their recovery plans at least once a year.

As of May 31, 2022, total banking assets were Rp10,369.8 trillion, consisting of commercial bank assets of Rp10,180,76 trillion and rural bank assets (including assets of sharia rural banks) of Rp189.0 trillion.

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Islamic Financial System

The Government believes that the Islamic finance banking industry has an opportunity to grow rapidly in Indonesia, which has the largest Muslim population in the world. The industry provides the Muslim community with alternative financial products and services that conform to Sharia principles. These Sharia principles as applied to the Islamic finance banking industry includes Sharia concepts related to mudarabah (profit and loss sharing), wadiah (safekeeping), musharaka (joint venture), murabahah (cost plus), and ijara (leasing). Sharia prohibits riba, or usury, defined as interest paid on all loans of money. Furthermore, investments in some businesses that provide goods or services considered contrary to Islamic principles (such as pork or alcohol) are also considered haraam (sinful and prohibited) under Sharia principles. To assist with the development and growth of Islamic financial services in Indonesia, these alternative financial products are considered an integral part of the banking industry and contribute to enhancing the stability of the Indonesian financial system by supporting national economic development in Indonesia.

In July 2008, the Sharia Banking Law was enacted to facilitate the expansion of the Indonesian Islamic banking industry. The Sharia Banking Law applies Sharia principles to banking for Sharia banks and Sharia divisions of conventional banks, prohibiting the payment and receipt of interest and providing that returns on funds that are distributed or lent out must be based on the actual profits generated. The Sharia Banking Law also prohibits Islamic banking business and transactions that would support practices or products forbidden or discouraged by Sharia principles. This law also requires existing Sharia divisions of commercial banks to operate as separate Islamic commercial banks if such a division’s assets account for at least half of the parent commercial bank’s assets or within 15 years of the enactment of the Sharia Banking Law. The Government believes that this legislation will better position Indonesia as a venue for Islamic banking and finance.

One of the main challenges for Indonesia’s Sharia capital markets is the small number of companies that issue Sharia-compliant products such as Islamic bonds (“Sukuk”). As of March 31, 2022, of the 87 underwriters licensed by OJK, only 30 were involved in Sukuk issuances, and of the 97 investment managers licensed by OJK, 61 had Sharia investment management unit and one was sharia investment manager.

The Indonesian Islamic financial industry has been developing under the regulatory authority of OJK (since December 31, 2013) and previously Bank Indonesia, which formulates and publishes a strategic plan for the development of the industry. OJK has established a new strategic plan for the development of Indonesia’s Islamic banking industry for 2020-2025. This new strategic plan is expected to provide guidelines that include detailed initiatives as well as specific objectives for the Sharia banking industry to achieve. This strategic plan for the development of the national Sharia banking industry is recognized as the “Roadmap of Indonesian Islamic Banking 2020-2025” with a view to “establish a Sharia banking industry that contributes to facilitating the development of the halal industry and a competitive and efficient Sharia banking industry by increase of business scale and application of technology.” The roadmap includes, among others, the following measures: (i) establishment of Shariah banker code of conduct and basic competence, (ii) strengthening the implementation of compliance and internal audit functions on compliance with Sharia principles, (iii) issuance of regulations to develop Sharia banking products to be offered to the customers and to aid national priority programs, (iv) strengthening the capital of Sharia banking entities and issuing regulations on banking synergy and settlement of Shariah People’s Financing Bank (Bank Pembiayaan Rakyat Syariah), and (v) encouraging digitalization of Sharia banking.

OJK and Bank Indonesia have issued various regulations in order to support the growth and development of the Sharia banking industry taking into account precautionary principles and Sharia principles.

The Sharia Non-Bank Financial Industry (Industri keuangan Non Bank Syariah or IKNB Sharia) is also supervised by OJK and consists of the Sharia Insurance Company, the Sharia Pension Fund, the Sharia Financial Institution and other Sharia Financial Service Institutions. OJK issued OJK Regulation No. 33/POJK.05/2016 to govern the Sharia pension funds which came into force in September 2016. Under the regulation, management of Sharia pension funds may be conducted by way of: (i) establishment of Sharia pension fund, (ii) conversion of pension fund into Sharia pension fund, (iii) formation of Sharia unit in Employee Pension Fund, or (iv) sale of Sharia investment package in financial institution pension fund. There are currently no established Sharia pension funds in Indonesia.

As of June 30, 2022, of the 87 underwriters licensed by OJK, only 30 were involved in issuances of Sukuk, and from 96 investment managers, there are 61 investment managers having Sharia Investment Management Unit and one sharia investment manager.

As of May 31, 2022, assets of Sharia banks were Rp697.6 trillion, or 6.7% of Indonesia’s total banking assets.

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Anti-Money Laundering Regime

Various financial regulatory agencies in the Republic were formed to combat money laundering activities within Indonesia. In 2002, the Government enacted an anti-money laundering law (“2002 AML Law”), and established a financial intelligence unit, the Indonesian Financial Transaction Reports and Analysis Centre (Pusat Pelaporan Analisis Transaksi Keuangan (“PPATK”)). The PPATK’s duties were later expanded to include matters relating to countering terrorism financing, and consequently, the PPATK was appointed to be the focal point of countering money-laundering and financing of terrorism in Indonesia.

Some of the significant progress made in implementing the Government’s anti-money laundering laws and countering financing of terrorism, national strategies in the last few years includes: promulgating a new Anti-Money Laundering Law, namely, Law No. 8 of 2010 on the Prevention and Eradication of Money Laundering Crimes (the “2010 AML Law”), and the ratification of the UN Convention against Transnational Organized Crime. The 2010 AML Law came into force on October 22, 2010 replacing the 2002 AML Law, as amended, to be in line with current international standards and best practices.

As part of the implementation of the Government’s policy to prevent and eradicate the crime of money laundering, the PPATK has issued and continues to issue various regulations as further implementation of the 2010 AML Law.

On March 13, 2013, the DPR adopted the Law No. 9 of 2013 on the Prevention and Eradication of the Financing of Terrorism (“Law No. 9”). Law No. 9 comprehensively regulates: (i) the criminalization of terrorist financing offenses and other offenses related to terrorism financing offenses; (ii) the application of the principle of recognizing users of financial services; reporting and compliance monitoring; (iii) surveillance activities through a remittance transfer system or through other systems by financial service providers; (iv) control disposition of cash and/or other payment instruments into or outside the Indonesian customs area; (v) blocking mechanisms relating to the movement of cash and/or other payment instruments; (vi) the inclusion in the list of suspected terrorists and terrorist organizations; and (vii) arrangements regarding the setting of the investigation, prosecution, and examination at trial.

Terrorism financing within the scope of Law No. 9 includes acts committed, directly or indirectly, in order to provide, gather, give, or lend funds to those who are known to intend to commit an act of terrorism. In addition to individuals, Law No. 9 regulates the criminalization of terrorist financing to terrorist organizations. Terrorist organizations within Law No. 9 can include a collection of people who have a common goal and that, based on a court decision, have committed an act of terrorism. Parties that are named in lists of terrorist organizations also fall within the scope of Law No. 9.

Since 2017, OJK has required any financial service provider to identify, assess and understand the risk of money laundering and/or terrorism financing crimes related to customers, countries, geographic areas, products, services, transaction or delivery channels. To perform these types of activities, the financial service provider must establish policies, supervision and maintenance procedures and mitigation of money laundering and terrorism financing risks and establish a special task force and/or appoint an officer to act as a person-in-charge for the implementation of anti-money laundering and anti-terrorism financing programs. The financial service provider is required to submit suspicious financial transaction reports, cash transaction reports and other reports to the PPATK. In September 2019, OJK began to require certain additional measures to prevent the funding and proliferation of weapons of mass destructions, namely the requirements for OJK to conduct data maintenance, identity and background checking of transaction parties and immediate blocking of suspected transactions.

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Bank Indonesia

Bank Indonesia’s statutory mandate states that “the objective of Bank Indonesia is to achieve and maintain the stability of the Rupiah.” Rupiah stability can be measured in terms of its value vis-à-vis either domestic or external goods. Rupiah stability relative to domestic goods is reflected in the inflation rate, while stability relative to external goods is represented by the exchange rate of the Rupiah against other currencies. Market conditions determine the Rupiah exchange rate, consistent with the floating exchange rate system adopted by Bank Indonesia in August 1997. See “Foreign Exchange and Reserves — Exchange Rates.” Bank Indonesia may, however, continue to use its policy instruments to minimize exchange rate fluctuations.

Bank Indonesia, as a separate legal entity from the Government, has its own assets and its own liabilities. The foreign exchange reserves held by Bank Indonesia are recorded on the assets side of the Bank Indonesia balance sheet, while certain items of foreign debt (such as loans from the IMF) are liabilities of 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,
	2017			2018			2019			2020			2021^P			2022^P

	(in billions of Rupiah)
Base Money (M0)		989,565			1,069,554			1,111,506			1,147,200			1,351,172			1,337,544
Currency in Circulation⁽¹⁾		612,545			749,167			793,727			898,870			959,812			912,485
Commercial Banks Demand Deposits at Bank Indonesia		288,824			319,653			316,598			246,807			389,178			423,875
Private sector Demand Deposits		361			734			1,181			1,523			2,183			1,184
Bank Indonesia Certificates (“SBI”)⁽²⁾		87,835			—			—			—			—			—
Factors Affecting Base Money (M0)		989,565			1,069,554			1,111,506			1,147,200			1,351,172			1,337,544
Net Foreign Assets		1,525,701			1,708,563			1,759,105			1,877,480			1,942,909			1,903,716
Claims on Non-Residents		1,642,137			1,829,782			1,874,561			1,997,927			2,151,872			2,113,575
Liabilities to Non-Resident		(116,436	)		(121,219	)		(115,545	)		(120,447	)		(208,964	)		(209,859	)
Claims on Other Depository Corporations		362			158			56			56			56			56
Liquidity Credits		56			56			56			56			56			56
Other Claims		307			102			—			—			—			—
Net claims on central Government		82,455			22,027			(6,890	)		(191,278	)		(167,718	)		(477,511	)
Claims on central Government		207,515			197,009			155,269			124,326			113,358			107,401
Liabilities to central Government		(125,060	)		(174,982	)		(162,159	)		(315,605	)		281,076			(584,912	)
Claims on Other Sectors		7,505			10,410			10,106			9,805			9,782			9,923
Claims on Other Financial Institutions		0			—			—			—			—			—
Claims on Private Sectors		7,505			10,410			10,106			9,805			9,782			9,923
Open Market Operations⁽³⁾		(259,798	)		(170,345	)		(173,675	)		(15,312	)		126,293			312,580
Other Liabilities to Commercial & Rural Banks		(80,483	)		(97,969	)		(89,668	)		(58,222	)		(87,160	)		(83,275	)
Deposits included in Broad Money (M2)		0			—			—			—			—			—
Deposits excluded from Broad Money (M2)		(9	)		(8	)		—			—			—			—
Shares and Other Equity		(252,816	)		(371,443	)		(354,651	)		(447,681	)		(412,022	)		(320,402	)
Net Other items		(33,352	)		(31,850	)		(32,786	)		(27,649	)		(60,967	)		(7,542	)

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Currency outside banks plus cash in vault.

⁽²⁾

SBI which is used to fulfill 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 fulfill 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.

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Banks and Other Financial Institutions

The Indonesian financial system consists of banks and non-bank financial institutions. Non-bank financial institutions consist of, among others, insurance companies, pension funds, finance companies, venture capital companies, securities companies, mutual funds, credit guarantee companies and pawn shops.

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 May 31, 2022


	Number of institutions			Assets*			Percentage of total assets
				(in trillions of Rupiah)			(%)
Banking:
Commercial banks		107			10,180.8			74.4
Rural credit banks⁽¹⁾		1,619			189.0			1.4

Total banking		1,726			10,369.8			75.8

Insurance:
Life insurance		61			628.0			4.6
General insurance & Reinsurance		85			231.8			1.7
Social insurance⁽²⁾		5			823.1			6.0

Total insurance		151			1,682.8			12.3

Pension funds:
Financial institution pension funds		26			116.7			0.9
Employer pension funds		180			217.6			1.6

Total pension funds		206			334.2			2.4

Finance companies⁽³⁾		158			443.6			3.2
Venture capital companies		59			23.1			0.2
Securities companies		122	⁽⁴⁾		155.8	⁽⁵⁾		1.1
Mutual funds (collective investment schemes, not institutions)		2,180			545.4			4.0
Credit guarantee companies		22			39.4			0.3
Pawn shops		130			69.7			0.5
Fintech peer to peer Lending⁽⁶⁾		102			4.5			0.0
Micro Financial Institution⁽⁷⁾		226			1.4			0.0
Insurance and Reinsurance Brokers⁽⁸⁾		196			18.1			0.1

Total		3,195			13,687.8			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 29 securities companies that are not members of a securities exchange but acting as broker-dealers.

⁽⁵⁾	Assets of securities companies as members of a securities exchange for the position of December 31, 2021.

⁽⁶⁾	Fintech peer to peer Lending includes sharia.

⁽⁷⁾	Micro Financial Institution includes sharia MFI. Assets based on data as of December 31, 2021, number of institutions based on data as of 31 March 2022.

⁽⁸⁾	Insurance and Reinsurance Brokers Assets based on data as of December 31, 2021, number of institutions based on data as of 31 March 2022.

Indonesian banks are divided into two categories: commercial banks and rural banks. Both commercial and rural banks may operate under either conventional banking principles or under Sharia principles.

The OJK is responsible for the regulation and supervision of the insurance industry. Development of this sub-sector has required the implementation of more robust regulatory requirements and, in particular, improved capital requirements, including requirements to continuously maintain a specified ratio of risk-weighted assets to risk-weighted liabilities.

Pension funds are divided into two categories: employer pension funds and financial institution pension funds. Employer pension funds may be run either as defined benefit plans or as defined contribution plans, while financial institution pension funds may only be run as defined contribution plans.

Indonesia’s other non-bank financial institutions include finance companies, guarantee companies, venture capital companies, Indonesia export credit agencies, infrastructure financing companies and secondary mortgage facilities companies.

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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 May 31,
	2017		2018		2019		2020		2021		2022^p

	(in trillions of Rupiah)
Assets
Loans		4,781.9		5,358.0		5,683.8		5,547.6		5,820.6		6,069.0
Interbank Assets		235.6		221.0		245.3		252.8		223.1		219.1
Placements at Bank Indonesia		701.3		767.1		766.8		775.4		1,146.4		989.6
Securities (including Government Bonds)		1,035.4		941.9		1,012.7		1,466.9		1,831.0		1,787.2
Equity Participation		39.7		43.5		50.8		55.0		96.5		102.7
Other Claims		218.6		293.4		329.9		656.5		623.6		654.5
Others		375.2		443.3		473.7		423.6		371.1		358.7

Total Assets		7,387.6		8,068.3		8,563.0		9,177.8		10,112.3		10,180.8

Liabilities
Third Party Funds		5,289.2		5,630.5		5,998.6		6,665.4		7,479.5		7,515.5
Liabilities owed to Bank Indonesia		1.2		2.8		2.1		6.0		1.7		1.6
Interbank Liabilities		184.2		192.5		197.5		176.7		160.6		185.1
Securities		113.3		115.1		135		125.1		117.7		115.3
Borrowing		199.1		296.7		299.1		270.0		227.6		238.1
Other Liabilities		121.2		206.5		187.4		135.0		125.8		131.5
Guarantee Deposits		5.9		4.6		4.2		4.4		4.6		3.0
Others		441.2		485.4		493.0		526.2		523.5		527.0
Capital:
Paid in Capital		196.3		209.3		211.8		229.6		261.7		274.2
Reserves		65.3		68.3		75.1		73.7		81.2		86.3
Current Earnings/Loss		131.2		150.0		156.5		104.7		140.2		79.5
Retained Earnings/Loss		469.9		542.9		615.1		612.6		648.3		693.7
Estimates of Additional Paid in Capital		124.7		114.5		144.1		192.2		274.0		260.8
Others		44.7		49.2		43.5		56.2		65.9		69.2

Total Liabilities		7,387.6		8,068.3		8,563.0		9,177.8		10,112.3		10,180.8

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 May 31,

2017

2018

2019

2020

2021

2022^p

(percentages)

CAR

23.2

23.0

23.4

23.8

25.7

24.8

Source: OJK.

^P	Preliminary.

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Non-Performing Loans

Since the beginning of 2005, Indonesian banks have been required to calculate their non-performing loans (“NPLs”), using international best practices-based standards that require banks to classify as “non-performing” all loans to any borrower if any of that borrower’s loans are non-performing. Banks nationwide are required to apply the same uniform loan classification system to all loans meeting one of three criteria: (i) loans greater than Rp10 billion that are made to one borrower or one similar project; (ii) loans between Rp1 billion and Rp10 billion that are made to one of the 50 largest debtors of the lending bank; and (iii) loans based on joint financing to one borrower or one project.

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

Non-Performing Loans Ratios

As of December 31,

As of May 31,

2017

2018

2019

2020

2021

2022^p

(percentages)

Gross NPL ratio*

2.6

2.4

2.5

3.1

3.0

Source: OJK.

^P	Preliminary.

*	Interbank Loans Excluded.

Capital Markets and Capital Markets Regulation

The Indonesian capital markets are regulated by the OJK, which superseded the Capital Markets and Financial Institutions Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan (“Bapepam-LK”)) and assumed its duties and functions when Bapepam-LK and the Ministry of Finance’s Directorate General of Financial Institution, were merged into a single unit on December 31, 2012.

The regulatory framework for the Indonesian capital markets is provided by the Capital Markets Law No. 8 of 1995 on Capital Markets (the “Capital Markets Law”). The Capital Markets Law granted the original regulatory authority (and its successors, including OJK) authority in the fields of regulation, development, supervision and law enforcement. The law also provides the authority and responsibilities of self-regulatory organizations, capital market institutions, professionals and firms conducting business in the capital markets. According to the Capital Markets Law, OJK is responsible for the guidance, regulation and day-to-day supervision necessary to implement orderly, fair and efficient capital markets and to protect the interests of investors and the public.

Over the past few years, OJK has introduced rules to strengthen its supervisory and enforcement capacity over Indonesia’s capital markets and to promote sound and transparent capital markets. It has exercised its authority over publicly listed companies by issuing new corporate governance regulations to make corporate management and audit committees more directly responsible for financial reports. OJK has also issued revised regulations on the content of listed companies’ annual reports, general meeting of shareholders, board of directors and board of commissioners, remuneration and nomination committees, and corporate secretary.

The following table sets forth key indicators regarding the Indonesian Stock Exchange (Bursa Efek Indonesia (“IDX”)) and any securities traded on the IDX as of and for the six months ended June 30, 2022.

Indonesian Stock Exchange


	IDX
Market capitalization (in trillions of Rupiah)		9,018.9
Listed shares (in billions of shares)		8,784.1
Average daily transaction value (in billions of Rupiah)⁽¹⁾		16,098.0
Average daily transaction volume (in millions of shares)⁽¹⁾		22,668.9

Source: IDX.

⁽¹⁾	For the six months ended June 30, 2022.

As the largest Muslim country in the world, Indonesia has been engaged in an initiative to establish a legal framework for the development of an investor market in Indonesia for Sharia-compliant securities, which are securities that comply with the tenets of Islamic legal principles. The OJK and Bapepam-LK issued various regulations on the form and issuance of Sharia-compliant commercial paper and mutual funds to enhance the growth of the Sharia-compliant securities industry and to provide alternative mutual fund products to investors within Indonesia as well as to attract Muslim investors outside Indonesia.

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 June 30, 2022, the market capitalization of the JII was Rp2,060.8 trillion.

The IDX launched the Indonesia Sharia Stock Index, or ISSI on May 12, 2011. The ISSI comprised of 483 Sharia stocks which are listed on the IDX and its market capitalization was Rp4,259.2 trillion as of June 30, 2022.

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Monetary Policy

Bank Indonesia conducts its monetary policy under two principles: first, inflation targeting framework (“ITF”) was adopted as the anchor of monetary policy. Second, a floating exchange rate system was introduced under which Bank Indonesia may intervene in the foreign exchange market, but the objective of Bank Indonesia’s intervention is not to achieve a particular exchange rate level but to avoid excessive volatility.

Bank Indonesia adopted the ITF in July 2005. It replaced the previous monetary policy that used base money as the monetary policy target. At the operational level, the monetary policy stance is reflected in the setting of the policy rate, BI Rate, with the expectation of influencing money market rates and in turn the deposit rates and lending rates in the banking system. Changes in these rates will ultimately influence inflation. While other factors in the economy are also taken into account, Bank Indonesia will normally raise the BI Rate if future inflation is forecasted ahead of the established inflation target. Conversely, Bank Indonesia will lower the BI Rate if future inflation is predicted below the inflation target.

In order to strengthen its monetary policy framework, Bank Indonesia introduced a new benchmark rate effective from August 19, 2016, namely the Bank Indonesia 7-Day Reverse Repo Rate (“BI Repo Rate”), to replace the BI Rate. The BI Repo Rate changes the tenor of the policy rate from a 360 day tenor (used in the BI Rate) to 7-day tenor money market rates. The change aims to improve the effectiveness of monetary policy in influencing money market rates and bank rates, both lending and funding rates. The enhancement is directed to strengthen the effectiveness of policy rate setting as a tool to achieve monetary policy operational targets as reflected in the overnight interbank rates.

Implementation of the BI Repo Rate is complemented by normalization of the interest rate corridor in which the Lending Facility and the Deposit Facility, are positioned symmetrically from the BI Repo Rate at a spread of 75 basis points (“bps”).

In order to ensure financial and macroeconomic stability, Bank Indonesia also deploys a variety of policy instruments (policy mix approach) which consist of (i) policy rate to anchor inflation expectation complemented by (ii) exchange rate flexibility to lessen pressure on current account, (iii) capital flow management to dampen short-term excessive volatility of exchange rate, (iv) appropriate macro-prudential measures, and (v) ensure good communication to the public. Bank Indonesia also pursues financial market deepening to support the stability of the Rupiah exchange rate and enhance the effectiveness of transmission of monetary policy.

During 2020, Bank Indonesia has strengthened its policy mix oriented towards safeguarding economic stability and stimulating economic recovery from the distress caused by the Covid-19 pandemic. The policy response was instituted through an accommodative monetary policy mix, including BI Repo Rate reductions, liquidity injections, strengthening the monetary operations strategy and guiding the exchange rate towards the currency’s fundamental value. Accommodative macroprudential policy was maintained along with efforts to strengthen payment system policy in order to accelerate the digital economy and finance, buttressed by other supporting policies. Bank Indonesia also continued to strengthen synergy with the Government and other relevant authorities in order to follow up on all responsibilities in accordance with Law No. 2 of 2020 as part of the national policy response under the extraordinary conditions caused by the Covid-19 pandemic.

Bank Indonesia lowered the BI Repo Rate five times in 2020. BI Repo Rate reductions in 2020 totalled 125 basis points, bringing the BI Repo Rate to 3.75% by the end of 2020. Reductions of 25 bps were announced at each Board of Governors Meeting in February, March, June, July and November 2020. The measured decision to reduce gradually the BI Repo Rate was based on low inflation and the need to maintain the attractiveness and competitiveness of domestic financial assets for investment for the sake of external stability.

To stimulate national economic recovery and maintain financial system stability, Bank Indonesia also introduced monetary stimuli in the form of quantitative easing. As of the end of 2020, Bank Indonesia had injected Rupiah liquidity totalling approximately Rp726.57 trillion, equivalent to 4.7% of GDP, primarily in the form of lower reserve requirements totalling around Rp155 trillion and monetary expansion totalling approximately Rp555.77 trillion. Bank Indonesia lowered reserve requirements by 300 bps, including the 50 bps incentive, in 2020. In addition, Bank Indonesia lowered the foreign currency reserve requirements by 400 bps, effective March 16, 2020 in order to boost foreign exchange liquidity in the banking industry and alleviate pressures in the foreign exchange market. Bank Indonesia also waived the additional macroprudential intermediation ratio (“MIR”) Giro, the balance of Rupiah demand deposits held at Bank Indonesia to meet MIR. This policy provided approximately Rp15.8 trillion of additional liquidity to the banking industry. In the latter half of the year, Bank Indonesia provided giro services to banks meeting the daily and average Rupiah reserve requirements of 1.5% per year, with a portion calculated to obtain a giro service of 3% of deposit, effective August 1, 2020.

Bank Indonesia also maintained a Rupiah exchange rate stabilization policy in line with the currency’s fundamental value and market mechanisms amid persistent global financial market uncertainty. Bank Indonesia stabilized and strengthened the Rupiah by increasing the intensity of triple-intervention policy in the spot market, Domestic Non-Deliverable Forwards (“DNDF”), transactions and purchases of Government securities in the secondary market. In addition, in March 2020, Bank Indonesia lowered the foreign currency reserve requirement by 400bps to boost foreign exchange liquidity in the banking sector and simultaneously alleviate pressure on the foreign exchange market, as well as expanding the types of underlying transactions for foreign investors to provide an alternative hedging instrument against Rupiah holdings. Furthermore, exchange rate stabilization policy is supported by efforts to reinforce external resilience. To that end, Bank Indonesia secured a bilateral repo line agreement with the US Federal Reserve and extended bilateral swap and repo line agreements with the Monetary Authority of Singapore.

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Furthermore, Bank Indonesia expanded money market and foreign exchange market instruments and transactions in order to provide more hedging instruments against currency risk through DNDF transactions, foreign exchange swaps and term repo agreements with the banking industry, while strengthening monetary operations and Islamic financial market deepening through the Sharia Compliant Liquidity Facility, Sharia-Compliant Liquidity Management and Sharia-Compliant Interbank Fund Management Certificates. In addition, Bank Indonesia also strengthened foreign currency term deposit instruments in order to enhance foreign currency liquidity management in the domestic markets, while encouraging banks to utilize lower foreign currency reserve requirements for domestic purposes. Furthermore, to strengthen money market and foreign exchange market deepening, Bank Indonesia was also encouraging infrastructure development in terms of electronic trading platforms and a central counterparty. Striving to enhance transmission of its accommodative monetary policy stance, Bank Indonesia continued to strengthen its monetary operations strategy, while developing money market instruments to support corporate and SME financing in line with the national economic recovery program.

Bank Indonesia implemented an accommodative macro-prudential policy in line with the existing policy mix and national policy mix, including various efforts to mitigate risk in the financial sector caused by the outbreak of Covid-19. Therefore, Bank Indonesia relaxed the MIR by extending the incentive period of 50bps lower Rupiah reserve requirements for banks allocating small and medium enterprise (“SME”) loans, loans for export-import activity as well as non-SME loans to priority sectors as stipulated in the national economic recovery program from previously December 31, 2020 to June 30, 2021, while also injecting liquidity into the banking industry to support loan restructuring for SMEs as well as ultra-micro enterprises with loans from financial institutions and strengthening macro-prudential policies to encourage inclusive financing, particularly for SMEs. Furthermore, Bank Indonesia maintained a Countercyclical Buffer ratio of 0%, MIR in the range of 84-94% with a disincentive parameter of 0%, a Macroprudential Liquidity Buffer ratio of 6% with repo flexibility of 6%, and a Loan to Value / Financing to ratio Value for property credit / financing is in accordance with current regulations. Bank Indonesia also lowered the minimum down payment on automotive loans/financing from 5-10% to 0% for the purchase of green vehicles, while maintaining prudential principles.

Bank Indonesia maintained cash and non-cash payment system convenience and availability in order to facilitate economic and financial transactions. This was achieved through, amid the Covid-19 pandemic, the circulation of sanitized currency notes and the promotion of cashless transactions through e-money, internet banking and the launch of an Indonesian standard for quick response codes, as well as accelerating the implementation of the digital economy and finance as part of the economic recovery efforts. Bank Indonesia also implemented measures among the banking industry, financial technology companies, the Government and other relevant authorities to promote digitalization and support the economic recovery.

Bank Indonesia has also accelerated the implementation of the Indonesia payment systems blueprint for 2025 to support digital economy and finance activities during the Covid-19 pandemic, stimulate a momentum for national economic recovery as well as expedite economic and financial inclusion. Bank Indonesia also continued to strengthen synergies with the Government and other relevant authorities to support cashless social aid program disbursements through expediting the electronification of the social aid program disbursements, including the Family Hope Program, Noncash Food Assistance Program, Pre-Employment Card and Indonesia Smart Card to help alleviate the impact of Covid-19.

Furthermore, Bank Indonesia will continue to implement the follow-up policy measures required to support the national economic recovery program by carefully observing global economic and financial market dynamics as well as the Covid-19 transmission and the impact on the economic outlook of Indonesia over time. Close policy coordination with the Government and the Financial System Stability Committee will constantly be strengthening order to maintain macroeconomic and financial system stability, while accelerating the national economic recovery.

In connection with the Republic’s legislative and regulatory response to the Covid-19 pandemic, the Ministry of Finance and Bank Indonesia issued two joint decrees: (i) the first (“SKB I”), on April 16, 2020, provides for Bank Indonesia to act as backstop buyer in primary market auctions of Government securities, pursuant to which Bank Indonesia purchased Rp75.9 trillion of Government securities in 2020; and (ii) the second (“SKB II”), on July 7, 2020, related to the so-called “burden sharing” between Bank Indonesia and the Ministry of Finance whereby, to help fund the Government’s Covid-19 relief and recovery efforts:

•

Rp397.5 trillion of Government expenditure in the public goods sector which includes health sector, social protection and labor-intensive programs, support sectoral and local government support is to be financed via Government securities privately placed to Bank Indonesia with a reference interest rate equal to the 3-month BI Reverse Repo Rate, to be borne entirely by Bank Indonesia;

•

a substantial portion, or Rp177.0 trillion, of the total Rp505.9 trillion of Government expenditure in the non-public goods sector, which includes support to micro, small and medium enterprises, or MSME, and non-MSME corporates, is to be financed via Government securities issued via market mechanisms. The Government will bear the interest expense at a rate equal to the 3-month BI Reverse Repo Rate minus 1% and Bank Indonesia will bear the remaining interest expense necessary to match the market rate.

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These burden sharing schemes were valid for 2020 only. As part of their commitment to transparency to the public, the Ministry of Finance and Bank Indonesia reported the realization of financing support under the joint decrees in their respective monthly press releases, with all amounts having been realized in full by the end of December 2020.

On August 23, 2021, the Ministry of Finance and BI issued the third Joint Decree (“SKB III”) to cooperate on financing health and humanitarian care. The SKB III was enacted after the SKB I on April 16, 2020 pursuant to which BI acted as backstop buyer in primary market auctions of Government securities and the SKB II on July 7, 2020 providing “burden sharing” arrangement between the Government and BI. Pursuant to the SKB III, the Government will issue Government securities to BI through private placement. BI will contribute all interest costs on financing vaccination programs and certain healthcare expenses relating to the Covid-19 pandemic, and the amount of contribution will be determined considering BI’s balance sheet capacity, up to a maximum amount of Rp58 trillion for 2021 and Rp40 trillion for 2022. Meanwhile, the remaining interest costs on financing healthcare expenses relating to the Covid-19 pandemic and expenses of humanitarian initiatives including protection programs for affected communities and small businesses will be covered by the Government with a variable interest rate at the three-month BI Reference Rate, which will be below the market rate of similar borrowings. The maximum amount of aforementioned interest costs to be borne by the Government will be Rp157 trillion for 2021 and Rp184 trillion for 2022. Such joint effort is a manifestation of the strong synergy and coordination of fiscal policy of the Government and monetary policy of BI, as well as BI’s commitment to support state revenue and expenditure budget financing so as to accelerate the national economic recovery.

Bank Indonesia has maintained a pro-growth policy stance, directing the full panoply of monetary, macroprudential and payment system policy mix instruments towards supporting the national economic recovery in close coordination with the Government. In the monetary sector, a historically low policy rate has been maintained along with rupiah exchange rate stability and liquidity injections through quantitative easing. The low policy rate will be maintained until there are indications of rising core inflation. Since 2020, Bank Indonesia has lowered the BI repo rate six times to 3.50%, the lowest in history. The rupiah exchange rate stabilization policy was implemented using triple intervention in the spot market, DNDF and the purchase of Government securities in the secondary market, amid persistent global financial market uncertainty. Likewise, Bank Indonesia continued to inject liquidity via quantitative easing to strengthen the banks’ ability to extend credit/financing to the corporate sector.

In September to December 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 exchange rate and financial system stability amid projected low inflation and efforts to revive economic growth. Liquidity conditions also remain very loose in line with Bank Indonesia’s accommodative monetary policy stance and the impact of synergy between Bank Indonesia and the Government to support the national economic recovery. Bank Indonesia has injected liquidity through quantitative easing (“QE”) to the banking industry totalling Rp141.19 trillion in 2021 (as of 14 December 2021). Bank Indonesia in 2021 has purchased government debt securities to fund the 2021 State Revenue and Expenditure Budget (APBN) totalling Rp201.32 trillion, comprising: (i) Rp143.32 trillion through primary auction in accordance with the Joint Decree (KB) issued by the Minister of Finance and Governor of Bank Indonesia on 16 April 2020 and subsequently extended on 11 December 2020 until December 31, 2021, and (ii) Rp58 trillion through private placement in November 2021 to fund the health and humanitarian budgets for Covid-19 pandemic handling in accordance with the Joint Decree (KB) issued by the Minister of Finance and Governor of Bank Indonesia on August 23, 2021.

Accommodative macroprudential policies continue to revive bank financing disbursed to the corporate sector in synergy with Financial System Stability Committee policy. This includes loosening the down payment requirements on automotive loans, Loan/Financing-to-Value (“LTV/FTV”) Ratio on Property Loans and (sharia) Macroprudential Intermediation Ratio (“MIR”), encouraging the banks to lower Prime Lending Rates, as well as other accommodative macroprudential policies. Bank Indonesia has also refined and modernized the MSME Credit Ratio policy into the Macroprudential Inclusive Financing Ratio (Rasio Pembiayaan Inklusif Makroprudensial) (“RPIM”)).

Bank Indonesia continues to accelerate payment system digitalization for integration of the national digital economy and finance, including expansion of Quick Response Code Indonesian Standard (“QRIS”) acceptance to 12 million merchants by the end of 2021, including cross-border QRIS, implementation of the National Open API Payment Standard, as well as electronification of social aid program (bansos) disbursements, transportation modes, and government financial operations. Various agendas in the Indonesia Payment System Blueprint (Blueprint Sistem Pembayaran Indonesia (“BSPI”)) 2025 have also been accelerated, including development of BI-FAST as a real-time retail payment system available 24/7, along with interlinkages between digital banking and FinTech, as well as payment system regulatory reform.

In addition to the three main policy initiatives above, Bank Indonesia also oriented all four supporting policies (MSMEs, Islamic Economy and Finance, Financial market deepening, and International policy) towards the national economic recovery. Close synergy with the Government, banks, and other institutions has been enhanced to develop MSMEs as well as the Islamic Economy and Finance as a new source of national economic growth in Indonesia. Financial market deepening has also accelerated, particularly the rupiah and foreign exchange money markets, to strengthen monetary policy transmission, support financial system stability, and finance development, including infrastructure. International policy has been directed towards not only strengthening Bank Indonesia’s policy diplomacy, but also to support the Government in facilitating and promoting trade and investment in various countries.

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In January and February 2022, Bank Indonesia maintained the BI repo rate at 3.50%, and also maintained the deposit facility rate at 2.75% and lending facility rate at 4.25%. The decision is consistent with the need to maintain exchange rate stability, control inflation and stimulate economic growth amid a build-up of external pressure. Bank Indonesia has also optimized its policy mix to maintain stability and support economic recovery momentum through the following policy measures:

Strengthening exchange rate policy to maintain rupiah stability in line with market mechanisms and economic fundamentals.

Normalizing liquidity policy, as announced on January 20, 2022, via the following adjustments to rupiah reserve requirements:

Raising the rupiah reserve requirement for conventional commercial banks from the current average requirement of 3.0% and daily requirement of 0.5%. From March 1, 2022, Bank Indonesia will raise the reserve requirement by 1.5% to 5.0%, calculated fully as an average. Banks fulfilling reserve requirement obligations will receive 1.5% remuneration on the reserve requirement based on 4.0% of deposits.

ii.

Raising the rupiah reserve requirement for sharia banks and business units from the current average requirement of 3.0% and daily requirement of 0.5%. From March 1, 2022, Bank Indonesia will raise the reserve requirement by 0.5% to 4.0%, calculated fully as an average. Banks fulfilling reserve requirement obligations will receive 1.5% remuneration on the reserve requirement based on 3.0% of deposits.

Providing incentives for banks disbursing loans/financing to priority sectors and MSMEs and/or achieving the RPIM target in the form of a 1% reduction in the average rupiah reserve requirement, from March 1, 2022.

Strengthening prime lending rate (PLR) transparency in the banking industry with a focus on interest rate spread against neighboring countries.

Expanding the use of Local Currency Settlement (LCS) as a means to settle bilateral trade and investment transactions with major trading partners, especially in Asia.

Strengthening international policy by expanding cooperation with other central banks and international organizations in trading partner countries, promoting trade and investment in conjunction with relevant institutions as well as ensuring the success of six priority agendas in the Finance Track together with the Ministry of Finance during Indonesia’s G20 presidency in 2022.

In March and April 2022, Bank Indonesia maintained the BI repo rate at 3.50%, and also maintained the deposit facility rate at 2.75% and lending facility rate at 4.25%. The decision is consistent with the need to maintain exchange rate stability and control inflation, together with efforts to revive economic growth despite a build-up of external pressure, particularly the geopolitical tensions between Russia and Ukraine as well as sooner-than-expected monetary policy normalization in advanced economies. Bank Indonesia continues to optimize its policy mix strategy to maintain stability and safeguard economic recovery momentum through the following policy measures:

Strengthening exchange rate policy to maintain rupiah stability in line with market mechanisms and economic fundamentals.

Maintaining an accommodative macroprudential policy stance by holding: (i) the Countercyclical Capital Buffer (CCyB) at 0%, (ii) Macroprudential Intermediation Ratio (MIR) in the 84-94% range, (iii) Macroprudential Liquidity Buffer (MPLB) at 6% with 6% repo flexibility and the Sharia Macroprudential Liquidity Buffer at 4.5% with 4.5% repo flexibility.

Maintaining prime lending rate transparency in the banking industry with a focus on granular Prime Lending Rates components and the affecting factors.

Preparing Payment System Providers (“PSP”) particularly first mover PSP, for National Open API Payment Standard implementation to support interlinkages between the banking and FinTech industries.

Ensuring adequate availability of currency fit for circulation, maintaining seamless currency distribution and prime cash services, while preparing BI-FAST implementation during the holy fasting month of Ramadan and Eid-ul-Fitr 1443H.

Raising the maximum deposit limit for registered electronic money from Rp10 million to Rp20 million and the monthly transaction limit from Rp20 million to Rp40 million, effective from July 1, 2022.

Strengthening international policy by expanding cooperation with other central banks and international organizations, promoting trade and investment in conjunction with the relevant institutions as well as ensuring the success of the six priority agendas in the Finance Track during Indonesia’s G20 Presidency in 2022.

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In May and June 2022, Bank Indonesia maintained the BI 7-Day Reverse Repo Rate at 3.50%, and also maintained the Deposit Facility (DF) rates at 2.75% and Lending Facility (LF) rates at 4.25%. The decision is consistent with the need to manage inflation and maintain exchange rate stability, while continuing to foster economic growth amid escalating external pressures stemming from the emerging risk of stagflation in several countries. Moving forward, global economic uncertainty is expected to remain elevated given the looming risk of an economic downturn and persistently high global inflation, including the expansion of inward-looking policies, particularly affecting food, in a number of countries. Therefore, Bank Indonesia is bolstering its policy mix as follows:

Strengthening exchange rate policy to maintain Rupiah stability and to support managing inflation in line with market mechanisms and economic fundamentals.

Accelerating liquidity policy normalization by incrementally raising Rupiah reserve requirements as follows:

Bank Indonesia will raise the Rupiah reserve requirements for conventional commercial banks from 5.0% currently to 6.0% on June 1, 2022, to 7.5% on July 1, 2022 and to 9.0% on September 1, 2022.

Bank Indonesia will raise the Rupiah reserve requirements for sharia banks and sharia business units from 4.0% currently to 4.5% on June 1, 2022, to 6.0% on July 1, 2022 and to 7.5% on September 1, 2022.

Bank Indonesia will provide 1.5% remuneration to banks fulfilling reserve requirements obligations after taking into account the incentives for banks disbursing loans/financing to priority sectors and MSMEs and/or meeting the target Macroprudential Inclusive Financing Ratio (“RPIM”).

The higher reserve requirements will not affect the banking industry’s ability to disburse loans/credit to the corporate sector or purchase SBN to fund the State Revenue and Expenditure Budget (“APBN”).

Increasing incentives for banks disbursing loans/financing to priority sectors and MSMEs and/or meeting the target Macroprudential Inclusive Financing Ratio (“RPIM”) from September 1, 2022.

Maintaining prime lending rate transparency in the banking industry with a focus on the overhead cost component.

Maintaining support for MSME development through the Karya Kreatif Indonesia (“KKI”) expo to support the economic recovery, including the National BBI Movement promoting pride in Indonesian-made products and Proud to Travel in Indonesia Movement (“GBWI”).

Strengthening payment system policy to reinforce economic recovery and accelerate inclusive digitalization by: (a) Extending the grace period on a minimum credit card payments and late fees from June 30, 2022 previously to December 31, 2022 to support credit card transactions while mitigating credit risk, and (b) Extending the 0% QRIS merchant discount rate (“MDR”) for micro merchants from June 30, 2022 previously to December 31, 2022 to continue efforts to expand the digital ecosystem and boost transactions, particularly amongst MSMEs.

Extending low National Clearing System (“SKNBI”) fees of Rp1 from Bank Indonesia to the banking industry and up to Rp2,900 charged by banks to their customers from June 30, 2022 to December 31, 2022 to increase cost efficiency and stimulate economic activity, while facilitating financial transactions to foster economic recovery.

Strengthening international policy by expanding cross-border payment connectivity, promoting trade and investment in priority sectors in synergy with the relevant institutions as well as ensuring the success of the six priority agendas in the Finance Track of Indonesia’s G20 Presidency in 2022.

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Money Supply

Bank Indonesia tracks several different measures of money supply. Base money includes currency (bank notes and coins in circulation) and demand deposits of commercial banks and private sector at Bank Indonesia. Narrow money consists of currency outside the bank system plus Rupiah-denominated demand deposits in commercial banks. Broad Money consists of Narrow Money, securities other than shares, plus quasi-money, which includes time deposits and savings deposits in Rupiah and demand deposits in foreign currencies.

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

Money Supply


	Money
End of period	Base money		Currency		Demand deposits		Rupiah saving deposits⁽¹⁾		Total^{M1 (1)}		Quasi- money		Securities other than shares		Total^M2

	(in billions of Rupiah)
2017		1,085,796		586,576		804,231		1,466,205		2,857,012		2,543,791		18,362		5,419,165
2018		1,069,554		625,370		831,779		1,585,748		3,042,898		2,696,616		20,533		5,760,046
2019		1,111,506		654,764		910,675		1,691,463		3,256,902		2,853,894		25,981		6,136,777
2020		1,147,200		760,112		1,095,580		1,887,268		3,742,960		3,139,759		23,220		6,905,939
2021^P		1,351,172		831,234		1,450,967		2,131,756		4,413,956		3,433,822		22,675		7,870,453
May 2022^P		1,292,944		820,155		1,482,756		2,169,273		4,472,184		3,355,575		26,427		7,854,187

Source: Bank Indonesia.

^P	Preliminary.

^M1	Narrow Money.

^M2	Broad Money.

⁽¹⁾	Since September 2021, rupiah saving deposits that can be withdrawn at any time is reclassified from quasi-money to narrow money, due to their high liquidity.


	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)
2017		1,541,838		488,862		4,412,719		160,930
2018		1,442,602		472,729		4,868,594		184,424
2019		1,506,614		489,173		5,151,622		280,135
2020		1,711,187		818,392		5,129,116		713,554
2021^P		1,809,680		1,127,267		5,444,160		1,007,279
May 2022^P		1,714,258		794,737		5,637,121		1,032,563

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.

D-69

As of December 31, 2017, Broad Money grew by 8.3% (year on year) compared to 10.0% (year on year) growth in 2016, resulting from slower growth in both Narrow Money and quasi-money. Narrow Money growth decreased to 11.1% compared to 13.5% in 2016 primarily due to a slower growth in Rupiah demand deposits and Rupiah saving deposits that can be withdrawn at any time. Quasi-money growth decreased to 5.1% compared to 6.6% in 2016 primarily due to a decrease in growth of Rupiah time deposits as well as other savings deposits.

As of December 31, 2018, Broad Money grew by 6.3% (year on year) compared to 8.3% (year on year) growth as of the end of the previous year, resulting from slower growth in Narrow Money. Narrow Money growth decreased to 6.5% compared to 11.1% as of the end of the previous year due to a slower growth in all components namely Rupiah demand deposits, currency outside the bank, as well as Rupiah saving deposits that can be withdrawn at any time. Quasi-money growth increased to 6.0% compared to 5.1% in 2017, as primarily due to increase in other savings deposits and foreign currency demand deposits.

As of December 31, 2019, Broad Money grew by 6.5% (year on year) compared to 6.3% (year on year) growth as of the end of the previous year, resulting from higher growth in Narrow Money. Narrow Money increased to 7.0% compared to 6.5% as of the end of the same period in the previous year, due to a higher growth in Rupiah demand deposits. Quasi-money growth decreased to 5.8% compared to 6.0% in the same period as of the end of the previous year, due to a decrease in growth of other savings deposits as well as foreign currency demand deposits.

As of December 31, 2020, Broad Money experienced faster growth on the back of Narrow Money (M1) and Quasi-money. Totalling Rp6,905.9 trillion, Broad Money accelerated to 12.5% (year on year) compared to 6.5% (year on year) growth as of the end of the previous year. Narrow Money growth increased to 14.9% (year on year) compared to 7.0% (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, as well as rupiah saving deposits that can be withdrawn at any time. Further, Quasi-money growth increased to 10.0% (year on year) compared to 5.8% (year on year) as of the end of the previous year, due to increases in all components, namely time deposits, other saving deposits and foreign currency demand deposits.

As of December 31, 2021, Broad Money grew by 13.9% (year-on-year) compared to 12.5% (year-on-year) as of the same date in the previous year, resulting from higher growth in Narrow Money. Narrow Money growth increased to 17.9% (year-on-year) as of December 31, 2021 compared to 14.9% (year-on-year) as of the same date in the previous year, due to higher growth in rupiah demand deposits and rupiah saving deposits that can be withdrawn at any time. Quasi-money growth decreased to 9.3% (year-on-year) compared to 10.0% (year-on-year) as of the same date in the previous year, due to slower growth in time deposits and other saving deposits.

As of May 31, 2022, Broad Money grew by 12.1% compared to 8.3% as of the same date in the previous year, on the back of Narrow Money (M1). Narrow Money growth increased to 18.4% as of May 31, 2022 compared to 11.4% as of the same date in the previous year, in line with increases recorded in terms of Rupiah demand deposits. Quasi-money slightly decreased to 4.6% compared to 5.2% as of the same date in the previous year, due to slower growth in time deposits.

D-70

Government Budget

Fiscal Policy

Since 2001, the focus of the Government’s fiscal policy has been to promote fiscal consolidation and reduce Government debt gradually in order to achieve fiscal sustainability. As a result of the overall macroeconomic situation and current policy challenges, since 2006, the Government has also focused fiscal policy on providing a modest degree of stimulus to the overall economy, within the constraints of the Government’s overall fiscal situation.

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,
	2017^L			2018^L			2019^L			2020^L			2021^L			2022^B			2022^R			2022^P

										(in trillions of Rupiah)
Revenues and grants:
Domestic revenues
Tax revenues		1,343.5			1,518.8			1,546.1			1,285.1			1,547.8			1,510.0			1,784.0			1,035.9
Non-tax revenue		311.2			409.3			409.0			343.8			458.5			335.6			481.6			281.0
Total domestic revenues		1,654.7			1,928.1			1,955.1			1,629.0			2,006.3			1,845.6			2,265.6			1,316.9
Grants		11.6			15.6			5.5			18.8			5.0			0.6			0.6			0.3

Total revenues and grants		1,666.4			1,943.7			1,960.6			1,647.8			2,011.3			1,846.1			2,266.2			1,317.2

Expenditures:
Central government expenditures		1,265.4			1,455.3			1,496.3			1,833.0			2,000.7			1,944.5			2,301.6			876.5
Transfer to regions and rural fund		742.0			757.8			813.0			762.5			785.7			769.6			804.8			367.1

Total expenditures		2,007.4			2,213.1			2,309.3			2,595.5			2,786.4			2,714.2			3,106.4			1,243.6

Primary balance⁽¹⁾		(124.4	)		(11.5	)		(73.1	)		(633.6	)		(431.6	)		(462.2	)		(434.4	)		259.7
Surplus/(deficit)		(341.0	)		(269.4	)		(348.7	)		(947.7	)		(775.1	)		(868.0	)		(840.2	)		73.6

Financing:⁽²⁾
Debt Financing		429.1			372.0			437.5			1,229.6			870.5			973.6			943.7			191.9
Investment Financing		(59.8	)		(61.1	)		(49.4	)		(104.7	)		(142.5	)		(182.3	)		(230.2	)		(40.4	)
On-Lending		(2.1	)		(4.3	)		(1.3	)		1.0			1.9			0.6			0.6			1.6
Government Guarantee		(1.0	)		(1.1	)		—			(3.6	)		(2.7	)		(1.1	)		(1.1	)		0.0
Other Financing		0.4			0.2			15.2			70.9			144.4			77.3			127.3			0.5

Total Financing		366.6			305.7			402.1			1,193.3			871.7			868.0			840.2			153.5

Source: Ministry of Finance.

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

Budget.

^R	Revised Budget.

^P	Preliminary.

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

⁽²⁾	In 2021, total financing of Rp871.7 trillion exceeded the 2021 deficit of Rp775.1 trillion and the Government added the difference of Rp96.7 trillion to its reserves.

Budget 2022 Realization

For the first half of 2022, the Government revenues realization had improved by a positive 48.5%, from Rp886.9 trillion in the six months ended June 30, 2021, to Rp1,317.2 trillion in the six months ended June 30, 2022. Total tax revenues increased by 52.3% from Rp680.0 trillion to Rp1,035.9 trillion and total non-tax revenues increased by 35.8% from Rp206.9 trillion to Rp281.0 trillion. This achievement was mainly contributed by the positive performance of both tax revenues and non-tax state revenues, which was driven by a stronger domestic post-pandemic economic recovery, improved export-import performance, and a significant increase in commodity prices.

Total Government expenditures in the six months ended June 30, 2022 reached Rp1,243.6 trillion or an increase of 6.3% from Rp1,170.1 trillion in the six months ended June 30, 2021. The need for funds for handling Covid-19, particularly for health clusters and patient payment claims, has decreased significantly compared to 2021 as a result of the development of more tightly controlled Covid-19 cases. Total central Government expenditures increased by 10.1% from Rp796.3 trillion to Rp876.5 trillion, primarily caused by an increase in non-line ministries expenditures realization for the payment of subsidies and compensation. In order to keep people’s purchasing power intact, the Government has also distributed more cash transfers, known as Bantuan Langsung Tunai (BLT), in anticipation of the increase in cooking oil prices in the second quarter of 2022. Total transfers to regions and rural fund decreased by 1.8% from Rp373.9 trillion to Rp367.1 trillion.

D-71

Revised Budget 2022

After a downturn brought on by the Covid-19 pandemic, the global economy resumed its upward momentum at the start of 2022. In the midst of the controlled Covid-19 pandemic, economic recovery is confronted with other rising risks that could prevent the global recovery from being sustained. Geopolitical tensions brought on by the quickly escalating Russia-Ukraine conflict turned into a risk factor that affected supply-side disruption, which in turn caused a rise in global inflation and a surge in commodities prices.

As a result of these diverse dynamics, the Government has chosen a course of action that leverages the budget as a shock absorber to preserve economic stability and sustain the ongoing process of national economic recovery. This approach works in harmony with initiatives to restructure the Government budget to better reflect rising Government revenues as a result of rising commodity prices. On June 27, 2022, the Government amended the 2022 budget with Presidential Regulation No. 98 of 2022.

The Government has released the following outlook figures for 2022 as follows:

•

an economic growth rate of 4.9% - 5.4%;

•

an inflation rate of 3.5% - 4.5%;

•

an average Government 10-year bond rate of 6.85% - 8.42%;

•

an exchange rate of Rp14,300 – 14,700 to U.S.$1.00;

•

an ICP of U.S.$95 - U.S.$105 per barrel;

•

an oil production by the Republic of 635 - 703 thousand barrels of oil per day; and

•

gas production by the Republic of 956 - 1.036 million barrels of oil equivalent of gas per day.

The Revised Budget includes a target fiscal deficit of Rp840.2 trillion or 4.50% of the GDP, compared to Rp868.0 trillion or 4.85% of the GDP in the Initial Budget. The significant increase in revenues (especially tax revenues and non-tax revenues), which was targeted at Rp2,266.2 trillion in the Revised Budget from Rp1,846.1 trillion in the Initial Budget, contributed to the decrease in the deficit. The Government expects to issue Rp961.4 trillion worth of net Government securities to finance the estimated deficit. The budget deficit gap is permitted to temporarily exceed the statutory cap of 3% of GDP until the fiscal year 2022 under the Government Regulation in Lieu of Law No. 2 of 2020.

Total expenditures under the Revised Budget is estimated at Rp3,106.4 trillion, an increase of Rp392.3 trillion or 14.5% compared to the initial Budget. Allocation of the transfer to region and rural funds amounts to Rp804.8 trillion. At least 40% of rural funds budget of Rp68.0 trillion must be allocated for social protection programs, at least 20% for food and animal security programs, and at least 8% for funding support for handling Covid-19.

Initial 2022 Budget

The 2022 Budget law was enacted on October 27, 2021. Budget policy for 2022 continues to focus on economic recovery and structural reform. The key macroeconomic assumptions for 2022 underlying the 2022 Budget contained in the bill are as follows:

•

an economic growth rate of 5.2%;

•

an inflation rate of 3.0%;

•

an average Government 10-year bond rate of 6.80%;

•

an exchange rate of Rp14,350 to U.S.$1.00;

•

an ICP of U.S.$63 per barrel;

•

an oil production by the Republic of 703 thousand barrels of oil per day; and

•

gas production by the Republic of 1.036 million barrels of oil equivalent of gas per day.

Tax revenues under the 2022 Budget are targeted at Rp1,510.0 trillion, or a decrease of 2.4% from the 2021 Budget realization of Rp1,546.5 trillion. Non-tax revenues under the 2022 Budget are targeted at Rp335.6 trillion, or a decrease of 25.8% from the 2021 Budget realization of Rp452.0 trillion.

Total expenditure under the 2022 Budget are estimated at Rp2,714.2 trillion, or an 2.6% decrease from the 2021 Budget realization of Rp2,786.8 trillion, comprising of Rp1,944.5 trillion in central Government expenditures and Rp769.6 trillion in transfer to regional and rural funds. Allocations in the 2022 Budget include (i) Rp255.4 trillion for health budget; (ii) Rp431.5 trillion for social protection budget; (iii) Rp542.8 trillion for education; (iv) Rp365.8 trillion for infrastructure development; (v) Rp25.4 trillion for optimizing information and communication technology; and (vi) Rp92.3 trillion for food security.

The primary deficit in the 2022 Budget is projected to be Rp868.0 trillion or 4.85% of projected 2022 GDP, higher than the deficit of 4.65% of projected 2021 GDP in the 2021 Budget. The Government expects to fund the deficit from debt financing.

D-72

Realization of 2021 Budget

The key macroeconomic results for 2021, as compared with the key macroeconomic assumptions underlying the 2021 Budget, are as follows:

•

economic growth rate of 3.7% (preliminary projection), compared to 5.0% in the 2021 Budget;

•

an inflation rate of 1.87%, compared to 3.0% in the 2021 Budget;

•

an average Government 10-year bond rate of 6.35%, compared to 7.29% in the 2021 Budget;

•

an exchange rate of Rp14,312 to U.S.$1, compared to Rp14,600 to U.S.$1 in the 2021 Budget;

•

an ICP of U.S.$68.5 per barrel, compared to ICP of U.S.$45.0 per barrel in the 2021 Budget;

•

oil production by the Republic of 662 thousand barrels of oil per day (preliminary projection), compared with 705 thousand barrels of oil per day in the 2021 Budget; and

•

gas production by the Republic of 982 million barrels of oil equivalent of gas per day (preliminary projection), compared to 1,007 million barrels of oil equivalent of gas per day in the 2021 Budget.

The realization of total Government revenues (including grants) for 2021 was Rp2,003.1 trillion, or 114.9% of the targeted amount set out in the 2021 Budget. Total Government revenues consisted of Rp1,546.5 trillion in tax revenues and Rp452.0 trillion in non-tax revenues. Tax revenues realization in 2021 has returned to its pre-pandemic level in 2019 of Rp1,546.1 trillion. The positive tax revenues performance is driven by improvement in tax revenues from the majority of the main sectors contributing to tax revenues. During 2021, total Government expenditures realization amounted to Rp2,786.8 trillion, or 101.3% of the projected expenditures in the 2021 Budget. This is in line with the countercyclical Budget policy strategy taken by the Government to deal with the resurgence of the Delta variant in the second half of 2021 and to encourage national economic growth amidst the ongoing impact of the Covid-19 pandemic. Total expenditures consisted of Rp2,001.1 trillion in central Government expenditures and Rp785.7 trillion in transfers to regions and rural funds.

2021 Budget

On October 26, 2020, the Government passed Law No. 9 of 2020 on State Budget for 2021, effective from January 1, 2021.

The 2021 Budget policy is aimed primarily at supporting development priorities to accelerate economic recovery with a focus on spending on improving the quality of health, education, infrastructure, food (agriculture and fisheries), tourism, social safety nets, the business world, and MSMEs. Economic growth in 2021 is estimated to be in the range of 5%, supported by a gradual recovery in consumption as economic activity recover from the Covid-19 crisis.

The key macroeconomic assumptions for 2021 underlying the 2021 Budget are as follows:

•

an economic growth rate of 5.0%;

•

an inflation rate of 3.0%;

•

Government 10-year bond yield of 7.29%;

•

an exchange rate of Rp14,600 to U.S.$1.00;

•

U.S.$45 per barrel as the average price of Indonesian crude oil, measured by the ICP;

•

an oil production by the Republic of 705 thousand barrels per day; and

•

gas production by the Republic of 1,007 thousand barrel of oil equivalent per day.

Tax revenues under the 2021 Budget are targeted at Rp1,444.5 trillion, or an increase of 2.9% from the Revised 2020 Budget, which results in a tax revenue to GDP ratio of approximately 8.7%. The tax revenues will focus on providing selective and measured incentive support to accelerate economic recovery and continue tax reform.

Non-tax revenue under the 2021 Budget is targeted at Rp298.2 trillion, or an increase of 1.4% from the Revised 2020 Budget, supported by the prospect of rising prices for major world commodities, especially petroleum and optimising revenues from non-tax from line ministries.

Total expenditures under the 2021 Budget are estimated at Rp2,750.0 trillion, or an 0.4% increase from the Revised 2020 Budget allocation, comprising Rp1,954.5 trillion in central Government expenditures and Rp795.5 trillion in transfer to regions and rural funds. Allocations in the 2021 Budget include (i) Rp550.0 trillion for education; (ii) Rp413.8 trillion for infrastructure development; (iii) Rp421.7 trillion for social protection programs; and (iv) Rp169.7 trillion for health.

The primary deficit in the 2021 Budget is projected to be Rp1,006.4 trillion, or 5.7% of GDP, a reduction of the 6.34% primary deficit in the most recently revised 2020 Budget. The Government expects to fund the deficit from debt financing.

D-73

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,
	2017^L		2018^L		2019^L		2020^L		2021^L		2022^B		2022^R		2022^P

	(in trillions of Rupiah)
Domestic revenues:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		50.3		64.7		59.2		33.0		52.8		47.3		64.7		43.0
Non-oil and gas		596.5		685.3		713.1		561.0		643.8		633.6		749.0		519.6

Total income tax		646.8		750.0		772.3		594.0		696.7		680.9		813.7		562.6
Value added tax (VAT)		480.7		537.3		531.6		450.3		551.9		554.4		639.0		300.9
Land and building tax		16.8		19.4		21.1		21.0		18.9		18.4		20.9		1.4
Excises		153.2		159.6		172.4		176.3		195.5		203.9		220.0		121.5
Other taxes		6.7		6.6		7.7		6.8		11.1		11.4		11.4		3.4

Total domestic taxes		1,304.3		1,472.9		1,505.1		1,248.4		1,474.1		1,468.9		1,705.0		989.8

International trade taxes:
Import duties		35.1		39.1		37.5		32.4		39.1		35.2		42.3		23.1
Export tax		4.1		6.8		3.5		4.3		34.6		5.9		36.7		23.0

Total international trade taxes		39.2		45.9		41.1		36.7		73.7		41.1		79.0		46.2

Total tax revenues		1,343.5		1,518.8		1,546.1		1,285.1		1,547.8		1,510.0		1,784.0		1,035.9

Non-tax revenues:
Natural resources:
Oil		58.2		101.5		83.6		44.9		65.0		64.6		106.5		66.1
Gas		23.6		41.3		37.5		24.2		31.6		21.3		32.6		8.4

Total oil and gas		81.8		142.8		121.1		69.1		96.6		85.9		139.1		74.6
General mining		23.8		30.3		26.3		21.2		44.8		28.0		78.9		36.3
Forestry		4.1		4.8		5.0		4.4		5.4		4.9		5.2		2.2
Fishery		0.5		0.4		0.5		0.6		0.7		1.6		1.7		0.6
Geothermal		0.9		2.3		1.9		2.0		1.9		1.6		1.6		0.9

Total non-oil and gas		29.3		37.8		33.8		28.1		52.9		36.0		87.4		40.0

Total natural resources		111.1		180.6		154.9		97.2		149.5		122.0		226.5		114.6

Profit transfer from SOEs		43.9		45.1		80.7		66.1		30.5		37.0		37.1		35.5
Other non-tax revenues		108.8		128.6		124.5		111.2		152.5		97.8		112.2		85.1
Public Service Agency (BLU) Income		47.3		55.1		48.9		69.3		126.0		78.8		105.8		45.8

Total non-tax revenues		311.2		409.3		409.0		343.8		458.5		335.6		481.6		281.0

Total domestic revenues		1,654.7		1,928.1		1,955.1		1,629.0		2,006.3		1,845.6		2,265.6		1,316.9

Grants		11.6		15.6		5.5		18.8		5.0		0.6		0.6		0.3

Total revenues and grants		1,666.4		1,943.7		1,960.6		1,647.8		2,011.3		1,846.1		2,266.2		1,317.2

Source: Ministry of Finance.

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

Budget.

^R	Revised Budget.

^P	Preliminary.

D-74

Sources of Government Revenues.

The Government derives its revenues from both tax and non-tax sources. The main sources of tax revenues include income tax, value-added tax (“VAT”), customs duties and excises. The main sources of non-tax revenues are revenues generated from the sale of natural resources, profit transfers from SOEs and other non-tax revenues. Although oil and gas have historically been the single largest source of income tax and non-tax revenues for the Government, this has changed in recent years. In 2014, income tax from oil and gas as well as revenues generated from the sale of oil and gas constituted 16.0% and 54.4% of total income tax revenue and total non-tax revenues, respectively. In 2020, these ratios decreased to 5.6% and 20.6% respectively, primarily driven by a decrease in the average price of Indonesian crude oil and a decrease in oil and gas lifting.

Indonesian income tax comprises both corporate income tax and personal income tax. Starting from the fiscal year of 2020, the general corporate income tax rate is 22% applied to taxable profits. Listed companies that meet certain criteria are entitled to a reduction from the general rate (i.e., 3% lower); therefore the effective corporate income tax rate for listed companies is 19%. Small enterprises, being, corporate taxpayers with an annual gross turnover of up to Rp50 billion, are entitled to a 50% discount of the general income tax rate so that their effective tax rate will be 11%, to be imposed proportionally on taxable income of the part of gross turnover up to Rp4.8 billion. Certain enterprises with gross turnover of up to Rp4.8 billion are subject to a final income tax at 0.5% of revenue.

Personal income tax rates are set at progressive rates: (i) the maximum rate of 35% for annual taxable income above Rp5 billion, (ii) 30% for annual taxable income above Rp500 million and up to Rp5 billion, (iii) 25% for annual taxable income above Rp250 million and up to Rp500 million, (iv) 15% for annual taxable income above Rp60 million and up to Rp250 million, and (v) 5% for annual taxable income from Rp0 up to Rp60 million.

Value added tax (“VAT”) is typically levied at a 11% rate on events involving the delivery of VAT-able goods or the provision of VAT-able services in the Indonesian customs area. The VAT rate will be increase to be 12% at the latest starting from 2025. There are certain VAT exemptions available, such as on, the delivery and/or import of VAT-able goods designated as strategic goods (e.g., certain capital goods in the form of machinery and plant and equipment or specifically supporting the achievement of certain national objectives). Exports of VAT-able goods and certain VAT-able services are subject to a VAT rate of 0%.

Customs duties consist of import duty and export duty. Import duty is applied on importation of goods and is payable at rates from 0% and 150% on cost, insurance and freight (“CIF”) level. Export of certain goods are subject to export duty on certain tariff based on the type of the products and calculated based on either certain percentage of customs value (ad valorem) or specifically based on duty rate/quantity in certain currency. Excises are generally imposed on certain goods, the distribution and consumption of which are required to be controlled due to their potential negative effects on society or the environment (such as ethyl alcohol and its concentrate, alcoholic drinks and tobacco products).

Other than the taxes described above, deliveries or imports of certain manufactured taxable goods may be subject to a sales tax on luxury goods, the rates of which by law may be increased up to 200%. These rates currently range between 10% - 125%. Further, a property tax, called Land and Building Tax (Pajak Bumi dan Bangunan (“PBB”)), is chargeable on all land and/or buildings unless exempted. Previously, certain documents were subject to nominal stamp duty payable as a fixed amount of either Rp6,000 or Rp3,000. Since January 2021, the nominal stamp duty increased to a single fixed amount of Rp10,000. The Rp6,000 and Rp3,000 stamp duties apply until January 1, 2022 provided that at least Rp9,000 had been paid.

Government revenues increased by 7.1% from Rp1,555.9 trillion in 2016 to Rp1,666.4 trillion in 2017, primarily driven by an increase in tax revenues. Total tax revenues increased by 4.6% from Rp1,285.0 trillion in 2016 to Rp1,343.5 trillion in 2017, mainly driven by higher value added taxes, which increased by 16.6% from Rp412.2 trillion in 2016 to Rp480.7 trillion in 2017 primarily due to an increase in household consumption. This was offset partly by a 5.3% decline in non-oil and gas taxes from Rp630.1 trillion in 2016 to Rp596.5 trillion in 2017 mainly due to the decrease in non-oil and gas income tax. Total non-tax revenues increased by 18.8% from Rp262.0 trillion in 2016 to Rp311.2 trillion in 2017. This was primarily driven by an increase in total oil and gas revenues of 85.5% from Rp44.1 trillion in 2016 to Rp81.8 trillion in 2017 mainly due to higher oil prices. Total natural resources revenues increased by 71.2% from Rp64.9 trillion in 2016 to Rp111.1 trillion in 2017 mainly due to higher oil prices and an increase in demand for commodities such as coal.

Government revenues increased by 16.6% from Rp1,666.4 trillion in 2017 to Rp1,943.7 trillion in 2018, primarily driven by an increase in tax revenues. Total tax revenues increased by 13.0% from Rp1,343.5 trillion in 2017 to Rp1,518.8 trillion in 2018, mainly driven by an increase in non-oil-gas income taxes and value added tax. Total non-tax revenues increased by 31.5% from Rp311.2 trillion in 2017 to Rp409.3 trillion in 2018. This was primarily due to higher other non-tax revenues from line ministries. Total natural resources revenues increased by 62.6% from Rp111.1 trillion in 2017 to Rp180.6 trillion in 2018 mainly due to a higher crude palm oil price and weaker Rupiah exchange rate.

Government revenues increased by 0.9% from Rp1,943.7 trillion in 2018 to Rp1,960.6 trillion in 2019, primarily driven by an increase in tax revenues. Total tax revenues increased by 1.8% from Rp1,518.8 trillion in 2018 to Rp1,546.1 trillion in 2019, mainly driven by an increase in non-oil-gas income taxes, land and building taxes, and excises. Total non-tax revenues decreased by 0.1% from Rp409.3 trillion in 2018 to Rp409.0 trillion in 2019. In 2019, total natural resources revenues decreased by 14.2% from Rp180.6 trillion in 2018 to Rp154.9 trillion, due to decreased crude palm oil price and weaker Rupiah exchange rate.

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 the same period in 2019.

Government revenues increased by 22.1% from Rp1,647.8 trillion in 2020 to Rp2,011.3 trillion in 2021, driven by increases in domestic revenues. By the end of 2021, total tax revenues increased by 20.4% from Rp1,285.1 trillion in 2020 to Rp1,547.8 trillion in 2021, in line with improving economic activity and international trade. Total non-tax revenues increased by 33.4% from Rp343.8 trillion in 2020 to Rp458.5 trillion in 2021, in line with the upward trend in commodity prices, especially oil, minerals, coal, and crude palm oil.

Government revenues increased by 48.5% from Rp886.9 trillion in the six months ended June 30, 2021 to Rp1,317.2 trillion in the six months ended June 30, 2022, mainly driven by the positive performance of both tax revenues and non-tax state revenues, which was driven by a stronger domestic post-pandemic economic recovery, improved export-import performance, and a significant increase in commodity prices. By June 30, 2022, total tax revenues increased by 52.3% from Rp680.0 trillion in the six months ended June 30, 2021 to Rp1,035.9 trillion in the six months ended June 30, 2022. Total non-tax revenues increased by 35.8% from Rp206.9 trillion in the six months ended June 30, 2021 to Rp281.0 trillion in the six months ended June 30, 2022.

The tax-to-GDP ratio was in a relatively moderate range from 2017 to 2019, being 9.9% in 2017, 10.2% in 2018 and 9.8% in 2019. The tax-to-GDP ratio declined in 2020 to 8.3% due to the reduction of economic activity as a result of the Covid-19 pandemic. In 2021, the tax-to-GDP ratio increased to 9.1% as a result of the recovery of economic activity.

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Tax Amnesty

In July 2016, the Government passed the Tax Amnesty Law which grants a certain tax amnesty to any individual or corporate taxpayer who met the requirements and submitted their application before March 31, 2017. 973,462 taxpayers participated in the program, which has concluded as of March 31, 2017.

As of March 31, 2017, Rp4,884.3 trillion in assets had been declared and the Government had collected Rp135.7 trillion as penalties under the scheme. Of the assets declared under the program, 75.8% are onshore, 21.2% are offshore and 3.0% have been repatriated (predominantly from Singapore). Most of the penalties collected, or Rp114.5 trillion of the total, as of March 31, 2017, represent “redemption” money, or the fee payable to the Government in exchange for the amnesty.

The Government hopes that the success of the tax amnesty program will continue to improve tax compliance in Indonesia. The submissions of annual tax reports by taxpayers who are required to submit one has risen in tandem with the number of registered taxpayers in the past few years. The compliance rate for annual tax rate submissions was 72.6% in 2017, 71.1% in 2018, 73.1% in 2019, 77.6% in 2020, and 84.0% in 2021.

Tax Incentive Policies

To drive investment, the Government’s tax incentives policy includes:

•

Tax holiday for certain “pioneer” industries, where eligible companies may be entitled to a 50% or 100% corporate income tax discount for a period of five to 20 years depending on the investment value, subsequent to which the eligible company may been entitled to a 25% or 50% income tax discount for an additional two years depending on the investment value;

•

Tax allowances to support investment in priority sectors, where the Government grants investment allowances of 30% from investment value (5% per year for six years) in addition to accelerated depreciation and amortization, dividend tariffs for foreign taxpayers of up to 10% or an amount according to the applicable tax treaty, and extended loss compensation beyond five years for a maximum period of 10 years;

•

Investment allowance for new investment in labor intensive sectors, where the Government grants investment allowance of 60% from investment value, spread throughout a certain period;

•

Super deduction for vocational activities conducted by industry, where government allows deduction to maximum 200% from all cost incurred;

•

Super deduction for research and development (R&D) activities conducted in Indonesia, where government allows deduction to maximum 300% from all cost incurred for specific R&D;

•

VAT not collected on the supply of goods and services from custom area to Special Economic Zone (SEZ) or within SEZ;

•

VAT exemption on the supply of goods and services within Free Trade Zone (FTZ) and VAT not collected on the supply of goods and services from custom area to FTZ; and

•

VAT not collected on the supply of goods and services within Bonded Area and the supply of goods and services from custom area to Bonded Area.

D-76

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,
	2017^L		2018^L		2019^L		2020^L		2021^L		2022^B		2022^R		2022^P

	(in trillions of Rupiah)
Central Government expenditures:
Personnel expenditures		312.7		346.9		376.1		380.5		387.8		426.5		426.5		210.3
Good and services expenditures		291.5		347.5		334.4		422.3		530.1		339.7		339.7		143.1
Capital expenditures		208.7		184.1		177.8		190.9		239.6		199.2		199.2		56.8
Interest payments:
Domestic debt		200.0		238.4		254.1		297.2		332.9		393.7		393.7		181.4
Foreign debt		16.6		19.5		21.4		16.9		10.6		12.2		12.2		4.6
Total interest payments		216.6		258.0		275.5		314.1		343.5		405.9		405.9		186.1
Subsidies:
Energy subsidies		97.6		153.5		136.9		108.8		140.4		134.0		208.9		75.6
Non-energy subsidies		68.8		63.4		64.9		87.4		101.7		72.9		74.7		20.8
Total subsidies		166.4		216.9		201.8		196.2		242.1		207.0		283.7		96.4
Grant expenditures		5.4		1.5		6.5		6.3		4.3		4.8		4.8		1.3
Social assistance⁽¹⁾		55.3		84.3		112.5		202.5		173.7		147.4		147.4		71.2
Other expenditures		8.8		16.2		11.7		120.0		79.7		214.0		494.4		111.3

Total central Government expenditures		1,262.1		1,455.3		1,496.3		1,833.0		2,000.7		1,944.5		2,301.6		876.5

Transfers to Regions and Rural Fund
Transfer to Regions
Balanced funds:
General transfer funds:
Revenue sharing funds		88.2		93.7		104.0		93.9		117.2		105.3		140.4		31.6
General allocation funds		398.6		401.5		420.9		381.6		377.8		378.0		378.0		216.7
Total general transfer funds		486.8		495.2		524.9		475.5		494.9		483.3		518.4		248.3
Specific allocation funds:
Physical special allocation fund		62.1		58.1		64.2		50.2		57.1		60.9		60.9		5.2
Non-physical special allocation fund		105.6		115.3		122.2		126.4		127.6		128.7		128.7		70.4
Total specific allocation funds		167.7		173.4		186.4		176.6		184.6		189.6		189.6		75.6
Total balanced funds		654.5		668.6		711.3		652.1		679.6		672.9		708.0		323.9
Regional incentive fund		7.5		8.2		9.7		18.5		13.5		7.0		7.0		2.0
Specific autonomy funds^(2)-		19.4		20.1		21.0		19.6		19.5		20.4		20.4		6.1
Specific Fund for Special Region of Yogyakarta		0.8		1.0		1.2		1.3		1.3		1.3		1.3		1.1
Total Transfer to Regions		682.2		697.9		743.2		691.4		713.9		701.6		736.8		333.1
Rural Fund		59.8		59.9		69.8		71.1		71.9		68.0		68.0		34.0

Total transfers to regions and Rural Fund		742.0		757.8		813.0		762.5		785.7		769.6		804.8		367.1


Total Government expenditures		2,007.4		2,213.1		2,309.3		2,595.5		2,786.4		2,714.2		3,106.4		1,243.6

Source: Ministry of Finance.

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

Budget.

^R	Revised 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.

D-77

Fuel Prices and Subsidies

The basic price and retail price of certain types of fuel are set by the Government through the Minister of Energy and Mineral Resources taking into consideration fuel purchasing cost, distribution cost, storage cost, and margin. Although the Government subsidy for fuel was eliminated in 2015, kerosene and gasoil continue to be subsidized by the Government. Historically, spending on subsidies has consumed a large portion of the Indonesian state budget. However, the Government in recent years has been implementing measures to raise subsidized fuel prices and reduce energy subsides by controlling the consumption of subsidized fuel through regulations, increased supervision and distribution management. In the past, fuel hike announcements have resulted in protests in major cities across Indonesia.

With recent global and domestic economic challenges, greater emphasis has been placed on improving national competitiveness. The Government is pursuing a more focused subsidy regime to provide direct subsidies to low income households and to allocate a large part of the budget for infrastructure development. Following the adjustment of fuel subsidies, the Government has implemented a conditional cash transfer program for low-income households. “Smart cards” have been introduced to provide improved health care services, better facilities, education assistance and other kinds of social assistance.

The savings from reductions in fuel subsidies have been allocated to more productive Government spending. For example, energy subsidy spending was Rp97.6 trillion for 2017 and increased to Rp153.5 trillion for 2018, and then decreased to Rp136.9 trillion for 2019, and to Rp108.8 trillion for 2020, and then increased to Rp140.4 trillion for 2021 and further increased to Rp208.9 trillion for 2022. Spending for infrastructure was Rp381.2 trillion for 2017, Rp394.0 trillion for 2018, Rp394.1 trillion for 2019, Rp286.5 trillion for 2020, Rp417.4 trillion for 2021 and Rp365.8 trillion for 2022.

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


	Year Ended December 31,														Six months ended June 30,
	2017^L		2018^L		2019^L		2020^L		2021^L		2022^B		2022^R		2022^P

	(in trillions of Rupiah)
Subsidies:
Energy subsidies		97.6		153.5		136.9		108.8		140.4		134.0		208.9		75.6
Non-energy subsidies		68.8		63.4		64.9		87.4		101.7		72.9		74.7		20.8

Total subsidies		166.4		216.9		201.8		196.2		242.1		207.0		283.7		96.4

Source: Ministry of Finance.

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

Budget.

^R	Revised Budget.

^P	Preliminary.

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,														Six months ended June 30,
	2017^L		2018^L		2019^L		2020^L		2021^L		2022^B		2022^R		2022^P

	(percentages)
General public services		24.3		25.8		26.7		29.3		27.5		32.3		27.3		25.8
Defense		9.3		7.3		7.7		7.5		6.3		6.9		5.8		6.2
Public order and safety		10.7		9.8		9.9		8.4		7.9		9.1		7.7		8.2
Economic affairs		24.3		26.3		24.0		21.8		23.1		20.6		32.6		29.0
Environmental protection		0.8		0.9		1.1		0.7		0.7		0.7		0.6		0.5
Housing and community amenities		2.2		2.2		1.8		1.2		1.5		0.9		0.8		0.7
Health		4.5		4.3		4.7		5.7		10.6		7.2		5.3		6.5
Tourism and culture		0.5		0.7		0.3		0.2		0.2		0.2		0.2		0.2
Religion		0.7		0.6		0.7		0.5		0.5		0.5		0.5		0.5
Education⁽¹⁾		10.9		10.0		10.4		8.5		8.1		8.7		8.4		6.7
Social protection		11.8		11.9		12.7		16.1		13.6		12.9		10.9		15.5

Total		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0

Source: Ministry of Finance.

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

Budget.

^R	Revised Budget.

^P	Preliminary.

⁽¹⁾	The amount set out in the table above is allocated as Central Government Expenditure. Total education budget in the revised budget 2022 is Rp621.3 trillion

D-78

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


	Year Ended December 31,
	2017^L		2018^L		2019^L		2020^L		2021^L		2022^B		2022^R

	(in trillions of Rupiah)
Education		406.1		431.7		460.3		473.7		479.5		542.8		621.3
Infrastructure		381.2		394.0		394.1		286.5		425.3		365.8		365.8
Energy Subsidy		97.6		153.5		136.9		108.8		140.4		134.0		208.9
Health		92.2		109.2		113.6		172.3		312.4		255.4		255.4

Source: Ministry of Finance.

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

Budget.

^R	Revised 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,
	2017^L			2018^L			2019^L			2020^L			2021^L			2022^B			2022^R			2022^P

	(in trillions of Rupiah)
Debt financing
Government securities (net)		441.8			358.4			446.3			1,177.2			877.5			991.3			961.4			182.4
Loans
Domestic loans (net)		0.6			1.4			3.0			2.4			0.9			1.8			1.8			1.8
Foreign loans:
Gross drawings:
Program loan		20.9			50.6			36.7			102.3			41.6			28.7			28.7			40.9
Project loan		30.8			38.0			37.5			38.9			32.6			34.8			34.8			10.0
Total gross drawing		51.7			88.6			74.2			141.1			74.2			63.5			63.5			50.9
Amortization		(65.1	)		(76.3	)		(86.0	)		(91.0	)		(82.1	)		(83.0	)		(83.0	)		(43.2	)
Total foreign loan (net)		(13.4	)		12.3			(11.8	)		50.1			(7.9	)		(19.5	)		(19.5	)		7.7
Total loans (net)		(12.7	)		13.6			(8.7	)		52.5			(7.0	)		(17.7	)		(17.7	)		9.5

Total debt financing		429.1			372.0			437.5			1,229.6			870.5			973.6			943.7			191.9

Investment financing
Investment to SOEs		(6.4	)		(3.6	)		(17.8	)		(31.3	)		(71.2	)		(38.5	)		(38.5	)		0.0
Investment to other institutions		(3.2	)		(2.5	)		(2.5	)		(25.0	)		(21.0	)		0.0			0.0			0.0
Investment to public service agencies		(48.2	)		(52.7	)		(28.2	)		(31.3	)		(39.4	)		(52.8	)		(52.8	)		(41.0	)
Investment in financial organizations/institutions		(2.0	)		(2.3	)		(2.3	)		(0.7	)		(0.9	)		(0.9	)		(0.9	)		0.0
Revenue of investment		—			—			1.4			22.0			—			—			0.0			7.6
Government’s Investments		—			—			—			(38.4	)		(10.0	)		(19.1	)		(19.1	)		(7.0	)
Others investment financing		—			—			—			—			0.0			(71.0	)		(118.9	)		0.0
Investment financing reserves		—			—			—			—			(142.5	)		(182.3	)		(230.2	)		(40.4	)

Total investment financing		(59.8	)		(61.1	)		(49.4	)		(104.7	)		(71.2	)		-38.5			-38.5			0.0

Lending		(2.1	)		(4.3	)		(1.3	)		1.0			1.9			0.6			0.6			1.6
Government guarantee		(1.0	)		(1.1	)		—			(3.6	)		-2.7			-1.1			-1.1			0.0
Other financing		0.4			0.2			15.2			70.9			144.4			77.3			127.3			0.5

Total financing (net)		366.6			305.7			402.1			1,193.3			871.7			868.0			840.2			153.5

Source: Ministry of Finance.

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

Budget.

^R	Revised Budget.

^P	Preliminary.

D-79

Government Expenditures

Total Government expenditures consist primarily of two components: (i) central Government expenditures and (ii) transfers to regions and rural fund. Central Government expenditures consist primarily of personnel, goods and services, capital, interest and social expenditures, as well as energy subsidies. Regional transfers consist primarily of expenditures for general and specific funds on the regional and rural level.

Total Government expenditures increased by 7.7% from Rp1,864.3 trillion in 2016 to Rp2,007.4 trillion in 2017. Total central Government expenditures increased by 9.7% from Rp1,154.0 trillion in 2016 to Rp1,265.4 trillion in 2017, primarily due to higher goods and services expenditures, higher capital expenditures resulting from the continuing implementation of Government programs by line ministries and macroeconomic factors such as the lower Rupiah to U.S. dollar exchange rate, which have an effect on interest payments. Total interest payment increased by 18.5% from Rp182.8 trillion in 2016 to Rp216.6 trillion in 2017. Total transfers to regions and rural fund increased by 4.5% from Rp710.3 trillion in 2016 to Rp742.0 trillion in 2017, primarily due to higher distributions to the regional incentive fund, the balanced fund and the rural fund.

Total Government expenditures increased by 10.2% from Rp2,007.4 trillion in 2017 to Rp2,213.1 trillion in 2018. Total central Government expenditures increased by 15.0% from Rp1,265.4 trillion in 2017 to Rp1,455.3 trillion in 2018, primarily due to increases in fuel subsidies and interest payments. The increase in fuel subsidies was primarily due to an adjustment in diesel subsidies from Rp500.0/liter to Rp2,000.0/liter and payment of energy subsidy arrears from previous years. The increase in interest payments was primarily due to the depreciation of the Rupiah. Total transfers to regions and rural fund increased by 2.1% from Rp742.0 trillion in 2017 to Rp757.8 trillion in 2018, primarily due to higher specific allocation funds realization.

Total Government expenditures increased by 4.3% from Rp2,213.1 trillion in 2018 to Rp2,309.3 trillion in 2019. Total central Government expenditures increased by 2.8% from Rp1,455.3 trillion in 2018 to Rp1,496.3 trillion in 2019, primarily due to increases in personnel expenditures and social assistance expenditures resulting primarily from the implementation of social assistance programs. Total transfers to regions and rural fund increased by 7.3% from Rp757.8 trillion in 2018 to Rp813.0 trillion in 2019, primarily due to higher general transfer funds realization.

Total Government expenditure 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 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 2021 reached Rp2,786.4 trillion or an increase of 7.4% from Rp2,595.5 trillion in 2020. This is mainly driven by the realization of central Government expenditures, which, among other things, support the handling of the impact of the Covid-19 pandemic, especially in health sector and social protection. Total central Government expenditures increased by 9.1% from Rp1,833.0 trillion in 2020 to Rp2,000.7 trillion in 2021, primarily due to high expenditures from line ministries, which was mainly driven by the realization for infrastructure, connectivity projects, vaccination, medical treatment claims, productive relief programs, as well as disbursement of various protection programs. Total transfers to regions and rural fund increased by 3.0% from Rp762.5 trillion in 2020 to Rp785.7 trillion in 2021.

Total Government expenditures in the six months ended June 30, 2022 reached Rp1,243.6 trillion or an increase of 6.3% from Rp1,170.1 trillion in the six months ended June 30, 2021, primarily due to more cash transfers (Bantuan Langsung Tunai (“BLT”)) distributed by the Government, in anticipation of the increase in cooking oil prices in the second quarter, offset by a significant reduction in funds required for the handling of the Covid-19 pandemic, particularly for health clusters and patient payment claims, as a result of the development of Covid-19 case management controls. Total central Government expenditures increased by 10.1% from Rp796.3 trillion in the six months ended June 30, 2021 to Rp876.5 trillion in the six months ended June 30, 2021, primarily caused by an increase in non-line ministries expenditures realization for the payment of subsidies and compensation. Total transfers to regions and rural fund decreased by 1.8% from Rp373.9 trillion to Rp367.1 trillion.

D-80

Government Revenues

The following table sets forth the revenues of the Government as (i) audited 2020 revenue as a percentage of the preliminary 2020 GDP at current prices and (ii) audited 2021 revenue as a percentage of the preliminary 2021 GDP at current prices, respectively.

Government Revenues


	2020 LKPP Audited		2021 LKPP Audited
	(percentage of 2020 GDP)		(percentage of 2021 GDP)
Total revenues and grants (in trillions of Rupiah)		1,647.8		2,011.3
Domestic revenues:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		0.2		0.3
Non-oil and gas		3.6		3.6

Total income tax		3.8		3.8
Value added tax (VAT)		2.9		3.3
Land and building tax		0.1		0.1
Excises		1.1		1.2
Other taxes		0.0		0.1

Total domestic taxes		8.1		8.7
International trade taxes:
Import duties		0.2		0.2
Export tax		0.0		0.2

Total international trade taxes		0.2		0.4

Total tax revenue		8.3		9.1

Non-tax revenues:
Natural resources:
Oil		0.3		0.4
Gas		0.2		0.2

Total oil and gas		0.4		0.6
General Mining		0.1		0.3
Forestry		0.0		0.0
Fishery		0.0		0.0
Geothermal		0.0		0.0

Total non-oil and gas		0.2		0.3

Total natural resources		0.6		0.9

Profit transfer from SOEs		0.4		0.2
Other non-tax revenues		0.7		0.9
Public Service Agency (BLU) Income		0.4		0.7

Total non-tax revenues		2.2		2.7

Total domestic revenues		10.6		11.8
Grants		0.1		0.0

Total Revenues and Grants		10.7		11.9

Source: Ministry of Finance

^P	Preliminary.

D-81

Government Expenditures

The following table sets forth the expenditures of the Government as (i) audited 2020 expenditures as a percentage of the preliminary 2020 GDP and (ii) audited expenditures for 2021 as a percentage of preliminary 2021 GDP, respectively.

Government Expenditure


	2020 LKPP Audited		2021 LKPP Audited
	(percentages of 2020 GDP)		(percentages of 2021 GDP)
Total expenditures (in trillions of Rupiah)		2,595.5		2,786.4
Central Government expenditures:
Personnel expenditures		2.5		2.3
Good and services expenditures		2.7		3.1
Capital expenditures		1.2		1.4
Interest payments:
Domestic debt		1.9		2.0
Foreign debt		0.1		0.1
Total interest payments		2.0		2.0
Subsidies:
Energy subsidies		0.7		0.8
Non-energy subsidies		0.6		0.6
Total subsidies		1.3		1.4
Grant expenditures		0.0		0.0
Social assistance⁽¹⁾		1.3		1.0
Other expenditures		0.8		0.5

Total central Government expenditures		11.9		11.8

Transfers to Regions and Rural Fund:
Transfer to Regions
Balance funds:
General transfer funds:
Revenue sharing funds		0.6		0.7
General allocation funds		2.5		2.2

Total general transfer funds		3.1		2.9
Specific allocation funds:
Physical special allocation fund		0.3		0.3
Non-physical special allocation fund		0.8		0.8

Total specific allocation funds		1.1		1.1

Total balanced funds		4.2		4.0
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		4.5		4.2
Rural Fund		0.5		0.4

Total transfer to regions and rural fund		4.9		4.6

Total Government expenditures		16.8		16.4

Source: Ministry of Finance

^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.

D-82

Government Deficit Financing

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2020 deficit financing as a percentage of the preliminary 2020 GDP and (ii) audited 2021 deficit financing as a percentage of preliminary 2021 GDP, respectively.

Government Deficit Financing


	2020 LKPP Audited			2021 LKPP Audited
	(percentages of 2020 GDP)			(percentages of 2021 GDP)
Total financing (net) (in trillions of Rupiah)		1,177.2			877.5
Debt financing
Government securities (net)		7.63			5.17
Loans
Domestic loans (net)		0.02			0.01
Foreign loans:
Gross drawings:
Program loan		0.66			0.24
Project loan		0.25			0.19

Total gross drawing		0.91			0.44
Amortization		(0.59	)		(0.48	)

Total foreign loan (net)		0.32			(0.05	)
Total loans (net)		0.34			(0.04	)

Total debt financing		7.96			5.13

Investment financing
Investment to SOEs		(0.20	)		(0.42	)
Investment to other institutions		(0.16	)		(0.12	)
Investment to public service agencies		(0.20	)		(0.23	)
Investment in financial organizations/institutions		0.00			(0.01	)
Revenue of investment		0.14			—
Government’s investments		(0.25	)		(0.06	)
Others investment financing		—			—

Total investment financing		(0.68	)		(0.84	)

Lending		0.01			0.01
Government guarantee		(0.02	)		(0.02	)
Other financing		0.46			0.85

Total financing (net)		7.73			5.14

Source: Ministry of Finance

^P	Preliminary.

D-83

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 December 31, 2021, the central Government’s foreign debt-to-GDP ratio was 12.4%, with foreign debt to total debt ratio of 30.0%.

External Public Debt of the Republic

External public debt of the Republic consists of central Government debt (other than public domestic debt) and debt of Bank Indonesia owed to creditors outside Indonesia. The discussion below treats the external debt of Bank Indonesia as part of the Republic’s external debt. However, SBI, which are issued by Bank Indonesia in its role as formulator and implementer of the Republic’s monetary policy, are not considered liabilities of the Republic. Accordingly, SBI are not reflected in the Government debt discussions herein. See “— Financial System — Bank Indonesia.” The discussion of debt of the Republic in this section differs from the discussion of “Government debt” elsewhere in this report, in which Bank Indonesia debt is excluded and only central Government debt, which depends on Government revenue for its repayment, is included. See “— Government Budget — Government Finances.”

The following table sets forth information on the outstanding external public debt of the Republic in terms of creditor type as of the dates indicated.

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


	As of December 31,															As of June 30,
	2017			2018			2019			2020			2021			2022^P

	(in billions of U.S. dollars)
Concessional Loans:
Multilateral creditors		28.2			29.3			30.5			33.0			32.8			33.0
Bilateral creditors		23.2			23.1			21.4			23.7			20.8			18.3
Commercial⁽²⁾		70.2			75.8			78.6			88.0			92.0			90.8

Total		121.6			128.3			130.6			144.7			145.5			142.2

Total external public debt of the Republic, as a percentage of GDP for the period indicated⁽³⁾		11.8	%		12.5	%		11.5	%		12.7	%		12.2	%		11.7	%

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.

Sources of External Public Borrowing

The sources of the Republic’s external public borrowings are, among others, foreign loans extended by multilateral creditors, bilateral creditors, export credit agency, and commercial creditors, including international bondholders.

Since 2012, the Government has expanded its sources of external financing by accessing the international capital markets (including the Islamic financial markets).

The World Bank and the ADB have been important sources of funds for the Republic, and the Republic has also secured substantial commitments from the Kreditanstalt für Wiederaufbau (“KfW”), The Agence Française de Développement (“AFD”), and Japan International Cooperation Agency (“JICA”) in recent years.

In 2017, the Republic drew down program loans of U.S.$647 million from the World Bank, U.S.$400 million from the ADB, €200 million from KfW and €250 million from AFD.

In 2018, the Republic drew down program loans of U.S.$679.8 million from the World Bank, U.S.$1.4 billion from ADB, U.S.$100 million from the ASEAN Infrastructure Fund, €900 million from KfW and €300 million from AFD.

In 2019, the Republic drew down program loans of U.S.$1.1 billion from the World Bank and U.S$1.5 billion from ADB. Since 2012, the Government has expanded its sources of external financing by accessing the international capital markets (including the Islamic financial markets).

Due to the Covid-19 pandemic, in 2020, the Republic increased the financing of program loans from equivalent of U.S.$1.5 billion in its initial budget to equivalent of U.S.$6.9 billion in budget realization. These program loans were sourced from World Bank in the amount of U.S.$875.10 million and JPY31,975.60 million, ADB in the amount of €1,388.76 million, AFD in the amount of €200 million, KfW in the amount of €1,050 million, Japan International Cooperation Agency in the amount of JPY81,800 million, Asian Infrastructure Development Bank in the amount of U.S.$962.5 million, and Australian Government in the amount of AUD1,500 million. A total of 71% from these program loans have been utilized for the Republic’s Covid-19 pandemic responses.

In 2021, the Republic had drawn down program loans of U.S.$1,052.8 million from the World Bank, U.S.$1,000 million from the ADB, U.S.$37.5 million from the AIIB, €200 million from KfW, €100 million from AFD, and JPY50,000 million from JICA.

The total outstanding external public debt of the Republic as of June 30, 2022 was U.S.$142.2 billion.

D-84

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 June 30,
	2017		2018		2019		2020		2021		2022^P

	(in millions of U.S. dollars)
Bilateral loans		23,210.4		23,107.3		21,431.5		23,739.3		20,781.8		18,273.6
Multilateral loans:
International Monetary Fund		—		—		—		—		—		—
World Bank Group		17,955.7		18,295.8		18,832.0		19,285.6		19,091.2		19,355.2
Asian Development Bank		9,065.9		9,787.9		10,167.5		10,999.8		10,818.4		10,343.4
Islamic Development Bank		908.8		988.1		1,224.5		1,325.6		1,345.4		1,345.1
Nordic Investment Bank		11.4		10.2		9.3		9.4		8.1		6.9
European Investment Bank		16.1		9.9		3.4		—		—		—
International Fund for Agricultural Development		188.1		183.2		179.4		195.7		202.1		219.4
Asian Infrastructure Investment Bank		23.8		73.6		117.3		1,187.4		1,306.7		1,770.4
Multilateral Investment Guarantee Agency		—		—		—		—		—		—

Total multilateral loans		28,169.8		29,348.7		30,533.4		33,003.5		32,771.8		33,040.5

Total loans		51,380.2		52,456.0		51,964.9		56,742.8		53,553.6		51,314.1

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 June 30,
	2017				2018				2019				2020				2021				2022^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⁾)		(in millions of original currency)		(in millions of U.S. dollars⁽¹⁾)		(in millions of original currency)		(in millions of U.S. dollars⁽¹⁾)		(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		87,874		87,874		93,702		93,702		93,937		93,937		95,823		95,823		99,263		99,263		101,755		101,755
Japanese yen		2,021,598		17,939		1,976,032		17,892		2,049,292		18,865		2,391,841		23,142		2,392,620		20,786		2,279,639		16,733
Euros		10,120		12,081		11,937		13,651		13,306		14,921		18,036		22,160		19,843		22,453		20,137		21,023
SDR		1,436		2,040		1,246		1,733		1,053		1,457		861		1,239		701		981		609		812
British pounds		105		141		77		97		46		61		17		22		1		1		1		1
Others		Multiple currencies		1,560		Multiple currencies		1,192		Multiple currencies		1,241		Multiple Currencies		2,315		Multiple Currencies		2,036		Multiple Currencies		1,840

Total		N/A		121,635		N/A		128,267		N/A		130,481		N/A		144,702		N/A		145,521		N/A		142,163

Source: Ministry of Finance.

^P	Preliminary.

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

D-85

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)
2021^R		11.4		3.4		14.8
2022*		11.7		4.2		15.8
2023**		11.8		4.1		15.9
2024**		11.7		3.8		15.5
2024**		13.2		3.4		16.6

Source: Ministry of Finance.

^R	Realization.

*	Calculated based on (i) actual principal and interest payments made from January 1, 2022 to June 30, 2022 and (ii) projected principal and interest payments to be made from July 1, 2022 to December 31, 2022 based on external debt outstanding as of June 30, 2022.

**	Projected based on external debt outstanding as of June 30, 2022.

Payment History of External Debt

Indonesia maintains a policy of external debt management and has a history of servicing its external debt obligations in accordance with its terms.

In the wake of the Asian financial crisis in 1997, the Paris Club, an informal voluntary group of 18 creditor countries that seeks to coordinate solutions for payment difficulties experienced by debtor nations by extending or guaranteeing bilateral credits, played an important role in easing Indonesia’s foreign exchange burden. Between 1998 and 2000, Indonesia twice rescheduled certain payments of its Paris Club foreign debt. Pursuant to an April 2002 agreement, Paris Club debt payments of principal and interest of approximately U.S.$5.4 billion that were due to certain of Indonesia’s creditors between April 2002 and December 2003 were rescheduled.

In addition, on March 10, 2005, the Paris Club offered to permit Indonesia, as well as other countries affected by the December 2004 tsunami, to defer debt services payments through the end of 2005 to allow these countries to commit additional government resources to the tsunami-related humanitarian and relief efforts. On May 10, 2005, 18 individual Paris Club members and Indonesia signed a memorandum of understanding to reschedule some payments of principal and interest due under official development assistance and non-official development assistance.

While there have been a number of reschedulings of Indonesia’s external debt to its bilateral creditors as described above, Indonesia has not defaulted on, and has not attempted to restructure, the payment of principal or interest on any of its external securities in the last 20 years.

External Debt of Bank Indonesia

Under Indonesian law, Bank Indonesia has the ability to incur external debt primarily to meet balance of payments needs and maintain adequate foreign exchange reserves.

The following table sets forth the outstanding multilateral and commercial external debt of Bank Indonesia by type of credit as of the dates indicated.

Outstanding Multilateral and Commercial External Debt of Bank Indonesia⁽¹⁾


	As of December 31,										As of April 30,
	2017		2018		2019		2020		2021^P		2022^P
	(in millions of U.S. dollars)
Multilateral		2,814		2,754		2,739		2,852		9,007		8,680
Commercial⁽²⁾		0		0		0		0		0		0
Total		2,814		2,754		2,739		2,852		9,007		8,680

Source: Bank Indonesia

^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 bonds issued in international capital markets and commercial bank borrowings but excludes SBI owned by non-residents, currencies and deposits and other liabilities.

D-86

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)
2017		144.9		13.4		158.3
2018		0.0		11.1		11.1
2019		427.6		22.5		450.1
2020		277.7		18.7		296.4
2021		0.0		2.7		2.7
2022*⁽¹⁾		0.0		1.1		1.1

Source: Bank Indonesia.

*	Projected based on external debt outstanding as of June 15, 2022.

⁽¹⁾	Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of April 30, 2022.

In order to strengthen its international reserves and support its balance of payments, the Republic has entered into a swap arrangement with ASEAN as well as bilateral swap arrangements with other countries. See “— Foreign Exchange and Reserves — Regional Swap Arrangements of the Republic.”

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,
	2017		2018		2019		2020		2021^P		2022^P

	(in millions of U.S. dollars)
Financial institutions:
Bank		4,724		6,924		7,441		8,807		9,280		8,966
Non-bank		4,016		3,865		3,850		2,615		2,895		2,489

Total financial institutions		8,740		10,789		11,291		11,422		12,175		11,455
Non-financial institutions		24,505		34,709		40,419		45,677		46,895		46,332

Total		33,245		45,499		51,710		57,100		59,070		57,787

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.

For a discussion of the Republic’s guarantee of certain external debt in connection with infrastructure projects in the country, see “— Public Debt — Contingent Liabilities.”

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.

Domestic Public Debt of the Central Government

As of December 31,

As of
June 30,

2017

2018

2019

2020

2021

2022^P

(in trillions of Rupiah)

Total domestic public debt⁽¹⁾

2,346.9

2,608.8

2,971.5

4,038.2

4,836.2

5,007.9

Source: Ministry of Finance.

^P	Preliminary.

⁽¹⁾	Excludes SBI, which are obligations of Bank Indonesia and not of the Government. See “— Financial System — Bank Indonesia.”

D-87

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)
2021^R		382.3		299.2		681.5
2022*		311.6		306.6		618.2
2023*		377.8		295.2		672.9
2024*		459.3		266.7		725.9
2025**		405.2		241.7		646.9

Source: Ministry of Finance.

^R	Realization.

*	Calculated based on (i) actual principal and interest payments made from January 1, 2022 to June 30, 2022 and (ii) projected principal and interest payments to be made from July 1, 2022 to December 31, 2022 based on domestic debt outstanding as of June 30, 2022.

**	Projected based on domestic debt outstanding as of June 30, 2022.

Contingent Liabilities from Government Guarantees

As part of the Government’s policy to accelerate infrastructure development, the Government has provided support to encourage investments in infrastructure projects in the form of credit and investment guarantees. External debts of SOEs are not direct obligations of the Republic, unless such debts are explicitly guaranteed by the Republic.

Beginning in 2008 the Government has allocated a contingent budget with respect to these guarantees. The allocated budget is then transferred to a guarantee reserve fund. This fund stands ready as reserves for any claims that may arise from the guarantees. Additional budget allocation can also be made available for direct payment of claims if necessary.

Active guarantee contracts as of March 2022 amount to a nominal of Rp511,9 trillion with actual outstanding exposure of Rp337,5 trillion. The Government has limited new issuance of guarantees at 6% of GDP for the period of 2022-2025 (cumulative over four years). However, the Ministry of Finance may re-evaluate the limit if it sees the need.

As of March 31, 2022, the Government had accumulated Rp5.8 trillion in the guarantee reserve fund account and the guarantee that the Government has provided to infrastructure projects includes:

•

Full default risk guarantees relating to the PT Perusahaan Listrik Negara (“PT PLN”) loans for the construction of coal power plants with aggregate capacity of 10,000 MW and the associated transmission lines (‘Fast Track I’ program). Outstanding guarantees for this program amount to Rp6.2 trillion;

•

Business viability guarantees to independent power producers on the ability of PT PLN to fulfill its financial obligations based on power purchase agreements related to the ‘Fast Track II’ program. The guarantee exposure for this program amounts to Rp57.4 trillion;

•

Full default risk guarantees relating to the PT PLN loans for the construction of electricity infrastructure (35 GW program). Outstanding guarantees for this program amount to Rp90.2 trillion.

•

Partial default risk guarantees for local government-owned water companies’ loans in connection with the Millennium Development Goals in water provision. Outstanding guarantees for this program amount to Rp46.0 billion;

•

Co-guarantee scheme between the Government and the Indonesia Infrastructure Guarantee Fund (“IIGF”) to guarantee private-public partnership projects such as power plant projects (e.g. the Central Java steam power plant) and several section of toll road projects (e.g. Jakarta Cikampek II Elevated, Cileunyi — Sumedang — Dawunan, Krian — Legundi — Bunder — Manyar, Serang — Panimbang, Probolinggo — Banyuwangi, and Jakarta Cikampek II Selatan). The guarantee exposure for this program amounts to Rp91.4 trillion;

•

Full default risk guarantees relating to PT Hutama Karya loans and bonds for the construction of Sumatera Toll Roads. Outstanding guarantees for this program amount to Rp44.0 trillion;

•

Guarantee for infrastructure financing through direct loans from international financial institutions to SOEs to finance infrastructure projects. Outstanding guarantees for this program amount to Rp33.5 trillion;

•

Full default risk guarantee relating to the PT Kereta Api Indonesia (Persero) loans for the construction of the Light Rail Transit Jakarta-Bogor-Depok-Bekasi. Outstanding guarantees for this program amount to Rp11.6 trillion; and

•

Guarantee for local infrastructure financing through PT SMI. Outstanding guarantees for this program amount to Rp3.0 trillion.

As of March 31, 2022, no claims from the foregoing guarantees had arisen.

D-88

Foreign Exchange and Reserves

Exchange Rates

From 1978 to 1997, Indonesia maintained a managed floating exchange rate system under which the Rupiah was linked to a basket of currencies, the composition of which was based on Indonesia’s main trading partners. Indonesia has adopted a free-floating exchange rate system since August 1997, under which market forces determine the exchange rate for the Rupiah. See “— Monetary Policy.”

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

Exchange Rates


	Rupiah per U.S. dollar
	End of Period		Average
2017		13,568		13,385
2018		14,380		14,246
2019		13,883		14,139
2020		14,050		14,525
2021		14,525		14,157
2022
January		14,382		14,337
February		14,367		14,342
March		14,369		14,344
April		14,497		14,351
May		14,581		14,394
June		14,898		14,449

Source: Bank Indonesia.

By the end of 2017, the Rupiah depreciated by 0.7% from Rp13,473 per U.S. dollar as of December 31, 2016 to Rp13,568 per U.S. dollar as of December 31, 2017. On average, the Rupiah depreciated by 0.6% from Rp13,303 per U.S. dollar as of December 31, 2016 to Rp13,385 per U.S. dollar as of December 29, 2017. The depreciation was in line with prevailing trends for most other global currencies against the U.S. dollar due to growing expectations of a further increase in the US Federal Funds Rate as well as U.S. tax reforms. The Rupiah exchange rate was stable in 2017 supported by the improving economic fundamentals in Indonesia, despite pressure in the last quarter of 2017 caused by external factors.

By the end of 2018, the Rupiah depreciated by 6.0% from Rp13,568 per U.S. dollar as of December 29, 2017 to Rp14,380 per U.S. dollar as of December 31, 2018. On average, the Rupiah depreciated by 6.4% from Rp13,385 per U.S. dollar as of December 29, 2017 to Rp14,246 per U.S. dollar as of December 31, 2018. The depreciation was in line with prevailing trends for most other global currencies against the U.S. dollar. The U.S. dollar appreciated globally following the intention of the US Federal Reserve Bank to gradually normalize its monetary policy, growing expectations of a further increase in the US Federal Funds Rate, solid economic growth in the US economy, higher inflationary pressure, and plans in the U.S. for tax reforms.

By the end of 2019, the Rupiah appreciated by 3.6% from Rp14,380 per U.S. dollar as of December 31, 2018 to Rp13,883 per U.S. dollar as of December 31, 2019. On average, the Rupiah appreciated by 0.8% from Rp14,246 per U.S. dollar in 2018 to Rp14,139 per U.S. dollar in 2019. The appreciation of Rupiah was supported by the increased supply of foreign currencies from exports and the increased foreign capital inflows due to the favorable national economic outlook, attractive domestic financial markets and less uncertainty in the global financial markets. Furthermore, the performance of the foreign exchange market showed an improvement, characterized by an increase in transaction volumes and more efficient quotation processes as well as further development of the DNDF market, all of which serve to improve foreign exchange market efficiency.

By the end of 2020, the Rupiah depreciated by 1.2% from Rp13,883 per U.S. dollar as of December 31, 2019 to Rp14,050 per U.S. dollar as of December 30, 2020. On average, the Rupiah depreciated by 2.7% from Rp14,139 per U.S. dollar in 2019 to Rp14,525 per U.S. dollar in 2020. The depreciation of Rupiah was in in line with prevailing trends for most other emerging markets currencies against the U.S. dollar. The Covid-19 pandemic triggered concern amongst global investors and market players, peaking towards the end of the first quarter of 2020. This spurred large and sudden capital outflows from developing economies, including Indonesia. The global rebalancing of capital flows resulted in Rupiah depreciation especially in the first half of 2020. The Rupiah regained value in the second half of 2020, bolstered by foreign capital inflows supported by robust global liquidity, attractive domestic financial assets for investment and continued investor confidence in the domestic economic outlook.

By the end of 2021, the Rupiah depreciated by 1.42% from Rp14,050 per U.S. dollar as of December 31, 2020 to Rp14,253 per U.S. dollar as of December 31, 2021. On average, the Rupiah appreciated by 1.6% from Rp14,525 per U.S. dollar in 2020 to Rp14,296 per U.S. dollar in 2021. At the beginning of 2021, currencies in Asia, including the rupiah, appreciated in line with optimism surrounding a relatively quick economic recovery as vaccination programs began rolling out world-wide. Such optimism was eroded, however, by the emergence of the Delta variant together with persistent global financial market uncertainty. This triggered a rebalancing in the form of capital outflows from EMDEs, driven by a flight to quality. Depreciatory pressures on the rupiah intensified at the end of February and into March 2021, primarily triggered by a hike in the benchmark 10-year UST yield in line with economic and inflationary expectations in the United States. In April and July 2021, concerns fueled by the Delta outbreak intensified currency pressures, with the rupiah losing value against the US dollar. In the third quarter of 2021, rupiah exchange rate stability was relatively well maintained together with low volatility, supported by solid external sector performance; by positive perceptions concerning the domestic economy; and by the support of Bank Indonesia’s exchange rate stabilization policy. In the fourth quarter of 2021, consistent with balance of payments performance, rupiah exchange rates were stable. Overall, the rupiah exchange rate in 2021 was maintained in line with the currency’s fundamental value. Stability was supported by an adequate supply of foreign exchange from residents and non-residents, accompanied by the availability of diverse hedging instruments.

As of June 30, 2022, the Rupiah depreciated by 4.33% to Rp14,898 per U.S. dollar from Rp14,253 per U.S. dollar as of December 31, 2021, and on average the Rupiah depreciated by 1.06% year-to-date to Rp14,449 per U.S. dollar. Rupiah stability was spurred by increasing global financial market uncertainty given more aggressive monetary policy tightening in several countries in response to an uptick of inflationary pressures and concerns stoked by global economic moderation. Meanwhile, the domestic supply of foreign exchange has been maintained and the perception of Indonesia’s economic outlook remains positive. Moving forward, Bank Indonesia will continue to monitor forex supply and strengthen Rupiah stabilization policy in line with market mechanisms and economic fundamentals, thereby supporting efforts to manage inflation and maintain macroeconomic stability.

D-89

Prudential Policies on Foreign Exchange and Rupiah

Under Law No. 24 of 1999 on Foreign Exchange Activities and Exchange Rate System, every resident may freely own and use foreign currency. Foreign currency is also generally freely transferable within or from Indonesia although by regulation most domestic transactions are prohibited from using foreign currency. Bank Indonesia has the authority to request information and data regarding foreign exchange activities and implement provisions regarding foreign exchange activities based on prudential principles.

To maintain the stability of the Rupiah, and to prevent the utilization of the Rupiah for speculative purposes by foreign parties, the Rupiah is non-internationalized. Regulations prohibit banks from conducting, among others, the following transactions: (i) extensions of loans or of overdrafts in Rupiah or foreign currencies to foreign parties, (ii) transfers of Rupiah to foreign parties or offshore banks in excess of U.S.$1 million without underlying transactions, and (iii) purchases of Rupiah-denominated securities issued by foreign parties.

Bank Indonesia has issued several regulations concerning foreign currency transactions relating to the Rupiah in order to deepen financial markets. A deep foreign exchange market is distinguished by adequate liquidity, convenient transactions, fair prices and minimal risk in order to maintain economic stability. Bank Indonesia strives towards the creation of a liquid, efficient and secure domestic foreign exchange market through amendments to regulations concerning foreign exchange transactions.

On January 1, 2015, Bank Indonesia regulations came into effect to mitigate risks relating to external borrowing by non-bank corporations. Under these regulations, corporate issuers of debt must, subject to certain limited exceptions:

•

hedge at least 25% of their open foreign exchange positions (i.e., the excess of foreign currency liabilities that fall due within the following three to six months over foreign currency assets);

•

maintain a 70% minimum liquidity ratio of foreign currency assets to foreign currency liabilities maturing within three months after the end of a quarter; and

•

maintain a minimum credit rating (issuer and/or issue) of BB- by a rating agency acknowledged by Bank Indonesia.

As of December 31, 2021, based on Bank Indonesia’s assessment of corporate issuers’ compliance with the regulations above:

•

88.3% of corporate issuers are compliant with the hedging ratio requirement for liabilities due under three months;

•

93.7% of corporate issuers are compliant with the hedging ratio requirement for liabilities due between three to six months; and

•

87.0% of corporate issuers are compliant with the liquidity ratio requirement for liabilities due under three months.

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,										As of June 30,
	2017		2018		2019		2020		2021^P		2022^P

	(in millions of U.S. dollars, except for months)
Gold		3,346		3,230		3,844		4,758		4,595		4,588
SDRs		1,588		1,553		1,542		1,605		7,795		7,424
Reserve position with the IMF		1,119		1,096		1,090		1,135		1,110		1,057
Foreign exchange and others		124,143		114,776		122,707		128,398		131,405		123,311

Total		130,196		120,654		129,183		135,897		144,905		136,379

Total as number of months of imports and Government external debt repayments		8.3		6.5		7.3		9.8		7.8		6.4

Source: Bank Indonesia.

^P	Preliminary.

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

Foreign reserves totaled U.S.$130.2 billion, U.S.$120.7 billion, U.S.$129.2 billion, U.S.$135.9 billion, and US$144.9 billion as of December 31, 2017, 2018, 2019, 2020, and 2021 respectively.

As of June 30, 2022, foreign reserves recorded U.S.$136.4 billion, equivalent to 6.4 months of import coverage and government external debt service requirements. In addition, the coverage ratio is well above the international adequacy standard of three months imports.

D-90

Regional Swap Arrangements of the Republic

Following the experience of the Asian crisis in 1997 to 1998, ASEAN recognized a need to strengthen regional self-help and support mechanisms in East Asia and endeavored to prevent future financial crises. In 2000, ASEAN members agreed to strengthen the existing cooperative frameworks among monetary authorities through the Chiang Mai Initiative (“CMI”). The CMI involves an expanded ASA (extending its coverage to all members of ASEAN and increasing the size) and a network of BSAs among ASEAN+3 countries. The objectives of these bilateral swap arrangements are to address short-term liquidity difficulties in the region and to supplement existing international financial arrangements.

The ASA was originally created by five ASEAN member states in 1977 with a size of U.S.$100 million. After the CMI, it has been enlarged to include all ten ASEAN countries and increased in size to U.S.$2 billion.

Since CMI’s inception in 2000, ASEAN+3 member countries undertook a review to explore ways of enhancing its effectiveness. On 2010, ASEAN+3 member countries entered into a multilateral currency swap contract which covers all ASEAN+3 member countries with a total size of U.S.$120 billion (the CMI Multilateralization or CMIM). CMIM was developed from the CMI-BSA network to facilitate prompt and simultaneous currency swap transactions through establishing a common decision making mechanism under a single contract. The CMIM objectives are the same as the BSAs. In May 2012 and in response to the global and regional economic developments, the ASEAN+3 Finance Ministers and Central Bank Governors agreed to strengthen the CMIM as a regional financial safety net by doubling the total size to U.S.$240 billion and launching a crisis prevention program called the CMIM Precautionary Line (“CMIM-PL”). This arrangement became effective on July 17, 2014. In addition to the role of providing liquidity support for ASEAN+3 member countries, CMIM has contributed to the development of the regional surveillance capacity by establishing the ASEAN+3 Macroeconomic Research Office (“AMRO”), as an ASEAN+3 independent surveillance unit since early 2011.

Under the ASA, BSA, and CMIM, a total of U.S.$46.1 billion of foreign currency swap is currently available to the Republic as of December 31, 2017. Up to 30.0% of the amount available under the BSAs and CMIM may be activated without participating in any IMF program, but greater amounts requires participation in an IMF program. The Republic also has a U.S.$22.8 billion swap line in place with Japan. The swap line increased from U.S.$12.0 billion in December 2013. These swap arrangements will contribute to greater financial stability and sustainable economic growth in the region.

In March 2017, Bank Indonesia has renewed a three year Bilateral Currency Swap Agreement (“BCSA”), with the Republic of Korea amounting to KRW 10.7 trillion or Rp115 trillion.

In August 2018, Bank Indonesia renewed a BCSA with the Reserve Bank of Australia. The agreement will span a period of three years and allow for the exchange of local currencies between the two central banks of up to A.U.$10billion or Rp100.0 trillion.

In October 2018, Bank Indonesia renewed a bilateral swap agreement with Bank of Japan. The agreement enables Indonesia to swap its local currency against the Japanese Yen and the U.S. dollar in an amount of up to U.S.$22.8 billion or equivalent.

On November 5, 2018, Bank Indonesia established a one-year bilateral financial arrangement with the Monetary Authority of Singapore with a size of up to U.S.$10.0 billion (bilateral swap agreement and bilateral repo agreement) or equivalent, to enable the two central banks to access foreign currency liquidity from each other, if needed, to preserve monetary and financial stability.

On November 16, 2018, Bank Indonesia renewed a three-year BCSA with People’s Bank of China and increased the size of BCSA from CNY100.0 billion (equivalent to U.S.$15.0 billion) to CNY200.0 billion (equivalent to U.S.$30.0 billion).

On September 27, 2019, Bank Indonesia and Bank Negara Malaysia established a three-year bilateral financial arrangement with a size up to U.S.$2 billion (equivalent), which will enable both central banks to access foreign currency liquidity from each other if needed.

On November 5, 2019, Bank Indonesia renewed a one-year bilateral financial arrangement with the Monetary Authority of Singapore with a size of up to U.S.$10 billion (bilateral swap agreement and bilateral repo agreement) or equivalent to enable the two central banks to access foreign currency liquidity from each other, if needed, to preserve monetary and financial stability.

In 2019, the Government of Indonesia made two currency swap arrangements for three Asian Development Bank loans. The first two Loans were converted on September 6, 2019 from USD Libor Based-Loan to EUR Fixed Rate-Loan in the total amount of U.S.$1 billion. The third loan was converted on December 17, 2019 from USD Libor Based-Loan to JPY Fixed Rate-Loan in the amount of U.S.$479.17 million.

In 2020, Bank Indonesia secured a bilateral repo line agreement with the US Federal Reserve and extended bilateral swap and repo line agreements with the Monetary Authority of Singapore.

In 2021, Bank Indonesia renewed the 3 years swap line with Bank of Japan amounted U.S.$22.76 billion (October 14, 2021), and also the 1 year SGD/IDR swap arrangement equivalent up to U.S.$10 billion (bilateral swap agreement and bilateral repo agreement) with the Monetary Authority of Singapore (November 5, 2021). While in January 2022, Bank Indonesia renewed the 3 years swap arrangement with People’s Bank of China and increased the size of swap line up to CNY250 billion / IDR550 trillion (about U.S.$38.8 billion equivalent).

As of June 30, 2022, no drawdowns on existing bilateral and regional swap arrangements have been made.

D-91

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. Under the State Finances Law No. 17 of 2003, the Republic’s debt-to-GDP ratio must remain below 60%.

Debt-to-GDP Ratios


	As of December 31,										As of June 30,
	2017^L		2018^L		2019^L		2020^L		2021^L		2022^P

	(percentages, unless indicated otherwise)
Debt-to-GDP ratio		29.4		29.8		30.2		39.4		40.7		39.6
Debt service to GDP ratio		4.2		5.1		5.3		5.0		5.3		3.1
Total public debt of the central Government (in billions of U.S.$)⁽¹⁾		294.9		308.4		344.3		431.0		484.1		478.7
—% in Loans		18.7		18.1		16.0		14.1		11.9		11.5
—% in Bonds		81.3		81.9		84.0		85.9		88.1		88.5

Source:

Ministry of Finance, Bank Indonesia.

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

^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 June 30, 2022 the central Government’s debt-to-GDP ratio was 39.6%, with U.S.$478.7 billion of total public debt of the central Government, 11.5% of which are in loans and 88.5% are in bonds.

DEBT TABLES OF THE REPUBLIC OF INDONESIA



External Loans of the Republic of Indonesia as of December 31, 2021		D-93

Domestic Loans of the Republic of Indonesia as of December 31, 2021		D-108

Guaranteed Domestic Loans of the Republic of Indonesia as of December 31, 2021		D-111

Guaranteed External Loans of the Republic of Indonesia as of December 31, 2021		D-112

Foreign Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2021		D-113

Domestic Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2021		D-115

D-92

EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2021


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
*MULTILATERAL*
ACU	NO INTEREST RATE		0.000	%		0.000	%	1998	2023		3,131,008		4,382,128		347,890		486,903
ACU	NO INTEREST RATE		0.000	%		0.000	%	2000	2024		5,844,757		8,180,265		974,126		1,363,377
ACU	NO INTEREST RATE		0.000	%		0.000	%	2000	2025		6,090,241		8,523,842		1,184,213		1,657,414
ACU	NO INTEREST RATE		0.000	%		0.000	%	2003	2027		5,075,320		7,103,368		1,691,774		2,367,790
ACU	NO INTEREST RATE		0.000	%		0.000	%	2004	2022		18,069,158		25,289,418		1,505,763		2,107,451
ACU	NO INTEREST RATE		0.000	%		0.000	%	2005	2022		3,522,416		4,929,940		293,535		410,828
ACU	NO INTEREST RATE		0.000	%		0.000	%	2005	2022		3,355,342		4,696,104		279,698		391,462
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2023		5,203,056		7,282,146		868,531		1,215,588
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2023		17,654,654		24,709,283		2,206,832		3,088,660
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2026		16,331,074		22,856,813		4,530,579		6,340,954
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2027		4,218,086		5,903,592		1,546,733		2,164,792
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2027		13,769,421		19,271,547		4,966,954		6,951,701
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2028		17,166,291		24,025,774		7,433,800		10,404,274
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2029		6,677,108		9,345,215		3,338,554		4,672,607
ACU	NO INTEREST RATE		0.000	%		0.000	%	2006	2033		2,468,697		3,455,165		1,892,668		2,648,960
ACU	NO INTEREST RATE		0.000	%		0.000	%	2007	2032		8,864,502		12,406,671		4,924,724		6,892,595
ACU	NO INTEREST RATE		0.000	%		0.000	%	2008	2029		3,750,773		5,249,546		2,089,148		2,923,951
ACU	NO INTEREST RATE		0.000	%		0.000	%	2008	2032		10,274,000		14,379,391		3,865,732		5,410,440
ACU	NO INTEREST RATE		0.000	%		0.000	%	2009	2025		10,033,378		14,042,618		3,248,464		4,546,519
ACU	NO INTEREST RATE		0.000	%		0.000	%	2009	2027		40,329,934		56,445,384		14,787,643		20,696,641
ACU	NO INTEREST RATE		0.000	%		0.000	%	2009	2033		912,816		1,277,569		608,544		851,713
ACU	NO INTEREST RATE		0.000	%		0.000	%	2009	2033		9,172,817		12,838,185		6,115,211		8,558,790
ACU	NO INTEREST RATE		0.000	%		0.000	%	2011	2030		4,000,000		5,598,361		2,170,672		3,038,051
ACU	NO INTEREST RATE		0.000	%		0.000	%	2011	2031		1,746,424		2,444,278		1,106,069		1,548,043
ACU	NO INTEREST RATE		0.000	%		0.000	%	2011	2031		3,140,000		4,394,713		2,093,323		2,929,795
ACU	NO INTEREST RATE		0.000	%		0.000	%	2013	2033		1,459,473		2,042,664		1,118,929		1,566,042
ACU	NO INTEREST RATE		0.000	%		0.000	%	2013	2033		3,625,695		5,074,488		2,779,700		3,890,441
ADB	ADB FLOATING RATE		6.400	%		0.750	%	1997	2022		35,709,678		35,709,678		1,966,378		1,966,378
ADB	ADB FLOATING RATE		6.400	%		0.750	%	1997	2022		23,507,365		23,507,365		1,353,065		1,353,065
ADB	ADB FLOATING RATE		6.400	%		0.750	%	1997	2023		3,791,494		3,791,494		783,594		783,594
EUR	EURIBOR 6 MONTHS		0.625	%		0.000	%	2019	2032		29,800,000		33,720,188		4,857,765		5,496,803
EUR	EURIBOR 6 MONTHS		0.630	%		0.000	%	2019	2033		44,850,000		50,750,015		5,843,543		6,612,261
EUR	EURIBOR 6 MONTHS		0.000	%		0.150	%	2020	2025		925,840,000		1,047,634,194		925,840,000		1,047,634,194
EUR	EURIBOR 6 MONTHS		0.000	%		0.150	%	2020	2030		462,920,000		523,817,097		462,920,000		523,817,097
EUR	FIXED		0.750	%		0.000	%	1990	2029		2,584,961		2,925,012		1,590,745		1,800,007
EUR	FIXED		0.750	%		0.000	%	1993	2031		2,900,308		3,281,843		1,933,539		2,187,896
EUR	FIXED		0.750	%		0.000	%	1995	2035		4,731,712		5,354,168		3,452,871		3,907,096
EUR	FIXED		1.030	%		0.000	%	2012	2030		5,695,647		6,444,909		3,792,048		4,290,892
EUR	FIXED		0.830	%		0.000	%	2013	2033		337,952,011		382,409,577		337,952,011		382,409,577
EUR	FIXED		0.820	%		0.000	%	2013	2033		253,356,980		286,686,075		253,356,980		286,686,075
EUR	FIXED		1.030	%		0.000	%	2017	2035		93,150,000		105,403,877		21,102,345		23,878,357
EUR	NO INTEREST RATE		0.000	%		0.000	%	2011	2026		102,989,447		116,537,702		95,740,135		108,334,744
EUR	NO INTEREST RATE		0.000	%		0.000	%	2012	2027		139,007,699		157,294,153		117,621,899		133,095,053
EUR	NO INTEREST RATE		0.000	%		0.000	%	2012	2027		149,700,599		169,393,703		128,314,799		145,194,603
EUR	NO INTEREST RATE		0.000	%		0.000	%	2013	2028		228,115,198		258,123,738		199,600,798		225,858,271
EUR	NO INTEREST RATE		0.000	%		0.000	%	2014	2029		242,372,398		274,256,472		228,115,198		258,123,738
EUR	NO INTEREST RATE		0.000	%		0.000	%	2018	2033		452,867,785		512,442,514		433,998,294		491,090,742
EUR	NO INTEREST RATE		0.000	%		0.000	%	2018	2033		452,867,785		512,442,514		433,998,294		491,090,742
JPY	FIXED		0.003	%		0.000	%	2011	2036		9,039,216,675		78,530,205		8,903,163,516		77,348,213
JPY	FIXED		0.005	%		0.000	%	2012	2036		15,376,956,872		133,590,732		14,893,199,376		129,387,981
JPY	FIXED		0.054	%		0.000	%	2013	2031		1,161,362,188		10,089,592		1,079,881,738		9,381,713
JPY	FIXED		0.087	%		0.000	%	2015	2030		33,454,249,998		290,641,236		31,693,499,998		275,344,329
JPY	FIXED		0.060	%		0.000	%	2015	2030		34,946,666,665		303,606,938		31,451,999,999		273,246,244
JPY	FIXED		0.125	%		0.000	%	2016	2031		46,191,250,001		401,296,756		41,792,083,335		363,078,017
JPY	FIXED		0.035	%		0.000	%	2016	2031		52,454,375,000		455,709,047		45,612,500,000		396,268,737
JPY	LIBOR JPY 6 MONTHS		0.430	%		0.000	%	2019	2033		110,795,000,000		962,556,200		110,795,000,000		962,556,200
JPY	LIBOR JPY 6 MONTHS		0.550	%		0.250	%	2020	2034		31,975,600,000		277,795,135		31,975,600,000		277,795,135
JPY	NO INTEREST RATE		0.000	%		0.000	%	2009	2033		1,570,573,575		13,644,707		1,507,582,816		13,097,461
JPY	NO INTEREST RATE		0.000	%		0.000	%	2009	2034		7,494,931,344		65,113,883		7,357,835,092		63,922,829
JPY	NO INTEREST RATE		0.000	%		0.000	%	2017	2032		42,728,000,000		371,209,001		37,387,000,001		324,807,876
JPY	NO INTEREST RATE		0.000	%		0.000	%	2017	2032		40,964,000,000		355,883,859		37,550,333,334		326,226,871
JPY	NO INTEREST RATE		0.000	%		0.000	%	2018	2039		52,275,000,000		454,150,687		52,275,000,000		454,150,687
JPY	NO INTEREST RATE		0.000	%		0.000	%	2019	2034		52,595,000,000		456,930,758		52,595,000,000		456,930,758
JPY	NO INTEREST RATE		0.000	%		0.000	%	2019	2034		51,840,000,000		450,371,528		51,840,000,000		450,371,528
SDR	FIXED		1.000	%		0.000	%	1982	2031		23,677,607		33,138,948		5,919,407		8,284,744
SDR	FIXED		0.750	%		0.000	%	1995	2035		5,443,537		7,618,721		2,540,305		3,555,386
SDR	FIXED		1.000	%		0.000	%	1996	2022		12,044,449		16,857,293		948,446		1,327,436
SDR	FIXED		1.000	%		0.000	%	1996	2022		24,324,298		34,044,051		1,940,191		2,715,472
SDR	FIXED		1.000	%		0.000	%	1996	2023		6,772,673		9,478,968		916,111		1,282,181
SDR	FIXED		1.000	%		0.000	%	1998	2024		8,799,590		12,315,820		1,928,281		2,698,804

D-93


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
SDR	FIXED		1.000	%		0.000	%	1998	2024		10,500,493		14,696,387		2,401,254		3,360,772
SDR	FIXED		0.750	%		0.000	%	1998	2037		15,352,987		21,487,892		6,512,747		9,115,178
SDR	FIXED		0.750	%		0.000	%	1999	2024		11,685,983		16,355,588		3,067,605		4,293,390
SDR	FIXED		0.750	%		0.000	%	1999	2024		71,023,332		99,403,565		18,643,651		26,093,472
SDR	FIXED		0.750	%		0.000	%	1999	2024		3,796,674		5,313,788		1,139,026		1,594,169
SDR	FIXED		0.750	%		0.000	%	1999	2024		14,782,027		20,688,781		3,880,302		5,430,833
SDR	FIXED		1.500	%		0.000	%	2000	2022		27,021,579		37,819,139		2,284,237		3,196,995
SDR	FIXED		0.750	%		0.350	%	2000	2025		21,799,223		30,509,980		7,629,726		10,678,490
SDR	FIXED		0.750	%		0.200	%	2000	2025		54,139,161		75,772,644		18,930,049		26,494,313
SDR	FIXED		0.750	%		0.000	%	2000	2040		17,500,000		24,492,830		10,791,659		15,103,901
SDR	FIXED		1.500	%		0.000	%	2001	2022		31,003,569		43,392,294		2,572,412		3,600,322
SDR	FIXED		1.500	%		0.000	%	2001	2022		41,698,813		58,361,253		3,471,137		4,858,170
SDR	FIXED		0.750	%		0.000	%	2001	2026		35,414,179		49,565,340		10,624,248		14,869,594
SDR	FIXED		0.750	%		0.000	%	2001	2026		4,586,621		6,419,390		1,605,310		2,246,776
SDR	FIXED		0.750	%		0.300	%	2001	2026		2,776,666		3,886,195		971,824		1,360,155
SDR	FIXED		0.750	%		0.500	%	2001	2026		87,499,973		122,464,112		29,259,732		40,951,636
SDR	FIXED		0.750	%		0.100	%	2001	2026		30,282,981		42,383,766		10,599,043		14,834,318
SDR	FIXED		1.500	%		0.000	%	2002	2023		74,834,760		104,738,002		9,354,324		13,092,221
SDR	FIXED		0.750	%		0.100	%	2002	2026		55,551,518		77,749,365		19,441,582		27,210,249
SDR	FIXED		1.500	%		0.000	%	2003	2023		34,040,314		47,642,492		5,660,634		7,922,568
SDR	FIXED		1.500	%		0.000	%	2003	2023		23,962,479		33,537,653		3,978,647		5,568,476
SDR	FIXED		1.500	%		0.000	%	2003	2023		25,379,732		35,521,226		4,187,608		5,860,935
SDR	FIXED		0.750	%		0.500	%	2003	2026		36,831,596		51,549,144		12,891,059		18,042,200
SDR	FIXED		1.500	%		0.000	%	2004	2024		13,780,339		19,286,829		2,870,919		4,018,111
SDR	FIXED		1.500	%		0.000	%	2004	2024		24,491,234		34,277,693		5,100,463		7,138,558
SDR	FIXED		1.500	%		0.000	%	2004	2024		14,539,228		20,348,963		3,634,792		5,087,220
SDR	FIXED		0.750	%		0.300	%	2004	2026		21,585,432		30,210,761		7,554,898		10,573,762
SDR	FIXED		0.750	%		0.300	%	2004	2026		15,647,425		21,899,984		5,475,683		7,663,713
SDR	FIXED		0.750	%		0.300	%	2004	2026		31,597,889		44,224,099		11,059,261		15,478,434
SDR	FIXED		0.750	%		0.200	%	2004	2026		3,409,938		4,772,516		1,193,473		1,670,373
SDR	FIXED		1.500	%		0.000	%	2005	2024		13,363,083		18,702,841		2,783,633		3,895,945
SDR	FIXED		0.750	%		0.300	%	2005	2025		51,647,003		72,284,644		15,494,101		21,685,393
SDR	FIXED		0.750	%		0.300	%	2005	2025		22,683,185		31,747,165		7,920,434		11,085,363
SDR	FIXED		0.750	%		0.300	%	2005	2025		47,003,494		65,785,633		16,447,664		23,019,991
SDR	FIXED		1.500	%		0.000	%	2005	2025		11,109,377		15,548,575		3,192,925		4,468,786
SDR	FIXED		1.500	%		0.000	%	2005	2025		2,945,950		4,123,123		981,982		1,374,372
SDR	FIXED		0.750	%		0.300	%	2005	2026		17,899,858		25,052,467		6,264,949		8,768,362
SDR	FIXED		0.750	%		0.300	%	2005	2026		19,832,774		27,757,757		6,940,797		9,714,272
SDR	FIXED		0.750	%		0.300	%	2005	2026		9,920,000		13,883,936		3,472,000		4,859,377
SDR	FIXED		1.500	%		0.000	%	2006	2025		34,207,410		47,876,359		11,402,482		15,958,803
SDR	FIXED		0.750	%		0.200	%	2006	2026		45,655,179		63,898,545		15,923,774		22,286,759
SDR	FIXED		0.750	%		0.000	%	2006	2026		47,370,000		66,298,592		16,579,500		23,204,507
SDR	FIXED		1.500	%		0.000	%	2006	2026		14,588,899		20,418,481		5,874,175		8,221,438
SDR	FIXED		0.750	%		0.000	%	2006	2044		13,638,602		19,088,455		10,438,775		14,610,009
SDR	FIXED		0.750	%		0.100	%	2007	2025		81,950,000		114,696,423		26,633,750		37,276,338
SDR	FIXED		0.750	%		0.100	%	2007	2026		89,508,359		125,275,029		29,090,217		40,714,384
SDR	FIXED		0.750	%		0.200	%	2007	2026		39,654,356		55,499,852		11,885,779		16,635,221
SDR	FIXED		0.750	%		0.100	%	2007	2026		38,320,881		53,633,532		12,381,735		17,329,356
SDR	FIXED		0.750	%		0.100	%	2007	2026		90,838,458		127,136,623		31,460,793		44,032,219
SDR	FIXED		1.500	%		0.000	%	2007	2026		20,457,033		28,631,465		8,523,769		11,929,784
SDR	FIXED		1.500	%		0.000	%	2007	2026		32,326,766		45,244,228		13,469,466		18,851,734
SDR	FIXED		1.500	%		0.000	%	2007	2027		31,155,525		43,604,970		15,577,761		21,802,483
SDR	FIXED		0.750	%		0.500	%	2008	2025		119,500,000		167,251,038		41,775,731		58,468,907
SDR	FIXED		0.750	%		0.500	%	2008	2026		78,598,745		110,006,040		27,509,561		38,502,114
SDR	FIXED		1.500	%		0.000	%	2008	2027		49,323,506		69,032,699		24,652,169		34,502,935
SDR	FIXED		1.500	%		0.000	%	2008	2028		31,335,613		43,857,019		18,279,113		25,583,269
SDR	FIXED		0.750	%		0.000	%	2008	2048		42,033,300		58,829,398		37,510,268		52,499,006
SDR	FIXED		1.500	%		0.000	%	2009	2028		16,502,377		23,096,566		9,533,572		13,343,095
SDR	FIXED		0.750	%		0.000	%	2011	2032		29,022,733		40,619,935		20,092,390		28,121,113
SDR	FIXED		1.510	%		0.000	%	2012	2030		11,727,046		16,413,060		7,062,016		9,883,930
USD	ADB FLOATING RATE		6.400	%		0.750	%	1996	2022		27,382,260		27,382,260		2,967,260		2,967,260
USD	ADB FLOATING RATE		6.400	%		0.750	%	1997	2022		44,621,711		44,621,711		2,440,411		2,440,411
USD	ADB FLOATING RATE		6.400	%		0.750	%	1997	2022		15,381,230		15,381,230		1,609,330		1,609,330
USD	ADB FLOATING RATE		6.400	%		0.750	%	1997	2022		33,406,604		33,406,604		3,754,004		3,754,004
USD	ADB FLOATING RATE		6.400	%		0.750	%	1998	2022		8,623,204		8,623,204		969,004		969,004
USD	ADB FLOATING RATE		6.400	%		0.750	%	1998	2022		7,045,607		7,045,607		776,707		776,707
USD	ADB FLOATING RATE		6.400	%		0.750	%	1998	2022		84,043,480		84,043,480		9,107,280		9,107,280
USD	ADB FLOATING RATE		6.400	%		0.750	%	1998	2022		9,890,602		9,890,602		1,071,402		1,071,402
USD	ADB FLOATING RATE		6.400	%		0.750	%	1998	2022		6,479,098		6,479,098		702,198		702,198
USD	ADB FLOATING RATE		6.400	%		0.750	%	1999	2022		29,195,110		29,195,110		3,163,710		3,163,710
USD	ADB FLOATING RATE		6.400	%		0.750	%	2000	2025		5,174,296		5,174,296		1,982,596		1,982,596
USD	ADB FLOATING RATE		6.400	%		0.750	%	2001	2024		3,824,992		3,824,992		1,131,592		1,131,592
USD	ADB FLOATING RATE		6.400	%		0.750	%	2001	2025		21,509,284		21,509,284		8,241,584		8,241,584
USD	ADB FLOATING RATE		0.416	%		0.000	%	2007	2022		300,000,000		300,000,000		25,000,000		25,000,000

D-94


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	ADB FLOATING RATE		0.367	%		0.150	%	2008	2023		280,000,000		280,000,000		46,666,667		46,666,667
USD	ADB FLOATING RATE		0.416	%		0.000	%	2008	2023		350,000,000		350,000,000		58,333,333		58,333,333
USD	FIXED		0.750	%		0.000	%	1972	2022		9,550,170		9,550,170		143,253		143,253
USD	FIXED		0.750	%		0.000	%	1972	2022		8,252,642		8,252,642		123,789		123,789
USD	FIXED		0.750	%		0.000	%	1972	2022		10,969,224		10,969,224		164,538		164,538
USD	FIXED		0.750	%		0.000	%	1972	2022		39,991,132		39,991,132		599,867		599,867
USD	FIXED		0.750	%		0.000	%	1973	2022		3,600,000		3,600,000		108,000		108,000
USD	FIXED		0.750	%		0.000	%	1973	2022		5,000,000		5,000,000		150,000		150,000
USD	FIXED		0.750	%		0.000	%	1973	2023		13,500,000		13,500,000		607,500		607,500
USD	FIXED		0.750	%		0.000	%	1973	2023		14,000,000		14,000,000		630,000		630,000
USD	FIXED		0.750	%		0.000	%	1973	2023		46,000,000		46,000,000		2,070,000		2,070,000
USD	FIXED		0.750	%		0.000	%	1973	2023		7,702,698		7,702,698		346,348		346,348
USD	FIXED		0.750	%		0.000	%	1973	2023		50,000,000		50,000,000		2,250,000		2,250,000
USD	FIXED		0.750	%		0.000	%	1973	2023		14,896,026		14,896,026		666,526		666,526
USD	FIXED		0.750	%		0.000	%	1973	2023		9,992,038		9,992,038		599,522		599,522
USD	FIXED		0.750	%		0.000	%	1974	2023		5,000,000		5,000,000		300,000		300,000
USD	FIXED		0.750	%		0.000	%	1974	2024		14,618,111		14,618,111		1,102,111		1,102,111
USD	FIXED		0.750	%		0.000	%	1974	2024		6,500,000		6,500,000		487,500		487,500
USD	FIXED		0.750	%		0.000	%	1974	2024		30,000,000		30,000,000		2,250,000		2,250,000
USD	FIXED		0.750	%		0.000	%	1978	2026		40,000,000		40,000,000		4,200,000		4,200,000
USD	FIXED		0.750	%		0.000	%	1978	2026		28,673,287		28,673,287		3,010,693		3,010,693
USD	FIXED		0.750	%		0.000	%	1978	2026		49,000,000		49,000,000		5,145,000		5,145,000
USD	FIXED		0.750	%		0.000	%	1979	2025		67,000,000		67,000,000		6,030,000		6,030,000
USD	FIXED		0.750	%		0.000	%	1979	2026		9,546,069		9,546,069		1,002,337		1,002,337
USD	FIXED		0.750	%		0.000	%	1979	2026		11,147,916		11,147,916		1,170,057		1,170,057
USD	FIXED		0.750	%		0.000	%	1979	2029		5,500,000		5,500,000		1,430,101		1,430,101
USD	FIXED		0.750	%		0.000	%	1980	2026		26,163,597		26,163,597		2,747,171		2,747,171
USD	FIXED		0.750	%		0.000	%	1980	2026		36,526,867		36,526,867		3,835,314		3,835,314
USD	FIXED		0.750	%		0.000	%	1980	2026		30,000,000		30,000,000		3,150,000		3,150,000
USD	FIXED		0.750	%		0.000	%	1980	2028		35,058,627		35,058,627		3,681,153		3,681,153
USD	FIXED		4.980	%		0.250	%	2002	2022		29,496,021		29,496,021		2,367,195		2,367,195
USD	FIXED		4.980	%		0.250	%	2002	2022		2,041,270		2,041,270		158,234		158,234
USD	FIXED		4.980	%		0.250	%	2003	2023		12,742,290		12,742,290		1,421,852		1,421,852
USD	FIXED		5.040	%		0.250	%	2003	2023		132,048,021		132,048,021		15,248,098		15,248,098
USD	FIXED		5.040	%		0.250	%	2004	2024		8,871,240		8,871,240		1,622,029		1,622,029
USD	FIXED		5.030	%		0.250	%	2004	2024		187,774,783		187,774,783		35,411,989		35,411,989
USD	FIXED		5.220	%		0.000	%	2004	2024		300,000,000		300,000,000		68,640,000		68,640,000
USD	FIXED		1.340	%		0.250	%	2005	2023		44,595,403		44,595,403		7,115,043		7,115,043
USD	FIXED		4.580	%		0.000	%	2005	2025		400,000,000		400,000,000		150,480,000		150,480,000
USD	FIXED		5.280	%		0.250	%	2005	2025		67,300,000		67,300,000		18,469,227		18,469,227
USD	FIXED		1.330	%		0.250	%	2005	2025		80,000,000		80,000,000		21,746,799		21,746,799
USD	FIXED		5.280	%		0.250	%	2005	2025		36,374,144		36,374,144		10,472,120		10,472,120
USD	FIXED		5.280	%		0.250	%	2005	2025		68,139,965		68,139,965		19,305,264		19,305,264
USD	FIXED		5.480	%		0.250	%	2006	2026		61,765,082		61,765,082		22,979,775		22,979,775
USD	FIXED		4.730	%		0.000	%	2006	2026		530,000,000		530,000,000		240,779,000		240,779,000
USD	FIXED		5.200	%		0.000	%	2007	2026		174,107,152		174,107,152		69,391,540		69,391,540
USD	FIXED		4.220	%		0.000	%	2007	2027		600,000,000		600,000,000		316,320,000		316,320,000
USD	FIXED		4.250	%		0.000	%	2008	2027		200,000,000		200,000,000		105,440,000		105,440,000
USD	FIXED		0.210	%		0.000	%	2008	2030		51,965,240		51,965,240		44,024,951		44,024,951
USD	FIXED		4.410	%		0.000	%	2008	2033		600,000,000		600,000,000		472,200,000		472,200,000
USD	FIXED		4.690	%		0.000	%	2008	2033		200,000,000		200,000,000		162,060,000		162,060,000
USD	FIXED		4.690	%		0.000	%	2008	2033		750,000,000		750,000,000		607,725,000		607,725,000
USD	FIXED		0.250	%		0.250	%	2011	2051		124,311,085		124,311,085		123,067,974		123,067,974
USD	FIXED		1.370	%		0.000	%	2018	2036		39,885,000		39,885,000		20,255,000		20,255,000
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2002	2022		57,253,175		57,253,175		6,412,940		6,412,940
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2002	2022		33,707,581		33,707,581		1,936,011		1,936,011
USD	LIBOR 6 MONTHS		0.763	%		0.750	%	2002	2022		25,421,969		25,421,969		1,444,776		1,444,776
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2002	2022		26,027,943		26,027,943		1,513,931		1,513,931
USD	LIBOR 6 MONTHS		0.000	%		0.750	%	2002	2022		10,205,208		10,205,208		1,129,094		1,129,094
USD	LIBOR 6 MONTHS		0.803	%		0.750	%	2002	2022		13,084,301		13,084,301		1,479,336		1,479,336
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2002	2022		8,131,098		8,131,098		910,432		910,432
USD	LIBOR 6 MONTHS		0.000	%		0.750	%	2002	2022		45,725,661		45,725,661		5,008,161		5,008,161
USD	LIBOR 6 MONTHS		0.816	%		0.750	%	2002	2022		64,645,578		64,645,578		7,327,302		7,327,302
USD	LIBOR 6 MONTHS		0.803	%		0.750	%	2002	2022		15,868,762		15,868,762		1,799,649		1,799,649
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2002	2022		114,208		114,208		12,508		12,508
USD	LIBOR 6 MONTHS		0.763	%		0.750	%	2002	2022		53,130,639		53,130,639		5,846,804		5,846,804
USD	LIBOR 6 MONTHS		0.803	%		0.750	%	2002	2023		61,588,530		61,588,530		12,948,674		12,948,674
USD	LIBOR 6 MONTHS		0.803	%		0.750	%	2002	2024		176,882,876		176,882,876		53,511,020		53,511,020
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2002	2025		29,581,192		29,581,192		11,360,294		11,360,294
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2002	2025		129,187,219		129,187,219		49,631,136		49,631,136
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2003	2027		152,506,250		152,506,250		83,436,760		83,436,760
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2003	2027		101,942,064		101,942,064		56,627,268		56,627,268
USD	LIBOR 6 MONTHS		5.080	%		0.300	%	2004	2023		44,929,928		44,929,928		6,662,816		6,662,816
USD	LIBOR 6 MONTHS		0.930	%		0.250	%	2004	2024		29,978,871		29,978,871		6,541,277		6,541,277

D-95


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	LIBOR 6 MONTHS		0.960	%		0.250	%	2004	2024		54,410,916		54,410,916		12,251,887		12,251,887
USD	LIBOR 6 MONTHS		0.781	%		0.750	%	2004	2028		51,938,068		51,938,068		30,550,128		30,550,128
USD	LIBOR 6 MONTHS		0.781	%		0.638	%	2004	2028		46,372,874		46,372,874		27,563,628		27,563,628
USD	LIBOR 6 MONTHS		0.960	%		0.250	%	2005	2025		39,549,612		39,549,612		10,558,269		10,558,269
USD	LIBOR 6 MONTHS		0.960	%		0.250	%	2005	2025		14,500,000		14,500,000		4,065,000		4,065,000
USD	LIBOR 6 MONTHS		0.781	%		0.750	%	2005	2025		53,986,553		53,986,553		22,887,534		22,887,534
USD	LIBOR 6 MONTHS		0.764	%		0.750	%	2005	2030		17,547,670		17,547,670		11,818,721		11,818,721
USD	LIBOR 6 MONTHS		0.759	%		0.750	%	2006	2030		143,052,258		143,052,258		94,225,792		94,225,792
USD	LIBOR 6 MONTHS		0.767	%		0.750	%	2007	2022		400,000,000		400,000,000		53,840,000		53,840,000
USD	LIBOR 6 MONTHS		0.403	%		0.750	%	2007	2022		200,000,000		200,000,000		26,920,000		26,920,000
USD	LIBOR 6 MONTHS		0.650	%		0.250	%	2007	2026		25,729,880		25,729,880		11,704,593		11,704,593
USD	LIBOR 6 MONTHS		0.200	%		0.000	%	2007	2027		18,060,078		18,060,078		8,953,740		8,953,740
USD	LIBOR 6 MONTHS		0.367	%		0.150	%	2008	2023		200,000,000		200,000,000		51,395,646		51,395,646
USD	LIBOR 6 MONTHS		0.210	%		0.000	%	2008	2030		41,190,000		41,190,000		34,896,168		34,896,168
USD	LIBOR 6 MONTHS		0.359	%		0.000	%	2009	2024		300,000,000		300,000,000		110,351,994		110,351,994
USD	LIBOR 6 MONTHS		0.367	%		0.000	%	2009	2024		200,000,000		200,000,000		73,567,996		73,567,996
USD	LIBOR 6 MONTHS		0.910	%		0.000	%	2009	2033		275,000		275,000		222,833		222,833
USD	LIBOR 6 MONTHS		0.900	%		0.000	%	2009	2033		47,365,385		47,365,385		39,464,475		39,464,475
USD	LIBOR 6 MONTHS		1.610	%		0.000	%	2009	2033		114,946,690		114,946,690		93,141,303		93,141,303
USD	LIBOR 6 MONTHS		1.610	%		0.000	%	2009	2033		296,075,411		296,075,411		239,909,905		239,909,905
USD	LIBOR 6 MONTHS		0.520	%		0.000	%	2009	2033		20,487,156		20,487,156		17,129,311		17,129,311
USD	LIBOR 6 MONTHS		1.560	%		0.000	%	2009	2034		5,000,000		5,000,000		4,310,000		4,310,000
USD	LIBOR 6 MONTHS		0.680	%		0.000	%	2009	2034		66,954,247		66,954,247		57,622,213		57,622,213
USD	LIBOR 6 MONTHS		0.690	%		0.000	%	2009	2034		750,000,000		750,000,000		645,975,000		645,975,000
USD	LIBOR 6 MONTHS		0.690	%		0.000	%	2009	2034		250,000,000		250,000,000		215,325,000		215,325,000
USD	LIBOR 6 MONTHS		0.503	%		0.150	%	2010	2025		200,000,000		200,000,000		93,678,970		93,678,970
USD	LIBOR 6 MONTHS		0.520	%		0.000	%	2010	2033		99,880,000		99,880,000		83,509,668		83,509,668
USD	LIBOR 6 MONTHS		0.690	%		0.000	%	2010	2034		149,980,000		149,980,000		129,045,646		129,045,646
USD	LIBOR 6 MONTHS		0.690	%		0.000	%	2010	2034		779,674,925		779,674,925		671,534,013		671,534,013
USD	LIBOR 6 MONTHS		0.690	%		0.000	%	2010	2034		200,000,000		200,000,000		177,180,000		177,180,000
USD	LIBOR 6 MONTHS		0.690	%		0.000	%	2010	2034		500,000,000		500,000,000		442,950,000		442,950,000
USD	LIBOR 6 MONTHS		0.690	%		0.000	%	2010	2034		219,770,855		219,770,855		194,695,000		194,695,000
USD	LIBOR 6 MONTHS		0.680	%		0.000	%	2010	2034		18,718,505		18,718,505		16,582,724		16,582,724
USD	LIBOR 6 MONTHS		0.680	%		0.000	%	2010	2034		182,064,708		182,064,708		161,538,794		161,538,794
USD	LIBOR 6 MONTHS		0.365	%		0.150	%	2010	2034		99,481,861		99,481,861		81,744,773		81,744,773
USD	LIBOR 6 MONTHS		0.890	%		0.000	%	2010	2035		200,000,000		200,000,000		181,980,000		181,980,000
USD	LIBOR 6 MONTHS		0.890	%		0.000	%	2010	2035		600,000,000		600,000,000		545,940,000		545,940,000
USD	LIBOR 6 MONTHS		0.364	%		0.150	%	2010	2035		32,221,592		32,221,592		28,537,390		28,537,390
USD	LIBOR 6 MONTHS		0.364	%		0.150	%	2010	2035		39,126,660		39,126,660		33,532,799		33,532,799
USD	LIBOR 6 MONTHS		0.465	%		0.000	%	2011	2025		200,000,000		200,000,000		93,678,970		93,678,970
USD	LIBOR 6 MONTHS		0.890	%		0.000	%	2011	2035		110,618,216		110,618,216		100,651,515		100,651,515
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2011	2035		8,455,448		8,455,448		7,891,470		7,891,470
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2011	2035		525,373,016		525,373,016		490,330,635		490,330,635
USD	LIBOR 6 MONTHS		0.920	%		0.000	%	2011	2035		150,000,000		150,000,000		108,499,204		108,499,204
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2011	2035		44,000,000		44,000,000		33,547,540		33,547,540
USD	LIBOR 6 MONTHS		0.890	%		0.000	%	2011	2035		129,044,476		129,044,476		120,437,209		120,437,209
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2011	2035		228,000,000		228,000,000		209,196,028		209,196,028
USD	LIBOR 6 MONTHS		0.890	%		0.000	%	2011	2036		400,000,000		400,000,000		382,440,000		382,440,000
USD	LIBOR 6 MONTHS		0.780	%		0.500	%	2012	2023		2,000,000,000		2,000,000,000		600,000,000		600,000,000
USD	LIBOR 6 MONTHS		0.567	%		0.150	%	2012	2030		68,628,534		68,628,534		54,676,619		54,676,619
USD	LIBOR 6 MONTHS		0.567	%		0.150	%	2012	2030		56,918,189		56,918,189		45,662,692		45,662,692
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2012	2034		4,114,072		4,114,072		4,114,072		4,114,072
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2012	2036		91,089,216		91,089,216		87,062,478		87,062,478
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2012	2036		77,093,168		77,093,168		75,420,246		75,420,246
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2012	2037		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2012	2037		100,000,000		100,000,000		100,000,000		100,000,000
USD	LIBOR 6 MONTHS		0.880	%		0.000	%	2012	2037		100,000,000		100,000,000		100,000,000		100,000,000
USD	LIBOR 6 MONTHS		0.890	%		0.000	%	2012	2037		260,609,548		260,609,548		260,609,548		260,609,548
USD	LIBOR 6 MONTHS		0.680	%		0.000	%	2013	2029		95,419,264		95,419,264		82,299,115		82,299,115
USD	LIBOR 6 MONTHS		0.603	%		0.150	%	2013	2033		48,757,919		48,757,919		39,113,195		39,113,195
USD	LIBOR 6 MONTHS		0.659	%		0.150	%	2013	2033		17,344,813		17,344,813		14,906,387		14,906,387
USD	LIBOR 6 MONTHS		1.649	%		0.000	%	2013	2033		1,920,255		1,920,255		1,650,291		1,650,291
USD	LIBOR 6 MONTHS		0.780	%		0.000	%	2013	2034		105,364,546		105,364,546		99,727,543		99,727,543
USD	LIBOR 6 MONTHS		0.900	%		0.000	%	2013	2037		634,074,990		634,074,990		633,077,249		633,077,249
USD	LIBOR 6 MONTHS		0.890	%		0.000	%	2013	2037		74,763,379		74,763,379		71,174,464		71,174,464
USD	LIBOR 6 MONTHS		0.680	%		0.000	%	2014	2030		500,000,000		500,000,000		460,400,000		460,400,000
USD	LIBOR 6 MONTHS		0.700	%		0.000	%	2014	2030		500,000,000		500,000,000		500,000,000		500,000,000
USD	LIBOR 6 MONTHS		0.664	%		0.150	%	2014	2031		80,000,000		80,000,000		27,439,934		27,439,934
USD	LIBOR 6 MONTHS		1.554	%		0.150	%	2014	2031		40,000,000		40,000,000		9,657,522		9,657,522
USD	LIBOR 6 MONTHS		0.665	%		0.150	%	2014	2032		71,221,904		71,221,904		64,450,393		64,450,393
USD	LIBOR 6 MONTHS		0.800	%		0.000	%	2014	2033		47,380,000		47,380,000		44,258,147		44,258,147
USD	LIBOR 6 MONTHS		1.549	%		0.150	%	2015	2030		100,000,000		100,000,000		75,000,000		75,000,000
USD	LIBOR 6 MONTHS		1.000	%		0.250	%	2015	2035		500,000,000		500,000,000		476,900,000		476,900,000
USD	LIBOR 6 MONTHS		0.716	%		0.000	%	2016	2031		148,200,000		148,200,000		78,067,623		78,067,623

D-96


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	LIBOR 6 MONTHS		1.350	%		0.250	%	2016	2032		216,500,000		216,500,000		186,450,000		186,450,000
USD	LIBOR 6 MONTHS		1.150	%		0.250	%	2016	2032		216,500,000		216,500,000		186,450,000		186,450,000
USD	LIBOR 6 MONTHS		0.664	%		0.150	%	2016	2033		108,700,000		108,700,000		53,024,200		53,024,200
USD	LIBOR 6 MONTHS		0.990	%		0.250	%	2016	2036		300,000,000		300,000,000		299,550,000		299,550,000
USD	LIBOR 6 MONTHS		1.020	%		0.250	%	2016	2036		400,000,000		400,000,000		400,000,000		400,000,000
USD	LIBOR 6 MONTHS		1.000	%		0.250	%	2016	2037		400,000,000		400,000,000		400,000,000		400,000,000
USD	LIBOR 6 MONTHS		0.900	%		0.250	%	2017	2026		100,000,000		100,000,000		48,164,913		48,164,913
USD	LIBOR 6 MONTHS		0.900	%		0.250	%	2017	2027		100,000,000		100,000,000		48,002,930		48,002,930
USD	LIBOR 6 MONTHS		1.190	%		0.250	%	2017	2030		200,000,000		200,000,000		186,600,000		186,600,000
USD	LIBOR 6 MONTHS		1.050	%		0.250	%	2017	2031		450,000,000		450,000,000		271,586,740		271,586,740
USD	LIBOR 6 MONTHS		1.250	%		0.250	%	2017	2032		125,000,000		125,000,000		71,376,747		71,376,747
USD	LIBOR 6 MONTHS		1.190	%		0.250	%	2017	2032		125,000,000		125,000,000		71,376,747		71,376,747
USD	LIBOR 6 MONTHS		1.557	%		0.150	%	2017	2032		100,000,000		100,000,000		91,666,667		91,666,667
USD	LIBOR 6 MONTHS		0.681	%		0.150	%	2017	2034		500,000,000		500,000,000		283,286,309		283,286,309
USD	LIBOR 6 MONTHS		1.571	%		0.150	%	2017	2034		100,000,000		100,000,000		56,781,294		56,781,294
USD	LIBOR 6 MONTHS		1.460	%		0.250	%	2017	2036		200,000,000		200,000,000		136,925,277		136,925,277
USD	LIBOR 6 MONTHS		1.350	%		0.250	%	2017	2037		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2018	2031		150,000,000		150,000,000		49,297,500		49,297,500
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2018	2031		100,000,000		100,000,000		35,000,000		35,000,000
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2018	2031		300,000,000		300,000,000		18,444,611		18,444,611
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2018	2031		200,000,000		200,000,000		63,710,948		63,710,948
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2018	2032		400,000,000		400,000,000		183,450,000		183,450,000
USD	LIBOR 6 MONTHS		0.880	%		0.250	%	2018	2034		250,000,000		250,000,000		36,438,873		36,438,873
USD	LIBOR 6 MONTHS		1.150	%		0.250	%	2018	2034		250,000,000		250,000,000		36,438,873		36,438,873
USD	LIBOR 6 MONTHS		0.703	%		0.150	%	2018	2037		200,000,000		200,000,000		21,024,582		21,024,582
USD	LIBOR 6 MONTHS		1.350	%		0.250	%	2018	2038		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MONTHS		1.000	%		0.250	%	2019	2032		49,600,000		49,600,000		2,562,500		2,562,500
USD	LIBOR 6 MONTHS		1.000	%		0.250	%	2019	2032		250,000,000		250,000,000		54,000,000		54,000,000
USD	LIBOR 6 MONTHS		1.370	%		0.000	%	2019	2037		55,300,000		55,300,000		13,000,000		13,000,000
USD	LIBOR 6 MONTHS		0.681	%		0.150	%	2019	2037		90,000,000		90,000,000		8,511,351		8,511,351
USD	LIBOR 6 MONTHS		0.663	%		0.150	%	2019	2039		188,000,000		188,000,000		37,380,498		37,380,498
USD	LIBOR 6 MONTHS		0.663	%		0.150	%	2019	2039		109,750,000		109,750,000		6,093,077		6,093,077
USD	LIBOR 6 MONTHS		1.000	%		0.250	%	2020	2032		100,000,000		100,000,000		5,983,095		5,983,095
USD	LIBOR 6 MONTHS		1.000	%		0.250	%	2020	2032		300,000,000		300,000,000		15,170,000		15,170,000
USD	LIBOR 6 MONTHS		1.000	%		0.250	%	2020	2032		150,000,000		150,000,000		22,650,000		22,650,000
USD	LIBOR 6 MONTHS		0.720	%		0.250	%	2020	2032		750,000,000		750,000,000		750,000,000		750,000,000
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2020	2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	LIBOR 6 MONTHS		1.100	%		0.250	%	2020	2033		160,000,000		160,000,000		17,390,000		17,390,000
USD	LIBOR 6 MONTHS		6.671	%		0.250	%	2020	2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2020	2034		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MONTHS		0.780	%		0.250	%	2020	2034		400,000,000		400,000,000		221,000,000		221,000,000
USD	LIBOR 6 MONTHS		0.681	%		0.150	%	2020	2035		500,000,000		500,000,000		500,000,000		500,000,000
USD	LIBOR 6 MONTHS		0.665	%		0.000	%	2020	2036		500,000,000		500,000,000		500,000,000		500,000,000
USD	LIBOR 6 MONTHS		0.950	%		0.250	%	2021	2031		500,000,000		500,000,000		140,000,000		140,000,000
USD	LIBOR 6 MONTHS		0.790	%		0.250	%	2021	2033		800,000,000		800,000,000		800,000,000		800,000,000
USD	NO INTEREST RATE		0.000	%		0.000	%	2008	2026		13,585,521		13,585,521		5,598,537		5,598,537
USD	NO INTEREST RATE		0.000	%		0.000	%	2008	2027		4,584,236		4,584,236		2,289,229		2,289,229
USD	NO INTEREST RATE		0.000	%		0.000	%	2009	2030		51,484,813		51,484,813		51,484,813		51,484,813
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2026		133,605,200		133,605,200		59,651,731		59,651,731
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2027		7,304,212		7,304,212		3,984,116		3,984,116
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2027		5,621,266		5,621,266		3,064,448		3,064,448
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2027		22,919,455		22,919,455		11,459,108		11,459,108
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2027		3,997,338		3,997,338		2,180,366		2,180,366
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2028		19,632,981		19,632,981		11,601,319		11,601,319
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2028		28,794,548		28,794,548		20,091,326		20,091,326
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2028		21,198,322		21,198,322		12,480,073		12,480,073
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2030		26,998,000		26,998,000		18,213,073		18,213,073
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2030		9,000,832		9,000,832		5,297,059		5,297,059
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2030		6,071,773		6,071,773		3,783,545		3,783,545
USD	NO INTEREST RATE		0.000	%		0.000	%	2011	2032		20,359,477		20,359,477		14,930,283		14,930,283
USD	NO INTEREST RATE		0.000	%		0.000	%	2012	2035		65,000,000		65,000,000		30,769,955		30,769,955
USD	NO INTEREST RATE		0.000	%		0.000	%	2013	2028		161,565,869		161,565,869		113,096,108		113,096,108
USD	NO INTEREST RATE		0.000	%		0.000	%	2013	2029		26,323,881		26,323,881		17,948,101		17,948,101
USD	NO INTEREST RATE		0.000	%		0.000	%	2013	2030		102,735,040		102,735,040		102,735,040		102,735,040
USD	NO INTEREST RATE		0.000	%		0.000	%	2013	2033		8,302,857		8,302,857		6,365,524		6,365,524
USD	NO INTEREST RATE		0.000	%		0.000	%	2014	2030		100,000,000		100,000,000		69,924,739		69,924,739
USD	NO INTEREST RATE		0.000	%		0.000	%	2014	2031		160,956,898		160,956,898		160,956,898		160,956,898
USD	NO INTEREST RATE		0.000	%		0.000	%	2016	2030		8,000,000		8,000,000		5,543,845		5,543,845
USD	NO INTEREST RATE		0.000	%		0.000	%	2016	2030		311,760,000		311,760,000		286,092,235		286,092,235
USD	NO INTEREST RATE		0.000	%		0.000	%	2016	2030		10,000,000		10,000,000		8,022,886		8,022,886
USD	NO INTEREST RATE		0.000	%		0.000	%	2016	2030		13,864,704		13,864,704		11,187,555		11,187,555
USD	NO INTEREST RATE		0.000	%		0.000	%	2016	2030		162,600,841		162,600,841		119,160,236		119,160,236
USD	NO INTEREST RATE		0.000	%		0.000	%	2017	2031		235,000,000		235,000,000		111,006,711		111,006,711

D-97


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	NO INTEREST RATE		0.000	%		0.000	%	2017	2032		15,000,000		15,000,000		6,192,534		6,192,534
USD	NO INTEREST RATE		0.000	%		0.000	%	2020	2024		12,153,000		12,153,000		113,205		113,205
USD	NO INTEREST RATE		0.000	%		0.000	%	2020	2030		66,000,000		66,000,000		14,502,000		14,502,000
*BILATERAL*
AUD	FIXED		1.485	%		0.000	%	2020	2035		1,500,000,000		1,089,975,137		1,400,000,000		1,017,310,127
AUD	NO INTEREST RATE		0.000	%		0.000	%	2007	2047		290,024,929		210,746,641		263,922,685		191,779,443
CAD	NO INTEREST RATE		0.000	%		0.000	%	1972	2022		6,000,000		4,711,609		75,000		58,895
CAD	NO INTEREST RATE		0.000	%		0.000	%	1973	2023		22,191,471		17,426,258		1,109,603		871,336
CAD	NO INTEREST RATE		0.000	%		0.000	%	1973	2023		7,023,677		5,515,471		259,924		204,110
CAD	NO INTEREST RATE		0.000	%		0.000	%	1973	2023		27,007,702		21,208,291		977,702		767,758
CAD	NO INTEREST RATE		0.000	%		0.000	%	1973	2024		11,114,464		8,727,835		818,970		643,111
CAD	NO INTEREST RATE		0.000	%		0.000	%	1975	2024		12,417,888		9,751,373		929,388		729,819
CAD	NO INTEREST RATE		0.000	%		0.000	%	1975	2024		1,930,011		1,515,576		104,591		82,132
CAD	NO INTEREST RATE		0.000	%		0.000	%	1976	2024		9,399,999		7,381,521		628,000		493,148
CAD	NO INTEREST RATE		0.000	%		0.000	%	1976	2026		9,951,252		7,814,402		1,118,850		878,598
CAD	NO INTEREST RATE		0.000	%		0.000	%	1977	2027		3,797,864		2,982,342		567,864		445,925
CAD	NO INTEREST RATE		0.000	%		0.000	%	1978	2027		18,482,976		14,514,094		2,740,984		2,152,407
CAD	NO INTEREST RATE		0.000	%		0.000	%	1978	2027		19,479,946		15,296,983		2,729,946		2,143,740
CAD	NO INTEREST RATE		0.000	%		0.000	%	1979	2029		12,847,054		10,088,383		2,569,411		2,017,677
CAD	NO INTEREST RATE		0.000	%		0.000	%	1981	2030		21,059,866		16,537,644		4,738,470		3,720,970
CAD	NO INTEREST RATE		0.000	%		0.000	%	1982	2024		1,480,844		1,162,860		112,094		88,024
CAD	NO INTEREST RATE		0.000	%		0.000	%	1982	2030		31,544,124		24,770,599		7,097,428		5,573,385
CAD	NO INTEREST RATE		0.000	%		0.000	%	1983	2033		14,999,732		11,778,813		4,277,557		3,359,030
CAD	NO INTEREST RATE		0.000	%		0.000	%	1984	2034		855,778		672,016		267,431		210,005
CAD	NO INTEREST RATE		0.000	%		0.000	%	1984	2035		49,977,499		39,245,743		16,727,499		13,135,574
CAD	NO INTEREST RATE		0.000	%		0.000	%	2002	2023		10,880,982		8,544,489		1,632,147		1,281,673
CHF	NO INTEREST RATE		0.000	%		0.000	%	2002	2023		5,666,667		6,202,909		850,000		930,436
CNY	FIXED		2.500	%		0.350	%	2008	2025		1,550,083,480		243,674,035		542,529,218		85,285,912
DKK	NO INTEREST RATE		0.000	%		0.000	%	2002	2023		19,733,332		3,002,291		2,960,000		450,344
EUR	EURIBOR 6 MONTHS		0.050	%		0.250	%	2018	2029		200,000,000		226,309,987		188,236,000		212,998,434
EUR	EURIBOR 6 MONTHS		0.050	%		0.250	%	2018	2029		200,000,000		226,309,987		188,236,000		212,998,434
EUR	EURIBOR 6 MONTHS		0.000	%		0.250	%	2019	2031		500,000,000		565,774,968		500,000,000		565,774,968
EUR	EURIBOR 6 MONTHS		0.000	%		0.250	%	2020	2032		250,000,000		282,887,484		250,000,000		282,887,484
EUR	EURIBOR 6 MONTHS		0.000	%		0.250	%	2020	2032		300,000,000		339,464,981		300,000,000		339,464,981
EUR	EURIBOR 6 MONTHS		0.170	%		0.250	%	2021	2036		85,700,000		96,973,830		345,114		390,513
EUR	EURIBOR 6 MONTHS		0.960	%		0.200	%	2021	2039		89,008,005		100,717,003		100,000		113,155
EUR	FIXED		2.000	%		0.000	%	1980	2022		18,104,111		20,485,705		3,134		3,546
EUR	FIXED		2.000	%		0.000	%	1981	2022		19,780,036		22,382,098		11,592		13,117
EUR	FIXED		2.000	%		0.000	%	1982	2022		12,193,549		13,797,610		182,122		206,081
EUR	FIXED		2.000	%		0.000	%	1982	2023		22,834,194		25,838,030		18,848		21,327
EUR	FIXED		0.750	%		0.000	%	1982	2030		4,729,450		5,351,609		196,336		222,164
EUR	FIXED		1.500	%		0.000	%	1983	2022		4,691,856		5,309,069		5,395		6,105
EUR	FIXED		1.500	%		0.000	%	1983	2024		11,820,946		13,375,990		24,699		27,949
EUR	FIXED		1.500	%		0.000	%	1983	2024		17,419,325		19,710,836		296,671		335,698
EUR	FIXED		1.500	%		0.000	%	1984	2023		27,187,576		30,764,100		191,149		216,294
EUR	FIXED		1.500	%		0.000	%	1984	2023		9,390,859		10,626,226		169,725		192,052
EUR	FIXED		0.750	%		0.000	%	1984	2034		27,251,857		30,836,837		760,802		860,886
EUR	FIXED		0.750	%		0.000	%	1984	2034		26,570,305		30,065,627		760,802		860,886
EUR	FIXED		1.500	%		0.000	%	1985	2027		26,359,240		29,826,797		424,425		480,259
EUR	FIXED		1.500	%		0.000	%	1987	2025		34,256,162		38,762,558		2,544,164		2,878,849
EUR	FIXED		2.000	%		0.000	%	1988	2022		5,158,481		5,837,079		575,283		650,961
EUR	FIXED		1.500	%		0.000	%	1988	2022		7,351,926		8,319,071		445,812		504,459
EUR	FIXED		1.500	%		0.000	%	1988	2022		6,342,039		7,176,334		595,851		674,235
EUR	FIXED		2.000	%		0.000	%	1989	2024		33,043,770		37,390,676		5,390,717		6,099,865
EUR	FIXED		2.000	%		0.000	%	1989	2024		28,503,046		32,252,620		2,670,665		3,021,991
EUR	FIXED		2.000	%		0.000	%	1989	2024		33,122,379		37,479,626		7,299,660		8,259,930
EUR	FIXED		0.750	%		0.000	%	1989	2029		20,451,675		23,142,092		4,695,705		5,313,424
EUR	FIXED		2.000	%		0.000	%	1990	2026		37,767,403		42,735,702		8,603,348		9,735,118
EUR	FIXED		2.000	%		0.000	%	1991	2025		19,223,588		21,752,450		2,128,541		2,408,550
EUR	FIXED		2.000	%		0.000	%	1991	2025		8,402,989		9,508,402		1,638,861		1,854,453
EUR	FIXED		0.750	%		0.000	%	1991	2031		79,311,597		89,745,032		24,972,007		28,257,073
EUR	FIXED		2.000	%		0.000	%	1991	2031		17,383,924		19,670,778		1,016,960		1,150,740
EUR	FIXED		0.750	%		0.000	%	1991	2033		58,747,437		66,475,659		20,293,175		22,962,740
EUR	FIXED		3.500	%		0.000	%	1992	2022		13,526,460		15,305,865		21,039		23,806
EUR	FIXED		0.750	%		0.000	%	1992	2032		20,093,771		22,737,105		5,022,420		5,683,119
EUR	FIXED		0.750	%		0.000	%	1992	2032		9,816,804		11,108,204		2,914,364		3,297,748
EUR	FIXED		2.000	%		0.000	%	1993	2023		11,043,905		12,496,730		538,902		609,794
EUR	FIXED		2.000	%		0.000	%	1993	2023		23,519,427		26,613,406		674,662		763,413
EUR	FIXED		2.000	%		0.000	%	1993	2023		23,723,943		26,844,827		1,807,928		2,045,761
EUR	FIXED		0.750	%		0.000	%	1993	2033		10,839,388		12,265,309		4,161,405		4,708,837
EUR	FIXED		0.750	%		0.000	%	1993	2033		36,659,628		41,482,200		3,414,919		3,864,151
EUR	FIXED		0.500	%		0.000	%	1993	2035		13,102,993		14,826,691		5,910,754		6,688,313
EUR	FIXED		0.500	%		0.000	%	1993	2036		47,838,742		54,131,926		24,735,430		27,989,374

D-98


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
EUR	FIXED		0.500	%		0.000	%	1993	2038		63,683,736		72,061,328		29,627,547		33,525,049
EUR	FIXED		0.750	%		0.250	%	1994	2034		9,246,474		10,462,847		2,525,050		2,857,221
EUR	FIXED		0.750	%		0.250	%	1995	2035		10,276,967		11,628,901		2,270,136		2,568,772
EUR	FIXED		0.750	%		0.250	%	1995	2035		8,513,009		9,632,895		3,692,010		4,177,693
EUR	FIXED		0.750	%		0.250	%	1995	2035		14,902,735		16,863,189		6,718,735		7,602,584
EUR	FIXED		0.750	%		0.000	%	1995	2035		11,654,155		13,187,258		5,248,962		5,939,463
EUR	FIXED		0.750	%		0.250	%	1995	2035		21,609,069		24,451,740		9,498,069		10,747,539
EUR	FIXED		0.250	%		0.000	%	1995	2037		40,998,276		46,391,597		16,507,160		18,678,676
EUR	FIXED		0.250	%		0.000	%	1996	2026		45,463,607		51,444,342		16,192,445		18,322,560
EUR	FIXED		3.500	%		0.000	%	1997	2024		39,703,257		44,926,218		6,617,210		7,487,703
EUR	FIXED		3.500	%		0.000	%	1997	2024		26,162,220		29,603,859		3,633,642		4,111,647
EUR	FIXED		3.500	%		0.000	%	1997	2024		10,896,067		12,329,443		1,816,011		2,054,907
EUR	FIXED		3.500	%		0.000	%	1997	2026		29,601,112		33,495,136		8,222,531		9,304,205
EUR	FIXED		0.250	%		0.000	%	1997	2031		12,337,977		13,961,037		6,023,376		6,815,751
EUR	FIXED		0.250	%		0.000	%	1997	2033		15,683,500		17,746,663		7,193,409		8,139,702
EUR	FIXED		3.500	%		0.000	%	1998	2023		32,681,718		36,980,996		3,631,302		4,109,000
EUR	FIXED		3.500	%		0.000	%	1998	2024		2,172,918		2,458,765		362,153		409,794
EUR	FIXED		3.500	%		0.000	%	1998	2024		2,165,651		2,450,542		360,942		408,424
EUR	FIXED		3.500	%		0.000	%	1998	2026		20,481,742		23,176,114		5,689,373		6,437,809
EUR	FIXED		3.500	%		0.000	%	1998	2026		15,647,789		17,706,255		3,911,947		4,426,564
EUR	FIXED		3.500	%		0.000	%	1998	2026		34,193,032		38,691,123		9,498,064		10,747,534
EUR	FIXED		3.500	%		0.000	%	1998	2027		11,118,944		12,581,640		3,706,314		4,193,880
EUR	FIXED		3.500	%		0.000	%	1998	2029		24,898,896		28,174,344		10,374,540		11,739,310
EUR	FIXED		0.630	%		0.000	%	1998	2031		2,285,816		2,586,515		1,049,311		1,187,348
EUR	FIXED		0.750	%		0.240	%	1998	2038		12,271,005		13,885,255		6,749,053		7,636,890
EUR	FIXED		0.750	%		0.250	%	1998	2038		10,946,906		12,386,970		5,977,148		6,763,442
EUR	FIXED		3.500	%		0.000	%	1999	2024		22,262,341		25,190,951		3,710,390		4,198,492
EUR	FIXED		3.500	%		0.000	%	1999	2024		28,509,806		32,260,269		3,959,695		4,480,593
EUR	FIXED		3.500	%		0.000	%	1999	2024		28,649,483		32,418,320		3,979,095		4,502,544
EUR	FIXED		3.500	%		0.000	%	1999	2024		28,814,783		32,605,366		4,002,053		4,528,523
EUR	FIXED		3.500	%		0.000	%	1999	2024		22,435,697		25,387,112		3,116,069		3,525,988
EUR	FIXED		2.200	%		0.000	%	1999	2025		15,882,219		17,971,524		4,175,257		4,724,512
EUR	FIXED		3.500	%		0.000	%	1999	2026		21,667,405		24,517,751		6,018,724		6,810,487
EUR	FIXED		3.500	%		0.000	%	1999	2027		68,632,225		77,660,789		20,970,958		23,729,686
EUR	FIXED		0.750	%		0.250	%	1999	2039		76,609,992		86,688,031		42,700,638		48,317,904
EUR	FIXED		0.750	%		0.250	%	1999	2039		11,759,713		13,306,703		6,748,030		7,635,733
EUR	FIXED		0.750	%		0.250	%	2000	2040		14,622,948		16,546,596		8,779,904		9,934,900
EUR	FIXED		0.750	%		0.250	%	2000	2040		8,087,557		9,151,475		4,860,557		5,499,963
EUR	FIXED		2.000	%		0.250	%	2001	2031		9,428,222		10,668,504		4,141,464		4,686,274
EUR	FIXED		0.750	%		0.250	%	2001	2035		2,652,707		3,001,671		1,433,707		1,622,311
EUR	FIXED		0.750	%		0.250	%	2001	2041		19,186,859		21,710,889		11,952,529		13,524,883
EUR	FIXED		0.750	%		0.250	%	2001	2041		20,221,795		22,881,971		13,143,890		14,872,967
EUR	FIXED		1.950	%		0.000	%	2002	2023		106,768,936		120,814,383		3,047,667		3,448,587
EUR	FIXED		3.500	%		0.000	%	2002	2023		487,625		551,772		73,144		82,766
EUR	FIXED		2.950	%		0.000	%	2002	2023		127,398,151		144,157,370		19,109,723		21,623,606
EUR	FIXED		2.500	%		0.000	%	2002	2023		87,951,147		99,521,115		13,192,671		14,928,166
EUR	FIXED		2.500	%		0.000	%	2002	2023		1,171,714		1,325,852		175,755		198,876
EUR	FIXED		2.350	%		0.000	%	2002	2024		9,365,347		10,597,358		1,626,370		1,840,319
EUR	FIXED		5.890	%		0.250	%	2002	2042		74,649,000		84,469,071		24,497,000		27,719,579
EUR	FIXED		0.750	%		0.250	%	2002	2042		14,762,878		16,704,933		5,125,000		5,799,193
EUR	FIXED		0.200	%		0.000	%	2003	2038		10,840,484		12,266,549		7,300,734		8,261,146
EUR	FIXED		0.750	%		0.250	%	2003	2043		10,500,383		11,881,708		7,290,142		8,249,160
EUR	FIXED		2.350	%		0.000	%	2004	2025		2,456,933		2,780,143		731,590		827,831
EUR	FIXED		0.750	%		0.250	%	2004	2044		9,000,000		10,183,949		6,501,000		7,356,206
EUR	FIXED		0.750	%		0.000	%	2004	2044		74,927,500		84,784,208		30,792,000		34,842,686
EUR	FIXED		0.750	%		0.250	%	2005	2044		48,496,003		54,875,649		19,872,931		22,487,214
EUR	FIXED		0.750	%		0.250	%	2006	2045		6,000,000		6,789,300		4,700,000		5,318,285
EUR	FIXED		0.750	%		0.250	%	2006	2046		8,821,144		9,981,565		7,204,144		8,151,849
EUR	FIXED		0.150	%		0.000	%	2007	2037		13,594,264		15,382,589		13,594,264		15,382,589
EUR	FIXED		1.000	%		0.000	%	2008	2028		36,800,000		41,641,038		23,602,984		26,707,955
EUR	FIXED		0.150	%		0.000	%	2008	2038		10,198,683		11,540,319		10,198,683		11,540,319
EUR	FIXED		0.150	%		0.000	%	2008	2038		8,554,233		9,679,542		8,554,233		9,679,542
EUR	FIXED		0.150	%		0.000	%	2008	2039		6,888,832		7,795,057		6,888,832		7,795,057
EUR	FIXED		0.750	%		0.250	%	2009	2049		30,887,392		34,950,626		20,297,392		22,967,513
EUR	FIXED		0.150	%		0.000	%	2010	2040		3,695,046		4,181,129		3,695,046		4,181,129
EUR	FIXED		1.000	%		0.000	%	2011	2034		30,299,373		34,285,254		23,202,577		26,254,875
EUR	FIXED		0.150	%		0.000	%	2011	2046		7,349,159		8,315,940		7,349,159		8,315,940
EUR	FIXED		0.750	%		0.250	%	2011	2051		19,000,000		21,499,449		18,504,731		20,939,027
EUR	FIXED		2.270	%		0.600	%	2013	2022		189,512,796		214,443,192		23,689,099		26,805,399
EUR	FIXED		2.300	%		0.250	%	2013	2028		75,000,000		84,866,245		38,052,718		43,058,551
EUR	FIXED		3.090	%		0.000	%	2013	2031		74,700,000		84,526,780		53,357,143		60,376,272
EUR	FIXED		0.150	%		0.000	%	2013	2051		12,430,001		14,065,166		12,430,001		14,065,166
EUR	FIXED		2.000	%		0.400	%	2014	2029		15,312,037		17,326,335		11,353,280		12,846,803

D-99


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT					OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)			(In Original Currency)		(In US Dollar)
EUR	FIXED		0.400	%		0.400	%	2014	2034		11,523,700		13,039,642			11,523,700		13,039,642
EUR	FIXED		0.220	%		0.000	%	2014	2037		47,677,098		53,949,017			47,677,098		53,949,017
EUR	FIXED		2.060	%		0.000	%	2015	2033		140,000,000		158,416,991			129,230,769		146,231,069
EUR	FIXED		0.400	%		0.400	%	2015	2034		7,730,000		8,746,881			7,730,000		8,746,881
EUR	FIXED		2.080	%		0.000	%	2016	2034		100,000,000		113,154,994			100,000,000		113,154,994
EUR	FIXED		0.150	%		0.000	%	2016	2054		6,979,739		7,897,924			6,979,739		7,897,924
EUR	FIXED		1.300	%		0.250	%	2017	2028		200,000,000		226,309,987			164,708,000		186,375,327
EUR	FIXED		1.250	%		0.000	%	2017	2028		200,000,000		226,309,987			164,708,000		186,375,327
EUR	FIXED		1.410	%		0.500	%	2017	2032		150,000,000		169,732,491			150,000,000		169,732,491
EUR	FIXED		1.900	%		0.000	%	2017	2032		100,000,000		113,154,994			100,000,000		113,154,994
EUR	FIXED		2.550	%		0.250	%	2017	2032		30,000,000		33,946,498			11,399,073		12,898,620
EUR	FIXED		1.620	%		0.000	%	2018	2028		150,000,000		169,732,491			150,000,000		169,732,491
EUR	FIXED		1.620	%		0.000	%	2018	2028		150,000,000		169,732,491			150,000,000		169,732,491
EUR	FIXED		0.400	%		0.400	%	2019	2023		20,250,000		22,913,886			10,125,000		11,456,943
EUR	FIXED		0.330	%		0.500	%	2019	2031		20,779,100		23,512,589			13,999,617		15,841,265
EUR	FIXED		0.400	%		0.400	%	2019	2032		114,750,000		129,845,355			65,483,388		74,097,724
EUR	FIXED		1.230	%		0.000	%	2020	2030		100,000,000		113,154,994			100,000,000		113,154,994
EUR	FIXED		0.990	%		0.000	%	2020	2030		100,000,000		113,154,994			100,000,000		113,154,994
EUR	FIXED		1.360	%		0.000	%	2021	2031		100,000,000		113,154,994			100,000,000		113,154,994
EUR	NO INTEREST RATE		0.000	%		0.000	%	1993	2023		6,197,338		7,012,598			619,734		701,260
EUR	NO INTEREST RATE		0.000	%		0.000	%	1994	2024		4,957,713		5,609,900			745,605		843,690
EUR	NO INTEREST RATE		0.000	%		0.000	%	1996	2033		1,801,799		2,038,825			1,081,079		1,223,295
EUR	NO INTEREST RATE		0.000	%		0.000	%	2002	2023		13,287,969		15,036,000			1,993,195		2,255,400
EUR	NO INTEREST RATE		0.000	%		0.150	%	2008	2023		6,102,500		6,905,283			1,220,500		1,381,057
EUR	NO INTEREST RATE		1.950	%		0.000	%	2011	2023		13,589,779		15,377,513			2,815,337		3,185,695
EUR	NO INTEREST RATE		0.000	%		0.250	%	2012	2027		8,000,000		9,052,399			4,800,000		5,431,440
EUR	NO INTEREST RATE		0.000	%		0.250	%	2012	2027		8,000,000		9,052,399			4,800,000		5,431,440
EUR	NO INTEREST RATE		0.000	%		0.250	%	2018	2029		300,000,000		339,464,981			282,353,000		319,496,519
EUR	NO INTEREST RATE		0.000	%		0.400	%	2018	2043		12,500,000		14,144,374			12,500,000		14,144,374
EUR	NO INTEREST RATE		0.000	%		0.400	%	2018	2043		12,000,000		13,578,599			12,000,000		13,578,599
EUR	NO INTEREST RATE		0.000	%		0.000	%	2018	2055		42,782,878		48,410,963			14,546,279		16,459,841
EUR	NO INTEREST RATE		0.000	%		0.000	%	2019	2048		12,400,000		14,031,219			9,711,285		10,988,804
EUR	NO INTEREST RATE		0.000	%		0.400	%	2020	2046		8,000,000		9,052,399			7,258,815		8,213,711
EUR	NO INTEREST RATE		0.000	%		0.400	%	2020	2048		14,883,000		16,840,858			5,965,509		6,750,272
EUR	NO INTEREST RATE		0.000	%		0.000	%	2021	2022		45,102,666		51,035,918			18,394,825		20,814,663
EUR	NO INTEREST RATE		0.000	%		0.250	%	2021	2032		200,000,000		226,309,987			200,000,000		226,309,987
EUR	NO INTEREST RATE		0.000	%		0.450	%	2021	2049		12,599,493		14,256,956			3,329,288		3,767,255
GBP	FIXED		3.343	%		0.000	%	1997	2022		18,955,088		25,615,906			1,053,060		1,423,106
JPY	COMMERCIAL INTEREST REFERENCE RATE		2.200	%		0.200	%	2012	2025		1,412,670,247		12,272,887			371,537,635		3,227,816
JPY	FIXED		2.600	%		0.000	%��	1992	2022		7,467,391,930		64,874,628			363,546,000		3,158,387
JPY	FIXED		2.600	%		0.000	%	1992	2022		2,897,870,095		25,175,891			141,358,000		1,228,079
JPY	FIXED		2.600	%		0.000	%	1992	2022		4,425,641,115		38,448,741			215,884,000		1,875,540
JPY	FIXED		2.600	%		0.000	%	1992	2022		15,575,368,644		135,314,479			759,772,000		6,600,688
JPY	FIXED		2.600	%		0.000	%	1992	2022		9,906,513,776		86,065,041			483,244,000		4,198,290
JPY	FIXED		2.600	%		0.000	%	1992	2022		3,056,748,027		26,556,178			149,108,000		1,295,409
JPY	FIXED		2.600	%		0.000	%	1992	2022		1,703,332,270		14,798,078			83,086,000		721,828
JPY	FIXED		2.600	%		0.000	%	1992	2022		3,928,065,926		34,125,946			191,612,000		1,664,672
JPY	FIXED		2.600	%		0.000	%	1992	2022		436,534,443		3,792,490			21,292,000		184,979
JPY	FIXED		2.600	%		0.000	%	1992	2022		3,236,198,575		28,115,195			157,860,000		1,371,444
JPY	FIXED		2.600	%		0.000	%	1992	2022		580,619,754		5,044,263			28,322,000		246,054
JPY	FIXED		2.600	%		0.000	%	1992	2022		2,816,681,234		24,470,545			137,396,000		1,193,658
JPY	FIXED		2.600	%		0.000	%	1992	2022		1,033,537,194		8,979,084			50,414,000		437,983
JPY	FIXED		2.600	%		0.000	%	1992	2022		1,580,332,873		13,729,493			77,086,000		669,702
JPY	FIXED		2.600	%		0.000	%	1992	2022		424,812,454		3,690,653			20,722,000		180,027
JPY	FIXED		2.600	%		0.000	%	1992	2022		66,170,000,000		574,866,589			3,227,804,000		28,042,265
JPY	FIXED		2.500	%		0.000	%	1992	2022		15,891,138,604		138,057,800			775,176,000		6,734,514
JPY	FIXED		2.600	%		0.000	%	1993	2023		10,893,524,544		94,639,917			795,018,000		6,906,896
JPY	FIXED		2.600	%		0.000	%	1993	2023		3,960,752,566		34,409,919			386,412,000		3,357,040
JPY	FIXED		2.600	%		0.000	%	1993	2023		6,397,467,654		55,579,423			549,932,000		4,777,657
JPY	FIXED		2.600	%		0.000	%	1993	2023		2,639,825,048		22,934,067	��		257,540,000		2,237,436
JPY	FIXED		2.600	%		0.000	%	1993	2023		14,436,128,844		125,417,079			1,408,400,000		12,235,788
JPY	FIXED		2.600	%		0.000	%	1993	2023		15,642,355,559		135,896,442			1,525,732,000		13,255,136
JPY	FIXED		2.600	%		0.000	%	1993	2023		7,883,982,207		68,493,849			769,164,000		6,682,283
JPY	FIXED		2.600	%		0.000	%	1993	2023		18,829,628,283		163,586,583			1,837,032,000		15,959,624
JPY	FIXED		2.600	%		0.000	%	1993	2023		3,233,664,341		28,093,178			315,476,000		2,740,768
JPY	FIXED		2.600	%		0.000	%	1993	2023		5,949,463,489		51,687,287			580,432,000		5,042,632
JPY	FIXED		2.600	%		0.000	%	1993	2023		7,863,978,067		68,320,058			767,212,000		6,665,325
JPY	FIXED		2.600	%		0.000	%	1993	2023		3,366,260,156		29,245,134			328,412,000		2,853,152
JPY	FIXED		2.600	%		0.000	%	1993	2023		2,756,901,453		23,951,194			268,960,000		2,336,650
JPY	FIXED		2.600	%		0.000	%	1993	2023		6,850,333,594		59,513,796			668,320,000		5,806,179
JPY	FIXED		2.600	%		0.000	%	1993	2023		7,673,368,311		66,664,094			735,536,000		6,390,133

D-100


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
JPY	FIXED		2.600	%		0.000	%	1993	2023		707,632,393		6,147,714		69,036,000		599,766
JPY	FIXED		2.600	%		0.000	%	1993	2023		5,463,929,142		47,469,099		533,040,000		4,630,904
JPY	FIXED		2.600	%		0.000	%	1993	2023		483,543,684		4,200,893		47,168,000		409,782
JPY	FIXED		2.600	%		0.000	%	1993	2023		444,688,561		3,863,331		43,380,000		376,873
JPY	FIXED		2.600	%		0.000	%	1993	2023		34,056,000,000		295,869,073		3,322,536,000		28,865,270
JPY	FIXED		2.600	%		0.000	%	1994	2024		3,449,912,720		29,971,884		504,864,000		4,386,118
JPY	FIXED		2.600	%		0.000	%	1994	2024		8,076,289,375		70,164,560		1,181,892,000		10,267,950
JPY	FIXED		2.600	%		0.000	%	1994	2024		11,451,116,629		99,484,122		1,675,764,000		14,558,572
JPY	FIXED		2.600	%		0.000	%	1994	2024		3,219,283,472		27,968,241		445,002,000		3,866,054
JPY	FIXED		2.600	%		0.000	%	1994	2024		6,440,775,079		55,955,666		942,546,000		8,188,578
JPY	FIXED		2.600	%		0.000	%	1994	2024		7,038,459,499		61,148,182		1,030,014,000		8,948,476
JPY	FIXED		2.600	%		0.000	%	1994	2024		7,206,296,453		62,606,303		1,053,882,000		9,155,834
JPY	FIXED		2.600	%		0.000	%	1994	2024		10,840,293,972		94,177,464		1,586,382,000		13,782,046
JPY	FIXED		2.600	%		0.000	%	1994	2024		13,290,116,692		115,460,844		1,944,894,000		16,896,699
JPY	FIXED		2.600	%		0.000	%	1994	2024		2,451,784,586		21,300,424		358,794,000		3,117,103
JPY	FIXED		2.600	%		0.000	%	1994	2024		5,231,165,396		45,446,913		759,540,000		6,598,673
JPY	FIXED		2.600	%		0.000	%	1994	2024		2,743,422,667		23,834,094		401,472,000		3,487,877
JPY	FIXED		2.600	%		0.000	%	1994	2024		6,935,362,586		60,252,505		1,014,930,000		8,817,430
JPY	FIXED		2.600	%		0.000	%	1994	2024		7,180,165,620		62,379,285		1,050,750,000		9,128,624
JPY	FIXED		2.600	%		0.000	%	1994	2024		2,074,509,829		18,022,765		303,582,000		2,637,436
JPY	FIXED		2.600	%		0.000	%	1994	2024		781,595,670		6,790,286		114,372,000		993,632
JPY	FIXED		2.600	%		0.000	%	1994	2024		20,998,735,857		182,431,187		3,072,984,000		26,697,232
JPY	FIXED		2.600	%		0.000	%	1994	2024		29,171,489		253,434		4,266,000		37,062
JPY	FIXED		2.600	%		0.000	%	1994	2024		326,320,694		2,834,984		47,748,000		414,821
JPY	FIXED		2.600	%		0.000	%	1994	2024		288,078,933		2,502,750		42,150,000		366,187
JPY	FIXED		2.600	%		0.000	%	1994	2024		20,844,000,000		181,086,885		3,050,340,000		26,500,507
JPY	FIXED		2.300	%		0.000	%	1995	2025		934,666,009	��	8,120,119		182,368,000		1,584,363
JPY	FIXED		2.500	%		0.000	%	1995	2025		16,269,800,349		141,347,508		3,167,344,000		27,517,005
JPY	FIXED		2.500	%		0.000	%	1995	2025		2,699,554,273		23,452,978		526,720,000		4,575,997
JPY	FIXED		2.500	%		0.000	%	1995	2025		11,416,106,238		99,179,962		2,227,520,000		19,352,075
JPY	FIXED		2.500	%		0.000	%	1995	2025		5,854,899,193		50,865,739		1,142,408,000		9,924,924
JPY	FIXED		2.500	%		0.000	%	1995	2025		2,788,907,810		24,229,257		544,160,000		4,727,511
JPY	FIXED		2.300	%		0.000	%	1995	2025		3,221,493,655		27,987,442		605,760,000		5,262,675
JPY	FIXED		2.500	%		0.000	%	1995	2025		2,833,282,030		24,614,768		526,960,000		4,578,082
JPY	FIXED		2.500	%		0.000	%	1995	2025		5,313,543,703		46,162,592		1,036,776,000		9,007,222
JPY	FIXED		2.300	%		0.000	%	1995	2025		10,780,551,260		93,658,436		2,103,504,000		18,274,659
JPY	FIXED		2.300	%		0.000	%	1995	2025		4,810,783,364		41,794,750		938,672,000		8,154,922
JPY	FIXED		2.300	%		0.000	%	1995	2025		4,399,191,845		38,218,957		858,360,000		7,457,193
JPY	FIXED		2.500	%		0.000	%	1995	2025		6,043,377,777		52,503,188		1,179,176,000		10,244,354
JPY	FIXED		2.500	%		0.000	%	1995	2025		4,063,855,000		35,305,644		736,376,000		6,397,430
JPY	FIXED		2.300	%		0.000	%	1995	2025		3,845,709,495		33,410,456		744,664,000		6,469,434
JPY	FIXED		2.300	%		0.000	%	1995	2025		11,723,113,208		101,847,153		1,940,232,000		16,856,197
JPY	FIXED		2.500	%		0.000	%	1995	2025		12,070,722,652		104,867,087		2,327,984,000		20,224,879
JPY	FIXED		2.500	%		0.000	%	1995	2025		6,767,086,104		58,790,565		1,320,400,000		11,471,269
JPY	FIXED		2.500	%		0.000	%	1995	2025		2,796,236,510		24,292,926		545,592,000		4,739,952
JPY	FIXED		2.300	%		0.000	%	1995	2025		351,467,896		3,053,456		68,568,000		595,700
JPY	FIXED		2.300	%		0.000	%	1995	2025		194,000,000		1,685,418		37,848,000		328,813
JPY	FIXED		2.500	%		0.000	%	1995	2025		17,312,000,000		150,401,850		3,377,944,000		29,346,640
JPY	FIXED		2.700	%		0.000	%	1996	2026		1,638,883,994		14,238,169		399,700,000		3,472,483
JPY	FIXED		2.700	%		0.000	%	1996	2026		6,760,714,022		58,735,206		1,648,950,000		14,325,620
JPY	FIXED		2.700	%		0.000	%	1996	2026		4,044,399,437		35,136,619		972,720,000		8,450,721
JPY	FIXED		2.700	%		0.000	%	1996	2026		4,897,893,000		42,551,535		1,037,170,000		9,010,645
JPY	FIXED		2.700	%		0.000	%	1996	2026		10,179,763,353		88,438,958		2,482,480,000		21,567,097
JPY	FIXED		2.700	%		0.000	%	1996	2026		5,638,684,098		48,987,322		1,375,270,000		11,947,964
JPY	FIXED		2.700	%		0.000	%	1996	2026		13,737,371,078		119,346,466		2,855,070,000		24,804,056
JPY	FIXED		2.700	%		0.000	%	1996	2026		5,988,924,586		52,030,114		1,460,690,000		12,690,069
JPY	FIXED		2.700	%		0.000	%	1996	2026		971,466,270		8,439,829		236,930,000		2,058,382
JPY	FIXED		2.700	%		0.000	%	1996	2026		4,997,313,008		43,415,268		1,218,840,000		10,588,944
JPY	FIXED		2.700	%		0.000	%	1996	2026		12,866,917,324		111,784,205		3,138,240,000		27,264,158
JPY	FIXED		2.700	%		0.000	%	1996	2026		10,327,876,843		89,725,727		2,484,350,000		21,583,343
JPY	FIXED		2.500	%		0.000	%	1996	2026		2,810,949,132		24,420,746		685,580,000		5,956,129
JPY	FIXED		2.500	%		0.000	%	1996	2026		8,769,146,199		76,183,908		2,113,830,000		18,364,368
JPY	FIXED		2.700	%		0.000	%	1996	2026		9,933,865,838		86,302,668		2,343,120,000		20,356,376
JPY	FIXED		2.700	%		0.000	%	1996	2026		4,612,342,063		40,070,747		1,063,090,000		9,235,831
JPY	FIXED		2.700	%		0.000	%	1996	2026		6,023,804,059		52,333,137		1,469,200,000		12,764,002
JPY	FIXED		2.700	%		0.000	%	1996	2026		5,403,909,048		46,947,662		1,318,000,000		11,450,418
JPY	FIXED		2.700	%		0.000	%	1996	2026		436,583,101		3,792,913		105,210,000		914,035
JPY	FIXED		2.700	%		0.000	%	1996	2026		1,271,465,139		11,046,136		310,100,000		2,694,063
JPY	FIXED		2.700	%		0.000	%	1996	2026		4,618,666,272		40,125,690		1,126,480,000		9,786,545
JPY	FIXED		2.700	%		0.000	%	1996	2026		16,005,000,000		139,046,997		3,903,650,000		33,913,827
JPY	FIXED		2.700	%		0.000	%	1998	2028		2,665,501,317		23,157,135		845,130,000		7,342,255
JPY	FIXED		2.700	%		0.000	%	1998	2028		26,783,193,096		232,684,946		8,374,483,000		72,755,183
JPY	FIXED		2.700	%		0.000	%	1998	2028		4,762,885,004		41,378,623		1,510,158,000		13,119,833

D-101


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
JPY	FIXED		2.700	%		0.000	%	1998	2028		7,906,192,340		68,686,804		2,469,935,000		21,458,110
JPY	FIXED		2.700	%		0.000	%	1998	2028		8,742,020,786		75,948,250		2,771,223,000		24,075,616
JPY	FIXED		2.700	%		0.000	%	1998	2028		7,454,120,226		64,759,327		2,205,723,000		19,162,709
JPY	FIXED		2.700	%		0.000	%	1998	2028		8,093,719,955		70,315,992		2,566,278,000		22,295,111
JPY	FIXED		2.700	%		0.000	%	1998	2028		2,509,432,920		21,801,257		795,652,000		6,912,404
JPY	FIXED		2.700	%		0.000	%	1998	2028		2,894,769,534		25,148,954		902,811,000		7,843,371
JPY	FIXED		2.700	%		0.000	%	1998	2028		6,479,673,714		56,293,606		2,028,975,000		17,627,171
JPY	FIXED		2.500	%		0.000	%	1998	2028		9,323,394,424		80,999,062		2,946,801,000		25,600,989
JPY	FIXED		2.100	%		0.000	%	1998	2028		411,741,033		3,577,092		130,546,000		1,134,147
JPY	FIXED		2.500	%		0.000	%	1998	2028		4,567,508,445		39,681,245		1,446,965,000		12,570,830
JPY	FIXED		2.700	%		0.000	%	1998	2028		9,148,152,658		79,476,610		2,900,599,000		25,199,599
JPY	FIXED		2.700	%		0.000	%	1998	2028		16,008,569,778		139,078,010		5,075,850,000		44,097,576
JPY	FIXED		2.700	%		0.000	%	1998	2028		29,283,319,347		254,405,349		7,983,768,000		69,360,760
JPY	FIXED		2.300	%		0.000	%	1998	2028		902,092,741		7,837,131		286,013,000		2,484,802
JPY	FIXED		2.300	%		0.000	%	1998	2028		428,467,622		3,722,408		135,837,000		1,180,114
JPY	FIXED		2.200	%		0.000	%	1998	2028		20,000,000,000		173,754,447		6,341,452,000		55,092,774
JPY	FIXED		1.000	%		0.000	%	1998	2028		48,500,000,000		421,354,535		16,560,964,000		143,877,057
JPY	FIXED		1.000	%		0.000	%	1998	2028		98,524,758,827		855,955,751		33,642,588,000		292,277,464
JPY	FIXED		0.509	%		0.000	%	1998	2028		15,171,500,000		131,805,780		1,770,527,500		15,381,851
JPY	FIXED		3.000	%		0.000	%	1998	2028		6,068,600,000		52,722,312		626,357,500		5,441,620
JPY	FIXED		1.000	%		0.000	%	1999	2029		45,200,000,000		392,685,051		16,536,585,000		143,665,259
JPY	FIXED		1.000	%		0.000	%	1999	2029		35,280,000,000		306,502,845		12,907,305,000		112,135,082
JPY	FIXED		1.000	%		0.000	%	2000	2030		35,964,000,000		312,445,247		14,911,890,000		129,550,360
JPY	FIXED		1.800	%		0.000	%	2001	2031		6,350,883,729		55,174,715		3,319,320,000		28,837,331
JPY	FIXED		1.800	%		0.000	%	2001	2031		18,473,896,575		160,496,085		9,509,300,000		82,614,158
JPY	FIXED		0.750	%		0.000	%	2001	2041		19,906,758,134		172,944,388		9,919,200,000		86,175,256
JPY	FIXED		0.750	%		0.000	%	2001	2041		5,705,511,965		49,567,904		3,741,280,000		32,503,202
JPY	FIXED		0.950	%		0.000	%	2001	2041		21,556,651,657		187,278,205		14,304,640,000		124,274,741
JPY	FIXED		1.800	%		0.000	%	2002	2023		208,605,798,990		1,812,309,266		31,290,867,000		271,846,365
JPY	FIXED		3.000	%		0.000	%	2002	2023		6,352,091,212		55,185,205		952,813,680		8,277,781
JPY	FIXED		1.800	%		0.000	%	2002	2032		13,784,512,741		119,756,020		7,821,800,000		67,953,627
JPY	FIXED		0.750	%		0.000	%	2002	2042		25,541,797,385		221,900,045		14,516,146,000		126,112,246
JPY	FIXED		1.800	%		0.000	%	2003	2033		54,150,511,998		470,444,614		31,697,856,000		275,382,173
JPY	FIXED		1.800	%		0.000	%	2003	2033		16,526,621,188		143,578,697		9,674,088,000		84,045,791
JPY	FIXED		0.950	%		0.000	%	2003	2043		48,538,362,136		421,687,815		34,209,037,000		297,198,616
JPY	FIXED		1.800	%		0.000	%	2004	2034		14,542,600,396		126,342,075		8,867,425,000		77,037,727
JPY	FIXED		1.300	%		0.000	%	2004	2034		56,647,456,984		492,137,379		34,510,150,000		299,814,602
JPY	FIXED		1.300	%		0.000	%	2004	2034		9,093,144,720		78,998,717		5,544,575,000		48,169,728
JPY	FIXED		1.300	%		0.000	%	2004	2034		3,382,052,096		29,382,330		2,062,200,000		17,915,821
JPY	FIXED		1.300	%		0.000	%	2004	2034		5,382,263,817		46,759,614		3,281,850,000		28,511,802
JPY	FIXED		1.300	%		0.000	%	2004	2034		10,551,284,688		91,666,632		6,306,600,000		54,789,990
JPY	FIXED		0.750	%		0.000	%	2004	2044		558,369,285		4,850,957		411,885,000		3,578,343
JPY	FIXED		0.750	%		0.000	%	2004	2044		4,517,356,107		39,245,536		3,566,295,000		30,982,981
JPY	FIXED		1.300	%		0.000	%	2005	2035		10,794,000,000		93,775,275		7,108,236,000		61,754,381
JPY	FIXED		1.300	%		0.000	%	2005	2035		8,515,235,486		73,978,002		5,513,886,000		47,903,111
JPY	FIXED		1.300	%		0.000	%	2005	2035		13,690,981,879		118,943,450		9,012,654,000		78,299,436
JPY	FIXED		1.300	%		0.000	%	2005	2035		16,401,023,543		142,487,539		10,800,648,000		93,833,031
JPY	FIXED		1.300	%		0.000	%	2005	2035		9,677,262,639		84,073,371		6,370,812,000		55,347,846
JPY	FIXED		1.300	%		0.000	%	2005	2035		2,606,700,483		22,646,290		1,765,126,000		15,334,925
JPY	FIXED		0.750	%		0.000	%	2005	2045		16,068,683,783		139,600,264		12,380,740,000		107,560,432
JPY	FIXED		0.750	%		0.000	%	2005	2045		677,399,208		5,885,056		521,841,000		4,533,610
JPY	FIXED		0.400	%		0.000	%	2005	2045		2,880,815,148		25,027,722		2,219,575,000		19,283,051
JPY	FIXED		0.400	%		0.000	%	2005	2045		17,911,070,347		155,606,407		13,094,623,000		113,762,449
JPY	FIXED		1.500	%		0.000	%	2006	2036		11,729,000,000		101,898,296		8,296,117,000		72,074,361
JPY	FIXED		1.500	%		0.000	%	2006	2036		15,671,499,292		136,149,635		11,073,534,000		96,203,789
JPY	FIXED		0.400	%		0.000	%	2006	2046		23,125,703,144		200,909,689		18,481,183,000		160,559,387
JPY	FIXED		0.750	%		0.000	%	2006	2046		27,642,000,000		240,146,022		15,634,497,104		135,828,170
JPY	FIXED		0.750	%		0.000	%	2006	2046		8,040,654,742		69,854,976		6,458,837,000		56,112,583
JPY	FIXED		0.400	%		0.000	%	2006	2046		1,550,354,185		13,469,047		1,270,750,000		11,039,923
JPY	FIXED		0.700	%		0.100	%	2007	2022		23,182,000,000		201,398,780		2,207,808,000		19,180,823
JPY	FIXED		1.500	%		0.000	%	2007	2037		11,777,000,000		102,315,306		8,904,533,000		77,360,111
JPY	FIXED		1.500	%		0.000	%	2007	2037		11,777,000,000		102,315,306		8,904,533,000		77,360,111
JPY	FIXED		1.500	%		0.000	%	2007	2037		284,232,810		2,469,336		51,491,000		447,340
JPY	FIXED		1.500	%		0.000	%	2007	2037		10,046,900,990		87,284,686		7,596,426,000		65,995,640
JPY	FIXED		1.500	%		0.000	%	2007	2037		833,233,056		7,238,897		629,951,000		5,472,839
JPY	FIXED		1.500	%		0.000	%	2007	2037		7,753,418,781		67,359,550		5,900,912,000		51,265,485
JPY	FIXED		1.500	%		0.000	%	2007	2037		1,520,108,426		13,206,280		1,149,325,000		9,985,017
JPY	FIXED		1.500	%		0.000	%	2007	2037		23,210,292,485		201,644,577		17,529,012,000		152,287,190
JPY	FIXED		0.750	%		0.000	%	2007	2047		25,927,805,569		225,253,576		21,666,126,000		188,229,288
JPY	FIXED		0.400	%		0.000	%	2007	2047		6,210,886,208		53,958,455		5,190,423,000		45,092,954
JPY	FIXED		0.750	%		0.000	%	2007	2047		8,619,294,974		74,882,042		7,164,837,000		62,246,115
JPY	FIXED		0.700	%		0.100	%	2008	2023		22,080,000,000		191,824,910		3,154,284,000		27,403,544
JPY	FIXED		0.150	%		0.100	%	2008	2023		30,768,000,000		267,303,842		5,860,568,000		50,914,988

D-102


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
JPY	FIXED		1.400	%		0.100	%	2008	2038		12,260,163,334		106,512,895		9,867,858,000		85,729,211
JPY	FIXED		1.400	%		0.100	%	2008	2038		8,591,830,235		74,643,436		6,915,315,000		60,078,337
JPY	FIXED		0.010	%		0.100	%	2008	2038		646,301,237		5,614,886		520,179,000		4,519,171
JPY	FIXED		1.400	%		0.100	%	2008	2038		14,179,821,482		123,190,352		11,393,943,000		98,987,413
JPY	FIXED		0.650	%		0.100	%	2008	2048		5,846,601,826		50,793,653		5,079,732,000		44,131,301
JPY	FIXED		0.700	%		0.100	%	2009	2024		9,293,000,000		80,735,004		2,212,615,000		19,222,585
JPY	FIXED		0.700	%		0.100	%	2009	2024		9,293,000,000		80,735,004		2,212,615,000		19,222,585
JPY	FIXED		0.150	%		0.150	%	2009	2024		28,083,000,000		243,977,307		8,023,710,000		69,707,765
JPY	FIXED		0.010	%		0.100	%	2009	2039		6,407,959,986		55,670,577		5,470,150,000		47,523,145
JPY	FIXED		0.010	%		0.100	%	2009	2039		5,414,467,136		47,039,387		4,622,030,000		40,154,913
JPY	FIXED		1.400	%		0.100	%	2009	2039		4,812,991,753		41,813,936		4,108,580,000		35,694,202
JPY	FIXED		0.010	%		0.100	%	2009	2039		1,572,911,089		13,665,015		1,241,450,000		10,785,373
JPY	FIXED		0.010	%		0.100	%	2009	2049		48,131,267,599		418,151,090		43,396,650,000		377,018,047
JPY	FIXED		0.700	%		0.100	%	2010	2025		8,997,000,000		78,163,438		2,998,996,000		26,054,445
JPY	FIXED		0.150	%		0.100	%	2010	2025		27,195,000,000		236,262,610		9,065,000,000		78,754,203
JPY	FIXED		0.800	%		0.100	%	2010	2025		8,391,000,000		72,898,678		3,196,568,000		27,770,895
JPY	FIXED		2.860	%		0.200	%	2011	2022		3,286,537,998		28,552,530		362,467,998		3,149,021
JPY	FIXED		0.800	%		0.100	%	2011	2026		8,291,000,000		72,029,906		3,553,281,000		30,869,919
JPY	FIXED		0.300	%		0.100	%	2011	2051		26,966,000,000		234,273,121		11,625,690,201		101,000,769
JPY	FIXED		0.800	%		0.100	%	2013	2028		15,490,000,000		134,572,820		9,589,047,000		83,306,978
JPY	FIXED		0.800	%		0.000	%	2013	2028		19,848,000,000		172,433,914		13,231,988,000		114,955,838
JPY	FIXED		1.400	%		0.100	%	2013	2038		3,077,927,607		26,740,181		2,726,790,000		23,689,594
JPY	FIXED		0.010	%		0.100	%	2013	2053		5,104,000,000		44,342,135		3,663,148,274		31,824,415
JPY	FIXED		0.010	%		0.100	%	2013	2053		1,727,000,000		15,003,697		721,915,649		6,271,803
JPY	FIXED		1.400	%		0.000	%	2014	2039		9,554,358,849		83,005,617		9,028,355,000		78,435,842
JPY	FIXED		0.010	%		0.000	%	2014	2039		4,954,000,000		43,038,977		2,947,921,907		25,610,727
JPY	FIXED		1.400	%		0.000	%	2014	2044		16,322,000,000		141,801,005		288,565,429		2,506,976
JPY	FIXED		0.010	%		0.000	%	2014	2054		1,968,000,000		17,097,438		1,202,000,672		10,442,648
JPY	FIXED		0.010	%		0.000	%	2014	2054		5,000,975,715		43,447,089		4,995,864,715		43,402,686
JPY	FIXED		0.010	%		0.000	%	2014	2054		7,075,000,000		61,465,636		6,105,158,884		53,039,925
JPY	FIXED		0.010	%		0.000	%	2015	2040		1,919,000,000		16,671,739		599,011,100		5,204,042
JPY	FIXED		0.010	%		0.000	%	2015	2055		75,218,000,000		653,473,101		68,129,285,737		591,888,320
JPY	FIXED		0.010	%		0.100	%	2015	2055		657,000,000		5,707,834		309,925,412		2,692,546
JPY	FIXED		0.100	%		0.000	%	2017	2042		8,309,000,000		72,186,285		5,578,887,252		48,467,824
JPY	FIXED		0.100	%		0.000	%	2017	2057		118,906,000,000		1,033,022,316		73,260,649,853		636,468,187
JPY	FIXED		0.100	%		0.000	%	2018	2058		70,021,000,000		608,323,008		30,121,082,675		261,683,604
JPY	FIXED		1.300	%		0.000	%	2019	2044		30,980,000,000		269,145,639		533,749,957		4,637,071
JPY	FIXED		0.400	%		0.000	%	2020	2035		31,800,000,000		276,269,571		31,800,000,000		276,269,571
JPY	FIXED		0.010	%		0.000	%	2020	2035		50,000,000,000		434,386,119		50,000,000,000		434,386,119
JPY	FIXED		0.010	%		0.000	%	2020	2060		27,970,000,000		242,995,595		2,554,341,542		22,191,410
JPY	FIXED		0.450	%		0.000	%	2021	2036		50,000,000,000		434,386,119		50,000,000,000		434,386,119
JPY	LIBOR 6 MONTHS		0.010	%		0.100	%	2009	2024		9,361,000,000		81,325,769		2,246,640,000		19,518,185
JPY	LIBOR 6 MONTHS		0.010	%		0.000	%	2017	2047		48,237,000,000		419,069,664		11,677,533,843		101,451,172
JPY	LIBOR 6 MONTHS		0.100	%		0.000	%	2017	2047		15,896,000,000		138,100,035		287,954,176		2,501,666
JPY	LIBOR 6 MONTHS		0.100	%		0.000	%	2017	2047		9,855,000,000		85,617,504		410,966,574		3,570,363
KRW	FIXED		2.500	%		0.000	%	1998	2027		27,366,962,730		23,000,669		8,210,088,000		6,900,200
KRW	FIXED		2.500	%		0.000	%	2000	2030		44,912,981,250		37,747,288		20,210,832,000		16,986,271
KRW	FIXED		2.000	%		0.000	%	2000	2030		32,899,947,110		27,650,887		14,804,964,000		12,442,889
KRW	FIXED		3.000	%		0.000	%	2001	2025		13,203,435,770		11,096,878		2,934,096,000		2,465,972
KRW	FIXED		3.500	%		0.000	%	2002	2023		4,214,155,990		3,541,804		632,118,000		531,266
KRW	FIXED		2.000	%		0.000	%	2005	2035		19,312,358,510		16,231,146		13,518,624,000		11,361,780
KRW	FIXED		1.500	%		0.000	%	2007	2037		14,124,233,500		11,870,766		11,299,360,000		9,496,591
KRW	FIXED		1.500	%		0.000	%	2007	2037		19,102,895,130		16,055,102		15,282,304,000		12,844,071
KRW	FIXED		1.500	%		0.000	%	2007	2037		23,717,066,770		19,933,100		18,973,632,000		15,946,462
KRW	FIXED		1.500	%		0.000	%	2009	2039		32,354,707,860		27,192,639		28,310,345,000		23,793,538
KRW	FIXED		0.200	%		0.000	%	2011	2041		39,845,706,280		33,488,477		38,849,538,000		32,651,244
KRW	FIXED		0.150	%		0.000	%	2011	2051		109,426,000,000		91,967,502		95,735,983,230		80,461,675
KRW	FIXED		0.150	%		0.000	%	2014	2054		57,397,000,000		48,239,529		46,438,837,770		39,029,700
KRW	FIXED		0.150	%		0.000	%	2014	2054		40,720,146,500		34,223,404		40,720,146,500		34,223,404
KRW	NO INTEREST RATE		0.000	%		0.000	%	2019	2059		1,206,697,908		1,014,174		1,127,289,130		947,434
SAR	FIXED		3.000	%		0.000	%	2002	2022		43,585,197		11,609,084		1,574,699		419,427
SAR	FIXED		2.000	%		0.000	%	2010	2035		107,294,934		28,578,417		66,987,000		17,842,244
SAR	FIXED		2.000	%		0.000	%	2014	2038		131,250,000		34,958,940		91,502,680		24,372,089
USD	FIXED		3.000	%		0.000	%	1979	2025		5,078,561		5,078,561		364,421		364,421
USD	FIXED		3.000	%		0.000	%	1980	2023		1,484,683		1,484,683		109,342		109,342
USD	FIXED		3.000	%		0.000	%	1980	2023		2,202,201		2,202,201		213,358		213,358
USD	FIXED		3.000	%		0.000	%	1980	2024		6,544,887		6,544,887		786,805		786,805
USD	FIXED		3.000	%		0.000	%	1981	2022		11,549,008		11,549,008		567,786		567,786
USD	FIXED		3.000	%		0.000	%	1981	2022		3,944,535		3,944,535		193,926		193,926
USD	FIXED		3.000	%		0.000	%	1981	2024		531,110		531,110		76,058		76,058
USD	FIXED		3.000	%		0.000	%	1981	2025		25,960		25,960		4,306		4,306
USD	FIXED		3.000	%		0.000	%	1981	2028		286,568		286,568		84,505		84,505
USD	FIXED		3.000	%		0.000	%	1982	2023		10,032,171		10,032,171		971,956		971,956

D-103


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	FIXED		3.000	%		0.000	%	1982	2023		432,142		432,142		33,766		33,766
USD	FIXED		3.000	%		0.000	%	1982	2023		2,562,416		2,562,416		187,572		187,572
USD	FIXED		3.000	%		0.000	%	1982	2023		1,992,781		1,992,781		145,874		145,874
USD	FIXED		3.000	%		0.000	%	1982	2023		638,194		638,194		61,831		61,831
USD	FIXED		3.000	%		0.000	%	1982	2023		1,499,827		1,499,827		145,309		145,309
USD	FIXED		3.000	%		0.000	%	1982	2024		843,708		843,708		120,823		120,823
USD	FIXED		3.000	%		0.000	%	1982	2024		961,572		961,572		115,598		115,598
USD	FIXED		3.000	%		0.000	%	1982	2024		2,777,890		2,777,890		397,807		397,807
USD	FIXED		3.000	%		0.000	%	1982	2025		1,500,000		1,500,000		282,250		282,250
USD	FIXED		3.000	%		0.000	%	1982	2026		1,175,983		1,175,983		272,604		272,604
USD	FIXED		3.000	%		0.000	%	1982	2027		1,477,874		1,477,874		405,191		405,191
USD	FIXED		3.000	%		0.000	%	1983	2023		2,813,521		2,813,521		212,513		212,513
USD	FIXED		3.000	%		0.000	%	1983	2024		9,891,530		9,891,530		1,416,514		1,416,514
USD	FIXED		3.000	%		0.000	%	1983	2024		3,236,314		3,236,314		389,059		389,059
USD	FIXED		3.000	%		0.000	%	1983	2024		2,944,145		2,944,145		421,616		421,616
USD	FIXED		3.000	%		0.000	%	1983	2024		2,454,752		2,454,752		295,103		295,103
USD	FIXED		3.000	%		0.000	%	1983	2024		6,300,771		6,300,771		902,300		902,300
USD	FIXED		3.000	%		0.000	%	1983	2024		5,150,000		5,150,000		737,504		737,504
USD	FIXED		3.000	%		0.000	%	1983	2024		4,000,000		4,000,000		480,867		480,867
USD	FIXED		3.000	%		0.000	%	1983	2024		1,308,345		1,308,345		187,362		187,362
USD	FIXED		3.000	%		0.000	%	1983	2025		3,494,360		3,494,360		657,522		657,522
USD	FIXED		3.000	%		0.000	%	1983	2025		3,888,753		3,888,753		644,961		644,961
USD	FIXED		3.000	%		0.000	%	1983	2026		194,518		194,518		45,091		45,091
USD	FIXED		3.000	%		0.000	%	1983	2026		2,254,775		2,254,775		522,677		522,677
USD	FIXED		3.000	%		0.000	%	1984	2025		3,936,113		3,936,113		652,816		652,816
USD	FIXED		3.000	%		0.000	%	1984	2025		5,382,648		5,382,648		1,012,835		1,012,835
USD	FIXED		3.000	%		0.000	%	1984	2025		14,211,987		14,211,987		2,674,220		2,674,220
USD	FIXED		3.000	%		0.000	%	1984	2025		4,244,083		4,244,083		703,894		703,894
USD	FIXED		3.000	%		0.000	%	1984	2025		4,371,309		4,371,309		724,995		724,995
USD	FIXED		3.000	%		0.000	%	1984	2025		190,000		190,000		31,512		31,512
USD	FIXED		3.000	%		0.000	%	1984	2026		2,100,000		2,100,000		441,316		441,316
USD	FIXED		3.000	%		0.000	%	1984	2026		1,200,000		1,200,000		278,171		278,171
USD	FIXED		3.000	%		0.000	%	1984	2026		70,000		70,000		16,227		16,227
USD	FIXED		3.000	%		0.000	%	1984	2027		1,000,000		1,000,000		274,171		274,171
USD	FIXED		3.000	%		0.000	%	1984	2027		1,832,922		1,832,922		464,001		464,001
USD	FIXED		3.000	%		0.000	%	1984	2028		1,170,000		1,170,000		345,014		345,014
USD	FIXED		3.000	%		0.000	%	1985	2026		236,726		236,726		49,748		49,748
USD	FIXED		3.000	%		0.000	%	1985	2026		4,171,492		4,171,492		876,640		876,640
USD	FIXED		3.000	%		0.000	%	1985	2026		3,364,174		3,364,174		779,846		779,846
USD	FIXED		3.000	%		0.000	%	1985	2027		2,368,361		2,368,361		649,337		649,337
USD	FIXED		3.000	%		0.000	%	1985	2027		4,075,000		4,075,000		1,031,578		1,031,578
USD	FIXED		3.000	%		0.000	%	1985	2027		31,812		31,812		8,722		8,722
USD	FIXED		3.000	%		0.000	%	1985	2028		1,959,000		1,959,000		617,655		617,655
USD	FIXED		3.000	%		0.000	%	1985	2029		41,000		41,000		13,751		13,751
USD	FIXED		3.000	%		0.000	%	1986	2026		980,434		980,434		227,274		227,274
USD	FIXED		3.000	%		0.000	%	1986	2026		1,751,928		1,751,928		406,113		406,113
USD	FIXED		3.000	%		0.000	%	1986	2027		196,750		196,750		53,944		53,944
USD	FIXED		3.000	%		0.000	%	1986	2027		3,322,901		3,322,901		841,186		841,186
USD	FIXED		3.000	%		0.000	%	1986	2028		100,000		100,000		29,489		29,489
USD	FIXED		3.000	%		0.000	%	1986	2028		2,125,851		2,125,851		626,880		626,880
USD	FIXED		3.000	%		0.000	%	1986	2028		696,000		696,000		219,443		219,443
USD	FIXED		3.000	%		0.000	%	1986	2030		530,451		530,451		198,770		198,770
USD	FIXED		3.000	%		0.000	%	1986	2030		1,717,012		1,717,012		676,410		676,410
USD	FIXED		3.000	%		0.000	%	1987	2027		1,775,032		1,775,032		449,347		449,347
USD	FIXED		3.000	%		0.000	%	1987	2028		51,760		51,760		16,320		16,320
USD	FIXED		3.000	%		0.000	%	1987	2028		1,229,291		1,229,291		360,714		360,714
USD	FIXED		3.000	%		0.000	%	1987	2028		7,967,454		7,967,454		2,512,066		2,512,066
USD	FIXED		3.000	%		0.000	%	1987	2029		602,843		602,843		202,191		202,191
USD	FIXED		3.000	%		0.000	%	1987	2029		585,449		585,449		196,357		196,357
USD	FIXED		3.000	%		0.000	%	1987	2030		1,772,056		1,772,056		698,094		698,094
USD	FIXED		3.000	%		0.000	%	1987	2031		1,215,947		1,215,947		502,051		502,051
USD	FIXED		7.800	%		0.000	%	1992	2022		25,000,000		25,000,000		2,350,335		2,350,335
USD	FIXED		7.210	%		0.000	%	1993	2023		20,000,000		20,000,000		2,661,418		2,661,418
USD	FIXED		8.380	%		0.000	%	1994	2024		25,000,000		25,000,000		6,767,727		6,767,727
USD	FIXED		1.250	%		0.000	%	1994	2025		100,000,000		100,000,000		17,073,171		17,073,171
USD	FIXED		7.440	%		0.000	%	1994	2026		15,000,000		15,000,000		5,976,129		5,976,129
USD	FIXED		7.440	%		0.000	%	1994	2026		10,000,000		10,000,000		3,984,086		3,984,086
USD	FIXED		7.310	%		0.000	%	1995	2025		20,000,000		20,000,000		6,550,974		6,550,974
USD	FIXED		7.310	%		0.000	%	1995	2025		5,000,000		5,000,000		1,637,743		1,637,743
USD	FIXED		1.250	%		0.000	%	1995	2025		10,803,941		10,803,941		1,844,575		1,844,575
USD	FIXED		0.300	%		0.000	%	1995	2026		7,138,645		7,138,645		1,567,020		1,567,020
USD	FIXED		1.250	%		0.000	%	1996	2027		8,000,000		8,000,000		2,146,342		2,146,342
USD	FIXED		3.000	%		0.000	%	1998	2028		23,144,880		23,144,880		6,231,314		6,231,314

D-104


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	FIXED		3.500	%		0.000	%	1999	2024		29,997,556		29,997,556		4,053,724		4,053,724
USD	FIXED		3.500	%		0.000	%	1999	2024		36,862,932		36,862,932		4,981,478		4,981,478
USD	FIXED		3.500	%		0.000	%	1999	2024		16,367,091		16,367,091		2,654,123		2,654,123
USD	FIXED		6.650	%		0.000	%	1999	2029		11,000,000		11,000,000		6,142,093		6,142,093
USD	FIXED		6.650	%		0.000	%	1999	2029		14,000,000		14,000,000		7,817,209		7,817,209
USD	FIXED		1.000	%		0.000	%	1999	2029		40,476,113		40,476,113		12,454,189		12,454,189
USD	FIXED		3.500	%		0.000	%	2000	2025		18,000,000		18,000,000		3,891,892		3,891,892
USD	FIXED		3.500	%		0.000	%	2000	2025		25,801,357		25,801,357		5,578,672		5,578,672
USD	FIXED		3.170	%		0.000	%	2002	2023		103,597,572		103,597,572		15,539,636		15,539,636
USD	FIXED		3.000	%		0.000	%	2002	2023		37,248,967		37,248,967		5,587,347		5,587,347
USD	FIXED		3.000	%		0.000	%	2002	2023		40,365,252		40,365,252		6,054,785		6,054,785
USD	FIXED		2.500	%		0.000	%	2002	2023		23,006,346		23,006,346		3,450,952		3,450,952
USD	FIXED		1.000	%		0.000	%	2002	2032		18,995,245		18,995,245		8,213,125		8,213,125
USD	FIXED		3.500	%		0.000	%	2003	2028		10,199,208		10,199,208		3,859,160		3,859,160
USD	FIXED		0.700	%		0.000	%	2003	2034		9,189,325		9,189,325		5,603,247		5,603,247
USD	FIXED		0.700	%		0.000	%	2004	2034		9,996,353		9,996,353		6,339,151		6,339,151
USD	FIXED		3.000	%		0.000	%	2007	2022		215,591,695		215,591,695		23,954,633		23,954,633
USD	FIXED		2.410	%		0.000	%	2008	2023		200,000,000		200,000,000		30,000,000		30,000,000
USD	FIXED		3.770	%		0.000	%	2009	2024		300,000,000		300,000,000		75,000,000		75,000,000
USD	FIXED		5.300	%		0.000	%	2009	2024		42,500,000		42,500,000		10,625,000		10,625,000
USD	FIXED		5.300	%		0.000	%	2009	2024		47,685,000		47,685,000		14,305,500		14,305,500
USD	FIXED		3.710	%		0.000	%	2010	2025		300,000,000		300,000,000		105,000,000		105,000,000
USD	FIXED		2.430	%		0.000	%	2010	2025		31,621,675		31,621,675		11,067,586		11,067,586
USD	FIXED		5.300	%		0.000	%	2010	2025		47,600,000		47,600,000		16,660,000		16,660,000
USD	FIXED		5.300	%		0.000	%	2010	2025		2,550,000		2,550,000		892,500		892,500
USD	FIXED		5.300	%		0.000	%	2011	2026		45,900,000		45,900,000		20,655,000		20,655,000
USD	FIXED		3.000	%		0.000	%	2011	2027		68,724,795		68,724,795		29,075,880		29,075,880
USD	FIXED		0.150	%		0.000	%	2011	2051		40,000,000		40,000,000		864,483		864,483
USD	FIXED		5.300	%		0.000	%	2012	2027		96,900,000		96,900,000		58,140,000		58,140,000
USD	FIXED		3.000	%		0.000	%	2012	2027		56,251,832		56,251,832		30,469,742		30,469,742
USD	FIXED		3.000	%		0.200	%	2012	2028		101,793,291		101,793,291		66,165,639		66,165,639
USD	FIXED		3.000	%		0.000	%	2012	2028		99,531,602		99,531,602		64,695,541		64,695,541
USD	FIXED		3.000	%		0.000	%	2012	2028		92,761,947		92,761,947		57,424,063		57,424,063
USD	FIXED		3.450	%		0.000	%	2012	2032		29,999,128		29,999,128		20,999,390		20,999,390
USD	FIXED		3.000	%		0.200	%	2013	2026		116,999,053		116,999,053		58,499,527		58,499,527
USD	FIXED		3.850	%		0.000	%	2013	2028		38,758,055		38,758,055		25,192,736		25,192,736
USD	FIXED		2.230	%		0.500	%	2014	2022		61,370,000		61,370,000		6,137,000		6,137,000
USD	FIXED		3.900	%		0.250	%	2014	2025		200,000,000		200,000,000		94,120,000		94,120,000
USD	FIXED		3.000	%		0.200	%	2014	2030		240,983,647		240,983,647		195,755,221		195,755,221
USD	FIXED		3.000	%		0.200	%	2014	2030		316,153,519		316,153,519		268,730,491		268,730,491
USD	FIXED		3.400	%		0.250	%	2015	2026		45,000,000		45,000,000		23,823,529		23,823,529
USD	FIXED		3.400	%		0.250	%	2015	2026		200,000,000		200,000,000		117,650,000		117,650,000
USD	FIXED		3.000	%		0.200	%	2015	2031		195,111,421		195,111,421		195,111,421		195,111,421
USD	FIXED		3.000	%		0.200	%	2015	2031		52,453,797		52,453,797		52,453,797		52,453,797
USD	FIXED		2.850	%		0.250	%	2016	2027		220,000,000		220,000,000		155,295,000		155,295,000
USD	FIXED		3.470	%		0.250	%	2016	2028		220,000,000		220,000,000		168,236,000		168,236,000
USD	FIXED		3.000	%		0.200	%	2016	2031		206,765,453		206,765,453		206,765,453		206,765,453
USD	FIXED		3.000	%		0.200	%	2016	2031		77,050,253		77,050,253		77,050,253		77,050,253
USD	FIXED		3.000	%		0.250	%	2016	2032		175,056,018		175,056,018		153,174,015		153,174,015
USD	FIXED		3.000	%		0.000	%	2018	2033		130,387,426		130,387,426		130,285,575		130,285,575
USD	LIBOR 6 MONTHS		5.000	%		0.300	%	2014	2028		9,481,270		9,481,270		6,162,826		6,162,826
USD	LIBOR 6 MONTHS		0.923	%		0.500	%	2019	2028		20,400,000		20,400,000		8,342,250		8,342,250
USD	LIBOR 6 MONTHS		0.912	%		0.500	%	2019	2028		53,125,000		53,125,000		46,891,983		46,891,983
USD	NO INTEREST RATE		0.000	%		0.250	%	2011	2022		15,863,434		15,863,434		1,586,343		1,586,343
USD	NO INTEREST RATE		0.000	%		0.000	%	2018	2058		31,705,000		31,705,000		413,206		413,206
*COMMERCIAL CREDIT*
CHF	LIBOR 6 MONTHS		0.850	%		0.350	%	2017	2025		101,946,786		111,594,102		83,956,176		91,901,025
CHF	LIBOR CHF 6 MONTHS		0.850	%		0.250	%	2019	2028		25,390,381		27,793,095		22,365,960		24,482,471
EUR	EURIBOR 6 MONTHS		0.977	%		0.500	%	2011	2025		7,349,159		8,315,940		1,066,734		1,207,063
EUR	EURIBOR 6 MONTHS		2.977	%		0.000	%	2013	2022		12,430,001		14,065,166		12,556		14,207
EUR	EURIBOR 6 MONTHS		0.750	%		0.300	%	2015	2022		9,732,500		11,012,810		1,145,000		1,295,625
EUR	EURIBOR 6 MONTHS		2.900	%		0.500	%	2015	2023		6,433,650		7,279,996		6,433,650		7,279,996
EUR	EURIBOR 6 MONTHS		2.677	%		0.550	%	2015	2023		21,650,869		24,499,039		10,850,865		12,278,295
EUR	EURIBOR 6 MONTHS		1.250	%		0.600	%	2015	2024		17,311,440		19,588,759		8,655,720		9,794,379
EUR	EURIBOR 6 MONTHS		2.530	%		0.800	%	2016	2022		4,851,290		5,489,477		618,045		699,349
EUR	EURIBOR 6 MONTHS		2.950	%		0.000	%	2016	2027		6,979,739		7,897,924		4,215,066		4,769,557
EUR	EURIBOR 6 MONTHS		1.000	%		0.500	%	2017	2023		4,110,558		4,651,301		1,450,785		1,641,636
EUR	EURIBOR 6 MONTHS		1.150	%		0.300	%	2017	2024		19,346,850		21,891,927		7,704,436		8,717,954
EUR	EURIBOR 6 MONTHS		1.150	%		0.500	%	2017	2024		24,184,200		27,365,630		7,502,141		8,489,047
EUR	EURIBOR 6 MONTHS		1.150	%		0.500	%	2017	2024		18,893,927		21,379,422		8,633,255		9,768,959
EUR	EURIBOR 6 MONTHS		1.600	%		0.650	%	2019	2028		243,908,151		275,994,253		109,212,866		123,579,812
EUR	EURIBOR 6 MONTHS		0.920	%		0.368	%	2020	2027		32,895,000		37,222,335		5,779,000		6,539,227
EUR	EURIBOR 6 MONTHS		1.620	%		0.000	%	2020	2027		12,526,875		14,174,785		2,236,625		2,530,853

D-105


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
EUR	FIXED		0.990	%		0.300	%	2015	2023		91,036,314		103,012,135		45,518,157		51,506,068
EUR	FIXED		0.990	%		0.400	%	2016	2022		6,014,940		6,806,205		1,503,735		1,701,551
EUR	FIXED		0.590	%		0.300	%	2017	2024		100,533,750		113,758,958		69,828,502		79,014,438
EUR	FIXED		1.280	%		0.300	%	2018	2027		35,214,565		39,847,039		21,543,028		24,377,012
EUR	NO INTEREST RATE		0.000	%		0.400	%	2020	2048		12,000,000		13,578,599		8,249,000		9,334,155
EUR	NO INTEREST RATE		0.000	%		0.400	%	2020	2048		10,000,000		11,315,499		1,972,000		2,231,416
USD	FIXED		2.630	%		0.500	%	2012	2023		61,183,800		61,183,800		10,507,201		10,507,201
USD	FIXED		1.870	%		0.500	%	2015	2022		51,000,000		51,000,000		12,750,000		12,750,000
USD	FIXED		2.040	%		0.200	%	2016	2022		38,336,105		38,336,105		9,584,026		9,584,026
USD	FIXED		2.500	%		0.500	%	2016	2022		8,500,000		8,500,000		1,062,500		1,062,500
USD	FIXED		2.220	%		0.500	%	2016	2022		2,870,124		2,870,124		956,708		956,708
USD	FIXED		0.050	%		0.000	%	2016	2041		36,440,994		36,440,994		36,440,994		36,440,994
USD	FIXED		2.290	%		0.500	%	2017	2024		8,498,000		8,498,000		4,249,000		4,249,000
USD	LIBOR 3 MONTHS		2.474	%		0.250	%	2013	2024		144,499,796		144,499,796		36,933,975		36,933,975
USD	LIBOR 3 MONTHS		2.124	%		0.500	%	2017	2030		130,474,830		130,474,830		117,427,347		117,427,347
USD	LIBOR 6 MONTHS		4.054	%		0.500	%	2012	2024		54,162,498		54,162,498		33,851,561		33,851,561
USD	LIBOR 6 MONTHS		2.109	%		0.500	%	2014	2023		29,750,000		29,750,000		8,500,000		8,500,000
USD	LIBOR 6 MONTHS		0.749	%		0.350	%	2014	2024		119,000,000		119,000,000		59,499,998		59,499,998
USD	LIBOR 6 MONTHS		3.546	%		0.500	%	2015	2022		38,867,100		38,867,100		9,716,775		9,716,775
USD	LIBOR 6 MONTHS		2.870	%		0.250	%	2015	2022		19,118,822		19,118,822		2,731,260		2,731,260
USD	LIBOR 6 MONTHS		0.917	%		0.300	%	2016	2022		27,212,750		27,212,750		7,292,661		7,292,661
USD	LIBOR 6 MONTHS		3.140	%		0.500	%	2016	2022		13,982,500		13,982,500		3,495,625		3,495,625
USD	LIBOR 6 MONTHS		1.559	%		0.900	%	2016	2022		16,978,750		16,978,750		2,122,344		2,122,344
USD	LIBOR 6 MONTHS		3.059	%		0.500	%	2016	2022		12,716,964		12,716,964		1,589,620		1,589,620
USD	LIBOR 6 MONTHS		1.558	%		0.900	%	2016	2022		22,245,920		22,245,920		5,311,480		5,311,480
USD	LIBOR 6 MONTHS		2.156	%		1.000	%	2016	2022		2,549,999		2,549,999		359,639		359,639
USD	LIBOR 6 MONTHS		2.958	%		0.500	%	2016	2022		2,427,116		2,427,116		303,389		303,389
USD	LIBOR 6 MONTHS		3.040	%		0.000	%	2016	2022		25,436,250		25,436,250		6,359,063		6,359,063
USD	LIBOR 6 MONTHS		1.565	%		0.900	%	2016	2022		33,990,381		33,990,381		8,497,595		8,497,595
USD	LIBOR 6 MONTHS		2.681	%		0.250	%	2016	2022		3,484,788		3,484,788		995,654		995,654
USD	LIBOR 6 MONTHS		1.538	%		0.500	%	2016	2022		8,499,445		8,499,445		1,062,431		1,062,431
USD	LIBOR 6 MONTHS		1.928	%		0.500	%	2016	2023		16,888,319		16,888,319		5,066,496		5,066,496
USD	LIBOR 6 MONTHS		3.136	%		0.500	%	2016	2023		2,549,299		2,549,299		955,987		955,987
USD	LIBOR 6 MONTHS		2.309	%		0.000	%	2016	2023		11,473,645		11,473,645		4,302,617		4,302,617
USD	LIBOR 6 MONTHS		2.729	%		0.000	%	2016	2023		8,496,523		8,496,523		3,633,918		3,633,918
USD	LIBOR 6 MONTHS		2.011	%		0.200	%	2017	2022		12,657,095		12,657,095		3,393,923		3,393,923
USD	LIBOR 6 MONTHS		1.907	%		0.500	%	2017	2022		5,440,000		5,440,000		1,360,000		1,360,000
USD	LIBOR 6 MONTHS		3.126	%		0.500	%	2017	2023		11,024,768		11,024,768		4,134,288		4,134,288
USD	LIBOR 6 MONTHS		3.068	%		0.500	%	2017	2023		5,099,984		5,099,984		2,549,992		2,549,992
USD	LIBOR 6 MONTHS		3.068	%		0.500	%	2017	2023		5,099,947		5,099,947		2,549,974		2,549,974
USD	LIBOR 6 MONTHS		2.656	%		0.500	%	2017	2023		9,350,000		9,350,000		4,675,000		4,675,000
USD	LIBOR 6 MONTHS		4.179	%		0.000	%	2017	2024		38,160,750		38,160,750		23,760,750		23,760,750
USD	LIBOR 6 MONTHS		2.041	%		0.000	%	2017	2024		321,300,000		321,300,000		240,975,000		240,975,000
USD	LIBOR 6 MONTHS		2.140	%		0.500	%	2017	2024		12,707,509		12,707,509		7,942,193		7,942,193
USD	LIBOR 6 MONTHS		2.033	%		0.000	%	2017	2024		25,498,059		25,498,059		15,936,287		15,936,287
USD	LIBOR 6 MONTHS		1.353	%		0.500	%	2017	2024		34,000,000		34,000,000		34,000,000		34,000,000
USD	LIBOR 6 MONTHS		1.063	%		0.350	%	2017	2026		170,000,000		170,000,000		127,500,000		127,500,000
USD	LIBOR 6 MONTHS		1.593	%		0.900	%	2017	2026		5,939,237		5,939,237		5,698,751		5,698,751
USD	LIBOR 6 MONTHS		1.206	%		0.000	%	2018	2023		8,499,065		8,499,065		4,249,532		4,249,532
USD	LIBOR 6 MONTHS		1.359	%		0.000	%	2018	2023		8,493,030		8,493,030		4,246,515		4,246,515
USD	LIBOR 6 MONTHS		1.255	%		0.000	%	2018	2024		12,725,959		12,725,959		12,725,959		12,725,959
USD	LIBOR 6 MONTHS		1.864	%		0.500	%	2018	2024		18,700,000		18,700,000		11,687,500		11,687,500
USD	LIBOR 6 MONTHS		2.075	%		0.000	%	2018	2024		42,313,477		42,313,477		31,735,108		31,735,108
USD	LIBOR 6 MONTHS		2.390	%		0.000	%	2018	2024		8,498,433		8,498,433		7,436,129		7,436,129
USD	LIBOR 6 MONTHS		1.351	%		0.000	%	2018	2024		16,999,111		16,999,111		10,624,445		10,624,445
USD	LIBOR 6 MONTHS		1.166	%		0.000	%	2018	2024		12,748,725		12,748,725		7,967,953		7,967,953
USD	LIBOR 6 MONTHS		1.146	%		0.000	%	2018	2024		33,999,753		33,999,753		33,999,753		33,999,753
USD	LIBOR 6 MONTHS		1.276	%		0.000	%	2018	2024		28,029,003		28,029,003		21,021,752		21,021,752
USD	LIBOR 6 MONTHS		2.079	%		0.000	%	2018	2024		12,718,423		12,718,423		7,949,014		7,949,014
USD	LIBOR 6 MONTHS		1.685	%		0.000	%	2018	2024		12,725,945		12,725,945		7,953,716		7,953,716
USD	LIBOR 6 MONTHS		1.170	%		0.000	%	2018	2025		59,498,368		59,498,368		43,146,835		43,146,835
USD	LIBOR 6 MONTHS		1.271	%		0.000	%	2018	2025		22,082,702		22,082,702		19,322,364		19,322,364
USD	LIBOR 6 MONTHS		1.177	%		0.100	%	2019	2024		12,747,960		12,747,960		9,560,970		9,560,970
USD	LIBOR 6 MONTHS		1.881	%		0.000	%	2019	2025		34,849,150		34,849,150		34,849,150		34,849,150
USD	LIBOR 6 MONTHS		1.429	%		0.000	%	2019	2025		93,499,997		93,499,997		93,499,997		93,499,997
USD	LIBOR 6 MONTHS		1.758	%		0.000	%	2019	2025		13,574,208		13,574,208		10,298,970		10,298,970
USD	LIBOR 6 MONTHS		2.026	%		0.000	%	2019	2026		156,398,376		156,398,376		138,899,759		138,899,759
USD	LIBOR 6 MONTHS		1.858	%		0.000	%	2019	2026		169,995,989		169,995,989		145,337,785		145,337,785
USD	LIBOR 6 MONTHS		1.343	%		0.100	%	2019	2026		25,499,717		25,499,717		24,697,767		24,697,767
USD	LIBOR 6 MONTHS		2.193	%		0.000	%	2020	2026		8,490,650		8,490,650		8,372,679		8,372,679
USD	LIBOR 6 MONTHS		2.558	%		0.000	%	2020	2026		12,728,750		12,728,750		2,995,000		2,995,000
USD	LIBOR 6 MONTHS		1.563	%		0.150	%	2020	2027		25,498,916		25,498,916		20,130,892		20,130,892
USD	LIBOR 6 MONTHS		1.526	%		0.000	%	2020	2027		69,699,840		69,699,840		28,699,934		28,699,934

D-106


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	LIBOR 6 MONTHS		0.771	%		0.250	%	2020	2028		94,267,785		94,267,785		33,270,983		33,270,983
USD	LIBOR 6 MONTHS		1.471	%		0.000	%	2020	2028		330,732,215		330,732,215		116,729,017		116,729,017
USD	LIBOR 6 MONTHS		1.734	%		0.150	%	2020	2028		41,565,000		41,565,000		7,335,000		7,335,000
USD	LIBOR 6 MONTHS		1.657	%		0.000	%	2020	2029		68,000,000		68,000,000		12,000,000		12,000,000
USD	LIBOR 6 MONTHS		1.613	%		0.390	%	2021	2027		26,349,657		26,349,657		22,912,520		22,912,520
USD	LIBOR 6 MONTHS		1.763	%		0.500	%	2021	2027		8,492,109		8,492,109		7,367,777		7,367,777
*EXPORT CREDIT*
AUD	NO INTEREST RATE		0.000	%		0.000	%	2006	2046		197,505,719		143,517,549		175,780,090		127,730,618
EUR	EURIBOR 6 MONTHS		1.785	%		1.000	%	2012	2025		148,802,419		168,377,367		65,101,058		73,665,098
EUR	EURIBOR 6 MONTHS		1.782	%		1.000	%	2013	2025		147,441,457		166,837,372		73,720,729		83,418,686
EUR	EURIBOR 6 MONTHS		0.900	%		0.150	%	2016	2023		19,141,208		21,659,232		7,177,953		8,122,212
EUR	EURIBOR 6 MONTHS		0.750	%		0.500	%	2017	2027		21,335,000		24,141,618		15,060,000		17,041,142
EUR	FIXED		7.900	%		0.000	%	1995	2025		46,699,077		52,842,338		3,036,573		3,436,034
EUR	FIXED		0.775	%		0.271	%	2016	2028		166,961,250		188,924,992		135,656,016		153,501,556
EUR	FIXED		0.490	%		0.250	%	2019	2027		26,264,490		29,719,582		10,573,323		11,964,243
EUR	FIXED		0.400	%		0.400	%	2019	2033		152,721,115		172,811,568		71,868,760		81,323,091
USD	FIXED		3.500	%		0.000	%	1996	2022		35,929,415		35,929,415		998,039		998,039
USD	FIXED		3.500	%		0.000	%	1997	2022		17,998,085		17,998,085		999,894		999,894
USD	FIXED		3.500	%		0.000	%	1997	2022		30,370,120		30,370,120		843,615		843,615
USD	FIXED		3.500	%		0.000	%	1997	2022		20,107,934		20,107,934		558,554		558,554
USD	FIXED		3.500	%		0.000	%	1997	2022		26,000,235		26,000,235		722,229		722,229
USD	FIXED		3.940	%		0.500	%	1999	2023		20,134,102		20,134,102		1,677,842		1,677,842
USD	FIXED		2.950	%		0.000	%	1999	2024		4,757,040		4,757,040		660,700		660,700
USD	FIXED		3.470	%		0.000	%	2002	2028		49,578,504		49,578,504		17,903,349		17,903,349
USD	FIXED		3.470	%		0.000	%	2002	2032		4,221,496		4,221,496		2,154,722		2,154,722
USD	FIXED		3.100	%		0.500	%	2010	2022		85,000,000		85,000,000		8,500,000		8,500,000
USD	FIXED		5.300	%		0.000	%	2011	2026		4,242,605		4,242,605		1,909,172		1,909,172
USD	FIXED		3.580	%		0.500	%	2012	2024		339,999,999		339,999,999		84,999,999		84,999,999
USD	FIXED		3.980	%		0.500	%	2012	2028		917,999,150		917,999,150		503,186,959		503,186,959
USD	LIBOR 6 MONTHS		0.653	%		0.125	%	2007	2022		29,749,989		29,749,989		408,235		408,235
USD	LIBOR 6 MONTHS		0.917	%		0.300	%	2016	2022		15,287,250		15,287,250		4,046,625		4,046,625
USD	LIBOR 6 MONTHS		3.126	%		0.500	%	2017	2023		18,667,611		18,667,611		7,000,354		7,000,354
USD	LIBOR 6 MONTHS		2.654	%		0.250	%	2017	2024		25,499,985		25,499,985		18,214,275		18,214,275
USD	LIBOR 6 MONTHS		0.873	%		0.250	%	2020	2029		36,975,000		36,975,000		12,632,109		12,632,109
USD	NO INTEREST RATE		2.600	%		0.000	%	2017	2030		101,660,000		101,660,000		91,494,000		91,494,000

TOTAL MULTILATERAL											USD		48,598,333,487		USD		32,768,668,609

TOTAL BILATERAL											USD		41,359,403,079		USD		20,258,985,860

TOTAL COMMERCIAL CREDIT											USD		4,026,868,781		USD		2,294,214,893

TOTAL EXPORT CREDIT											USD		2,753,010,138		USD		1,319,113,350

D-107

DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2021


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
					(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
*COMMERCIAL CREDIT*
IDR	JIBOR 6 MONTHS	4.656%	2014	2022		30,216,597,315		2,116,305		3,357,399,707		235,145
IDR	JIBOR 6 MONTHS	4.656%	2014	2022		37,125,341,038		2,600,178		4,125,037,894		288,909
IDR	JIBOR 6 MONTHS	4.656%	2014	2022		100,000,000,000		7,003,782		11,111,111,112		778,198
IDR	JIBOR 6 MONTHS	4.657%	2015	2022		40,000,000,000		2,801,513		6,666,666,675		466,919
IDR	JIBOR 6 MONTHS	4.657%	2015	2022		100,000,000,000		7,003,782		16,666,666,670		1,167,297
IDR	JIBOR 6 MONTHS	4.657%	2015	2022		29,999,816,000		2,101,122		4,999,969,324		350,187
IDR	JIBOR 6 MONTHS	4.657%	2015	2022		48,531,841,600		3,399,064		8,088,640,264		566,511
IDR	JIBOR 6 MONTHS	4.657%	2015	2022		29,858,950,000		2,091,256		4,976,491,669		348,543
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		19,842,749,300		1,389,743		5,952,824,790		416,923
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		19,777,985,000		1,385,207		5,933,395,500		415,562
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		49,783,625,450		3,486,737		14,935,087,635		1,046,021
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		34,875,000,000		2,442,569		10,462,500,000		732,771
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		29,627,645,000		2,075,056		8,888,293,500		622,517
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		24,955,605,500		1,747,836		7,486,681,650		524,351
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		29,857,150,320		2,091,130		8,957,145,096		627,339
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		19,393,500,500		1,358,279		5,818,050,150		407,484
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		24,870,275,000		1,741,860		7,461,082,500		522,558
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		23,669,057,000		1,657,729		7,100,717,100		497,319
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		31,999,324,400		2,241,163		12,799,729,760		896,465
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		4,789,300,000		335,432		1,915,720,000		134,173
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		8,984,600,000		629,262		3,593,840,000		251,705
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		59,920,000,000		4,196,666		23,968,000,000		1,678,666
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		4,694,800,000		328,814		1,877,920,000		131,525
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		16,960,998,650		1,187,911		6,784,399,460		475,165
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		31,724,998,000		2,221,950		12,689,999,200		888,780
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		119,999,993,200		8,404,538		47,999,997,280		3,361,815
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		10,382,948,000		727,199		4,153,179,200		290,880
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		2,274,745,000		159,318		909,898,000		63,727
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		129,999,984,000		9,104,916		51,999,993,600		3,641,966
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		24,999,899,000		1,750,938		9,999,959,600		700,375
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		16,994,824,000		1,190,280		6,797,929,600		476,112
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		32,939,895,000		2,307,038		13,175,958,000		922,815
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		88,999,094,100		6,233,303		35,599,637,640		2,493,321
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		19,989,800,000		1,400,042		7,995,920,000		560,017
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		7,124,208,000		498,964		2,849,683,200		199,586
IDR	JIBOR 6 MONTHS	4.407%	2015	2023		18,572,804,199		1,300,799		5,571,841,259		390,240
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		17,490,000,000		1,224,961		6,996,000,000		489,985
IDR	JIBOR 6 MONTHS	4.357%	2015	2023		18,622,233,744		1,304,261		7,448,893,500		521,704
IDR	JIBOR 6 MONTHS	4.357%	2016	2023		220,000,000,000		15,408,320		88,000,000,000		6,163,328
IDR	JIBOR 6 MONTHS	4.407%	2016	2023		199,500,000,000		13,972,545		59,850,000,000		4,191,764
IDR	JIBOR 6 MONTHS	4.357%	2016	2024		59,997,588,000		4,202,100		29,998,794,000		2,101,050
IDR	JIBOR 6 MONTHS	4.357%	2016	2024		50,000,000,000		3,501,891		25,000,000,000		1,750,946
IDR	JIBOR 6 MONTHS	4.357%	2016	2024		179,988,181,974		12,605,980		89,994,090,989		6,302,990
IDR	JIBOR 6 MONTHS	4.357%	2016	2024		17,598,620,000		1,232,569		8,799,310,000		616,284
IDR	JIBOR 6 MONTHS	4.357%	2016	2024		150,000,000,000		10,505,673		75,000,000,000		5,252,837
IDR	JIBOR 6 MONTHS	4.357%	2016	2024		59,390,001,000		4,159,546		29,695,000,500		2,079,773
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		19,999,980,000		1,400,755		17,499,982,500		1,225,661
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		27,975,075,000		1,959,313		24,478,190,625		1,714,399
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		88,000,000,000		6,163,328		77,000,000,000		5,392,912
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		59,000,000,000		4,132,231		51,625,000,000		3,615,702
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		49,000,000,000		3,431,853		42,875,000,000		3,002,872
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		30,000,000,000		2,101,135		26,250,000,000		1,838,493
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		10,100,000,000		707,382		8,837,500,000		618,959
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		20,000,000,000		1,400,756		17,500,000,000		1,225,662
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		10,000,000,000		700,378		8,750,000,000		612,831
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		9,986,250,000		699,415		8,737,968,750		611,988
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		9,000,000,000		630,340		7,875,000,000		551,548
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		14,991,429,600		1,049,967		13,117,500,900		918,721
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		379,986,300,000		26,613,412		332,488,012,500		23,286,736
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		29,876,750,000		2,092,502		26,142,156,250		1,830,940
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		24,824,385,366		1,738,646		21,721,337,195		1,521,315
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		14,999,996,280		1,050,567		13,124,996,745		919,246
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		20,000,000,000		1,400,756		17,500,000,000		1,225,662
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		20,000,000,000		1,400,756		17,500,000,000		1,225,662
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		39,735,716,500		2,783,003		34,768,751,937		2,435,128
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		59,801,731,000		4,188,383		52,326,514,625		3,664,835
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		30,000,000,000		2,101,135		26,250,000,000		1,838,493
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		19,988,798,000		1,399,972		17,490,198,250		1,224,975
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		19,889,625,000		1,393,026		17,403,421,875		1,218,898
IDR	JIBOR 6 MONTHS	4.353%	2016	2024		39,593,750,000		2,773,060		34,644,531,250		2,426,427
IDR	JIBOR 6 MONTHS	4.353%	2017	2024		125,000,000,000		8,754,728		109,375,000,000		7,660,387
IDR	JIBOR 6 MONTHS	4.353%	2017	2024		25,000,000,000		1,750,946		21,875,000,000		1,532,077

D-108


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
					(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
IDR	JIBOR 6 MONTHS	4.353%	2017	2024		65,000,000,000		4,552,458		56,875,000,000		3,983,401
IDR	JIBOR 6 MONTHS	4.353%	2017	2024		95,000,000,000		6,653,593		79,245,186,125		5,550,160
IDR	JIBOR 6 MONTHS	4.067%	2017	2025		29,921,000,000		2,095,602		26,928,900,000		1,886,041
IDR	JIBOR 6 MONTHS	4.067%	2017	2025		59,857,402,000		4,192,282		53,871,661,800		3,773,054
IDR	JIBOR 6 MONTHS	4.067%	2017	2025		35,000,000,000		2,451,324		31,500,000,000		2,206,191
IDR	JIBOR 6 MONTHS	4.067%	2017	2025		79,880,000,000		5,594,621		71,892,000,000		5,035,159
IDR	JIBOR 6 MONTHS	4.067%	2017	2025		29,841,273,000		2,090,018		26,857,145,700		1,881,016
IDR	JIBOR 6 MONTHS	4.067%	2017	2025		39,853,350,000		2,791,242		35,868,015,000		2,512,118
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		60,000,000,000		4,202,269		54,000,000,000		3,782,042
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		20,000,000,000		1,400,756		18,000,000,000		1,260,681
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		49,106,000,000		3,439,277		44,195,400,000		3,095,349
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		105,894,000,000		7,416,585		95,304,600,000		6,674,926
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		42,000,000,000		2,941,588		37,800,000,000		2,647,430
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		22,500,000,000		1,575,851		20,250,000,000		1,418,266
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		383,000,000,000		26,824,485		344,700,000,000		24,142,037
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		110,000,000,000		7,704,160		99,000,000,000		6,933,744
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		69,998,560,000		4,902,547		62,998,704,000		4,412,292
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		147,000,000,000		10,295,560		132,300,000,000		9,266,004
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		19,998,090,000		1,400,623		17,998,281,000		1,260,560
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		19,903,690,000		1,394,011		17,913,321,000		1,254,610
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		27,800,000,000		1,947,051		25,020,000,000		1,752,346
IDR	JIBOR 6 MONTHS	4.037%	2017	2025		44,978,780,000		3,150,216		40,480,902,000		2,835,194
IDR	JIBOR 6 MONTHS	4.067%	2017	2025		34,867,909,600		2,442,072		31,381,118,640		2,197,865
IDR	JIBOR 6 MONTHS	4.353%	2018	2024		147,000,000,000		10,295,560		128,625,000,000		9,008,615
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		249,975,000,000		17,507,704		224,977,500,000		15,756,934
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		199,975,000,000		14,005,813		179,977,500,000		12,605,232
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		29,895,817,500		2,093,838		26,906,235,750		1,884,454
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		24,891,350,000		1,743,336		22,402,215,000		1,569,002
IDR	JIBOR 6 MONTHS	4.037%	2018	2025		271,093,250,000		18,986,780		243,983,925,000		17,088,102
IDR	JIBOR 6 MONTHS	4.037%	2018	2025		20,000,000,000		1,400,756		18,000,000,000		1,260,681
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		64,854,466,000		4,542,265		58,369,019,400		4,088,039
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		19,826,481,400		1,388,604		17,843,833,260		1,249,743
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		49,832,733,100		3,490,176		44,849,459,790		3,141,158
IDR	JIBOR 6 MONTHS	4.067%	2018	2025		59,978,492,000		4,200,763		53,980,642,800		3,780,687
IDR	JIBOR 6 MONTHS	4.037%	2018	2025		40,000,000,000		2,801,513		36,000,000,000		2,521,362
IDR	JIBOR 6 MONTHS	3.903%	2018	2025		185,500,000,000		12,992,016		148,400,000,000		10,393,613
IDR	JIBOR 6 MONTHS	3.603%	2018	2026		249,950,000,000		17,505,953		187,462,500,000		13,129,465
IDR	JIBOR 6 MONTHS	3.603%	2018	2026		29,828,780,000		2,089,143		29,828,780,000		2,089,143
IDR	JIBOR 6 MONTHS	3.603%	2018	2026		50,000,000,000		3,501,891		50,000,000,000		3,501,891
IDR	JIBOR 6 MONTHS	3.603%	2018	2026		19,896,283,000		1,393,492		19,896,283,000		1,393,492
IDR	JIBOR 6 MONTHS	3.603%	2018	2026		99,803,391,600		6,990,012		99,803,391,600		6,990,012
IDR	JIBOR 6 MONTHS	3.603%	2018	2026		19,906,920,000		1,394,237		19,906,920,000		1,394,237
IDR	JIBOR 6 MONTHS	4.037%	2019	2025		180,000,000,000		12,606,808		162,000,000,000		11,346,127
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		61,512,638,850		4,308,211		43,058,847,195		3,015,748
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		35,000,000,000		2,451,324		24,500,000,000		1,715,927
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		34,994,895,000		2,450,966		27,995,916,000		1,960,773
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		29,968,673,600		2,098,941		23,974,938,880		1,679,152
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		13,749,835,000		963,008		9,624,884,500		674,106
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		8,595,966,813		602,043		7,736,370,130		541,839
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		104,727,986,160		7,334,920		83,782,388,928		5,867,936
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		13,717,000,000		960,709		9,601,900,000		672,496
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		28,786,100,000		2,016,116		23,028,880,000		1,612,893
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		294,000,000,000		20,591,119		205,800,000,000		14,413,783
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		59,994,270,000		4,201,868		47,995,416,000		3,361,494
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		30,000,000,000		2,101,135		24,000,000,000		1,680,908
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		30,000,000,000		2,101,135		24,000,000,000		1,680,908
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		30,000,000,000		2,101,135		24,000,000,000		1,680,908
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		59,936,800,000		4,197,843		41,955,760,000		2,938,490
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		39,917,980,000		2,795,768		31,934,384,000		2,236,615
IDR	JIBOR 6 MONTHS	3.410%	2019	2025		29,922,220,800		2,095,687		23,937,776,640		1,676,550
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		536,084,300		37,546		536,084,300		37,546
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		131,155,000,000		9,185,810		131,155,000,000		9,185,810
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		23,808,895,000		1,667,523		23,808,895,000		1,667,523
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		147,500,000,000		10,330,579		147,500,000,000		10,330,579
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		158,460,004,000		11,098,193		158,460,004,000		11,098,193
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		115,000,000,000		8,054,349		115,000,000,000		8,054,349
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		383,500,000,000		26,859,504		383,499,973,000		26,859,502
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		40,768,100,000		2,855,309		40,768,100,000		2,855,309
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		1,662,500,000,000		116,437,876		1,230,250,000,000		86,164,029
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		24,984,320,000		1,749,847		24,984,320,000		1,749,847
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		59,962,260,000		4,199,626		59,962,260,000		4,199,626
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		19,996,367,000		1,400,502		19,996,367,000		1,400,502
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		19,000,440,000		1,330,749		19,000,440,000		1,330,749
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		60,000,000,000		4,202,269		60,000,000,000		4,202,269
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		20,000,000,000		1,400,756		20,000,000,000		1,400,756
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		49,998,833,220		3,501,809		49,998,833,220		3,501,809

D-109


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	ISSUE DATE	MATURITY DATE	ORIGINAL AMOUNT				OUTSTANDING BALANCE
					(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		30,000,000,000		2,101,135		30,000,000,000		2,101,135
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		29,989,014,000		2,100,365		29,989,014,000		2,100,365
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		55,000,000,000		3,852,080		55,000,000,000		3,852,080
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		17,998,251,200		1,260,558		17,998,251,200		1,260,558
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		49,999,985,750		3,501,890		49,999,985,750		3,501,890
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		170,000,000,000		11,906,429		170,000,000,000		11,906,429
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		185,000,000,000		12,956,997		185,000,000,000		12,956,997
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		35,000,000,000		2,451,324		35,000,000,000		2,451,324
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		175,000,000,000		12,256,619		175,000,000,000		12,256,619
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		39,987,475,000		2,800,636		39,987,475,000		2,800,636
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		339,999,200,000		23,812,803		339,999,200,000		23,812,803
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		236,987,660,000		16,598,099		236,987,660,000		16,598,099
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		38,999,348,873		2,731,429		38,999,348,873		2,731,429
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		147,500,000,000		10,330,579		147,500,000,000		10,330,579
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		27,600,000,000		1,933,044		24,840,000,000		1,739,739
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		9,999,998,800		700,378		8,999,998,920		630,340
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		20,000,000,000		1,400,756		18,000,000,000		1,260,681
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		49,998,866,500		3,501,812		44,998,979,850		3,151,630
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		77,998,697,749		5,462,859		77,998,697,749		5,462,859
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		17,000,000,000		1,190,643		15,300,000,000		1,071,579
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		115,000,000,000		8,054,349		103,500,000,000		7,248,914
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		39,883,379,000		2,793,345		35,895,041,100		2,514,010
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		24,969,500,000		1,748,809		22,472,550,000		1,573,928
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		40,768,100,000		2,855,309		36,691,290,000		2,569,778
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		185,499,994,438		12,992,015		185,499,994,438		12,992,015
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		41,400,000,000		2,899,566		41,400,000,000		2,899,566
IDR	JIBOR 6 MONTHS	3.603%	2019	2026		84,442,466,900		5,914,166		84,442,466,900		5,914,166
IDR	JIBOR 6 MONTHS	3.410%	2019	2026		19,581,000,000		1,371,411		19,581,000,000		1,371,411
IDR	JIBOR 6 MONTHS	3.410%	2019	2027		54,100,000,000		3,789,046		54,100,000,000		3,789,046
IDR	JIBOR 6 MONTHS	3.410%	2019	2027		185,000,000,000		12,956,997		185,000,000,000		12,956,997
IDR	JIBOR 6 MONTHS	3.410%	2019	2028		170,000,000,000		11,906,429		77,917,000,000		5,457,137
IDR	JIBOR 6 MONTHS	3.410%	2019	2028		1,222,500,000,000		85,621,235		709,050,000,000		49,660,317
IDR	JIBOR 6 MONTHS	3.410%	2019	2028		99,795,000,000		6,989,424		59,877,000,000		4,193,655
IDR	JIBOR 6 MONTHS	3.410%	2019	2028		174,956,278,000		12,253,556		131,210,650,200		9,189,708
IDR	JIBOR 6 MONTHS	3.410%	2019	2028		180,000,000,000		12,606,808		180,000,000,000		12,606,808
IDR	JIBOR 6 MONTHS	3.410%	2019	2028		374,999,960,000		26,264,180		187,499,980,000		13,132,090
IDR	JIBOR 6 MONTHS	3.410%	2019	2028		131,000,000,000		9,174,954		102,644,779,600		7,189,017
IDR	JIBOR 6 MONTHS	3.410%	2020	2026		383,500,000,000		26,859,504		383,500,000,000		26,859,504
IDR	JIBOR 6 MONTHS	3.903%	2020	2026		750,000,000,000		52,528,365		325,500,000,000		22,797,311
IDR	JIBOR 6 MONTHS	3.410%	2020	2026		880,000,000,000		61,633,282		323,730,000,000		22,673,344
IDR	JIBOR 6 MONTHS	3.158%	2021	2030		262,800,000,000		18,405,939		262,800,000,000		18,405,939

TOTAL COMMERCIAL CREDIT						USD		1,267,189,426		USD		943,756,903

D-110

GUARANTEED DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2021


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE Q4 2021
					(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
*DOMESTIC CREDIT*
IDR	SBI 12 Bulan	4.500%	2012	2022		110,000,000,000		7,709,017		12,941,176,460		906,943
IDR	Fixed	7.800%	2017	2022		3,532,000,000,000		247,529,523		3,532,000,000,000		247,529,523
IDR	SBI 12 Bulan	4.500%	2014	2023		45,000,000,000		3,153,689		11,421,187,598		800,419
IDR	SBI 12 Bulan	4.500%	2014	2024		32,350,000,000		2,267,152		6,996,044,667		490,297
IDR	SBI 12 Bulan	4.500%	2014	2024		7,984,000,000		559,534		3,916,297,921		274,462
IDR	SBI 12 Bulan	4.500%	2014	2024		17,294,000,000		1,211,998		6,073,690,680		425,656
IDR	JIBOR 3 MONTHS	1.200%	2015	2025		2,449,962,746,818		171,698,219		1,399,978,706,818		98,113,268
IDR	JIBOR 3 MONTHS	1.500%	2015	2025		2,225,000,000,000		155,932,386		1,191,964,285,706		83,535,207
IDR	SBI 12 Bulan	4.500%	2014	2026		16,870,000,000		1,182,283		5,482,875,000		384,251
IDR	Fixed	8.550%	2016	2026		1,000,000,000,000		70,081,971		1,000,000,000,000		70,081,971
IDR	Fixed	8.550%	2017	2027		1,968,000,000,000		137,921,320		1,968,000,000,000		137,921,320
IDR	SUN Y10	0.750%	2018	2028		4,500,000,000,000		315,368,871		3,700,000,000,000		259,303,294
IDR	JIBOR 6M	1.250%	2019	2029		4,506,787,490,000		315,844,552		2,260,526,332,222		158,422,142
IDR	JIBOR 6M	1.250%	2020	2030		5,071,000,000,000		355,385,677		3,708,724,980,040		259,914,758
IDR	Setara JIBOR 6 Bulan	1.250%	2020	2030		2,846,000,000,000		199,453,291		1,268,617,790,886		88,907,236
IDR	JIBOR 3 Bulan	2.500%	2017	2032		23,419,128,801,423		1,641,258,714		11,340,150,000,000		794,740,068
IDR	SUN Y15	1.000%	2018	2033		12,264,000,000,000		859,485,297		7,373,468,336,325		516,747,197
IDR	SUN Y15	1.250%	2018	2033		14,366,000,000,000		1,006,797,601		8,241,859,175,242		577,605,739
IDR	BI Rate	2.000%	2016	2041		481,000,000,000		33,709,428		430,867,651,433		30,196,054
IDR	BI Rate	2.000%	2016	2041		1,240,335,000,000		86,925,122		1,056,207,003,017		74,021,069

TOTAL						80,098,712,038,241		5,613,475,644		48,519,195,534,015		3,400,320,873

Assumed exchange rate for conversion as of December 31 2021 (Bank Indonesia Middle Exchange Rate)


IDR/USD			14,278.00
IDR/EUR			16,156.27

D-111

GUARANTEED EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2021


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE		YEAR OF CONTRACT		YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE Q4 2021
								(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
EXTERNAL CREDIT
USD	Fixed		3.750%		2020		2030		600,000,000		600,000,000.00		600,000,000		600,000,000
EUR	EURIBOR 6 MONTHS		0.000%		2019		2034		294,700,000		333,070,157.87		499,436		564,463
EUR	EURIBOR 6 MONTHS		0.590%		2020		2035		255,165,034		288,387,710.07		—		—
USD	LIBOR 6 MONTHS		0.600% - 0.100%		2020		2040		300,000,000		300,000,000.00		16,614,134		16,614,134
USD	Fixed		0.750%		2020		2040		35,000,000		35,000,000.00		1,078,956		1,078,956
USD	LIBOR 6 MONTHS		0.500%		2020		2040		600,000,000		600,000,000.00		275,800,000		275,800,000
USD	LIBOR 6 MONTHS		1.400%		2018		2053		248,400,000		248,400,000.00		66,667,426		66,667,426
USD	LIBOR 6 MONTHS		2.300%		2009		2022		454,974,082		454,974,082.00		21,607,096		21,607,096
USD	LIBOR 6 MONTHS		0.840%		2008		2023		284,288,744		284,288,744.00		47,048,953		47,048,953
USD	LIBOR 6 MONTHS		0.840%		2008		2023		330,825,515		330,825,515.00		48,220,509		48,220,509
USD	LIBOR 6 MONTHS		2.800%		2009		2024		124,339,936		124,339,936.00		32,230,686		32,230,686
USD	LIBOR 6 MONTHS		3.850%		2009		2024		625,256,803		625,256,803.00		170,800,385		170,800,385
USD	LIBOR 6 MONTHS		2.800%		2009		2025		481,937,182		481,937,182.00		163,217,429		163,217,429
USD	LIBOR 6 MONTHS		2.800%		2009		2025		293,226,064		293,226,064.00		88,043,414		88,043,414
USD	LIBOR 6 MONTHS		0.600% - 0.100%		2015		2035		36,277,710		36,277,710.00		26,913,252		26,913,252
EUR	LIBOR 6 MONTHS		0.600% - 0.100%		2015		2035		489,881,140		553,664,026.59		457,222,397		516,753,091
USD	LIBOR 6 MONTHS		0.600% - 0.100%		2015		2035		25,000,000		25,000,000.00		23,032,710		23,032,710
USD	Reference Rate for Loan Curr. + Var. Spread				2016		2036		500,000,000		500,000,000.00		488,580,288		488,580,288
USD	LIBOR 6 MONTHS		0.500%		2017		2037		600,000,000		600,000,000.00		547,760,000		547,760,000
USD	SWAP Rate (LIBOR-6mo)		1.300%		2017		Tentative		330,000,000		330,000,000.00		191,807,420		191,807,420
USD	LIBOR 6 MONTHS		0.800%		2021		2051		310,000,000		310,000,000.00		62,000,000		62,000,000

Total											7,354,647,931				3,388,740,212

Assumed exchange rate for conversion as of December 31 2021 (Bank Indonesia Middle Exchange Rate)


IDR/USD			14,278.00
IDR/EUR			16,156.27

D-112

FOREIGN CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2021


CURRENCY	INTEREST RATE BASIS		INTEREST RATE			ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
										(In Original Currency)		(In US Dollar)
*I. GOVERNMENT DEBT SECURITIES*
*US DOLLAR*
RI0035		FIXED		8.50000	%		12-Oct-2005		12-Oct-2035		1,600,000,000		1,600,000,000
RI0037		FIXED		6.62500	%		14-Feb-2007		17-Feb-2037		1,500,000,000		1,500,000,000
RI0038		FIXED		7.75000	%		17-Jan-2008		17-Jan-2038		2,000,000,000		2,000,000,000
RI0122		FIXED		3.70000	%		8-Dec-2016		8-Jan-2022		750,000,000		750,000,000
RI0123		FIXED		2.95000	%		11-Dec-2017		11-Jan-2023		1,000,000,000		1,000,000,000
RI0124		FIXED		5.87500	%		15-Jan-2014		15-Jan-2024		2,000,000,000		2,000,000,000
RI0125		FIXED		4.12500	%		15-Jan-2015		15-Jan-2025		2,000,000,000		2,000,000,000
RI0126		FIXED		4.75000	%		8-Dec-2015		8-Jan-2026		2,250,000,000		2,250,000,000
RI0127		FIXED		4.35000	%		8-Dec-2016		8-Jan-2027		1,250,000,000		1,250,000,000
RI0128		FIXED		3.50000	%		11-Dec-2017		11-Jan-2028		1,250,000,000		1,250,000,000
RI0142		FIXED		5.25000	%		17-Jan-2012		17-Jan-2042		2,250,000,000		2,250,000,000
RI0144		FIXED		6.75000	%		15-Jan-2014		15-Jan-2044		2,000,000,000		2,000,000,000
RI0145		FIXED		5.12500	%		15-Jan-2015		15-Jan-2045		2,000,000,000		2,000,000,000
RI0146		FIXED		5.95000	%		8-Dec-2015		8-Jan-2046		1,250,000,000		1,250,000,000
RI0147		FIXED		5.25000	%		8-Dec-2016		8-Jan-2047		1,500,000,000		1,500,000,000
RI0148		FIXED		4.35000	%		11-Dec-2017		11-Jan-2048		1,750,000,000		1,750,000,000
RI0224		FIXED		4.45000	%		11-Dec-2018		11-Feb-2024		526,115,000		526,115,000
RI0229		FIXED		4.75000	%		11-Dec-2018		11-Feb-2029		1,250,000,000		1,250,000,000
RI0230		FIXED		2.85000	%		14-Jan-2020		14-Feb-2030		1,200,000,000		1,200,000,000
RI0249		FIXED		5.35000	%		11-Dec-2018		11-Feb-2049		1,000,000,000		1,000,000,000
RI0250		FIXED		3.50000	%		14-Jan-2020		14-Feb-2050		800,000,000		800,000,000
RI0331		FIXED		1.85000	%		12-Jan-2021		12-Mar-2031		1,250,000,000		1,250,000,000
RI0351		FIXED		3.05000	%		12-Jan-2021		12-Mar-2051		2,000,000,000		2,000,000,000
RI0371		FIXED		3.35000	%		12-Jan-2021		12-Mar-2071		800,000,000		800,000,000
RI0422		FIXED		3.75000	%		25-Apr-2012		25-Apr-2022		1,484,807,000		1,484,807,000
RI0423		FIXED		3.37500	%		15-Apr-2013		15-Apr-2023		1,260,950,000		1,260,950,000
RI0428		FIXED		4.10000	%		24-Apr-2018		24-Apr-2028		1,000,000,000		1,000,000,000
RI0443		FIXED		4.62500	%		15-Apr-2013		15-Apr-2043		1,500,000,000		1,500,000,000
RI0470		FIXED		4.45000	%		15-Apr-2020		15-Apr-2070		1,000,000,000		1,000,000,000
RI0727		FIXED		3.85000	%		18-Jul-2017		18-Jul-2027		1,000,000,000		1,000,000,000
RI0731		FIXED		2.15000	%		28-Jul-2021		28-Jul-2031		1,200,000,000		1,200,000,000
RI0747		FIXED		4.75000	%		18-Jul-2017		18-Jul-2047		1,000,000,000		1,000,000,000
RI0929		FIXED		3.40000	%		18-Jun-2019		18-Sep-2029		750,000,000		750,000,000
RI0961		FIXED		3.20000	%		23-Sep-2021		23-Sep-2061		650,000,000		650,000,000
RI1023		FIXED		5.37500	%		17-Jul-2013		17-Oct-2023		819,219,000		819,219,000
RI1030		FIXED		3.85000	%		15-Apr-2020		15-Oct-2030		1,650,000,000		1,650,000,000
RI1049		FIXED		3.70000	%		30-Oct-2019		30-Oct-2049		1,000,000,000		1,000,000,000
RI1050		FIXED		4.20000	%		15-Apr-2020		15-Oct-2050		1,650,000,000		1,650,000,000
USDFR0002		FIXED		4.05000	%		24-Jun-2016		24-Jun-2026		200,000,000		200,000,000

TOTAL US DOLLAR DENOMINATED											51,341,091,000		51,341,091,000

*JAPAN YEN*
JBIC GUARANTEED SAMURAI BONDS
RIJPY1122		FIXED		1.130	%		22-Nov-2012		22-Nov-2022		60,000,000,000		521,263,342
RIJPY0825		FIXED		0.910	%		13-Aug-2015		13-Aug-2025		55,000,000,000		477,824,730

TOTAL JBIC GUARANTEED SAMURAI BONDS											115,000,000,000		999,088,073

NON JBIC GUARANTEED SAMURAI BONDS
RIJPY0522		FIXED		0.540	%		22-May-2019		20-May-2022		75,700,000,000		657,660,583
RIJPY0523		FIXED		0.920	%		31-May-2018		31-May-2023		39,000,000,000		338,821,172
RIJPY0524		FIXED		0.830	%		22-May-2019		22-May-2024		80,200,000,000		696,755,334
RIJPY0524A		FIXED		0.330	%		27-May-2021		27-May-2024		29,000,000,000		251,943,949
RIJPY0525		FIXED		1.070	%		31-May-2018		30-May-2025		3,500,000,000		30,407,028
RIJPY0526		FIXED		0.960	%		22-May-2019		22-May-2026		4,500,000,000		39,094,751
RIJPY0526A		FIXED		0.570	%		27-May-2021		27-May-2026		46,800,000,000		406,585,407
RIJPY0528		FIXED		1.270	%		31-May-2018		31-May-2028		8,500,000,000		73,845,640
RIJPY0528A		FIXED		0.700	%		27-May-2021		26-May-2028		1,200,000,000		10,425,267
RIJPY0529		FIXED		1.170	%		22-May-2019		22-May-2029		7,600,000,000		66,026,690
RIJPY0531		FIXED		0.890	%		27-May-2021		27-May-2031		18,200,000,000		158,116,547
RIJPY0534		FIXED		1.550	%		22-May-2019		22-May-2034		4,000,000,000		34,750,889
RIJPY0536		FIXED		1.170	%		27-May-2021		27-May-2036		2,500,000,000		21,719,306
RIJPY0539		FIXED		1.790	%		22-May-2019		20-May-2039		5,000,000,000		43,438,612
RIJPY0541		FIXED		1.440	%		27-May-2021		27-May-2041		2,300,000,000		19,981,761
RIJPY0622		FIXED		0.890	%		8-Jun-2017		8-Jun-2022		50,000,000,000		434,386,119
RIJPY0624		FIXED		1.040	%		8-Jun-2017		7-Jun-2024		10,000,000,000		86,877,224
RIJPY0723		FIXED		1.130	%		8-Jul-2020		7-Jul-2023		50,700,000,000		440,467,524
RIJPY0725		FIXED		1.350	%		8-Jul-2020		8-Jul-2025		24,300,000,000		211,111,654
RIJPY0727		FIXED		1.480	%		8-Jul-2020		8-Jul-2027		10,100,000,000		87,745,996
RIJPY0730		FIXED		1.590	%		8-Jul-2020		8-Jul-2030		13,400,000,000		116,415,480
RIJPY0740		FIXED		1.800	%		8-Jul-2020		6-Jul-2040		1,500,000,000		13,031,584

TOTAL NON JBIC GUARANTEED SAMURAI BONDS											488,000,000,000		4,239,608,517

TOTAL JAPAN YEN DENOMINATED											603,000,000,000		5,238,696,589

D-113


CURRENCY	INTEREST RATE BASIS		INTEREST RATE			ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
										(In Original Currency)			(In US Dollar)
*EURO*
RIEUR0227		FIXED		0.9000	%		14-Jan-2020		14-Feb-2027		1,000,000,000			1,131,549,937
RIEUR0333		FIXED		1.1000	%		12-Jan-2021		12-Mar-2033		1,000,000,000			1,131,549,937
RIEUR0334		FIXED		1.3000	%		23-Sep-2021		23-Mar-2034		500,000,000			565,774,968
RIEUR0425		FIXED		1.7500	%		24-Apr-2018		24-Apr-2025		1,000,000,000			1,131,549,937
RIEUR0623		FIXED		2.6250	%		14-Jun-2016		14-Jun-2023		1,500,000,000			1,697,324,905
RIEUR0628		FIXED		3.7500	%		14-Jun-2016		14-Jun-2028		1,500,000,000			1,697,324,905
RIEUR0724		FIXED		2.1500	%		18-Jul-2017		18-Jul-2024		1,000,000,000			1,131,549,937
RIEUR0725		FIXED		3.3750	%		30-Jul-2015		30-Jul-2025		1,250,000,000			1,414,437,421
RIEUR0729		FIXED		1.0000	%		28-Jul-2021		28-Jul-2029		500,000,000			565,774,968
RIEUR0926		FIXED		1.4500	%		18-Jun-2019		18-Sep-2026		750,000,000			848,662,453
RIEUR1031		FIXED		1.4000	%		30-Oct-2019		30-Oct-2031		1,000,000,000			1,131,549,937

TOTAL EURO DENOMINATED											11,000,000,000			12,447,049,307

II. GOVERNMENT ISLAMIC DEBT SECURITIES
*US DOLLAR*
SNI0229		FIXED		4.45000	%		20-Feb-2019		20-Feb-2029		1,250,000,000			1,250,000,000
SNI0322		FIXED		3.40000	%		29-Mar-2017		29-Mar-2022		1,000,000,000			1,000,000,000
SNI0323		FIXED		3.75000	%		1-Mar-2018		1-Mar-2023		1,250,000,000			1,250,000,000
SNI0327		FIXED		4.15000	%		29-Mar-2017		29-Mar-2027		2,000,000,000	��		2,000,000,000
SNI0328		FIXED		4.40000	%		1-Mar-2018		1-Mar-2028		1,750,000,000			1,750,000,000
SNI0625		FIXED		2.30000	%		23-Jun-2020		23-Jun-2025		750,000,000			750,000,000
SNI0626		FIXED		1.50000	%		9-Jun-2021		9-Jun-2026		1,250,000,000			1,250,000,000
SNI0630		FIXED		2.80000	%		23-Jun-2020		23-Jun-2030		1,000,000,000			1,000,000,000
SNI0631		FIXED		2.55000	%		9-Jun-2021		9-Jun-2031		1,000,000,000			1,000,000,000
SNI0650		FIXED		3.80000	%		23-Jun-2020		23-Jun-2050		750,000,000			750,000,000
SNI0651		FIXED		3.55000	%		9-Jun-2021		9-Jun-2051		750,000,000			750,000,000
SNI0824		FIXED		3.90000	%		20-Feb-2019		20-Aug-2024		750,000,000			750,000,000
SNI22		FIXED		3.30000	%		21-Nov-2012		21-Nov-2022		1,000,000,000			1,000,000,000
SNI24		FIXED		4.35000	%		10-Sep-2014		10-Sep-2024		1,500,000,000			1,500,000,000
SNI25		FIXED		4.32500	%		28-May-2015		28-May-2025		2,000,000,000			2,000,000,000
SNI26		FIXED		4.55000	%		29-Mar-2016		29-Mar-2026		1,750,000,000			1,750,000,000
USDPBS002		FIXED		4.00000	%		11-Jan-2019		11-Jan-2022		100,000,000			100,000,000

TOTAL US DOLLAR DENOMINATED											19,850,000,000			19,850,000,000

TOTAL FOREIGN CURRENCY DENOMINATED BONDS IN EQUIVALENT AMOUNT OF US DOLLAR														88,876,836,896

Assumed exchange rate for conversion as of December 31 2021 (Bank Indonesia Middle Exchange Rate)


IDR/USD			14,278.00
IDR/JPY			124.04
IDR/EUR			16,156.27

D-114

DOMESTIC CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2021


SERIES	INTEREST RATE BASIS	COUPON RATE			ISSUE DATE	MATURITY DATE	OUTSTANDING BALANCE
							(In Original Currency)		(In US Dollar)
I. TRADABLE SECURITIES
A. GOVERNMENT DEBT SECURITIES
1. TREASURY BILLS
SPN03220112	FIXED		ZERO COUPON		14-Oct-2021	12-Jan-2022		1,000,000,000,000		70,037,820
SPN03220126	FIXED		ZERO COUPON		28-Oct-2021	26-Jan-2022		1,000,000,000,000		70,037,820
SPN12220106	FIXED		ZERO COUPON		7-Jan-2021	6-Jan-2022		6,050,000,000,000		423,728,814
SPN12220203	FIXED		ZERO COUPON		4-Feb-2021	3-Feb-2022		5,200,000,000,000		364,196,666
SPN12220303	FIXED		ZERO COUPON		4-Mar-2021	3-Mar-2022		3,850,000,000,000		269,645,609
SPN12220331	FIXED		ZERO COUPON		1-Apr-2021	31-Mar-2022		5,255,000,000,000		368,048,746
SPN12220527	FIXED		ZERO COUPON		28-May-2021	27-May-2022		6,750,000,000,000		472,755,288
SPN12220707	FIXED		ZERO COUPON		8-Jul-2021	7-Jul-2022		3,600,000,000,000		252,136,154
SPN12220819	FIXED		ZERO COUPON		20-Aug-2021	19-Aug-2022		2,000,000,000,000		140,075,641
SPN12220915	FIXED		ZERO COUPON		16-Sep-2021	15-Sep-2022		1,600,000,000,000		112,060,513
SPN12221013	FIXED		ZERO COUPON		14-Oct-2021	13-Oct-2022		1,000,000,000,000		70,037,820

TOTAL TREASURY BILLS								37,305,000,000,000		2,612,760,891

2. TREASURY NOTES
FR0035	FIXED		12.900	%	16-Feb-2006	15-Jun-2022		10,442,750,000,000		731,387,449
FR0037	FIXED		12.000	%	18-May-2006	15-Sep-2026		2,450,000,000,000		171,592,660
FR0039	FIXED		11.750	%	24-Aug-2006	15-Aug-2023		4,061,000,000,000		284,423,589
FR0040	FIXED		11.000	%	21-Sep-2006	15-Sep-2025		25,014,090,000,000		1,751,932,343
FR0042	FIXED		10.250	%	25-Jan-2007	15-Jul-2027		14,774,100,000,000		1,034,745,763
FR0043	FIXED		10.250	%	22-Feb-2007	15-Jul-2022		13,542,000,000,000		948,452,164
FR0044	FIXED		10.000	%	19-Apr-2007	15-Sep-2024		17,301,000,000,000		1,211,724,331
FR0045	FIXED		9.750	%	24-May-2007	15-May-2037		9,624,304,000,000		674,065,275
FR0046	FIXED		9.500	%	19-Jul-2007	15-Jul-2023		23,616,000,000,000		1,654,013,167
FR0047	FIXED		10.000	%	30-Aug-2007	15-Feb-2028		20,385,000,000,000		1,427,720,969
FR0050	FIXED		10.500	%	24-Jan-2008	15-Jul-2038		15,661,000,000,000		1,096,862,306
FR0052	FIXED		10.500	%	20-Aug-2009	15-Aug-2030		23,500,000,000,000		1,645,888,780
FR0054	FIXED		9.500	%	22-Jul-2010	15-Jul-2031		27,096,000,000,000		1,897,744,782
FR0056	FIXED		8.375	%	23-Sep-2010	15-Sep-2026		121,414,000,000,000		8,503,571,929
FR0057	FIXED		9.500	%	21-Apr-2011	15-May-2041		17,236,573,000,000		1,207,212,004
FR0058	FIXED		8.250	%	21-Jul-2011	15-Jun-2032		42,798,000,000,000		2,997,478,638
FR0059	FIXED		7.000	%	15-Sep-2011	15-May-2027		117,080,000,000,000		8,200,028,015
FR0061	FIXED		7.000	%	6-Oct-2011	15-May-2022		90,434,000,000,000		6,333,800,252
FR0062	FIXED		6.375	%	9-Feb-2012	15-Apr-2042		13,692,000,000,000		958,957,837
FR0063	FIXED		5.625	%	13-Aug-2012	15-May-2023		92,176,000,000,000		6,455,806,135
FR0064	FIXED		6.125	%	13-Aug-2012	15-May-2028		114,295,000,000,000		8,004,972,685
FR0065	FIXED		6.625	%	30-Aug-2012	15-May-2033		85,343,000,000,000		5,977,237,708
FR0067	FIXED		8.750	%	18-Jul-2013	15-Feb-2044		28,488,284,000,000		1,995,257,319
FR0068	FIXED		8.375	%	1-Aug-2013	15-Mar-2034		137,758,000,000,000		9,648,270,066
FR0070	FIXED		8.375	%	29-Aug-2013	15-Mar-2024		135,289,421,000,000		9,475,376,173
FR0071	FIXED		9.000	%	12-Sep-2013	15-Mar-2029		93,390,682,000,000		6,540,879,815
FR0072	FIXED		8.250	%	9-Jul-2015	15-May-2036		90,910,000,000,000		6,367,138,255
FR0073	FIXED		8.750	%	6-Aug-2015	15-May-2031		66,717,000,000,000		4,672,713,265
FR0074	FIXED		7.500	%	10-Nov-2016	15-Aug-2032		50,831,140,000,000		3,560,102,255
FR0075	FIXED		7.500	%	10-Aug-2017	15-May-2038		68,420,860,000,000		4,792,047,906
FR0076	FIXED		7.375	%	22-Sep-2017	15-May-2048		68,789,000,000,000		4,817,831,629
FR0077	FIXED		8.125	%	27-Sep-2018	15-May-2024		87,922,000,000,000		6,157,865,247
FR0078	FIXED		8.250	%	27-Sep-2018	15-May-2029		108,775,000,000,000		7,618,363,917
FR0079	FIXED		8.375	%	7-Jan-2019	15-Apr-2039		57,180,000,000,000		4,004,762,572
FR0080	FIXED		7.500	%	4-Jul-2019	15-Jun-2035		109,138,300,000,000		7,643,808,657
FR0081	FIXED		6.500	%	1-Aug-2019	15-Jun-2025		148,940,400,000,000		10,431,460,989
FR0082	FIXED		7.000	%	1-Aug-2019	15-Sep-2030		168,688,800,000,000		11,814,595,882
FR0083	FIXED		7.500	%	7-Nov-2019	15-Apr-2040		128,999,500,000,000		9,034,843,816
FR0084	FIXED		7.250	%	4-May-2020	15-Feb-2026		37,877,372,000,000		2,652,848,578
FR0085	FIXED		7.750	%	4-May-2020	15-Apr-2031		21,177,940,000,000		1,483,256,759
FR0086	FIXED		5.500	%	13-Aug-2020	15-Apr-2026		139,182,000,000,000		9,748,003,922
FR0087	FIXED		6.500	%	13-Aug-2020	15-Feb-2031		182,311,300,000,000		12,768,686,090
FR0088	FIXED		6.250	%	7-Jan-2021	15-Jun-2036		54,444,500,000,000		3,813,174,114
FR0089	FIXED		6.875	%	7-Jan-2021	15-Aug-2051		36,296,100,000,000		2,542,099,734
FR0090	FIXED		5.125	%	8-Jul-2021	15-Apr-2027		63,560,000,000,000		4,451,603,866
FR0091	FIXED		6.375	%	8-Jul-2021	15-Apr-2032		66,276,000,000,000		4,641,826,586
FR0092	FIXED		7.125	%	8-Jul-2021	15-Jun-2042		49,749,000,000,000		3,484,311,528
VR0033	3 MONTH-REVERSE REPO BI		3.540	%	4-May-2020	25-Apr-2025		3,568,686,000,000		249,942,989
VR0034	3 MONTH-REVERSE REPO BI		3.042	%	10-Aug-2020	10-Aug-2025		20,525,000,000,000		1,437,526,264
VR0035	3 MONTH-REVERSE REPO BI		3.042	%	10-Aug-2020	10-Aug-2026		20,525,000,000,000		1,437,526,264
VR0036	3 MONTH-REVERSE REPO BI		3.042	%	10-Aug-2020	10-Aug-2027		20,525,000,000,000		1,437,526,264
VR0037	3 MONTH-REVERSE REPO BI		3.042	%	10-Aug-2020	10-Aug-2028		20,525,000,000,000		1,437,526,264
VR0038	3 MONTH-REVERSE REPO BI		3.058	%	28-Aug-2020	28-Aug-2025		4,245,000,000,000		297,310,548
VR0039	3 MONTH-REVERSE REPO BI		3.058	%	28-Aug-2020	28-Aug-2026		4,245,000,000,000		297,310,548
VR0040	3 MONTH-REVERSE REPO BI		3.058	%	28-Aug-2020	28-Aug-2027		4,245,000,000,000		297,310,548
VR0041	3 MONTH-REVERSE REPO BI		3.058	%	28-Aug-2020	28-Aug-2028		4,245,000,000,000		297,310,548
VR0042	3 MONTH-REVERSE REPO BI		3.052	%	28-Sep-2020	28-Sep-2025		21,100,000,000,000		1,477,798,011
VR0043	3 MONTH-REVERSE REPO BI		3.052	%	28-Sep-2020	28-Sep-2026		21,100,000,000,000		1,477,798,011
VR0044	3 MONTH-REVERSE REPO BI		3.052	%	28-Sep-2020	28-Sep-2027		21,100,000,000,000		1,477,798,011

D-115


SERIES	INTEREST RATE BASIS	COUPON RATE			ISSUE DATE	MATURITY DATE	OUTSTANDING BALANCE
							(In Original Currency)		(In US Dollar)
VR0045	3 MONTH-REVERSE REPO BI		3.052	%	28-Sep-2020	28-Sep-2028		21,100,000,000,000		1,477,798,011
VR0046	3 MONTH-REVERSE REPO BI		3.046	%	12-Oct-2020	12-Oct-2025		11,550,000,000,000		808,936,826
VR0047	3 MONTH-REVERSE REPO BI		3.046	%	12-Oct-2020	12-Oct-2026		11,550,000,000,000		808,936,826
VR0048	3 MONTH-REVERSE REPO BI		3.046	%	12-Oct-2020	12-Oct-2027		11,550,000,000,000		808,936,826
VR0049	3 MONTH-REVERSE REPO BI		3.046	%	12-Oct-2020	12-Oct-2028		11,550,000,000,000		808,936,826
VR0050	3 MONTH-REVERSE REPO BI		3.046	%	26-Oct-2020	26-Oct-2025		5,717,500,000,000		400,441,238
VR0051	3 MONTH-REVERSE REPO BI		3.046	%	26-Oct-2020	26-Oct-2026		5,717,500,000,000		400,441,238
VR0052	3 MONTH-REVERSE REPO BI		3.046	%	26-Oct-2020	26-Oct-2027		5,717,500,000,000		400,441,238
VR0053	3 MONTH-REVERSE REPO BI		3.046	%	26-Oct-2020	26-Oct-2028		5,717,500,000,000		400,441,238
VR0054	3 MONTH-REVERSE REPO BI		3.042	%	16-Nov-2020	16-Nov-2025		4,370,000,000,000		306,065,275
VR0055	3 MONTH-REVERSE REPO BI		3.042	%	16-Nov-2020	16-Nov-2026		4,370,000,000,000		306,065,275
VR0056	3 MONTH-REVERSE REPO BI		3.042	%	16-Nov-2020	16-Nov-2027		4,370,000,000,000		306,065,275
VR0057	3 MONTH-REVERSE REPO BI		3.042	%	16-Nov-2020	16-Nov-2028		4,370,000,000,000		306,065,275
VR0058	3 MONTH-REVERSE REPO BI		3.056	%	23-Nov-2020	23-Nov-2025		6,750,000,000,000		472,755,288
VR0059	3 MONTH-REVERSE REPO BI		3.056	%	23-Nov-2020	23-Nov-2026		6,750,000,000,000		472,755,288
VR0060	3 MONTH-REVERSE REPO BI		3.056	%	23-Nov-2020	23-Nov-2027		6,750,000,000,000		472,755,288
VR0061	3 MONTH-REVERSE REPO BI		3.056	%	23-Nov-2020	23-Nov-2028		6,750,000,000,000		472,755,288
VR0062	3 MONTH-REVERSE REPO BI		3.056	%	14-Dec-2020	14-Dec-2025		25,742,500,000,000		1,802,948,592
VR0063	3 MONTH-REVERSE REPO BI		3.056	%	14-Dec-2020	14-Dec-2026		25,742,500,000,000		1,802,948,592
VR0064	3 MONTH-REVERSE REPO BI		3.056	%	14-Dec-2020	14-Dec-2027		25,742,500,000,000		1,802,948,592
VR0065	3 MONTH-REVERSE REPO BI		3.056	%	14-Dec-2020	14-Dec-2028		23,302,500,000,000		1,632,056,310
VR0066	3 MONTH-REVERSE REPO BI		3.058	%	2-Dec-2021	2-Dec-2026		14,500,000,000,000		1,015,548,396
VR0067	3 MONTH-REVERSE REPO BI		3.058	%	2-Dec-2021	2-Dec-2027		14,500,000,000,000		1,015,548,396
VR0068	3 MONTH-REVERSE REPO BI		3.058	%	2-Dec-2021	2-Dec-2028		14,500,000,000,000		1,015,548,396
VR0069	3 MONTH-REVERSE REPO BI		3.058	%	2-Dec-2021	2-Dec-2029		14,500,000,000,000		1,015,548,396
VR0070	3 MONTH-REVERSE REPO BI		3.051	%	30-Dec-2021	30-Dec-2026		40,000,000,000,000		2,801,512,817
VR0071	3 MONTH-REVERSE REPO BI		3.051	%	30-Dec-2021	30-Dec-2027		40,000,000,000,000		2,801,512,817
VR0072	3 MONTH-REVERSE REPO BI		3.051	%	30-Dec-2021	30-Dec-2028		40,000,000,000,000		2,801,512,817
VR0073	3 MONTH-REVERSE REPO BI		3.051	%	30-Dec-2021	30-Dec-2029		37,000,000,000,000		2,591,399,356

TOTAL TREASURY NOTES								3,719,177,102,000,000		260,483,057,991

3. RETAIL BONDS
ORI016	FIXED		6.800	%	30-Oct-2019	15-Oct-2022		8,213,531,000,000		575,257,809
ORI017	FIXED		6.400	%	15-Jul-2020	15-Jul-2023		18,336,042,000,000		1,284,216,417
ORI018	FIXED		5.700	%	27-Oct-2020	15-Oct-2023		12,972,170,000,000		908,542,513
ORI019	FIXED		5.570	%	24-Feb-2021	15-Feb-2024		26,000,868,000,000		1,821,044,124
ORI020	FIXED		4.950	%	27-Oct-2021	15-Oct-2024		15,000,000,000,000		1,050,567,306

TOTAL RETAIL BONDS								80,522,611,000,000		5,639,628,169

TOTAL TRADABLE GOVERNMENT DEBT SECURITIES								3,837,004,713,000,000		268,735,447,051

B. GOVERNMENT ISLAMIC DEBT SECURITIES
1. ISLAMIC TREASURY BILLS
SPNS03052022	FIXED		ZERO COUPON		4-Nov-2021	3-May-2022		300,000,000,000		21,011,346
SPNS06042022	FIXED		ZERO COUPON		7-Oct-2021	6-Apr-2022		1,200,000,000,000		84,045,385
SPNS08032022	FIXED		ZERO COUPON		9-Sep-2021	8-Mar-2022		1,000,000,000,000		70,037,820
SPNS12022022	FIXED		ZERO COUPON		13-Aug-2021	12-Feb-2022		500,000,000,000		35,018,910
SPNS14012022	FIXED		ZERO COUPON		15-Jul-2021	14-Jan-2022		2,000,000,000,000		140,075,641

TOTAL ISLAMIC TREASURY BILLS								5,000,000,000,000		350,189,102

2. ISLAMIC TREASURY NOTES
IFR0006	FIXED		10.250	%	1-Apr-2010	15-Mar-2030		2,175,000,000,000		152,332,259
IFR0007	FIXED		10.250	%	21-Jan-2010	15-Jan-2025		1,547,000,000,000		108,348,508
IFR0010	FIXED		10.000	%	3-Mar-2011	15-Feb-2036		4,110,000,000,000		287,855,442
PBS002	FIXED		5.450	%	2-Feb-2012	15-Jan-2022		63,660,857,000,000		4,458,667,671
PBS003	FIXED		6.000	%	2-Feb-2012	15-Jan-2027		20,386,000,000,000		1,427,791,007
PBS004	FIXED		6.100	%	16-Feb-2012	15-Feb-2037		41,957,277,000,000		2,938,596,232
PBS005	FIXED		6.750	%	2-May-2013	15-Apr-2043		34,324,000,000,000		2,403,978,148
PBS007	FIXED		9.000	%	29-Sep-2014	15-Sep-2040		10,375,000,000,000		726,642,387
PBS011	FIXED		8.750	%	14-Jan-2016	15-Aug-2023		21,750,000,000,000		1,523,322,594
PBS012	FIXED		8.875	%	28-Jan-2016	15-Nov-2031		47,680,694,000,000		3,339,451,884
PBS015	FIXED		8.000	%	21-Jul-2017	15-Jul-2047		23,043,000,000,000		1,613,881,496
PBS017	FIXED		6.125	%	11-Jan-2018	15-Oct-2025		63,086,476,000,000		4,418,439,277
PBS018	FIXED		7.625	%	4-Jun-2018	15-May-2028		7,500,000,000,000		525,283,653
PBS019	FIXED		8.250	%	4-Oct-2018	15-Sep-2023		43,040,000,000,000		3,014,427,791
PBS020	FIXED		9.000	%	22-Oct-2018	15-Oct-2027		2,250,000,000,000		157,585,096
PBS021	FIXED		8.500	%	5-Dec-2018	15-Nov-2026		13,185,000,000,000		923,448,662
PBS022	FIXED		8.625	%	24-Jan-2019	15-Apr-2034		16,330,000,000,000		1,143,717,608
PBS023	FIXED		8.125	%	15-May-2019	15-May-2030		10,875,000,000,000		761,661,297
PBS024	FIXED		8.375	%	28-May-2019	15-May-2032		3,000,000,000,000		210,113,461
PBS025	FIXED		8.375	%	29-May-2019	15-May-2033		24,735,000,000,000		1,732,385,488
PBS026	FIXED		6.625	%	17-Oct-2019	15-Oct-2024		60,395,000,000,000		4,229,934,164
PBS027	FIXED		6.500	%	4-May-2020	15-May-2023		64,115,368,000,000		4,490,500,630
PBS028	FIXED		7.750	%	23-Jul-2020	15-Oct-2046		75,503,418,000,000		5,288,094,831
PBS029	FIXED		6.375	%	14-Jan-2021	15-Mar-2034		43,116,794,000,000		3,019,806,275
PBS030	FIXED		5.875	%	4-Jun-2021	15-Jul-2028		4,250,000,000,000		297,660,737
PBS031	FIXED		4.000	%	29-Jul-2021	15-Jul-2024		16,450,000,000,000		1,152,122,146
PBS032	FIXED		4.875	%	29-Jul-2021	15-Jul-2026		15,500,000,000,000		1,085,586,217

TOTAL ISLAMIC TREASURY NOTES								734,340,884,000,000		51,431,634,963

D-116


SERIES	INTEREST RATE BASIS	COUPON RATE			ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
									(In Original Currency)		(In US Dollar)
3. RETAIL ISLAMIC DEBT SECURITIES
SR-011	FIXED		8.050	%		28-Mar-2019		10-Mar-2022		21,117,570,000,000		1,479,028,575
SR-012	FIXED		6.300	%		26-Mar-2020		10-Mar-2023		12,142,572,000,000		850,439,277
SR-013	FIXED		6.050	%		30-Sep-2020		10-Sep-2023		25,665,971,000,000		1,797,588,668
SR-014	FIXED		5.470	%		24-Mar-2021		10-Mar-2024		16,705,080,000,000		1,169,987,393
SR-015	FIXED		5.100	%		22-Sep-2021		10-Sep-2024		27,000,639,000,000		1,891,065,906

TOTAL RETAIL ISLAMIC DEBT SECURITIES										102,631,832,000,000		7,188,109,819

TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES										841,972,716,000,000		58,969,933,884

TOTAL TRADABLE SECURITIES										4,678,977,429,000,000		327,705,380,936

II. NON-TRADABLE SECURITIES
A. GOVERNMENT DEBT SECURITIES
1. HELD BY BANK INDONESIA
FRNT0001	FIXED		8.000	%		29-Aug-2018		29-Aug-2023		3,500,000,000,000		245,132,371
SRBI01 (4)	FIXED		0.100	%		7-Aug-2003		1-Aug-2043		48,446,243,511,638		3,393,069,303
SU002 (3)	FIXED		0.100	%		23-Oct-1998		1-Apr-2025		7,421,847,904,497		519,810,051
SU004 (3)	FIXED		0.100	%		28-May-1999		1-Dec-2025		21,995,536,445,493		1,540,519,432
SU007 (3)	FIXED		0.100	%		1-Jan-2006		1-Aug-2025		21,021,342,504,271		1,472,289,011

TOTAL GOVERNMENT DEBT SECURITIES HELD BY BANK INDONESIA										102,384,970,365,899		7,170,820,169

2. RETAIL NON-TRADABLE BONDS
SBR009	BI 7-day (Reverse) Repo Rate		BI 7-Day RR +1.30	%		19-Feb-2020		10-Feb-2022		2,226,102,000,000		155,911,332
SBR010	BI 7-day (Reverse) Repo Rate		BI 7-Day RR +1.60	%		22-Jul-2021		10-Jul-2023		7,500,118,000,000		525,291,918

TOTAL GOVERNMENT DEBT SECURITIES RETAIL NON-TRADABLE BONDS										9,726,220,000,000		681,203,250

B. GOVERNMENT ISLAMIC DEBT SECURITIES
1. HELD BY MINISTRY OF RELIGIOUS AFFAIR
PBSNT001	FIXED		8.000	%		29-Aug-2018		29-Aug-2023		1,500,000,000,000		105,056,731
PBSNT002	FIXED		6.510	%		23-Jun-2021		23-Jun-2036		2,000,000,000,000		140,075,641
PBSNTQ01	FIXED		6.370	%		27-Aug-2020		27-Aug-2030		3,000,000,000,000		210,113,461
SDHI-2022A	FIXED		5.910	%		21-Mar-2012		21-Mar-2022		3,342,000,000,000		234,066,396
SDHI-2022B	FIXED		8.750	%		11-Feb-2014		11-Feb-2022		2,000,000,000,000		140,075,641
SDHI-2024A	FIXED		9.040	%		11-Feb-2014		11-Feb-2024		2,000,000,000,000		140,075,641
SDHI-2029A	FIXED		8.430	%		25-Mar-2014		25-Mar-2029		1,000,000,000,000		70,037,820
SDHI-2029B	FIXED		8.620	%		13-Aug-2014		13-Aug-2029		2,855,000,000,000		199,957,977
SDHI2023A	FIXED		8.820	%		4-Nov-2015		4-Nov-2023		1,500,000,000,000		105,056,731
SDHI2025A	FIXED		8.300	%		8-Jul-2015		8-Jul-2025		2,000,000,000,000		140,075,641
SW001	FIXED		5.000	%		10-Mar-2020		10-Mar-2025		50,849,000,000		3,561,353
SWR001	FIXED		5.500	%		26-Nov-2020		10-Nov-2022		14,912,000,000		1,044,404
SWR002	FIXED		5.570	%		9-Jun-2021		10-Jun-2023		24,141,000,000		1,690,783

TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES HELD BY MINISTRY OF RELIGIOUS AFFAIR										21,286,902,000,000		1,490,888,220

2. RETAIL NON-TRADABLE ISLAMIC DEBT SECURITIES
ST007	FIXED		6.500	%		2-Dec-2020		10-Nov-2022		5,379,199,000,000		376,747,374
ST008	FIXED		4.800	%		24-Nov-2021		10-Nov-2023		5,000,000,000,000		350,189,102

TOTAL RETAIL NON-TRADABLE ISLAMIC DEBT SECURITIES										10,379,199,000,000		726,936,476

TOTAL NON-TRADABLE SECURITIES										143,777,291,365,899		10,069,848,114

TOTAL DOMESTIC CURRENCY DENOMINATED BONDS										4,822,754,720,365,900		337,775,229,049

Assumed exchange rate for conversion as of December 31 2021 (Bank Indonesia Middle Exchange Rate)


IDR/USD		14,278.00
BI 7-day (Reverse) Repo Rate as of December 2021		3.50%

FR: Fixed Rate (Treasury Notes)

IFR: Islamic Fixed Rate

ORI: Obligasi Negara Ritel (Retail Bonds)

PBS: Project Based Sukuk

SBR: Saving Bonds Retail

SDHI: Sukuk Dana Haji Indonesia (Hajj Fund Sukuk)

SPN: Surat Perbendaharaan Negara (Treasury Bills)

SPNS: Surat Perbendaharaan Negara Syariah (Islamic Treasury Bills)

SR: Sukuk Ritel (Retail Islamic Debt Securities)

SRBI: Special Rate Bank Indonesia

ST: Sukuk Tabungan (Savings Sukuk)

SU: Surat Utang (Debt Securities)

SW: Sukuk Wakaf (Cash Waqf Linked Sukuk)

SWR: Sukuk Wakaf Ritel (Retail Cash Waqf Linked Sukuk)

D-117

Republic of Indonesia 18-KAnnual report (foreign governments)