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

EXHIBIT 99.E

RECENT DEVELOPMENTS

The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in Exhibit 99.D to the Republic’s annual report on Form 18-K for the fiscal year ended December 31, 2021. To the extent the information in this section differs from the information contained in that annual report, you should rely on the information in this section. Capitalized terms not defined in this section have the meanings ascribed to them in the annual report.

REPUBLIC OF INDONESIA

Recent Developments

Recent Public Health Developments

The Covid-19 outbreak continues in Indonesia. 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 September 4, 2022, the country had recorded approximately 6.37 million cases of Covid-19 since the start of the pandemic, of which 157,647 were fatal.

The Government continues to vaccinate the population, and as of September 4, 2022, approximately 171.1 million persons were fully vaccinated, approximately 61.0 million persons had received three doses of vaccine, and approximately 203.4 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 September 4, 2022, approximately 402.0 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.

E-1

Inflation

The following table shows the Consumer Price Index (“CPI”), as of the end of the periods indicated and the percentage changes against the previous period.

Changes in Consumer Price Index

	As of December 31,			As of August 31,
	2021			2021			2022
CPI(1)		107.7			106.6			111.6
Annual percentage year-on-year		1.9	%		1.6	%		4.7	%

Source:     BPS

⁽¹⁾  Calculated on the basis of 2018 CPI = 100. 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 following table shows percentage changes year-on-year in the CPI for certain commodities for the periods indicated.

Inflation by Commodity⁽¹⁾⁽²⁾

	As of December 31,			As of August 31,
	2021			2021			2022
Food, drinks, and tobacco		3.1			3.3			7.7
Clothing and Footwear		1.5			1.0			1.6
Housing, water, electricity, and household fuel		0.8			0.4			3.1
Household equipment, tools, and routine maintenance		2.7			2.0			4.9
Health		1.7			2.1			2.1
Transportation		1.6			0.3			6.6
Information, communication, and financial services		(0.1	)		(0.0	)		(0.3	)
Recreation, sports, and culture		1.1			0.7			2.5
Education		1.6			2.3			2.5
Food and beverage providers/restaurant		2.7			2.6			4.2
Personal care and other services		1.7			0.6			4.9

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.

As of August 2022, annual inflation was 4.7%, which was lower than the 4.9% annual inflation in July 2022. This was due to decreases in some of the commodities sectors from July 2022 to August 2022. The three sectors which experienced the highest inflation as of August 2022 were food, drinks and tobacco, transportation, and personal care and other services, for which the annual inflation was 7.7%, 6.6% and 4.9%, respectively, and the month-to-month inflation compared to July 2022 was -1.8%, -0.1% and 0.3%, respectively.

E-2

Foreign Investment in Indonesia

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

Foreign Investment in Indonesia

	Year Ended December 31,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
Direct Investments
Equity Capital		20,566			11,014			8,732
Debt instrument		601			572			1,001
Total direct investments		21,167			11,586			9,733
Portfolio investments:
Equity securities		3,131			1,190			3,931
Debt securities		3,718			8,691			(4,992	)
Total portfolio investments		6,849			9,882			(1,061	)
Financial derivatives		(1,143	)		(383	)		(491	)
Other investments		(576	)		(5,527	)		(109	)
Total foreign investment		26,297			15,558			8,071

Source:     Bank Indonesia

^P  Preliminary.

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

	Year Ended December 31,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
North America		1,542			310			1,18
USA		1,482			276			1,18
Canada		38			34			1
Other North America(2)		22			(0	)		1
Central and South America		(70	)		421			85
Argentina		0			0			0
Brazil		18			(3	)		(17	)
Mexico		1			0			1
Cayman Islands		(7	)		(9	)		47
Other Central and South America		(81	)		432			54
Europe		994			210			758
European Union		956			177			703
Belgium		(40	)		(72	)		27
Denmark		96			5			15
Finland		(15	)		(8	)		16
France		1			(3	)		(6	)
Germany		38			19			10
Greece		9			(41	)		8
Ireland		38			17			(6	)
Italy		(407	)		(201	)		(212	)

E-3

	Year Ended December 31,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
Luxembourg		(1	)		(0	)		19
Netherlands		400			213			363
Portugal		0			0			(0	)
Spain		20			21			2
Sweden		142			(4	)		0
United Kingdom		675			232			367
Other European Union		0			0			3
Russia		0			0			(0	)
Turkey		4			5			2
Other Europe		34			28			52
Asia		18,522			10,777			7,515
Japan		1,957			1,215			998
People’s Republic of China		5,077			4,397			1,252
South Korea		770			646			1,099
India		227			210			370
Hong Kong SAR		3,080			1,832			538
Taiwan		109			53			384
Saudi Arabia		2			1			(1	)
ASEAN		7,298			2,420			2,843
Brunei Darussalam		0			(0	)		1
Cambodia		1			1			(0	)
Lao PDR		—			—			—
Malaysia		(25	)		6			420
Myanmar		0			(0	)		(0	)
Philippines		5			5			5
Singapore		5,227			2,353			2,332
Thailand		2,086			52			85
Vietnam		3			2			1
Other Asia		3			2			32
Australia and Oceania		119			144			314
Australia		118			141			312
New Zealand		2			2			2
Other Australia and Oceania		(2	)		0			0
Africa		(24	)		(23	)		(8	)
South Africa		0			(0	)		1
Other Africa		(23	)		(22	)		(9	)
Others		(351	)		14			8
Total		20,733			11,854			9,859

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 and Miquelon.

E-4

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,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
Equity capital(1)		20,566			11,014			8,732
Debt instruments:
Inflow		42,569			20,680			21,955
Outflow		(41,968	)		(20,108	)		(20,954	)
Total debt instruments		601			572			1,001
Total direct investments		21,167			11,586			9,733
Memorandum(2)
Direct investment in Indonesia		20,733			11,854			9,859

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.

Foreign direct investment recorded a surplus totaling U.S.$9.9 billion in the first six months of 2022, continuing a surplus of U.S.$11.6 billion in the same period last year, primarily in the form of equity capital in line with the promising national economic outlook and a conducive domestic investment climate. The manufacturing and trade sectors were the main contributors to net foreign direct investment inflows in the first half of 2022. Based on country of origin, investors from Asian emerging markets (including China) were the main contributors to foreign direct investment inflows, followed by ASEAN countries.

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,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
Equity securities:
Inflows		59,114			28,558			43,962
(Outflows)		(55,983	)		(27,367	)		(40,031	)
Net equity securities		3,131			1,190			3,931
Debt securities (net)		3,718			8,691			(4,992	)
Total portfolio investments		6,849			9,882			(1,061	)

Source:       Bank Indonesia

^P  Preliminary.

E-5

In the first six months of 2022, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$1.1 billion, after recording net inflow of U.S.$9.9 billion in the same period of last year. The outflow during the first half of 2022 was primarily attributable to rebalancing of domestic government securities (SBN) to other instruments, thus reducing the portion of non-resident holdings of domestic SBN, amidst increasing foreign capital inflows in the stock market.

Other Foreign Investment

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

Other Foreign Investment

	Year Ended December 31,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
Loans
Bank sector:
Disbursements		1,484			537			1,602
Debt repayments		(4,489	)		(2,038	)		(978	)
Total bank sector		(3,005	)		(1,501	)		625
Corporate sector:
Disbursements		15,083			7,230			8,198
Debt repayments		(20,170	)		(11,416	)		(11,935	)
Total corporate sector		(5,087	)		(4,185	)		(3,737	)
Other (net)(1)		7,516			160			3,003
Total other investments		(576	)		(5,527	)		(109	)

Source:       Bank Indonesia

^P  Preliminary.

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

In the first six months of 2022, other foreign investments recorded a deficit of U.S.$0.1 billion, lower than deficit of U.S.$5.5 billion in the same period of 2021. The lower deficit stemmed from net disbursements of bank sector and government loans, amongst others.

E-6

Foreign Trade and Balance of Payments

Exports and Imports

Exports and Imports

	Year Ended December 31,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
Exports:
Oil and gas exports (f.o.b.)		13,201			6,355			8,664
Non-oil and gas exports (f.o.b.)		219,635			97,343			133,279
Total exports (f.o.b.)		232,835			103,698			141,943
Total imports (c.i.f.)		(198,800	)		(92,244	)		(119,672	)
Balance of trade		34,035			11,454			22,271

Source:       Bank Indonesia

^P  Preliminary.

In the first six months of 2022, Indonesia recorded a trade surplus of U.S.$22.3 billion, which significantly increased from the U.S.$11.5 billion surplus in the same period of 2021. The higher trade surplus was caused by a 36.9% year-on-year increase in exports, which was higher than the 29.7% year-on-year increase in imports. The improvement of export performance was mainly due to higher international commodity prices. Consistent with stronger exports, imports also experienced an uptick compared to the same period last year as the domestic economy continues to recover.

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,		Seven Months Ended July 31,
	2021		2021R		2022P
	(in millions of U.S. dollars)
Exports:
Non-oil and gas exports		219,362.1		115,457.2		157,545.0
Oil and gas exports		12,247.4		6,796.3		9,154.8
Total exports		231,609.5		122,253.5		166,699.8
Imports:
Non-oil and gas imports		170,660.9		92,990.9		113,610.7
Oil and gas imports		25,529.1		13,312.2		23,919.5
Total imports		196,190.0		106,303.1		137,530.2

Source: BPS.

^P  Preliminary.

^R  Revised.

E-7

Exports

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

Exports by Sector

	Year Ended December 31,		Six Months Ended June 30,
	2021P		2021P		2022P
	(in thousands of U.S. dollars)
General merchandise		231,316,430		102,759,030		141,385,772
Agricultural
Coffee bean		848,285		337,927		464,016
Tea		62,171		31,539		30,891
Spices		678,397		334,427		312,781
Tobacco		73,901		20,696		54,449
Cocao bean		56,244		21,952		25,153
Shrimp and prawn		1,644,429		752,014		826,946
Other agricultural products		3,303,394		1,500,193		1,727,326
Total Agricultural products		6,666,820		2,998,748		3,441,561
Manufacture products
Textile and Textile products		13,182,868		5,886,779		7,415,995
Processed wood products		4,636,060		2,027,132		2,384,907
Palm oils		26,516,433		11,578,353		11,470,013
Chemicals		6,546,591		3,374,720		3,947,447
Base metal products		30,443,013		12,649,823		21,623,049
Electrical apparatus, measuring instruments and others		11,730,664		5,596,241		6,809,399
Cement		402,352		237,085		196,136
Paper and paper products		4,284,955		2,189,650		2,323,159
Processed rubber		6,832,214		3,530,619		3,381,153
Oil products(1)		1,899,971		745,201		2,501,128
Liquefied Petroleum Gas(1)		4,185		1,153		3,807
Other manufacture products		68,334,868		31,955,681		40,004,128
Total Manufacture products		174,814,175		79,772,438		102,060,323
Mining products
Copper ore		5,386,321		2,057,745		4,598,457
Nickel ore		0		0		0
Coal		31,505,219		11,609,592		23,939,345
Bauxite		628,176		232,519		372,801
Crude oil(1)		2,956,045		2,145,619		851,298
Natural Gas(1)		7,178,270		2,953,815		4,393,435
o/w LNG		4,294,339		1,668,914		2,629,47
Other mining products		485,173		208,425		276,553
Total Mining products		48,139,205		19,207,715		34,431,888
Other merchandise(2)		1,696,229		780,130		1,452,000
Other goods(3)		1,518,852		939,335		557,441
Total Exports		232,835,282		103,698,366		141,943,213

E-8

	Year Ended December 31,		Six Months Ended June 30,
	2021P		2021P		2022P
	(in thousands of U.S. dollars)
Memorandum(4)
Non-oil & gas exports		219,634,699		97,343,285		133,279,267
Oil & gas exports		13,200,583		6,355,080		8,663,947

Source:       Bank Indonesia

^P  Preliminary.

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

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

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

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

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

Exports by Destination

	Year Ended December 31,		Six Months Ended June 30,
	2021P		2021P		2022P
	(in thousands of U.S. dollars)
America
North America
United States of America		25,765,002		11,530,533		14,896,907
Canada		1,064,214		486,675		660,366
Other North America		1,620		780		839
Total North America		26,830,836		12,017,987		15,558,113
Central and South America
Argentina		281,227		109,085		146,300
Brazil		1,504,539		697,404		741,289
Mexico		1,298,970		566,561		797,648
Other Central and South America		1,910,190		788,208		1,050,076
Total Central and South America		4,994,925		2,161,258		2,735,313
Total America		31,825,761		14,179,245		18,293,426
Europe
European Union
Netherlands		4,624,534		2,069,333		2,837,700
Belgium		1,635,031		704,416		1,144,337
United Kingdom		1,474,290		681,633		795,888
Italy		2,804,545		1,119,276		1,503,075
Germany		2,912,856		1,367,288		1,652,760
France		996,178		491,176		550,327
Spain		2,347,650		1,040,732		1,129,336
Other European Union		2,657,501		1,217,086		1,624,408
Total European Union		19,452,584		8,690,940		11,237,832

E-9

	Year Ended December 31,		Six Months Ended June 30,
	2021P		2021P		2022P
	(in thousands of U.S. dollars)
Russia		1,492,89		721,228		716,572
Turkey		1,599,382		767,851		1,090,652
Other Europe		2,162,096		1,105,955		1,601,138
Total Europe		24,706,953		11,285,974		14,646,194
Asia and Middle East
ASEAN
Brunei Darussalam		211,268		89,201		117,583
Philippines		8,590,823		3,917,028		5,887,044
Cambodia		530,909		290,463		362,388
PDR Laos		7,578		3,295		23,397
Malaysia		11,954,53		5,790,646		7,798,534
Myanmar		1,117,043		511,384		465,213
Singapore		12,167,500		5,709,180		7,979,525
Thailand		7,110,300		3,733,051		4,309,184
Vietnam		6,842,952		3,374,301		4,058,617
Total ASEAN		48,532,903		23,418,549		31,001,486
Hong Kong SAR		2,001,026		830,228		1,272,837
India		13,308,709		5,646,537		11,447,184
Iraq		218,389		105,427		195,060
Japan		17,595,122		7,880,842		11,505,454
South Korea		9,161,223		4,031,810		6,137,965
Pakistan		3,823,688		1,607,949		2,057,974
People’s Republic of China		53,278,076		22,223,801		28,984,132
Saudi Arabia		1,580,531		773,313		943,114
Taiwan		6,726,353		2,676,450		3,984,930
Other Asia and Middle East		8,676,922		3,785,610		5,158,340
Total Asia and Middle East		164,902,943		72,980,517		102,688,477
Australia and Oceania
Australia		3,236,357		1,628,166		1,746,053
New Zealand		717,463		330,628		361,096
Other Australia and Oceania		403,551		171,524		214,618
Total Australia and Oceania		4,357,371		2,130,317		2,321,767
Africa
South Africa		965,270		421,377		546,700
Other Africa		4,388,304		1,923,891		1,997,594
Total Africa		5,353,573		2,345,268		2,544,294
Unclassified exports(1)		1,688,68		777,044		1,449,056
Total (f.o.b.)		232,835,282		103,698,366		141,943,213

Source:    Bank Indonesia

^P Preliminary.

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

E-10

Imports

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

Imports by Sector⁽¹⁾

	Year Ended December 31,		Six Months Ended June 30,
	2021P		2021P		2022P
	(in thousands of U.S. dollars)
General Merchandise		196,118,688		91,069,138		118,378,460
Consumption Goods
Food and beverages, primary, mainly for household		2,754,783		1,156,022		1,345,566
Food and beverages, processed, mainly for household		3,860,341		1,836,345		2,304,646
Passenger motor cars		375,210		182,187		257,690
Transport equipment, nonindustrial		229,968		102,233		133,576
Durable consumer goods		2,227,130		1,155,652		1,213,590
Semi-durable consumer goods		3,547,131		1,730,374		1,924,378
Non-durable consumer goods		5,931,056		2,281,686		1,801,394
Fuels and lubricants, processed, oil products(2)		7,567,201		3,163,082		7,489,249
Goods not elsewhere specified		308,987		153,066		143,926
Total Consumption Goods		26,801,807		11,760,648		16,614,014
Raw materials and auxiliary goods
Food and beverages, primary, mainly for industry		6,791,471		3,278,195		3,736,435
Food and beverages, processed, mainly for industry		4,408,737		2,556,070		3,146,371
Industrial supplies, primary		7,409,535		3,257,431		4,074,028
Industrial supplies, processed		69,801,404		32,538,773		39,899,774
Parts and accessories for capital goods		20,765,500		10,151,999		11,680,556
Parts and accessories for transport equipment		8,039,984		3,656,112		4,669,505
Fuels and lubricants, primary		10,014,214		4,744,543		8,454,500
o/w Crude oil(2)		7,886,555		4,004,192		6,675,765
Fuels and lubricants, processed		12,669,639		5,549,288		8,780,717
o/w Oil products(2)		7,367,209		3,299,913		5,349,162
o/w Liquefied Petroleum Gas(2)		4,713,059		1,921,917		3,122,871
Total Raw materials and auxiliary goods		139,900,484		65,732,411		84,441,886
Capital Goods
Capital goods (except transport equipment)		25,371,226		11,760,164		14,711,896
Passenger motor cars		375,210		182,187		257,690
Other transport equipment, industrial		3,085,572		1,369,206		2,028,669
Total Capital Goods		28,832,008		13,311,558		16,998,254
Other merchandise(3)		584,389		264,522		324,305
Other goods(4)		2,681,663		1,174,881		1,293,985
Total		198,800,351		92,244,020		119,672,445

E-11

Source:     Bank Indonesia

^P  Preliminary.

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

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

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

⁽⁴⁾ Consists of nonmonetary gold.

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

Imports by Place of Origin⁽¹⁾

	Year Ended December 31,		Six Months Ended June 30,
	2021P		2021P		2022P
	(in thousands of U.S. dollars)
America
North America
United States of America		11,607,176		5,059,196		5,664,923
Canada		2,039,320		1,048,899		1,389,298
Other North America		0		0		0
Total North America		13,646,496		6,108,095		7,054,221
Central and South America
Argentina		2,028,162		974,377		1,440,422
Brazil		2,357,034		1,267,225		1,638,809
Mexico		251,035		109,941		157,188
Other Central and South America		600,554		255,201		324,016
Total Central and South America		5,236,784		2,606,745		3,560,435
Total America		18,883,280		8,714,840		10,614,656
Europe
European Union
Netherlands		877,900		414,235		450,162
Belgium		763,083		262,310		302,424
United Kingdom		1,116,93		505,688		488,243
Italy		1,674,996		876,446		694,039
Germany		3,057,219		1,394,194		1,699,403
France		1,316,552		633,479		689,912
Spain		676,814		233,743		299,124
Other European Union		2,413,677		1,043,139		1,366,441
Total European Union		11,897,176		5,363,233		5,989,748
Russia		1,033,73		495,076		862,977
Turkey		353,531		159,299		237,607
Other Europe		2,732,492		827,591		1,061,345
Total Europe		16,016,934		6,845,198		8,151,677

E-12

	Year Ended December 31,		Six Months Ended June 30,
	2021P		2021P		2022P
	(in thousands of U.S. dollars)
Asia and Middle East
ASEAN
Brunei Darussalam		156,977		114,661		429,856
Philippines		1,169,335		531,453		698,580
Cambodia		50,094		25,788		22,207
PDR Laos		38,976		18,354		78,619
Malaysia		9,634,006		4,335,557		6,246,082
Myanmar		164,217		100,946		79,421
Singapore		18,470,973		9,121,312		11,493,104
Thailand		8,920,455		4,121,474		5,722,577
Vietnam		3,972,949		2,043,341		2,295,564
Total ASEAN		42,577,980		20,412,888		27,066,010
Hong Kong SAR		5,557,561		2,755,418		2,508,945
India		7,057,958		3,237,001		5,148,158
Iraq		110		38		137
Japan		15,533,193		6,956,815		8,593,730
South Korea		9,773,262		4,716,770		6,137,018
Pakistan		192,770		123,326		97,817
People’s Republic of China		53,649,120		24,404,431		31,006,187
Saudi Arabia		4,359,067		1,826,994		3,184,476
Taiwan		4,293,046		2,025,633		2,324,904
Other Asia and Middle East		5,166,872		2,601,421		3,633,589
Total Asia and Middle East		148,160,938		69,060,734		89,700,970
Australia and Oceania
Australia		9,404,535		4,247,808		4,399,805
New Zealand		954,512		465,732		679,606
Other Australia and Oceania		39,107		12,691		45,744
Total Australia and Oceania		10,398,154		4,726,231		5,125,155
Africa
South Africa		634,585		263,620		1,086,57
Other Africa		4,122,070		2,368,874		4,669,109
Total Africa		4,756,656		2,632,494		5,755,683
Unclassified imports(2)		584,389		264,522		324,305
Total		198,800,351		92,244,020		119,672,445

Source:     Bank Indonesia

^P  Preliminary.

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

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

E-13

Balance of Payments

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

Balance of Payments⁽¹⁾

	Year Ended December 31,			Six Months Ended June 30,
	2021P			2021P			2022P
	(in millions of U.S. dollars)
Current account		3,459			(3,012	)		4,261
Goods(2)		43,806			15,965			28,109
Total exports (f.o.b.)		232,835			103,698			141,943
Non-oil and gas exports		219,635			97,343			133,279
Oil and gas exports		13,201			6,355			8,664
Total imports (f.o.b.)		(189,029	)		(87,733	)		(113,834	)
Non-oil and gas imports		(162,864	)		(75,965	)		(92,300	)
Oil and gas imports		(26,166	)		(11,768	)		(21,534	)
Services		(14,651	)		(7,097	)		(9,347	)
Primary income		(31,961	)		(14,776	)		(17,519	)
Secondary income		6,264			2,896			3,017
Capital account		80			7			4
Financial account		12,147			7,423			(3,214	)
(i) Public sector		4,317			2,549			(5,841	)
Portfolio investment		(616	)		4,039			(6,493	)
Assets		—			—			—
Liabilities		(616	)		4,039			(6,493	)
Other investment		4,933			(1,489	)		652
Assets		—			—			—
Liabilities		4,933			(1,489	)		652
Loans		(1,377	)		(1,489	)		652
Drawings		4,355			1,519			3,392
Repayments		(5,732	)		(3,008	)		(2,740	)
Other liabilities		6,310			—			—
(ii) Private sector		7,830			4,874			2,627
Direct investment		17,106			9,889			7,432
Assets		(4,061	)		(1,697	)		(2,301	)
Liabilities		21,167			11,586			9,733
Portfolio investment		5,687			4,858			2,882
Assets		(1,778	)		(985	)		(2,550	)
Liabilities		7,465			5,843			5,431
Financial derivatives		333			134			51
Other investment		(15,296	)		(10,008	)		(7,738	)
Assets		(9,788	)		(5,970	)		(6,976	)
Liabilities		(5,509	)		(4,038	)		(761	)
Errors and omissions		(2,225	)		(804	)		(478	)
Overall balance		13,461			3,615			573
Reserves and related items		(13,461	)		(3,615	)		(573	)
Memorandum(3)
Reserve asset position		144,905			137,093			136,379

E-14

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.

The current account recorded a U.S.$4.3 billion surplus in the first six months of 2022, after recording a U.S.$3.0 billion deficit in the first six months of 2021. The improvement of current account was primarily supported by a goods trade surplus due to stronger non-oil & gas exports in line with elevated international commodity prices, amidst increment of imports as rising domestic demand and soaring global oil price. On the other hand, the services trade balance deficit increased as domestic economic activity accelerated. The primary income deficit also widened due to increasing return-on-investment payments in line with stronger corporate performance and solid exports.

The capital and financial account recorded a U.S.$3.2 billion deficit in the first six months of 2022, amidst elevated global financial market uncertainty. Direct investment persistently booked surplus in the first half of 2022, reflecting investor optimism in the promising domestic economic outlook and a conducive domestic investment climate, thus bolstered capital and financial account performance. Nonetheless, portfolio investment recorded deficit in line with high global financial market uncertainty amid ongoing measures in various economies to tighten monetary policy, including the US. Meanwhile, other investment recorded a narrower deficit due to lower net payments on maturing liabilities.

Indonesia’s overall balance of payments in the first half of 2022 recorded a surplus of U.S.$0.6 billion, accompanied by official reserve assets of U.S.$136.4 billion as of June 30, 2022.

Financial System

The Banking System

As of June 30, 2022, total banking assets were Rp10,498.4 trillion, consisting of commercial bank assets of Rp10,308,56 trillion and rural bank assets (including assets of sharia rural banks) of Rp189.8 trillion.

Islamic Financial System

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 June 30, 2022, assets of Sharia banks were Rp721.3 trillion, or 6.9% of Indonesia’s total banking assets.

E-15

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 June 30,
	2021P			2022P
Base Money (M0)		1,069,791			1,337,129
Currency in Circulation(1)		832,385			912,485
Commercial Banks Demand Deposits at Bank Indonesia		235,722			423,875
Private sector Demand Deposits		1,685			768
Bank Indonesia Certificates (“SBI”)(2)		—			—
Factors Affecting Base Money (M0)		1,069,791			1,337,129
Net Foreign Assets		1,955,082			1,903,716
Claims on Non-Residents		2,076,179			2,113,575
Liabilities to Non-Resident		(120,097	)		(209,859	)
Claims on Other Depository Corporations		56			56
Liquidity Credits		56			56
Other Claims		—			—
Net claims on central Government		(318,697	)		(477,511	)
Claims on central Government		115,585			107,401
Liabilities to central Government		(434,281	)		584,912
Claims on Other Sectors		9,813			9,923
Claims on Other Financial Institutions		—			—
Claims on Private Sectors		9,813			9,923
Open Market Operations(3)		1,955			312,580
Other Liabilities to Commercial & Rural Banks		(83,094	)		(83,275	)
Deposits included in Broad Money (M2)		—			—
Deposits excluded from Broad Money (M2)		—			—
Shares and Other Equity		(442,926	)		(320,402	)
Net Other items		(52,398	)		(7,958	)

Source:     Bank Indonesia

^P  Preliminary.

⁽¹⁾  Currency outside banks plus cash in vault.

⁽²⁾  SBI which is used to fulfil the secondary statutory reserve requirement of banks and accounted for as primary money supply components. Included in base money from October 2009 to June 2018. Starting from July 2018 SBI is not accounted as component of primary money supply, due to changes in the reserve requirement regulation.

⁽³⁾  Consists of total SBI after it is reduced by the SBI used to fulfil the secondary statutory reserve requirement of banks, and is accounted for as a primary money supply component (see footnote 2). Such SBI types include: Syariah SBI, Third Party Syariah SBI, Bank Indonesia Facility, Fine Tune Operation, Government Bonds, State Syariah Negotiable Paper, and Reserve Reverse Repo Government Bonds.

E-16

Banks and Other Financial Institutions

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

Indonesian Financial Institutions as of June 30, 2022

	Number of institutions			Assets*			Percentage of total assets
				(in trillions of Rupiah)			(%)
Banking:
Commercial banks		107			10,308.6			74.4
Rural credit banks(1)		1,619			189.8			1.4
Total banking		1,726			10,498.4			75.7
Insurance:
Life insurance		61			634.4			4.6
General insurance & Reinsurance		85			239.7			1.7
Social insurance(2)		5			845.9			6.1
Total insurance		151			1,720.0			12.4
Pension funds:
Financial institution pension funds		26			117.5			0.8
Employer pension funds		179			217.0			1.6
Total pension funds		205			334.5			2.4
Finance companies(3)		157			449.8			3.2
Venture capital companies		58			24.0			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			40.5			0.3
Pawn shops		134			70.4			0.5
Fintech peer to peer Lending(6)		102			4.8			0.0
Micro Financial Institution(7)		228			1.4			0.0
Insurance and Reinsurance Brokers		196			18.1			0.1
Total		3,199			13,863.0			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 April 30, 2022, number of institutions based on data as of June 30, 2022.

E-17

Bank Assets and Liabilities

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

Consolidated Balance Sheet of Commercial Banks

	As of December 31,		As of June 30,
	2021P		2022P
	(in trillions of Rupiah)
Assets
Loans		5,820.6		6,236.5
Interbank Assets		223.1		212.3
Placements at Bank Indonesia		1,146.4		1,157.2
Securities (including Government Bonds)		1,831.0		1,827.9
Equity Participation		96.5		103.2
Other Claims		623.6		428.6
Others		371,1		342.9
Total Assets		10,112.3		10,308.6
Liabilities
Third Party Funds		7,479.5		7,602.3
Liabilities owed to Bank Indonesia		1.7		1.2
Interbank Liabilities		160.6		176.7
Securities		117.7		113.9
Borrowing		227.6		251.3
Other Liabilities		125.8		124.5
Guarantee Deposits		4.6		3.5
Others		523.7		552.2
Capital:
Paid in Capital		261.7		275.3
Reserves		81.2		89.2
Current Earnings/Loss		140.2		97.2
Retained Earnings/Loss		648.3		682.9
Estimates of Additional Paid in Capital		274.0		260.7
Others		65.9		77.7
Total Liabilities		10,112.3		10,308.6

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 June 30,
	2021		2022P
	(percentages)
CAR		25.7		24.7

Source:     OJK

^P  Preliminary.

E-18

Non-Performing Loans

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

Non-Performing Loans Ratios

	As of December 31,		As of June 30,
	2021		2022P
	(percentages)
Gross NPL ratio		3.0		2.9

Source:     OJK

^P  Preliminary.

Capital Markets and Capital Markets Regulation

The following table sets forth key indicators regarding the IDX and any securities traded on the IDX as of and for the seven months ended July 31, 2022.

Indonesian Stock Exchange

	IDX
Market capitalization (in trillions of Rupiah)		9,133.1
Listed shares (in billions of shares)		8,849.8
Average daily transaction value (in billions of Rupiah)(1)		15,427.7
Average daily transaction volume (in millions of shares)(1)		23,355.2

Source:    IDX

⁽¹⁾  For the seven months ended July 31, 2022.

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 July 31, 2022, the market capitalization of the JII was Rp2,234.3 trillion.

The IDX launched the Indonesia Sharia Stock Index, or ISSI on May 12, 2011. The ISSI is comprised of 523 Sharia stocks which are listed on the IDX as of July 31, 2022. As of July 31, 2022, the market capitalization of the ISSI was Rp4,366.7 trillion.

Monetary Policy

In July 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 projections of manageable core inflation despite the risks posed by global economic moderation on domestic economic growth. Bank Indonesia continues to remain vigilant of rising inflation expectations and core inflation moving forward, while strengthening the optimal monetary policy mix response necessary through rupiah stabilisation measures, strengthening monetary operations and interest rates. Towards that end, Bank Indonesia is bolstering its policy mix as follows:

1. Strengthening monetary operations as a pre-emptive and forward-looking measure to mitigate the risk of rising inflation expectations and core inflation by increasing the interest rate structure in the money market and releasing SBN in the secondary market.

E-19

2. Strengthening rupiah stabilization policy to help manage inflation through foreign exchange market intervention, supported by stronger monetary operations as referred to in Point 1.

3. Maintaining prime lending rate transparency policy in the banking industry with a focus on consumer loan interest rates.

4. Expanding cross-border QRIS by, among others, accelerating implementation, piloting local currency settlement (LCS) with other Asian countries and organizing National QRIS Week to achieve the target of 15 million new users.

5. Ensuring smooth and orderly operationalization of the National Open API Payment Standard (SNAP), particularly for first mover payment service providers (PSP), while preparing for second mover implementation targeted for December 2022, as well as expanding cross-border QRIS by, among others, accelerating implementation and piloting LCS.

6. Strengthening international policy by expanding cooperation and collaboration with central banks and relevant authorities in other jurisdictions as well as ensuring the success of the six priority agendas in the Finance Track of Indonesia’s G20 Presidency in 2022.

In August 2022, Bank Indonesia has increased the BI 7-day Reverse Repo Rate (BI7DRR) by 25 bps to 3.75%, while also raising the Deposit Facility (DF) and Lending Facility (LF) rates by 25 bps to 3.00% and 4.50%. The decision to raise the policy rate represents a pre-emptive and forward-looking measure to mitigate the risks posed by rising core inflation and inflation expectations caused by higher non-subsidised fuel prices and a build-up of inflationary pressures on volatile food, while strengthening exchange rate stabilisation policy in line with the rupiah’s fundamental value amid persistently elevated global financial market uncertainty and stronger domestic economic growth momentum. Bank Indonesia continues to strengthen its policy mix response to maintain stability and strengthen recovery as follows:

1. Strengthening monetary operations by increasing the interest rate structure in the money market in accordance with the higher BI 7-Day Reverse Repo Rate (BI7DRR) to mitigate the risks associated with rising core inflation and inflation expectations.

2. Strengthening rupiah stabilization policy as part of the measures to control inflation through foreign exchange market intervention through spot and DNDF transactions as well as buying/selling SBN in the secondary market.

3. Buying/selling SBN in the secondary market to strengthen rupiah stability by increasing the attractiveness of short-term SBN portfolio investment and creating a flatter long-term SBN yield structure considering the short-term nature of inflationary pressures that are expected to return to the target corridor in the medium-long term.

4. Strengthening national and regional synergy to maintain price stability and bolster food security through a coordination meeting with national and regional inflation control teams (TPIP and TPID), while accelerating implementation of the National Movement for Food Inflation Control (GNPIP).

5. Implementing policy incentives for banks disbursing loans/financing to priority sectors and MSMEs and/or fulfilling the Macroprudential Inclusive Financing Ratio (RPIM) from September 1, 2022 as follows: (a) Increasing the incentives for disbursing loans/financing to priority sectors to a maximum of 1.5% from 0.5% previously and the incentive for fulfilling the RPIM target of up to 0.5%. (b) Expanding the scope of priority subsectors from 38 to 46.

6. Maintaining prime lending rate transparency policy in the banking industry with a focus on interest rates by credit segment.

7. Strengthening payment system policy to support the economic recovery and accelerate digitalization, primarily by expanding QRIS and BI-FAST services and access to larger segments of the population through MSME empowerment and purchasing domestic products.

E-20

Money Supply

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

Money Supply

			Money
End of period	Base Money		Currency		Demand deposits		Rupiah saving deposits(1)		TotalM1 (1)		Quasi- money		Securities other than shares		TotalM2
	(in billions of Rupiah)
June 2021		1,069,791		739,006		1,176,423		1,949,691		3,865,120		3,248,484		16,457		7,130,061
December 2021		1,351,172		831,234		1,450,967		2,131,756		4,413,956		3,433,822		22,675		7,870,453
June 2022P		1,337,129		815,316		1,524,134		2,167,363		4,506,813		3,359,140		24,795		7,890,747

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 highly 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)
June 2021		1,809,372		797,333		5,186,540		829,915
December 2021		1,809,680		1,127,267		5,444,160		1,007,279
June 2022P		1,779,197		685,883		5,740,781		1,028,054

Source:    Bank Indonesia

^P  Preliminary.

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

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

As of June 30, 2022, broad money grew by 10.67% (year-on-year) compared to 11.55% (year-on-year) as of the same date in the previous year, due to much slower growth of quasi money, despite a faster growth of narrow money. Narrow money growth slightly increased to 16.6% (year-on-year) as of June 30, 2022 compared to 14.9% (year-on-year) as of the same date in the previous year, due to faster growth of Rupiah demand deposits. Quasi-money growth decreased to 3.41% (year-on-year) compared to 8.03% (year-on-year) at the same date in the previous year, due to slower growth in time deposits Rupiah.

E-21

Government Budget

Fiscal Policy

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

Government Revenues and Expenditures

	Year Ended December 31,									Seven months ended July 31,
	2021L			2022B			2022R			2021			2022P
	(in trillions of Rupiah)
Revenues and grants:
Domestic revenues
Tax revenues		1,547.8			1,510.0			1,784.0			788.9			1,213.5
Non-tax revenue		458.5			335.6			481.6			242.3			337.1
Total domestic revenues		2,006.3			1,845.6			2,265.6			1,031.2			1,550.6
Grants		5.0			0.6			0.6			0.5			0.3
Total revenues and grants		2,011.3			1,846.1			2,266.2			1,031.7			1,551.0
Expenditures:
Central government expenditures		2,000.7			1,944.5			2,301.6			952.8			1,031.2
Transfer to regions and rural fund		785.7			769.6			804.8			415.5			413.6
Total expenditures		2,786.4			2,714.2			3,106.4			1,368.4			1,444.8
Primary balance(1)		(431.6	)		(462.2	)		(434.4	)		(143.4	)		316.1
Surplus/(deficit)		(775.1	)		(868.0	)		(840.2	)		(336.7	)		106.1
Financing:(2)
Debt Financing		870.5			973.6			943.7			468.8			236.9
Investment Financing		(142.5	)		(182.3	)		(230.2	)		(48.6	)		(42.3	)
On-Lending		1.9			0.6			0.6			2.4			1.6
Government Guarantee		(2.7	)		(1.1	)		(1.1	)		0.0			0.0
Other Financing		144.4			77.3			127.3			26.7			0.5
Total Financing		871.7			868.0			840.2			449.3			196.7

Source:    Ministry of Finance.

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

^B  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

The Government revenues realization had improved by a positive 50.3%, from Rp1,031.7 trillion in the seven months ended July 31, 2021, to Rp1,551.0 trillion in the seven months ended July 31, 2022. Total tax revenues increased by 53.8% from Rp788.9 trillion to Rp1,213.5 trillion and total non-tax revenues increased by 39.1% from Rp242.3 trillion to Rp337.1 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.

E-22

Total Government expenditures in the seven months ended July 31, 2022 reached Rp1,444.8 trillion or an increase of 5.6% from Rp1,368.4 trillion in the seven months ended July 31, 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 8.2% from Rp952.8 trillion to Rp1,031.2 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 (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 1.9% from Rp415.5 trillion to Rp413.6 trillion.

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,						Seven months ended July 31,
	2021L		2022B		2022R		2021		2022P
	(in trillions of Rupiah)
Domestic revenues:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		52.8		47.3		64.7		25.6		49.2
Non-oil and gas		643.8		633.6		749.0		347.5		595.0
Total income tax		696.7		680.9		813.7		373.1		644.3
Value added tax (VAT)		551.9		554.4		639.0		257.7		377.6
Land and building tax		18.9		18.4		20.9		10.8		2.5
Excises		195.5		203.9		220.0		104.5		126.3
Other taxes		11.1		11.4		11.4		6.1		4.2
Total domestic taxes		1,474.1		1,468.9		1,705.0		752.2		1,154.8
International trade taxes:
Import duties		39.1		35.2		42.3		20.8		27.4
Export tax		34.6		5.9		36.7		15.9		31.4
Total international trade taxes		73.7		41.1		79.0		36.7		58.8
Total tax revenues		1,547.8		1,510.0		1,784.0		788.9		1,213.5

E-23

	Year Ended December 31,						Seven months ended July 31,
	2021L		2022B		2022R		2021		2022P
	(in trillions of Rupiah)
Non-tax revenues:
Natural resources:
Oil		65.0		64.6		106.5		41.0		83.6
Gas		31.6		21.3		32.6		6.6		8.4
Total oil and gas		96.6		85.9		139.1		47.6		92.1
General mining		44.8		28.0		78.9		20.1		43.9
Forestry		5.4		4.9		5.2		2.6		2.7
Fishery		0.7		1.6		1.7		0.3		0.7
Geothermal		1.9		1.6		1.6		0.8		0.9
Total non-oil and gas		52.9		36.0		87.4		23.8		48.2
Total natural resources		149.5		122.0		226.5		71.3		140.3
Profit transfer from SOEs		30.5		37.0		37.1		27.1		37.9
Other non-tax revenues		152.5		97.8		112.2		79.5		106.6
Public Service Agency (BLU) Income		126.0		78.8		105.8		64.3		52.3
Total non-tax revenues		458.5		335.6		481.6		242.3		337.1
Total domestic revenues		2,006.3		1,845.6		2,265.6		1,031.2		1,550.6
Grants		5.0		0.6		0.6		0.5		0.3
Total revenues and grants		2,011.3		1,846.1		2,266.2		1,031.7		1,551.0

Source:    Ministry of Finance.

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

^B  Budget.

^R  Revised Budget.

^P  Preliminary.

Government Expenditures

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

Government Expenditures

	Year ended December 31,						Seven months ended July 31,
	2021L		2022B		2022R		2021		2022P
	(in trillions of Rupiah)
Central Government expenditures:
Personnel expenditures		387.8		426.5		426.5		241.3		250.7
Good and services expenditures		530.1		339.7		339.7		217.3		192.7
Capital expenditures		239.6		199.2		199.2		85.8		70.2
Interest payments:
Domestic debt		332.9		393.7		393.7		186.6		204.3
Foreign debt		10.6		12.2		12.2		6.7		5.8
Total interest payments		343.5		405.9		405.9		193.2		210.0

E-24

	Year ended December 31,						Seven months ended July 31,
	2021L		2022B		2022R		2021		2022P
	(in trillions of Rupiah)
Subsidies:
Energy subsidies		140.4		134.0		208.9		69.5		88.7
Non-energy subsidies		101.7		72.9		74.7		30.0		27.5
Total subsidies		242.1		207.0		283.7		99.6		116.2
Grant expenditures		4.3		4.8		4.8		0.6		1.6
Social assistance(1)		173.7		147.4		147.4		102.0		76.0
Other expenditures		79.7		214.0		494.4		13.1		113.8
Total central Government expenditures		2,000.7		1,944.5		2,301.6		952.8		1,031.2
Transfers to Regions and Rural Fund
Transfer to Regions
Balanced funds:
General transfer funds:
Revenue sharing funds		117.2		105.3		140.4		44.9		32.5
General allocation funds		377.8		378.0		378.0		234.9		237.5
Total general transfer funds		494.9		483.3		518.4		279.8		270.0
Specific allocation funds:
Physical special allocation fund		57.1		60.9		60.9		8.7		14.7
Non-physical special allocation fund		127.6		128.7		128.7		77.9		74.6
Total specific allocation funds		184.6		189.6		189.6		86.6		89.4
Total balanced funds		679.6		672.9		708.0		366.4		359.4
Regional incentive fund		13.5		7.0		7.0		7.0		2.1
Specific autonomy funds(2)-		19.5		20.4		20.4		5.8		9.3
Specific Fund for Special Region of Yogyakarta		1.3		1.3		1.3		1.1		1.1
Total Transfer to Regions		713.9		701.6		736.8		380.3		371.9
Rural Fund		71.9		68.0		68.0		35.2		41.7
Total transfers to regions and Rural Fund		785.7		769.6		804.8		415.5		413.6
Total Government expenditures		2,786.4		2,714.2		3,106.4		1,368.4		1,444.8

Source:    Ministry of Finance.

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

^B  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.

E-25

Total Government expenditures in the seven months ended July 31, 2022 reached Rp1,444.8 trillion or an increase of 5.6% from Rp1,368.4 trillion in the seven months ended July 31, 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 8.2% from Rp952.8 trillion in the seven months ended July 31, 2021 to Rp1,031.2 trillion in the seven months ended July 31, 2022, primarily caused by an increase in non-line ministries expenditures realization for the distribution of subsidies, compensation for fuel oil and electricity, as well as the payment of pensions and health insurance for civil servants. Total transfers to regions and rural fund decreased by 1.9% from Rp415.5 trillion to Rp413.6 trillion.

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. In 2021, energy subsidy spending increased to Rp140.4 trillion and further increased to Rp208.9 trillion for 2022. The increase in energy subsidy is intended to keep people’s purchasing power under control amidst the upward trend in crude oil and Indonesian Crude Price (the “ICP”) prices as well as the recovery of economic activity and increased mobility of the people. 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,						Seven months ended July 31,
	2021L		2022B		2022R		2021		2022P
	(in trillions of Rupiah)
Subsidies:
Energy subsidies		140.4		134.0		208.9		69.5		88.7
Non-energy subsidies		101.7		72.9		74.7		30.0		27.5
Total subsidies		242.1		207.0		283.7		99.6		116.2

E-26

Source:    Ministry of Finance.

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

^B  Budget.

^R  Revised Budget.

^P  Preliminary.

Deficit Financing

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

Deficit Financing

	Year ended December 31,									Seven months ended July 31,
	2021L			2022B			2022R			2021			2022P
	(in trillions of Rupiah)
Debt financing
Government securities (net)		877.5			991.3			961.4			487.4			223.9
Loans
Domestic loans (net)		0.9			1.8			1.8			0.2			2.2
Foreign loans:
Gross drawings:
Program loan		41.6			28.7			28.7			19.6			42.4
Project loan		32.6			34.8			34.8			8.4			11.8
Total gross drawing		74.2			63.5			63.5			28.0			54.3
Amortization		(82.1	)		(83.0	)		(83.0	)		(46.9	)		(43.4	)
Total foreign loan (net)		(7.9	)		(19.5	)		(19.5	)		(18.8	)		10.8
Total loans (net)		(7.0	)		(17.7	)		(17.7	)		(18.7	)		13.0
Total debt financing		870.5			973.6			943.7			468.8			236.9
Investment financing
Investment to SOEs		(71.2	)		(38.5	)		(38.5	)		0.0			0.0
Investment to other institutions		(21.0	)		0.0			0.0			0.0			0.0
Investment to public service agencies		(39.4	)		(52.8	)		(52.8	)		(38.6	)		(41.0	)
Investment in financial organizations/institutions		(0.9	)		(0.9	)		(0.9	)		0.0			0.0
Revenue of investment		—			—			0.0			0.0			7.7
Government’s Investments		(10.0	)		(19.1	)		(19.1	)		(10.0	)		(9.0	)
Others investment financing		0.0			(71.0	)		(118.9	)		0.0			0.0
Total investment financing		(142.5	)		(182.3	)		(230.2	)		(48.6	)		(42.3	)
Lending		1.9			0.6			0.6			2.4			1.6
Government guarantee		(2.7	)		(1.1	)		(1.1	)		0.0			0.0
Other financing		144.4			77.3			127.3			26.7			0.5
Total financing (net)		871.7			868.0			840.2			449.3			196.7

Source:    Ministry of Finance.

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

^B  Budget.

^R  Revised Budget.

^P  Preliminary.

E-27

Public Debt

As of July 31, 2022, the central Government’s foreign debt-to-GDP ratio was 11.2%, with foreign debt to total debt ratio of 29.5%.

External Public Debt of the Republic

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

	As of December 31,			As of July 31,
	2021			2022P
Concessional Loans:
Multilateral creditors		32.8			33.2
Bilateral creditors		20.8			18.3
Commercial(2)		92.0			90.8
Total		145.5			142.2
Total external public debt of the Republic, as a percentage of GDP for the period indicated(3)		12.2	%		11.2	%

Source: Ministry of Finance

^P  Preliminary.

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

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

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

As of July 31, 2022, 63.8% and 36.2% of the outstanding external public debt of the Republic are from commercial and concessional loans, respectively. The total outstanding external public debt of the Republic as of July 31, 2022 was U.S.$142.2 billion.

E-28

Sources of External Public Borrowing

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

International Development Assistance⁽¹⁾⁽²⁾

	As of December 31, 2021		As of July 31, 2022P
	(in millions of U.S. dollars)
Bilateral loans		20,781.8		18,285.6
Multilateral loans:
International Monetary Fund		—		—
World Bank Group		19,091.2		19,451.9
Asian Development Bank		10,818.4		10,376.6
Islamic Development Bank		1,345.4		1,335.9
Nordic Investment Bank		8.1		6.8
European Investment Bank		—		—
International Fund for Agricultural Development		202.1		216.9
Asian Infrastructure Investment Bank		1,306.7		1,789.9
Multilateral Investment Guarantee Agency		—		—
Total multilateral loans		32,771.8		33,177.9
Total loans		53,553.6		51,463.5

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 July 31,
	2021				2022P
	(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		99,263		99,263		101,830		101,830
Japanese yen		2,392,620		20,786		2,274,177		17,125
Euros		19,843		22,453		20,141		20,614
SDR		701		981		607		799
British pounds		1		1		1		1
Others		Multiple Currencies		2,036		Multiple Currencies		1,856
Total		N/A		145,521		N/A		142,226

Source:     Ministry of Finance

^P  Preliminary.

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

E-29

As of July 31, 2022, 71.6%, 12.0%, 14.5% and 1.9% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies respectively.

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

External Debt Service Requirements of the Central Government

Period	Principal repayment		Interest repayment		Total
	(in billions of U.S. dollars)
2021R		11.4		3.4		14.8
2022*		11.7		4.0		15.7
2023**		11.8		4.0		15.8
2024**		11.7		3.7		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 July 31, 2022 and (ii) projected principal and interest payments to be made from August 1, 2022 to December 31, 2022 based on external debt outstanding as of July 31, 2022.

^**  Projected based on external debt outstanding as of July 31, 2022.

External Debt of Bank Indonesia

As of December 31, 2021 and June 30, 2022, external debt of Bank Indonesia amounted to U.S.$9,030 million and U.S.$8,588 million, respectively, entirely comprising SDR allocation and currency and deposits, while commercial debt was nil as of each of the two dates. For calculation purposes, foreign currency values of outstanding external debt were converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

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

External Debt Service Requirements of Bank Indonesia

Period	Principal repayment		Interest repayment		Total
	(in millions of U.S. dollars)
2020		0.0		19.15		19.15
2021*(1)		0.0		2.70		2.70
2022*(1)		0.0		20.61		20.61

Source:     Bank Indonesia

^*  Projected based on external debt outstanding as of July 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 June 30, 2022.

E-30

External Debt of State-Owned Enterprises

The following table sets forth the outstanding direct external debt of State-Owned Enterprises as of the dates indicated.

Outstanding Direct External Debt of State-Owned Enterprises⁽¹⁾

	As of December 31,		As of June 30,
	2021P		2022P
	(in millions of U.S. dollars)
Financial institutions:
Bank		9,280		9,193
Non-bank		2,895		1,979
Total financial institutions		12,175		11,172
Non-financial institutions		46,835		45,049
Total		59,010		56,221

Source: Bank Indonesia

^P  Preliminary.

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

Domestic Public Debt of the Central Government

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

	As of December 31,		As of July 31,
	2021		2022P
	(in trillions of Rupiah)
Total domestic public debt(1)		4,836.2		5,049.6

Source:     Ministry of Finance

^P  Preliminary.

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

Domestic Debt Service Requirements of the Central Government

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

Direct Domestic Debt Service Requirements of the Central Government

Period	Principal repayment and redemption		Interest repayment		Total
	(in trillions of Rupiah)
2021R		382.3		299.2		681.5
2022*		313.0		307.6		620.6
2023**		380.4		298.3		678.6
2024**		469.4		269.5		738.9
2025**		405.2		243.9		649.2

E-31

Source:     Ministry of Finance

^R  Realization.

^*  Calculated based on (i) actual principal and interest payments made from January 1, 2022 to July 31, 2022 and (ii) projected principal and interest payments to be made from August 1, 2022 to December 31, 2022 based on domestic debt outstanding as of July 31, 2022.

^**  Projected based on domestic debt outstanding as of July 31, 2022.

Foreign Exchange and Reserves

Exchange Rates

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

Exchange Rates

	End of Period		Average
	Rupiah per U.S. dollar
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^		14,887		14,561

Source:     Bank Indonesia

^{^}  As of August 22, 2022

As of August 22, 2022, the Rupiah depreciated by 4.27% to Rp14,887 per U.S. dollar from Rp14,252 per U.S. dollar as of December 31, 2021, and on average depreciated by 1.82% year to date to Rp14,561 per U.S. dollar. Rupiah exchange rate movements remain under control despite continued global financial market uncertainty in response to external sector resilience and Bank Indonesia’s stabilization measures. Bank Indonesia continues to strengthen rupiah exchange rate stabilization policy in line with the currency’s fundamental value and market mechanisms through effective monetary operations and adequate market liquidity.

E-32

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, 2021P		As of December 31, 2022P
	(in millions of U.S. dollars, except for months)
Gold		4,595		4,462
SDRs		7,795		7,335
Reserve position with the IMF		1,110		1,044
Foreign exchange and others		131,405		119,333
Total		144,905		132,173
Total as number of months of imports and Government external debt repayments		7.8		6.1

Source:    Bank Indonesia

^P  Preliminary.

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

As of July 31, 2022, foreign reserves recorded U.S.$132.2 billion, equivalent to 6.1 months of import coverage and government external debt service requirements. In addition, the coverage ratio is in excess of the recommended international adequacy ratio of three months imports.

Regional Swap Arrangements of the Republic

As of June 30, 2022, no drawdowns on existing bilateral and regional swap arrangements have been made.

Debt-to-GDP Ratios

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

Debt-to-GDP Ratios

	As of December 31, 2021P		As of July 31, 2022L
	(percentages, unless indicated otherwise)
Debt-to-GDP ratio		40.7		37.9
Debt service to GDP ratio		5.3		3.0
Total public debt of the central Government (in billions of U.S.$)(1)		484.1		482.0
—% in Loans		11.9		11.5
—% in Bonds		88.1		88.5

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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 July 31, 2022, the central Government’s debt-to-GDP ratio was 37.9%, with U.S.$482.0 billion of total public debt of the central Government, 11.5% of which are in loans and 88.5% are in bonds.

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