Republic of Indonesia 18K Annual report (foreign governments) | SEC 3 Jan 24

EXHIBIT 99.D

DESCRIPTION OF THE REPUBLIC OF INDONESIA DATED JANUARY 3, 2024

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-8
Government and Political Developments		D-11
Foreign Relations and International and Regional Organizations		D-14
Economy and Gross Domestic Product		D-17
Privatization of State-Owned Enterprises		D-31
Labor and Employment		D-32
Infrastructure Development		D-36
Foreign Investment		D-38
Foreign Trade and Balance of Payments		D-46
Financial System		D-55
Monetary Policy		D-63
Government Budget		D-69
Public Debt		D-81
Foreign Exchange and Reserves		D-88
Debt-to-GDP Ratios		D-91
DEBT TABLES OF THE REPUBLIC OF INDONESIA		D-91

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. Indonesia’s balance of payments statistics generally follows the concepts and definitions outlined in BPM6 and, in particular, current accounts, and capital and financial accounts of the balance of payment statements are defined generally in accordance with BPM6.

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 Rp15,416 = U.S.$1.00 on December 29, 2023. 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
2018		14,380		14,246
2019		13,883		14,139
2020		14,050		14,525
2021		14,253		14,296
2022		15,568		14,873
2023		15,397		15,247

Source: Bank Indonesia

Unless otherwise indicated, all statistical data and figures for 2022 and 2023 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:

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

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the Republic’s financial stability;

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the depreciation or appreciation of the Rupiah;

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changes in interest rates and inflation; and

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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:

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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;

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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;

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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

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other adverse factors, such as adverse commodity 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 any offer and sale of securities of the Republic 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 275.8 million in 2022. It is a developing nation in Southeast Asia, spread across an archipelago of approximately 16,766 islands.

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,															Nine Months Ended September 30,
	2018^L			2019^L			2020^L			2021^L			2022^L			2023^P

National account and prices:
Real GDP growth (period-on-period)		5.2	%		5.0	%		(2.1	)%		3.7	%		5.3	%		5.1	%
Per capita GDP (in millions of Rupiah)		56.0			59.1			56.9			62.2			71.0			N/A
Per capita GDP (in U.S. dollars)⁽¹⁾		3,927			4,175			3,912			4,350			4,784			N/A
Inflation rate (year-on-year change in CPI)		3.1	%		2.7	%		1.7	%		1.9	%		5.5	%		2.9	%⁽²⁾
External sector:
Current account (% of GDP)		(2.9	)%		(2.7	)%		(0.4	)%		0.3	%		1.0	%		(0.0	)%⁽³⁾
Fiscal account:
Budget (deficit) / surplus (% of GDP)		(1.8	)%		(2.2	)%		(6.1	)%		(4.7	)%		(2.4	)%		0.3	%
External debt of the central Government (in trillions of Rupiah)		1,857.4			1,815.1			2,041.0			2,077.8			2,261.9			2,168.5
Debt service ratio (% of Government revenue)		39.1	%		42.8	%		45.4	%		42.2	%		35.3	%		35.1	%

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.

^N/A	Not available.

⁽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: Rp14,257 per U.S. dollar for 2018, Rp14,148 per U.S. dollar for 2019, Rp14,556 per U.S. dollar for 2020, Rp14,309 per U.S. dollar for 2021 and Rp14,848 per U.S. dollar for 2022. 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⁾	As of November 30, 2023.

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

D-6

Recent Developments

Preliminary Full-Year Realization Results for 2023 Budget

On January 2, 2024, the Ministry of Finance announced updated preliminary realization figures for the 2023 budget. Based on the announcement, the realized Government revenues for 2023 are expected to reach Rp2,774.3 trillion, representing an increase of 5.3% from Rp2,635.8 trillion for 2022. The realized revenues for 2023 comprise total tax revenues that are expected to be Rp2,155.4 trillion, representing an increase of 5.9% from Rp2,034.6 trillion for 2022, and total non-tax revenues that are expected to be Rp605.9 trillion, representing an increase of 1.7% from Rp595.6 trillion for 2022.

Based on the announcement, the realized Government expenditures for 2023 are expected to be Rp3,121.9 trillion, representing an increase of 0.8% from Rp3,096.3 trillion for 2022. Out of the realized Government expenditures, total central Government expenditures are expected to be Rp2,240.6 trillion, representing a decrease of 1.7% from Rp2,280.0 trillion for 2022, and total transfers to regions and rural fund are expected to be Rp881.3 trillion, representing an increase of 8.0% from Rp816.2 trillion for 2022.

As a result, the Government expects to realize a primary balance of a surplus of Rp92.2 trillion in 2023, compared to a deficit of Rp74.1 trillion in 2022. The total deficit is expected to be Rp347.6 trillion for 2023, representing 1.65% of the GDP.

The preliminary 2023 budget realization results described above are preliminary and subject to finalization and audit by the Government in the ordinary course. The actual 2023 budget realization results may differ materially from what are described herein and, as such, undue reliance should not be placed on these preliminary results. See “Forward-Looking Statements.”

2024 Budget

On October 16, 2023, the Government promulgated Law No. 19 of 2023 on the State Budget for 2024. The state budget is directed at “Accelerating Inclusive and Sustainable Economic Transformation.” The state budget is aligned with the Government’s work plan for 2024, which has seven national priorities: (1) strengthening economic resilience for quality and equitable growth; (2) developing areas to reduce inequality and ensure equity; (3) increasing quality and competitiveness of human resources; (4) mental revolution and cultural development; (5) strengthening infrastructure to support economic development and basic services; (6) building the environment and improving disaster and climate change resilience; and (7) strengthening stability of politics, law, defence and security and transforming public service.

The key macroeconomic assumptions underlying the 2024 Budget are as follows:

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an economic growth rate of 5.2%;

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an inflation rate of 2.8%;

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an exchange rate of Rp15,000 to U.S.$1.00;

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an average Government 10-year bond rate of 6.70%;

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an ICP of U.S.$82 per barrel;

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

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gas production by the Republic of 1,033 million barrels of oil equivalent of gas per day.

Total revenue in the 2024 Budget is expected to be Rp2,802.3 trillion, or an increase of 13.8% from the 2023 Budget of Rp2,463.0 trillion. Total revenue comprises Rp2,309.9 trillion in tax revenues, Rp492.0 trillion in non-tax revenues and Rp0.4 trillion in grant.

Total expenditures under the 2024 Budget are estimated at Rp3,325.1 trillion, or 8.6% increase from the 2023 Budget of Rp3,061.2 trillion, comprising Rp2,467.5 trillion in central Government expenditures and Rp857.6 trillion in transfer to regional and rural funds.

For 2024, the Government will continue to be committed to taking steps toward fiscal consolidation by maintaining a budget deficit below 3% of GDP. The primary deficit in the 2024 Budget is projected to be Rp522.8 trillion, or 2.29% of the projected 2024 GDP. The Government expects to fund the deficit through debt financing.

The 2024 Budget prioritizes inclusive and sustainable economic transformation by investing in human resources, social welfare, and infrastructure to boost productivity and competitiveness, reduce poverty, enhance social well-being, and promote equality. The 2024 Budget is based on and aligned with: (i) the Government’s 2024 tax policies that focus on the implementation of its new core tax administration system, technology-driven compliance and collaborative programs for effectiveness; (ii) the Government’s non-tax state revenue policies that aim to refine natural resource policies, optimize state-owned enterprise dividends, foster innovation and service quality in government agencies, improve synergy, expand information technology application, and strengthen oversight and compliance with international standards; and (iii) the Government’s financing policies that seek to achieve a positive primary balance, lower the negative balance caused by the COVID-19 pandemic, manage the budget deficit and debt financing and invest efficiently for economic transformation, and optimize the budget to mitigate global uncertainties.

The 2024 Budget aims to improve productivity and diversify the economy and achieve a clean and green environment. The Government’s fiscal policies target both short-term economic improvements and long-term structural reforms.

Policy Package for Purchasing Power Protection and Economic Stabilization

Amid high inflation, high interest rates, commodity price volatility and other economic uncertainties, the Government recently introduced a policy package to protect the purchasing power of the poor and vulnerable population, support micro, small and medium enterprises (“MSMEs”) and strengthen the housing sector. The support measures include:

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additional rice assistance of 10 kilograms per family for 21.3 million recipients in December 2023, and of 10 kilogram per family for 22.0 million recipients monthly from January to June 2024;

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El Niño direct cash assistance of Rp200,000 per month for 18.8 million recipients for their basic necessities during November and December 2023;

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accelerating the People’s Business Credit Program (Kredit Usaha Rakyat) to provide government-subsidized financing with low interest rates for MSMEs, for which the realization amount was Rp177.5 trillion by September 2023, with a target realization of Rp297 trillion by the end of 2023; and

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fiscal stimulus for the housing sector in the form of VAT exemption/reduction for the first Rp2.0 billion for the purchase of houses priced below Rp5.0 billion from November 2023 to December 2024, administrative fee assistance of up to Rp4.0 million per house for low-income community houses from November 2023 to December 2024; and poor community house support of Rp20.0 million per house for 1,800 houses from November to December 2023.

2024 Indonesian General Elections

Indonesia’s next general elections are scheduled to be held on February 14, 2024 to elect the President, Vice President, members of the House of Representatives (Dewan PerwakilanRakyat (“DPR”)), members of the Regional Representatives’ Council (Dewan Perwakilan Daerah (“DPD”)), and members of local legislative bodies. The elected members of the DPR and DPD will be sworn in on October 1, 2024, while the elected President and Vice President will be sworn in on October 20, 2024. The 2024 election will mark the end of incumbent President Joko Widodo’s period in office, after serving for two terms since 2014, which is the maximum term length allowed by the Indonesian Constitution. Indonesia has a track record of conducting secure elections and smooth transitions of government administration.

Release of Comprehensive Investment and Policy Plan for Public Consultation

At the G20 meeting in Bali in November 2022, Indonesia and a number of developed economies including Canada, Denmark, the European Union, France, Germany, Italy, Japan, Norway, the United Kingdom and the United States issued a joint statement to launch a Just Energy Transition Partnership, or JETP, pursuant to which the developed economies committed to provide, mobilize and facilitate funding in the form of grants, low interest loans, and investment, with U.S.$10 billion expected to come from public sectors and U.S.$10 billion from private investment, to support Indonesia’s transition to clean energy. In November 2023, Indonesia released for public consultation a draft of the investment roadmap to mobilize the U.S.$20 billion committed under JETP and accelerate the country’s transition toward clean energy. Under the roadmap, known as the Comprehensive Investment and Policy Plan, or CIPP, Indonesia is seeking to cut CO₂ emissions from its on-grid power sector by 250 million tons by 2030 and to increase the portion of renewable energy in its power mix to 44% by 2030. CIPP outlines the need for U.S.$97.1 billion of further investment beyond the U.S.$20 billion committed under JETP, including U.S.$66.9 billion for 400 clean energy project proposals to be started by 2030 at the latest.

D-7

Progress on the Development of Nusantara

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 Kalimantan, named Nusantara. The proposed move has been authorized under Law No. 3 of 2022 on Capital City (as amended by Law No. 21 of 2023).

The expected cost is Rp466 trillion, 19% of which will originate from the state budget. The remaining amount will be funded through public private partnerships as well as private investments. As of the end of November 2023, the physical work for the first portion of basic infrastructure for the new capital had reached approximately 60% completion and is expected to be finished by mid-2024. Additionally, infrastructure projects that will enable access to clean water, such as the Sepaku Semoi Dam, and those that will enable mobility throughout Nusantara, such as the Pulau Balang Bentang Pendek Bridge, are expected to be completed and fully operational in 2024. The Ministry of Public Works and Housing announced its timeline and estimates that the construction of Nusantara will be completed by 2045.

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.

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 Rp7.0 trillion in 2018, Rp10.4 trillion in 2019, Rp3.0 trillion in 2020, Rp4.5 trillion in 2021 and Rp4.9 trillion in 2022. 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-8

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.

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

In 2009, then 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. The Republic updated the INDC in September 2022, improving the targets to a 31.9% reduction in GHG and 43.2% conditional target with international support by 2030, in line with the Republic’s pledge made at the 26th United Nations Climate Change Conference to achieve net zero GHG emissions by 2060. The INDC is consistent with Indonesia’s nationally determined contribution target as set out in Presidential Regulation No. 98 of 2021 on the Implementation of Carbon Economic Value to Achieve Nationally Determined Contribution Target and Control over Greenhouse Gas Emission Pertaining to National Development.

The Law on Job Creation (as defined in “—Labor and Employment—Law on Job Creation”) substantially revamped Indonesia’s environmental law that was enacted in 2009 by virtue of Law No. 32 of 2009 on Environmental Protection and Management (as so amended, the “Environmental Law”). 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).

D-9

The Ministry of Environment and Forestry received a budget 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, for 2022 of Rp7,120.4 billion, or approximately U.S.$496.2 million and for 2023 of Rp7,516.0 billion, or approximately U.S.$507.8 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, under which a giant seawall is proposed to be constructed in the north of Jakarta Bay in an effort to protect Jakarta from floods, and large lagoons will be built within the seawall to accommodate the water flow from 13 rivers in Jakarta. The project is under construction and has a target completion date of 2025.

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 275.8 million in 2022 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 188.1 million in 2022). In 2022, Jakarta, the capital, was estimated to have a population of approximately 10.7 million.

Indonesia’s population is young and growing. In 2022, the Government estimated that approximately 24.0% of the population was under 15 years of age and approximately 69.3% was 15 to 64 years of age. The annual population growth rate during the period of 2020 to 2022 was 1.2% 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-10

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 19th 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.

While Indonesia has successfully conducted elections in the past, 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, demonstrations have taken place 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 geopolitical events. Despite a few demonstrations that turned disruptive, Indonesia has gone through several major elections that were generally peaceful and led to successful transition.

For a discussion of the general elections that are scheduled to be held in Indonesia on February 14, 2024, see “—Recent Developments—2024 Elections.”

2019 Indonesian General Elections

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.

In May 2019, President Joko Widodo announced his Golden Indonesia 2045 Vision, which included the ambitious goal for the Republic to become the fifth largest economy in the world by 2045, with a GDP per capita of over U.S.$23,000 and a middle-income class comprising 70% of its population. The vision is built on four pillars: (i) human development and the mastery of science and technology, (ii) sustainable economic development, (iii) equitable development, and (iv) strengthening national resilience and governance. The four pillars aim to protect all Indonesians, promote the general welfare, promote education and implement order based on independence, lasting peace and social justice.

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 the “MPR”), 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.

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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 38 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 38 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, West Papua, South Papua, Central Papua, Highland Papua, and South 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, West Papua, South Papua, Central Papua, Highland Papua, and South 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-12

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.

The deadliest terror attacks in Indonesia since 2002 Bali bombings were the Surabaya bombings on May 13, 2018, in which 15 civilians, one police officer and 13 suicide bombers were killed, and around 50 people were injured, and the Mako Brimob standoff on May 9, 2018, in which five police officers were killed. There have since been sporadic, less deadly suicide bombings and other instances of terrorism in Indonesia, though the threat remains and there could be additional outbursts of violence and destruction in the country.

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 course of the Widodo administration, several hundred terrorist suspects have been reformed through de-radicalization measures.

D-13

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.

Indonesia assumed ASEAN’s annual rotating chairmanship for 2023 in November 2022, adopting the theme “ASEAN Matters: Epicentrum of Growth” and focusing on four areas including finance and health cooperation, food security, local currency transactions and regional payment connectivity. As part of the Republic’s chairmanship, to foster ASEAN and ASEAN+3 cooperation, Indonesia organized a series of meetings including, among others, the 42nd ASEAN Summit in Labuan Bajo in May 2023, the 43rd ASEAN Summit in Jakarta in September 2023, the ASEAN+3 Finance Ministers’ and Central Bank Governors’ Meeting in Incheon, May 2023 and the 10th ASEAN Finance Ministers’ and Central Bank Governors’ Meeting in Jakarta in August 2023.

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;

•

the ASEAN Infrastructure Fund, a collaborative initiative between ASEAN countries and the ADB to establish a joint funding institution for infrastructure development in the ASEAN region; 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 21st 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-14

The following table shows Indonesia’s capital participation in certain major international financial organizations as of December 31, 2022.


	As of December 31, 2022 Contributed capital
	Year of admission			Subscribed		Paid in
	(in millions of U.S. dollars)
Asian Development Bank⁽¹⁾		1966			7,693.6		385.0
IMF⁽¹⁾		1967	⁽²⁾		6,186.3		6,186.3
World Bank Group
International Bank for Reconstruction and Development		1967	⁽²⁾		3,200.4		216.8
International Development Association		1968			167.9		79.6
International Finance Corporation		1971	⁽³⁾		309.3		286.5
Multilateral Investment and Guarantee Agency		1986			20.0		3.8
Islamic Development Bank⁽⁴⁾		1975			1,680.2		202.6
International Islamic Trade Finance Corporation		2006			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		1999			22.2		22.2
International Fund for Agricultural Development		1977			92.0		85.0
Common Fund for Commodities		1980			1.0		1.0
Credit Guarantee and Investment Facility		2012			30.6		21.6
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. For the numbers as of December 31, 2022, converted to U.S. dollars using the exchange rate on December 23, 2022 of U.S.$1.33084 to SDR 1.

⁽²⁾	Indonesia was readmitted as a member of the IMF and the International Bank for Reconstruction and Development in 1967. (It originally became a member of these organizations in 1954 and resigned its memberships in 1965.)

⁽³⁾	Indonesia rejoined the International Finance Corporation in 1971, it originally became a member in 1956 and resigned its membership in 1961.

⁽⁴⁾	Denominated in Islamic Dinars (ID 1 = SDR 1).

Foreign Relations

Indonesia embraces an “independent and active” foreign policy while being committed to maintaining a world order based on freedom, perpetual peace and social justice. This policy is ingrained in Indonesia’s Constitution and is a testament to Indonesia’s alignment to the aspirations of the international community as enshrined in the Charter of the United Nations. In this respect, Indonesia pursues an active role in global affairs while striving to strengthen multilateralism and avoiding involvement in conflicts or polarizations among major powers. Indonesia assumes leadership roles in the international community not to advance the interests of any group of countries, but rather build bridges and facilitate discussion of all countries for the common benefit of all.

Indonesia held the G20 Presidency from December 1, 2021 until November 30, 2022, during which Indonesia carried the theme “Recover Together, Recover Stronger” at the G20 Presidency. The Indonesian Presidency focused on three strategic issues: inclusive health management, digital-based economic transformation and the transition to sustainable energy use. During the Indonesian Presidency, 437 G20 events were implemented in 24 cities throughout Indonesia and hundreds of bilateral meetings were held, and 226 multilateral projects, programs and initiatives and 140 bilateral mature projects with a total value of US$71.5 billion were delivered. The G20 Summit was held in Bali, Indonesia from November 15 to 16, 2022, and was attended by more than 10,000 delegations. Moreover, Indonesia continues to voice out developing and Global South countries’ needs and interests in various issues such as climate financing, sustainable development and energy transition.

As part of its effort to tackle the common issues faced by archipelagic and island states, such as sea level rise and climate change, Indonesia convened the 1st High-Level Meeting of Archipelagic and Island States Forum in Bali on October 11, 2023. The meeting was attended by 32 countries and four international organizations, and is intended to become a platform of inclusive collaboration that produces strategic and concrete solutions to the needs of its members.

D-15

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, southernmost part of the Malacca Strait, and the Sulawesi Sea) 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, or EEZ, with the Philippines, Australia, Papua New Guinea and Vietnam; 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, 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.

South China Sea

Indonesia has been consistent with its position that it does not have overlapping territorial claims in the South China Sea with China. This position is based on the United Nations Conventions on the Law of the Sea (“UNCLOS”), and in line with the 2016 Award of the Permanent Court of Arbitration (“PCA”) on the South China Sea.

In the South China Sea, Indonesia only has maritime boundaries with Malaysia and Vietnam. In 2022, Indonesia and Vietnam have concluded its EEZ boundary negotiation. This significant achievement further signified Indonesia’s commitment to promote peaceful boundary negotiation and contribution to international law, in accordance with UNCLOS. Indonesia is currently negotiating the territorial sea boundary and the EEZ boundary with Malaysia.

Indonesia is working to maintain stability and security in the South China Sea in accordance with international law. In this regard, Indonesia as the non-claimant State to the South China Sea remains supportive of the negotiation of the Code of Conduct (“COC”) along with China and other ASEAN Member States which should be actionable, implementable, and in accordance with UNCLOS. The negotiation of COC has been initiated since November 2017, which is aimed 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. Indonesia is an active participant in ASEAN-China Senior Officials on the Implementation of the DOC and the ASEAN-China Joint Working Group on the Implementation of the DOC, which meet on a regular basis all year round to review the implementation of the DOC and to negotiate the COC.

Indonesia has utilized its ASEAN Chairmanship in 2023 to accelerate the negotiation process of the COC, as it is important in maintaining security, safety, and stability in the region. It is hoped that the COC can become a set of rules to govern the conduct of parties in the South China Sea. In this case, the COC shall be based on international law, including UNCLOS in order to achieve a stable, safe and peaceful South China Sea region. The main elements of COC that Indonesia always emphasizes are preventing incidents; managing incidents (if they occur); and continuing with confidence building measures.

Indonesia continues to exercise its rights to pursue 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. The Government remains committed to overseeing and securing the exploration and exploitation activities, and refraining from any provocative actions in maintaining peace and stability in the region.

With regard to the presence of foreign-flagged vessels in the South China Sea, Indonesia acknowledges the freedom of navigation in the Indonesian EEZ in the North Natuna Sea/South China Sea in accordance with UNCLOS. Accordingly, Indonesia has taken action against foreign-flagged fishing vessels which violate Indonesia’s sovereign rights over its EEZ.

D-16

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-17

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,																				Nine Months Ended September 30,
	2018		%		2019		%		2020		%		2021		%		2022		%		2022		%		2023^P		%

	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		332,299		2.2		336,673		2.1		307,606		2.0		320,009		1.9		363,620		1.9		264,612		1.8		294,217		1.9
Non-Coal, Oil and Gas Manufacturing Industries		2,615,152		17.6		2,782,921		17.6		2,760,435		17.9		2,946,895		17.4		3,228,155		16.5		2,389,910		16.5		2,593,956		16.6

Total Manufacturing Industry		2,947,451		19.9		3,119,594		19.7		3,068,042		19.9		3,266,906		19.3		3,591,775		18.3		2,654,522		18.3		2,888,174		18.5
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		1,931,813		13.0		2,060,269		13.0		1,993,989		12.9		2,199,935		13.0		2,516,592		12.8		1,863,550		12.9		2,015,031		12.9
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,417,317		9.6		1,488,986		9.4		1,575,280		10.2		1,672,938		9.9		1,805,454		9.2		1,409,449		9.7		1,505,697		9.7
Forestry and Logging		97,397		0.7		104,122		0.7		108,646		0.7		112,009		0.7		118,386		0.6		87,597		0.6		97,630		0.6
Fishery		385,908		2.6		419,635		2.7		431,469		2.8		469,594		2.8		505,061		2.6		369,254		2.6		410,185		2.6

Total Agriculture, Forestry, and Fishery		1,900,622		12.8		2,012,743		12.7		2,115,495		13.7		2,254,541		13.3		2,428,901		12.4		1,866,300		12.9		2,013,513		12.9
Mining and Quarrying
Oil, Gas and Geothermal Mining		460,170		3.1		439,603		2.8		332,560		2.2		461,703		2.7		587,597		3.0		438,396		3.0		384,341		2.5
Coal and Lignite Mining		401,277		2.7		368,891		2.3		283,195		1.8		603,138		3.6		1,296,912		6.6		929,721		6.8		900,003		5.8
Metal Ore		111,321		0.8		96,825		0.6		130,957		0.8		204,590		1.2		242,717		1.2		183,535		1.3		193,249		1.2
Other Mining and Quarrying		226,219		1.5		244,596		1.5		246,831		1.6		254,219		1.5		266,165		1.4		194,726		1.3		210,405		1.3

Total Mining and Quarrying		1,198,987		8.1		1,149,914		7.3		993,542		6.4		1,523,650		9.0		2,393,391		12.2		1,746,378		12.4		1,687,997		10.8
Construction		1,562,297		10.5		1,701,741		10.7		1,652,660		10.7		1,771,727		10.4		1,912,979		9.8		1,400,799		9.7		1,516,255		9.7
Government Administration, Defence Compulsory Social Security		541,686		3.7		571,584		3.6		585,960		3.8		586,703		3.5		605,117		3.1		443,668		3.1		455,735		2.9
Information and Communication		558,938		3.8		626,533		4.0		695,963		4.5		748,803		4.4		812,808		4.1		601,478		4.2		655,732		4.2
Transportation and Warehousing		797,777		5.4		881,505		5.6		689,552		4.5		719,610		4.2		983,530		5.0		699,249		4.8		905,031		5.8
Financial and Insurance Service		616,315		4.2		671,434		4.2		696,073		4.5		736,187		4.3		809,357		4.1		602,306		4.2		647,829		4.2
Education Service		481,747		3.2		522,354		3.3		551,227		3.6		557,656		3.3		566,625		2.9		411,961		2.8		425,080		2.7
Other*		1,699,126		11.5		1,863,492		11.8		1,837,207		11.9		1,923,043		11.3		2,109,362		10.8		1,551,225		10.7		1,700,528		10.9

Gross Value Added at Basic Prices		14,236,758		95.9		15,181,162		95.9		14,879,709		96.4		16,288,761		95.9		18,730,434		95.6		13,841,435		95.6		14,910,863		95.6
Taxes less Subsidies on Products		601,998		4.1		651,495		4.1		563,644		3.6		687,930		4.1		858,011		4.4		632,100		4.4		683,985		4.4

Total GDP		14,838,756		100.0		15,832,657		100.0		15,443,353		100.0		16,976,691		100.0		19,588,446		100.0		14,473,535		100.0		15,594,847		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-18

Gross Domestic Product by Industry

(at constant prices)


	Year Ended December 31,																				Nine Months Ended September 30,
	2018		%		2019		%		2020		%		2021		%		2022		%		2022		%		2023^P		%

	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		219,832		2.1		217,402		2.0		202,604		1.9		203,767		1.8		211,340		1.8		155,081		1.8		164,040		1.8
Non-Coal, Oil and Gas Manufacturing Industries		1,973,537		18.9		2,059,266		18.8		2,007,317		18.7		2,081,055		18.7		2,185,263		18.7		1,625,764		18.6		1,703,017		18.6

Total Manufacturing Industry		2,193,368		21.0		2,276,668		20.8		2,209,920		20.6		2,284,822		20.5		2,396,603		20.5		1,780,845		20.4		1,867,056		20.4
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		1,376,879		13.2		1,440,186		13.2		1,385,651		12.9		1,449,831		13.0		1,529,886		13.1		1,138,934		13.1		1,196,850		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,005,655		9.6		1,038,903		9.5		1,061,087		9.9		1,072,507		9.6		1,097,952		9.4		863,004		9.9		864,952		9.4
Forestry and Logging		62,982		0.6		63,218		0.6		63,199		0.6		63,247		0.6		62,449		0.5		46,881		0.5		48,176		0.5
Fishery		238,616		2.3		252,279		2.3		254,112		2.4		267,967		2.4		275,452		2.4		202,530		2.3		214,180		2.3

Total Agriculture, Forestry, and Fishery		1,307,253		12.5		1,354,399		12.4		1,378,399		12.9		1,404,191		12.6		1,435,853		12.3		1,112,415		12.7		1,127,308		12.3
Mining and Quarrying
Oil, Gas and Geothermal Mining		298,420		2.9		289,980		2.6		272,583		2.5		260,546		2.3		247,986		2.1		185,390		2.1		187,228		2.0
Coal and Lignite Mining		235,561		2.3		259,599		2.4		245,499		2.3		261,710		2.4		282,944		2.4		207,767		2.4		230,756		2.5
Metal Ore		103,719		1.0		88,003		0.8		105,829		1.0		130,000		1.2		153,413		1.3		113,510		1.3		118,593		1.3
Other Mining and Quarrying		158,804		1.5		168,624		1.5		166,564		1.6		169,844		1.5		173,804		1.5		127,781		1.5		133,723		1.5

Total Mining and Quarrying		796,505		7.6		806,206		7.4		790,475		7.4		822,100		7.4		858,147		7.3		634,448		7.3		670,300		7.3
Construction		1,048,083		10.1		1,108,425		10.1		1,072,335		10.0		1,102,518		9.9		1,124,725		9.6		831,949		9.5		864,724		9.4
Government Administration, Defence Compulsory Social Security		349,278		3.4		365,539		3.3		365,446		3.4		364,251		3.3		373,439		3.2		273,320		3.1		277,282		3.0
Information and Communication		538,763		5.2		589,536		5.4		652,063		6.1		696,506		6.3		750,389		6.4		555,995		6.4		599,960		6.5
Transportation and Warehousing		435,337		4.2		463,126		4.2		393,419		3.7		406,169		3.7		486,875		4.2		356,099		4.1		410,574		4.5
Financial and Insurance Service		415,621		4.0		443,093		4.0		457,487		4.3		464,638		4.2		473,615		4.0		355,020		4.1		369,842		4.0
Education Service		321,134		3.1		341,350		3.1		350,273		3.3		350,663		3.2		352,716		3.0		256,706		2.9		260,466		2.8
Other*		1,220,674		11.7		1,310,083		12.0		1,276,165		11.9		1,323,777		11.9		1,415,212		12.1		1,045,140		12.0		1,116,094		12.2

Gross Value Added at Basic Prices		10,002,893		95.9		10,498,610		95.9		10,331,632		96.4		10,669,465		96.0		11,197,461		95.6		8,340,870		95.6		8,760,456		95.6
Taxes less Subsidies on Products		422,959		4.1		450,545		4.1		391,367		3.6		450,613		4.0		512,937		4.4		380,892		4.4		401,787		4.4

Total GDP		10,425,852		100.0		10,949,155		100.0		10,722,999		100.0		11,120,078		100.0		11,710,398		100.0		8,721,761		100.0		9,162,243		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-19

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 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 2022, the manufacturing industry grew by 4.9%, compared to 3.4% in 2021. This was due to a growth of 5.0% in the non-coal, oil and gas manufacturing industries and a growth of 3.7% in the coal, oil and gas refining industry. The 5.0% growth in the non-coal, oil and gas manufacturing industries was primarily driven by a growth of 14.8% in the basic metals industry due to increased production of iron and steel as well as increasing foreign demand of basic metals, a growth of 10.7% in transportation equipment industry as a result of increased car production and a growth of 4.9% in food and beverages industry primarily because the growing demand for downstream natural resource products boosted refined crude palm oil production.

In the first nine months of 2023, the manufacturing industry grew by 4.8%, compared to the same period of 2022. This was due to a growth of 4.8% in the non-coal, oil and gas manufacturing industries and a growth of 5.8% in the coal, oil and gas refining industry, each as compared to the first same period of 2022. The 4.8% growth in the non-coal, oil and gas manufacturing industries was primarily driven by: a growth of 4.4% in the food and beverage industry primarily due to the increased production of crude palm oil and crude palm kernel oil and increased consumption during festive occasions such as Eid al-Fitr and Eid al-Adha; a growth of 14.6% in the metal goods, computers, electronics, optics, and electrical equipment industry; a growth of 11.4% in the transport equipment industry primarily due to domestic and international high demand, particularly for eco-friendly electric vehicles; and a growth of 12.5% in the base metal industry, primarily due to the increased export of steel and ferronickel commodities.

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 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 2022, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.5%, compared to 4.7% in 2021. This was driven by a growth of 5.9% in the trade of cars, motorbikes and repair subsector and a growth of 5.4% in the big trade and retail (not cars and motorcycles) subsector. These growths were driven by increased vehicle sales and the population’s increased visits to shopping areas, in line with the easing of mobility restrictions.

In the first nine months of 2023, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.1%, compared to the same period of 2022. This was driven by a growth of 6.2% in the trade of cars, motorbikes and repair subsector primarily due to increased sales of automobiles, motorcycles and spare parts, and a growth of 4.8% in the big trade and retail (not cars and motorcycles) subsector that is in line with the population’s increased visits to shopping areas for household consumption, following the lifting of large-scale social restrictions and the increased production of goods.

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 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.

D-20

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 2022, the agriculture, forestry and fishery sector grew by 2.3%, compared to 1.8% in 2021. This growth was mainly driven by a growth of 2.8% in fishery subsector driven by increased production in captured and farmed fisheries, and a growth of 2.3% in agriculture, livestock, hunting, & agriculture services subsector partly due to the increases in rice, palm oil and cocoa production. The forestry and logging subsector declined by 1.3%, as compared to 2021, due to a significant decrease in log production in community forests.

In the first nine months of 2023, the agriculture, forestry and fishery sector grew by 1.3%, compared to the same period of 2022. The agriculture, livestock, hunting, and agricultural services subsector expanded by 0.2%, primarily driven by the growth of plantation crops and livestock, which increased by 1.8% and 1.7%, respectively. The growth rate in the agricultural sector weakened due to the impact of El Niño, which reduced the yields of food crops. The forestry and logging subsector and the fishing subsector grew by 2.8% and 5.8%, respectively.

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,
	2018		2019		2020		2021		2022
	(in thousands of tons, except as otherwise indicated)
Food crops
Rice⁽¹⁾		59,201		54,604		54,649		54,415		54,950
Cassava		16,119		16,350		16,271		15,731		14,951
Corn		21,655		22,586		17,489		18,147		22,357
Sweet Potato		1,806		1,516		1,604		1,424		1,511
Soybeans (shelled)		650		424		291		213		302
Peanuts (shelled)		457		420		416		399		380
Mung beans		207		196		199		211		133
Estate cash crops
Dry Rubber		3,630		3,301		3,037		3,045		2,717
Coffee		756		753		762		786		775
Cocoa		767		735		721		688		651
Tea		140		130		144		138		137
Sugarcane		2,172		2,227		2,131		2,351		2,406
Tobacco		195		270		261		245		222
Palm Oil		42,884		47,120		46,766		45,121		46,819
Livestock
Meat		4,779		4,888		4,555		4,547		4,947
Eggs		5,268		5,355		5,874		5,893		6,339
Milk		951		945		947		903		837
Fish products
Captured Fish		7,361		7,335		6,989		7,225		7,400
Farmed Fish		15,689		15,426		14,845		14,648		14,776
Forestry⁽²⁾
Logs		47,966		45,840		51,916		54,939		56,665
Sawn Timber		2,079		2,529		2,581		2,660		2,297
Plywood		4,214		4,158		3,863		4,461		4,207

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

⁽¹⁾	Since 2018, the calculation of paddy harvested area data was carried out using the area sampling framework method, replacing the eye estimate method previously.

⁽²⁾	All units are in thousands of cubic meters.

D-21

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 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 2022, the mining and quarrying sector grew by 4.4%, compared to 3.9% in 2021. This was mainly driven by a growth of 18.0% in metal ore mining subsector driven by increased production of copper and gold in the mineral district of Grasberg, Papua, and increased demand from abroad, especially for gold and copper commodities. The coal and lignite mining subsector grew by 8.1% and the other mining and quarrying subsector saw a growth of 2.3%, due to the increased exports of mining commodities such as natural sand, precious stones, and natural asphalt. On the contrary, the oil, gas and geothermal mining subsector declined by 4.8%, as compared to 2021, due to unplanned shutdowns.

In first nine months of 2023, the mining and quarrying sector grew by 5.7%, compared to the same period of 2022. This was mainly driven by a growth of 11.1% in the coal and lignite mining industry, a growth of 4.6% in mining and other quarrying industry and a growth of 4.5% in metal ore mining industry. The growth of the mining and quarrying sector is in line with the completion of certain smelter construction projects.

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 state-owned enterprise, or SOE, plays an important role in the production of oil and gas in Indonesia.

Oil and gas exports contributed 9.5%, 7.0%, 5.1%, 5.3%, 5.4% and 6.1% to total exports in 2018, 2019, 2020, 2021, 2022 and the nine months ended September 30, 2023, respectively. In 2018, 2019, 2020, 2021, 2022 and the nine months ended September 30, 2023, oil gas revenues comprised 10.7%, 9.2%, 6.2%, 7.4%, 8.6% and 7.0%, respectively, of the Government’s domestic revenue (inclusive of income tax revenue from the oil and gas sub-sector). The fluctuations in exports and contribution to domestic revenue are due to the natural decline in the reservoir performance and lack of discovery and production of replacement reserves, fluctuating commodities pricing during the period and also the growth of other sectors in the economy.

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

Crude Oil Production by Source⁽¹⁾


	Year Ended December 31,
	2018		2019		2020		2021		2022
	(in millions of barrels)
Pertamina		29		30		29		26		26
Production sharing contracts⁽²⁾		253		242		260		215		198

Total		282		272		259		241		224

Source: Ministry of Energy and Mineral Resources

⁽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-22

The table below sets forth Indonesia’s proven crude oil reserves for the periods indicated based on estimates prepared by (1) 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 (the “TECP”) and (2) the Special Task Force for Upstream Oil and Gas Business Activities (“SKK Migas”, which is a government entity responsible for supervising upstream oil and gas activities) based on reports received by SKK Migas from various oil and gas contractors. 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)
2018		3,154.3
2019		2,483.9
2020		2,442.1
2021		2,245.2
2022		2,271.6

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,
	2018		2019		2020		2021		2022
	(in millions of barrels)
Production sharing contracts⁽²⁾		73		26		28		44		15
Government and government-designated⁽³⁾		1		0		4		0		0
Total		74		26		32		44		15

Source: Ministry of Energy and Mineral Resources

⁽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

As of December 31,

As of
September 30,

2018

2019

2020

2021

2022

2023

(in U.S. dollars per barrel)

ICP⁽¹⁾

67.5

62.4

40.4

68.5

76.7

86.1

90.2

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-23

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

Natural Gas Production by Source⁽¹⁾


	Year Ended December 31,
	2018		2019		2020		2021		2022

	(in millions of cubic feet)
Pertamina		371		349		314		324		311
Production sharing contracts⁽²⁾		2,463		2,298		2,129		2,109		2,058

Total		2,781		2,647		2,443		2,433		2,369

Source: Ministry of Energy and Mineral Resources

⁽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 TECP and SKK Migas based on reports 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)
2018		96.1
2019		49.7
2020		43.6
2021		41.6
2022		36.3

Source: Ministry of Energy and Mineral Resources

D-24

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 the Government 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. The Government and FCX are currently in discussions around potentially extending Freeport Indonesia’s mining rights beyond 2041.

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 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 was in line with the increase in infrastructure activities and the increase in imports of raw materials for construction activities.

In 2022, the construction sector grew by 2.0%, compared to 2.8% in 2021. This growth was in line with the increase in infrastructure activities and the increase in imports of raw materials for construction activities, as the Covid-19 related social restrictions eased and the economy was recovering.

In the first nine months of 2023, the construction sector grew by 3.9%, compared to the same period of 2022. This growth was primarily due to the Government’s capital expenditure activities to support the National Strategic Projects and the New Capital City, as well as the increased construction activities carried out by private entities and households.

D-25

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 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 2022, the transportation and warehousing sector grew by 19.9%, compared to 3.2% in 2021. This was primarily due to a growth of 40.5% in warehousing and transportation support services, and post and courier, a growth of 66.9% in air freight and a growth of 8.7% in land transport.

In the first nine months of 2023, the transportation and warehousing sector grew by 15.3%, compared to the same period of 2022, due to the growths in all the subsectors. In particular, land transport grew by 9.6%, sea freight grew by 18.3%, air freight grew by 35.3%, and warehousing and transportation support services, and post and courier grew by 20.8%.

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.

In 2022, the information and communication sector grew by 7.7%, compared to 6.8% in 2021. This growth was in line with the increased data traffic among various telecommunication service providers as well as a growth in digital banking transactions and electronic money transactions.

In the first nine months of 2023, the information and communication sector grew by 7.9%, compared to the same period of 2022, partly due to the increased data internet usage among several mobile operators and the opening of new cinemas in various regions.

Financial and Insurance Service

In 2019, the financial and insurance service sector grew by 6.6%, compared to 4.2% in 2018. This growth was primarily due to a growth of 6.1% in financial intermediary services, a growth of 6.1% in insurance and pension fund and a growth of 5.7% in other financial services.

In 2020, the financial and insurance service sector grew by 3.2%, compared to 6.6% in 2019. This growth was primarily due to a growth of 4.0% in financial intermediary services and a growth of 4.0% in insurance and pension fund, partially offset by a decline of 0.6% in other financial services.

In 2021, the financial and insurance service sector grew by 1.6%, compared to 3.2% in 2020. This growth was primarily due to a growth of 2.7% in financial intermediary services, partially offset by a decline of 2.4% in other financial services.

In 2022, the financial and insurance service sector grew by 1.9%, compared to 1.6% in 2021. This growth was primarily due to a growth of 2.4% in financial intermediary services and a growth of 4.5% in other financial services.

In the first nine months of 2023, the financial and insurance service sector grew by 4.2%, compared to the same period of 2022. This growth was primarily due to a growth of 5.6% in financial intermediary services and a growth of 5.2% in other financial services.

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-26

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,																				Nine Months Ended September 30,
	2018		%		2019		%		2020		%		2021		%		2022		%		2022		%		2023^P		%

	(in billions of Rupiah and percentage of GDP)
GDP		14,838,756		100.0		15,832,657		100.0		15,443,353		100.0		16,976,691		100.0		19,588,446		100.0		14,473,535		100.0		15,594,847		100.0
Add: Imports of goods and services		3,275,145		22.1		3,013,944		19.0		2,415,496		18.9		3,189,857		18.8		4,094,153		20.9		3,025,274		20.9		3,009,215		19.3

Total supply of goods and services		18,113,901		122.1		18,846,601		119.0		17,858,849		118.9		20,166,548		118.8		23,682,598		120.9		17,498,809		120.9		18,604,062		119.3

Less: Exports of goods and services		3,116,546		21.0		2,943,533		18.6		2,676,514		21.6		3,634,391		21.4		4,797,690		24.5		3,533,530		24.4		3,342,014		21.4

Total domestic expenditure		14,997,355		101.1		15,903,069		100.4		15,182,336		97.3		16,532,157		97.4		18,884,908		96.4		13,965,279		96.5		15,262,047		97.9

Allocation of total domestic expenditure:
Household consumption expenditure		8,274,214		55.8		8,965,837		56.6		8,899,918		54.4		9,236,020		54.4		10,160,356		51.9		7,518,467		51.9		8,255,065		52.9
NPISHs consumption expenditure		180,893		1.2		206,094		1.3		201,452		1.2		207,916		1.2		228,958		1.2		169,476		1.2		188,577		1.2
Government consumption expenditure		1,338,639		9.0		1,394,615		8.8		1,491,172		9.1		1,569,496		9.2		1,500,693		7.7		993,719		6.9		1,039,746		6.7

Total consumption		9,793,746		66.0		10,566,547		66.7		10,592,541		64.8		11,013,432		64.9		11,890,007		60.7		8,681,662		60.0		9,483,388		60.8

Gross domestic fixed capital formation		4,791,211		32.3		5,121,371		32.3		4,491,937		30.8		5,227,854		30.8		5,697,279		29.1		4,171,336		28.8		4,506,636		28.9
Change in inventories (residual)⁽¹⁾		412,397		2.8		215,150		1.4		97,858		1.7		290,871		1.7		1,297,622		6.6		242,098		1.7		1,272,023		1.8

Total domestic expenditure		14,997,355		101.1		15,903,069		100.4		15,182,336		97.3		16,532,157		97.4		18,884,908		96.4		13,095,095		90.5		15,262,047		97.9

Source: BPS

^P	Preliminary.

⁽¹⁾	Includes statistical discrepancies.

D-27

Gross Domestic Product by Expenditure (at constant 2010 prices)⁽¹⁾


	Year Ended December 31,																				Nine Months Ended September 30,
	2018		%		2019		%		2020		%		2021		%		2022		%		2022		%		2023^P		%

	(in billions of Rupiah and percentage of GDP)
GDP		10,425,852		100.0		10,949,155		100.0		10,722,999		100.0		11,120,078		100.0		11,710,398		100.0		8,721,761		100.0		9,162,242		100.0
Add: Imports of goods and services		2,203,270		21.1		2,046,244		18.7		1,686,004		15.7		2,105,238		18.9		2,415,760		20.6		1,791,384		20.5		1,754,769		19.2

Total supply of goods and services		12,629,122		121.1		12,995,400		118.7		12,409,003		115.7		13,225,316		118.9		14,126,158		120.6		10,513,146		120.5		10,917,011		119.2

Less: Exports of goods and services		2,286,395		21.9		2,275,488		20.8		2,083,942		19.4		2,458,032		22.1		2,858,316		24.4		2,100,822		24.1		2,124,239		23.2

Total domestic expenditure		10,342,727		99.2		10,719,911		97.9		10,325,061		96.3		10,767,283		96.8		11,267,841		96.2		8,412,323		96.5		8,792,772		96.0

Allocation of total domestic expenditure:
Household consumption expenditure		5,651,456		54.2		5,936,399		54.2		5,780,223		53.9		5,896,707		53.0		6,187,190		52.8		4,608,928		52.8		4,836,766		52.8
NPISHs consumption expenditure		122,970		1.2		136,027		1.2		130,306		1.2		132,412		1.2		139,879		1.2		104,178		1.2		111,481		1.2
Government consumption expenditure		828,877		8.0		855,963		7.8		874,146		8.2		911,198		8.2		870,093		7.4		578,873		6.6		596,936		6.5

Total consumption		6,603,303		63.3		6,928,390		63.3		6,784,675		63.3		6,940,317		62.4		7,197,162		61.5		5,291,979		60.7		5,545,183		60.5

Gross domestic fixed capital formation		3,444,310		33.0		3,597,664		32.9		3,489,052		32.5		3,549,219		31.9		3,686,574		31.5		2,990,901		34.3		2,835,096		30.9
Change in inventories (residual)⁽²⁾		295,114		2.8		193,857		1.8		51,334		0.5		277,748		2.5		384,105		3.3		129,442		1.5		412,493		4.5

Total domestic expenditure		10,342,727		99.2		10,719,911		97.9		10,325,061		96.3		10,767,283		96.8		11,267,841		96.2		8,412,323		96.5		8,792,772		96.0

Source: BPS

^P	Preliminary.

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

⁽²⁾	Includes statistical discrepancies.

D-28

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. The inflation target for 2024 is 2.5% (±1.0%). 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. The TPI also operates in Indonesia’s 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,
	2018			2019			2020			2021			2022			2023
CPI⁽¹⁾		135.4			139.1			105.7			107.7			113.6			116.6
Annual percentage year-on-year		3.1	%		2.7	%		1.7	%		1.9	%		5.5	%		2.6	%

Source: BPS

⁽¹⁾

Calculated on the basis of (i) 2012 CPI = 100 for 2018-2019, and (ii) 2018 CPI = 100 for 2020-2022 and 2023 to-date. 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-29

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

Inflation by Commodity⁽¹⁾


	As of December 31,
	2020			2021			2022			2023
Food, drinks, and tobacco		3.6			3.1			5.8			6.2
Clothing and Footwear		1.0			1.5			1.4			0.8
Housing, water, electricity, and household fuel		0.4			0.8			3.8			0.5
Household equipment, tools, and routine maintenance		1.0			2.7			4.9			1.6
Health		2.8			1.7			2.9			1.9
Transportation		(0.9	)		1.6			15.3			1.3
Information, communication, and financial services		(0.4	)		(0.1	)		(0.4	)		0.2
Recreation, sports, and culture		0.7			1.1			3.0			1.7
Education		1.4			1.6			2.8			2.0
Food and beverage providers/restaurant		2.3			2.7			4.5			2.1
Personal care and other services		5.8			1.7			5.9			3.6

Source: BPS

⁽¹⁾	Annual percentage year-on-year.

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

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.

In 2022, annual inflation was 5.5%, which was higher than the 1.9% annual inflation in 2021. This was primarily due to larger increases in the prices for most of the sectors. In particular, the annual inflation for food, drinks and tobacco; housing, water, electricity and household fuels; health; transport; recreation, sport and culture; and personal care and other services was 5.8%, 3.8%, 4.9%, 15.3%, 3.0% and 5.9% in 2022, respectively, compared to 3.1%, 0.8%, 2.7%, 1.6%, 1.1% and 1.7% in 2021, respectively.

In 2023, annual inflation was 2.6%, which was lower than the 5.5% annual inflation in 2022. This was primarily due to smaller increases in the prices for all the sectors except food, drinks and tobacco and information, communication and financial services. The annual inflation decreased the most for transport; housing, water, electricity, and household fuel; and household equipment, tools and routine maintenance. The annual inflation for these three sectors was 1.3%, 0.5% and 1.6% in 2023, respectively, compared to 15.3%, 3.8% and 4.9% in 2022, respectively.

D-30

Privatization of State-Owned Enterprises

The sale by the Government of shares in SOEs, which under Indonesian law are business entities whose capital is at least 51% directly owned by the state, 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, 2022, there were 74 SOEs, of which 13 were listed SOEs, 49 non-listed SOEs, and 12 special purpose entities. The Ministry of State-Owned Enterprises has organized these SOE into 13 clusters based on supply-chain linkages and industry similarities to increase synergies.

As of December 2022, these clusters comprise:

•

the Danareksa cluster (30 SOEs);

•

the Infrastructure cluster (nine SOEs);

•

the Logistic and Transportation cluster (eight SOEs);

•

the Insurance cluster (five SOEs);

•

the Banking cluster (four SOEs;

•

the Manufacture cluster (three SOEs);

•

the Tourism cluster (four SOEs);

•

the Food and Agri cluster (three SOEs);

•

the Energy cluster (two SOEs);

•

the Plantations cluster (two SOEs);

•

the Telco cluster (two SOEs);

•

the Health Care cluster (one SOE); and

•

the Mining cluster (one SOE).

The following table sets forth significant full and partial privatizations, and in some cases re-capitalizations, 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
		2022	⁽¹⁰⁾		60.0		—			4,130
PT Garuda Indonesia (Persero) Tbk		2011			69.1		—			3,187
		2014	⁽³⁾		60.5		11.2			1,449
		2022	⁽¹⁰⁾		60.5		—			12,860
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
		2015	⁽⁶⁾		68.0		—			5,289
		2021	⁽⁸⁾		75.4		—			9,444
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 Aneka Tambang (Persero) Tbk⁽⁶⁾		2015			65.0		—			5,381
PT Adhi Karya (Persero) Tbk⁽⁶⁾		2015			51.0		—			2,727
		2022	⁽¹⁰⁾		64.3		—			2,670
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 Semen Indonesia (Persero) Tbk⁽⁹⁾		2022			51.2		—			5,410

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 18 December 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 Rakyat Indonesia (Persero) as the parent company and PT Permodalan Nasional Madani and PT Pegadaian as subsidiaries.

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

⁽⁹⁾	Rights issue of PT Semen Indonesia (Persero) as the result of non-cash capital injection in framework of cement holding.

⁽¹⁰⁾	Rights issue of Adhi Karya, Bank Tabungan Negara dan Garuda Indonesia as the result of cash capital injection from the Government.

D-31

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				As of August
Sector	2018⁽¹⁾				2018⁽¹⁾				2019¹⁾				2019⁽¹⁾				2020⁽¹⁾				2020⁽¹⁾				2021⁽¹⁾				2021⁽¹⁾				2022⁽¹⁾				2022⁽¹⁾				2023⁽¹⁾				2023⁽¹⁾
	(in millions)		%		(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		39.8		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		38.7		28.6		40.7		29.4		39.5		28.2
Mining and quarrying		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		1.5		1.1		1.7		1.2		1.7		1.2
Manufacturing		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		19.2		14.2		18.8		13.4		19.4		13.8
Electricity, gas, steam and air conditioning supply		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		0.3		0.2		0.4		0.3		0.3		0.2
Water supply, sewerage, waste management and remediation activities		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		0.5		0.4		0.6		0.4		0.5		0.4
Construction		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		8.5		6.3		8.6		6.2		9.3		6.6
Wholesale and retail trade, repair of motor vehicles and motorcycles		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		26.2		19.4		26.2		18.9		26.6		19
Transportation and storage		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		5.8		4.3		5.8		4.2		6.2		4.4
Accommodation and food service activities		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		9.6		7.1		10.2		7.3		10.8		7.7
Information and communication		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		1		0.7		1.2		0.9		1		0.7
Financial and insurance activities		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		1.6		1.2		1.6		1.2		1.6		1.2
Real estate activities		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		0.5		0.3		0.5		0.3		0.5		0.3
Professional, scientific and technical activities, Administrative and support service activities		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		2.2		1.7		2.1		1.5		2.3		1.7
Public administration and defence, compulsory social security		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		4.9		3.6		4.7		3.4		4.9		3.5
Education		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		6.5		4.8		6.7		4.7		6.9		5
Human health and social work activities		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		2.2		1.7		2.5		1.8		2.2		1.6
Other service activities		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		6		4.5		6.4		4.6		6.4		4.6

Total		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		135.3		100		138.6		100		139.9		100

Source: BPS

⁽¹⁾	Estimation using population projections weighing results.

D-32

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

As of
August

2018

2019

2020

2021

2022

2023

(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⁾

(in

millions)

%⁽¹⁾

Male

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

82.6

61.0

84.2

60.8

85.2

61.0

Female

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

52.7

39.0

54.4

39.2

54.6

39.0

Total

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

135.3

100.0

138.6

100.0

139.9

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				As of August
	2018				2018				2019				2019				2020				2020				2021				2021				2022				2022				2023				2023
	(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%
Employed		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		135.3		94.1		138.6		94.5		139.8		94.7
Unemployed ⁽²⁾		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		8.4		5.9		8.0		5.5		7.9		5.3

Total		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		143.7		100.0		146.6		100		147.7		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-33

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. Indonesia’s unemployment rate rose after the Covid-19 outbreak, but declined since February 2022, as a result of the easement of social restrictions and the post-Covid economic recovery.

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 (“GR 36/2021”).

The Government increased the average minimum wage of each province by 7.3% for 2023. The figure was obtained through the new guidelines on the minimum wage under GR 36/2021 as amended by Government Regulation No. 51 of 2023 on the Amendment to GR 36/2021.


Year	National average minimum wage		Increase in average minimum wage
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		Rp2,725,505.0		1.4	%
2023		Rp2,923,309.4		7.3	%

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. 4/2023 (as defined below) 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”)), i.e., Law No. 24 of 2011 on Social Security Administering Agencies (“Law No. 24 of 2011”). 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 December 2022, 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.

The Law on Job Creation and Law No. 24 of 2021 together 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-34

Income Distribution

As of March 2023, Indonesia had a Gini Index of 0.388. 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 fulfil 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 25.9 million, or 9.4% of the population, as of March 2023.

Regional Growth

As the island with the highest population density, high consumption and an industrial base, Java has historically been the main contributor to Indonesia’s economic growth. In 2022, Java contributed 56.5% of Indonesia’s GDP, Sumatera contributed 22.0%, Kalimantan contributed 9.2%, Sulawesi contributed 7.0%, Bali and Nusa Tenggara contributed 2.7%, and Maluku and Papua contributed 2.5%. In the first nine months of 2023, Java contributed 57.1% of Indonesia’s GDP, Sumatera contributed 22.2%, Kalimantan contributed 8.1%, Sulawesi contributed 7.3%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.6%.

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.

Through the implementation of Law No. 1 of 2022 on the Financial Relations between the Central Government and the Regional government, 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 2018 to 2022, the budget for transfers to regions and village funds on average increased by 1.2% 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

The “Law on Job Creation” refers to Government Regulation in Lieu of Law No. 2 of 2022 on Job Creation (“GR 2/2022”) together with Law No. 6 of 2023 on the Enactment of GR 2/2022 as Law (“Law 6/2023”).

On November 2, 2020, the President signed Law No. 11 of 2020 on Job Creation (“Law 11/2020”), an omnibus law that amended or revoked more than 70 existing laws and regulations. Law 11/2020 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.

Law 11/2020 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 Law 11/2020 is carried out through the enactment of Government Regulation No. 5 of 2021 on the Implementation of Risk-Based Business Licensing (as partially revoked) (“GR 5/2021”), 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 simpler as well as to oversee transparent, structured, and accountable business activities. Furthermore, for the purpose of the implementation of the GR 5/2021, 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.

The Government issued GR 2/2022 on December 30, 2022, effective the same day. This followed and was part of the responses to the Constitutional Court Decision No. 91/PUU-XVIII/2020 made in November 2021, which rendered Law 11/ 2020 conditionally unconstitutional and gave the Government two years, until November 2023, to amend the law. GR 2/2022 was enacted as law, effective March 31, 2023, by Law 6/2023. The Law on Job Creation replaces Law 11/2020. All implementing regulations of Law 11/2020 remain valid provided that they are not in contradictory to the Law on Job Creation.

D-35

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 on the Amendment of List of National Strategic Projects, as lastly amended by Coordinating Ministry for Economic Affairs Regulation No. 8 of 2023, the Government has selected a list of projects called National Strategic Projects, which currently consists of 204 projects across 14 sectors (toll road, seaport, airport, railway, industrial estate, housing, dam and irrigation, water and sanitation, sea wall, energy, technology, agriculture, education and tourism), and 13 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, development of economic areas, special economic zones, sugar and palm oil industry revitalization and development of eco-city areas).

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 Committee for Acceleration of Priority Infrastructure Delivery (Komite Percepatan Penyediaan Infrastruktur Prioritas (“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, 2022, 15 priority projects have been completed, 10 priority projects have been partially operational, and 17 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 2023 and 2027.

As part of the Government’s National Medium-Term Development Plan 2020-2024 (the “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 Rp5,918 trillion. 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.

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.” Apart from large, strategic projects, the Government also recognizes the importance of small-scale PPP projects and makes it the focus of the presidential regulation program for the acceleration of regional development.

D-36

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 first phase of the Jakarta Mass Rapid Transit (“MRT”), 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 the second phase of the Jakarta MRT, connecting Bundaran Hotel Indonesia to Kota Station and West Ancol 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. Construction in Jakarta, Bogor, Depok, Bekasi and Cibubur was completed and commenced commercial operation in 2023.

Indonesia’s first high-speed railway, which connects Jakarta and Bandung, was constructed from 2016 to 2023 and commenced commercial operation in October 2023. 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 set out 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.

Under the RPJMN 2020-2024, one of the Strategic Priority Projects is information, communication and technology infrastructure to support digital transformation, to reduce the digital gap and provide fast internet services to support the digitization of the economic, social and government sectors. The RPJMN 2020-2024 also laid out the policies and target for the development and utilization of information, communication and technology infrastructure, including improving fixed and mobile broadband network coverage, increasing population served by digital broadcasting and facilitating new start-up unicorns.

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.

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.

With the issuance of GR 5/2021, 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.”

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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,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022^P			2022^P			2023^P

	(in millions of U.S. dollars)
Direct Investments
Equity Capital		19,993			25,069			19,348			20,566			22,888			17,513			15,169
Debt instrument		(1,083	)		(76	)		(173	)		647			1,915			2,036			1,191

Total direct investments		18,910			24,994			19,175			21,213			24,803			19,549			16,360
Portfolio investments:
Equity securities		(3,668	)		(397	)		(4,362	)		3,131			671			1,982			676
Debt securities		18,151			21,978			8,929			3,732			(7,256	)		(7,598	)		(805	)

Total portfolio investments		14,483			21,581			4,567			6,863			(6,585	)		(5,616	)		(128	)
Financial derivatives		(584	)		(730	)		(1,291	)		(1,143	)		(1,286	)		(811	)		(710	)
Other investments		11,499			6,059			2,264			(726	)		(599	)		414			(2,018	)

Total foreign investment		44,308			51,903			24,715			26,207			16,332			13,536			13,504

Source: Bank Indonesia

^P	Preliminary.

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


	Year Ended December 31,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022^P			2022^P			2023^P

	(in millions of U.S. dollars)
North America		(3,997	)		2,199			786			1,751			2,029			1,225			702
USA		(3,936	)		1,247			613			1,691			2,016			1,219			682
Canada		(25	)		852			17			38			12			6			19
Other North America⁽²⁾		(37	)		99			156			22			1			1			1
Central and South America		798			439			1,580			(70	)		(549	)		(244	)		565
Argentina		(0	)		(0	)		0			0			0			0			0
Brazil		17			10			3			18			(22	)		(20	)		(0	)
Mexico		1			1			0			1			2			1			(1	)
Cayman Islands		84			235			101			(7	)		(380	)		95			(46	)
Other Central and South America		696			193			1,476			(81	)		(149	)		(320	)		612
Europe		1,097			2,801			(1,055	)		1,037			1,765			1,191			1,942
European Union and United Kingdom		540			2,445			(1,039	)		999			1,634			1,103			1,803
Austria		99			132			58			(40	)		135			77			100
Belgium		(13	)		26			(17	)		96			3			10			40
Denmark		3			27			5			(15	)		(3	)		(1	)		3
Finland		54			(159	)		15			1			86			42			(5	)
France		63			528			(46	)		38			221			201			52
Germany		565			383			(48	)		9			18			(10	)		38
Greece		(0	)		0			0			0			0			0			(0	)
Ireland		181			122			41			38			16			(3	)		116
Italy		(335	)		(669	)		(403	)		(406	)		(351	)		(351	)		(214	)
Luxembourg		47			99			(1	)		(1	)		24			19			374
Netherlands		522			289			(115	)		397			272			406			577
Portugal		(0	)		0			0			0			0			(0	)		(0	)
Spain		1			5			12			20			(7	)		2			3
Sweden		(305	)		23			(8	)		142			9			11			15
United Kingdom		(333	)		1,636			(532	)		719			1,209			699			705
Other European Union		(10	)		1			(0	)		0			2			1			(1	)
Russia		1			0			23			0			1			1			1
Turkey		20			41			4			4			3			2			20
Other Europe		536			315			(43	)		34			126			84			119
Asia		22,303			17,831			17,202			18,668			21,818			17,627			11,781
Japan		5,679			8,319			2,089			1,961			1,796			1,123			1,542
People’s Republic of China		3,398			811			904			5,076			3,586			2,595			1,373
South Korea		109			1,053			1,557			770			1,829			1,378			1,022
India		85			57			302			227			521			387			87
Hong Kong SAR		1,161			453			2,850			3,118			2,437			1,916			2,877

D-39


	Year Ended December 31,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022^P			2022^P			2023^P

	(in millions of U.S. dollars)
Taiwan		31			119			944			109			796			824			(6	)
Saudi Arabia		1			1			40			2			0			(0	)		2
ASEAN		11,157			6,880			7,928			7,404			10,715			9,388			4,445
Brunei Darussalam		(3	)		(3	)		(0	)		0			1			1			0
Cambodia		1			0			2			1			3			1			1
Lao PDR		—			—			—			—			—			—			—
Malaysia		621			(608	)		415			(26	)		991			403			56
Myanmar		1			(0	)		1			0			(1	)		(1	)		(0	)
Philippines		17			15			0			5			104			102			10
Singapore		10,334			6,316			4,177			5,343			9,742			8,823			4,337
Thailand		164			1,137			3,208			2,077			(127	)		55			41
Vietnam		21			23			126			3			2			4			(1	)
Other Asia		682			139			588			3			139			16			439
Australia and Oceania		15			279			189			119			356			326			656
Australia		13			273			184			118			353			324			658
New Zealand		2			1			4			2			2			2			(2	)
Other Australia and Oceania		1			6			1			(2	)		0			0			(0	)
Africa		49			43			(29	)		(24	)		(7	)		(8	)		677
South Africa		3			3			25			0			1			(0	)		1
Other Africa		46			39			(55	)		(23	)		(8	)		(8	)		676
Others		299			292			(83	)		(351	)		79			(22	)		4

Total		20,563			23,883			18,591			21,131			25,491			20,095			16,327

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,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022^P			2022^P			2023^P

	(in millions of U.S. dollars)
Equity capital⁽¹⁾		19,993			25,069			19,348			20,566			22,888			17,513			15,169
Debt instruments:
Inflow		48,458			48,070			41,710			42,607			47,046			35,473			32,824
Outflow		(49,540	)		(48,146	)		(41,882	)		(41,960	)		(45,131	)		(33,437	)		(31,633	)
Total debt instruments		(1,083	)		(76	)		(173	)		647			1,915			2,036			1,191

Total direct investments		18,910			24,994			19,175			21,213			24,803			19,549			16,360

Memorandum
Direct investment in Indonesia⁽²⁾		20,563			23,883			18,591			21,131			25,491			20,095			16,327

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 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 divestment by several foreign direct investment companies in the mining sector and higher inter-company debt repayments, which was partially offset by equity 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 loans from foreign affiliates of companies in the mining, manufacturing, and agriculture sectors. The manufacturing, financial intermediary, 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.$21.2 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 transportation, storage and communication, and mining and quarrying sectors. 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 2022, foreign direct investment maintained a surplus totaling U.S.$24.8 billion, primarily in the form of equity capital, representing an increase of 16.9% from a U.S.$21.2 billion in 2021. The increase was primarily due to increases of investment in manufacturing which is in line with the Government’s reform measures to develop downstream processing industries and to upgrade industrial capabilities to increase the added value of exports. With respect to country of origin, the increase was primarily due to increases of investment from Singapore, Malaysia and South Korea. The manufacturing, transportation, financial intermediaries and trade sectors were the main contributors to net foreign direct investment inflows in 2022. With respect to country of origin, investors from Asian emerging markets (including China) were the main contributors to foreign direct investment inflows, followed by ASEAN countries.

Foreign direct investment maintained a total of U.S.$16.4 billion in the first nine months of 2023, primarily in the form of equity capital, representing a decrease of 16.3% from a U.S.$19.5 billion surplus in the same period of 2022. The decrease was primarily due to decreases of investment in transportation, storage and communication as well as financial intermediary, partially offset by increases of investment in manufacturing. With respect to country of origin, the decrease was primarily due to decreases of investment from Singapore, China and the United States, partially offset by increases of investment from Hong Kong SAR, Japan, and Luxembourg.

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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,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022^P			2022^P			2023^P

	(in millions of U.S. dollars)
Equity securities:
Inflow		25,052			48,065			44,300			59,114			76,604			59,266			44,389
Outflow		(28,720	)		(48,462	)		(48,662	)		(55,983	)		(75,933	)		(57,284	)		(43,713	)
Net equity securities		(3,668	)		(397	)		(4,362	)		3,131			671			1,982			676
Debt securities (net)		18,151			21,978			8,929			3,732			(7,256	)		(7,598	)		(805	)

Total portfolio investments		14,483			21,581			4,567			6,863			(6,585	)		(5,616	)		(128	)

Source: Bank Indonesia

^P	Preliminary.

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 2020 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 2022, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$6.6 billion, compared to a net inflow of U.S.$6.9 billion in 2021. The increasing global financial market uncertainty triggered the rebalancing of domestic government securities, or SBN, to other instruments, thus reducing the portion of non-resident holdings of domestic SBN. Capital inflows to the stock market remained positive, though lower than the previous year.

In the first nine months of 2023, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$0.1 billion, compared to the net outflow of U.S.$5.6 billion in the same period of 2022. Such condition was supported by the investor’s confidence in Indonesia’s economic prospects as reflected by a net inflow predominantly into long-term instruments such as SBN denominated in Rupiah, as well as influx to the newly introduced instrument Bank Indonesia Rupiah Securities (Sekuritas Rupiah Bank Indonesia (“SRBI”)).

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,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022^P			2022^P			2023^P

	(in millions of U.S. dollars)
Loans
Bank sector:
Disbursements		7,837			3,121			3,902			1,409			3,704			3,153			1,150

Debt repayments		(3,546	)		(4,521	)		(5,502	)		(4,489	)		(2,844	)		(1,960	)		(4,086	)

Total bank sector		4,291			(1,400	)		(1,600	)		(3,080	)		860			1,193			(2,936	)
Corporate sector:
Disbursements		28,746			30,187			20,975			15,141			19,958			16,161			12,545

Debt repayments		(22,733	)		(23,012	)		(17,887	)		(20,307	)		(22,497	)		(17,256	)		(13,069	)

Total corporate sector		6,013			7,175			3,088			(5,167	)		(2,539	)		(1,096	)		(524	)
Other (net)⁽¹⁾		1,196			284			776			7,521			1,080			316			1,442

Total other investments		11,499			6,059			2,264			(726	)		(599	)		414			(2,018	)

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.

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In 2018, other foreign 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 net inflows of trade credits.

In 2019, other foreign 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, other foreign 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, other foreign investments fell from a surplus of U.S.$2.3 billion in 2020 to a deficit of U.S.$0.7 billion. The deficit was primarily due to net payments of foreign loans by both the public and private sectors (banking and corporate sector).

In 2022, other foreign investments recorded a deficit of U.S.$0.6 billion, slightly lower than the deficit of U.S.$0.7 billion in 2021. The deficit in 2022 is primarily due to net payments of corporate sector loans.

In the first nine months of 2023, other foreign investments recorded a deficit totaling of U.S.$2.0 billion, compared to the surplus of U.S.$0.4 billion in the same period of 2022. The deficit is primarily attributable to net repayments of banking and corporate sector loans.

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 list of sectors that are open for investment under the Law on Job Creation, 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-43

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,										Nine Months Ended September 30,
	2018		2019		2020		2021		2022		2022		2023^P

	(in millions of U.S. dollars)
Primary Sector
Food Crops, Plantation & Livestock		1,721		947		1,184		951		1,789		1,360		567
Forestry		43		36		43		41		99		72		16
Fishery		24		54		48		17		32		20		5
Mining		3,039		2,256		2,005		3,817		5,145		3,482		1,327

Total Primary Sector		4,827		3,294		3,280		4,826		7,065		4,934		1,914

Secondary sector:
Food Industry		1,307		1,272		1,592		2,337		2,425		1,937		638
Textile Industry		305		239		280		312		658		521		82
Leather Goods & Footwear Industry		244		188		214		486		630		501		206
Wood Industry		276		95		85		68		243		206		46
Paper and Printing Industry		668		446		943		953		1,630		1,309		1,160
Chemical and Pharmaceutical Industry		1,938		1,486		1,743		1,657		4,506		2,709		1,335
Rubber and Plastic Industry		447		292		291		262		363		259		88
Non Metallic Mineral Industry		456		475		248		327		537		298		161
Metal, Industry not Machinery & Electronic Industry		2,219		3,559		5,969		6,974		10,961		8,465		3,253
Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry		1,341		500		601		679		789		528		430
Motor Vehicles & Other Transport Equipment Industry		971		754		942		1,502		1,522		1,095		425
Other Industry		174		245		294		246		415		310		94

Total Secondary Sector		10,348		9,551		13,202		15,804		24,679		18,138		7,917

Tertiary sector:
Electricity, Gas & Water Supply		4,384		5,921		4,614		2,939		3,763		3,045		820
Construction		248		162		190		93		165		123		121
Trade & Repair		609		421		434		464		737		650		307
Hotel & Restaurant		869		626		441		432		498		363		121
Transportation, Storage & Communication		3,027		4,728		3,580		3,159		4,125		2,613		1,085
Housing, Ind. Estate & Office Building		4,303		2,889		2,191		2,186		3,015		2,279		596
Other Services		693		618		733		1,190		1,558		1,254		381

Total Tertiary Sector		14,133		15,364		12,184		10,463		13,861		10,327		3,429

Total		29,308		28,209		28,666		31,093		45,605		33,399		13,260

Source: BKPM

^P	Preliminary.

⁽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.

D-44

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,										Nine Months Ended September 30
	2018		2019		2020		2021		2022^P		2022^P		2023^P

	(in billions of Rupiah)
Primary sector:
Food Crops, Plantation & Livestock		31,186		43,599		32,096		29,375		38,878		29,697		10,998
Forestry		3,053		9,367		1,164		6,863		8,603		4,805		5,136
Fishery		88		248		565		1,012		1,214		905		968
Mining		33,100		25,675		13,755		25,517		62,522		46,571		22,263

Total Primary Sector		67,427		78,888		47,580		62,767		111,218		81,978		39,365

Secondary sector:
Food Industry		39,088		36,603		27,873		26,518		54,937		37,964		14,532
Textile Industry		3,597		1,313		2,103		1,972		5,615		4,009		1,854
Leather Goods & Footwear Industry		282		77		395		700		483		279		242
Wood Industry		1,536		1,586		1,263		1,144		3588		2,767		1,330
Paper and Printing Industry		2,894		2,950		3,746		7,833		9,508		7,731		2,608
Chemical and Pharmaceutical Industry		13,338		9,484		22,526		23,364		28,905		21,162		8,988
Rubber and Plastic Industry		3,415		3,069		4,429		7,803		7,370		5,009		1,901
Non Metallic Mineral Industry		4,522		3,573		5,862		6,522		6,370		4,903		1,793
Metal Industry not Machinery & Electronic Industry		10,468		8,183		8,858		15,656		13,950		10,368		8,790
Medical Precision & Optical Instruments, Watches & Clock, Machinery, and Electronic Industry		1,950		1,152		1,156		535		3,693		2,924		1,550
Motor Vehicles & Other Transport Equipment Industry		1,837		2,608		2,556		1,459		2,425		1,713		784
Other Industry		717		2,076		2,051		1,192		6,721		6,036		2,112

Total Secondary Sector		83,643		72,673		82,818		94,699		143,565		104,865		46,485

Tertiary sector:
Electricity, Gas & Water Supply		37,265		37,164		35,519		38,728		32,107		24,945		6,539
Construction		44,980		55,091		68,289		39,569		33,847		21,490		9,001
Trade & Repair		6,430		13,663		16,748		22,432		31,051		26,078		16,204
Hotel & Restaurant		9,096		16,163		10,203		17,819		21,579		16,109		5,800
Transportation, Storage & Communication		58,740		68,083		93,283		61,242		75,138		60,078		24,817
Housing, Ind. Estate & Office Building		15,472		27,797		44,853		85,498		66,167		47,790		16,647
Other Services		5,551		16,977		14,243		24,310		38,097		29,818		13,278

Total Tertiary Sector		177,534		234,937		283,138		289,598		297,987		226,308		92,285

Total		328,604		386,498		413,536		447,064		552,770		413,151		178,134

Source: BKPM

^P	Preliminary.

⁽¹⁾

D-45

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 eight free trade agreements, namely: the ASEAN Trade in Goods Agreement, the ASEAN-China Free Trade Agreement, the ASEAN-Korea Free Trade Agreement, the ASEAN-Japan Comprehensive Economic Partnership, the ASEAN-India Free Trade Agreement, the ASEAN-Australia and New Zealand Free Trade Agreement, the ASEAN-Hong Kong, China Free Trade Agreement, and the Regional Comprehensive Economic Partnership. In addition, Indonesia has entered into and implemented eight bilateral trade agreements and two multilateral trade agreements: the Indonesia-Japan Economic Partnership Agreement, the Indonesia-Pakistan Preferential Trade Agreement, the Indonesia-Chile Comprehensive Economic Partnership, the Indonesia-Australia Comprehensive Economic Partnership Agreement, the Indonesia-Korea Comprehensive Economic Partnership Agreement, the Indonesia-United Arab Emirates Comprehensive Economic Partnership Agreement, the Indonesia-Mozambique Preferential Trade Agreement, the Indonesia-Palestina MOU on Trade Facilitation for Certain Products, the Indonesia-EFTA Comprehensive Economic Partnership Agreement, and the Preferential Trade Agreement Among Developing Eight. These free trade agreements cover three core areas, namely: trade in goods, trade in services and investments.

In addition, the Indonesia-European Free Trade Association Comprehensive Economic Partnership was signed in 2018 and entered into force in November 2021. It covers trade in goods and services, investments, intellectual property rights, government procurement, cooperation, capacity building, and sustainable development.

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, the Indonesia-Canada Comprehensive Economic Partnership Agreement, the Indonesia-Bangladesh Preferential Trade Agreement, and the Indonesia Eurasian Economic Union Free Trade 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 various international and regional free trade agreements mentioned above.

D-46

Exports and Imports

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,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022^P			2022^P			2023^P

		(in millions of U.S. dollars)
Exports:
Oil and gas exports (f.o.b.)		17,614			11,981			8,480			13,201			17,039			13,059			12,465
Non-oil and gas exports (f.o.b.)		163,111			156,474			154,921			219,635			275,499			206,720			180,778

Total exports (f.o.b.)		180,725			168,455			163,402			232,835			292,538			219,779			193,243
Total imports (c.i.f.)		(190,317	)		(173,489	)		(142,104	)		(198,800	)		(241,716	)		(183,018	)		(166,249	)

Balance of trade		(9,592	)		(5,033	)		21,298			34,035			50,822			36,760			26,994

Source: Bank Indonesia

^P	Preliminary.

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.

In 2022, Indonesia recorded a trade surplus of U.S.$50.8 billion, which increased by 49.3% from the U.S.$34.0 billion surplus in 2021. The higher trade surplus was caused by a 25.6% year-on-year increase in exports, which was higher than the 21.6% year-on-year increase in imports (c.i.f). The improvement of export performance was mainly due to persistently high international commodity prices and robust demand for Indonesian major commodities. Consistent with stronger exports, imports also experienced an uptick compared to 2021 as the domestic economy continues to recover.

In the first nine months of 2023, Indonesia recorded a trade surplus of U.S.$27.0 billion, which decreased by 26.6% from the U.S.$36.8 billion surplus in the same period of 2022. The lower trade surplus was mainly due to a 12.1% year-on-year decrease in exports on the back of slower demand from Indonesia’s major trading partners for its main non-oil and gas export commodities as well as decreasing commodity prices. Conversely, imports (c.i.f) decreased by 9.2% year-on-year, in line with export performance.

D-47

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,										Eleven Months Ended November 30,
	2018		2019		2020		2021^R		2022^R		2022^R		2023^P

	(in millions of U.S. dollars)
Exports:
Non-oil and gas exports		162,841.0		155,893.7		154,940.7		219,362.1		275,906.1		253,604.3		222,022.8
Oil and gas exports		17,171.7		11,789.3		8,251.1		12,247.4		15,998.2		14,546.9		14,532.3

Total exports		180,012.7		167,683.0		163,191.8		231,609.5		291,904.3		268,151.2		236,555.1

Imports:
Non-oil and gas imports		158,842.4		148,842.1		127,312.0		170,660.9		197,026.6		180,368.7		170,320.9
Oil and gas imports		29,868.8		21,885.3		14,256.8		25,529.1		40,416.4		37,215.4		32,458.0

Total imports		188,711.2		170,727.4		141,568.8		196,190.0		237,443.0		217,584.1		202,778.9

Source: BPS.

^P	Preliminary.

Revised.

Government Regulation of Export Proceeds

A new regulation (The Government Regulation Number 36 Year 2023 on Foreign Exchange Export Earnings from the Business, Management and/or Processing of Natural Resources), effective August 1, 2023, requires exporters in the mining, plantation, forestry, and fisheries sectors to repatriate 30% of their foreign currency-denominated earnings from export shipments valued at U.S.$250,000 or more and deposit them in special accounts at the Indonesian Export Finance Agency (currently Indonesia Eximbank), or a licensed foreign-exchange bank within 3 months of the filing of the relevant customs export notification for a period of at least three months. Exporters are permitted to utilize the export proceeds deposited in the special accounts as collateral for Rupiah-denominated bank loan or credit facility from Eximbank or a licensed foreign-exchange banks, or for such other purpose as may be approved by Bank Indonesia.

Ban on Raw Material Exports

The Government has banned exports of bauxite ore since June 2023. It has also banned exports of copper concentrate since the same month, with an exemption for Freeport Indonesia and Amman Mineral Nusa Tenggara to continue such exports until May 2024. These bans, together with the Government’s ban on exports of nickel ore since January 2020, are part of the Republic’s efforts to encourage the domestic processing of raw materials and reduce its reliance on imports of processed materials.

Temporary Ban on Palm Oil and Other Products

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. 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 permitted the export of (i) crude palm oil, (ii) bleached and deodorized palm oil, (iii) refined, bleached, and deodorized palm olein, and (iv) used cooking oil.

D-48

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

Exports by Sector


	Year Ended December 31,										Nine Months Ended September 30,
	2018		2019		2020		2021		2022		2022		2023^P

	(in thousands of U.S. dollars)
General merchandise		178,702,737		164,910,990		157,859,928		231,316,430		291,510,626		218,976,408		192,598,515
Agricultural
Coffee beans		807,357		872,089		808,635		848,285		1,137,939		804,668		687,284
Tea		78,624		63,791		66,850		62,171		61,237		47,084		37,091
Spices		543,032		560,463		706,632		678,397		572,634		453,700		419,762
Tobacco		67,005		59,737		63,743		73,901		106,321		85,460		61,300
Cocoa beans		74,284		82,215		77,023		56,244		63,395		41,661		34,893
Shrimp and prawn		1,471,051		1,391,141		1,558,667		1,644,429		1,580,036		1,203,597		931,661
Other agricultural products		2,781,591		2,805,987		2,911,090		3,303,394		3,735,664		2,681,306		2,667,853

Total Agricultural products		5,822,944		5,835,423		6,192,641		6,666,820		7,257,225		5,317,475		4,839,845

Manufacture products
Textile and Textile products		13,272,404		12,916,809		10,598,560		13,182,868		13,975,398		10,910,346		8,996,978
Processed wood products		4,123,971		3,554,922		3,514,645		4,636,060		4,299,769		3,444,681		2,647,381
Palm oils		16,528,433		14,720,420		17,289,749		26,516,433		27,722,460		20,405,766		17,301,848
Chemicals		4,702,931		4,349,491		3,957,822		6,546,591		7,077,776		5,614,342		3,826,092
Base metal products		12,377,082		13,363,675		16,696,618		30,443,013		41,945,875		31,505,018		29,797,570
Electrical apparatus, measuring instruments and others		9,318,094		9,412,842		9,400,790		11,730,664		14,557,303		10,790,597		11,107,642
Cement		237,185		281,951		322,887		402,352		376,254		293,281		313,218
Paper and paper products		4,524,415		4,408,263		4,243,152		4,284,955		4,842,825		3,576,508		3,680,724
Processed rubber		6,149,674		5,741,597		5,264,533		6,832,214		6,101,873		4,921,291		3,609,631
Oil products⁽¹⁾		1,550,453		1,646,807		1,312,539		1,899,971		4,303,720		3,494,699		3,971,422
Liquefied Petroleum Gas⁽¹⁾		56,405		9,734		416		4,185		26,092		24,707		63,233
Other manufacture products		53,976,851		52,600,236		51,720,855		68,334,868		80,157,391		60,720,982		54,315,301

Total Manufacture products		126,817,901		123,006,747		124,322,566		174,814,175		205,386,735		155,702,218		139,631,039

Mining products
Copper ore		4,186,888		1,280,055		2,412,204		5,386,321		9,244,185		7,092,805		5,586,120
Nickel ore		628,027		1,097,556		0		0		1		1		0
Coal		23,967,604		21,687,266		16,443,057		31,505,219		54,546,032		39,542,083		32,319,503
Bauxite		265,013		467,585		555,518		628,176		624,010		502,682		68,567
Crude oil⁽¹⁾		5,086,551		1,720,014		1,426,591		2,956,045		1,590,215		1,274,736		1,260,276
Natural Gas⁽¹⁾		9,719,229		7,505,736		5,111,340		7,178,270		9,381,892		6,891,399		6,102,373
o/w LNG		6,665,555		4,909,596		3,359,689		4,294,339		6,361,156		4,405,321		4,731,989
Other mining products		265,312		400,215		404,904		485,173		638,655		453,541		927,288

Total Mining products		44,118,624		34,158,426		26,353,613		48,139,205		76,024,990		55,757,248		46,264,127
Other merchandise⁽²⁾		1,943,268		1,910,394		991,108		1,696,229		2,841,676		2,199,466		1,863,505
Other goods⁽³⁾		2,022,247		3,544,376		5,541,878		1,518,852		1,027,514		802,467		644,871

Total Exports		180,724,984		168,455,366		163,401,806		232,835,282		292,538,140		219,778,875		193,243,386

Memorandum⁽⁴⁾
Non-oil & gas exports		163,110,799		156,474,106		154,921,425		219,634,699		275,498,694		206,719,691		180,778,261
Oil & gas exports		17,614,185		11,981,260		8,480,381		13,200,583		17,039,446		13,059,184		12,465,124

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-49

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

Exports by Destination


	Year Ended December 31,										Nine Months Ended September 30,
	2018		2019		2020		2021		2022		2022		2023^P

	(in thousands of U.S. dollars)
America
North America
United States of America		18,454,928		17,814,460		18,594,853		25,765,002		28,310,297		22,092,657		17,372,118
Canada		912,897		856,090		782,733		1,064,214		1,284,783		995,481		903,976
Other North America		1,735		1,178		1,021		1,620		1,717		1,350		2,009
Total North America		19,369,561		18,671,728		19,378,608		26,830,836		29,596,798		23,089,487		18,278,104
Central and South America
Argentina		238,057		202,416		157,271		281,227		311,017		267,648		167,655
Brazil		1,145,641		1,003,214		1,017,307		1,504,539		1,483,496		1,185,862		945,960
Mexico		902,494		933,401		883,204		1,298,970		1,688,739		1,268,550		1,563,563
Other Central and South America		1,304,236		1,185,127		1,112,753		1,910,190		2,333,449		1,735,906		1,810,211

Total Central and South America		3,590,428		3,324,157		3,170,535		4,994,925		5,816,701		4,457,967		4,487,389

Total America		22,959,989		21,995,885		22,549,143		31,825,761		35,413,499		27,547,454		22,765,493

Europe
European Union and United Kingdom
Netherlands		3,892,838		3,107,328		3,106,339		4,624,534		5,378,926		4,296,752		2,846,673
Belgium		1,261,226		1,075,660		1,175,519		1,635,031		2,139,872		1,651,042		1,257,189
United Kingdom		1,463,845		1,347,574		1,264,374		1,474,290		1,578,289		1,218,564		1,139,402
Italy		1,919,750		1,748,679		1,740,505		2,804,545		3,131,432		2,422,270		1,728,057
Germany		2,699,327		2,400,449		2,407,245		2,912,856		3,233,288		2,441,727		1,982,507
France		1,001,618		1,008,851		913,922		996,178		1,044,079		800,634		692,619
Spain		2,264,238		1,606,738		1,509,349		2,347,650		2,293,582		1,655,647		1,713,164
Other European Union		2,572,118		2,213,190		2,106,142		2,657,501		3,780,308		2,721,574		2,479,694

Total European Union and United Kingdom		17,074,960		14,508,470		14,223,394		19,452,584		22,579,776		17,208,211		13,839,305

Russia		1,000,426		862,376		971,609		1,492,891		1,386,014		1,042,952		655,917
Turkey		1,179,583		1,147,700		1,046,747		1,599,382		2,071,280		1,563,849		1,175,587
Other Europe		1,163,159		1,427,068		2,796,242		2,162,096		2,411,475		1,869,078		1,975,019

Total Europe		20,418,128		17,945,614		19,037,992		24,706,953		28,448,545		21,684,091		17,645,828

Asia and Middle East
ASEAN
Brunei Darussalam		61,402		102,853		128,789		211,268		240,628		173,797		153,468
Philippines		6,825,281		6,767,873		5,892,160		8,590,823		12,895,188		9,562,819		8,241,818
Cambodia		524,127		609,618		540,472		530,909		720,673		525,363		615,775
PDR Laos		7,293		6,811		5,038		7,578		26,620		24,434		11,990
Malaysia		9,007,479		8,695,155		7,985,113		11,954,531		15,148,054		11,968,029		9,382,226
Myanmar		897,486		874,498		1,030,922		1,117,043		905,561		672,980		638,655
Singapore		13,831,319		12,904,470		10,817,047		12,167,500		14,972,580		11,490,256		9,691,823
Thailand		6,697,297		6,167,367		5,086,236		7,110,300		8,154,975		6,345,012		5,301,667
Vietnam		4,534,581		5,134,383		4,937,619		6,842,952		8,276,540		6,161,550		5,602,407

Total ASEAN		42,386,265		41,263,029		36,423,395		48,532,903		61,340,817		46,924,241		39,639,830

Hong Kong SAR		2,557,530		2,492,627		2,003,349		2,001,026		2,812,535		2,178,044		1,892,110
India		13,712,737		11,797,304		10,350,802		13,308,709		23,362,674		17,930,806		14,562,508
Iraq		135,567		168,850		185,901		218,389		348,391		283,885		225,439
Japan		18,763,677		15,272,018		13,472,208		17,595,122		24,356,469		18,087,532		15,479,190
South Korea		9,047,961		6,993,812		6,334,796		9,161,223		12,339,146		9,403,502		7,497,130
Pakistan		2,411,831		1,917,150		2,374,442		3,823,688		4,251,636		3,116,842		2,350,533
People’s Republic of China		26,946,250		27,912,462		31,557,495		53,278,076		65,814,936		46,880,956		47,138,392
Saudi Arabia		1,221,072		1,503,450		1,337,231		1,580,531		2,019,038		1,482,949		1,548,502
Taiwan		4,748,062		4,351,577		4,232,878		6,726,353		8,385,255		6,472,403		5,251,692
Other Asia and Middle East		6,246,418		6,297,157		5,714,233		8,676,922		10,458,131		7,876,546		7,866,071

Total Asia and Middle East		128,177,369		119,969,433		113,986,732		164,902,943		215,489,028		160,637,707		143,451,398

Australia and Oceania
Australia		2,733,511		2,321,841		2,506,086		3,236,357		3,454,173		2,623,651		2,296,370
New Zealand		489,885		444,705		479,782		717,463		730,422		559,475		443,270
Other Australia and Oceania		347,332		372,667		373,653		403,551		486,923		357,329		399,575

Total Australia and Oceania		3,570,728		3,139,213		3,359,521		4,357,371		4,671,518		3,540,455		3,139,214

Africa
South Africa		645,333		585,479		572,239		965,270		1,092,889		867,409		674,893
Other Africa		3,016,491		2,915,213		2,912,644		4,388,304		4,588,941		3,306,895		3,707,250

Total Africa		3,661,823		3,500,692		3,484,883		5,353,573		5,681,831		4,174,304		4,382,143

Unclassified exports⁽¹⁾		1,936,947		1,904,528		983,534		1,688,680		2,833,719		2,194,865		1,859,310

Total (f.o.b.)		180,724,984		168,455,366		163,401,806		232,835,282		292,538,140		219,778,875		193,243,386

Source: Bank Indonesia

^P	Preliminary.

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

D-50

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

Imports by Sector⁽¹⁾


	Year Ended December 31,										Nine Months Ended September 30,
	2018		2019		2020		2021		2022		2022		2023^P

	(in thousands of U.S. dollars)
General Merchandise		188,187,080		171,720,170		140,202,566		196,118,688		238,196,580		180,357,122		164,268,152
Consumption Goods
Food and beverages, primary, mainly for household		2,304,817		2,461,143		2,311,232		2,754,783		2,900,624		2,000,717		2,087,424
Food and beverages, processed, mainly for household		4,182,556		3,427,209		3,123,868		3,860,341		4,948,999		3,697,757		4,143,330
Passenger motor cars		530,492		563,382		305,712		375,210		620,196		438,989		797,794
Transport equipment, nonindustrial		288,635		237,743		202,426		229,968		288,582		214,365		264,877
Durable consumer goods		1,985,222		2,069,190		1,777,178		2,227,130		2,299,231		1,777,570		1,696,056
Semi-durable consumer goods		3,592,082		3,802,345		3,198,553		3,547,131		4,117,226		3,007,278		3,078,963
Non-durable consumer goods		3,095,309		2,816,772		2,608,670		5,931,056		3,506,568		2,621,872		2,587,557
Fuels and lubricants, processed, oil products⁽²⁾		9,346,912		7,531,780		3,666,469		7,567,201		13,637,777		11,164,526		7,652,297
Goods not elsewhere specified		668,994		663,501		781,049		308,987		298,341		232,975		495,034

Total Consumption Goods		25,995,020		23,573,065		17,975,158		26,801,807		32,617,546		25,156,049		22,803,332

Raw materials and auxiliary goods
Food and beverages, primary, mainly for industry		5,316,619		5,528,661		5,006,804		6,791,471		7,062,365		5,381,789		5,353,436
Food and beverages, processed, mainly for industry		3,402,989		3,233,934		3,763,531		4,408,737		5,690,242		4,561,901		3,827,282
Industrial supplies, primary		6,103,771		5,650,464		4,545,622		7,409,535		7,828,362		6,110,995		4,918,565
Industrial supplies, processed		63,771,434		59,354,978		48,763,004		69,801,404		78,419,327		59,899,930		50,200,818
Parts and accessories for capital goods		20,597,484		19,124,732		17,749,286		20,765,500		24,094,319		18,054,008		17,124,112
Parts and accessories for transport equipment		9,048,335		8,241,401		5,800,391		8,039,984		9,596,459		7,156,434		7,153,683
Fuels and lubricants, primary		10,527,350		7,106,269		4,459,708		10,014,214		17,271,332		13,230,978		11,705,452
o/w Crude oil⁽²⁾		9,627,278		6,054,275		3,557,106		7,886,555		13,648,439		10,395,011		9,192,110
Fuels and lubricants, processed		11,956,794		10,179,672		7,772,769		12,669,639		17,504,885		13,154,959		11,319,533
o/w Oil products⁽²⁾		8,385,774		6,881,369		4,533,505		7,367,209		11,095,200		8,172,350		7,818,551
o/w Liquefied Petroleum Gas⁽²⁾		3,142,809		2,876,647		2,809,927		4,713,059		5,563,184		4,340,231		2,865,336

Total Raw materials and auxiliary goods		130,724,776		118,420,110		97,861,115		139,900,484		167,467,292		127,550,994		111,602,882

Capital Goods
Capital goods (except transport equipment)		25,955,366		25,811,574		21,970,509		25,371,226		31,825,253		23,313,720		23,915,848
Passenger motor cars		530,492		563,382		305,712		375,210		620,196		438,989		797,794
Other transport equipment, industrial		4,245,633		2,676,473		1,714,339		3,085,572		4,912,986		3,366,412		4,629,722

Total Capital Goods		30,731,490		29,051,428		23,990,560		28,832,008		37,358,435		27,119,121		29,343,363

Other merchandise⁽³⁾		735,794		675,566		375,733		584,389		753,308		530,958		518,575

Other goods⁽⁴⁾		2,129,700		1,768,419		1,901,635		2,681,663		3,519,420		2,661,358		1,981,175

Total		190,316,780		173,488,589		142,104,201		198,800,351		241,716,000		183,018,481		166,249,327

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-51

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,										Nine Months Ended September 30,
	2018		2019		2020		2021		2022		2022		2023^P

	(in thousands of U.S. dollars)
America
North America
United States of America		10,133,329		9,292,376		8,417,952		11,607,176		11,715,415		8,833,895		8,715,834
Canada		1,849,810		1,827,252		1,623,021		2,039,320		2,999,835		2,209,795		1,649,999
Other North America		195		3		1		0		0		0		256

Total North America		11,983,334		11,119,630		10,040,973		13,646,496		14,715,250		11,043,690		10,366,088

Central and South America
Argentina		1,438,057		1,810,225		1,740,897		2,028,162		2,400,666		1,998,338		1,204,263
Brazil		1,687,381		1,846,832		2,275,776		2,357,034		3,679,381		2,593,770		2,966,042
Mexico		269,351		252,495		238,295		251,035		320,300		246,141		253,957
Other Central and South America		516,954		517,974		500,835		600,554		690,476		462,924		500,265
Total Central and South America		3,911,743		4,427,526		4,755,804		5,236,784		7,090,823		5,301,173		4,924,527

Total America		15,895,077		15,547,156		14,796,777		18,883,280		21,806,073		16,344,862		15,290,615

Europe
European Union and United Kingdom
Netherlands		1,225,689		859,506		820,167		877,900		923,007		656,617		730,567
Belgium		611,069		640,921		513,385		763,083		640,671		455,073		532,348
United Kingdom		1,138,205		1,060,357		984,941		1,116,936		1,038,364		760,081		851,509
Italy		1,801,754		1,743,423		1,521,690		1,674,996		1,448,006		1,058,315		1,344,000
Germany		3,909,355		3,421,230		2,939,619		3,057,219		3,718,454		2,619,429		3,648,556
France		1,692,548		1,463,555		1,420,698		1,316,552		1,384,362		1,035,789		1,235,600
Spain		668,137		603,465		440,412		676,814		564,556		445,383		427,166
Other European Union		2,986,296		2,636,266		2,412,368		2,413,677		2,952,115		2,137,859		2,541,782

Total European Union and United Kingdom		14,033,053		12,428,724		11,053,278		11,897,176		12,669,533		9,168,546		11,311,527

Russia		1,508,902		1,089,622		843,722		1,033,735		1,890,871		1,261,603		1,621,344
Turkey		607,201		341,337		273,981		353,531		530,585		323,813		522,065
Other Europe		2,267,195		2,250,665		2,317,252		2,732,492		2,324,377		1,707,957		1,436,136

Total Europe		18,416,351		16,110,347		14,488,232		16,016,934		17,415,366		12,461,919		14,891,072

Asia and Middle East
ASEAN
Brunei Darussalam		14,289		29,155		71,940		156,977		646,007		489,282		183,544
Philippines		904,048		791,066		556,337		1,169,335		1,423,661		1,038,842		1,033,936
Cambodia		32,593		40,583		44,258		50,094		61,077		42,326		55,859
PDR Laos		25,426		31,233		42,290		38,976		170,430		140,880		67,958
Malaysia		8,767,438		7,826,886		6,992,397		9,634,006		12,686,248		9,848,474		7,709,106
Myanmar		151,124		182,505		187,175		164,217		107,536		95,806		49,282
Singapore		23,957,617		20,168,411		13,895,105		18,470,973		22,552,422		17,713,534		14,802,842
Thailand		10,557,703		9,079,021		6,289,009		8,920,455		10,677,210		8,372,958		7,567,930
Vietnam		3,658,058		3,650,859		2,983,247		3,972,949		4,573,019		3,445,526		3,738,196

Total ASEAN		48,068,296		41,799,719		31,061,759		42,577,980		52,897,611		41,187,628		35,208,654

Hong Kong SAR		4,306,538		5,136,340		4,015,843		5,557,561		4,597,011		3,616,610		2,955,279
India		4,648,384		4,065,942		3,595,103		7,057,958		9,025,789		7,327,519		5,267,649
Iraq		95		161		301		110		704		624		89
Japan		18,304,503		16,084,462		11,001,764		15,533,193		17,400,251		12,929,887		12,432,822
South Korea		9,350,079		8,707,588		7,063,543		9,773,262		12,240,239		9,201,839		8,360,106
Pakistan		642,791		379,989		196,596		192,770		189,871		134,543		115,713
People’s Republic of China		43,678,116		43,165,693		38,202,228		53,649,120		65,212,072		48,667,835		44,396,943
Saudi Arabia		4,714,594		3,565,923		2,559,806		4,359,067		5,825,001		4,644,172		2,820,059
Taiwan		3,555,643		3,721,549		3,610,972		4,293,046		4,292,654		3,362,558		2,907,279
Other Asia and Middle East		5,424,837		4,762,408		3,791,845		5,166,872		7,642,381		5,715,984		5,360,034

Total Asia and Middle East		142,693,876		131,389,772		105,099,760		148,160,938		179,323,583		136,789,198		119,824,626

Australia and Oceania
Australia		5,651,408		5,455,153		4,499,423		9,404,535		9,684,791		7,215,844		6,649,080
New Zealand		772,749		755,917		750,076		954,512		1,381,182		1,065,862		885,639
Other Australia and Oceania		234,079		213,786		167,923		39,107		113,399		59,496		91,716

Total Australia and Oceania		6,658,236		6,424,855		5,417,421		10,398,154		11,179,372		8,341,203		7,626,434

Africa
South Africa		584,671		181,345		258,480		634,585		2,048,231		1,611,962		939,479
Other Africa		5,332,776		3,159,547		1,667,797		4,122,070		9,190,067		6,938,378		7,158,526

Total Africa		5,917,447		3,340,892		1,926,277		4,756,656		11,238,298		8,550,340		8,098,005

Unclassified imports⁽²⁾		735,794		675,566		375,733		584,389		753,308		530,958		518,575

Total		190,316,780		173,488,589		142,104,201		198,800,351		241,716,000		183,018,481		166,249,327

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-52

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,															Nine Months Ended September 30,
	2018			2019			2020			2021			2022			2022			2023^P

	(in millions of U.S. dollars)
Current account		(30,633	)		(30,279	)		(4,433	)		3,511			12,874			9,129			(107	)
Goods⁽²⁾		(228	)		3,508			28,301			43,806			62,672			45,721			35,084
Total exports (f.o.b.)		180,725			168,455			163,402			232,835			292,538			219,779			193,243

Non-oil and gas exports		163,111			156,474			154,921			219,635			275,499			206,720			180,778

Oil and gas exports		17,614			11,981			8,480			13,201			17,039			13,059			12,465
Total imports (f.o.b.)		(180,953	)		(164,948	)		(135,101	)		(189,029	)		(229,866	)		(174,058	)		(158,160	)

Non-oil and gas imports		(151,935	)		(142,647	)		(121,234	)		(162,864	)		(188,049	)		(141,637	)		(131,976	)
Oil and gas imports		(29,019	)		(22,300	)		(13,867	)		(26,166	)		(41,817	)		(32,421	)		(26,184	)
Services		(6,485	)		(7,641	)		(9,755	)		(14,599	)		(20,246	)		(14,721	)		(13,407	)
Primary income		(30,815	)		(33,775	)		(28,911	)		(31,961	)		(35,926	)		(26,299	)		(26,272	)
Secondary income		6,895			7,629			5,932			6,264			6,374			4,427			4,488
Capital account		97			39			37			80			451			6			16
Financial account		25,122			36,564			7,884			12,492			(9,034	)		(8,989	)		(1,126	)

(i) Public sector		8,748			12,675			3,413			4,317			(5,463	)		(7,727	)		2,821
Portfolio investment		9,732			15,230			1,424			(616	)		(6,889	)		(7,690	)		2,819

Assets		228			258			—			—			—			—			—
Liabilities		9,504			14,973			1,424			(616	)		(6,889	)		(7,690	)		2,819
Other investment		(983	)		(2,555	)		1,989			4,933			1,427			(36	)		2

Assets		—			—			—			—			—			—			—
Liabilities		(983	)		(2,555	)		1,989			4,933			1,427			(36	)		2
Loans		(755	)		(2,298	)		1,989			(1,377	)		811			(36	)		(112	)
Drawings		4,588			3,773			8,166			4,355			6,152			3,902			3,659
Repayments		(5,344	)		(6,070	)		(6,177	)		(5,732	)		(5,341	)		(3,939	)		(3,771	)
Other liabilities		(228	)		(258	)		—			6,310			616			0			113
(ii) Private sector		16,374			23,888			4,471			8,175			(3,572	)		(1,262	)		(3,947	)
Direct investment		12,511			20,531			14,142			17,286			18,168			14,747			11,033

Assets		(6,399	)		(4,462	)		(5,033	)		(3,927	)		(6,635	)		(4,802	)		(5,327	)
Liabilities		18,910			24,994			19,175			21,213			24,803			19,549			16,360
Portfolio investment		(420	)		6,760			1,945			5,701			(4,741	)		(2,224	)		(5,548	)

Assets		(5,399	)		152			(1,199	)		(1,778	)		(5,045	)		(4,298	)		(2,600	)
Liabilities		4,980			6,608			3,144			7,479			304			2,074			(2,947	)
Financial derivatives		34			186			18			333			48			59			69

Other investment		4,249			(3,589	)		(11,634	)		(15,145	)		(17,047	)		(13,844	)		(9,501	)

Assets		(8,233	)		(12,203	)		(11,909	)		(9,486	)		(15,021	)		(14,294	)		(7,481	)
Liabilities		12,482			8,614			274			(5,659	)		(2,026	)		450			(2,020	)
Errors and omissions		(1,717	)		(1,648	)		(891	)		(2,622	)		(291	)		(877	)		(1,099	)

Overall balance		(7,131	)		4,676			2,597			13,461			3,999			(731	)		(2,317	)

Reserves and related items		7,131			(4,676	)		(2,597	)		(13,461	)		(3,999	)		731			2,317

Memorandum
Reserve asset position⁽³⁾		120,654			129,183			135,897			144,905			137,233			130,782			134,856

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 change in the overall balance of payments during a reporting period will affect the outstanding amount of reserve assets at the end of that period.

D-53

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. Hence, Indonesia’s overall balance of payments in 2018 recorded a deficit of U.S.$7.1 billion. The position of international reserves assets at the end of 2018 were U.S.$120.7 billion, down from U.S.$130.2 billion at the end of 2017.

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 surplus in 2018, primarily due to significant inflows in foreign direct investment and portfolio investment. Hence, Indonesia’s overall balance of payments in 2019 recorded a surplus of U.S.$4.7 billion. The position of international reserves assets at the end of 2019 were U.S.$129.2 billion, increased from U.S.$120.7 billion at the end of 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. Hence, Indonesia’s overall balance of payments in 2020 recorded a surplus of U.S.$2.6 billion. The position of international reserves assets at the end of 2020 were U.S.$135.9 billion, increased from U.S.$129.2 billion at the end of 2019.

In 2021, the current account reversed to a surplus of U.S.$3.5 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 2021, 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 capital and financial account increased to a surplus of U.S.$12.6 billion in 2021, mainly due to long-term capital inflows from foreign direct investments and portfolio investments of the private sector. Hence, Indonesia’s overall balance of payments in 2021 recorded a surplus of U.S.$13.5 billion. The position of international reserves assets at the end of 2021 were U.S.$144.9 billion, increased from U.S.$135.9 billion at the end of 2020.

The current account recorded a U.S.$12.9 billion surplus in 2022, higher than the U.S.$3.5 billion surplus recorded in 2021. This was primarily supported by higher exports in line with the increased international commodity prices and robust demand for several Indonesian commodities such as coal, iron and steel, and metalliferous ores, with imports also rising to fuel the domestic economic improvements. On the other hand, the services trade balance deficit widened as public mobility increased and domestic economic recovery accelerated. The primary income deficit also increased in response to the higher investment income payments on direct investment, which was in line with corporate performance improvements.

The capital and financial account recorded a U.S.$8.6 billion deficit in 2022, reversing from U.S.$12.6 billion surplus in 2021, amidst the higher global financial market uncertainty. Direct investment surplus increased in 2022, reflecting investor optimism in the promising domestic economic outlook and a conducive domestic investment climate of Indonesia. Meanwhile, portfolio investment recorded a deficit, mainly due to outflow in the domestic SBN market in line with the increasing global financial market uncertainty amid ongoing measures in various economies to tighten monetary policy more aggressively. Other investment also recorded a deficit due to private investments in several financial instruments abroad and net payments of external debt. As a result of the foregoing, Indonesia’s balance of payments in 2022 booked a U.S.$4.0 billion surplus, compared to the U.S.$13.5 billion surplus in 2021. The official reserve assets were U.S.$137.2 billion at the end of December 2022, compared to U.S.$144.9 billion at the end of December 2021.

The current account recorded a U.S.$0.1 billion deficit in the first nine months of 2023, reversing from a U.S.$9.1 billion surplus recorded in the same period of 2022. Such condition was primarily attributable to the lower exports, particularly in agricultural products and mining products, in line with the lower global commodity prices as well as slower global economic growth. Meanwhile, the capital and financial account booked a U.S.$1.1 billion deficit, lower than the U.S.$9.0 billion deficit in the same period of 2022. Notwithstanding the elevated global financial market uncertainty, there was significant investment into the domestic government bond market and to the newly introduced SRBI; accordingly, the portfolio investment in public sector reversed to a U.S.$2.8 billion inflow in the first nine months of 2023 from a U.S.$7.7 billion outflow in the same period of 2022. As a result of the foregoing, the overall balance in the first nine months of 2023 recorded a U.S.$2.3 billion deficit, compared to the U.S.$0.7 billion deficit recorded in the same period of 2022. The position of official reserve assets at the end of September 2023 increased to U.S.$134.9 billion from U.S.$130.8 billion at the end of September 2022.

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Financial System

Indonesia Financial Safety Net and Crisis Management

In April 2016, Law No. 9 of 2016 on the Prevention and Resolution of Financial System Crisis (as amended by Law No. 4/2023, “Law No. 9/2016”) was passed. Law No. 9/2016 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 participant of the 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.

Law No. 9/2016 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.

Financial Sector Omnibus Law (Law No. 4/2023 )

Law No. 4/2023, which was enacted and became effective on January 12, 2023, is a milestone for Indonesia’s financial sector reform and aims to develop an inclusive, deep and stable financial sector for accelerating the development of Indonesia’s national economy. Law No. 4/2023 is an omnibus law to amend 16 existing laws on financial sectors, such as banking, capital markets, insurance, guarantees, financing companies, financial system stability and export credits. Law No. 4/2023 also revoked the pension fund law and issued the new one.

Law No. 4/2023 focuses on, among others, strengthening the institutional setting of the authorities; strengthening governance of financial institutions; improving public’s trust in financial industry; promoting long- term fund accumulation in the financial sector for welfare and supporting sustainable development funding; strengthening of customers protection for financial products; and strengthening of financial sectors literacy, inclusion and innovation in the financial sector.

Among other provisions, Law No. 4/2023 grants supervisory authority over digital financial assets (including cryptocurrencies) and securities-related financial derivatives to OJK and over financial derivatives related to the money markets and FX to Bank Indonesia, rather than the commodities regulatory authority, Badan Pengawas Perdagangan Berjangka Komoditi. Law No. 4/2023 also mandates Bank Indonesia to be the sole authorized institution empowered to manage digital Rupiah.

The new law also permits Bank Indonesia to purchase domestic government bonds (SBN) in the primary market during in the event of a crisis (as declared by the President). The acquisition of long-term government securities in the primary market shall be carried out pursuant to the decisions of the Financial System Stability Committee. The purchase scheme and mechanism of any such initiative under Law No 4/2023 is required to be stipulated in a joint decision by the Minister of Finance and the Governor of Bank Indonesia.

The Banking System

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

The law governing Bank Indonesia (the “Central Bank Law”), Indonesia’s central bank, provides 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 2023 through the enactment of Law No. 4/2023.

D-55

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, the Basel III capital framework has been transposed into domestic regulations and in force since December 2013, and was lastly amended in December 2022. These regulations 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). The December 2022 amendments also cover the capital requirements for bank’s exposure to central counterparties and margin requirements for non-centrally cleared derivatives.

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 December 31, 2022, total banking assets were Rp11,315.7 trillion, consisting of commercial bank assets of Rp11,113.3 trillion and rural bank assets (including assets of Sharia rural banks) of Rp202.4 trillion.

As of September 30, 2023, total banking assets were Rp11,447.2 trillion, consisting of commercial bank assets of Rp11,234.9 trillion and rural bank assets (including assets of Sharia rural banks) of Rp212.3 trillion.

D-56

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.

Law No. 21 of 2008 on Sharia Banking (as lastly amended by Law No. 4/2023, 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. 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”).

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 December 31, 2022, of the 87 underwriters licensed by OJK, only 33 were involved in issuances of Sukuk, and of the 96 investment managers licensed by OJK, there are 61 investment managers having Sharia investment management unit and one Sharia investment manager.

As of September 30, 2023, of the 88 underwriters licensed by OJK, only 34 were involved in issuances of Sukuk, and of the 95 investment managers licensed by OJK, there are 60 investment managers having Sharia investment management unit and one Sharia investment manager.

As of December 31, 2022, assets of Sharia banks were Rp802.3 trillion, or 7.1% of Indonesia’s total banking assets.

As of September 30, 2023, assets of Sharia banks were Rp832.0 trillion, or 7.3% of Indonesia’s total banking assets.

D-57

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 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.

D-58

Bank Indonesia

Bank Indonesia’s statutory mandate states that “the goal of Bank Indonesia as the central bank of the Republic of Indonesia is to achieve Rupiah stability, maintain payment system stability and contribute in maintaining financial system stability to support sustainable economic growth.” Rupiah stability is measured by the stability of prices of goods and services as well as the Rupiah exchange rate. The stability of prices of goods and services is reflected by a low and stable inflation. Stability of exchange rate is reflected by a stable Rupiah exchange rate against other currencies. A stable exchange rate is inherent in supporting a low and stable inflation, and both are crucial in achieving sustainable economic growth. 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 November 30,
	2018			2019			2020			2021			2022			2022			2023^P

	(in billions of Rupiah)
Base Money (M0)		1,069,554			1,111,506			1,147,200			1,351,172			1,715,619			1,479,716			1,524,361
Currency in Circulation⁽¹⁾		749,167			793,727			898,870			959,812			1,026,483			935,203			988,399
Commercial Banks Demand Deposits at Bank Indonesia		319,653			316,598			246,807			389,178			687,245			543,746			534,442
Private sector Demand Deposits		734			1,181			1,523			2,183			1,890			767			1,520
Bank Indonesia Certificates (“SBI”)⁽²⁾		—			—			—			—			—			—			—
Factors Affecting Base Money (M0)		1,069,554			1,111,506			1,147,200			1,351,172			1,715,619			1,479,716			1,524,361
Net Foreign Assets		1,708,563			1,759,015			1,877,480			1,942,909			1,999,397			1,977,374			1,951,797
Claims on Non-Residents		1,829,782			1,874,561			1,997,927			2,151,872			2,227,898			2,189,143			2,225,885
Liabilities to Non-Resident		(121,219	)		(115,545	)		(120,447	)		(208,964	)		(228,501	)		(211,770	)		(274,088	)
Claims on Other Depository Corporations		158			56			56			56			56			56			56
Liquidity Credits		56			56			56			56			56			56			56
Other Claims		102			—			—			—			—			—			—
Net claims on central Government		22,027			(6,890	)		(191,278	)		(167,718	)		(335,849	)		(384,129	)		(522,968	)
Claims on central Government		197,009			155,269			124,326			113,358			101,611			105,304			93,531
Liabilities to central Government		(174,982	)		(162,159	)		(315,605	)		(281,076	)		(437,460	)		(489,433	)		(616,499	)
Claims on Other Sectors		10,410			10,106			9,805			9,782			9,814			9,899			9,852
Claims on Other Financial Institutions		—			—			—			—			—			—			—
Claims on Private Sectors		10,410			10,106			9,805			9,782			9,814			9,899			9,852
Open Market Operations⁽³⁾		(170,345	)		(173,675	)		(15,312	)		126,293			465,960			298,234			507,552
Other Liabilities to Commercial & Rural Banks		(97,969	)		(89,668	)		(58,222	)		(87,160	)		(66,386	)		(77,156	)		(61,978	)
Deposits included in Broad Money (M2)		—			—			—			—			—			—			—
Deposits excluded from Broad Money (M2)		(8	)		—			—			—			—			—			—
Shares and Other Equity		(371,443	)		(354,651	)		(447,681	)		(412,022	)		(354,640	)		(341,282	)		(374,484	)
Net Other Items		(31,850	)		(32,786	)		(27,649	)		(60,967	)		(2,734	)		(3,280	)		14,534

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.

D-59

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 September 30, 2023


	Number of institutions			Assets*			Percentage of total assets
				(in trillions of Rupiah)			(%)
Banking:
Commercial banks		105			11,234.9			75.0
Rural credit banks⁽¹⁾		1,583			212.3			1.4

Total banking		1,688			11,447.2			76.5

Insurance:
Life insurance		59			617.8			4.1
General insurance & Reinsurance		86			254.8			1.7
Social insurance⁽²⁾		5			991.4			6.6

Total insurance		150			1,864.0			12.4

Pension funds:
Financial institution pension funds		24			129.3			0.9
Employer pension funds		174			231.3			1.5

Total pension funds		198			360.6			2.4

Finance companies⁽³⁾		150			538.4			3.6
Venture capital companies		58			27.2			0.3
Securities companies		122	⁽⁴⁾		70.8	⁽⁵⁾		0.5
Mutual funds (collective investment schemes, not institutions)		1,925			506.3			3.4
Credit guarantee companies		22			45.9			0.3
Pawn shops		144			83.0			0.6
Fintech peer to peer Lending⁽⁶⁾		101			7.4			0.1
Micro Financial Institution⁽⁷⁾		241	⁽⁷⁾		1.5	⁽⁷⁾		0.0
Insurance and Reinsurance Brokers		193			19.3	⁽⁸⁾		0.1

Total		4,992			14,971.6			100.0

Source: 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 and three securities companies that are inactive and/or in process of revoking their permits.

⁽⁵⁾	Assets as declared in reports on net adjusted working capital.

⁽⁶⁾	Fintech peer to peer Lending includes Sharia.

⁽⁷⁾	Micro Financial Institution includes Sharia MFI. Number of institutions and assets as of August 31, 2023.

⁽⁸⁾	Assets as of June 30, 2023.

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.

D-60

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 September 30,
	2018		2019		2020		2021		2022		2023^P

	(in trillions of Rupiah)
Assets
Loans		5,358.0		5,683.8		5,547.6		5,820.6		6,497.6		6,907.5
Interbank Assets		221.0		245.3		252.8		223.1		245.4		245.3
Placements at Bank Indonesia		767.1		766.8		775.4		1,146.4		1,293.6		915.8
Securities (including Government Bonds)		941.9		1,012.7		1,466.9		1,831.0		1,863.5		1,889.1
Equity Participation		43.5		50.8		55.0		96.5		111.1		114.1
Other Claims		293.4		329.9		656.5		623.6		667.6		717.4
Others		443.3		473.7		423.6		371.1		434.4		445.7

Total Assets		8,068.3		8,563.0		9,177.8		10,112.3		11,113.3		11,234.9

Liabilities
Third Party Funds		5,630.5		5,998.6		6,665.4		7,479.5		8,153.6		8,147.2
Liabilities owed to Bank Indonesia		2.8		2.1		6.0		1.7		2.1		11.5
Interbank Liabilities		192.5		197.5		176.7		160.6		173.4		200.4
Securities		115.1		135.0		125.1		117.7		115.1		97.9
Borrowing		296.7		299.1		270.0		227.6		293.3		264.9
Other Liabilities		206.5		187.4		135.0		125.8		156.1		178.7
Guarantee Deposits		4.6		4.2		4.4		4.6		4.3		4.4
Others		485.4		493.0		526.2		523.5		606.0		636.1
Capital:
Paid in Capital		209.3		211.8		229.6		261.7		282.9		306.4
Reserves		68.3		75.1		73.7		81.2		88.9		97.7
Current Earnings/Loss		150.0		156.5		104.7		140.2		201.8		180.4
Retained Earnings/Loss		542.9		615.1		612.6		648.3		675.7		757.3
Estimates of Additional Paid in Capital		114.5		144.1		192.2		274.0		282.0		276.7
Others		49.2		43.5		56.2		65.9		78.1		75.3

Total Liabilities		8,068.3		8,563.0		9,177.8		10,112.3		11,113.3		11.234.9

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
September 30,

2018

2019

2020

2021

2022

2023^P

(percentages)

CAR

23.0

23.4

23.8

25.7

25.6

27.4

Source: OJK.

^P	Preliminary.

D-61

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
September 30,

2018

2019

2020

2021

2022

2023^P

(percentages)

Gross NPL ratio*

2.4

2.5

3.1

3.0

2.4

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 (as amended by Law No. 4/2023, 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 eleven months ended November 30, 2023.

Indonesian Stock Exchange


	IDX
Market capitalization (in trillions of Rupiah)		11,239
Listed shares (in billions of shares)		11,310
Average daily transaction value (in billions of Rupiah)⁽¹⁾		11,101
Average daily transaction volume (in millions of shares)⁽¹⁾		20,405

Source: IDX.

⁽¹⁾	For the eleven months ended November 30, 2023.

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 November 30, 2023, the market capitalization of the JII was Rp2,176.7 trillion.

The IDX launched the Indonesia Sharia Stock Index, or ISSI on May 12, 2011. The ISSI is comprised of 508 Sharia stocks which are listed on the IDX as of December 31, 2022. As of October 31, 2023, the ISSI comprised of 608 Sharia stocks listed on the IDX and its market capitalization was Rp5,684.6 trillion.

D-62

Monetary Policy

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 reductions in the Bank Indonesia 7-Day Reverse Repo Rate (“BI Rate”), 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 Rate five times in 2020. BI Rate reductions in 2020 totaled 125 basis points, bringing the BI Rate to 3.75% by the end of 2020. Reductions of 25 basis points (“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 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 totaling approximately Rp726.57 trillion, equivalent to 4.7% of GDP, primarily in the form of lower reserve requirements totaling around Rp155 trillion and monetary expansion totaling 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 400 bps 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.

D-63

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 small and medium enterprise (“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 50 bps lower Rupiah reserve requirements for banks allocating 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 2021, Bank Indonesia oriented all monetary, macroprudential and payment system policy instruments towards supporting the national economic recovery in close coordination with the Government and Financial System Stability Committee as follows:

(i)

In the monetary sector, a historically low policy rate was maintained along with the maintenance of Rupiah exchange rate stability and liquidity injections through quantitative easing. The low policy rate would be maintained until there are indications of rising inflation. Since 2020, Bank Indonesia lowered the BI Rate six times to 3.50%, the lowest in history. The Rupiah exchange rate stabilization policy was implemented through triple intervention targeting the spot market, DNDF and purchases 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 banking industry’s ability to extend credit/financing to the corporate sector. In 2020 and 2021, the quantitative easing policy resulted in liquidity injections of Rp874.4 trillion into the banking industry to support the national economic recovery program;

(ii)

Accommodative macroprudential policies continued to revive bank financing disbursed to the corporate sector, in synergy with Financial elevated uncertainty System Stability Committee policy. This included loosening the down payment requirements on automotive loans; the Loan/Financing-to-Value (LTV/FTV) Ratio on Property Loans and the (Sharia) MIR; encouraging the banks to lower prime lending rates; as well as other accommodative macroprudential policies. Bank Indonesia also refined and modernized the MSME Credit Ratio policy into the Macroprudential Inclusive Financing Ratio (Rasio Pembiayaan Inklusif Makroprudensial (“RPIM”));

(iii)

Bank Indonesia continued to accelerate payment system digitalization for integration of the national digital economy and finance. This included 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 had 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;

(iv)

In addition to the three main policy initiatives above, Bank Indonesia also directed four supporting policies (MSMEs, Islamic economy and finance, financial market deepening, and international policy) towards national economic recovery. Bank Indonesia enhanced the policy synergy with the Government, banks, and other institutions to develop MSMEs as well as the Islamic economy and finance as a new source of national economic growth in Indonesia. Financial market deepening 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 was 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; and

(v)

Bank Indonesia also adjusted its operational activities and public services to support Government restrictions on public mobility during the Covid-19 pandemic. This included cash services; payment systems; monetary operations and central banking services to the Government. In addition, Bank Indonesia temporarily increased the maximum limit on cash withdrawals through ATM machines using chip technology until 30 September 2021.

D-64

During 2022, Bank Indonesia raised the BI Rate by 200 bps to 5.50% since August 2022. The decision to increase the interest rate is a front-loaded, pre-emptive, and forward-looking measure to cause the inflation expectations and inflation to decline, so that the core inflation is maintained within the range of 3.0±1%. This is in line with the increase in inflation expectations after the increase in subsidized fuel prices which had reached 6.5% and needed to be controlled to avoid pressure on core inflation. With the increase in the BI Rate, inflation expectations gradually decreased to 5.5% and therefore supported lower core inflation realization of 3.36% (year-on-year) at the end of 2022 compared to the initial forecast of 4.16% (year-on-year). In line with this, Bank Indonesia also strengthened monetary operations by increasing the structure of interest rates on the money market in accordance with the increase in the BI Rate.

The direction of the BI policy mix in 2022 continues to be synergized as part of the national policy direction to accelerate economic recovery while maintaining stability. In this regard, in line with the risk of increasing uncertainty in the global financial markets due to the tightening monetary policies in advanced economies, especially the United States, amid the early stages of Indonesia’s economic recovery, Bank Indonesia adopted a policy mix consisting of “one policy to maintain stability and four policies to support economic growth” as it has alluded to before. Monetary policy is directed at maintaining stability (pro-stability), while the other four instruments, namely macroprudential policies, digitalization of the payment system, deepening of the money market, as well as inclusive and green economy-finance are aimed to accelerate national economic recovery (pro-growth).

The key points of Bank Indonesia’s policy mix implemented in 2022 are as follows:

Monetary policy was aimed at ensuring macroeconomic stability, through increase of policy rate (BI Rate), Rupiah exchange rate stabilization, and liquidity normalization. In this context, in line with the low core inflation pressures, especially in the first semester of 2022, the monetary policy response was taken by normalizing liquidity through a gradual increase in the reserves requirement ratio to 9% for conventional commercial banks and 7.5% for Sharia commercial banks and Sharia business units. Bank Indonesia adopted this policy to proactively address the impact of global financial market uncertainty on macroeconomic stability. Meanwhile, the BI Rate was raised by 200 bps since August 2022 to 5.50% at the end of 2022 in response to the increasing inflation expectations and to make sure that core inflation remained within 3+1% range. This policy was supported by Rupiah exchange rate stabilization policy as part of the measures to control inflation, primarily imported inflation, through foreign exchange intervention, including spot and DNDF transactions, as well as buying/selling SBN in secondary market (twist operation).

Macroprudential policies continued to be accommodative in synergy with the integrated policy package of the Financial System Stability Committee to support the national economic recovery. Bank Indonesia continued to maintain accommodative macroprudential policies by holding the Countercyclical Capital Buffer (CcyB) ratio at 0%, the MIR at the range of 84-94%, and the Macroprudential Liquidity Buffer (“MPLB”) ratio at 6% with repo flexibility of 6%, and the Sharia MPLB ratio at 4.5% with repo flexibility of 4.5%. Bank Indonesia also continued to relax the Loan to Value/Financing to Value (LTV/FTV) ratio for property loans/financing to a maximum of 100% and relaxed the down payment requirements for automotive loans to 0% for all types of new vehicles. Bank Indonesia also strengthened the prime lending rate transparency policy to support the effectiveness of the transmission of the policy rate and macroprudential policy. In addition, Bank Indonesia increased incentives for banks to disburse loans to priority sectors and MSME and/or meet the Macroprudential Inclusive Financing Ratio (RPIM) target in the form of easing Rupiah reserve requirements and expanding the coverage of priority sectors.

Bank Indonesia continued to strengthen payment system policies to support economic recovery and accelerate inclusive digitalization. These policies included: (i) expanding the use of QRIS; (ii) intensification of the electronification program through digitizing government social assistance programs, electronification of regional government services, and also the integration of modes of transportation; (iii) strengthening the implementation of the National Open API Payment Standard by encouraging the acceleration of its adoption for banks and non-bank institutions; (iv) accelerating the implementation of BI-FAST by increasing membership, expanding services, and accepting the use of BI-FAST; and (v) payment system pricing policies to support national economic recovery.

These three major policies were supported by the synergy among the efforts of Bank Indonesia and the Government, banks, and other institutions to continue support for MSMEs as well as the Sharia economy and finance. Bank Indonesia also pursued deepening of foreign exchange market to support Rupiah stability and to expand hedging instruments and continued to accelerate the promotion of trade and investment between countries, including through the expansion of local currency transactions. In addition, Bank Indonesia continued to strengthen its international policy and practice by expanding international cooperation with other central banks and monetary authorities, promoting trade and investment in priority sectors in synergy with other relevant institutions.

In 2023, Bank Indonesia’s policy mix continues to be directed towards strengthening resilience, recovery, and revival of the Indonesia economy in a close synergy with national economic policy. Meanwhile, the policy mix is intended to counteract the spillover effects of global turmoil, including the risks of economic recession and high inflation, policy rate hikes by the United States Federal Reserves and other central banks, depreciatory pressures on the Rupiah exchange rate due to a very strong U.S. dollar, as well as high global financial market uncertainty. To that end, the objective of monetary policy is to manage inflation back towards the target corridor set by the Government, namely 3.0%±1% in 2023 and 2.5%±1% in 2024, to maintain Rupiah stability against the impact of global turmoil to control imported inflation, as well as to support macroeconomic and financial system stability. Meanwhile, to support national economic growth, accommodative macroprudential policies continue to be oriented towards encouraging lending/financing to the businesses, particularly priority sectors. Similarly, Bank Indonesia will continue accelerating payment system digitalization to expand digital economic and financial inclusion, specifically in the real sector and MSMEs as drivers of private consumption. The mix of three main Bank Indonesia policies, namely monetary policy, macroprudential policy and payment system policy, is also supported by strengthening money market and foreign exchange market deepening policy, MSMEs empowerment and sharia economy and finance development programs as well as international policy.

In December 2023, Bank Indonesia maintained the BI Rate at 6.00%, the deposit facility rate at 5.25% and the lending facility rate at 6.75%.

The decision remains consistent with the pro-stability focus of monetary policy, namely, to strengthen Rupiah stabilization policy, and as a pre-emptive and forward-looking measure to maintain inflation within the 2.5%±1% target corridor in 2024. Meanwhile, Bank Indonesia will maintain pro-growth macroprudential and payment system policies to foster sustainable economic growth. Bank Indonesia will also hold an accommodative macroprudential policy stance to revive bank lending/financing to businesses and households. Payment system digitalization will be accelerated to increase transaction volume and expand digital economic and financial inclusion, which includes the electronification of (central and regional) government transactions. Bank Indonesia has, therefore, strengthened its mix of monetary, macroprudential and payment system policies to maintain stability and nurture sustainable economic growth through the following measures:

Rupiah stabilization through foreign exchange market intervention with a focus on spot and domestic non-deliverable forward transactions, as well as government securities in the secondary market.

Strengthening the pro-market monetary operations strategy for effective monetary policy, which includes optimising SRBI, Bank Indonesia Forex Securities and Bank Indonesia Forex Sukuk.

Deepening prime lending rate transparency policy with a focus on interest rates by economic sector.

Accelerating payment system digitalization towards greater transaction efficiency and expanding the digital economy and finance ecosystem as follows: (a) Expanding QRIS implementation by: (i) setting a target of 55 million QRIS users in 2024, (ii) setting a target of 2.5 billion QRIS transactions in 2024, and (iii) strengthening the cross-border QRIS implementation strategy to accelerate uptake, (b) Strengthening implementation of Indonesian Credit Card (Kartu Kredit Indonesia) (i.e., credit cards that use an Indonesian payment network, rather than foreign payment networks such as Visa or Mastercard) for the government segment by developing online payment features, while expanding more intensive socialization, coordination and monitoring activities.

Expanding international cooperation with other central banks and authorities in partner countries, particularly through cross-border QRIS linkages and local currency transactions, as well as facilitating investment, trade and tourism promotion in priority sectors in conjunction with relevant institutions.

D-65

Policy coordination between Bank Indonesia and the government of the Republic is also constantly improved to maintain macroeconomic stability and bolster economic growth. Bank Indonesia strengthens policy coordination with the central and regional government and strategic partners, including the National Movement for Food Inflation Control in various regions within the Central and Regional Inflation Control Teams, as well as Region Digitalization Acceleration and Expansion (P2DD) Teams to Accelerate and Expand the Electronification of Central and Regional Government Transactions. Furthermore, policy synergy between Bank Indonesia and the KSSK is also strengthened to maintain financial system stability and revive lending/financing to businesses, particularly those in priority sectors.

Policy Synergy between Bank Indonesia and Ministry of Finance

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, provided for Bank Indonesia to act as backstop buyer in primary market auctions of Government securities from 2020 to 2022, pursuant to which Bank Indonesia purchased Rp75.9 trillion of Government securities in 2020, Rp143.3 trillion in 2021 and Rp49.1 trillion in 2022; 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 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.

These initial burden sharing schemes were valid for 2020 and 2021 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.

On August 23, 2021, the Ministry of Finance and Bank Indonesia issued the third joint decree (“SKB III”) to cooperate on financing health and humanitarian care. Pursuant to the SKB III, the Government privately placed Government securities to Bank Indonesia, and the Government and Bank Indonesia coordinated to provide healthcare and humanitarian support in response to the Covid 19 pandemic. Specifically, Bank Indonesia contributed interest paid on the Government securities of Rp58 trillion in 2021 and Rp40 trillion in 2022 toward vaccination programs and other healthcare expenses and the Government contributed the remaining interest costs (at a variable interest rate equal to the three-month BI Reference Rate) of Rp157 trillion in 2021 and Rp184 trillion in 2022 toward healthcare expenses and humanitarian initiatives such protection programs for affected communities and small businesses.

SKB III concluded in December 2022 and no further joint initiatives have been pursued since, although the omnibus financial sector law passed in 2023 provides for additional coordination of fiscal policy of the Government and monetary policy of Bank Indonesia in the case of a future crisis declared by the President. See “—Financial System Financial Sector Omnibus Law (Law No. 4/2023”).

D-66

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⁾		Quasimoney		Securities other than shares		Total^M2

	(in billions of Rupiah)
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		1,351,172		831,234		1,450,967		2,131,756		4,413,956		3,433,822		22,675		7,870,453
2022		1,715,619		897,799		1,710,998		2,225,849		4,843,646		3,668,813		24,563		8,528,022
October 2023		1,483,629		863,143		1,634,608		2,193,441		4,691,193		3,787,256		26,917		8,505,367

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)
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		1,809,680		1,127,267		5,444,160		1,007,279
2022		1,898,133		970,957		5,996,010		1,257,016
October 2023		1,851,084		787,025		6,397,846		1,201,786

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.

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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. Totaling 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 14.0% (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 9.4% (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 December 31, 2022, Broad Money grew by 8.4% (year-on-year) compared to 14.0% (year-on-year) as of the same date in the previous year, due to a much slower growth of Narrow Money and Quasi-money. Narrow Money grew slower by 9.7% (year-on-year) as of December 31, 2022 compared to 17.9% (year-on-year) as of the same date in the previous year, due to slower growths of Rupiah demand deposits and Rupiah saving deposits. Quasi-money growth decreased to 6.8% (year-on-year) compared to 9.4% (year-on-year) at the same date in the previous year, due to a slower growth in Rupiah time deposits.

As of October 31, 2023, Broad Money grew by 3.4% (year-on-year), compared to a growth of 6.0% (year-on-year) as of September 30, 2023. The growth of Broad Money was primarily due to a growth of Quasi-money by 7.8% (year-on-year). Meanwhile, Narrow Money recorded 0.1% growth (year-on-year) in October 2023, after an increase of 4.1% (year-on-year) as of September 30, 2023. The growth of Narrow Money was primarily driven by the growth of Rupiah savings deposits that can be withdrawn at any time.

D-68

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,																								Eleven Months Ended November 30,
	2018^L			2019^L			2020^L			2021^L			2022^L			2023^B			2023^R			2024^B			2023^P
										(in trillions of Rupiah)
Revenues and grants:
Domestic revenues
Tax revenues		1,518.8			1,546.1			1,285.1			1,547.8			2,034.6			2,021.2			2,118.3			2,307.9			1,916.3
Non-tax revenue		409.3			409.0			343.8			458.5			595.6			441.4			515.8			473.0			544.1
Total domestic revenues		1,928.1			1,955.1			1,629.0			2,006.3			2,630.1			2,462.6			2,634.1			2,780.9			2,460.5
Grants		15.6			5.5			18.8			5.0			5.7			0.4			3.1			0.4			1.8

Total revenues and grants		1,943.7			1,960.6			1,647.8			2,011.3			2,635.8			2,463.0			2,637.2			2,781.3			2,462.3

Expenditures:
Central government expenditures		1,455.3			1,496.3			1,833.0			2,000.7			2,280.0			2,246.5			2,302.5			2,034.6			1,774.5
Transfer to regions and rural fund		757.8			813.0			762.5			785.7			816.2			814.7			814.7			857.6			736.1

Total expenditures		2,213.1			2,309.3			2,595.5			2,786.4			3,096.3			3,061.2			3,117.2			3,304.1			2,510.6

Primary balance⁽¹⁾		(11.5	)		(73.1	)		(633.6	)		(431.6	)		(74.1	)		(156.8	)		(38.5	)		(49.0	)		361.0
Surplus/(deficit)		(269.4	)		(348.7	)		(947.7	)		(775.1	)		(460.4	)		(598.2	)		(479.9	)		(486.4	)		(48.3	)

Financing:
Debt Financing		372.0			437.5			1,229.6			870.5			696.0			696.3			421.2			648.1			332.5
Investment Financing		(61.1	)		(49.4	)		(104.7	)		(142.5	)		(106.7	)		(176.0	)		(176.0	)		(176.2	)		(53.3	)
On-Lending		(4.3	)		(1.3	)		1.0			1.9			2.2			5.3			5.3			(0.3	)		3.1
Government Guarantee		(1.1	)		—			(3.6	)		(2.7	)		(1.1	)		(0.3	)		(0.3	)		(0.8	)		(0.3	)
Other Financing		0.2			15.2			70.9			144.4			0.7			72.8			229.7			52.0			0.5

Total Financing		305.7			402.1			1,193.3			871.7			591.0			598.2			479.9			522.8			282.4

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.

D-69

2023 Budget

On 27 October 2022, the Government promulgated Law No. 28 of 2022 on State Budget for 2023, effective as of January 1, 2023. On November 30, 2022, Presidential Regulation No. 130/2022 was passed to implement the 2023 State Budget, and on November 10, 2023, Presidential Regulation No. 75/2023 was passed to amend the implementation of the State Budget for 2023. The theme of fiscal policy in 2023 is “Increasing Productivity for Inclusive and Sustainable Economic Transformation.” Based on this theme, the policy strategy to be implemented by the Government is focused on (1) strengthening the quality of human resources through policies in the fields of health, education, and social protection; (2) accelerating infrastructure development; (3) strengthening bureaucratic reforms; (4) industrial revitalization; and (5) green economic development. The state budget must continue to be a reliable tool in dealing with the various fluctuations encountered to protect the populace and maintain the pace of recovery.

The key macroeconomic assumptions underlying the 2023 Budget are as follows:

•

an economic growth rate of 5.3%;

•

an inflation rate of 3.6%;

•

an exchange rate of Rp14,800 to U.S.$1.00;

•

an average Government 10-year bond rate of 7.90%;

•

an ICP of U.S.$90 per barrel;

•

an oil production by the Republic of 660 thousand barrels of oil per day; and

•

gas production by the Republic of 1,100 million barrels of oil equivalent of gas per day.

Total revenue in the 2023 budget as implemented by Presidential Regulation No. 75/2023, as described above (“2023 Revised Budget”) is expected to be Rp2,637.2 trillion, or an increase of 16.4% from the 2022 budget of Rp2,266.2 trillion. Total revenue comprises Rp2,118.3 trillion in tax revenues and Rp515.8 trillion in non-tax revenues, taking into account various factors such as economic capacity, the investment climate, and business competitiveness in measuring the tax base. The role of the non-tax revenues as a regulatory instrument will be to encourage economic activity, support business activity, and improve the quality of social services.

Total expenditures under the 2023 Revised Budget are estimated at Rp3,117.2 trillion, or a 0.3% increase from the 2022 budget of Rp3,106.4 trillion, comprising Rp2,302.5 trillion in central Government expenditures and Rp814.7 trillion in transfer to regional and rural funds. Allocations in the 2023 Revised Budget include (i) Rp624.3 trillion for education; (ii) Rp391.7 trillion for infrastructure development; (iii) Rp212.0 trillion for energy subsidy; and (iv) Rp178.7 trillion for health budget.

In 2023, the Government is committed to taking steps toward fiscal consolidation by returning the budget deficit to below 3% of GDP. Fiscal consolidation is necessary to ensure medium- and long-term fiscal sustainability. The primary deficit in the 2023 Revised Budget is projected to be Rp479.9 trillion, or 2.28% of projected 2023 GDP, expected to fall below 3% of GDP, supported by fiscal reforms and stronger economic recovery. The smaller deficit gives the budget and the economy protection in light of the rise in interest rates and the depreciation of the exchange rate, which have created instability in the financial sector. The budget deficit has decreased significantly from 6.14% of GDP in 2020 to 2.38% of GDP in 2022. The Government targets a budget deficit of 2.28% of GDP in 2023 amid the rising uncertainty. Nonetheless, the Government’s actual budget deficit in 2023 may be lower than this target if Indonesia’s economy performs better than expected. The Government expects to fund the deficit through debt financing.

Realization of 2023 Budget

From the eleven months ended November 30, 2022 to the eleven months ended November 30, 2023, the realized Government revenues increased by 5.3% from Rp2,377.5 trillion to Rp2,462.3 trillion. For the same periods, total tax revenues increased by 3.6% from Rp1,849.1 trillion to Rp1,916.3 trillion and total non-tax revenues increased by 3.2% from Rp527.3 trillion to Rp544.1 trillion. These increases were driven by a strong domestic post-pandemic economic recovery and certain moderation in commodity prices.

From the eleven months ended November 30, 2022 to the eleven months ended November 30, 2023, total Government expenditures decreased by 4.0% from Rp2,614.4 trillion to Rp2,510.6 trillion. For the same periods, total central Government expenditures decreased by 5.8% from Rp1,882.6 trillion to Rp1,774.5 trillion, primarily due to the decreases in good and service expenditure and social assistance expenditure. Total transfers to regions and rural fund increased by 0.6% from Rp731.7 trillion to Rp736.1 trillion.

D-70

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,																	Eleven Months Ended November 30,
	2018^L		2019^L		2020^L		2021^L		2022^L		2023^B			2023^R		2024^B		2023^P

	(in trillions of Rupiah)
Domestic revenues:
Tax revenues
Domestic tax
Income tax:
Oil and gas		64.7		59.2		33.0		52.8		77.8		61.4			71.7		76.4		64.0
Non-oil and gas		685.3		713.1		561.0		643.8		920.4		873.6			977.9		1,063.4		904.1

Total income tax		750.0		772.3		594.0		696.7		998.2		935.1			1,049.5		1,139.8		968.1
Value added tax (VAT)		537.3		531.6		450.3		551.9		687.6		743.0			731.0		810.4		667.8
Land and building tax		19.4		21.1		21.0		18.9		23.3		31.3			26.9		26.2		26.5
Excises		159.6		172.4		176.3		195.5		226.9		245.4			227.2		246.1		187.4
Other taxes		6.6		7.7		6.8		11.1		7.7		8.7			10.8		10.5		9.0

Total domestic taxes		1,472.9		1,505.1		1,248.4		1,474.1		1,943.7		1,963.5			2,045.5		2,307.9		1,858.8

International trade taxes:
Import duties		39.1		37.5		32.4		39.1		51.1		47.5			53.1		57.4		45.9
Export tax		6.8		3.5		4.3		34.6		39.8		10.2			19.8		17.5		11.7

Total international trade taxes		45.9		41.1		36.7		73.7		90.9		57.7			72.9		74.9		57.5

Total tax revenues		1,518.8		1,546.1		1,285.1		1,547.8		2,034.6		2,021.2			2,118.3		2,780.9		1,916.3
													��
Non-tax revenues:
Natural resources:
Oil		101.5		83.6		44.9		65.0		112.0		96.1			76.4		75.9		89.4
Gas		41.3		37.5		24.2		31.6		36.7		35.0			27.3		29.0		19.5

Total oil and gas		142.8		121.1		69.1		96.6		148.7		131.2			103.6		104.9		109.0
General mining		30.3		26.3		21.2		44.8		110.8		54.0			110.0		81.5		119.5
Forestry		4.8		5.0		4.4		5.4		5.8		5.2			5.7		5.7		4.9
Fishery		0.4		0.5		0.6		0.7		1.2		3.5			1.6		3.5		0.5
Geothermal		2.3		1.9		2.0		1.9		2.3		2.1			2.4		2.2		2.1

Total non-oil and gas		37.8		33.8		28.1		52.9		120.1		64.8			119.7		92.9		126.9

Total natural resources		180.6		154.9		97.2		149.5		268.8		196.0			223.3		197.8		235.9

Profit transfer from SOEs		45.1		80.7		66.1		30.5		40.6		49.1			81.5		80.8		81.5
Other non-tax revenues		128.6		124.5		111.2		152.5		196.3		113.3			131.5		111.0		146.6
Public Service Agency (BLU) Income		55.1		48.9		69.3		126.0		89.9		83.0			79.5		83.4		80.1

Total non-tax revenues		409.3		409.0		343.8		458.5		595.6		441.4			515.8		473.0		544.1

Total domestic revenues		1,928.1		1,955.1		1,629.0		2,006.3		2,630.1		2,462.6			2,634.1		2,780.9		2,460.5

Grants		15.6		5.5		18.8		5.0		5.7		0.4			3.1		0.4		1.8

Total revenues and grants		1,943.7		1,960.6		1,647.8		2,011.3		2,635.8		2,463.0			2,637.2		2,781.3		2,462.3

Source: Ministry of Finance.

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

Budget.

R	Revised Budget.

^P	Preliminary.

D-71

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 increased to 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 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 realization had improved by a positive 31.0%, from Rp2,011.3 trillion in 2021, to Rp2,635.8 trillion in 2022, supported by rising commodity prices and maintained economic recovery. Total tax revenues increased by 31.5% from Rp1,547.8 trillion to Rp2,034.6 trillion, due to the increasing commodity prices, the expansive economic growth, and the implementation of Law No. 7 of 2021 on Harmonization on Tax Regulation. Total non-tax revenues increased by 29.9% from Rp458.5 trillion to Rp595.6 trillion, driven by significant increases in commodity prices and increases in the dividends of banking SOEs.

For the eleven months ended November 30, 2023, Government revenues realization reached Rp2,462.3 billion, representing 93.4% of the 2023 budget Government revenues. Tax revenues realization reached Rp1,916.3 billion and non-tax revenues realization reached Rp544.1 billion, representing 72.7% and 105.5% of the 2023 budget numbers, respectively.

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. The tax-to-GDP ratio increased to 9.1% in 2021 and 10.4% in 2022 as a result of the recovery of economic activity.

D-72

Tax Amnesty

In July 2016, the Government passed Law No. 11 of 2016 on Tax Amnesty, 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 71.1% in 2018, 73.1% in 2019, 77.6% in 2020, 84.0% in 2021 and 83.2% in 2022.

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 be 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 activities conducted in Indonesia, where government allows deduction to maximum 300% from all costs incurred for specific research and development;

•

VAT exemption on the supply of goods and services within free trade and free port zones, special economic zones and bonded warehouse areas (kawasan berikat);

•

Income tax incentives in the capital city of Nusantara, including (1) tax holiday on investment in the capital city of Nusantara and partner areas; (2) tax holiday for the financial center of the capital city of Nusantara and withholding tax exemption for the foreign investors on the income arising from their investment in the financial center of the capital city of Nusantara; (3) tax holiday for the establishment and/or relocation of head office or regional office; (4) Article 21 income tax to be borne by the Government; (5) super tax deduction for research and development activities up to 350% of the costs incurred; (6) super tax deduction for vocational activities conducted by industry up to 250% of the costs incurred; (7) super tax deduction for donations and/or the cost of constructing public facilities, social facilities, and/or other non-profit facilities up to 200% of the costs incurred, (8) zero percent final income tax for MSME; and (9) exemption of income tax payable on the transfer of land and/or building rights.

D-73

Government Expenditures

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

Government Expenditures


	Year ended December 31																Eleven Months Ended November 30,
	2018^L		2019^L		2020^L		2021^L		2022^L		2023^B		2023^R		2024^B		2023^P

	(in trillions of Rupiah)
Central Government expenditures:
Personnel expenditures		346.9		376.1		380.5		387.8		402.1		442.5		442.5		481.4		383.1
Good and services expenditures		347.5		334.4		422.3		530.1		426.1		375.9		375.9		410.9		325.5
Capital expenditures		184.1		177.8		190.9		239.6		240.6		210.3		210.3		244.4		189.2
Interest payments:
Domestic debt		238.4		254.1		297.2		332.9		373.6		426.8		426.8		456.8		381.1
Foreign debt		19.5		21.4		16.9		10.6		12.7		14.6		14.6		40.5		28.1
Total interest payments		258.0		275.5		314.1		343.5		386.3		441.4		441.4		497.3		409.3
Subsidies:
Energy subsidies		153.5		136.9		108.8		140.4		171.9		212.0		212.0		185.9		134.4
Non-energy subsidies		63.4		64.9		87.4		101.7		81.0		86.5		86.5		96.9		67.9
Total subsidies		216.9		201.8		196.2		242.1		252.8		298.5		298.5		282.7		202.3
Grant expenditures		1.5		6.5		6.3		4.3		5.8		0.0		0.0		6.6		0.0
Social assistance⁽¹⁾		84.3		112.5		202.5		173.7		161.5		148.6		148.6		152.3		141.9
Other expenditures		16.2		11.7		120.0		79.7		404.4		329.3		385.3		377.4		123.3

Total central Government expenditures		1,455.3		1,496.3		1,833.0		2,000.7		2,280.0		2,246.5		2,302.5		2,446.5		1,774.5

Transfers to Regions and Rural Fund
Transfer to Regions
Balanced funds:
General transfer funds:
Revenue sharing funds		93.7		104.0		93.9		117.2		168.4		136.3		136.3		143.1		118.2
General allocation funds		401.5		420.9		381.6		377.8		378.0		396.0		396.0		427.7		370.8
Total general transfer funds		495.2		524.9		475.5		494.9		546.4		532.3		532.3		570.8		488.9
Specific allocation funds:
Physical special allocation fund		58.1		64.2		50.2		57.1		54.8		53.4		53.4		53.8		39.3
Non-physical special allocation fund		115.3		122.2		126.4		127.6		118.4		130.3		130.3		133.8		116.3
Grants to Regions⁽²⁾		—		—		—		—		—		2.1		2.1		0.5		1.7
Total specific allocation funds		173.4		186.4		176.6		184.6		173.2		185.8		185.8		188.1		157.4
Total balanced funds		668.6		711.3		652.1		679.6		719.6		718.1		718.1		758.9		646.3
Regional incentive fund		8.2		9.7		18.5		13.5		7.0		—		—		—		—
Specific autonomy funds⁽³⁾		20.1		21.0		19.6		19.5		20.4		17.2		17.2		18.3		17.2
Specific Fund for Special Region of Yogyakarta		1.0		1.2		1.3		1.3		1.3		1.4		1.4		1.4		1.4
Fiscal Incentives⁽⁴⁾		—		—		—		—		—		8.0		8.0		8.0		6.0
Total Transfer to Regions		697.9		743.2		691.4		713.9		748.3		744.7		744.7		786.6		670.9
Rural Fund		59.9		69.8		71.1		71.9		67.9		70.0		70.0		71.0		65.2

Total transfers to regions and Rural Fund		757.8		813.0		762.5		785.7		816.2		814.7		814.7		857.6		736.1


Total Government expenditures		2,213.1		2,309.3		2,595.5		2,786.4		3,096.3		3,061.2		3,117.2		3,304.1		2,510.6

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⁾	Starting in 2023, become part of the Transfer to the Regions.

⁽³⁾	Consists of specific autonomy fund for Aceh and Papua Provinces and additional infrastructure fund for Papua Provinces.

⁽⁴⁾	It is the Regional Incentive Fund before 2023.

D-74

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 Rp171.9 trillion for 2022. Budget energy subsidy for 2023 is Rp212.0 trillion. Spending for infrastructure was Rp381.2 trillion for 2017, Rp394.0 trillion for 2018, Rp394.1 trillion for 2019, Rp286.5 trillion for 2020, Rp403.3 trillion for 2021 and Rp372.8 trillion for 2022. Budget infrastructure spending for 2023 is Rp391.7 trillion.

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


	Year ended December 31																Eleven Months Ended November 30,
	2018^L		2019^L		2020^L		2021^L		2022^L		2023^B		2023^R		2024^B		2023^P

	(in trillions of Rupiah)
Subsidies:
Energy subsidies		153.5		136.9		108.8		140.4		171.9		212.0		212.0		185.9		134.4
Non-energy subsidies		63.4		64.9		87.4		101.7		80.9		86.5		86.5		96.9		67.9

Total subsidies		216.9		201.8		196.2		242.1		252.8		298.5		298.5		282.8		202.3

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,																Nine Months Ended September 30,
	2018^L		2019^L		2020^L		2021^L		2022^L		2023^B		2023^R		2024^B		2023^P

	(Percentages)
General public services		25.8		26.7		29.3		27.5		39.9		29.6		31.3		34.8		30.6
Defense		7.3		7.7		7.5		6.3		6.6		6.0		5.8		5.5		6.6
Public order and safety		9.8		9.9		8.4		7.9		7.5		8.1		7.9		7.7		9.2
Economic affairs		26.3		24.0		21.8		23.1		19.5		28.2		27.5		26.0		24.1
Environmental protection		0.9		1.1		0.7		0.7		0.6		0.6		0.6		0.6		0.5
Housing and community amenities		2.2		1.8		1.2		1.5		1.1		1.4		1.4		1.5		1.2
Health		4.3		4.7		5.7		10.6		5.5		4.3		4.2		4.0		4.3
Tourism and culture		0.7		0.3		0.2		0.2		0.2		0.2		0.2		0.1		0.2
Religion		0.6		0.7		0.5		0.5		0.5		0.5		0.5		0.5		0.6
Education		10.0		10.4		8.5		8.1		7.0		10.4		10.2		9.0		7.8
Social protection		11.9		12.7		16.1		13.6		11.7		10.7		10.5		10.3		15.0

Total		100.0		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.

D-75

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


	Year Ended December 31,																Eleven Months Ended November 30,
	2018^L		2019^L		2020^L		2021^L		2022^L		2023^B		2023^R		2024^B		2023^P

	(in trillions of Rupiah)
Education		431.7		460.3		473.7		479.5		480.3		612.2		624.3		665.0		450.6
Infrastructure		394		394.1		286.5		403.3		372.8		391.7		391.7		423.4		292.9
Energy Subsidy		153.5		136.9		108.8		140.4		171.9		212.0		212.0		189.1		134.4
Health		109.2		113.6		172.3		312.4		188.1		178.7		178.7		187.5		156.6

Source: Ministry of Finance.

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

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,																								Eleven Months Ended November 30,
	2018^L			2019^L			2020^L			2021^L			2022^L			2023^B			2023^R			2024^B			2023^P

	(in trillions of Rupiah)
Debt financing
Government securities (net)		358.4			446.3			1,177.2			877.5			658.8			712.9			437.8			666.4			332.5
Loans
Domestic loans (net)		1.4			3.0			2.4			0.9			8.2			0.7			0.7			(0.6	)		8.4
Foreign loans:
Gross drawings:
Program loan		50.6			36.7			102.3			41.6			65.6			29.5			29.5			30.0			58.0
Project loan		38.0			37.5			38.9			32.6			42.7			32.6			32.6			37.8			47.4
Total gross drawing		88.6			74.2			141.1			74.2			108.3			62.1			62.1			67.8			105.4
Amortization		(76.3	)		(86.0	)		(91.0	)		(82.1	)		(79.3	)		(79.4	)		(79.4	)		(85.5	)		(73.9	)
Total foreign loan (net)		12.3			(11.8	)		50.1			(7.9	)		29.0			(17.4	)		(17.4	)		(17.7	)		31.5
Total loans (net)		13.6			(8.7	)		52.5			(7.0	)		37.2			(16.6	)		(16.6	)		(18.4	)		39.8

Total debt financing		372.0			437.5			1,229.6			870.5			696.0			696.3			421.2			648.1			372.3

Investment financing
Investment to SOEs		(3.6	)		(17.8	)		(31.3	)		(71.2	)		(59.2	)		(45.8	)		(45.8	)		(30.7	)		—
Investment to other institutions		(2.5	)		(2.5	)		(25.0	)		(21.0	)		(0.5	)		—			—			(10.0	)		—
Investment to public service agencies		(52.7	)		(28.2	)		(31.3	)		(39.4	)		(52.8	)		(53.9	)		(53.9	)		(41.2	)		(27.0	)
Investment in financial organizations/institutions		(2.3	)		(2.3	)		(0.7	)		(0.9	)		(1.0	)		(1.5	)		(1.5	)		(1.9	)		(1.6	)
Revenue of investment		—			1.4			22.0			—			27.1			—			—			—			6.6
Government’s Investments		—			—			(38.4	)		(10.0	)		(20.3	)		(19.5	)		(19.5	)		(13.7	)		(18.0	)
Others investment financing		—			—			—			0.0			—			(49.5	)		(49.5	)		(65.7	)		—
Investment financing reserves		—			—			—			(142.5	)		—			(5.7	)		(5.7	)		(13.0	)		—

Total investment financing		(61.1	)		(49.4	)		(104.7	)		(71.2	)		(106.7	)		(176.0	)		(176.0	)		(176.2	)		(40.0	)

Lending		(4.3	)		(1.3	)		1.0			1.9			2.1			5.3			5.3			(0.3	)		3.7
Government guarantee		(1.1	)		—			(3.6	)		(2.7	)		(1.1	)		(0.3	)		(0.3	)		(0.8	)		—
Other financing		0.2			15.2			70.9			144.4			0.7			72.8			72.8			52.0			0.4

Total financing (net)		305.7			402.1			1,193.3			871.7			591.0			598.2			479.9			522.8			163.0

Source: Ministry of Finance.

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

Budget.

R	Revised Budget.

^P	Preliminary.

D-76

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 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 2022 reached Rp3,096.3 trillion or an increase of 11.1% from Rp2,786.4 trillion in 2021. This is primarily driven by the realization of central Government expenditures which increased by 14.0% from Rp2,000.7 trillion to Rp2,280.0 trillion. The increase was driven by line ministries and non-line ministries’ expenditures realization, which, among other things, supported the handling of the impact of the Covid-19 pandemic and economic growth and protected the populace. Total transfers to regions and rural fund increased by 3.9% from Rp785.7 trillion to Rp816.2 trillion.

Total Government expenditures in the first eleven months of 2023 reached Rp2,510.6 billion, representing 80.5% of the 2023 budget number. For the first eleven months of 2023, central Government expenditures reached Rp1,774.5 billion and transfers to regions and rural funds reached Rp736.1 billion, representing 77.1% and 90.4% of the 2023 budget numbers, respectively.

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Government Revenues

The following table sets forth the revenues of the Government as (i) audited 2021 revenue as a percentage of the preliminary 2021 GDP at current prices and (ii) audited 2022 revenue as a percentage of the preliminary 2022 GDP at current prices, respectively.

Government Revenues


	2021 LKPP Audited		2022 LKPP Audited
	(percentage of 2021 GDP)		(percentage of 2022 GDP)
Total revenues and grants (in trillions of Rupiah)		2,011.3		2,635.8
Domestic revenue:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		0.3		0.4
Non-oil and gas		3.6		4.7

Total income tax		3.8		5.1
Value added tax (VAT)		3.3		3.5
Land and building tax		0.1		0.1
Excises		1.2		1.2
Other taxes		0.1		0.0

Total domestic taxes		8.7		9.9
International trade taxes:
Import duties		0.2		0.3
Export tax		0.2		0.2

Total international trade taxes		0.4		0.5

Total tax revenue		9.1		10.4

Non-tax revenues:
Natural resources:
Oil		0.4		0.6
Gas		0.2		0.2

Total oil and gas		0.6		0.8
General Mining		0.3		0.6
Forestry		0.0		0.0
Fishery		0.0		0.0
Geothermal		0.0		0.0

Total non-oil and gas		0.3		0.6

Total natural resources		0.9		1.4

Profit transfer from SOEs		0.2		0.2
Other non-tax revenues		0.9		1.0
Public Service Agency (BLU) Income		0.7		0.5

Total non-tax revenues		2.7		3.0

Total domestic revenues		11.8		13.4
Grants		0.0		0.0

Total Revenues and Grants		11.9		13.4

Source: Ministry of Finance

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Government Expenditures

The following table sets forth the expenditures of the Government as (i) audited 2021 expenditures as a percentage of the preliminary 2021 GDP and (ii) audited expenditures for 2022 as a percentage of the preliminary 2022 GDP, respectively.

Government Expenditure


	2021 LKPP Audited		2022 LKPP Audited
	(percentages of 2021 GDP)		(percentages of 2022 GDP)
Total expenditures (in trillions of Rupiah)		2,786.4		3,096.3
Central Government expenditures:
Personnel expenditures		2.3		2.1
Good and services expenditures		3.1		2.2
Capital expenditures		1.4		1.2
Interest payments:
Domestic debt		2.0		1.9
Foreign debt		0.1		0.1
Total interest payments		2.0		2.0
Subsidies:
Energy subsidies		0.8		0.9
Non-energy subsidies		0.6		0.4
Total subsidies		1.4		1.3
Grant expenditures		0.0		0.0
Social assistance⁽¹⁾		1.0		0.8
Other expenditures		0.5		2.1

Total central Government expenditures		11.8		11.6

Transfers to Regions and Rural Fund:
Transfer to Regions
Balance funds:
General transfer funds:
Revenue sharing funds		0.7		0.9
General allocation funds		2.2		1.9

Total general transfer funds		2.9		2.8
Specific allocation funds:
Physical special allocation fund		0.3		0.3
Non-physical special allocation fund		0.8		0.6

Total specific allocation funds		1.1		0.9

Total balanced funds		4.0		3.7
Regional incentive fund		0.1		0.0
Specific autonomy funds(2)		0.1		0.1
Specific Fund for Special Region of Yogyakarta		0.0		0.0

Total transfer to Regions		4.2		3.8
Rural Fund		0.4		0.3

Total transfer to regions and rural fund		4.6		4.2

Total Government expenditures		16.4		15.8

Source: Ministry of Finance

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

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

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Government Deficit Financing

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2021 deficit financing as a percentage of the preliminary 2021 GDP and (ii) audited 2022 deficit financing as a percentage of the preliminary 2022 GDP, respectively.

Government Deficit Financing


	2021 LKPP Audited			2022 LKPP Audited
	(percentages of 2021 GDP)			(percentages of 2022 GDP)
Total financing (net) (in trillions of Rupiah)		871.7			591.0
Debt financing
Government securities (net)		5.17			3.36
Loans
Domestic loans (net)		0.01			0.04
Foreign loans:
Gross drawings:
Program loan		0.24			0.33
Project loan		0.19			0.22

Total gross drawing		0.44			0.55
Amortization		(0.48	)		(0.40	)

Total foreign loan (net)		(0.05	)		0.15
Total loans (net)		(0.04	)		0.19

Total debt financing		5.13			3.55

Investment financing
Investment to SOEs		(0.42	)		(0.30	)
Investment to other institutions		(0.12	)		(0.00	)
Investment to public service agencies		(0.23	)		(0.27	)
Investment in financial organizations/institutions		(0.01	)		(0.01	)
Revenue of investment		—			0.14
Government’s investments		(0.06	)		(0.10	)
Others investment financing		—			—

Total investment financing		(0.84	)		(0.54	)

Lending		0.01			0.01
Government guarantee		(0.02	)		(0.01	)
Other financing		0.85			0.00

Total financing (net)		5.14			3.02

Source: Ministry of Finance

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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, 2022, the central Government’s foreign debt-to-GDP ratio was 11.5%, with foreign debt to total debt ratio of 29.2%.

As of November 30, 2023, the central Government’s foreign debt-to-GDP ratio was 10.9%, with foreign debt to total debt ratio of 28.1%.

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 and SRBI, 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 and SRBI 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 November 30,
	2018			2019			2020			2021			2022			2023^P

	(in billions of U.S. dollars)
Concessional Loans:
Multilateral creditors		29.3			30.5			33.0			32.8			34.0			34.9
Bilateral creditors		23.1			21.4			23.7			20.8			18.1			17.3
Commercial⁽²⁾		75.8			78.6			88.0			92.0			92.9			93.7

Total		128.3			130.6			144.7			145.5			145.1			145.9

Total external public debt of the Republic, as a percentage of GDP for the period indicated⁽³⁾		12.5	%		11.5	%		12.7	%		12.2	%		11.5	%		10.9	%

Source: Ministry of Finance.

^P	Preliminary.

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

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

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

As of December 31, 2022, 64.0% and 36.0% 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 December 31, 2022 was U.S.$145.1 billion.

As of November 30, 2023, 64.2% and 35.8% 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 November 30, 2023 was U.S.$145.9 billion.

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.

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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 Asian Infrastructure Development Bank, €200 million from KfW, €100 million from AFD, and JPY50,000 million from JICA.

In 2022, the Republic had drawn program loans of U.S.$1,099.3 million and €1,041.2 million from the World Bank, U.S.$1,000 million from the ADB, U.S.$500 million from the Asian Infrastructure Development Bank, €595.2 million from KfW, €50 million from AFD and U.S.$40 million from Korea Economic Development Co-operation Fund.

In the first eleven months of 2023, the Republic had drawn down program loans of U.S.$1,336.2 million and €937.7 million from the World Bank, U.S.$1,500 million and JPY71,865 million from the ADB, U.S.$15 million from the ASEAN Infrastructure Fund, €304.8 million from KfW, €150 million from AFD, JPY60,000 million from JICA and U.S.$119.9 million from Korea Economic Development Co-operation Fund.

D-82

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 November 30,
	2018		2019		2020		2021		2022		2023^P

	(in billions of U.S. dollars)
Bilateral loans		23,107.3		21,431.5		23,739.3		20,781.8		18,134.2		17,345.0
Multilateral loans:
International Monetary Fund		—		—		—		—		—		—
World Bank Group		18,295.8		18,832.0		19,285.6		19,091.2		20,241.6		20,770.5
Asian Development Bank		9,787.9		10,167.5		10,999.8		10,818.4		10,194.0		10,560.6
Islamic Development Bank		988.1		1,224.5		1,325.6		1,345.4		1,361.4		1,308.4
Nordic Investment Bank		10.2		9.3		9.4		8.1		6.7		6.5
European Investment Bank		9.9		3.4		—		—		—		—
International Fund for Agricultural Development		183.2		179.4		195.7		202.1		252.1		279.6
Asian Infrastructure Investment Bank		73.6		117.3		1,187.4		1,306.7		1,935.1		1,951.0
Multilateral Investment Guarantee Agency		—		—		—		—		—		—

Total multilateral loans		29,348.7		30,533.4		33,003.5		32,771.8		33,990.9		34,876.0

Total loans		52,456.0		51,964.9		56,742.8		53,553.6		52,125.2		52,221.0

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 September 30,
	2018				2019				2020				2021				2022				2023^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		93,702		93,702		93,937		93,937		95,823		95,823		99,263		99,263		101,354		101,354		102,293		102,293
Japanese yen		1,976,032		17,892		2,049,292		18,865		2,391,841		23,142		2,392,620		20,786		2,450,501		18,538		2,452,026		16,479
Euros		11,937		13,651		13,306		14,921		18,036		22,160		19,843		22,453		21,353		22,745		20,147		21,362
SDR		1,246		1,733		1,053		1,457		861		1,239		701		981		515		686		397		520
British pounds		77		97		46		61		17		22		1		1		—		—		—		—
Others		Multiple currencies		1,192		Multiple currencies		1,241		Multiple currencies		2,315		Multiple currencies		2,036		Multiple currencies		1,749		Multiple currencies		1,579

Total		N/A		128,267		N/A		130,481		N/A		144,702		N/A		145,521		N/A		145,072		N/A		142,234

Source: Ministry of Finance.

^P	Preliminary.

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

As of December 31, 2022, 69.9%, 12.8%, 15.7% and 1.2% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies respectively.

As of September 30, 2023, 71.9%, 11.6%, 15.0% and 1.5% 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


	Principal repayment		Interest repayment		Total

	(in billions of U.S. dollars)
2022^R		11.9		4.3		16.2
2023*		11.9		5.4		17.3
2024**		11.7		5.4		17.1
2025**		13.6		5.0		18.6
2026**		12.1		4.6		16.7

Source: Ministry of Finance

^R	Realization.

*	Calculated based on (i) actual principal and interest payments made from January 1, 2023 to September 30, 2023 and (ii) projected principal and interest payments to be made from October 1, 2023 to December 31, 2023 based on external debt outstanding as of September 30, 2023.

**	Projected based on external debt outstanding as of September 30, 2023.

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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 October 31,
	2018		2019		2020		2021		2022^P		2023^P
	(in millions of U.S. dollars)
Multilateral		2,754		2,739		2,852		9,007		8,565		8,442
Commercial⁽²⁾		0		0		0		0		0		0
Total		2,754		2,739		2,852		9,007		8,565		8,442

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 and SRBI owned by non-residents, currencies and deposits and other liabilities.

As of December 31, 2021 and December 31, 2022, external debt of Bank Indonesia amounted to U.S.$9,007 million and U.S.$8,565 million, respectively, entirely comprising SDR allocation, while commercial debt was nil as of each of the two dates. As of October 31, 2023, external debt of Bank Indonesia amounted to U.S.$8,442 million, comprising SDR allocation, and excluding currency, deposits, SBI and SRBI, while commercial debt was nil. 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.

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

External Debt Service Requirements of Bank Indonesia⁽¹⁾⁽²⁾


Period	Principal repayment		Interest repayment		Total

	(in millions of U.S. dollars)
2018		0.0		11.1		11.1
2019		0.0		22.5		22.5
2020		0.0		18.7		18.7
2021		0.0		2.7		2.7
2022^P		0.0		40.8		40.8
2023*		0.0		207.5		207.5

Source: Bank Indonesia.

^P	Preliminary

*	Projected based on external debt outstanding as of October 31, 2023.

⁽¹⁾	Excludes SBI and SRBI owned by non-residents, currencies and deposits and other liabilities.

⁽²⁾	Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the end of each year and, for 2023, as of October 31, 2023.

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 October 31,
	2018		2019		2020		2021		2022^P		2023^P

	(in millions of U.S. dollars)
Financial institutions:
Bank		6,924		7,441		8,807		9,280		8,231		6,821
Non-bank		3,865		3,850		2,615		2,895		2,297		2,055

Total financial institutions		10,789		11,291		11,422		12,175		10,528		8,876
Non-financial institutions		34,709		40,419		45,677		46,612		43,301		39,060

Total		45,499		51,710		57,100		58,786		53,829		47,937

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
November 30,

2018

2019

2020

2021

2022

2023^P

(in trillions of Rupiah)

Total domestic public debt⁽¹⁾

2,608.8

2,971.5

4,038.2

4,836.2

5,474.0

5,782.2

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.”

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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)
2022^R		317.5		310.8		628.4
2023*		418.8		349.0		767.8
2024**		495.2		344.2		839.4
2025**		539.8		315.7		855.5
2026**		564.2		290.8		855.1

Source: Ministry of Finance.

^R	Realization.

*	Calculated based on (i) actual principal and interest payments made from January 1, 2023 to September 30, 2023 and (ii) projected principal and interest payments to be made from October 1, 2023 to December 31, 2023 based on the external debt outstanding as of September 30, 2023.

**	Projected based on domestic debt outstanding as of September 30, 2023.

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.

Total infrastructure guarantees provided by the Government between 2008 and 2023 has accumulated to Rp643.7 trillion, of which Rp158.3 trillion have expired, leaving active guarantees of Rp485.3 trillion as of November 30, 2023. No guarantee claim has materialized since the introduction of the Government’s guarantee programs. The Government has set a maximum guarantee limit of 1.5% of GDP per year for 2023-2026. However, the Ministry of Finance may re-evaluate the limit if it considers necessary.

As of December 31, 2022, the Government had accumulated Rp6.0 trillion in the guarantee reserve fund account, and the guarantees that the Government has provided to infrastructure projects include:

•

Full default risk guarantees relating to loans to PT Perusahaan Listrik Negara (“PT PLN”) 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 Rp4.5 trillion;

•

Business viability guarantees to independent power producers on the ability of PT PLN to fulfil its financial obligations based on power purchase agreements related to ‘Fast Track II’ program. The guarantee exposure for this program amounts to Rp62.9 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 Rp97.9 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 Rp21.2 billion;

•

Co-guarantee scheme between the Government and the Indonesia Infrastructure Guarantee Fund to guarantee private-public partnership projects such as power plant projects (e.g., 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 and Serang — Panimbang, Probolinggo — Banyuwangi, and Jakarta Cikampek II Selatan). The guarantee exposure for this program amounts to Rp99.4 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 Rp43.8 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 Rp40.5 trillion;

•

Full default risk guarantee relating to the PT Kereta Api Indonesia (Persero) loans for construction of the Light Rail Transit Jakarta-Bogor-Depok-Bekasi. Outstanding guarantees for this program amount to Rp14.3 trillion; and

•

Guarantee for local infrastructure financing through PT Sarana Multi Infrastruktur. Outstanding guarantees for this program amount to Rp3.0 trillion.

As of December 31, 2022, no claims from the foregoing guarantees had arisen.

As of November 30, 2023, the Government had accumulated Rp6.0 trillion in the guarantee reserve fund account, and the guarantees that the Government has provided to infrastructure projects include:

•

full default risk guarantees relating to the 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 Rp2.7 trillion;

•

business viability guarantees to independent power producers on the ability of PT PLN to fulfil its financial obligations based on power purchase agreements related to the ‘Fast Track II’ program. The guarantee exposure for this program amounts to Rp62.1 trillion;

•

guarantees relating to the 35 GW electricity program which comprises both full default risk guarantees to PT PLN loans for the construction of electricity infrastructure and PT PLN’s business viability guarantees to independent power producers. Outstanding guarantees for this program amount to Rp85.6 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 Rp58.2 billion;

D-86

•

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 Rp101.2 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 Rp27.4 trillion;

•

guarantee for infrastructure financing in form of direct loans from international financial institutions to SOEs to finance infrastructure projects. Outstanding guarantees for this program amount to Rp43.0 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 Rp16.7 trillion; and

•

guarantee for local infrastructure financing through PT Sarana Multi Infrastructure. Outstanding guarantees for this program amount to Rp1.9 trillion.

As of November 30, 2023, no claims from the foregoing guarantees had arisen.

D-87

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
2018		14,380		14,246
2019		13,883		14,139
2020		14,050		14,525
2021		14,253		14,296
2022		15,568		14,873
2023		15,439		15,254
January		14,990		15,254
February		15,250		15,134
March		14,995		15,277
April		14,670		14,833
May		14,990		14,824
June		14,993		14,926
July		15,080		15,038
August		15,230		15,243
September		15,455		15,359
October		15,885		15,755
November		15,510		15,594
December		15,397		15,507

Source: Bank Indonesia.

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 3.5% 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 1.4% 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 COVID pandemic and emergency response efforts that it necessitated.

As of December 30, 2022, the Rupiah depreciated by 8.5% to Rp15,568 per U.S. dollar from Rp14,253 per U.S. dollar as of December 31, 2021, and on average depreciated by 3.9% from Rp14,296 per U.S. dollar in 2021 to Rp14,873 per U.S. dollar in 2022.

As of December 29, 2023, the Rupiah appreciated by 1.1% to Rp15,397 per U.S. dollar from Rp15,568 per U.S. dollar as of December 30, 2022. On average, the Rupiah depreciated by 2.5% from Rp14,873 per U.S. dollar for 2022, to Rp15,247 per U.S. dollar for 2023.

The Rupiah exchange rate remains in line with the stabilization measures implemented by Bank Indonesia despite persistent global financial market uncertainty. Nevertheless, the strong US dollar triggered broad-based pressures on other currencies, including the Rupiah. Bank Indonesia continues strengthening Rupiah stabilization policy through foreign exchange market intervention, increasing the effective implementation of instruments to retain the proceeds of natural resources exports in accordance with Government Regulation No. 36 of 2023 on Foreign Exchange Export Proceeds from Natural Resources Businesses, Management and/or Processing, as well as continuing to issue SRBI.

D-88

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 June 30, 2023, based on Bank Indonesia’s assessment of corporate issuers’ compliance with the regulations above:

•

88.7% of corporate issuers are compliant with the hedging ratio requirement for liabilities due under three months;

•

93.1% of corporate issuers are compliant with the hedging ratio requirement for liabilities due between three to six months; and

•

86.7% 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 November 30,
	2018		2019		2020		2021		2022			2023
	(in millions of U.S. dollars, except for months)
Gold		3,230		3,844		4,758		4,595		4,589			5,165
SDRs		1,553		1,542		1,605		7,795		7,411			7,436
Reserve position with the IMF		1,096		1,090		1,135		1,110		1,055			1,060
Foreign exchange and others		114,776		122,707		128,398		131,405		124,178			124,439
Total		120,654		129,183		135,897		144,905		137,233			138,100
Total as number of months of imports and Government external debt repayments		6.5		7.3		9.8		7.8		5.9	^P		6.1	^P

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.$120.7 billion, U.S.$129.2 billion, U.S.$135.9 billion, U.S.$144.9 billion and U.S.$137.2 billion as of December 31, 2018, 2019, 2020, 2021, and 2022, respectively.

As of November 30, 2023, foreign reserves recorded U.S.$138.1 billion, equivalent to 6.1 months of imports and servicing government’s external debt, which is well above the international adequacy standard of around three months of imports.

D-89

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+3 members agreed to strengthen the existing cooperative frameworks among monetary authorities through the Chiang Mai Initiative (“CMI”). The CMI involves 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.

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 BSA, and CMIM, a total of U.S.$46.1 billion of foreign currency swap is currently available to the Republic. 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 bilateral swap line in place with Japan. These swap arrangements will contribute to greater financial stability and sustainable economic growth in the region.

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 or equivalent (bilateral swap agreement and bilateral repo agreement). This bilateral financial arrangement enables the two central banks to access foreign currency liquidity from each other, if needed, to preserve monetary and financial stability. In November 2023, Bank Indonesia and the Monetary Authority of Singapore extended the bilateral financial arrangement by one year. This arrangement continues to reinforce the ongoing financial cooperation in preserving monetary and financial stability in both countries amid global macroeconomic uncertainties. The arrangement comprises two agreements: (1) A local currency bilateral swap agreement that allows for the exchange of local currencies between the two central banks of up to SGD9.5 billion or Rp100 trillion; (2) A bilateral repo agreement of USD3 billion that allows for repurchase transactions between the two central banks to obtain USD cash using G3 government bonds as collateral.

On September 27, 2019, Bank Indonesia and Bank Negara Malaysia established a three-year local currency bilateral swap agreement with a size up to RM8 billion / Rp28 trillion, which will enable both central banks to access foreign currency liquidity from each other if needed. This arrangement was renewed on September 23, 2022 for three more years. In December 2022, Bank Indonesia and Bank Negara Malaysia exercised the drawing of the local currency bilateral swap arrangement amounting to USD500 million (equivalent) as part of the efforts to strengthen the cooperation in the area of liquidity management between the two institutions, which is still continuing. Up to December 2023, there is no actual usage from the above drawing.

In October 2021, Bank Indonesia renewed a bilateral swap agreement with Bank of Japan. The agreement enables Indonesia to swap IDR against the Japanese Yen or the U.S. dollar in an amount of up to U.S.$22.8 billion or equivalent.

In January 2022, Bank Indonesia renewed a three-year Bilateral Currency Swap Agreement (“BCSA”) with People’s Bank of China. The agreement allows exchanges of local currencies between the two central banks of up to CNY250 billion or Rp550 trillion (about USD 38.8 billion equivalent).

In February 2022, 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.$10 billion or Rp100.0 trillion.

In March 2023, Bank Indonesia has renewed a three-year BCSA, with the Republic of Korea amounting to KRW 10.7 trillion or Rp115 trillion.

D-90

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 November 30,
	2018^L		2019^L		2020^L		2021^L		2022^L		2023^P

	(percentages, unless indicated otherwise)
Debt-to-GDP ratio		29.8		30.2		39.4		40.7		39.6		38.1
Debt service to GDP ratio		5.1		5.3		5.0		5.3		4.6		4.5
Total public debt of the central Government (in billions of U.S.$)(1)		308.4		344.3		431.0		484.1		496.0		519.3
—% in Loans		18.1		16.0		14.1		11.9		11.5		11.4
—% in Bonds		81.9		84.0		85.9		88.1		88.5		88.6

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 December 31, 2022, the central Government’s debt-to-GDP ratio was 39.6%, with U.S.$496.0 billion of total public debt of the central Government, 11.5% of which are in loans and 88.5% are in bonds.

As of November 30, 2023, the central Government’s debt-to-GDP ratio was 38.1%, with U.S.$519.3 billion of total public debt of the central Government, 11.4% of which was in loans and 88.6% was in bonds.

DEBT TABLES OF THE REPUBLIC OF INDONESIA



External Loans of the Republic of Indonesia as of December 31, 2022			D-92

Domestic Loans of the Republic of Indonesia as of December 31, 2022			D-107

Guaranteed Domestic Loans of the Republic of Indonesia as of December 31, 2022			D-109

Guaranteed External Loans of the Republic of Indonesia as of December 31, 2022			D-110

Foreign Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2022			D-111

Domestic Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2022			D-114

D-91

EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2022


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			YEAR OF CONTRACT		��	YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE
													(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
*BILATERAL*
AUD	AUSTRALIA PRIME RATE		1.485	%		0.000	%		2020			2035		1,500,000,000		1,017,000,385		1,300,000,000		881,400,334
AUD	NO INTEREST RATE		0.000	%		0.000	%		2007			2047		290,024,929		196,636,976		258,122,187		175,006,909
CAD	FIXED		0.000	%		0.000	%		1973			2023		7,023,677		5,181,998		84,962		62,684
CAD	FIXED		0.000	%		0.000	%		1973			2023		27,007,702		19,926,009		292,702		215,952
CAD	FIXED		0.000	%		0.000	%		1973			2024		11,114,464		8,200,139		541,108		399,224
CAD	FIXED		0.000	%		0.000	%		1975			2024		12,417,888		9,161,793		618,888		456,610
CAD	FIXED		0.000	%		0.000	%		1975			2024		1,930,011		1,423,943		54,591		40,277
CAD	FIXED		0.000	%		0.000	%		1976			2024		9,399,999		6,935,224		419,000		309,134
CAD	FIXED		0.000	%		0.000	%		1976			2026		9,951,252		7,341,933		870,219		642,039
CAD	FIXED		0.000	%		0.000	%		1977			2027		3,797,864		2,802,025		472,864		348,874
CAD	FIXED		0.000	%		0.000	%		1978			2027		18,482,976		13,636,553		2,278,909		1,681,356
CAD	FIXED		0.000	%		0.000	%		1978			2027		19,479,946		14,372,108		2,229,946		1,645,232
CAD	FIXED		0.000	%		0.000	%		1979			2029		12,847,054		9,478,427		2,248,235		1,658,725
CAD	FIXED		0.000	%		0.000	%		1981			2030		21,059,866		15,537,756		4,211,974		3,107,551
CAD	FIXED		0.000	%		0.000	%		1982			2024		1,480,844		1,092,552		74,594		55,035
CAD	FIXED		0.000	%		0.000	%		1983			2033		14,999,732		11,066,651		3,902,557		2,879,267
CAD	FIXED		0.000	%		0.000	%		1984			2034		855,778		631,385		246,037		181,523
CAD	FIXED		0.000	%		0.000	%		1984			2035		49,977,499		36,872,894		15,477,499		11,419,142
CAD	NO INTEREST RATE		0.000	%		0.000	%		1973			2023		22,191,471		16,372,643		554,817		409,339
CAD	NO INTEREST RATE		0.000	%		0.000	%		1982			2030		31,544,124		23,272,936		6,308,825		4,654,588
CAD	NO INTEREST RATE		0.000	%		0.000	%		2002			2023		10,880,982		8,027,878		544,049		401,394
CHF	NO INTEREST RATE		0.000	%		0.000	%		2002			2023		5,666,667		6,129,439		283,333		306,472
CNY	FIXED		2.500	%		0.350	%		2008			2025		1,550,083,480		222,905,027		387,520,870		55,726,257
DKK	NO INTEREST RATE		0.000	%		0.000	%		2002			2023		19,733,332		2,826,592		986,667		141,330
EUR	EURIBOR 6 MTH		0.065	%		0.250	%		2020			2032		300,000,000		319,560,031		300,000,000		319,560,031
EUR	EURIBOR 6 MTH		0.065	%		0.250	%		2021			2032		200,000,000		213,040,021		200,000,000		213,040,021
EUR	EURIBOR 6 MTH		0.075	%		0.250	%		2019			2031		500,000,000		532,600,051		500,000,000		532,600,051
EUR	EURIBOR 6 MTH		0.085	%		0.250	%		2020			2032		250,000,000		266,300,026		250,000,000		266,300,026
EUR	EURIBOR 6 MTH		0.125	%		0.250	%		2018			2029		300,000,000		319,560,031		247,059,000		263,167,272
EUR	EURIBOR 6 MTH		0.175	%		0.250	%		2018			2029		200,000,000		213,040,021		164,708,000		175,446,979
EUR	EURIBOR 6 MTH		0.175	%		0.250	%		2018			2029		200,000,000		213,040,021		164,708,000		175,446,979
EUR	EURIBOR 6 MTH		0.323	%		0.250	%		2021			2036		200,000,000		213,040,021		195,200,000		207,927,060
EUR	EURIBOR 6 MTH		0.328	%		0.250	%		2021			2033		400,000,000		426,080,041		400,000,000		426,080,041
EUR	EURIBOR 6 MTH		0.608	%		0.250	%		2021			2036		85,700,000		91,287,649		986,558		1,050,881
EUR	EURIBOR 6 MTH		2.387	%		0.200	%		2021			2039		89,008,005		94,811,336		301,369		321,018
EUR	EURIBOR 6 MTH		3.532	%		0.000	%		2022			2034		50,000,000		53,260,005		50,000,000		53,260,005
EUR	FIXED		0.000	%		0.000	%		1993			2023		6,197,338		6,601,405		309,867		330,070
EUR	FIXED		0.000	%		0.400	%		2020			2046		8,000,000		8,521,601		8,000,000		8,521,601
EUR	FIXED		0.002	%		0.000	%		2018			2055		42,782,878		45,572,326		28,666,050		30,535,079
EUR	FIXED		0.150	%		0.000	%		2007			2037		13,594,264		14,480,611		13,594,264		14,480,611
EUR	FIXED		0.150	%		0.000	%		2008			2038		18,752,916		19,975,608		18,752,916		19,975,608
EUR	FIXED		0.150	%		0.000	%		2008			2039		6,888,832		7,337,984		6,888,832		7,337,984
EUR	FIXED		0.150	%		0.000	%		2010			2040		3,695,046		3,935,963		3,695,046		3,935,963
EUR	FIXED		0.150	%		0.000	%		2011			2046		7,349,159		7,828,325		7,349,159		7,828,325
EUR	FIXED		0.150	%		0.000	%		2013			2051		12,430,001		13,240,438		12,430,001		13,240,438
EUR	FIXED		0.150	%		0.000	%		2016			2054		6,979,739		7,434,819		6,979,739		7,434,819
EUR	FIXED		0.200	%		0.000	%		2003			2038		10,840,484		11,547,285		6,858,266		7,305,425
EUR	FIXED		0.220	%		0.000	%		2014			2037		47,677,098		50,785,650		47,677,098		50,785,650
EUR	FIXED		0.250	%		0.000	%		1995			2039		40,998,276		43,671,368		14,444,044		15,385,798
EUR	FIXED		0.250	%		0.000	%		1996			2026		45,463,607		48,427,839		13,727,898		14,622,959
EUR	FIXED		0.250	%		0.000	%		1997			2029		15,683,500		16,706,065		6,409,251		6,827,135
EUR	FIXED		0.250	%		0.000	%		1997			2029		12,337,977		13,142,414		5,406,509		5,759,014

D-92


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			YEAR OF CONTRACT		YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE
												(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
EUR	FIXED		0.330	%		0.500	%		2019		2031		20,779,100		22,133,899		18,235,027		19,423,952
EUR	FIXED		0.400	%		0.400	%		2014		2034		11,523,700		12,275,046		10,601,804		11,293,043
EUR	FIXED		0.400	%		0.400	%		2015		2034		7,730,000		8,233,997		7,111,600		7,575,277
EUR	FIXED		0.400	%		0.400	%		2019		2023		20,250,000		21,570,302		5,062,500		5,392,576
EUR	FIXED		0.400	%		0.400	%		2019		2033		114,750,000		122,231,712		77,647,310		82,709,923
EUR	FIXED		0.500	%		0.000	%		1993		2036		63,683,736		67,835,922		27,431,571		29,220,113
EUR	FIXED		0.500	%		0.000	%		1993		2035		13,102,993		13,957,310		5,458,928		5,814,850
EUR	FIXED		0.500	%		0.000	%		1993		2035		47,838,742		50,957,833		23,085,841		24,591,040
EUR	FIXED		0.630	%		0.000	%		1998		2031		2,285,816		2,434,852		935,025		995,989
EUR	FIXED		0.750	%		0.000	%		1984		2034		26,570,305		28,302,692		760,802		810,407
EUR	FIXED		0.750	%		0.000	%		1989		2029		20,451,675		21,785,127		4,695,705		5,001,865
EUR	FIXED		0.750	%		0.000	%		1991		2031		79,311,597		84,482,721		24,972,007		26,600,184
EUR	FIXED		0.750	%		0.000	%		1991		2033		58,747,437		62,577,776		20,293,175		21,616,292
EUR	FIXED		0.750	%		0.000	%		1992		2032		20,093,771		21,403,887		5,022,420		5,349,883
EUR	FIXED		0.750	%		0.000	%		1993		2033		10,839,388		11,546,117		3,980,919		4,240,475
EUR	FIXED		0.750	%		0.000	%		1995		2035		11,654,155		12,414,007		5,054,556		5,384,114
EUR	FIXED		0.750	%		0.000	%		2004		2044		74,927,500		79,812,781		30,108,000		32,071,045
EUR	FIXED		0.750	%		0.240	%		1998		2038		12,271,005		13,071,076		6,544,536		6,971,241
EUR	FIXED		0.750	%		0.250	%		1994		2024		9,246,474		9,849,345		2,333,010		2,485,122
EUR	FIXED		0.750	%		0.250	%		1995		2035		8,513,009		9,068,058		3,550,010		3,781,471
EUR	FIXED		0.750	%		0.250	%		1995		2025		21,609,069		23,017,982		9,130,069		9,725,350
EUR	FIXED		0.750	%		0.250	%		1995		2035		14,902,735		15,874,395		6,470,735		6,892,628
EUR	FIXED		0.750	%		0.250	%		1998		2038		10,946,906		11,660,645		5,793,083		6,170,793
EUR	FIXED		0.750	%		0.250	%		1999		2039		76,609,992		81,604,971		41,444,736		44,146,937
EUR	FIXED		0.750	%		0.250	%		1999		2039		11,759,713		12,526,448		6,555,273		6,982,678
EUR	FIXED		0.750	%		0.250	%		2000		2040		8,087,557		8,614,867		4,725,557		5,033,664
EUR	FIXED		0.750	%		0.250	%		2000		2040		14,622,948		15,576,365		8,536,018		9,092,567
EUR	FIXED		0.750	%		0.250	%		2001		2035		2,652,707		2,825,664		1,380,707		1,470,729
EUR	FIXED		0.750	%		0.250	%		2001		2041		19,186,859		20,437,844		11,637,988		12,396,787
EUR	FIXED		0.750	%		0.250	%		2001		2041		20,221,795		21,540,258		12,806,890		13,641,900
EUR	FIXED		0.750	%		0.250	%		2002		2014		74,649,000		79,516,122		23,885,000		25,442,304
EUR	FIXED		0.750	%		0.250	%		2002		2042		14,762,878		15,725,419		5,000,000		5,326,001
EUR	FIXED		0.750	%		0.250	%		2003		2043		10,500,383		11,185,009		7,116,622		7,580,626
EUR	FIXED		0.750	%		0.250	%		2004		2044		9,000,000		9,586,801		6,354,000		6,768,281
EUR	FIXED		0.750	%		0.250	%		2005		2020		48,496,003		51,657,948		19,431,309		20,698,232
EUR	FIXED		0.750	%		0.250	%		2006		2045		6,000,000		6,391,201		4,600,000		4,899,920
EUR	FIXED		0.750	%		0.250	%		2006		2046		8,821,144		9,396,284		7,057,144		7,517,271
EUR	FIXED		0.750	%		0.250	%		2009		2024		30,887,392		32,901,253		18,699,392		19,918,594
EUR	FIXED		0.750	%		0.250	%		2011		2051		19,000,000		20,238,802		18,191,731		19,377,834
EUR	FIXED		0.780	%		0.500	%		2021		2033		80,000,000		85,216,008		328,164		349,560
EUR	FIXED		0.990	%		0.000	%		2020		2030		100,000,000		106,520,010		100,000,000		106,520,010
EUR	FIXED		1.000	%		0.000	%		2008		2028		36,800,000		39,199,364		19,971,755		21,273,916
EUR	FIXED		1.000	%		0.000	%		2011		2034		30,299,373		32,274,895		21,182,629		22,563,739
EUR	FIXED		1.230	%		0.000	%		2020		2030		100,000,000		106,520,010		93,750,000		99,862,510
EUR	FIXED		1.250	%		0.000	%		2017		2028		200,000,000		213,040,021		141,180,000		150,384,950
EUR	FIXED		1.300	%		0.250	%		2017		2028		200,000,000		213,040,021		141,180,000		150,384,950
EUR	FIXED		1.360	%		0.000	%		2021		2031		100,000,000		106,520,010		100,000,000		106,520,010
EUR	FIXED		1.410	%		0.500	%		2017		2032		150,000,000		159,780,015		142,500,000		151,791,015
EUR	FIXED		1.500	%		0.000	%		1983		2024		29,240,271		31,146,739		47,969		51,097
EUR	FIXED		1.500	%		0.000	%		1984		2018		27,187,576		28,960,209		4,335		4,617
EUR	FIXED		1.500	%		0.000	%		1984		2020		9,390,859		10,003,144		64,971		69,207
EUR	FIXED		1.500	%		0.000	%		1985		2018		26,359,240		28,077,866		195,201		207,928
EUR	FIXED		1.500	%		0.000	%		1987		2025		34,256,162		36,489,667		1,301,699		1,386,570
EUR	FIXED		1.500	%		0.000	%		1988		2022		7,351,926		7,831,272		213,822		227,764
EUR	FIXED		1.500	%		0.000	%		1988		2022		6,342,039		6,755,541		346,379		368,963
EUR	FIXED		1.620	%		0.000	%		2018		2028		150,000,000		159,780,015		128,571,429		136,954,299
EUR	FIXED		1.620	%		0.000	%		2018		2028		150,000,000		159,780,015		128,571,429		136,954,299
EUR	FIXED		1.900	%		0.000	%		2017		2032		100,000,000		106,520,010		100,000,000		106,520,010
EUR	FIXED		1.950	%		0.000	%		2002		2023		106,768,936		113,730,282		1,015,901		1,082,138

D-93


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			COMMITMENT CHARGE			YEAR OF CONTRACT		YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE
												(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
EUR	FIXED		1.950	%		0.000	%		2011		2023		13,589,779		14,475,834		938,443		999,630
EUR	FIXED		2.000	%		0.000	%		1982		2030		4,729,450		5,037,810		196,336		209,137
EUR	FIXED		2.000	%		0.000	%		1982		2020		22,834,194		24,322,985		5,121		5,455
EUR	FIXED		2.000	%		0.000	%		1982		2022		12,193,549		12,988,570		48,988		52,182
EUR	FIXED		2.000	%		0.000	%		1984		2034		27,251,857		29,028,681		760,802		810,407
EUR	FIXED		2.000	%		0.000	%		1988		2022		5,158,481		5,494,814		340,315		362,503
EUR	FIXED		2.000	%		0.000	%		1989		2024		28,503,046		30,361,447		1,364,409		1,453,369
EUR	FIXED		2.000	%		0.000	%		1989		2024		66,166,149		70,480,189		9,382,075		9,993,787
EUR	FIXED		2.000	%		0.000	%		1990		2026		37,767,403		40,229,841		6,714,983		7,152,800
EUR	FIXED		2.000	%		0.000	%		1991		2021		17,383,924		18,517,358		1,016,960		1,083,265
EUR	FIXED		2.000	%		0.000	%		1991		2025		27,626,577		29,427,833		2,386,076		2,541,648
EUR	FIXED		2.000	%		0.000	%		1992		2022		9,816,804		10,456,861		2,914,364		3,104,381
EUR	FIXED		2.000	%		0.000	%		1993		2023		23,519,427		25,052,896		587,986		626,323
EUR	FIXED		2.000	%		0.000	%		1993		2023		11,043,905		11,763,968		538,902		574,038
EUR	FIXED		2.000	%		0.000	%		1993		2033		60,383,571		64,320,586		4,347,515		4,630,974
EUR	FIXED		2.000	%		0.250	%		1995		2035		10,276,967		10,947,026		2,270,136		2,418,149
EUR	FIXED		2.000	%		0.250	%		2001		2031		9,428,222		10,042,943		3,911,383		4,166,405
EUR	FIXED		2.000	%		0.400	%		2014		2029		15,312,037		16,310,384		9,839,509		10,481,046
EUR	FIXED		2.060	%		0.000	%		2015		2033		140,000,000		149,128,014		118,461,538		126,185,243
EUR	FIXED		2.080	%		0.000	%		2016		2034		100,000,000		106,520,010		92,307,692		98,326,163
EUR	FIXED		2.200	%		0.000	%		1999		2025		15,882,219		16,917,741		3,292,933		3,507,633
EUR	FIXED		2.300	%		0.250	%		2013		2028		71,585,136		76,252,494		37,835,136		40,301,991
EUR	FIXED		2.350	%		0.000	%		2002		2023		9,365,347		9,975,969		1,002,018		1,067,350
EUR	FIXED		2.350	%		0.000	%		2004		2025		2,456,933		2,617,126		567,806		604,827
EUR	FIXED		2.500	%		0.000	%		2002		2023		89,122,861		94,933,681		4,456,142		4,746,683
EUR	FIXED		2.550	%		0.250	%		2017		2032		30,000,000		31,956,003		27,678,515		29,483,158
EUR	FIXED		2.950	%		0.000	%		2002		2023		127,398,151		135,704,524		6,369,908		6,785,227
EUR	FIXED		3.090	%		0.000	%		2013		2031		74,700,000		79,570,448		48,021,429		51,152,431
EUR	FIXED		3.500	%		0.000	%		1997		2024		26,162,220		27,868,000		2,180,185		2,322,333
EUR	FIXED		3.500	%		0.000	%		1997		2024		10,896,067		11,606,491		1,513,343		1,612,013
EUR	FIXED		3.500	%		0.000	%		1997		2026		29,601,112		31,531,107		6,578,025		7,006,913
EUR	FIXED		3.500	%		0.000	%		1997		2024		39,703,257		42,291,914		4,411,473		4,699,102
EUR	FIXED		3.500	%		0.000	%		1998		2026		20,481,742		21,817,154		4,551,498		4,848,256
EUR	FIXED		3.500	%		0.000	%		1998		2024		4,338,569		4,621,444		482,063		513,494
EUR	FIXED		3.500	%		0.000	%		1998		2027		11,118,944		11,843,900		3,088,595		3,289,972
EUR	FIXED		3.500	%		0.000	%		1998		2026		15,647,789		16,668,026		3,042,626		3,241,005
EUR	FIXED		3.500	%		0.000	%		1998		2029		24,898,896		26,522,306		8,991,268		9,577,500
EUR	FIXED		3.500	%		0.000	%		1998		2026		34,193,032		36,422,421		7,598,451		8,093,871
EUR	FIXED		3.500	%		0.000	%		1998		2023		32,681,718		34,812,570		1,815,651		1,934,032
EUR	FIXED		3.500	%		0.000	%		1999		2027		68,632,225		73,107,053		17,158,056		18,276,763
EUR	FIXED		3.500	%		0.000	%		1999		2024		28,814,783		30,693,510		2,401,232		2,557,792
EUR	FIXED		3.500	%		0.000	%		1999		2024		28,509,806		30,368,648		2,375,817		2,530,721
EUR	FIXED		3.500	%		0.000	%		1999		2024		28,649,483		30,517,432		2,387,457		2,543,119
EUR	FIXED		3.500	%		0.000	%		1999		2024		22,262,341		23,713,848		2,473,594		2,634,872
EUR	FIXED		3.500	%		0.000	%		1999		2026		21,667,405		23,080,122		5,416,851		5,770,031
EUR	FIXED		3.500	%		0.000	%		1999		2024		22,435,697		23,898,507		1,869,641		1,991,542
EUR	FIXED		3.500	%		0.000	%		2002		2023		487,625		519,419		24,381		25,971
EUR	NO INTEREST RATE		0.000	%		0.000	%		1994		2024		4,957,713		5,280,957		497,070		529,479
EUR	NO INTEREST RATE		0.000	%		0.000	%		1996		2033		1,801,799		1,919,276		990,989		1,055,602
EUR	NO INTEREST RATE		0.000	%		0.000	%		2002		2023		13,287,969		14,154,345		664,399		707,717
EUR	NO INTEREST RATE		0.000	%		0.150	%		2008		2023		6,102,500		6,500,384		406,833		433,359
EUR	NO INTEREST RATE		0.000	%		0.250	%		2012		2027		8,000,000		8,521,601		4,000,000		4,260,800
EUR	NO INTEREST RATE		0.000	%		0.250	%		2012		2027		8,000,000		8,521,601		4,000,000		4,260,800
EUR	NO INTEREST RATE		0.000	%		0.400	%		2018		2043		12,500,000		13,315,001		12,500,000		13,315,001
EUR	NO INTEREST RATE		0.000	%		0.400	%		2018		2043		12,000,000		12,782,401		12,000,000		12,782,401
EUR	NO INTEREST RATE		0.000	%		0.400	%		2019		2047		12,400,000		13,208,481		12,400,000		13,208,481
EUR	NO INTEREST RATE		0.000	%		0.400	%		2020		2048		14,883,000		15,853,373		14,108,405		15,028,275
EUR	NO INTEREST RATE		0.000	%		0.400	%		2022		2049		9,950,000		10,598,741		4,936,941		5,258,830
EUR	NO INTEREST RATE		0.000	%		0.450	%		2021		2049		12,599,493		13,420,981		9,639,613		10,268,117

D-94


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
JPY	COMMERCIAL INTEREST REFERENCE RATE	2.200%	0.200%	2012	2025		1,412,670,247		10,687,070		265,379,635		2,007,638
JPY	FIXED	0.010%	0.000%	2014	2054		6,968,975,715		52,721,383		6,358,854,877		48,105,724
JPY	FIXED	0.010%	0.000%	2015	2040		1,919,000,000		14,517,533		1,211,464,126		9,164,914
JPY	FIXED	0.010%	0.000%	2020	2060		27,970,000,000		211,597,391		6,895,583,934		52,166,163
JPY	FIXED	0.010%	0.000%	2020	2035		50,000,000,000		378,257,760		50,000,000,000		378,257,760
JPY	FIXED	0.010%	0.100%	2008	2038		646,301,237		4,889,369		488,653,000		3,696,736
JPY	FIXED	0.010%	0.100%	2009	2039		1,572,911,089		11,899,317		1,170,510,000		8,855,090
JPY	FIXED	0.010%	0.100%	2013	2053		721,915,649		5,461,404		721,915,649		5,461,404
JPY	FIXED	0.010%	0.100%	2015	2055		657,000,000		4,970,307		347,364,895		2,627,869
JPY	FIXED	0.100%	0.000%	2015	2055		68,305,676,917		516,743,047		68,230,458,917		516,174,012
JPY	FIXED	0.100%	0.000%	2017	2057		118,906,000,000		899,542,345		76,335,390,996		577,489,081
JPY	FIXED	0.100%	0.000%	2018	2058		70,021,000,000		529,719,733		54,842,270,161		414,890,286
JPY	FIXED	0.100%	0.000%	2022	2062		70,195,000,000		531,036,070		5,100,918,679		38,589,242
JPY	FIXED	0.150%	0.100%	2008	2023		30,768,000,000		232,764,695		2,930,284,000		22,168,053
JPY	FIXED	0.150%	0.100%	2010	2025		27,195,000,000		205,734,396		6,475,000,000		48,984,380
JPY	FIXED	0.150%	0.150%	2009	2024		28,083,000,000		212,452,254		5,349,140,000		40,467,074
JPY	FIXED	0.200%	0.100%	2009	2049		48,131,267,599		364,120,510		41,818,590,000		316,364,124
JPY	FIXED	0.300%	0.000%	2014	2054		7,075,000,000		53,523,473		6,320,597,910		47,816,304
JPY	FIXED	0.300%	0.100%	2011	2051		26,966,000,000		204,001,975		13,026,692,776		98,548,953
JPY	FIXED	0.300%	0.100%	2013	2053		3,663,148,274		27,712,285		3,663,148,274		27,712,285
JPY	FIXED	0.400%	0.000%	2005	2045		20,791,885,495		157,293,841		14,662,530,000		110,924,315
JPY	FIXED	0.400%	0.000%	2006	2046		23,125,703,144		174,949,534		17,726,849,000		134,106,364
JPY	FIXED	0.400%	0.000%	2006	2046		1,550,354,185		11,728,670		1,219,920,000		9,228,884
JPY	FIXED	0.400%	0.000%	2007	2047		6,210,886,208		46,986,318		4,986,877,000		37,726,499
JPY	FIXED	0.400%	0.000%	2020	2035		31,800,000,000		240,571,936		31,800,000,000		240,571,936
JPY	FIXED	0.450%	0.000%	2021	2036		50,000,000,000		378,257,760		50,000,000,000		378,257,760
JPY	FIXED	0.509%	0.000%	1998	2028		15,171,500,000		114,774,752		745,477,500		5,639,653
JPY	FIXED	0.650%	0.100%	2008	2048		5,846,601,826		44,230,450		4,888,044,000		36,978,812
JPY	FIXED	0.700%	0.100%	2008	2023		22,080,000,000		167,038,627		1,051,428,000		7,954,216
JPY	FIXED	0.700%	0.100%	2009	2024		18,586,000,000		140,605,975		2,655,138,000		20,086,531
JPY	FIXED	0.700%	0.100%	2010	2025		8,997,000,000		68,063,701		2,142,140,000		16,205,622
JPY	FIXED	0.750%	0.000%	2001	2041		5,705,511,965		43,163,084		3,554,216,000		26,888,196
JPY	FIXED	0.750%	0.000%	2004	2044		5,075,725,392		38,398,650		3,801,372,000		28,757,969
JPY	FIXED	0.750%	0.000%	2005	2045		16,746,082,991		126,686,717		12,353,535,000		93,456,410
JPY	FIXED	0.750%	0.000%	2006	2046		35,682,654,742		269,944,821		29,648,713,285		224,297,118
JPY	FIXED	0.750%	0.000%	2007	2047		34,547,100,543		261,354,178		27,700,337,000		209,557,349
JPY	FIXED	0.800%	0.000%	2013	2028		19,848,000,000		150,153,201		11,341,704,000		85,801,751
JPY	FIXED	0.800%	0.000%	2020	2040		7,299,000,000		55,218,068		98,743,068		747,007
JPY	FIXED	0.800%	0.100%	2010	2025		8,391,000,000		63,479,217		2,397,426,000		18,136,900
JPY	FIXED	0.800%	0.100%	2011	2026		8,291,000,000		62,722,702		2,763,663,000		20,907,540
JPY	FIXED	0.800%	0.100%	2013	2028		15,490,000,000		117,184,254		8,113,809,000		61,382,224
JPY	FIXED	0.950%	0.000%	2001	2041		21,556,651,657		163,079,416		13,589,408,000		102,805,981
JPY	FIXED	0.950%	0.000%	2003	2043		48,538,362,136		367,200,243		32,617,919,000		246,759,620
JPY	FIXED	1.000%	0.000%	1998	2028		48,500,000,000		366,910,028		14,195,112,000		107,388,225
JPY	FIXED	1.000%	0.000%	1998	2028		98,524,758,827		745,355,092		28,836,504,000		218,152,628
JPY	FIXED	1.000%	0.000%	1999	2029		80,480,000,000		608,843,691		25,518,038,000		193,047,918
JPY	FIXED	1.000%	0.000%	2000	2030		35,964,000,000		272,073,242		13,157,550,000		99,538,908
JPY	FIXED	1.200%	0.000%	2020	2045		57,061,000,000		431,675,321		274,916,237		2,079,784
JPY	FIXED	1.300%	0.000%	2004	2034		85,056,202,305		643,463,372		47,568,945,000		359,866,452
JPY	FIXED	1.300%	0.000%	2005	2035		10,794,000,000		81,658,285		6,581,700,000		49,791,582
JPY	FIXED	1.300%	0.000%	2005	2035		50,891,204,030		384,999,857		30,996,450,000		234,492,955
JPY	FIXED	1.300%	0.000%	2019	2044		30,980,000,000		234,368,508		904,647,715		6,843,800
JPY	FIXED	1.400%	0.000%	2014	2039		14,508,358,849		109,757,987		11,644,423,515		88,091,871
JPY	FIXED	1.400%	0.000%	2014	2044		16,322,000,000		123,478,463		442,648,739		3,348,706
JPY	FIXED	1.400%	0.100%	2008	2038		35,031,815,051		265,021,118		26,469,412,000		200,245,210
JPY	FIXED	1.400%	0.100%	2009	2039		16,635,418,875		125,849,526		13,389,288,000		101,292,042
JPY	FIXED	1.400%	0.100%	2013	2038		3,077,927,607		23,285,000		2,561,530,000		19,378,372
JPY	FIXED	1.500%	0.000%	2006	2036		11,729,000,000		88,731,705		7,723,971,000		58,433,039
JPY	FIXED	1.500%	0.000%	2006	2036		15,671,499,292		118,557,324		10,309,842,000		77,995,555

D-95


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
JPY	FIXED	1.500%	0.000%	2007	2037		23,554,000,000		178,189,666		16,660,094,000		126,036,197
JPY	FIXED	1.500%	0.000%	2007	2037		43,648,186,548		330,205,306		30,748,623,000		232,618,105
JPY	FIXED	1.800%	0.000%	2001	2031		24,824,780,304		187,803,316		11,687,280,000		88,416,087
JPY	FIXED	1.800%	0.000%	2001	2041		19,906,758,134		150,597,715		8,968,010,000		67,844,388
JPY	FIXED	1.800%	0.000%	2002	2023		208,605,798,990		1,578,135,247		10,430,289,000		78,906,755
JPY	FIXED	1.800%	0.000%	2002	2032		13,784,512,741		104,281,978		7,194,160,000		54,424,937
JPY	FIXED	1.800%	0.000%	2002	2042		25,541,797,385		193,227,662		13,355,560,000		101,036,884
JPY	FIXED	1.800%	0.000%	2003	2033		70,677,133,186		534,683,482		37,924,282,000		286,903,079
JPY	FIXED	1.800%	0.000%	2004	2034		14,542,600,396		110,017,029		8,158,031,000		61,716,771
JPY	FIXED	2.100%	0.000%	1998	2028		411,741,033		3,114,885		110,462,000		835,662
JPY	FIXED	2.200%	0.000%	1998	2028		20,000,000,000		151,303,104		5,365,844,000		40,593,443
JPY	FIXED	2.300%	0.000%	1995	2025		40,260,976,732		304,580,538		5,609,982,000		42,440,385
JPY	FIXED	2.300%	0.000%	1998	2028		1,330,560,363		10,065,896		356,950,000		2,700,382
JPY	FIXED	2.500%	0.000%	1995	2025		96,229,371,639		727,990,132		13,994,520,000		105,870,716
JPY	FIXED	2.500%	0.000%	1996	2026		11,580,095,331		87,605,219		2,239,528,000		16,942,377
JPY	FIXED	2.500%	0.000%	1998	2028		13,890,902,869		105,086,836		3,717,802,000		28,125,749
JPY	FIXED	2.600%	0.000%	1993	2023		10,893,524,544		82,411,204		265,006,000		2,004,812
JPY	FIXED	2.600%	0.000%	1993	2023		148,639,903,352		1,124,483,939		7,206,860,000		54,521,014
JPY	FIXED	2.600%	0.000%	1994	2024		140,896,857,218		1,065,906,593		13,724,112,000		103,825,037
JPY	FIXED	2.700%	0.000%	1996	2026		130,355,842,533		986,162,181		24,759,408,000		187,308,764
JPY	FIXED	2.700%	0.000%	1998	2028		132,731,550,675		1,004,134,782		34,210,495,000		258,807,704
JPY	FIXED	3.000%	0.000%	1998	2028		6,068,600,000		45,909,901		216,337,500		1,636,627
JPY	FIXED	3.000%	0.000%	2002	2023		6,352,091,212		48,054,556		317,604,560		2,402,728
JPY	TORF 6 MONTHS	0.040%	0.100%	2009	2024		9,361,000,000		70,817,418		1,497,760,000		11,330,787
JPY	TORF 6 MONTHS	0.140%	0.000%	2017	2042		8,309,000,000		62,858,875		7,674,941,579		58,062,124
JPY	TORF 6 MONTHS	0.182%	0.000%	2017	2047		15,896,000,000		120,255,707		740,299,404		5,600,480
JPY	TORF 6 MONTHS	0.185%	0.000%	2017	2047		58,092,000,000		439,474,996		19,522,150,397		147,688,098
KRW	FIXED	0.150%	0.000%	2011	2051		109,426,000,000		86,813,726		100,619,950,410		79,827,398
KRW	FIXED	0.150%	0.000%	2014	2054		40,720,146,500		32,305,555		40,720,146,500		32,305,555
KRW	FIXED	0.150%	0.000%	2014	2054		57,397,000,000		45,536,229		47,092,522,690		37,361,115
KRW	FIXED	0.200%	0.000%	2011	2041		39,845,706,280		31,611,813		36,857,254,000		29,240,908
KRW	FIXED	1.500%	0.000%	2007	2037		33,227,128,630		26,360,927		24,920,310,000		19,770,667
KRW	FIXED	1.500%	0.000%	2007	2037		23,717,066,770		18,816,067		17,787,780,000		14,112,034
KRW	FIXED	1.500%	0.000%	2009	2039		32,354,707,860		25,668,788		26,692,611,000		21,176,732
KRW	FIXED	2.000%	0.000%	2000	2030		32,899,947,110		26,101,356		13,159,968,000		10,440,534
KRW	FIXED	2.000%	0.000%	2005	2035		19,312,358,510		15,321,567		12,553,008,000		9,958,999
KRW	FIXED	2.500%	0.000%	1998	2027		27,366,962,730		21,711,732		6,841,740,000		5,427,933
KRW	FIXED	2.500%	0.000%	2000	2030		44,912,981,250		35,631,964		17,965,184,000		14,252,779
KRW	FIXED	3.000%	0.000%	2001	2025		13,203,435,770		10,475,019		2,200,572,000		1,745,836
KRW	FIXED	3.500%	0.000%	2002	2023		4,214,155,990		3,343,324		210,705,950		167,165
KRW	NO INTEREST RATE	0.000%	0.000%	2019	2059		98,000,000		77,749		2,075,953,310		1,646,969
SAR	FIXED	2.000%	0.000%	2010	2035		107,294,934		28,528,327		62,025,000		16,491,641
SAR	FIXED	2.000%	0.000%	2014	2038		111,198,680		29,566,283		84,940,680		22,584,622
SAR	FIXED	2.000%	0.000%	2019	2038		122,625,000		32,604,393		10,018,866		2,663,886
SAR	FIXED	2.000%	0.000%	2019	2039		83,625,000		22,234,800		1,159,447		308,282
USD	FIXED	0.000%	0.000%	2018	2058		31,705,000		31,705,000		2,898,715		2,898,715
USD	FIXED	0.150%	0.000%	2021	2061		67,255,000		67,255,000		2,547,667,700		2,547,667,700
USD	FIXED	0.300%	0.000%	1995	2026		7,138,645		7,138,645		1,218,793		1,218,793
USD	FIXED	0.700%	0.000%	2003	2034		9,189,325		9,189,325		5,154,987		5,154,987
USD	FIXED	0.700%	0.000%	2004	2034		9,996,353		9,996,353		5,851,524		5,851,524
USD	FIXED	1.000%	0.000%	1999	2029		40,476,113		40,476,113		10,897,415		10,897,415
USD	FIXED	1.000%	0.000%	2002	2032		18,995,245		18,995,245		7,482,539		7,482,539
USD	FIXED	1.000%	0.000%	2022	2033		100,000,000		100,000,000		40,000,000		40,000,000
USD	FIXED	1.250%	0.000%	1994	2025		100,000,000		100,000,000		12,195,122		12,195,122
USD	FIXED	1.250%	0.000%	1995	2025		10,803,941		10,803,941		1,317,554		1,317,554
USD	FIXED	1.250%	0.000%	1996	2027		8,000,000		8,000,000		1,756,098		1,756,098
USD	FIXED	2.410%	0.000%	2008	2023		200,000,000		200,000,000		10,000,000		10,000,000
USD	FIXED	2.430%	0.000%	2010	2025		31,621,675		31,621,675		7,905,419		7,905,419
USD	FIXED	2.500%	0.000%	2002	2023		23,006,346		23,006,346		1,150,317		1,150,317

D-96


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	FIXED	2.850%	0.250%	2016	2027		220,000,000		220,000,000		129,413,000		129,413,000
USD	FIXED	3.000%	0.000%	1979	2025		5,078,561		5,078,561		277,344		277,344
USD	FIXED	3.000%	0.000%	1980	2023		1,484,683		1,484,683		36,991		36,991
USD	FIXED	3.000%	0.000%	1980	2023		2,202,201		2,202,201		108,267		108,267
USD	FIXED	3.000%	0.000%	1980	2024		6,544,887		6,544,887		479,093		479,093
USD	FIXED	3.000%	0.000%	1981	2028		286,568		286,568		72,544		72,544
USD	FIXED	3.000%	0.000%	1981	2024		531,110		531,110		51,456		51,456
USD	FIXED	3.000%	0.000%	1981	2025		25,960		25,960		3,121		3,121
USD	FIXED	3.000%	0.000%	1982	2023		10,032,171		10,032,171		493,213		493,213
USD	FIXED	3.000%	0.000%	1982	2026		1,175,983		1,175,983		221,281		221,281
USD	FIXED	3.000%	0.000%	1982	2023		1,992,781		1,992,781		49,351		49,351
USD	FIXED	3.000%	0.000%	1982	2023		2,562,416		2,562,416		63,457		63,457
USD	FIXED	3.000%	0.000%	1982	2027		1,477,874		1,477,874		342,585		342,585
USD	FIXED	3.000%	0.000%	1982	2023		432,142		432,142		11,423		11,423
USD	FIXED	3.000%	0.000%	1982	2023		638,194		638,194		31,376		31,376
USD	FIXED	3.000%	0.000%	1982	2024		961,572		961,572		70,389		70,389
USD	FIXED	3.000%	0.000%	1982	2023		1,499,827		1,499,827		73,736		73,736
USD	FIXED	3.000%	0.000%	1982	2024		2,777,890		2,777,890		269,133		269,133
USD	FIXED	3.000%	0.000%	1982	2024		843,708		843,708		81,742		81,742
USD	FIXED	3.000%	0.000%	1982	2025		1,500,000		1,500,000		214,807		214,807
USD	FIXED	3.000%	0.000%	1983	2025		3,494,360		3,494,360		500,409		500,409
USD	FIXED	3.000%	0.000%	1983	2026		194,518		194,518		36,602		36,602
USD	FIXED	3.000%	0.000%	1983	2023		2,813,521		2,813,521		71,895		71,895
USD	FIXED	3.000%	0.000%	1983	2024		3,236,314		3,236,314		236,902		236,902
USD	FIXED	3.000%	0.000%	1983	2024		5,150,000		5,150,000		498,952		498,952
USD	FIXED	3.000%	0.000%	1983	2024		9,891,530		9,891,530		958,330		958,330
USD	FIXED	3.000%	0.000%	1983	2024		2,944,145		2,944,145		285,241		285,241
USD	FIXED	3.000%	0.000%	1983	2024		2,454,752		2,454,752		179,691		179,691
USD	FIXED	3.000%	0.000%	1983	2024		4,000,000		4,000,000		292,805		292,805
USD	FIXED	3.000%	0.000%	1983	2025		3,888,753		3,888,753		467,494		467,494
USD	FIXED	3.000%	0.000%	1983	2024		1,308,345		1,308,345		126,758		126,758
USD	FIXED	3.000%	0.000%	1983	2024		6,300,771		6,300,771		610,443		610,443
USD	FIXED	3.000%	0.000%	1983	2026		2,254,775		2,254,775		424,273		424,273
USD	FIXED	3.000%	0.000%	1984	2026		2,100,000		2,100,000		348,291		348,291
USD	FIXED	3.000%	0.000%	1984	2028		1,170,000		1,170,000		296,183		296,183
USD	FIXED	3.000%	0.000%	1984	2025		4,244,083		4,244,083		510,210		510,210
USD	FIXED	3.000%	0.000%	1984	2025		14,211,987		14,211,987		2,035,224		2,035,224
USD	FIXED	3.000%	0.000%	1984	2025		4,371,309		4,371,309		525,505		525,505
USD	FIXED	3.000%	0.000%	1984	2025		3,936,113		3,936,113		473,187		473,187
USD	FIXED	3.000%	0.000%	1984	2025		190,000		190,000		22,841		22,841
USD	FIXED	3.000%	0.000%	1984	2025		5,382,648		5,382,648		770,821		770,821
USD	FIXED	3.000%	0.000%	1984	2026		70,000		70,000		13,172		13,172
USD	FIXED	3.000%	0.000%	1984	2026		1,200,000		1,200,000		225,800		225,800
USD	FIXED	3.000%	0.000%	1984	2027		1,000,000		1,000,000		231,809		231,809
USD	FIXED	3.000%	0.000%	1984	2027		1,832,922		1,832,922		385,189		385,189
USD	FIXED	3.000%	0.000%	1985	2028		1,959,000		1,959,000		537,102		537,102
USD	FIXED	3.000%	0.000%	1985	2029		41,000		41,000		12,090		12,090
USD	FIXED	3.000%	0.000%	1985	2026		4,171,492		4,171,492		691,854		691,854
USD	FIXED	3.000%	0.000%	1985	2026		236,726		236,726		39,262		39,262
USD	FIXED	3.000%	0.000%	1985	2027		4,075,000		4,075,000		856,362		856,362
USD	FIXED	3.000%	0.000%	1985	2027		2,368,361		2,368,361		549,008		549,008
USD	FIXED	3.000%	0.000%	1985	2027		31,812		31,812		7,374		7,374
USD	FIXED	3.000%	0.000%	1985	2026		3,364,174		3,364,174		633,025		633,025
USD	FIXED	3.000%	0.000%	1986	2030		1,717,012		1,717,012		609,889		609,889
USD	FIXED	3.000%	0.000%	1986	2027		3,322,901		3,322,901		698,309		698,309
USD	FIXED	3.000%	0.000%	1986	2026		1,751,928		1,751,928		329,655		329,655
USD	FIXED	3.000%	0.000%	1986	2028		2,125,851		2,125,851		538,155		538,155
USD	FIXED	3.000%	0.000%	1986	2028		696,000		696,000		190,824		190,824
USD	FIXED	3.000%	0.000%	1986	2026		980,434		980,434		184,485		184,485

D-97


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	FIXED	3.000%	0.000%	1986	2027		196,750		196,750		45,609		45,609
USD	FIXED	3.000%	0.000%	1986	2030		530,451		530,451		177,911		177,911
USD	FIXED	3.000%	0.000%	1986	2028		100,000		100,000		25,315		25,315
USD	FIXED	3.000%	0.000%	1987	2027		1,775,032		1,775,032		373,025		373,025
USD	FIXED	3.000%	0.000%	1987	2029		602,843		602,843		177,769		177,769
USD	FIXED	3.000%	0.000%	1987	2028		7,967,454		7,967,454		2,184,449		2,184,449
USD	FIXED	3.000%	0.000%	1987	2028		1,229,291		1,229,291		309,660		309,660
USD	FIXED	3.000%	0.000%	1987	2028		51,760		51,760		14,191		14,191
USD	FIXED	3.000%	0.000%	1987	2029		585,449		585,449		172,640		172,640
USD	FIXED	3.000%	0.000%	1987	2030		1,772,056		1,772,056		629,441		629,441
USD	FIXED	3.000%	0.000%	1987	2031		1,215,947		1,215,947		455,638		455,638
USD	FIXED	3.000%	0.000%	1998	2028		23,144,880		23,144,880		5,341,126		5,341,126
USD	FIXED	3.000%	0.000%	2002	2023		77,614,218		77,614,218		3,880,711		3,880,711
USD	FIXED	3.000%	0.000%	2011	2027		68,724,795		68,724,795		23,789,358		23,789,358
USD	FIXED	3.000%	0.000%	2012	2027		56,251,832		56,251,832		25,782,090		25,782,090
USD	FIXED	3.000%	0.000%	2012	2028		192,293,549		192,293,549		103,331,972		103,331,972
USD	FIXED	3.000%	0.000%	2018	2033		130,387,426		130,387,426		130,285,575		130,285,575
USD	FIXED	3.000%	0.200%	2012	2028		101,793,291		101,793,291		55,986,310		55,986,310
USD	FIXED	3.000%	0.200%	2013	2026		116,999,053		116,999,053		46,799,621		46,799,621
USD	FIXED	3.000%	0.200%	2014	2030		240,983,647		240,983,647		172,725,195		172,725,195
USD	FIXED	3.000%	0.200%	2014	2030		316,153,519		316,153,519		237,115,139		237,115,139
USD	FIXED	3.000%	0.200%	2015	2031		247,565,218		247,565,218		222,808,696		222,808,696
USD	FIXED	3.000%	0.200%	2016	2031		283,815,707		283,815,707		255,434,136		255,434,136
USD	FIXED	3.000%	0.250%	2016	2032		175,056,018		175,056,018		138,586,014		138,586,014
USD	FIXED	3.170%	0.000%	2002	2023		103,597,572		103,597,572		5,179,879		5,179,879
USD	FIXED	3.240%	0.000%	2012	2032		29,999,128		29,999,128		18,999,448		18,999,448
USD	FIXED	3.400%	0.250%	2015	2026		45,000,000		45,000,000		18,529,412		18,529,412
USD	FIXED	3.400%	0.250%	2015	2026		200,000,000		200,000,000		94,120,000		94,120,000
USD	FIXED	3.470%	0.250%	2016	2028		220,000,000		220,000,000		142,354,000		142,354,000
USD	FIXED	3.500%	0.000%	1999	2024		29,997,556		29,997,556		2,432,235		2,432,235
USD	FIXED	3.500%	0.000%	1999	2024		36,862,932		36,862,932		2,988,887		2,988,887
USD	FIXED	3.500%	0.000%	1999	2024		16,367,091		16,367,091		1,769,415		1,769,415
USD	FIXED	3.500%	0.000%	2000	2025		25,801,357		25,801,357		4,184,004		4,184,004
USD	FIXED	3.500%	0.000%	2000	2025		18,000,000		18,000,000		2,918,919		2,918,919
USD	FIXED	3.500%	0.000%	2003	2028		10,199,208		10,199,208		3,307,851		3,307,851
USD	FIXED	3.710%	0.000%	2010	2025		300,000,000		300,000,000		75,000,000		75,000,000
USD	FIXED	3.770%	0.000%	2009	2024		300,000,000		300,000,000		45,000,000		45,000,000
USD	FIXED	3.850%	0.000%	2013	2028		38,758,055		38,758,055		21,316,930		21,316,930
USD	FIXED	3.900%	0.250%	2014	2025		200,000,000		200,000,000		70,590,000		70,590,000
USD	FIXED	5.000%	0.300%	2014	2028		9,481,270		9,481,270		5,214,699		5,214,699
USD	FIXED	5.300%	0.000%	2009	2024		42,500,000		42,500,000		8,500,000		8,500,000
USD	FIXED	5.300%	0.000%	2009	2024		47,685,000		47,685,000		11,921,250		11,921,250
USD	FIXED	5.300%	0.000%	2010	2025		47,600,000		47,600,000		14,280,000		14,280,000
USD	FIXED	5.300%	0.000%	2010	2025		2,550,000		2,550,000		765,000		765,000
USD	FIXED	5.300%	0.000%	2011	2026		45,900,000		45,900,000		18,360,000		18,360,000
USD	FIXED	5.300%	0.000%	2012	2027		96,900,000		96,900,000		53,295,000		53,295,000
USD	FIXED	6.650%	0.000%	1999	2029		25,000,000		25,000,000		12,586,941		12,586,941
USD	FIXED	7.210%	0.000%	1993	2023		20,000,000		20,000,000		918,737		918,737
USD	FIXED	7.310%	0.000%	1995	2025		25,000,000		25,000,000		6,356,458		6,356,458
USD	FIXED	7.440%	0.000%	1994	2026		15,000,000		15,000,000		4,948,858		4,948,858
USD	FIXED	7.440%	0.000%	1994	2026		10,000,000		10,000,000		3,299,238		3,299,238
USD	FIXED	8.380%	0.000%	1994	2024		25,000,000		25,000,000		4,694,273		4,694,273
USD	LIBOR 6 MTH	3.727%	0.500%	2019	2029		20,400,000		20,400,000		18,942,857		18,942,857
USD	LIBOR 6 MTH	3.727%	0.500%	2019	2029		53,125,000		53,125,000		49,330,357		49,330,357
*COMMERCIAL CREDIT*
CHF	LIBOR 6 MONTHS DEPOSIT	0.850%	0.350%	2017	2025		101,946,786		110,272,331		65,965,566		71,352,684
CHF	SARON 6 MONTHS	0.850%	0.250%	2019	2028		25,390,381		27,463,901		19,170,823		20,736,420
EUR	EURIBOR 6 MTH	1.000%	0.000%	2022	2029		36,300,000		38,666,764		36,300,000		38,666,764
EUR	EURIBOR 6 MTH	1.000%	0.150%	2021	2030		80,403,817		85,646,154		14,188,909		15,114,027

D-98


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
EUR	EURIBOR 6 MTH	1.000%	0.500%	2017	2023		4,110,558		4,378,566		1,853,781		1,974,648
EUR	EURIBOR 6 MTH	1.090%	0.368%	2020	2027		32,895,000		35,039,757		15,428,000		16,433,907
EUR	EURIBOR 6 MTH	1.150%	0.300%	2017	2024		19,346,850		20,608,267		7,400,334		7,882,837
EUR	EURIBOR 6 MTH	1.150%	0.500%	2017	2024		43,078,127		45,886,826		13,575,462		14,460,584
EUR	EURIBOR 6 MTH	1.250%	0.600%	2015	2024		17,311,440		18,440,148		5,193,432		5,532,044
EUR	EURIBOR 6 MTH	1.273%	0.500%	2011	2025		7,349,159		7,828,325		765,558		815,472
EUR	EURIBOR 6 MTH	1.300%	0.000%	2022	2029		69,999,975		74,563,981		69,999,975		74,563,981
EUR	EURIBOR 6 MTH	1.600%	0.000%	2020	2028		10,639,960		11,333,686		4,154,672		4,425,557
EUR	EURIBOR 6 MTH	1.600%	0.000%	2020	2028		17,791,988		18,952,027		8,372,700		8,918,601
EUR	EURIBOR 6 MTH	1.600%	0.650%	2019	2028		243,908,151		259,810,987		143,996,427		153,385,008
EUR	EURIBOR 6 MTH	1.620%	0.000%	2020	2027		12,526,875		13,343,629		5,947,000		6,334,745
EUR	EURIBOR 6 MTH	2.000%	0.350%	2022	2027		9,593,654		10,219,161		9,593,654		10,219,161
EUR	EURIBOR 6 MTH	2.808%	0.550%	2015	2023		21,650,865		23,062,503		5,450,865		5,806,261
EUR	EURIBOR 6 MTH	2.900%	0.500%	2015	2023		6,433,650		6,853,125		3,216,825		3,426,562
EUR	EURIBOR 6 MTH	2.950%	0.000%	2016	2027		6,979,739		7,434,819		3,512,555		3,741,574
EUR	EURIBOR 6 MTH	3.585%	0.000%	2022	2028		10,059,338		10,715,208		815,622		868,801
EUR	FIXED	0.590%	0.300%	2017	2024		100,533,750		107,088,561		46,552,335		49,587,552
EUR	FIXED	0.880%	0.260%	2022	2034		59,977,728		63,888,282		246,032		262,073
EUR	FIXED	0.990%	0.300%	2015	2023		91,036,314		96,971,891		22,759,079		24,242,973
EUR	FIXED	1.280%	0.300%	2018	2027		35,214,565		37,510,558		28,585,941		30,449,747
EUR	NO INTEREST RATE	0.000%	0.400%	2020	2047		12,000,000		12,782,401		12,000,000		12,782,401
EUR	NO INTEREST RATE	0.000%	0.400%	2020	2048		10,000,000		10,652,001		10,000,000		10,652,001
EUR	NO INTEREST RATE	0.000%	0.400%	2022	2048		8,000,000		8,521,601		1,200,000		1,278,240
EUR	NO INTEREST RATE	0.000%	0.400%	2022	2049		10,000,000		10,652,001		2,132,000		2,271,007
USD	FIXED	0.050%	0.000%	2016	2040		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		2,549,400		2,549,400
USD	FIXED	2.630%	0.500%	2012	2023		61,195,750		61,195,750		4,282,058		4,282,058
USD	LIBOR 3 MONTHS	4.150%	0.500%	2017	2030		130,474,830		130,474,830		104,379,864		104,379,864
USD	LIBOR 3 MONTHS	4.500%	0.250%	2013	2024		144,499,796		144,499,796		21,333,476		21,333,476
USD	LIBOR 6 MONTHS DEPOSIT	1.731%	0.350%	2014	2024		119,000,000		119,000,000		39,666,664		39,666,664
USD	LIBOR 6 MONTHS DEPOSIT	1.769%	0.500%	2017	2024		34,000,000		34,000,000		22,666,667		22,666,667
USD	LIBOR 6 MONTHS DEPOSIT	1.780%	0.150%	2020	2027		25,498,916		25,498,916		25,278,691		25,278,691
USD	LIBOR 6 MONTHS DEPOSIT	1.784%	0.900%	2017	2026		5,939,237		5,939,237		5,939,237		5,939,237
USD	LIBOR 6 MONTHS DEPOSIT	2.041%	0.000%	2017	2024		321,300,000		321,300,000		160,650,000		160,650,000
USD	LIBOR 6 MONTHS DEPOSIT	2.262%	0.500%	2014	2023		29,750,000		29,750,000		4,250,000		4,250,000
USD	LIBOR 6 MONTHS DEPOSIT	2.400%	0.350%	2017	2026		170,000,000		170,000,000		99,166,667		99,166,667
USD	LIBOR 6 MONTHS DEPOSIT	2.722%	0.000%	2018	2025		59,498,368		59,498,368		43,146,835		43,146,835
USD	LIBOR 6 MONTHS DEPOSIT	2.817%	0.150%	2020	2028		41,565,000		41,565,000		17,115,000		17,115,000
USD	LIBOR 6 MONTHS DEPOSIT	2.928%	0.000%	2018	2024		28,029,003		28,029,003		14,014,501		14,014,501
USD	LIBOR 6 MONTHS DEPOSIT	2.976%	0.000%	2018	2024		33,999,753		33,999,753		22,666,502		22,666,502
USD	LIBOR 6 MONTHS DEPOSIT	3.154%	0.000%	2018	2024		16,999,111		16,999,111		6,374,667		6,374,667
USD	LIBOR 6 MONTHS DEPOSIT	3.569%	0.500%	2016	2023		16,888,319		16,888,319		1,688,832		1,688,832
USD	LIBOR 6 MONTHS DEPOSIT	3.702%	0.000%	2016	2023		11,473,645		11,473,645		1,434,206		1,434,206
USD	LIBOR 6 MONTHS DEPOSIT	3.862%	0.000%	2018	2024		12,748,725		12,748,725		4,780,772		4,780,772
USD	LIBOR 6 MONTHS DEPOSIT	3.988%	0.000%	2017	2024		25,498,059		25,498,059		9,561,772		9,561,772
USD	LIBOR 6 MONTHS DEPOSIT	4.002%	0.500%	2017	2023		9,350,000		9,350,000		2,337,500		2,337,500
USD	LIBOR 6 MONTHS DEPOSIT	4.244%	0.000%	2017	2024		38,160,750		38,160,750		14,160,750		14,160,750
USD	LIBOR 6 MONTHS DEPOSIT	4.505%	0.000%	2016	2023		8,479,143		8,479,143		1,211,306		1,211,306
USD	LIBOR 6 MONTHS DEPOSIT	4.909%	0.500%	2017	2023		10,199,932		10,199,932		2,549,983		2,549,983
USD	LIBOR 6 MONTHS DEPOSIT	4.910%	0.000%	2018	2024		42,313,477		42,313,477		21,156,738		21,156,738
USD	LIBOR 6 MONTHS DEPOSIT	4.987%	0.500%	2017	2024		12,707,509		12,707,509		4,765,316		4,765,316
USD	LIBOR 6 MONTHS DEPOSIT	5.183%	0.000%	2018	2024		8,498,433		8,498,433		5,311,520		5,311,520
USD	LIBOR 6 MONTHS DEPOSIT	5.635%	0.500%	2016	2023		2,549,299		2,549,299		318,662		318,662
USD	LIBOR 6 MONTHS DEPOSIT	5.642%	0.500%	2017	2023		11,024,768		11,024,768		1,378,096		1,378,096
USD	LIBOR 6 MONTHS DEPOSIT	6.777%	0.500%	2012	2024		54,162,498		54,162,498		20,310,937		20,310,937
USD	LIBOR 6 MTH	1.593%	0.000%	2020	2028		330,732,215		330,732,215		272,367,706		272,367,706
USD	LIBOR 6 MTH	1.729%	0.000%	2020	2029		68,000,000		68,000,000		15,109,300		15,109,300
USD	LIBOR 6 MTH	1.763%	0.500%	2021	2027		8,492,109		8,492,109		8,492,109		8,492,109
USD	LIBOR 6 MTH	1.881%	0.000%	2019	2025		34,849,150		34,849,150		26,136,863		26,136,863

D-99


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	LIBOR 6 MTH	1.965%	0.390%	2021	2027		26,349,657		26,349,657		25,941,137		25,941,137
USD	LIBOR 6 MTH	2.552%	0.000%	2018	2023		8,499,065		8,499,065		2,124,766		2,124,766
USD	LIBOR 6 MTH	2.635%	0.000%	2020	2028		114,747,564		114,747,564		67,498,567		67,498,567
USD	LIBOR 6 MTH	2.753%	0.000%	2019	2025		93,499,997		93,499,997		66,785,712		66,785,712
USD	LIBOR 6 MTH	2.775%	0.000%	2018	2025		22,082,702		22,082,702		13,801,689		13,801,689
USD	LIBOR 6 MTH	2.875%	0.000%	2020	2027		69,699,840		69,699,840		28,699,934		28,699,934
USD	LIBOR 6 MTH	3.054%	0.100%	2019	2024		12,747,960		12,747,960		6,373,980		6,373,980
USD	LIBOR 6 MTH	3.154%	0.000%	2018	2023		8,493,030		8,493,030		2,123,258		2,123,258
USD	LIBOR 6 MTH	3.393%	0.250%	2020	2028		94,267,785		94,267,785		77,632,294		77,632,294
USD	LIBOR 6 MTH	3.680%	0.000%	2021	2027		25,491,500		25,491,500		6,785,660		6,785,660
USD	LIBOR 6 MTH	3.943%	0.100%	2019	2026		25,499,717		25,499,717		22,312,253		22,312,253
USD	LIBOR 6 MTH	4.043%	0.000%	2018	2024		12,725,959		12,725,959		9,089,971		9,089,971
USD	LIBOR 6 MTH	4.548%	0.000%	2019	2025		13,574,208		13,574,208		13,574,208		13,574,208
USD	LIBOR 6 MTH	4.597%	0.000%	2018	2024		12,725,945		12,725,945		4,772,229		4,772,229
USD	LIBOR 6 MTH	4.766%	0.000%	2019	2026		156,398,376		156,398,376		136,848,579		136,848,579
USD	LIBOR 6 MTH	4.837%	0.500%	2018	2024		18,700,000		18,700,000		7,012,500		7,012,500
USD	LIBOR 6 MTH	4.852%	0.000%	2018	2024		12,718,423		12,718,423		4,769,408		4,769,408
USD	LIBOR 6 MTH	4.861%	0.000%	2020	2026		12,728,750		12,728,750		12,728,750		12,728,750
USD	LIBOR 6 MTH	4.933%	0.000%	2020	2026		8,490,650		8,490,650		7,429,319		7,429,319
USD	LIBOR 6 MTH	5.110%	0.000%	2020	2026		12,737,684		12,737,684		12,737,684		12,737,684
USD	LIBOR 6 MTH	5.223%	0.000%	2019	2026		169,995,989		169,995,989		169,995,989		169,995,989
USD	LIBOR 6 MTH	6.016%	0.000%	2021	2027		12,730,051		12,730,051		11,885,584		11,885,584
USD	LIBOR 6 MTH	6.250%	0.000%	2021	2027		8,493,650		8,493,650		3,537,005		3,537,005
USD	LIBOR 6 MTH	6.781%	0.000%	2021	2027		16,998,725		16,998,725		4,341,581		4,341,581
USD	LIBOR 6 MTH	6.931%	0.000%	2021	2027		8,489,970		8,489,970		2,235,000		2,235,000
USD	LIBOR 6 MTH	6.931%	0.000%	2021	2028		11,050,000		11,050,000		2,144,600		2,144,600
USD	LIBOR 6 MTH	6.931%	0.150%	2021	2027		8,500,000		8,500,000		8,500,000		8,500,000
USD	LIBOR 6 MTH	7.131%	0.000%	2021	2027		9,350,000		9,350,000		8,478,750		8,478,750
USD	LIBOR 6 MTH	7.131%	0.000%	2021	2028		110,500,000		110,500,000		79,476,596		79,476,596
USD	LIBOR 6 MTH	8.031%	0.000%	2020	2031		612,000,000		612,000,000		24,840,000		24,840,000
USD	SOFR 6 MONTHS	0.700%	0.350%	2022	2027		55,470,400		55,470,400		4,497,600		4,497,600
USD	SOFR 6 MONTHS	0.700%	0.350%	2022	2028		46,240,245		46,240,245		3,749,209		3,749,209
USD	SOFR 6 MONTHS	0.700%	0.350%	2022	2028		46,210,001		46,210,001		3,746,757		3,746,757
USD	SOFR 6 MONTHS	0.700%	0.500%	2022	2028		70,254,953		70,254,953		5,696,348		5,696,348
USD	SOFR 6 MONTHS	1.100%	0.000%	2022	2028		12,733,323		12,733,323		5,162,158		5,162,158
USD	SOFR 6 MONTHS	1.100%	0.000%	2022	2028		36,996,457		36,996,457		33,367,095		33,367,095
USD	SOFR 6 MONTHS	1.100%	0.500%	2022	2030		56,425,000		56,425,000		4,575,000		4,575,000
USD	SOFR 6 MONTHS	4.125%	0.000%	2022	2027		41,625,000		41,625,000		10,054,495		10,054,495
USD	SOFR 6 MONTHS	4.223%	0.000%	2022	2028		36,998,890		36,998,890		29,052,314		29,052,314
USD	SOFR 6 MONTHS	4.864%	0.000%	2022	2028		22,157,087		22,157,087		1,796,521		1,796,521
USD	SOFR 6 MONTHS	5.831%	0.000%	2022	2029		222,000,000		222,000,000		42,000,000		42,000,000
*EXPORT CREDIT*
AUD	NO INTEREST RATE	0.000%	0.000%	2006	2046		197,505,719		133,908,928		171,829,975		116,500,767
EUR	EURIBOR 6 MTH	0.400%	0.400%	2019	2033		152,721,115		162,678,547		116,786,735		124,401,242
EUR	EURIBOR 6 MTH	0.650%	0.000%	2022	2036		793,333,050		845,058,446		139,999,950		149,127,961
EUR	EURIBOR 6 MTH	0.750%	0.500%	2017	2027		21,335,000		22,726,044		12,550,000		13,368,261
EUR	EURIBOR 6 MTH	0.775%	0.271%	2016	2028		166,961,250		177,847,141		114,785,859		122,269,909
EUR	EURIBOR 6 MTH	0.900%	0.150%	2016	2023		19,141,208		20,389,216		2,392,651		2,548,652
EUR	EURIBOR 6 MTH	1.773%	1.000%	2013	2025		147,441,457		157,054,655		55,290,547		58,895,496
EUR	EURIBOR 6 MTH	1.776%	1.000%	2012	2025		148,802,419		158,504,352		46,500,756		49,532,610
EUR	FIXED	0.490%	0.250%	2019	2027		26,264,490		27,976,937		10,573,323		11,262,705
EUR	FIXED	3.500%	0.000%	1995	2025		46,699,077		49,743,862		2,657,001		2,830,238
USD	FIXED	2.600%	0.000%	2017	2030		101,660,000		101,660,000		81,328,000		81,328,000
USD	FIXED	2.950%	0.000%	1999	2024		4,757,040		4,757,040		396,420		396,420
USD	FIXED	3.470%	0.000%	2002	2028		49,578,504		49,578,504		15,148,987		15,148,987
USD	FIXED	3.470%	0.000%	2002	2032		4,221,496		4,221,496		1,949,510		1,949,510
USD	FIXED	3.580%	0.500%	2012	2024		339,999,999		339,999,999		50,999,999		50,999,999
USD	FIXED	3.940%	0.500%	1999	2023		20,134,102		20,134,102		559,281		559,281
USD	FIXED	3.980%	0.500%	2012	2023		917,999,150		917,999,150		410,053,107		410,053,107

D-100


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	FIXED	5.300%	0.000%	2011	2026		4,242,605		4,242,605		1,697,042		1,697,042
USD	LIBOR 6 MONTHS DEPOSIT	2.884%	0.250%	2017	2024		25,499,985		25,499,985		10,928,565		10,928,565
USD	LIBOR 6 MONTHS DEPOSIT	4.049%	0.250%	2020	2029		36,975,000		36,975,000		28,159,098		28,159,098
USD	LIBOR 6 MONTHS DEPOSIT	5.642%	0.500%	2017	2023		18,667,611		18,667,611		2,333,451		2,333,451
*MULTILATERAL*
ACU	NO INTEREST RATE	0.000%	0.000%	1998	2023		3,131,008		4,166,871		173,945		231,493
ACU	NO INTEREST RATE	0.000%	0.000%	2000	2024		5,844,757		7,778,437		649,417		864,271
ACU	NO INTEREST RATE	0.000%	0.000%	2000	2025		6,090,241		8,105,137		845,867		1,125,713
ACU	NO INTEREST RATE	0.000%	0.000%	2003	2027		5,075,320		6,754,439		1,409,812		1,876,234
ACU	NO INTEREST RATE	0.000%	0.000%	2005	2022		5,089,255		6,772,985		86		114
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2026		25,196,731		33,532,822		3,530,034		4,697,911
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2027		6,533,167		8,694,601		1,265,527		1,684,214
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2014		27,520,000		36,624,722		6,290,138		8,371,169
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2016		11,017,000		14,661,866		2,893,413		3,850,671
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2027		21,443,443		28,537,796		4,063,872		5,408,364
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2033		2,468,697		3,285,442		1,728,088		2,299,809
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2023		17,654,654		23,495,523		735,611		978,980
ACU	NO INTEREST RATE	0.000%	0.000%	2006	2023		5,204,411		6,926,239		434,943		578,840
ACU	NO INTEREST RATE	0.000%	0.000%	2007	2032		8,864,502		11,797,236		4,432,251		5,898,618
ACU	NO INTEREST RATE	0.000%	0.000%	2008	2032		10,274,000		13,673,052		3,514,301		4,676,974
ACU	NO INTEREST RATE	0.000%	0.000%	2008	2029		3,750,773		4,991,680		1,829,603		2,434,910
ACU	NO INTEREST RATE	0.000%	0.000%	2009	2025		10,033,378		13,352,822		2,304,620		3,067,081
ACU	NO INTEREST RATE	0.000%	0.000%	2009	2033		912,816		1,214,813		557,832		742,386
ACU	NO INTEREST RATE	0.000%	0.000%	2009	2027		63,357,280		84,318,413		12,098,980		16,101,809
ACU	NO INTEREST RATE	0.000%	0.000%	2009	2033		9,172,817		12,207,553		5,605,610		7,460,171
ACU	NO INTEREST RATE	0.000%	0.000%	2011	2030		4,000,000		5,323,361		1,194,309		1,589,434
ACU	NO INTEREST RATE	0.000%	0.000%	2011	2031		1,746,424		2,324,211		989,640		1,317,053
ACU	NO INTEREST RATE	0.000%	0.000%	2011	2031		3,140,000		4,178,838		1,883,988		2,507,287
ACU	NO INTEREST RATE	0.000%	0.000%	2013	2033		1,459,473		1,942,325		1,021,631		1,359,627
ACU	NO INTEREST RATE	0.000%	0.000%	2013	2033		3,625,695		4,825,221		2,537,987		3,377,655
EUR	ADB FLOATING RATE	0.000%	0.000%	2011	2026		102,989,447		109,704,370		80,135,988		85,360,863
EUR	ADB FLOATING RATE	0.000%	0.000%	2012	2027		139,007,699		148,071,015		96,236,099		102,510,703
EUR	ADB FLOATING RATE	0.000%	0.000%	2012	2027		149,700,599		159,461,093		106,928,999		113,900,781
EUR	ADB FLOATING RATE	0.000%	0.000%	2013	2028		228,115,198		242,988,332		171,086,398		182,241,249
EUR	ADB FLOATING RATE	0.000%	0.000%	2014	2029		242,372,398		258,175,103		199,600,798		212,614,791
EUR	ADB FLOATING RATE	0.000%	0.000%	2018	2033		452,867,785		482,394,811		396,259,312		422,095,460
EUR	ADB FLOATING RATE	0.000%	0.000%	2018	2033		452,867,785		482,394,811		396,259,312		422,095,460
EUR	COMMERCIAL INTEREST REFERENCE RATE	0.630%	0.000%	2019	2032		29,800,000		31,742,963		13,711,576		14,605,572
EUR	COMMERCIAL INTEREST REFERENCE RATE	0.630%	0.000%	2019	2033		44,850,000		47,774,225		16,693,232		17,781,633
EUR	EURIBOR 6 MTH	0.139%	0.150%	2020	2025		925,840,000		986,204,863		925,840,000		986,204,863
EUR	EURIBOR 6 MTH	0.139%	0.150%	2020	2030		462,920,000		493,102,432		462,920,000		493,102,432
EUR	EURIBOR 6 MTH	0.460%	0.250%	2022	2032		1,041,200,000		1,109,086,347		1,041,200,000		1,109,086,347
EUR	FIXED	0.750%	0.000%	1990	2029		2,584,961		2,753,500		1,391,902		1,482,654
EUR	FIXED	0.750%	0.000%	1993	2031		2,900,308		3,089,408		1,740,185		1,853,645
EUR	FIXED	0.750%	0.000%	1995	2035		4,731,712		5,040,220		3,197,103		3,405,554
EUR	FIXED	0.820%	0.000%	2013	2033		253,356,980		269,875,881		253,356,980		269,875,881
EUR	FIXED	0.830%	0.000%	2013	2033		337,952,011		359,986,517		337,952,011		359,986,517
EUR	FIXED	1.200%	0.000%	2012	2030		5,695,647		6,067,004		3,370,708		3,590,479
EUR	FIXED	1.200%	0.000%	2017	2035		93,150,000		99,223,390		37,115,366		39,535,292
JPY	ADB FLOATING RATE	(0.153)%	0.000%	2009	2034		7,494,931,344		56,700,319		7,062,735,502		53,430,690
JPY	ADB FLOATING RATE	0.000%	0.000%	2009	2033		1,570,573,575		11,881,633		1,438,135,502		10,879,718
JPY	ADB FLOATING RATE	0.000%	0.000%	2017	2032		42,728,000,000		323,243,952		33,826,333,335		255,901,462
JPY	ADB FLOATING RATE	0.000%	0.000%	2017	2032		40,964,000,000		309,899,018		34,136,666,668		258,249,182
JPY	ADB FLOATING RATE	0.000%	0.000%	2018	2039		52,275,000,000		395,468,488		52,275,000,000		395,468,488
JPY	ADB FLOATING RATE	0.000%	0.000%	2019	2034		52,595,000,000		397,889,338		50,403,541,667		381,310,616
JPY	ADB FLOATING RATE	0.000%	0.000%	2019	2034		51,840,000,000		392,177,646		51,840,000,000		392,177,646
JPY	ADB FLOATING RATE	0.003%	0.000%	2011	2036		9,039,216,675		68,383,077		8,610,309,074		65,138,325
JPY	ADB FLOATING RATE	0.005%	0.000%	2012	2036		15,376,956,872		116,329,065		14,647,325,763		110,809,293
JPY	ADB FLOATING RATE	0.035%	0.000%	2016	2031		52,454,375,000		396,825,488		41,051,250,000		310,559,078

D-101


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT					OUTSTANDING BALANCE
						(In Original Currency)			(In US Dollar)		(In Original Currency)		(In US Dollar)
JPY	ADB FLOATING RATE	0.054%	0.000%	2013	2031		1,161,362,188			8,785,885		994,276,340		7,521,855
JPY	ADB FLOATING RATE	0.060%	0.000%	2015	2030		34,946,666,665			264,376,957		27,957,333,333		211,501,566
JPY	ADB FLOATING RATE	0.087%	0.000%	2015	2030		33,454,249,998			253,086,594		28,171,999,998		213,125,552
JPY	ADB FLOATING RATE	0.125%	0.000%	2016	2031		46,191,250,001			349,443,975		37,392,916,669		282,883,218
JPY	ADB FLOATING RATE	0.186%	0.000%	2020	2036		63,750,000,000			482,278,644		63,750,000,000		482,278,644
JPY	LIBOR 6 MONTHS DEPOSIT	0.544%	0.000%	2019	2033		110,795,000,000			838,181,371		110,795,000,000		838,181,371
JPY	LIBOR 6 MTH	0.722%	0.250%	2020	2034		31,975,600,000			241,900,377		31,975,600,000		241,900,377
JPY	LIBOR 6 MTH	0.756%	0.000%	2020	2035		63,560,000,000			480,841,265		63,560,000,000		480,841,265
JPY	LIBOR 6 MTH	0.805%	0.000%	2021	2036		63,530,000,000	��		480,614,310		63,530,000,000		480,614,310
JPY	SOFR 6 MONTHS	2.296%	0.000%	2021	2036		64,685,000,000			489,352,065		64,685,000,000		489,352,065
JPY	SOFR 6 MONTHS	2.548%	0.000%	2012	2030		6,325,750,300			47,855,283		6,325,750,300		47,855,283
SDR	FIXED	0.750%	0.000%	1995	2035		5,443,537			7,244,477		2,358,853		3,139,256
SDR	FIXED	0.750%	0.000%	1998	2037		15,352,987			20,432,372		6,105,699		8,125,710
SDR	FIXED	0.750%	0.000%	1999	2024		26,468,010			35,224,691		4,369,955		5,815,712
SDR	FIXED	0.750%	0.000%	1999	2024		71,023,332			94,520,703		11,726,054		15,605,503
SDR	FIXED	0.750%	0.000%	1999	2024		3,796,674			5,052,766		751,598		1,000,257
SDR	FIXED	0.750%	0.000%	2000	2040		17,500,000			23,289,703		10,208,325		13,585,649
SDR	FIXED	0.750%	0.000%	2001	2026		35,414,179			47,130,612		7,108,165		9,459,832
SDR	FIXED	0.750%	0.000%	2001	2026		4,586,621			6,104,059		1,137,271		1,513,526
SDR	FIXED	0.750%	0.000%	2006	2044		13,638,602			18,150,800		9,984,915		13,288,327
SDR	FIXED	0.750%	0.000%	2006	2026		47,370,000			63,041,899		11,791,963		15,693,218
SDR	FIXED	0.750%	0.000%	2008	2048		41,696,408			55,491,255		36,120,998		48,071,275
SDR	FIXED	0.750%	0.100%	2001	2026		30,282,981			40,301,808		7,508,819		9,993,037
SDR	FIXED	0.750%	0.100%	2002	2025		55,551,518			73,930,192		13,886,844		18,481,170
SDR	FIXED	0.750%	0.100%	2007	2025		81,950,000			109,062,352		20,487,500		27,265,588
SDR	FIXED	0.750%	0.100%	2007	2027		89,508,359			119,121,320		22,348,598		29,742,412
SDR	FIXED	0.750%	0.100%	2007	2026		38,320,881			50,998,968		9,524,411		12,675,469
SDR	FIXED	0.750%	0.100%	2007	2026		90,838,458			120,891,469		22,414,770		29,830,476
SDR	FIXED	0.750%	0.200%	2000	2025		54,139,161			72,050,571		13,521,464		17,994,907
SDR	FIXED	0.750%	0.200%	2004	2025		3,409,938			4,538,083		852,481		1,134,516
SDR	FIXED	0.750%	0.200%	2006	2026		45,655,179			60,759,746		11,345,160		15,098,594
SDR	FIXED	0.750%	0.200%	2007	2026		39,654,356			52,773,610		7,923,853		10,545,382
SDR	FIXED	0.750%	0.300%	2001	2026		2,776,666			3,695,299		693,185		922,519
SDR	FIXED	0.750%	0.300%	2004	2025		31,597,889			42,051,741		7,899,472		10,512,935
SDR	FIXED	0.750%	0.300%	2004	2026		21,585,432			28,726,760		5,396,355		7,181,686
SDR	FIXED	0.750%	0.300%	2004	2026		15,647,425			20,824,222		3,911,202		5,205,185
SDR	FIXED	0.750%	0.300%	2005	2026		17,899,858			23,821,850		4,474,964		5,955,461
SDR	FIXED	0.750%	0.300%	2005	2025		47,003,494			62,554,138		11,748,332		15,635,152
SDR	FIXED	0.750%	0.300%	2005	2025		51,647,003			68,733,907		10,456,959		13,916,542
SDR	FIXED	0.750%	0.300%	2005	2026		19,832,774			26,394,252		4,921,533		6,549,773
SDR	FIXED	0.750%	0.300%	2005	2025		22,683,185			30,187,693		5,616,169		7,474,223
SDR	FIXED	0.750%	0.300%	2005	2026		9,920,000			13,201,935		2,461,903		3,276,399
SDR	FIXED	0.750%	0.350%	2000	2025		21,799,223			29,011,281		5,449,804		7,252,818
SDR	FIXED	0.750%	0.500%	2001	2026		87,499,973			116,448,480		20,561,657		27,364,279
SDR	FIXED	0.750%	0.500%	2003	2026		36,831,596			49,016,968		9,132,581		12,154,006
SDR	FIXED	0.750%	0.500%	2008	2025		119,359,232			158,848,061		29,763,821		39,610,888
SDR	FIXED	0.750%	0.500%	2008	2026		78,598,745			104,602,368		19,599,648		26,084,000
SDR	FIXED	1.000%	0.000%	1982	2031		23,677,607			31,511,110		5,327,467		7,090,006
SDR	FIXED	1.000%	0.000%	1996	2023		24,324,298			32,371,753		24,257		32,282
SDR	FIXED	1.000%	0.000%	1996	2023		6,772,673			9,013,346		305,311		406,321
SDR	FIXED	1.000%	0.000%	1998	2024		8,799,590			11,710,847		1,071,481		1,425,970
SDR	FIXED	1.000%	0.000%	1998	2024		10,500,493			13,974,477		1,333,654		1,774,880
SDR	FIXED	1.130%	0.000%	2011	2032		29,022,733			38,624,619		18,178,828		24,193,114
SDR	FIXED	1.500%	0.000%	2002	2023		74,834,760			99,593,105		3,118,092		4,149,682
SDR	FIXED	1.500%	0.000%	2003	2023		34,040,314			45,302,217		2,830,326		3,766,711
SDR	FIXED	1.500%	0.000%	2003	2023		23,962,479			31,890,230		1,989,323		2,647,471
SDR	FIXED	1.500%	0.000%	2003	2023		25,379,732			33,776,367		2,093,796		2,786,508
SDR	FIXED	1.500%	0.000%	2004	2024		13,780,339			18,339,429		1,722,559		2,292,451
SDR	FIXED	1.500%	0.000%	2004	2024		24,491,234			32,593,918		3,060,277		4,072,739

D-102


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
SDR	FIXED	1.500%	0.000%	2004	2024		14,539,228		19,349,389		2,423,188		3,224,877
SDR	FIXED	1.500%	0.000%	2005	2024		13,363,083		17,784,128		1,670,181		2,222,744
SDR	FIXED	1.500%	0.000%	2005	2025		2,945,950		3,920,588		736,486		980,145
SDR	FIXED	1.500%	0.000%	2005	2025		11,109,377		14,784,805		2,280,659		3,035,192
SDR	FIXED	1.500%	0.000%	2006	2025		34,207,410		45,524,596		8,551,866		11,381,167
SDR	FIXED	1.500%	0.000%	2006	2026		14,588,899		19,415,493		4,699,339		6,254,069
SDR	FIXED	1.500%	0.000%	2007	2026		32,326,766		43,021,759		10,739,963		14,293,174
SDR	FIXED	1.500%	0.000%	2007	2026		20,457,033		27,225,041		6,819,017		9,075,022
SDR	FIXED	1.500%	0.000%	2007	2027		31,155,525		41,463,024		12,981,467		17,276,258
SDR	FIXED	1.500%	0.000%	2008	2027		49,323,506		65,641,703		20,551,462		27,350,711
SDR	FIXED	1.500%	0.000%	2008	2028		31,335,613		41,702,692		15,667,813		20,851,355
SDR	FIXED	1.500%	0.000%	2009	2028		16,502,377		21,962,026		8,171,634		10,875,139
SDR	FIXED	2.250%	0.000%	2012	2030		11,727,046		15,606,824		6,277,346		8,354,145
USD	ADB FLOATING RATE	0.404%	0.000%	2008	2023		350,000,000		350,000,000		29,166,667		29,166,667
USD	FIXED	0.250%	0.250%	2011	2051		124,311,085		124,311,085		120,581,753		120,581,753
USD	FIXED	0.750%	0.000%	1973	2023		27,500,000		27,500,000		412,500		412,500
USD	FIXED	0.750%	0.000%	1973	2023		46,000,000		46,000,000		690,000		690,000
USD	FIXED	0.750%	0.000%	1973	2023		7,702,698		7,702,698		115,248		115,248
USD	FIXED	0.750%	0.000%	1973	2023		50,000,000		50,000,000		750,000		750,000
USD	FIXED	0.750%	0.000%	1973	2023		14,896,026		14,896,026		219,526		219,526
USD	FIXED	0.750%	0.000%	1973	2023		9,992,038		9,992,038		299,761		299,761
USD	FIXED	0.750%	0.000%	1974	2023		5,000,000		5,000,000		150,000		150,000
USD	FIXED	0.750%	0.000%	1974	2024		21,118,111		21,118,111		956,211		956,211
USD	FIXED	0.750%	0.000%	1974	2024		30,000,000		30,000,000		1,350,000		1,350,000
USD	FIXED	0.750%	0.000%	1978	2026		40,000,000		40,000,000		3,000,000		3,000,000
USD	FIXED	0.750%	0.000%	1978	2026		28,673,287		28,673,287		2,150,495		2,150,495
USD	FIXED	0.750%	0.000%	1978	2026		49,000,000		49,000,000		3,675,000		3,675,000
USD	FIXED	0.750%	0.000%	1979	2026		9,546,069		9,546,069		715,955		715,955
USD	FIXED	0.750%	0.000%	1979	2025		67,000,000		67,000,000		4,020,000		4,020,000
USD	FIXED	0.750%	0.000%	1979	2029		5,500,000		5,500,000		1,301,608		1,301,608
USD	FIXED	0.750%	0.000%	1979	2026		11,147,916		11,147,916		835,755		835,755
USD	FIXED	0.750%	0.000%	1980	2026		26,163,597		26,163,597		1,962,265		1,962,265
USD	FIXED	0.750%	0.000%	1980	2026		36,526,867		36,526,867		2,739,510		2,739,510
USD	FIXED	0.750%	0.000%	1980	2028		35,058,627		35,058,627		2,629,395		2,629,395
USD	FIXED	0.750%	0.000%	1980	2030		30,000,000		30,000,000		2,250,000		2,250,000
USD	FIXED	1.570%	0.000%	2018	2036		39,885,000		39,885,000		25,255,000		25,255,000
USD	FIXED	1.570%	0.000%	2019	2037		55,300,000		55,300,000		25,500,000		25,500,000
USD	FIXED	4.220%	0.000%	2007	2027		600,000,000		600,000,000		272,580,000		272,580,000
USD	FIXED	4.250%	0.000%	2008	2027		200,000,000		200,000,000		90,860,000		90,860,000
USD	FIXED	4.410%	0.000%	2008	2033		600,000,000		600,000,000		442,680,000		442,680,000
USD	FIXED	4.580%	0.000%	2005	2025		400,000,000		400,000,000		117,000,000		117,000,000
USD	FIXED	4.690%	0.000%	2008	2033		950,000,000		950,000,000		718,960,000		718,960,000
USD	FIXED	4.730%	0.000%	2006	2026		530,000,000		530,000,000		199,386,000		199,386,000
USD	FIXED	4.980%	0.250%	2003	2023		12,742,290		12,742,290		482,548		482,548
USD	FIXED	5.220%	0.000%	2004	2024		300,000,000		300,000,000		46,290,000		46,290,000
USD	LIBOR 6 MONTHS DEPOSIT	0.520%	0.000%	2009	2033		20,487,156		20,487,156		16,059,881		16,059,881
USD	LIBOR 6 MONTHS DEPOSIT	0.520%	0.000%	2010	2033		99,880,000		99,880,000		78,295,932		78,295,932
USD	LIBOR 6 MONTHS DEPOSIT	0.538%	0.150%	2010	2025		200,000,000		200,000,000		73,567,996		73,567,996
USD	LIBOR 6 MONTHS DEPOSIT	0.638%	0.150%	2013	2033		48,757,919		48,757,919		36,523,503		36,523,503
USD	LIBOR 6 MONTHS DEPOSIT	0.704%	0.000%	2016	2031		143,000,000		143,000,000		107,610,615		107,610,615
USD	LIBOR 6 MONTHS DEPOSIT	0.756%	0.150%	2017	2034		500,000,000		500,000,000		374,348,833		374,348,833
USD	LIBOR 6 MONTHS DEPOSIT	0.780%	0.000%	2014	2030		500,000,000		500,000,000		451,500,000		451,500,000
USD	LIBOR 6 MONTHS DEPOSIT	0.838%	0.750%	2002	2023		61,588,530		61,588,530		6,790,916		6,790,916
USD	LIBOR 6 MONTHS DEPOSIT	0.838%	0.750%	2002	2024		176,882,876		176,882,876		37,369,042		37,369,042
USD	LIBOR 6 MONTHS DEPOSIT	0.856%	0.638%	2004	2028		46,372,874		46,372,874		24,682,063		24,682,063
USD	LIBOR 6 MONTHS DEPOSIT	0.856%	0.750%	2004	2028		51,938,068		51,938,068		27,359,256		27,359,256
USD	LIBOR 6 MONTHS DEPOSIT	0.856%	0.750%	2005	2025		53,986,553		53,986,553		17,979,176		17,979,176
USD	LIBOR 6 MONTHS DEPOSIT	0.880%	0.000%	2014	2033		47,380,000		47,380,000		44,751,627		44,751,627
USD	LIBOR 6 MONTHS DEPOSIT	0.960%	0.000%	2011	2035		150,000,000		150,000,000		102,703,994		102,703,994

D-103


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	LIBOR 6 MONTHS DEPOSIT	0.980%	0.000%	2013	2037		634,074,990		634,074,990		604,769,385		604,769,385
USD	LIBOR 6 MONTHS DEPOSIT	1.000%	0.250%	2004	2024		54,410,916		54,410,916		8,257,880		8,257,880
USD	LIBOR 6 MONTHS DEPOSIT	1.000%	0.250%	2005	2025		39,549,612		39,549,612		7,667,763		7,667,763
USD	LIBOR 6 MONTHS DEPOSIT	1.000%	0.250%	2005	2025		14,500,000		14,500,000		2,955,000		2,955,000
USD	LIBOR 6 MONTHS DEPOSIT	1.020%	0.250%	2016	2036		400,000,000		400,000,000		400,000,000		400,000,000
USD	LIBOR 6 MONTHS DEPOSIT	1.080%	0.250%	2015	2035		500,000,000		500,000,000		452,600,000		452,600,000
USD	LIBOR 6 MONTHS DEPOSIT	1.080%	0.250%	2016	2037		400,000,000		400,000,000		383,160,000		383,160,000
USD	LIBOR 6 MONTHS DEPOSIT	1.099%	0.000%	2013	2029		95,419,264		95,419,264		73,005,279		73,005,279
USD	LIBOR 6 MONTHS DEPOSIT	1.099%	0.000%	2014	2030		500,000,000		500,000,000		418,800,000		418,800,000
USD	LIBOR 6 MONTHS DEPOSIT	1.180%	0.000%	2007	2027		18,060,078		18,060,078		7,577,872		7,577,872
USD	LIBOR 6 MONTHS DEPOSIT	1.190%	0.250%	2017	2030		186,600,000		186,600,000		186,600,000		186,600,000
USD	LIBOR 6 MONTHS DEPOSIT	1.199%	0.250%	2018	2031		150,000,000		150,000,000		73,282,500		73,282,500
USD	LIBOR 6 MONTHS DEPOSIT	1.199%	0.250%	2018	2032		400,000,000		400,000,000		238,850,772		238,850,772
USD	LIBOR 6 MONTHS DEPOSIT	1.199%	0.250%	2018	2031		100,000,000		100,000,000		62,000,000		62,000,000
USD	LIBOR 6 MONTHS DEPOSIT	1.199%	0.250%	2018	2031		300,000,000		300,000,000		88,658,469		88,658,469
USD	LIBOR 6 MONTHS DEPOSIT	1.230%	0.250%	2017	2032		125,000,000		125,000,000		104,876,747		104,876,747
USD	LIBOR 6 MONTHS DEPOSIT	1.237%	0.250%	2016	2036		298,186,027		298,186,027		297,984,412		297,984,412
USD	LIBOR 6 MONTHS DEPOSIT	1.280%	0.000%	2009	2033		47,365,385		47,365,385		37,000,600		37,000,600
USD	LIBOR 6 MONTHS DEPOSIT	1.299%	0.000%	2011	2035		525,373,016		525,373,016		465,427,954		465,427,954
USD	LIBOR 6 MONTHS DEPOSIT	1.299%	0.250%	2018	2034		250,000,000		250,000,000		82,663,873		82,663,873
USD	LIBOR 6 MONTHS DEPOSIT	1.400%	0.250%	2016	2032		207,333,994		207,333,994		203,825,000		203,825,000
USD	LIBOR 6 MONTHS DEPOSIT	1.410%	0.250%	2004	2024		187,774,783		187,774,783		21,490,951		21,490,951
USD	LIBOR 6 MONTHS DEPOSIT	1.410%	0.250%	2005	2025		66,612,197		66,612,197		13,407,950		13,407,950
USD	LIBOR 6 MONTHS DEPOSIT	1.410%	0.250%	2005	2025		68,139,965		68,139,965		14,041,632		14,041,632
USD	LIBOR 6 MONTHS DEPOSIT	1.410%	0.250%	2005	2025		36,374,144		36,374,144		7,610,128		7,610,128
USD	LIBOR 6 MONTHS DEPOSIT	1.480%	0.250%	2003	2023		132,048,021		132,048,021		5,164,413		5,164,413
USD	LIBOR 6 MONTHS DEPOSIT	1.480%	0.250%	2005	2025		80,000,000		80,000,000		15,747,032		15,747,032
USD	LIBOR 6 MONTHS DEPOSIT	1.520%	0.000%	2008	2030		93,155,240		93,155,240		71,263,758		71,263,758
USD	LIBOR 6 MONTHS DEPOSIT	1.600%	0.250%	2016	2032		207,333,994		207,333,994		203,825,000		203,825,000
USD	LIBOR 6 MONTHS DEPOSIT	1.630%	0.250%	2007	2026		25,729,880		25,729,880		9,692,417		9,692,417
USD	LIBOR 6 MONTHS DEPOSIT	1.880%	0.250%	2017	2026		50,824,563		50,824,563		39,456,697		39,456,697
USD	LIBOR 6 MONTHS DEPOSIT	1.880%	0.250%	2017	2027		50,662,580		50,662,580		43,716,268		43,716,268
USD	LIBOR 6 MONTHS DEPOSIT	2.020%	0.250%	2004	2024		8,871,240		8,871,240		983,344		983,344
USD	LIBOR 6 MONTHS DEPOSIT	2.020%	0.250%	2005	2023		44,595,403		44,595,403		3,617,456		3,617,456
USD	LIBOR 6 MONTHS DEPOSIT	2.030%	0.250%	2017	2031		450,000,000		450,000,000		387,537,409		387,537,409
USD	LIBOR 6 MONTHS DEPOSIT	2.220%	0.000%	2009	2033		275,000		275,000		208,120		208,120
USD	LIBOR 6 MONTHS DEPOSIT	2.230%	0.250%	2017	2032		125,000,000		125,000,000		104,876,747		104,876,747
USD	LIBOR 6 MONTHS DEPOSIT	2.240%	0.000%	2009	2034		5,000,000		5,000,000		3,965,000		3,965,000
USD	LIBOR 6 MONTHS DEPOSIT	2.270%	0.250%	2006	2026		61,765,082		61,765,082		18,253,934		18,253,934
USD	LIBOR 6 MONTHS DEPOSIT	2.330%	0.250%	2017	2037		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MONTHS DEPOSIT	2.770%	0.250%	2017	2036		200,000,000		200,000,000		162,692,404		162,692,404
USD	LIBOR 6 MONTHS DEPOSIT	3.000%	0.000%	2009	2033		411,022,100		411,022,100		311,061,526		311,061,526
USD	LIBOR 6 MONTHS DEPOSIT	3.020%	0.000%	2007	2026		174,107,152		174,107,152		55,404,891		55,404,891
USD	LIBOR 6 MONTHS DEPOSIT	3.080%	0.300%	2004	2023		44,929,928		44,929,928		3,367,118		3,367,118
USD	LIBOR 6 MTH	0.655%	0.150%	2019	2039		50,000,000		50,000,000		5,722,885		5,722,885
USD	LIBOR 6 MTH	0.738%	0.150%	2018	2037		200,000,000		200,000,000		53,867,257		53,867,257
USD	LIBOR 6 MTH	0.756%	0.150%	2019	2037		90,000,000		90,000,000		19,540,120		19,540,120
USD	LIBOR 6 MTH	0.805%	0.150%	2019	2039		297,750,000		297,750,000		128,822,202		128,822,202
USD	LIBOR 6 MTH	1.100%	0.250%	2020	2033		160,000,000		160,000,000		17,390,000		17,390,000
USD	LIBOR 6 MTH	1.250%	0.250%	2019	2032		49,600,000		49,600,000		3,636,500		3,636,500
USD	LIBOR 6 MTH	1.372%	0.000%	2010	2034		18,718,505		18,718,505		15,650,542		15,650,542
USD	LIBOR 6 MTH	1.380%	0.250%	2020	2032		100,000,000		100,000,000		17,583,095		17,583,095
USD	LIBOR 6 MTH	1.400%	0.250%	2018	2034		250,000,000		250,000,000		82,663,873		82,663,873
USD	LIBOR 6 MTH	1.424%	0.000%	2009	2034		1,000,000,000		1,000,000,000		810,300,000		810,300,000
USD	LIBOR 6 MTH	1.472%	0.250%	2018	2031		200,000,000		200,000,000		105,510,948		105,510,948
USD	LIBOR 6 MTH	1.472%	0.250%	2020	2034		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MTH	1.472%	0.250%	2021	2034		500,000,000		500,000,000		500,000,000		500,000,000
USD	LIBOR 6 MTH	1.472%	0.250%	2021	2033		800,000,000		800,000,000		800,000,000		800,000,000
USD	LIBOR 6 MTH	1.472%	0.250%	2021	2034		400,000,000		400,000,000		400,000,000		400,000,000

D-104


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	LIBOR 6 MTH	1.572%	0.000%	2012	2037		500,000,000		500,000,000		478,050,000		478,050,000
USD	LIBOR 6 MTH	1.600%	0.250%	2018	2038		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MTH	1.762%	0.000%	2009	2034		66,954,247		66,954,247		54,210,239		54,210,239
USD	LIBOR 6 MTH	1.762%	0.000%	2010	2034		182,064,708		182,064,708		152,458,126		152,458,126
USD	LIBOR 6 MTH	1.862%	0.500%	2012	2023		2,000,000,000		2,000,000,000		200,000,000		200,000,000
USD	LIBOR 6 MTH	1.930%	0.250%	2021	2031		500,000,000		500,000,000		140,000,000		140,000,000
USD	LIBOR 6 MTH	1.962%	0.000%	2011	2035		8,455,448		8,455,448		7,490,681		7,490,681
USD	LIBOR 6 MTH	1.962%	0.000%	2012	2036		91,089,216		91,089,216		82,855,505		82,855,505
USD	LIBOR 6 MTH	1.962%	0.000%	2012	2036		77,093,168		77,093,168		71,951,053		71,951,053
USD	LIBOR 6 MTH	1.980%	0.250%	2019	2032		250,000,000		250,000,000		92,500,000		92,500,000
USD	LIBOR 6 MTH	1.980%	0.250%	2020	2032		250,020,000		250,020,000		28,170,000		28,170,000
USD	LIBOR 6 MTH	1.980%	0.250%	2020	2032		150,000,000		150,000,000		39,550,000		39,550,000
USD	LIBOR 6 MTH	2.222%	0.000%	2013	2034		105,364,546		105,364,546		93,816,592		93,816,592
USD	LIBOR 6 MTH	2.222%	0.250%	2020	2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	LIBOR 6 MTH	2.222%	0.250%	2020	2034		400,000,000		400,000,000		221,000,000		221,000,000
USD	LIBOR 6 MTH	2.322%	0.000%	2011	2035		36,091,438		36,091,438		31,989,889		31,989,889
USD	LIBOR 6 MTH	2.322%	0.000%	2011	2035		228,000,000		228,000,000		198,543,364		198,543,364
USD	LIBOR 6 MTH	2.322%	0.000%	2012	2034		4,114,072		4,114,072		4,114,072		4,114,072
USD	NO INTEREST RATE	0.000%	0.000%	2008	2026		13,585,521		13,585,521		4,354,417		4,354,417
USD	NO INTEREST RATE	0.000%	0.000%	2008	2027		4,584,236		4,584,236		1,873,006		1,873,006
USD	NO INTEREST RATE	0.000%	0.000%	2009	2030		51,484,813		51,484,813		35,103,282		35,103,282
USD	NO INTEREST RATE	0.000%	0.000%	2011	2028		19,632,981		19,632,981		9,816,503		9,816,503
USD	NO INTEREST RATE	0.000%	0.000%	2011	2028		28,794,548		28,794,548		17,631,211		17,631,211
USD	NO INTEREST RATE	0.000%	0.000%	2011	2027		7,304,212		7,304,212		3,320,096		3,320,096
USD	NO INTEREST RATE	0.000%	0.000%	2011	2030		26,998,000		26,998,000		16,070,358		16,070,358
USD	NO INTEREST RATE	0.000%	0.000%	2011	2026		133,605,200		133,605,200		47,721,385		47,721,385
USD	NO INTEREST RATE	0.000%	0.000%	2011	2030		15,072,605		15,072,605		8,071,648		8,071,648
USD	NO INTEREST RATE	0.000%	0.000%	2011	2027		22,919,455		22,919,455		9,375,521		9,375,521
USD	NO INTEREST RATE	0.000%	0.000%	2011	2027		5,621,266		5,621,266		2,553,424		2,553,424
USD	NO INTEREST RATE	0.000%	0.000%	2011	2027		3,997,338		3,997,338		1,816,972		1,816,972
USD	NO INTEREST RATE	0.000%	0.000%	2011	2028		21,198,322		21,198,322		10,560,061		10,560,061
USD	NO INTEREST RATE	0.000%	0.000%	2011	2032		20,359,477		20,359,477		13,572,985		13,572,985
USD	NO INTEREST RATE	0.000%	0.000%	2012	2035		65,000,000		65,000,000		28,490,699		28,490,699
USD	NO INTEREST RATE	0.000%	0.000%	2013	2030		102,735,040		102,735,040		82,188,032		82,188,032
USD	NO INTEREST RATE	0.000%	0.000%	2013	2029		26,323,881		26,323,881		15,555,021		15,555,021
USD	NO INTEREST RATE	0.000%	0.000%	2013	2028		161,565,869		161,565,869		96,939,521		96,939,521
USD	NO INTEREST RATE	0.000%	0.000%	2013	2033		8,302,857		8,302,857		5,812,000		5,812,000
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%	2014	2029		69,924,759		69,924,759		51,069,031		51,069,031
USD	NO INTEREST RATE	0.000%	0.000%	2016	2032		13,870,000		13,870,000		10,853,209		10,853,209
USD	NO INTEREST RATE	0.000%	0.000%	2016	2032		17,229,598		17,229,598		15,361,986		15,361,986
USD	NO INTEREST RATE	0.000%	0.000%	2016	2033		162,630,000		162,630,000		122,468,065		122,468,065
USD	NO INTEREST RATE	0.000%	0.000%	2016	2033		293,511,116		293,511,116		293,420,918		293,420,918
USD	NO INTEREST RATE	0.000%	0.000%	2017	2031		235,000,000		235,000,000		160,978,730		160,978,730
USD	NO INTEREST RATE	0.000%	0.000%	2017	2032		15,000,000		15,000,000		8,625,775		8,625,775
USD	NO INTEREST RATE	0.000%	0.000%	2020	2035		4,000,000		4,000,000		846,837		846,837
USD	NO INTEREST RATE	0.000%	0.000%	2020	2040		66,000,000		66,000,000		21,532,969		21,532,969
USD	NO INTEREST RATE	0.000%	0.000%	2020	2035		12,153,000		12,153,000		405,391		405,391
USD	NO INTEREST RATE	0.000%	0.000%	2020	2036		154,239,000		154,239,000		24,990,120		24,990,120
USD	SOFR 1 MONTHS	0.500%	0.150%	2022	2041		150,000,000		150,000,000		10,000,000		10,000,000
USD	SOFR 6 MONTHS	0.750%	0.250%	2022	2036		400,000,000		400,000,000		43,880,000		43,880,000
USD	SOFR 6 MONTHS	0.770%	0.250%	2020	2032		750,000,000		750,000,000		750,000,000		750,000,000
USD	SOFR 6 MONTHS	1.093%	0.150%	2010	2035		39,126,660		39,126,660		32,275,376		32,275,376
USD	SOFR 6 MONTHS	1.093%	0.150%	2010	2035		31,425,843		31,425,843		26,671,537		26,671,537
USD	SOFR 6 MONTHS	1.170%	0.250%	2022	2033		400,000,000		400,000,000		100,000,000		100,000,000
USD	SOFR 6 MONTHS	1.170%	0.250%	2022	2035		223,996,591		223,996,591		2,700,000		2,700,000
USD	SOFR 6 MONTHS	1.393%	0.150%	2014	2031		80,000,000		80,000,000		46,904,060		46,904,060
USD	SOFR 6 MONTHS	1.393%	0.150%	2016	2033		108,700,000		108,700,000		76,655,759		76,655,759
USD	SOFR 6 MONTHS	1.452%	0.150%	2010	2034		99,481,861		99,481,861		78,233,628		78,233,628

D-105


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE	COMMITMENT CHARGE	YEAR OF CONTRACT	YEAR OF MATURITY	ORIGINAL AMOUNT				OUTSTANDING BALANCE
						(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
USD	SOFR 6 MONTHS	1.493%	0.750%	2005	2030		17,547,670		17,547,670		10,879,941		10,879,941
USD	SOFR 6 MONTHS	1.548%	0.000%	2011	2035		129,044,476		129,044,476		114,320,501		114,320,501
USD	SOFR 6 MONTHS	1.548%	0.000%	2012	2037		260,609,548		260,609,548		249,168,789		249,168,789
USD	SOFR 6 MONTHS	1.552%	0.000%	2011	2025		200,000,000		200,000,000		73,567,996		73,567,996
USD	SOFR 6 MONTHS	1.664%	0.250%	2004	2024		29,978,871		29,978,871		4,390,779		4,390,779
USD	SOFR 6 MONTHS	1.664%	0.250%	2021	2036		500,000,000		500,000,000		500,000,000		500,000,000
USD	SOFR 6 MONTHS	1.700%	0.150%	2017	2034		100,000,000		100,000,000		75,037,526		75,037,526
USD	SOFR 6 MONTHS	1.752%	0.150%	2014	2032		71,221,904		71,221,904		59,649,203		59,649,203
USD	SOFR 6 MONTHS	1.752%	0.150%	2021	2039		79,475,000		79,475,000		1,773,477		1,773,477
USD	SOFR 6 MONTHS	1.812%	0.000%	2009	2024		300,000,000		300,000,000		77,093,469		77,093,469
USD	SOFR 6 MONTHS	1.996%	0.000%	2009	2024		200,000,000		200,000,000		51,395,646		51,395,646
USD	SOFR 6 MONTHS	1.996%	0.150%	2008	2023		200,000,000		200,000,000		26,950,630		26,950,630
USD	SOFR 6 MONTHS	2.112%	0.150%	2013	2033		17,344,813		17,344,813		13,973,270		13,973,270
USD	SOFR 6 MONTHS	2.212%	0.750%	2006	2030		143,052,258		143,052,258		86,752,563		86,752,563
USD	SOFR 6 MONTHS	2.348%	0.150%	2008	2023		280,000,000		280,000,000		23,333,333		23,333,333
USD	SOFR 6 MONTHS	2.362%	0.250%	2020	2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	SOFR 6 MONTHS	2.396%	0.750%	2003	2027		254,448,314		254,448,314		122,003,497		122,003,497
USD	SOFR 6 MONTHS	2.453%	0.150%	2014	2031		40,000,000		40,000,000		16,534,756		16,534,756
USD	SOFR 6 MONTHS	2.471%	0.150%	2017	2032		100,000,000		100,000,000		83,333,333		83,333,333
USD	SOFR 6 MONTHS	2.548%	0.150%	2012	2030		56,918,189		56,918,189		41,532,186		41,532,186
USD	SOFR 6 MONTHS	2.698%	0.000%	2010	2034		929,654,925		929,654,925		753,175,081		753,175,081
USD	SOFR 6 MONTHS	2.698%	0.000%	2010	2034		919,770,855		919,770,855		769,020,412		769,020,412
USD	SOFR 6 MONTHS	2.748%	0.750%	2002	2025		158,768,411		158,768,411		47,911,608		47,911,608
USD	SOFR 6 MONTHS	2.898%	0.000%	2010	2035		800,000,000		800,000,000		689,040,000		689,040,000
USD	SOFR 6 MONTHS	2.898%	0.000%	2011	2035		110,618,216		110,618,216		95,275,470		95,275,470
USD	SOFR 6 MONTHS	2.898%	0.000%	2011	2036		400,000,000		400,000,000		363,960,000		363,960,000
USD	SOFR 6 MONTHS	2.898%	0.000%	2013	2037		74,763,379		74,763,379		66,495,690		66,495,690
USD	SOFR 6 MONTHS	3.172%	0.150%	2015	2030		100,000,000		100,000,000		66,666,667		66,666,667
USD	SOFR 6 MONTHS	3.272%	0.000%	2013	2033		1,920,255		1,920,255		1,546,985		1,546,985
USD	SOFR 6 MONTHS	4.128%	0.250%	2022	2035		100,000,000		100,000,000		1,026,846		1,026,846

TOTAL MULTILATERAL							USD		50,436,686,859		USD		34,029,487,545

TOTAL BILATERAL							USD		37,369,674,917		USD		20,334,548,056

TOTAL COMMERCIAL CREDIT							USD		5,528,802,803		USD		2,627,353,722

TOTAL EXPORT CREDIT							USD		3,279,623,620		USD		1,254,291,302

Assumed exchange rates for conversion as of December 31, 2022 (Jakarta Interbank Spot Dollar Rate for USD and BI Non-USD/IDR Reference Rate for other currencies)


IRD/USD			15,592.00
IRD/EUR			16,608.60
IRD/AUD			10,571.38
IRD/CAD			11,503.62
IRD/CHF			16,865.33
IRD/CNY			2,242.16
IRD/DKK			2,233.39
IRD/JPY			117.96
IRD/KWD			50,932.61
IRD/SAR			4,145.71

D-106

DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2022


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			YEAR OF CONTRACT		YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE
									(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
*COMMERCIAL CREDIT*
IDR	JIBOR 6 MONTHS		(1.270	)%		2022		2029		43,579,000,000		2,794,959		8,715,800,000		558,992
IDR	JIBOR 6 MONTHS		(1.270	)%		2022		2029		116,418,322,850		7,466,542		64,546,893,850		4,139,744
IDR	JIBOR 6 MONTHS		0.230	%		2022		2027		239,840,000,000		15,382,247		239,840,000,000		15,382,247
IDR	JIBOR 6 MONTHS		0.230	%		2022		2028		80,000,000,000		5,130,836		80,000,000,000		5,130,836
IDR	JIBOR 6 MONTHS		0.230	%		2022		2029		4,056,690,555,366		260,177,691		2,086,886,736,716		133,843,428
IDR	JIBOR 6 MONTHS		0.230	%		2022		2029		62,841,284,059		4,030,354		12,568,256,812		806,071
IDR	JIBOR 6 MONTHS		0.230	%		2022		2029		1,503,852,650,100		96,450,273		699,488,110,100		44,861,988
IDR	JIBOR 6 MONTHS		0.230	%		2022		2029		59,873,209,000		3,839,995		38,917,585,850		2,495,997
IDR	JIBOR 6 MONTHS		0.250	%		2022		2029		264,625,000,000		16,971,845		176,416,800,000		11,314,572
IDR	JIBOR 6 MONTHS		0.640	%		2022		2030		225,915,000,000		14,489,161		108,439,200,000		6,954,797
IDR	JIBOR 6 MONTHS		2.633	%		2022		2027		20,983,412,000		1,345,781		20,983,412,000		1,345,781
IDR	JIBOR 6 MONTHS		2.633	%		2022		2029		927,769,742,662		59,502,934		589,380,168,422		37,800,165
IDR	JIBOR 6 MONTHS		3.153	%		2021		2030		910,370,914,285		58,387,052		385,247,208,557		24,708,005
IDR	JIBOR 6 MONTHS		3.153	%		2021		2029		1,795,341,743,975		115,145,058		759,444,387,889		48,707,311
IDR	JIBOR 6 MONTHS		3.153	%		2021		2029		237,729,000,000		15,246,857		131,737,600,000		8,449,051
IDR	JIBOR 6 MONTHS		3.165	%		2021		2030		262,800,000,000		16,854,797		262,800,000,000		16,854,797
IDR	JIBOR 6 MONTHS		3.174	%		2021		2029		54,150,000,000		3,472,935		54,150,000,000		3,472,935
IDR	JIBOR 6 MONTHS		3.176	%		2021		2030		140,783,000,000		9,029,182		112,626,400,000		7,223,345
IDR	JIBOR 6 MONTHS		3.176	%		2021		2030		144,397,845,708		9,261,021		28,879,569,142		1,852,204
IDR	JIBOR 6 MONTHS		3.176	%		2021		2029		302,735,863,334		19,416,102		249,732,238,500		16,016,691
IDR	JIBOR 6 MONTHS		3.176	%		2021		2029		380,557,976,100		24,407,259		190,278,987,946		12,203,629
IDR	JIBOR 6 MONTHS		3.408	%		2019		2025		123,979,473,850		7,951,480		61,989,736,925		3,975,740
IDR	JIBOR 6 MONTHS		3.408	%		2019		2025		198,477,654,760		12,729,455		119,086,592,856		7,637,673
IDR	JIBOR 6 MONTHS		3.408	%		2019		2026		133,194,832,113		8,542,511		93,236,382,480		5,979,758
IDR	JIBOR 6 MONTHS		3.408	%		2019		2026		841,484,906,622		53,969,017		673,187,925,300		43,175,213
IDR	JIBOR 6 MONTHS		3.408	%		2019		2027		234,100,000,000		15,014,110		210,690,000,000		13,512,699
IDR	JIBOR 6 MONTHS		3.408	%		2019		2028		1,667,251,278,000		106,929,918		1,667,251,278,000		106,929,918
IDR	JIBOR 6 MONTHS		3.408	%		2019		2025		353,936,800,000		22,699,897		176,968,400,000		11,349,949
IDR	JIBOR 6 MONTHS		3.408	%		2019		2025		189,912,250,000		12,180,108		113,947,350,000		7,308,065
IDR	JIBOR 6 MONTHS		3.408	%		2019		2026		179,852,879,000		11,534,946		125,897,015,300		8,074,462
IDR	JIBOR 6 MONTHS		3.408	%		2019		2027		185,000,000,000		11,865,059		166,500,000,000		10,678,553
IDR	JIBOR 6 MONTHS		3.408	%		2019		2025		29,922,220,800		1,919,075		17,953,332,480		1,151,445
IDR	JIBOR 6 MONTHS		3.408	%		2019		2026		40,768,100,000		2,614,681		28,537,670,000		1,830,276
IDR	JIBOR 6 MONTHS		3.408	%		2019		2026		226,899,994,438		14,552,334		181,519,995,552		11,641,867
IDR	JIBOR 6 MONTHS		3.408	%		2019		2028		505,999,960,000		32,452,537		505,999,960,000		32,452,537
IDR	JIBOR 6 MONTHS		3.408	%		2019		2026		19,581,000,000		1,255,836		15,664,800,000		1,004,669
IDR	JIBOR 6 MONTHS		3.408	%		2020		2027		383,500,000,000		24,595,947		345,150,000,000		22,136,352
IDR	JIBOR 6 MONTHS		3.408	%		2020		2028		880,000,000,000		56,439,200		859,100,000,000		55,098,769
IDR	JIBOR 6 MONTHS		3.607	%		2018		2026		469,385,374,600		30,104,244		469,385,374,600		30,104,244
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		461,459,983,300		29,595,946		461,459,983,300		29,595,946
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		2,325,711,487,000		149,160,562		2,325,711,460,000		149,160,561
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		224,987,847,220		14,429,698		224,987,847,220		14,429,698
IDR	JIBOR 6 MONTHS		3.607	%		2019		2027		20,000,000,000		1,282,709		20,000,000,000		1,282,709
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		67,998,236,950		4,361,098		67,998,236,950		4,361,098
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		355,000,000,000		22,768,086		355,000,000,000		22,768,086
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		210,000,000,000		13,468,445		210,000,000,000		13,468,445
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		39,987,475,000		2,564,615		39,987,475,000		2,564,615
IDR	JIBOR 6 MONTHS		3.607	%		2019		2026		84,442,466,900		5,415,756		84,442,466,900		5,415,756
IDR	JIBOR 6 MONTHS		3.907	%		2018		2025		185,500,000,000		11,897,127		111,300,000,000		7,138,276
IDR	JIBOR 6 MONTHS		3.907	%		2020		2026		750,000,000,000		48,101,591		531,650,000,000		34,097,614
IDR	JIBOR 6 MONTHS		4.001	%		2022		2030		52,500,000,000		3,367,111		35,000,000,000		2,244,741
IDR	JIBOR 6 MONTHS		4.045	%		2017		2025		60,000,000,000		3,848,127		42,000,000,000		2,693,689
IDR	JIBOR 6 MONTHS		4.045	%		2017		2025		1,062,179,120,000		68,123,340		743,525,384,000		47,686,338
IDR	JIBOR 6 MONTHS		4.045	%		2018		2025		291,093,250,000		18,669,398		203,765,275,000		13,068,578
IDR	JIBOR 6 MONTHS		4.045	%		2018		2025		40,000,000,000		2,565,418		28,000,000,000		1,795,793

D-107


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE			YEAR OF CONTRACT		YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE
									(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
IDR	JIBOR 6 MONTHS		4.045	%		2019		2025		180,000,000,000		11,544,382		126,000,000,000		8,081,067
IDR	JIBOR 6 MONTHS		4.075	%		2017		2025		89,778,402,000		5,757,979		62,844,881,400		4,030,585
IDR	JIBOR 6 MONTHS		4.075	%		2017		2025		184,574,623,000		11,837,777		129,202,236,100		8,286,444
IDR	JIBOR 6 MONTHS		4.075	%		2017		2025		34,867,909,600		2,236,269		24,407,536,720		1,565,388
IDR	JIBOR 6 MONTHS		4.075	%		2018		2025		589,418,114,900		37,802,598		412,592,680,430		26,461,819
IDR	JIBOR 6 MONTHS		4.075	%		2018		2025		109,811,225,100		7,042,793		76,867,857,570		4,929,955
IDR	JIBOR 6 MONTHS		4.357	%		2016		2024		348,052,734,600		22,322,520		217,532,959,125		13,951,575
IDR	JIBOR 6 MONTHS		4.357	%		2016		2024		379,986,300,000		24,370,594		237,491,437,500		15,231,621
IDR	JIBOR 6 MONTHS		4.357	%		2016		2024		259,227,377,146		16,625,666		162,017,110,714		10,391,041
IDR	JIBOR 6 MONTHS		4.357	%		2016		2024		59,483,375,000		3,814,993		37,177,109,375		2,384,371
IDR	JIBOR 6 MONTHS		4.357	%		2017		2024		125,000,000,000		8,016,932		78,125,000,000		5,010,582
IDR	JIBOR 6 MONTHS		4.357	%		2017		2024		185,000,000,000		11,865,059		112,853,704,375		7,237,924
IDR	JIBOR 6 MONTHS		4.357	%		2018		2024		147,000,000,000		9,427,912		91,875,000,000		5,892,445
IDR	JIBOR 6 MONTHS		4.358	%		2015		2023		612,779,411,350		39,300,886		122,555,882,270		7,860,177
IDR	JIBOR 6 MONTHS		4.358	%		2015		2023		17,490,000,000		1,121,729		3,498,000,000		224,346
IDR	JIBOR 6 MONTHS		4.358	%		2015		2023		18,622,233,744		1,194,345		3,724,446,752		238,869
IDR	JIBOR 6 MONTHS		4.358	%		2016		2023		220,000,000,000		14,109,800		44,000,000,000		2,821,960
IDR	JIBOR 6 MONTHS		4.358	%		2016		2024		516,974,390,974		33,156,387		155,092,317,295		9,946,916
IDR	JIBOR 6 MONTHS		4.408	%		2015		2023		276,652,593,070		17,743,240		27,665,259,307		1,774,324
IDR	JIBOR 6 MONTHS		4.408	%		2015		2023		18,572,804,199		1,191,175		1,857,280,419		119,118
IDR	JIBOR 6 MONTHS		4.408	%		2016		2023		199,500,000,000		12,795,023		19,950,000,000		1,279,502
IDR	JIBOR 6 MONTHS		4.461	%		2022		2030		263,940,000,000		16,927,912		52,788,000,000		3,385,582
IDR	JIBOR 6 MONTHS		4.533	%		2022		2030		148,475,800,000		9,522,563		29,695,160,000		1,904,513
IDR	JIBOR 6 MONTHS		4.540	%		2022		2030		1,829,738,000,000		117,351,077		365,947,600,000		23,470,215
IDR	JIBOR 6 MONTHS		5.040	%		2022		2030		121,063,674,700		7,764,474		63,113,674,700		4,047,824
IDR	JIBOR 6 MONTHS		5.049	%		2022		2030		127,201,283,766		8,158,112		25,440,256,754		1,631,622
IDR	JIBOR 6 MONTHS		5.054	%		2022		2030		68,695,300,000		4,405,804		68,695,300,000		4,405,804
IDR	JIBOR 6 MONTHS		5.106	%		2022		2030		779,818,472,680		50,014,012		378,509,722,680		24,275,893
IDR	JIBOR 6 MONTHS		5.113	%		2022		2030		605,370,583,430		38,825,717		242,572,083,372		15,557,471
IDR	JIBOR 6 MONTHS		5.113	%		2022		2030		350,000,000,000		22,447,409		105,000,000,000		6,734,223
IDR	JIBOR 6 MONTHS		5.113	%		2022		2030		1,092,292,000,000		70,054,643		579,177,622,400		37,145,820

TOTAL COMMERCIAL CREDIT										USD		2,224,522,045		USD		1,390,215,714

Assumed exchange rates for conversion as of December 31, 2022 (Jakarta Interbank Spot Dollar Rate)


IRD/USD			15,592.00

D-108

GUARANTEED DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2022


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE MARGIN*		YEAR OF CONTRACT		YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE
								(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
*DOMESTIC CREDIT*
IDR	SBI 12 BULAN		4.500%		2014		2023		45,000,000,000		2,860,594		8,565,890,698		544,523
IDR	SBI 12 BULAN		4.500%		2014		2024		32,350,000,000		2,056,449		5,830,037,222		370,608
IDR	SBI 12 BULAN		4.500%		2014		2024		7,984,000,000		507,533		3,263,574,933		207,461
IDR	SBI 12 BULAN		4.500%		2014		2026		16,870,000,000		1,072,405		4,112,156,250		261,405
IDR	SBI 12 BULAN		4.500%		2014		2024		17,294,000,000		1,099,358		4,992,690,680		317,379
IDR	JIBOR 3 MONTHS		1.200%		2015		2025		2,449,962,746,818		155,741,068		1,049,984,034,351		66,746,172
IDR	JIBOR 3 MONTHS		1.500%		2015		2025		2,225,000,000,000		141,440,468		874,107,142,857		55,565,898
IDR	BI RATE		2.000%		2016		2041		481,000,000,000		30,576,569		390,867,651,433		24,846,968
IDR	BI RATE		2.000%		2016		2041		1,240,335,000,000		78,846,545		1,046,207,003,017		66,506,071
IDR	AVERAGE TIME DEPOSIT		2.770%		2017		2032		15,592,413,000,000		991,190,198		8,142,449,564,700		517,605,338
IDR	FIXED		7.800%		2017		2022		3,532,000,000,000		224,524,824		2,367,000,000,000		150,467,230
IDR	FIXED		8.550%		2016		2026		1,000,000,000,000		63,568,750		1,000,000,000,000		63,568,750
IDR	FIXED		8.550%		2017		2027		1,968,000,000,000		125,103,299		1,968,000,000,000		125,103,299
IDR	SUN Y10		0.750%		2018		2028		4,500,000,000,000		286,059,373		3,500,000,000,000		222,490,624
IDR	SUN Y15		1.000%		2018		2033		12,264,000,000,000		779,607,145		7,692,044,327,209		488,973,640
IDR	SUN Y15		1.250%		2018		2033		14,366,000,000,000		913,228,657		8,241,859,175,242		523,924,682
IDR	JIBOR 6 MONTHS		1.250%		2019		2029		4,506,787,490,000		286,490,845		1,937,593,999,048		123,170,428
IDR	JIBOR 6 MONTHS		1.250%		2020		2030		5,071,000,000,000		322,357,129		3,708,724,980,040		235,759,010
IDR	JIBOR 6 MONTHS		1.250%		2020		2030		2,846,000,000,000		180,916,661		1,268,617,790,886		80,644,447
IDR	JIBOR 6 MONTHS		1.250%		2022		2032		2,750,000,000,000		174,814,061		—		—
IDR	JIBOR 3 BULAN		2.500%		2017		2032		23,419,128,801,423		1,488,724,735		14,261,441,000,000		906,581,972

TOTAL									98,331,125,038,241		6,250,786,666		57,475,661,018,566		3,653,655,904

*	Interest rate margins, except actual interest rates for fixed rates

Assumed exchange rates for conversion as of December 31, 2022 (Bank Indonesia Middle Exchange Rate)


IRD/USD			15,731.00

D-109

GUARANTEED EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2022


CURRENCY BASE	INTEREST RATE BASIS	INTEREST RATE MARGIN*		YEAR OF CONTRACT			YEAR OF MATURITY		ORIGINAL AMOUNT				OUTSTANDING BALANCE
									(In Original Currency)		(In US Dollar)		(In Original Currency)		(In US Dollar)
EXTERNAL CREDIT
USD	LIBOR 6 MONTHS		0.840%		2008			2023		284,288,744		284,288,744		23,524,474		23,524,474
USD	LIBOR 6 MONTHS		0.840%		2008			2023		330,825,515		330,825,515		24,110,250		24,110,250
USD	LIBOR 6 MONTHS		3.850%		2009			2024		625,256,803		625,256,803		113,866,924		113,866,924
USD	Fixed		3.750%		2020			2030		600,000,000		600,000,000		600,000,000		600,000,000
EUR	EURIBOR 6 MONTHS		0.000%		2019			2034		294,700,000		313,089,572		2,025,239		2,151,616
EUR	EURIBOR 6 MONTHS		0.470%		2020			2035		255,165,034		271,087,585		129,070,949		137,125,104
USD	LIBOR 6 MONTHS		0.500%		2015	��		2035		36,277,710		36,277,710		24,990,877		24,990,877
EUR	LIBOR 6 MONTHS		0.500%		2015			2035		489,881,140		520,450,209		424,563,655		451,056,848
USD	LIBOR 6 MONTHS		0.500%		2015			2035		25,000,000		25,000,000		21,387,517		21,387,517
USD	Reference Rate for Loan Curr. + Var. Spread				2016			2036		500,000,000		500,000,000		464,881,244		464,881,244
USD	LIBOR 6 MONTHS		0.500%		2017			2037		600,000,000		600,000,000		565,483,765		565,483,765
USD	FIXED		0.750%		2020			2040		300,000,000		300,000,000		80,460,226		80,460,226
USD	SOFR		0.500%		2020			2040		35,000,000		35,000,000		1,658,427		1,658,427
USD	LIBOR 6 MONTHS		0.500%		2020			2040		600,000,000		600,000,000		275,800,000		275,800,000
USD	SOFR+1.34%		0.430%		2018			2053		248,400,000		248,400,000		102,749,638		102,749,638
USD	SWAP Rate (LIBOR- 6 month)		1.300%		2017			Tentative		330,000,000		330,000,000		202,524,081		202,524,081

Total												5,619,676,138				3,091,770,990

*	Interest rate margins, except actual interest rates for fixed rates

Assumed exchange rates for conversion as of December 31, 2022 (Bank Indonesia Middle Exchange Rate)


IRD/USD			15,731.00
IRD/EUR			16,712.63

D-110

FOREIGN CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2022


CURRENCY AND SERIES	INTEREST RATE BASIS		INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
										(in Original Currency)		(in US Dollar)
*A. GOVERNMENT DEBT SECURITIES*
*US Dollar*
RI0035		FIXED		8.50000	%		12-Oct-2005		12-Oct-2035		1,562,661,000		1,562,661,000
RI0037		FIXED		6.62500	%		14-Feb-2007		17-Feb-2037		1,427,762,000		1,427,762,000
RI0038		FIXED		7.75000	%		17-Jan-2008		17-Jan-2038		1,945,398,000		1,945,398,000
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		1,675,526,000		1,675,526,000
RI0125		FIXED		4.12500	%		15-Jan-2015		15-Jan-2025		2,000,000,000		2,000,000,000
RI0126		FIXED		4.75000	%		08-Dec-2015		08-Jan-2026		2,070,963,000		2,070,963,000
RI0127		FIXED		4.35000	%		08-Dec-2016		08-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	%		08-Dec-2015		08-Jan-2046		1,250,000,000		1,250,000,000
RI0147		FIXED		5.25000	%		08-Dec-2016		08-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		473,963,000		473,963,000
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
RI0332		FIXED		3.55000	%		31-Mar-2022		31-Mar-2032		1,000,000,000		1,000,000,000
RI0351		FIXED		3.05000	%		12-Jan-2021		12-Mar-2051		2,000,000,000		2,000,000,000
RI0352		FIXED		4.30000	%		31-Mar-2022		31-Mar-2052		750,000,000		750,000,000
RI0371		FIXED		3.35000	%		12-Jan-2021		12-Mar-2071		800,000,000		800,000,000
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

D-111


CURRENCY AND SERIES	INTEREST RATE BASIS		INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
										(in Original Currency)		(in US Dollar)
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
RI0927		FIXED		4.15000	%		20-Sep-2022		20-Sep-2027		750,000,000		750,000,000
RI0929		FIXED		3.40000	%		18-Jun-2019		18-Sep-2029		750,000,000		750,000,000
RI0932		FIXED		4.65000	%		20-Sep-2022		20-Sep-2032		1,400,000,000		1,400,000,000
RI0952		FIXED		5.45000	%		20-Sep-2022		20-Sep-2052		500,000,000		500,000,000
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		746,362,000		746,362,000
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
USDFR0003		FIXED		3.00000	%		04-Mar-2022		15-Jan-2032		63,311,000		63,311,000

TOTAL US DOLLAR DENOMINATED											52,776,896,000		52,776,896,000

*JAPANESE YEN*
RIJPY0523		FIXED		0.92000	%		31-May-2018		31-May-2023		39,000,000,000		295,041,053
RIJPY0524		FIXED		0.83000	%		22-May-2019		22-May-2024		80,200,000,000		606,725,448
RIJPY0524A		FIXED		0.33000	%		27-May-2021		27-May-2024		29,000,000,000		219,389,501
RIJPY0525		FIXED		1.07000	%		31-May-2018		30-May-2025		3,500,000,000		26,478,043
RIJPY0526		FIXED		0.96000	%		22-May-2019		22-May-2026		4,500,000,000		34,043,198
RIJPY0526A		FIXED		0.57000	%		27-May-2021		27-May-2026		46,800,000,000		354,049,264
RIJPY0528		FIXED		1.27000	%		31-May-2018		31-May-2028		8,500,000,000		64,303,819
RIJPY0528A		FIXED		0.70000	%		27-May-2021		26-May-2028		1,200,000,000		9,078,186
RIJPY0529		FIXED		1.17000	%		22-May-2019		22-May-2029		7,600,000,000		57,495,180
RIJPY0531		FIXED		0.89000	%		27-May-2021		27-May-2031		18,200,000,000		137,685,825
RIJPY0534		FIXED		1.55000	%		22-May-2019		22-May-2034		4,000,000,000		30,260,621
RIJPY0536		FIXED		1.17000	%		27-May-2021		27-May-2036		2,500,000,000		18,912,888
RIJPY0539		FIXED		1.79000	%		22-May-2019		20-May-2039		5,000,000,000		37,825,776
RIJPY0541		FIXED		1.44000	%		27-May-2021		27-May-2041		2,300,000,000		17,399,857
RIJPY0624		FIXED		1.04000	%		08-Jun-2017		07-Jun-2024		10,000,000,000		75,651,552
RIJPY0625		FIXED		0.96000	%		09-Jun-2022		09-Jun-2025		68,200,000,000		515,943,585
RIJPY0627		FIXED		1.13000	%		09-Jun-2022		09-Jun-2027		5,100,000,000		38,582,292
RIJPY0629		FIXED		1.27000	%		09-Jun-2022		08-Jun-2029		1,700,000,000		12,860,764
RIJPY0632		FIXED		1.45000	%		09-Jun-2022		09-Jun-2032		6,000,000,000		45,390,931
RIJPY0723		FIXED		1.13000	%		08-Jul-2020		07-Jul-2023		50,700,000,000		383,553,369
RIJPY0725		FIXED		1.35000	%		08-Jul-2020		08-Jul-2025		24,300,000,000		183,833,272
RIJPY0727		FIXED		1.48000	%		08-Jul-2020		08-Jul-2027		10,100,000,000		76,408,068

D-112


CURRENCY AND SERIES	INTEREST RATE BASIS		INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
										(in Original Currency)		(in US Dollar)
RIJPY0730		FIXED		1.59000	%		08-Jul-2020		08-Jul-2030		13,400,000,000		101,373,080
RIJPY0740		FIXED		1.80000	%		08-Jul-2020		06-Jul-2040		1,500,000,000		11,347,733
RIJPY0825		FIXED		0.91000	%		13-Aug-2015		13-Aug-2025		55,000,000,000		416,083,536

TOTAL JAPANESE YEN DENOMINATED											498,300,000,000		3,769,716,840

*EURO DENOMINATED*
RIEUR0227		FIXED		0.90000	%		14-Jan-2020		14-Feb-2027		1,000,000,000		1,065,200,103
RIEUR0333		FIXED		1.10000	%		12-Jan-2021		12-Mar-2033		1,000,000,000		1,065,200,103
RIEUR0334		FIXED		1.30000	%		23-Sep-2021		23-Mar-2034		500,000,000		532,600,051
RIEUR0425		FIXED		1.75000	%		24-Apr-2018		24-Apr-2025		1,000,000,000		1,065,200,103
RIEUR0623		FIXED		2.62500	%		14-Jun-2016		14-Jun-2023		1,500,000,000		1,597,800,154
RIEUR0628		FIXED		3.75000	%		14-Jun-2016		14-Jun-2028		1,500,000,000		1,597,800,154
RIEUR0724		FIXED		2.15000	%		18-Jul-2017		18-Jul-2024		1,000,000,000		1,065,200,103
RIEUR0725		FIXED		3.37500	%		30-Jul-2015		30-Jul-2025		1,250,000,000		1,331,500,128
RIEUR0729		FIXED		1.00000	%		28-Jul-2021		28-Jul-2029		500,000,000		532,600,051
RIEUR0926		FIXED		1.45000	%		18-Jun-2019		18-Sep-2026		750,000,000		798,900,077
RIEUR1031		FIXED		1.40000	%		30-Oct-2019		30-Oct-2031		1,000,000,000		1,065,200,103

TOTAL EURO DENOMINATED											11,000,000,000		11,717,201,129

B. GOVERNMENT ISLAMIC DEBT SECURITIES
*US DOLLAR DENOMINATED*
SNI0229		FIXED		4.45000	%		20-Feb-2019		20-Feb-2029		1,250,000,000		1,250,000,000
SNI0323		FIXED		3.75000	%		01-Mar-2018		01-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	%		01-Mar-2018		01-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	%		09-Jun-2021		09-Jun-2026		1,250,000,000		1,250,000,000
SNI0627		FIXED		4.40000	%		06-Jun-2022		06-Jun-2027		1,750,000,000		1,750,000,000
SNI0630		FIXED		2.80000	%		23-Jun-2020		23-Jun-2030		1,000,000,000		1,000,000,000
SNI0631		FIXED		2.55000	%		09-Jun-2021		09-Jun-2031		1,000,000,000		1,000,000,000
SNI0632		FIXED		4.70000	%		06-Jun-2022		06-Jun-2032		1,500,000,000		1,500,000,000
SNI0650		FIXED		3.80000	%		23-Jun-2020		23-Jun-2050		750,000,000		750,000,000
SNI0651		FIXED		3.55000	%		09-Jun-2021		09-Jun-2051		750,000,000		750,000,000
SNI0824		FIXED		3.90000	%		20-Feb-2019		20-Aug-2024		750,000,000		750,000,000
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
USDPBS003		FIXED		3.70000	%		02-Sep-2022		02-Sep-2025		150,000,000		150,000,000
USDPBS004		FIXED		3.90000	%		02-Sep-2022		02-Sep-2027		25,000,000		25,000,000

TOTAL US DOLLAR DENOMINATED											21,175,000,000		21,175,000,000

Assumed exchange rates for conversion as of December 31, 2022 (Jakarta Interbank Spot Dollar Rate for USD and BI Non-USD/IDR Reference Rate for other currencies)


IRD/USD			15,592.00
IRD/EUR			16,608.60
IRD/JPY			117.96

D-113

DOMESTIC CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2022

SERIES

INTEREST
RATE BASIS

INTEREST
RATE

FIRST ISSUE
DATE

MATURITY
DATE

OUTSTANDING BALANCE

(in Original Currency (IDR))

(in US Dollar)

I. TRADABLE SECURITIES

A. GOVERNMENT DEBT SECURITIES

1. TREASURY BILLS

SPN03230111

ZERO COUPON

13-Oct-2022

11-Jan-2023

450,000,000,000

28,860,954

SPN03230125

ZERO COUPON

27-Oct-2022

25-Jan-2023

150,000,000,000

9,620,318

SPN03230208

ZERO COUPON

10-Nov-2022

08-Feb-2023

1,000,000,000,000

64,135,454

SPN03230222

ZERO COUPON

24-Nov-2022

22-Feb-2023

1,000,000,000,000

64,135,454

SPN03230308

ZERO COUPON

08-Dec-2022

08-Mar-2023

1,000,000,000,000

64,135,454

SPN12230105

ZERO COUPON

06-Jan-2022

05-Jan-2023

4,000,000,000,000

256,541,816

SPN12230203

ZERO COUPON

04-Feb-2022

03-Feb-2023

6,450,000,000,000

413,673,679

SPN12230303

ZERO COUPON

04-Mar-2022

03-Mar-2023

6,000,000,000,000

384,812,724

SPN12230330

ZERO COUPON

31-Mar-2022

30-Mar-2023

3,700,000,000,000

237,301,180

SPN12230413

ZERO COUPON

14-Apr-2022

13-Apr-2023

5,750,000,000,000

368,778,861

SPN12230526

ZERO COUPON

27-May-2022

26-May-2023

3,550,000,000,000

227,680,862

SPN12230622

ZERO COUPON

23-Jun-2022

22-Jun-2023

5,135,000,000,000

329,335,557

SPN12230720

ZERO COUPON

21-Jul-2022

20-Jul-2023

120,000,000,000

7,696,254

SPN12230818

ZERO COUPON

19-Aug-2022

18-Aug-2023

2,850,000,000,000

182,786,044

SPN12230914

ZERO COUPON

15-Sep-2022

14-Sep-2023

3,000,000,000,000

192,406,362

SPN12231012

ZERO COUPON

13-Oct-2022

12-Oct-2023

1,050,000,000,000

67,342,227

SPN12231109

ZERO COUPON

10-Nov-2022

09-Nov-2023

1,500,000,000,000

96,203,181

SPN12231207

ZERO COUPON

08-Dec-2022

07-Dec-2023

550,000,000,000

35,274,500

TOTAL TREASURY BILLS

47,255,000,000,000

3,030,720,883

2. TREASURY NOTES

FR0037

FIXED

12.00000

18-May-2006

15-Sep-2026

2,450,000,000,000

157,131,862

FR0039

FIXED

11.75000

24-Aug-2006

15-Aug-2023

3,993,000,000,000

256,092,868

FR0040

FIXED

11.00000

21-Sep-2006

15-Sep-2025

24,940,090,000,000

1,599,543,997

FR0042

FIXED

10.25000

25-Jan-2007

15-Jul-2027

14,774,100,000,000

947,543,612

FR0044

FIXED

10.00000

19-Apr-2007

15-Sep-2024

17,292,000,000,000

1,109,030,272

D-114


SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
									(in Original Currency (IDR))		(in US Dollar)
FR0045	FIXED		9.75000	%		24-May-2007		15-May-2037		9,624,304,000,000		617,259,107
FR0046	FIXED		9.50000	%		19-Jul-2007		15-Jul-2023		22,175,000,000,000		1,422,203,694
FR0047	FIXED		10.00000	%		30-Aug-2007		15-Feb-2028		20,385,000,000,000		1,307,401,231
FR0050	FIXED		10.50000	%		24-Jan-2008		15-Jul-2038		15,661,000,000,000		1,004,425,346
FR0052	FIXED		10.50000	%		20-Aug-2009		15-Aug-2030		23,500,000,000,000		1,507,183,171
FR0054	FIXED		9.50000	%		22-Jul-2010		15-Jul-2031		27,096,000,000,000		1,737,814,264
FR0056	FIXED		8.37500	%		23-Sep-2010		15-Sep-2026		121,378,000,000,000		7,784,633,145
FR0057	FIXED		9.50000	%		21-Apr-2011		15-May-2041		17,236,573,000,000		1,105,475,436
FR0058	FIXED		8.25000	%		21-Jul-2011		15-Jun-2032		42,798,000,000,000		2,744,869,164
FR0059	FIXED		7.00000	%		15-Sep-2011		15-May-2027		116,871,000,000,000		7,495,574,654
FR0062	FIXED		6.37500	%		09-Feb-2012		15-Apr-2042		14,692,000,000,000		942,278,091
FR0063	FIXED		5.62500	%		13-Aug-2012		15-May-2023		78,346,000,000,000		5,024,756,285
FR0064	FIXED		6.12500	%		13-Aug-2012		15-May-2028		114,295,000,000,000		7,330,361,724
FR0065	FIXED		6.62500	%		30-Aug-2012		15-May-2033		87,352,304,000,000		5,602,379,682
FR0067	FIXED		8.75000	%		18-Jul-2013		15-Feb-2044		28,488,284,000,000		1,827,109,030
FR0068	FIXED		8.37500	%		01-Aug-2013		15-Mar-2034		137,758,000,000,000		8,835,171,883
FR0070	FIXED		8.37500	%		29-Aug-2013		15-Mar-2024		135,289,421,000,000		8,676,848,448
FR0071	FIXED		9.00000	%		12-Sep-2013		15-Mar-2029		93,390,682,000,000		5,989,653,797
FR0072	FIXED		8.25000	%		09-Jul-2015		15-May-2036		90,910,000,000,000		5,830,554,130
FR0073	FIXED		8.75000	%		06-Aug-2015		15-May-2031		66,717,000,000,000		4,278,925,090
FR0074	FIXED		7.50000	%		10-Nov-2016		15-Aug-2032		50,831,140,000,000		3,260,078,245
FR0075	FIXED		7.50000	%		10-Aug-2017		15-May-2038		68,420,860,000,000		4,388,202,925
FR0076	FIXED		7.37500	%		22-Sep-2017		15-May-2048		68,789,000,000,000		4,411,813,751
FR0077	FIXED		8.12500	%		27-Sep-2018		15-May-2024		80,114,000,000,000		5,138,147,768
FR0078	FIXED		8.25000	%		27-Sep-2018		15-May-2029		108,775,000,000,000		6,976,334,017
FR0079	FIXED		8.37500	%		07-Jan-2019		15-Apr-2039		57,180,000,000,000		3,667,265,264
FR0080	FIXED		7.50000	%		04-Jul-2019		15-Jun-2035		109,138,300,000,000		6,999,634,428
FR0081	FIXED		6.50000	%		01-Aug-2019		15-Jun-2025		148,632,400,000,000		9,532,606,465
FR0082	FIXED		7.00000	%		01-Aug-2019		15-Sep-2030		169,288,800,000,000		10,857,414,058
FR0083	FIXED		7.50000	%		07-Nov-2019		15-Apr-2040		128,999,500,000,000		8,273,441,508
FR0084	FIXED		7.25000	%		04-May-2020		15-Feb-2026		37,649,372,000,000		2,414,659,569
FR0085	FIXED		7.75000	%		04-May-2020		15-Apr-2031		21,177,940,000,000		1,358,256,798
FR0086	FIXED		5.50000	%		13-Aug-2020		15-Apr-2026		139,132,000,000,000		8,923,293,997
FR0087	FIXED		6.50000	%		13-Aug-2020		15-Feb-2031		182,911,300,000,000		11,731,099,282
FR0088	FIXED		6.25000	%		07-Jan-2021		15-Jun-2036		54,444,500,000,000		3,491,822,730

D-115


SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
									(in Original Currency (IDR))		(in US Dollar)
FR0089	FIXED		6.87500	%		07-Jan-2021		15-Aug-2051		46,240,385,000,000		2,965,648,089
FR0090	FIXED		5.12500	%		08-Jul-2021		15-Apr-2027		113,355,000,000,000		7,270,074,397
FR0091	FIXED		6.37500	%		08-Jul-2021		15-Apr-2032		179,978,300,000,000		11,542,989,995
FR0092	FIXED		7.12500	%		08-Jul-2021		15-Jun-2042		108,828,400,000,000		6,979,758,851
FR0093	FIXED		6.37500	%		06-Jan-2022		15-Jul-2037		18,443,000,000,000		1,182,850,180
FR0094	FIXED		5.60000	%		04-Mar-2022		15-Jan-2028		3,990,927,000,000		255,959,915
FR0095	FIXED		6.37500	%		19-Aug-2022		15-Aug-2028		30,740,000,000,000		1,971,523,858
FR0096	FIXED		7.00000	%		19-Aug-2022		15-Feb-2033		56,415,000,000,000		3,618,201,642
FR0097	FIXED		7.12500	%		19-Aug-2022		15-Jun-2043		22,604,000,000,000		1,449,717,804
FR0098	FIXED		7.12500	%		15-Sep-2022		15-Jun-2038		11,290,000,000,000		724,089,277
FRSDG001	FIXED		7.37500	%		27-Oct-2022		15-Oct-2030		3,260,000,000,000		209,081,580
VR0033	3 MONTH-RESERVE REPO BI		4.79000	%		04-May-2020		25-Apr-2025		3,568,686,000,000		228,879,297
VR0034	3 MONTH-RESERVE REPO BI		6.30444	%		10-Aug-2020		10-Aug-2025		20,525,000,000,000		1,316,380,195
VR0035	3 MONTH-RESERVE REPO BI		6.30444	%		10-Aug-2020		10-Aug-2026		20,525,000,000,000		1,316,380,195
VR0036	3 MONTH-RESERVE REPO BI		6.30444	%		10-Aug-2020		10-Aug-2027		20,525,000,000,000		1,316,380,195
VR0037	3 MONTH-RESERVE REPO BI		6.30444	%		10-Aug-2020		10-Aug-2028		20,525,000,000,000		1,316,380,195
VR0038	3 MONTH-RESERVE REPO BI		6.36000	%		28-Aug-2020		28-Aug-2025		4,245,000,000,000		272,255,003
VR0039	3 MONTH-RESERVE REPO BI		6.36000	%		28-Aug-2020		28-Aug-2026		4,245,000,000,000		272,255,003
VR0040	3 MONTH-RESERVE REPO BI		6.36000	%		28-Aug-2020		28-Aug-2027		4,245,000,000,000		272,255,003
VR0041	3 MONTH-RESERVE REPO BI		6.36000	%		28-Aug-2020		28-Aug-2028		4,245,000,000,000		272,255,003
VR0042	3 MONTH-RESERVE REPO BI		6.16073	%		28-Sep-2020		28-Sep-2025		21,100,000,000,000		1,353,258,081
VR0043	3 MONTH-RESERVE REPO BI		6.16073	%		28-Sep-2020		28-Sep-2026		21,100,000,000,000		1,353,258,081
VR0044	3 MONTH-RESERVE REPO BI		6.16073	%		28-Sep-2020		28-Sep-2027		21,100,000,000,000		1,353,258,081
VR0045	3 MONTH-RESERVE REPO BI		6.16073	%		28-Sep-2020		28-Sep-2028		21,100,000,000,000		1,353,258,081
VR0046	3 MONTH-RESERVE REPO BI		6.25910	%		12-Oct-2020		12-Oct-2025		11,550,000,000,000		740,764,495
VR0047	3 MONTH-RESERVE REPO BI		6.25910	%		12-Oct-2020		12-Oct-2026		11,550,000,000,000		740,764,495
VR0048	3 MONTH-RESERVE REPO BI		6.25910	%		12-Oct-2020		12-Oct-2027		11,550,000,000,000		740,764,495
VR0049	3 MONTH-RESERVE REPO BI		6.25910	%		12-Oct-2020		12-Oct-2028		11,550,000,000,000		740,764,495
VR0050	3 MONTH-RESERVE REPO BI		6.26071	%		26-Oct-2020		26-Oct-2025		5,717,500,000,000		366,694,459
VR0051	3 MONTH-RESERVE REPO BI		6.26071	%		26-Oct-2020		26-Oct-2026		5,717,500,000,000		366,694,459
VR0052	3 MONTH-RESERVE REPO BI		6.26071	%		26-Oct-2020		26-Oct-2027		5,717,500,000,000		366,694,459
VR0053	3 MONTH-RESERVE REPO BI		6.26071	%		26-Oct-2020		26-Oct-2028		5,717,500,000,000		366,694,459
VR0054	3 MONTH-RESERVE REPO BI		6.34720	%		16-Nov-2020		16-Nov-2025		4,370,000,000,000		280,271,934
VR0055	3 MONTH-RESERVE REPO BI		6.34720	%		16-Nov-2020		16-Nov-2026		4,370,000,000,000		280,271,934
VR0056	3 MONTH-RESERVE REPO BI		6.34720	%		16-Nov-2020		16-Nov-2027		4,370,000,000,000		280,271,934

D-116


SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
									(in Original Currency (IDR))		(in US Dollar)
VR0057	3 MONTH-RESERVE REPO BI		6.34720	%		16-Nov-2020		16-Nov-2028		4,370,000,000,000		280,271,934
VR0058	3 MONTH-RESERVE REPO BI		6.36000	%		23-Nov-2020		23-Nov-2025		6,750,000,000,000		432,914,315
VR0059	3 MONTH-RESERVE REPO BI		6.36000	%		23-Nov-2020		23-Nov-2026		6,750,000,000,000		432,914,315
VR0060	3 MONTH-RESERVE REPO BI		6.36000	%		23-Nov-2020		23-Nov-2027		6,750,000,000,000		432,914,315
VR0061	3 MONTH-RESERVE REPO BI		6.36000	%		23-Nov-2020		23-Nov-2028		6,750,000,000,000		432,914,315
VR0062	3 MONTH-RESERVE REPO BI		6.35282	%		14-Dec-2020		14-Dec-2025		25,742,500,000,000		1,651,006,927
VR0063	3 MONTH-RESERVE REPO BI		6.35282	%		14-Dec-2020		14-Dec-2026		25,742,500,000,000		1,651,006,927
VR0064	3 MONTH-RESERVE REPO BI		6.35282	%		14-Dec-2020		14-Dec-2027		25,742,500,000,000		1,651,006,927
VR0065	3 MONTH-RESERVE REPO BI		6.35282	%		14-Dec-2020		14-Dec-2028		23,302,500,000,000		1,494,516,419
VR0066	3 MONTH-RESERVE REPO BI		6.35813	%		02-Dec-2021		02-Dec-2026		14,500,000,000,000		929,964,084
VR0067	3 MONTH-RESERVE REPO BI		6.35813	%		02-Dec-2021		02-Dec-2027		14,500,000,000,000		929,964,084
VR0068	3 MONTH-RESERVE REPO BI		6.35813	%		02-Dec-2021		02-Dec-2028		14,500,000,000,000		929,964,084
VR0069	3 MONTH-RESERVE REPO BI		6.35813	%		02-Dec-2021		02-Dec-2029		14,500,000,000,000		929,964,084
VR0070	3 MONTH-RESERVE REPO BI		6.25826	%		30-Dec-2021		30-Dec-2026		40,000,000,000,000		2,565,418,163
VR0071	3 MONTH-RESERVE REPO BI		6.25826	%		30-Dec-2021		30-Dec-2027		40,000,000,000,000		2,565,418,163
VR0072	3 MONTH-RESERVE REPO BI		6.25826	%		30-Dec-2021		30-Dec-2028		40,000,000,000,000		2,565,418,163
VR0073	3 MONTH-RESERVE REPO BI		6.25826	%		30-Dec-2021		30-Dec-2029		37,000,000,000,000		2,373,011,801
VR0074	3 MONTH-RESERVE REPO BI		5.05000	%		01-Jul-2022		01-Jul-2027		5,467,230,000,000		350,643,279
VR0075	3 MONTH-RESERVE REPO BI		5.05000	%		01-Jul-2022		01-Jul-2028		5,467,240,000,000		350,643,920
VR0076	3 MONTH-RESERVE REPO BI		5.05000	%		01-Jul-2022		01-Jul-2029		5,467,240,000,000		350,643,920
VR0077	3 MONTH-RESERVE REPO BI		5.05000	%		01-Jul-2022		01-Jul-2030		5,467,240,000,000		350,643,920
VR0078	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2027		2,198,565,000,000		141,005,965
VR0079	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2028		2,198,565,000,000		141,005,965
VR0080	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2029		2,198,565,000,000		141,005,965
VR0081	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2030		2,198,565,000,000		141,005,965
VR0082	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2027		7,901,435,000,000		506,762,122
VR0083	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2028		7,901,435,000,000		506,762,122
VR0084	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2029		7,901,435,000,000		506,762,122
VR0085	3 MONTH-RESERVE REPO BI		6.36000	%		26-Aug-2022		26-Aug-2030		7,901,435,000,000		506,762,122
VR0086	3 MONTH-RESERVE REPO BI		6.22257	%		27-Sep-2022		27-Sep-2028		8,288,330,000,000		531,575,808
VR0087	3 MONTH-RESERVE REPO BI		6.22257	%		27-Sep-2022		27-Sep-2030		8,288,330,000,000		531,575,808
VR0088	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2027		2,334,205,000,000		149,705,298
VR0089	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2028		2,334,195,000,000		149,704,656
VR0090	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2029		2,334,195,000,000		149,704,656
VR0091	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2030		2,334,195,000,000		149,704,656

D-117


SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
									(in Original Currency (IDR))		(in US Dollar)
VR0092	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2027		29,810,245,000,000		1,911,893,599
VR0093	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2028		29,810,235,000,000		1,911,892,958
VR0094	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2029		29,810,235,000,000		1,911,892,958
VR0095	3 MONTH-RESERVE REPO BI		6.25865	%		29-Dec-2022		29-Dec-2030		29,810,235,000,000		1,911,892,958

TOTAL TREASURY NOTES										4,171,593,918,000,000		267,547,070,164

3. RETAIL BONDS
ORI017	FIXED		6.40000	%		15-Jul-2020		15-Jul-2023		18,336,042,000,000		1,175,990,380
ORI018	FIXED		5.70000	%		27-Oct-2020		15-Oct-2023		12,972,170,000,000		831,976,013
ORI019	FIXED		5.57000	%		24-Feb-2021		15-Feb-2024		26,000,868,000,000		1,667,577,476
ORI020	FIXED		4.95000	%		27-Oct-2021		15-Oct-2024		15,000,000,000,000		962,031,811
ORI021	FIXED		4.90000	%		23-Feb-2022		15-Feb-2025		25,065,802,000,000		1,607,606,593
ORI022	FIXED		5.95000	%		26-Oct-2022		15-Oct-2025		13,017,714,000,000		834,896,998

TOTAL RETAIL BONDS										110,392,596,000,000		7,080,079,271

TOTAL TRADABLE GOVERNMENT DEBT SECURITIES										4,329,241,514,000,000		277,657,870,318

B. GOVERNMENT ISLAMIC DEBT SECURITIES
1. ISLAMIC TREASURY BILLS
SPNS02052023	ZERO COUPON					03-Nov-2022		02-May-2023		500,000,000,000		32,067,727
SPNS07022023	ZERO COUPON					11-Aug-2022		07-Feb-2023		50,000,000,000		3,206,773
SPNS07032023	ZERO COUPON					08-Sep-2022		07-Mar-2023		550,000,000,000		35,274,500
SPNS10012023	ZERO COUPON					14-Jul-2022		10-Jan-2023		583,000,000,000		37,390,970
SPNS30052023	ZERO COUPON					01-Dec-2022		30-May-2023		90,000,000,000		5,772,191

TOTAL ISLAMIC TREASURY BILLS										1,773,000,000,000		113,712,160

2. ISLAMIC TREASURY NOTES
IFR0006	FIXED		10.25000	%		01-Apr-2010		15-Mar-2030		2,175,000,000,000		139,494,613
IFR0007	FIXED		10.25000	%		21-Jan-2010		15-Jan-2025		1,547,000,000,000		99,217,547
IFR0010	FIXED		10.00000	%		03-Mar-2011		15-Feb-2036		4,110,000,000,000		263,596,716
PBS003	FIXED		6.00000	%		02-Feb-2012		15-Jan-2027		28,329,700,000,000		1,816,938,173
PBS004	FIXED		6.10000	%		16-Feb-2012		15-Feb-2037		41,957,277,000,000		2,690,949,012
PBS005	FIXED		6.75000	%		02-May-2013		15-Apr-2043		34,324,000,000,000		2,201,385,326
PBS007	FIXED		9.00000	%		29-Sep-2014		15-Sep-2040		10,375,000,000,000		665,405,336
PBS011	FIXED		8.75000	%		14-Jan-2016		15-Aug-2023		21,750,000,000,000		1,394,946,126
PBS012	FIXED		8.87500	%		28-Jan-2016		15-Nov-2031		47,680,694,000,000		3,058,022,960
PBS015	FIXED		8.00000	%		21-Jul-2017		15-Jul-2047		23,043,000,000,000		1,477,873,268
PBS017	FIXED		6.12500	%		11-Jan-2018		15-Oct-2025		63,086,476,000,000		4,046,079,785

D-118


SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
									(in Original Currency (IDR))		(in US Dollar)
PBS018	FIXED		7.62500	%		04-Jun-2018		15-May-2028		7,500,000,000,000		481,015,906
PBS019	FIXED		8.25000	%		04-Oct-2018		15-Sep-2023		43,040,000,000,000		2,760,389,944
PBS020	FIXED		9.00000	%		22-Oct-2018		15-Oct-2027		2,250,000,000,000		144,304,772
PBS021	FIXED		8.50000	%		05-Dec-2018		15-Nov-2026		13,185,000,000,000		845,625,962
PBS022	FIXED		8.62500	%		24-Jan-2019		15-Apr-2034		16,330,000,000,000		1,047,331,965
PBS023	FIXED		8.12500	%		15-May-2019		15-May-2030		10,875,000,000,000		697,473,063
PBS024	FIXED		8.37500	%		28-May-2019		15-May-2032		3,000,000,000,000		192,406,362
PBS025	FIXED		8.37500	%		29-May-2019		15-May-2033		24,735,000,000,000		1,586,390,457
PBS026	FIXED		6.62500	%		17-Oct-2019		15-Oct-2024		60,395,000,000,000		3,873,460,749
PBS027	FIXED		6.50000	%		04-May-2020		15-May-2023		64,115,368,000,000		4,112,068,240
PBS028	FIXED		7.75000	%		23-Jul-2020		15-Oct-2046		75,503,418,000,000		4,842,445,998
PBS029	FIXED		6.37500	%		14-Jan-2021		15-Mar-2034		73,911,394,000,000		4,740,340,816
PBS030	FIXED		5.87500	%		04-Jun-2021		15-Jul-2028		12,052,000,000,000		772,960,493
PBS031	FIXED		4.00000	%		29-Jul-2021		15-Jul-2024		54,701,300,000,000		3,508,292,714
PBS032	FIXED		4.87500	%		29-Jul-2021		15-Jul-2026		39,545,000,000,000		2,536,236,532
PBS033	FIXED		6.75000	%		13-Jan-2022		15-Jun-2047		29,657,000,000,000		1,902,065,162
PBS034	FIXED		6.50000	%		13-Jan-2022		15-Jun-2039		9,055,000,000,000		580,746,537
PBS035	FIXED		6.75000	%		30-Mar-2022		15-Mar-2042		1,183,896,000,000		75,929,708
PBS036	FIXED		5.37500	%		25-Aug-2022		15-Aug-2025		8,797,600,000,000		564,238,071
PBSG001	FIXED		6.62500	%		22-Sep-2022		15-Sep-2029		6,730,000,000,000		431,631,606
FRS001	3 MONTH-RESERVE REPO BI		6.22257	%		27-Sep-2022		27-Sep-2027		8,288,320,000,000		531,575,167
FRS002	3 MONTH-RESERVE REPO BI		6.22257	%		27-Sep-2022		27-Sep-2029		8,288,330,000,000		531,575,808

TOTAL ISLAMIC TREASURY NOTES										851,516,773,000,000		54,612,414,892

3. RETAIL ISLAMIC DEBT SECURITIES
SR-012	FIXED		6.30000	%		26-Mar-2020		10-Mar-2023		12,142,572,000,000		778,769,369
SR-013	FIXED		6.05000	%		30-Sep-2020		10-Sep-2023		25,665,971,000,000		1,646,098,704
SR-014	FIXED		5.47000	%		24-Mar-2021		10-Mar-2024		16,705,080,000,000		1,071,387,891
SR-015	FIXED		5.10000	%		22-Sep-2021		10-Sep-2024		27,000,639,000,000		1,731,698,243
SR-016	FIXED		4.95000	%		23-Mar-2022		10-Mar-2025		18,409,546,000,000		1,180,704,592
SR-017	FIXED		5.90000	%		21-Sep-2022		10-Sep-2025		26,974,976,000,000		1,730,052,335

TOTAL RETAIL ISLAMIC DEBT SECURITIES										126,898,784,000,000		8,138,711,134

TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES										980,188,557,000,000		62,864,838,186

TOTAL TRADABLE SECURITIES										5,309,430,071,000,000		340,522,708,504

D-119


SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
									(in Original Currency (IDR))		(in US Dollar)
II. NON TRADABLE SECURITIES
A. GOVERNMENT DEBT SECURITIES
1. HELD BY BANK INDONESIA
FRNT0001	FIXED		8.00000	%		29-Aug-2018		29-Aug-2023		3,500,000,000,000		224,474,089
SRBI01 (4)	FIXED		0.10000	%		07-Aug-2003		01-Aug-2043		47,789,151,912,784		3,064,978,958
SU002 (3)	FIXED		0.10000	%		23-Oct-1998		01-Apr-2025		5,553,170,379,558		356,155,104
SU004 (3)	FIXED		0.10000	%		28-May-1999		01-Dec-2025		17,273,540,885,507		1,107,846,388
SU007 (3)	FIXED		0.10000	%		01-Jan-2006		01-Aug-2025		16,508,486,624,802		1,058,779,286

TOTAL GOVERNMENT DEBT SECURITIES HELD BY BANK INDONESIA										90,624,349,802,651		5,812,233,825

2. RETAIL NON TRADABLE BONDS
SBR010	BI 7-Day Reverse Repo Rate		5.85000	%		22-Jul-2021		10-Jul-2023		7,343,388,000,000		470,971,524
SBR011	BI 7-Day Reverse Repo Rate		7.25000	%		22-Jun-2022		10-Jun-2024		13,912,484,000,000		892,283,479

TOTAL GOVERNMENT DEBT SECURITIES RETAIL NON-TRADABLE BONDS										21,255,872,000,000		1,363,255,003

B. GOVERNMENT ISLAMIC DEBT SECURITIES
1. HELD BY MINISTRY OF RELIGIOUS AFFAIR
PBSNT001	FIXED		8.00000	%		29-Aug-2018		29-Aug-2023		1,500,000,000,000		96,203,181
PBSNT002	FIXED		6.51000	%		23-Jun-2021		23-Jun-2036		2,000,000,000,000		128,270,908
PBSNTQ01	FIXED		6.37000	%		27-Aug-2020		27-Aug-2030		3,000,000,000,000		192,406,362
SDHI-2024A	FIXED		9.04000	%		11-Feb-2014		11-Feb-2024		2,000,000,000,000		128,270,908
SDHI-2029A	FIXED		8.43000	%		25-Mar-2014		25-Mar-2029		1,000,000,000,000		64,135,454
SDHI-2029B	FIXED		8.62000	%		13-Aug-2014		13-Aug-2029		2,855,000,000,000		183,106,721
SDHI2023A	FIXED		8.82000	%		04-Nov-2015		04-Nov-2023		1,500,000,000,000		96,203,181
SDHI2025A	FIXED		8.30000	%		08-Jul-2015		08-Jul-2025		2,000,000,000,000		128,270,908
SW001	FIXED		5.00000	%		10-Mar-2020		10-Mar-2025		50,849,000,000		3,261,224
SW002	FIXED		5.50000	%		30-Jun-2022		30-Jun-2027		50,000,000,000		3,206,773
SW003	FIXED		5.90000	%		06-Oct-2022		06-Oct-2024		100,000,000,000		6,413,545
SW004	FIXED		6.65000	%		06-Oct-2022		06-Oct-2027		100,000,000,000		6,413,545
SWR002	FIXED		5.57000	%		09-Jun-2021		10-Jun-2023		24,141,000,000		1,548,294
SWR003	FIXED		5.05000	%		13-Jul-2022		10-Jul-2024		38,253,000,000		2,453,374

TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES HELD BY MINISTRY OF RELIGIOUS AFFAIR										16,218,243,000,000		1,040,164,379

2. RETAIL NON TRADABLE ISLAMIC DEBT SECURITIES
ST008	BI 7-Day Reverse Repo Rate		6.05000	%		24-Nov-2021		10-Nov-2023		4,835,430,000,000		310,122,499
ST009	BI 7-Day Reverse Repo Rate		6.15000	%		07-Dec-2022		10-Nov-2024		10,000,000,000,000		641,354,541

TOTAL RETAIL NON TRADABLE ISLAMIC DEBT SECURITIES										14,835,430,000,000		951,477,040

TOTAL NON-TRADABLE SECURITIES										142,933,894,802,651		9,167,130,246

TOTAL DOMESTIC CURRENCY DENOMINATED BONDS										5,452,363,965,802,650		349,689,838,751

Assumed exchange rates for conversion as of December 31, 2022 (Jakarta Interbank Spot Dollar Rate)


IRD/USD		15,592.00
BI 7-day (Reverse) Repo Rate as of December 31, 2022		5.50%

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-120

Republic of Indonesia 18-KAnnual report (foreign governments)