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

EXHIBIT 99.D

DESCRIPTION OF THE REPUBLIC OF INDONESIA DATED JULY 22, 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
Land and People		D-7
Government and Political Developments		D-10
Foreign Relations and International and Regional Organizations		D-14
Economy and Gross Domestic Product		D-17
Privatization of State-Owned Enterprises		D-36
Labor and Employment		D-38
Infrastructure Development		D-43
Foreign Investment		D-46
Foreign Trade and Balance of Payments		D-57
Financial System		D-67
Monetary Policy		D-77
Government Budget		D-85
Public Debt		D-100
Foreign Exchange and Reserves		D-108
Debt-to-GDP Ratios		D-113
DEBT TABLES OF THE REPUBLIC OF INDONESIA		D-114

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.

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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. 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 for and as of the end of the periods indicated.

Exchange Rates

	Rupiah per U.S. dollar
	End of period		Period average
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
January 2024		15,780		15,622
February 2024		15,715		15,650
March 2024		15,855		15,709
April 2024		16,260		16,112
May 2024		16,250		16,070

Source: Bank Indonesia

Statistical Data

Unless otherwise indicated, all statistical data and figures for 2023 and 2024 or any part thereof are estimates based upon preliminary data and are subject to review and adjustment.

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

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

D-3

FORWARD-LOOKING STATEMENTS

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

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

• the Republic’s financial stability;

• the depreciation or appreciation of the Rupiah;

• changes in interest rates and inflation; and

• governmental, statutory, regulatory or administrative initiatives.

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

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

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

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

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

• other adverse factors, such as adverse 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 278.7 million in 2023. 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,															Three Months Ended March 31,
	2019L			2020L			2021L			2022L			2023L			2024P
National account and prices:
Real GDP growth (period-on-period)		5.0	%		(2.1	)%		3.7	%		5.3	%		5.1	%		5.1	%
Per capita GDP (in millions of Rupiah)		59.1			56.9			62.2			71.0			75.0			N/A
Per capita GDP (in U.S. dollars)(1)		4,175			3,912			4,350			4,784			4,856			N/A
Inflation rate (year-on-year change in CPI)		2.7	%		1.7	%		1.9	%		5.5	%		2.6	%		2.5	%(2)
External sector:
Current account (% of GDP)		(2.7	)%		(0.4	)%		0.3	%		1.0	%		(0.1	)%		(0.6	)%
Fiscal account:
Budget (deficit) / surplus (% of GDP)		(2.2	)%		(6.1	)%		(4.7	)%		(2.4	)%		(1.6	)%		0.0	4%
External debt of the central Government (in trillions of Rupiah)		1,815.1			2,041.0			2,077.8			2,261.9			2,346.0			2,35	3.0
Debt service ratio (% of Government revenue)		42.8	%		45.4	%		42.2	%		35.3	%		38.4	%		37.0	%

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: Rp14,148 per U.S. dollar for 2019, Rp14,556 per U.S. dollar for 2020, Rp14,309 per U.S. dollar for 2021, Rp14,848 per U.S. dollar for 2022 and Rp15,439 per U.S. dollar for 2023. 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 June 30, 2024.

D-6

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 Rp10.4 trillion in 2019, Rp3.0 trillion in 2020, Rp4.5 trillion in 2021, Rp4.9 trillion in 2022 and Rp5.0 trillion in 2023. All of these natural disasters have resulted in loss of life, the displacement of people and destruction of property, and could have significant economic and developmental effects.

D-7

Environment

Environmental problems confronting Indonesia include:

• deforestation;

• scarcity and quality of the water supply;

• land subsidence;

• soil erosion;

• air pollution;

• inadequate waste management in urban centers; and

• 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 Government is making efforts, including multilateral cooperation, to achieve these climate targets. 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 (“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 (“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.

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-8

The Ministry of Environment and Forestry received a budget 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, for 2023 of Rp7,516.0 billion, or approximately U.S.$507.8 million and for 2024 of Rp7,715.1 billion, or approximately U.S.$514.3 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 278.7 million in 2023 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 156.9 million in 2023). In 2023, Jakarta, the capital, was estimated to have a population of approximately 10.7 million.

Indonesia’s population is young and growing. In 2023, the Government estimated that approximately 24.0% of the population was under 15 years of age and approximately 72.2% was 15 to 64 years of age. The annual population growth rate during the period of 2020 to 2023 was 1.1% per annum.

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

The national language is Bahasa Indonesia, which is based on the Malay language. English is widely used and taught in most secondary schools.

In total, approximately 500 languages and dialects are spoken throughout Indonesia.

D-9

Government and Political Developments

Political History and Development of Political Parties

From 1605 until its independence in 1945, Indonesia was under almost continuous Dutch colonial rule. The period of Dutch administration was interrupted by a short period of British colonial rule in the 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.

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 (“KPU”)) 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.

2024 Indonesian General Elections

The 2024 general election was held on February 14, 2024 to elect the president, the vice president, members of the House of Representatives (Dewan Perwakilan Rakyat (“DPR”)), members of the Regional Representatives’ Council (Dewan Perwakilan Daerah (“DPD”)), and members of local legislative bodies at the county and regency levels.

Under Indonesian law, the KPU is a state institution that is tasked to independently convene general elections and has the authority to determine the results of a general election. Incumbent President Joko Widodo is ineligible to run for a third term due to limitations established by the Indonesian constitution. On March 20, 2024, KPU confirmed the election of Prabowo Subianto and Gibran Rakabuming Raka to serve as president and vice president, respectively, until 2029.

Members of the DPR, DPD and local legislative bodies will be sworn in in early October 2024, and the president and the vice president will be sworn in on October 20, 2024.

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.

D-10

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

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

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

D-11

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. The 2024 regional elections are scheduled to be held on November 27, 2024 across 37 provinces, 415 regencies and 93 municipalities.

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, 2023.

	As of December 31, 2023 Contributed capital
	Year of admission			Subscribed		Paid in
	(in millions of U.S. dollars)
Asian Development Bank(1)		1966			7,765.2		387.9
IMF(1)		1966	(2)		6,236.6		6,236.6
World Bank Group
International Bank for Reconstruction and Development		1966	(2)		3,481.9		249.9
International Development Association		1968			168.2		79.5
International Finance Corporation		1968	(3)		309.3		309.3
Multilateral Investment and Guarantee Agency		1986			20.0		3.8
Islamic Development Bank(4)		1975			1,660.1		217.1
International Islamic Trade Finance Corporation		1992			2.1		2.1
The Islamic Corporation for the Insurance of Investment and Export Credit(4)		1992			0.7		0.3
Islamic Corporation for the Development of the Private Sector		1992			22.2		22.2
International Fund for Agricultural Development		1977			92.0		88.0
Common Fund for Commodities		1980			1.0		1.0
Credit Guarantee and Investment Facility		2012			30.6		30.6
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, 2023, converted to U.S. dollars using the exchange rate on December 26, 2023 of U.S.$1.34267 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 1968, 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 are collectively referred 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,																				Three Months Ended March 31,
	2019		%		2020		%		2021		%		2022		%		2023P		%		2023P		%		2024P		%
	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		336,673		2.1		307,606		2.0		320,009		1.9		363,620		1.9		400,447		1.9		91,145		1.8		95,932		1.8
Non-Coal, Oil and Gas Manufacturing Industries		2,782,921		17.6		2,760,435		17.9		2,946,897		17.4		3,228,155		16.5		3,499,615		16.8		850,452		16.8		923,723		17.5
Total Manufacturing Industry		3,119,594		19.7		3,068,042		19.9		3,266,906		19.2		3,591,775		18.3		3,900,062		18.7		941,598		18.6		1,019,655		19.3
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		2,060,269		13.0		1,993,989		12.9		2,199,935		13.0		2,516,592		12.8		2,702,446		12.9		657,082		13.0		695,377		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,488,986		9.4		1,575,280		10.2		1,672,938		9.9		1,805,454		9.2		1,932,512		9.2		447,797		8.8		459,817		8.7
Forestry and Logging		104,122		0.7		108,646		0.7		112,009		0.7		118,386		0.6		130,117		0.6		29,506		0.6		30,441		0.6
Fishery		419,635		2.7		431,469		2.8		469,594		2.8		505,061		2.6		555,041		2.7		120,291		2.4		123,513		2.3
Total Agriculture, Forestry, and Fishery		2,012,743		12.7		2,115,495		13.7		2,254,541		13.3		2,428,901		12.4		2,617,670		12.5		597,594		11.8		613,771		11.6
Mining and Quarrying
Oil, Gas and Geothermal Mining		439,603		2.8		332,560		2.2		461,703		2.7		587,597		3.0		521,070		2.5		129,744		2.6		129,275		2.4
Coal and Lignite Mining		368,891		2.3		283,195		1.8		603,138		3.6		1,296,912		6.6		1,116,571		5.3		347,091		6.8		211,041		4.0
Metal Ore		96,825		0.6		130,957		0.8		204,590		1.2		242,717		1.2		272,022		1.3		55,244		1.1		78,636		1.5
Other Mining and Quarrying		244,596		1.5		246,831		1.6		254,219		1.5		266,165		1.4		288,356		1.4		68,807		1.4		74,958		1.4
Total Mining and Quarrying		1,149,914		7.3		993,542		6.4		1,523,650		9.0		2,393,391		12.2		2,198,019		10.5		600,886		11.8		493,909		9.3
Construction		1,701,741		10.7		1,652,660		10.7		1,771,727		10.4		1,912,979		9.8		2,072,385		9.9		501,228		9.9		541,249		10.2
Government Administration, Defence Compulsory Social Security		571,584		3.6		585,960		3.8		586,757		3.5		605,117		3.1		616,444		3.0		144,228		2.8		177,715		3.4
Information and Communication		626,533		4.0		695,963		4.5		748,803		4.4		812,808		4.1		883,637		4.2		212,251		4.2		232,861		4.4
Transportation and Warehousing		881,505		5.6		689,552		4.5		719,610		4.2		983,530		5.0		1,231,242		5.9		281,782		5.6		313,404		5.9
Financial and Insurance Service		671,434		4.2		696,073		4.5		736,187		4.3		809,357		4.1		869,168		4.2		218,356		4.3		227,828		4.3
Education Service		522,354		3.3		551,227		3.6		557,667		3.3		566,625		2.9		583,612		2.8		132,827		2.6		147,171		2.8
Other*		1,863,492		11.8		1,837,207		11.9		1,923,038		11.3		2,109,362		10.8		2,303,538		11.0		549,638		10.8		600,636		11.4
Gross Value Added at Basic Prices		15,181,162		95.9		14,879,709		96.4		16,288,821		95.9		18,730,434		95.6		19,978,223		95.6		4,837,468		95.4		5,063,576		95.8
Taxes less Subsidies on Products		651,495		4.1		563,644		3.6		687,930		4.1		858,011		4.4		914,154		4.4		234,015		4.6		224,716		4.2
Total GDP		15,832,657		100.0		15,443,353		100.0		16,976,751		100.0		19,588,446		100.0		20,892,377		100.0		5,071,483		100.0		5,288,292		100.0

D-18

Source: BPS

^P  Preliminary.

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

D-19

Gross Domestic Product by Industry

(at constant prices)

	Year Ended December 31,																				Three Months Ended March 31,
	2019		%		2020		%		2021		%		2022		%		2023P		%		2023P		%		2024P		%
	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		217,402		2.0		202,604		1.9		203,767		1.8		211,340		1.8		220,140		1.8		52,210		1.8		51,475		1.7
Non-Coal, Oil and Gas Manufacturing Industries		2,059,266		18.8		2,007,317		18.7		2,081,055		18.7		2,185,263		18.7		2,287,660		18.6		561,068		18.9		587,125		18.9
Total Manufacturing Industry		2,276,668		20.8		2,209,920		20.6		2,284,822		20.5		2,396,603		20.5		2,507,800		20.4		613,278		20.7		638,600		20.5
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		1,440,186		13.2		1,385,651		12.9		1,449,831		13.0		1,529,952		13.1		1,604,114		13.0		389,632		13.2		407,469		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,038,903		9.5		1,061,087		9.9		1,072,978		9.6		1,097,952		9.4		1,099,935		8.9		261,176		8.8		246,780		7.9
Forestry and Logging		63,218		0.6		63,199		0.6		63,247		0.6		62,449		0.5		64,076		0.5		14,651		0.5		14,825		0.5
Fishery		252,279		2.3		254,112		2.4		267,967		2.4		275,452		2.4		290,575		2.4		63,261		2.1		65,468		2.1
Total Agriculture, Forestry, and Fishery		1,354,399		12.4		1,378,399		12.9		1,404,191		12.6		1,435,853		12.3		1,454,587		11.8		339,088		11.4		327,074		10.5
Mining and Quarrying
Oil, Gas and Geothermal Mining		289,980		2.6		272,583		2.5		260,546		2.3		247,986		2.1		249,801		2.0		62,181		2.1		59,993		1.9
Coal and Lignite Mining		259,599		2.4		245,499		2.3		261,710		2.4		282,944		2.4		311,291		2.5		74,009		2.5		81,201		2.6
Metal Ore		88,003		0.8		105,829		1.0		130,000		1.2		153,413		1.3		166,453		1.4		34,237		1.2		46,002		1.5
Other Mining and Quarrying		168,624		1.5		166,564		1.6		169,844		1.5		173,804		1.5		183,134		1.5		43,855		1.5		47,035		1.5
Total Mining and Quarrying		806,206		7.4		790,475		7.4		822,100		7.4		858,147		7.3		910,679		7.4		214,282		7.2		234,231		7.5
Construction		1,108,425		10.1		1,072,335		10.0		1,102,518		9.9		1,124,725		9.6		1,179,989		9.6		285,482		9.6		307,150		9.9
Government Administration, Defence Compulsory Social Security		365,539		3.3		365,446		3.4		364,247		3.3		373,404		3.2		378,989		3.1		89,144		3.0		105,978		3.4
Information and Communication		589,536		5.4		652,063		6.1		696,506		6.3		750,319		6.4		807,305		6.6		194,678		6.6		211,003		6.8
Transportation and Warehousing		463,126		4.2		393,419		3.7		406,169		3.7		486,874		4.2		554,855		4.5		130,627		4.4		141,930		4.6
Financial and Insurance Service		443,093		4.0		457,487		4.3		464,638		4.2		473,624		4.0		496,237		4.0		124,362		4.2		129,226		4.2
Education Service		341,350		3.1		350,273		3.3		350,660		3.2		352,674		3.0		358,952		2.9		82,289		2.8		88,333		2.8
Other*		1,310,083		12.0		1,276,165		11.9		1,323,766		11.9		1,415,137		12.1		1,509,635		12.3		362,117		12.2		389,636		12.5
Gross Value Added at Basic Prices		10,498,610		95.9		10,331,632		96.4		10,669,447		95.9		11,197,311		95.6		11,763,142		95.6		2,824,979		95.4		2,980,629		95.8
Taxes less Subsidies on Products		450,545		4.1		391,367		3.6		450,613		4.1		512,937		4.4		538,252		4.4		136,561		4.6		132,277		4.2
Total GDP		10,949,155		100.0		10,722,999		100.0		11,120,060		100.0		11,710,248		100.0		12,301,394		100.0		2,961,540		100.0		3,112,906		100.0

Source: BPS

^P  Preliminary.

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

D-20

Manufacturing Industry

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

In 2019, Indonesia’s manufacturing industries grew by 3.8%, compared to 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 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 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 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, each as compared to 2021. 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 2023, the manufacturing industry grew by 4.6%, compared to 2022 and was the main source of economic growth in 2023. This was due to a 4.7% growth in the non-coal, oil and gas manufacturing industries and a 4.2% growth in the coal, oil and gas refining industry, each as compared to 2022. This performance was primarily driven by relatively strong domestic and global demand for Indonesian export products, such as basic metal industry products, metal goods, and transportation equipment. The results of the downstream policy contributed to the growth of the basic metal industry, which grew by 14.2%, compared to 2022. The metal goods, computers, electronic goods, optics, and electrical equipment industry grew by 13.7%, compared to 2022 due to increased demand for metal goods because of increased construction activity. Similarly, the transportation equipment industry grew by 7.6%, primarily due to an increased demand for motorcycles.

In the three months ended March 31, 2024, the manufacturing industry grew by 4.1%, compared to the three months ended March 31, 2023, primarily as a result of domestic and international demand. Growth was attributable to a 4.6% growth in the non-coal, oil and gas manufacturing industries, which was primarily driven by a 5.9% growth in the food and beverages industry as a result of higher domestic demand during Ramadan and due to Eid al-Fitr preparations, a 16.6% growth in the base metals industry due to increased foreign demand for iron and steel products and a 8.1% growth in the chemicals, pharmaceuticals and traditional medicines industry as a result of domestic and international demand for pharmaceutical and traditional medicine products. The non-metallic minerals industry also grew by 10.0%, driven primarily by increased cement production. The paper and paper products, printing and reproduction of recorded media industry grew by 6.1%, impacted by increased printing activities associated with the 2024 Indonesian General Elections. Conversely, the transport equipment industry contracted by 5.3% due to a decline in car and motorcycle production caused by slowing domestic and international demand. Growth in the non-coal, oil and gas manufacturing industries was offset by a 1.4% contraction in the coal, oil and gas manufacturing industry.

Wholesale and retail trade; repair of motor vehicles and motorcycles

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

In 2019, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 4.6%, compared to 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 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 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 drove an increase in the number of car sales.

D-21

In 2022, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.5%, compared to 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 2023, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 4.8%, compared to 2022. This was driven by a growth of 4.9% in the wholesale and retail trade (excluding automobiles and motorcycles) subsector due to increased domestic trade activity and a 4.5% growth in the automobiles, motorcycles and their repairs subsector primarily due to increased sales of motorcycles (a 20.3% increase, as compared to 2022, which offset a 4.0% decrease in automobiles sales in 2023, as compared to 2022).

In the three months ended March 31, 2024, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 4.6%, compared to the three months ended March 31, 2023, in line with increased domestic production and imports. This was driven by a growth of 5.7% in the wholesale and retail trade (excluding automobiles and motorcycles) subsector. The Ramadan period and Eid al-Fitr preparations were a primary contributor to this growth.

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 2019, the agriculture, forestry, and fishery sector grew by 3.6%, compared to 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-22

In 2020, the agriculture, forestry, and fishery sector grew by 1.8%, compared to 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%, compared to 2020. 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 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, and 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 2023, the agriculture, forestry and fishery sector grew by 1.3%, compared to 2022. This low growth was primarily due to the El Niño phenomenon, which caused a reduction in the production of food crops such as rice, corn, peanuts, and seasonal horticultural products such as vegetables. As such, the food crop and horticultural subsectors experienced contractions of 3.9% and 0.3%, respectively, compared to 2022. The fisheries subsector grew by 5.5% compared to 2022, primarily due to increased seaweed production. The livestock subsector grew by 3.7%, compared to 2022, due to the distribution of corn feed stocks to small-scale farmers to revive poultry farming businesses. The forestry and logging subsector grew by 2.6% compared to 2022 due to increased foreign demand for wood and non-timber forest products. The plantation subsector also grew by 1.7% compared to 2022, as a result of increased demand for palm oil products, both domestically and internationally.

In the three months ended March 31, 2024, the agriculture, forestry and fishery sector contracted by 3.5%, compared to the three months ended March 31, 2023. The food crops subsector saw a decline of 24.7%, primarily attributable to the decreased production of several commodities, a shift in the peak harvest period, and a reduction in the rice harvest area due to El Niño. In contrast, the livestock subsector grew by 5.2%, driven by increased production of eggs, broiler chickens, and cattle; the plantation crops subsector grew by 3.1%, primarily as a result of rising domestic consumption of processed palm oil products; and the fishery subsector grew by 3.5%, primarily due to increased aquaculture production to meet both domestic and international demand.

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,
	2019		2020		2021		2022		2023P
	(in thousands of tons, except as otherwise indicated)
Food crops
Rice(1)		54,604		54,649		54,415		54,749		53,981
Cassava		16,350		16,271		15,731		18,017		N/A
Corn		22,586		17,489		18,147		22,357		19,986
Sweet Potato		1,516		1,604		1,424		2,011		N/A
Soybeans (shelled)		424		291		213		243		N/A
Peanuts (shelled)		420		416		399		380		N/A
Mung beans		196		199		211		122		N/A
Estate cash crops
Dry Rubber		3,301		3,037		3,045		2,717		2,651
Coffee		753		762		786		775		760
Cocoa		735		721		688		651		642
Tea		130		144		138		125		123
Sugarcane		2,227		2,131		2,351		2,406		2,271
Tobacco		270		261		245		222		239
Palm Oil		47,120		46,766		45,121		46,819		46,986
Livestock
Meat		4,888		4,555		4,547		4,947		5,290
Eggs		5,355		5,874		5,893		6,339		6,886
Milk		945		947		903		824		837
Fish products
Captured Fish		7,335		6,989		7,225		7,400		7,770
Farmed Fish		15,426		14,845		14,648		14,776		16,968
Forestry(2)
Logs		45,840		51,916		54,939		56,665		59,745
Sawn Timber		2,529		2,581		2,660		2,297		2,118
Plywood		4,158		3,863		4,461		4,207		3,470

D-23

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

^P  Preliminary.

N/A Not Available.

⁽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-24

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 2019, the mining and quarrying sector grew by 1.2%, compared to 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 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 2020. 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 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 2023, the mining and quarrying sector grew by 6.1%, compared to 2022. This was mainly driven by a growth of 10.0% in the coal and lignite mining industry attributable to growth in coal exports, a growth of 8.5% in metal ore mining industry, driven by increased production of minerals such as gold, copper and nickel, and a growth of 5.4% in mining and other quarrying industry due to increased exports of mining commodities such as gemstones, gravel and sand. The oil and gas subsector grew by 0.7%, compared to 2022, in line with the optimization of oil exploitation and the exploitation of new gas sources after experiencing contractions in recent years.

In the three months ended March 31, 2024, the mining and quarrying sector grew by 9.3%, compared to the three months ended March 31, 2023. This was mainly driven by growth in the metal ore mining industry, which grew by 34.4%, primarily driven by higher production and exports of copper commodities, followed by a 9.7% growth of the coal and lignite mining subsector due to rising foreign demand. The other mining and quarrying subsectors grew by 7.3%, supported by increased domestic demand and exports of various mining and quarrying commodities. The growth was offset by a 3.5% contraction in the oil, gas and geothermal mining subsector as a result of declining productivity of oil wells.

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 7.0%, 5.1%, 5.3%, 5.5%, 6.2% and 6.4% to total exports in 2019, 2020, 2021, 2022, 2023 and the first five months of 2024, respectively. In 2019, 2020, 2021, 2022 and 2023, oil and gas revenues comprised 9.2%, 6.2%, 7.4%, 8.6% and 6.7%, 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.

D-25

Crude Oil Production by Source⁽¹⁾

	Year Ended December 31,
	2019		2020		2021		2022		2023P
	(in millions of barrels)
Pertamina		30		29		26		26		25
Production sharing contracts(2)		242		260		215		198		196
Total		272		259		241		224		221

Source: Ministry of Energy and Mineral Resources

^P  Preliminary.

⁽¹⁾  Includes production of crude oil condensate.

⁽²⁾  Most of the production under production sharing contracts is provided to Pertamina. Production sharing contracts are a common type of joint cooperation contract used in Indonesia’s oil and gas upstream sector, under which the Government and the contractor agree to split the production measured in revenue based on agreed percentages.

D-26

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)
2019		2,483.9
2020		2,442.1
2021		2,245.2
2022		2,271.6
2023		2,413.2

Source: Ministry of Energy and Mineral Resources

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

Crude Oil Exports⁽¹⁾

	Year Ended December 31,
	2019		2020		2021		2022		2023
	(in millions of barrels)
Production sharing contracts(2)		26		28		44		15		21
Government and government-designated(3)		0		4		0		0		0
Total		26		32		44		15		21

Source: Ministry of Energy and Mineral Resources

⁽¹⁾  Includes exports 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.

⁽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 April 30,
	2019		2020		2021		2022		2023		2023		2024
	(in U.S. dollars per barrel)
ICP(1)		62.4		40.4		68.5		97.0		78.4		79.3		87.6

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-27

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

Natural Gas Production by Source⁽¹⁾

	Year Ended December 31,
	2019		2020		2021		2022		2023
	(in millions of cubic feet)
Pertamina		349		314		324		311		305
Production sharing contracts(2)		2,298		2,129		2,109		2,058		2,115
Total		2,647		2,443		2,433		2,369		2,420

Source: Ministry of Energy and Mineral Resources

⁽¹⁾  Includes LPG.

⁽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.

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)
2019		49.7
2020		43.6
2021		41.6
2022		36.3
2023		35.3

Source: Ministry of Energy and Mineral Resources

D-28

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 2019, the construction sector grew by 5.8%, compared to 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 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 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 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 2023, the construction sector grew by 4.9%, compared to 2022. This growth was primarily due to the Government’s capital expenditure activities to support national strategic projects and the development of basic infrastructure in the new capital city, Nusantara. Key construction indicators, such as domestic cement sales, saw a 4.1% increase in 2023, compared to 2022.

In the three months ended March 31, 2024, the construction sector grew by 7.6%, compared to the three months ended March 31, 2023. This growth was primarily driven by increased Government capital expenditures on buildings, infrastructure, roads, irrigation and networks. Construction activities improved compared to the previous period, attributable to progress in Ministry of Public Works and Housing projects and the development of the new capital city, Nusantara.

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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 2019, the transportation and warehousing sector grew by 6.4%, compared to 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 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 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 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 2023, the transportation and warehousing sector grew by 14.0%, compared to 2022, due to increased societal mobility. In particular, air transport grew by 29.0% due to increased number of domestic and international passenger, while rail transport grew by 23.7% due to increased number of passengers, additional schedules for long-distance trains and the opening of new routes including the Jakarta-Bandung High Speed Rail and the Jabodebek Integrated Corridor Light Rail Transit. The warehousing and transportation support services, and post and courier subsector also grew by 17.9% and the sea freight subsector grew by 15.5%.

In the three months ended March 31, 2024, the transportation and warehousing sector grew by 8.7%, compared to the three months ended March 31, 2023. The growth was primarily driven by a 9.9% growth in the land transport subsector, as well as the increased mobility of people, which is reflected in the increasing number of passengers using rail, road, sea, and air transportation. This growth was further supported by a rise in the number of international tourists, increased volumes of export and import shipments, and higher container traffic at several ports.

Information and Communication

In 2019, the information and communication grew by 9.4% compared to 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 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 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 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 2023, the information and communication sector grew by 7.6%, compared to 2022, driven largely by digital transformation, as evidenced by increased data traffic from several telecommunications providers (from access to social media, communication services, video streaming, mobile gaming, and browsing access) as well as an increase in digital banking transactions and electronic money transactions.

In the three months ended March 31, 2024, the information and communication sector grew by 8.4%, compared to the three months ended March 31, 2023, driven by an increase in the number of internet users in Indonesia, higher revenues for telecommunications providers, a rise in the number of start-ups, and a growing audience for Indonesian films.

Financial and Insurance Service

In 2019, the financial and insurance service sector grew by 6.6%, compared to 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 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 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.

D-30

In 2022, the financial and insurance service sector grew by 1.9%, compared to 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 2023, the financial and insurance service sector grew by 4.8%, compared to 2022. This growth was primarily due to a growth of 7.0% in financial intermediary services and a growth of 4.0% in other financial services. These were primarily due to an increase in revenue generated from financial intermediary services (due to the widening spread between reference interest rates and deposit interest rates along with a rise in commission income for commercial banks) and enhanced revenue streams from various financing entities, including financing institutions, pawnshops, venture capital firms, infrastructure financing and guarantee institutions.

In the three months ended March 31, 2024, the financial and insurance service sector grew by 3.9% compared to the three months ended March 31, 2023, primarily driven by the 5.1% growth in the financial intermediary services subsector. This growth is attributable to an increase in banking credit disbursements, including working capital, investment, and consumer loans, an increase in revenue from banking intermediation services and commission fees and an increase in the operational income of financing institutions and pawnshops.

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-31

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,																				Three Months Ended March 31,
	2019		%		2020		%		2021		%		2022		%		2023P		%		2023P		%		2024P		%
	(in billions of Rupiah and percentage of GDP)
GDP		15,832,657		100.0		15,443,353		100.0		16,976,751		100.0		19,588,446		100.0		20,892,377		100.0		5,071,483		100.0		5,288,292		100.0
Add: Imports of goods and services		3,013,944		19.0		2,415,496		18.9		3,189,626		18.8		4,094,153		20.9		4,088,447		19.6		1,010,235		19.9		1,045,413		19.8
Total supply of goods and services		18,846,601		119.0		17,858,849		118.9		20,166,378		118.8		23,682,598		120.9		24,980,824		119.6		6,081,719		119.9		6,333,705		119.8
Less: Exports of goods and services		2,943,533		18.6		2,676,514		21.6		3,635,835		21.4		4,797,690		24.5		4,543,378		21.7		1,161,728		22.9		1,129,979		21.4
Total domestic expenditure		15,903,069		100.4		15,182,336		97.3		16,530,542		97.4		18,884,908		96.4		20,437,446		97.8		4,919,991		97.0		5,203,726		98.4
Allocation of total domestic expenditure:
Household consumption expenditure		8,965,837		56.6		8,899,918		54.4		9,236,049		54.4		10,160,356		51.9		11,109,566		53.2		2,682,147		52.9		2,905,030		54.9
NPISHs consumption expenditure		206,094		1.3		201,452		1.2		207,916		1.2		228,958		1.2		260,731		1.2		59,478		1.2		75,820		1.4
Government consumption expenditure		1,394,615		8.8		1,491,172		9.1		1,569,830		9.2		1,500,693		7.7		1,555,520		7.4		265,958		5.2		330,552		6.3
Total consumption		10,566,547		66.7		10,592,541		64.8		11,013,796		64.9		11,890,007		60.7		12,925,817		61.9		3,007,583		59.3		3,311,402		62.6
Gross domestic fixed capital formation		5,121,371		32.3		4,491,937		30.8		5,227,854		30.8		5,697,279		29.1		6,127,704		29.3		1,476,500		29.1		1,550,122		29.3
Change in inventories (residual)(1)		215,150		1.4		97,858		1.7		288,893		1.7		1,297,622		6.6		1,383,925		6.6		435,908		8.6		342,202		6.5
Total domestic expenditure		15,903,069		100.4		15,182,336		97.3		16,530,542		97.4		18,884,908		96.4		20,437,446		97.8		4,919,991		97.0		5,203,726		98.4

Source: BPS

^P  Preliminary.

⁽¹⁾  Includes statistical discrepancies.

D-32

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

	Year Ended December 31,																				Three Months Ended March 31,
	2019		%		2020		%		2021		%		2022		%		2023P		%		2023P		%		2024P		%
	(in billions of Rupiah and percentage of GDP)
GDP		10,949,155		100.0		10,722,999		100.0		11,120,060		100.0		11,710,248		100.0		12,301,394		100.0		2,961,540		100.0		3,112,906		100.0
Add: Imports of goods and services		2,046,244		18.7		1,686,004		15.7		2,105,117		18.9		2,420,794		20.7		2,380,949		19.4		588,738		19.9		599,140		19.2
Total supply of goods and services		12,995,400		118.7		12,409,003		115.7		13,225,177		118.9		14,131,042		120.7		14,682,342		119.4		3,550,278		119.9		3,712,046		119.2
Less: Exports of goods and services		2,275,488		20.8		2,083,942		19.4		2,458,849		22.1		2,858,016		24.4		2,895,835		23.5		718,286		24.3		721,852		23.2
Total domestic expenditure		10,719,911		97.9		10,325,061		96.3		10,766,328		96.8		11,273,025		96.3		11,786,507		95.8		2,831,992		95.6		2,990,194		96.1
Allocation of total domestic expenditure:
Household consumption expenditure		5,936,399		54.2		5,780,223		53.9		5,896,662		53.0		6,187,944		52.8		6,486,254		52.7		1,582,192		53.4		1,659,800		53.3
NPISHs consumption expenditure		136,027		1.2		130,306		1.2		132,412		1.2		139,904		1.2		153,657		1.2		35,353		1.2		43,939		1.4
Government consumption expenditure		855,963		7.8		874,146		8.2		911,320		8.2		870,558		7.4		896,196		7.3		158,085		5.3		189,549		6.1
Total consumption		6,928,390		63.3		6,784,675		63.3		6,940,393		62.4		7,198,406		61.5		7,536,107		61.3		1,775,630		60.0		1,893,289		60.8
Gross domestic fixed capital formation		3,597,664		32.9		3,489,052		32.5		3,549,219		31.9		3,686,574		31.5		3,848,716		31.3		929,315		31.4		964,570		31.0
Change in inventories (residual)(2)		193,857		1.8		51,334		0.5		276,715		2.5		388,046		3.3		401,685		3.3		127,047		4.3		132,335		4.3
Total domestic expenditure		10,719,911		97.9		10,325,061		96.3		10,766,328		96.8		11,273,025		96.3		11,786,507		95.8		2,831,992		95.6		2,990,194		96.1

Source: BPS

^P  Preliminary.

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

⁽²⁾  Includes statistical discrepancies.

D-33

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,															As of June 30,
	2019(1)			2020(1)			2021(1)			2022(1)			2023(1)			2023(2)			2024(2)
CPI		139.1			105.7			107.7			113.6			116.6			103.7			106.3
Annual percentage year-on-year		2.7	%		1.7	%		1.9	%		5.5	%		2.6	%		3.5	%		2.5	%

Source: BPS

⁽¹⁾  Calculated on the basis of (i) 2012 CPI = 100 for 2018-2019 and (ii) 2018 CPI = 100 for 2020-2023. 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.

⁽²⁾  Calculated on the basis of 2022 CPI = 100. From January 2024, BPS calculated CPI based on consumption pattern obtained from 2022 Cost of Living Survey in 150 cities in Indonesia.

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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,											As of June 30,
	2020			2021			2022			2023		2024
Food, drinks, and tobacco		3.6			3.1			5.8			6.2		5.0
Clothing and Footwear		1.0			1.5			1.4			0.8		1.1
Housing, water, electricity, and household fuel		0.4			0.8			3.8			0.5		0.5
Household equipment, tools, and routine maintenance		1.0			2.7			4.9			1.6		1.0
Health		2.8			1.7			2.9			1.9		1.9
Transportation		(0.9	)		1.6			15.3			1.3		1.6
Information, communication, and financial services		(0.4	)		(0.1	)		(0.4	)		0.2		(0.2	)
Recreation, sports, and culture		0.7			1.1			3.0			1.7		1.5
Education		1.4			1.6			2.8			2.0		1.7
Food and beverage providers/restaurant		2.3			2.7			4.5			2.1		2.3
Personal care and other services		5.8			1.7			5.9			3.6		5.2

Source: BPS

⁽¹⁾  Annual percentage year-on-year.

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

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 by 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 by 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 by 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.

In June 2024, annual inflation was 2.5%, which was lower than the 2.8% annual inflation in May 2024. This was primarily due to smaller increases in the prices for food, drinks, and tobacco, with annual inflation rate of 5.0% in June 2024, compared to 6.2% in May 2024.

D-35

Privatization of State-Owned Enterprises

The sale by the Government of shares in state-owned enterprises (“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, 2023, there were 65 SOEs, of which 13 were listed SOEs and 52 non-listed SOEs. The Ministry of SOEs formed clusters based on supply-chain linkages and industry similarities to increase synergies that divided into 12 clusters and 1 SOE investment holding company. The classification was based on the alignment of business models and supply chains, simplification of complexity and span of control, as well as the harmonizing of the number of SOEs.

As of December 2023, these clusters comprise: SOEs in the form of Perum and Holding Investment SOE Danareksa (23 SOEs), Infrastructure cluster (9 SOEs), Logistic and Transportation cluster (7 SOEs), Insurance cluster (5 SOEs), Banking cluster (4 SOEs), Manufacture cluster (3 SOEs), Tourism cluster (3 SOEs), Food and Agriculture cluster (3 SOEs), Energy cluster (2 SOEs), Plantations cluster (2 SOEs), Telco cluster (2 SOEs), Health Care cluster (1 SOE) and Mining cluster (1 SOE).

The Government is currently restructuring SOEs and/or their subsidiaries in an effort to optimize their agility and value creation of SOEs. The Government is also pursuing the amalgamation of SOEs that operate in the same or related industries or sectors.

The following table sets forth significant full and partial privatizations, and in some cases re-capitalization, 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)		64.5		—			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		2015	(6)		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			51.0		—			4,412
PT Pembangunan Perumahan (Persero) Tbk(6)		2016			75.4		—			9,444
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

D-36

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, the Republic sold its shares in PT Sarana Karya (Persero) 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) Tbk as the parent company and PT Permodalan Nasional Madani and PT Pegadaian as subsidiaries.

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

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

⁽¹⁰⁾  Rights issue of Adhi Karya (Persero) Tbk, PT Bank Tabungan Negara (Persero) Tbk and PT Garuda Indonesia (Persero) Tbk as a result of cash capital injection from the Government.

D-37

Labor and Employment

Labor

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

	As of February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February
Sector	20191)				2019(1)				2020(1)				2020(1)				2021(1)				2021(1)				2022(1)				2022(1)				2023(1)				2023(1)				2024(1)
	(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%
Agriculture, forestry and fishing		39.1		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		40.7		28.6
Mining and quarrying		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		1.7		1.2
Manufacturing		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		18.9		13.3
Electricity, gas, steam and air conditioning supply		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		0.4		0.3
Water supply, sewerage, waste management and remediation activities		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		0.6		0.4
Construction		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		8.6		6.1
Wholesale and retail trade, repair of motor vehicles and motorcycles		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		27.1		19.1
Transportation and storage		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		5.9		4.1
Accommodation and food service activities		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		11.1		7.8
Information and communication		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		0.7		1.2		0.9		1		0.7		1.2		0.9
Financial and insurance activities		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		1.6		1.2
Real estate activities		0.3		0.3		0.4		0.3		0.4		0.3		0.4		0.3		0.5		0.4		0.4		0.3		0.5		0.3		0.5		0.3		0.5		0.3		0.5		0.3		0.5		0.3
Professional, scientific and technical activities, Administrative and support service activities		1.7		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		2.2		1.6
Public administration and defense, compulsory social security		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		5.5		3.8
Education		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		4.9		7.3		5.1
Human health and social work activities		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		2.5		1.8
Other service activities		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		6.0		4.5		6.4		4.6		6.4		4.6		6.4		4.5
Total		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		142.2		100.0

Source: BPS

⁽¹⁾  Estimation using population projections weighing results.

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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
	2019				2019				2020				2020				2021				2021				2022				2022				2023				2023				2024
	(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		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		60.7		85.2		60.9		86.0		60.5
Female		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		39.3		54.6		39.1		56.2		39.5
Total		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		138.6		100.0

Source: BPS

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

Employment and Unemployment in Indonesia

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

	As of February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February				As of August				As of February
	2019				2019				2020				2020				2021				2021				2022				2022				2023				2023				2024
	(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%
Employed		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		139.9		94.7		142.2		95.2
Unemployed(2)		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		7.2		4.8
Total		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		149.4		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.

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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 on Wages (“GR 36/2021”).

The Government increased the national average minimum wage by 7.3% for 2023 and 6.5% for 2024. The figures were 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
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	%
2024		Rp3,113,359.9		6.5	%

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.

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Income Distribution

As of March 2023, Indonesia had a Gini Index of 0.379. 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 25.2 million, or 9.0% of the population, as of March 2024.

Policy Package for Purchasing Power Protection and Economic Stabilization

The Government has been making efforts to alleviate poverty.

Amid high inflation, high interest rates, commodity price volatility and other economic uncertainties, the Government introduced in 2023 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:

• 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;

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

• 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

• 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.

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 2023, Java contributed 57.1% of Indonesia’s GDP, Sumatera contributed 22.0%, Kalimantan contributed 8.5%, Sulawesi contributed 7.1%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.6%. In the first three months of 2024, Java contributed 57.7% of Indonesia’s GDP, Sumatera contributed 21.9%, Kalimantan contributed 8.2%, Sulawesi contributed 6.9%, 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 2019 to 2023, transfers to regions and village funds on average increased by 1.6% 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.

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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.

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Infrastructure Development

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

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

According to Presidential Regulation No. 3 of 2016 on Acceleration of the Implementation of the National Strategic Projects, as lastly amended by Presidential Regulation No. 109 of 2020, and Coordinating Ministry for Economic Affairs Regulation No. 7 of 2021 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, 2023, 20 priority projects have been completed, 10 priority projects have been partially operational, and 13 priority projects have entered the construction stage. Meanwhile, there are six priority projects that are still in the preparation stage and another two priority projects that are still in the transaction process. The Government expects the remainder to be completed between 2024 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.

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Transportation-related projects

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

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

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

Construction of the 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:

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

b) implementation of optimal energy and electricity tariff and pricing;

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

d) 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:

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

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

c) 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:

a) development of on grid and off grid network system;

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

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

d) governmental direct subsidy on energy and electricity.

(iv) Improving the energy and electricity supply through several measures:

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

b) improvement of oil and natural gas refineries infrastructure;

c) guaranteed primary energy supply from domestic resources; and

d) 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.

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 on the Amendment of Law No. 3 of 2022 on Capital City).

The expected cost is approximately Rp460 trillion, 20% 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 early June 2024, the physical work for the first portion of basic infrastructure for the new capital had reached approximately 84.9% completion and is expected to reach 90.3% completion by early August 2024.

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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.

In June 2024, President Widodo assigned Minister Basuki Hadimuljono, currently serving as the Minister of Public Works and Public Housing, as the acting head of Nusantara Capital Authority and Deputy Minister Raja Juli Antoni as the acting deputy head of Nusantara Capital Agency in place of Mr. Bambang Susantono and Mr. Dhony Rahajoe, respectively.

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.

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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,															Three Months Ended March 31,
	2019			2020			2021			2022			2023P			2023P			2024P
	(in millions of U.S. dollars)
Direct Investments
Equity Capital		25,069			19,348			20,566			22,873			20,142			6,024			6,635
Debt instrument		(76	)		(173	)		647			1,829			1,752			239			(455	)
Total direct investments		24,994			19,175			21,213			24,702			21,894			6,263			6,180
Portfolio investments:
Equity securities		(397	)		(4,362	)		3,131			671			265			243			1,109
Debt securities		21,978			8,929			3,732			(7,256	)		4,839			4,045			(1,599	)
Total portfolio investments		21,581			4,567			6,863			(6,585	)		5,104			4,287			(490	)
Financial derivatives		(730	)		(1,291	)		(1,143	)		(1,286	)		(856	)		(385	)		(696	)
Other investments		6,059			2,264			(726	)		242			2,895			(1,153	)		1,505
Total foreign investment		51,903			24,715			26,207			17,073			29,037			9,012			6,499

Source: Bank Indonesia

^P  Preliminary.

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

	Year Ended December 31,															Three Months Ended March 31,
	2019			2020			2021			2022			2023P			2023P			2024P
	(in millions of U.S. dollars)
North America		2,199			786			1,751			2,062			877			384			97
USA		1,247			613			1,691			2,060			875			383			95
Canada		852			17			38			2			1			1			0
Other North America(2)		99			156			22			1			2			0			2
Central and South America		439			1,580			(70	)		(606	)		604			158			143
Argentina		(0	)		0			0			0			0			5			0
Brazil		10			3			18			(22	)		0			1			1
Mexico		1			0			1			2			(1	)		4			0
Cayman Islands		235			101			(7	)		(380	)		(48	)		43			5
Other Central and South America		193			1,476			(81	)		(206	)		654			105			136
Europe		2,801			(1,055	)		1,037			1,773			2,343			791			599
European Union and United Kingdom		2,445			(1,039	)		999			1,642			2,146			714			473
Austria		132			58			(40	)		135			72			36			67
Belgium		26			(17	)		96			3			56			5			(7	)
Denmark		27			5			(15	)		2			(6	)		2			(2	)
Finland		(159	)		15			1			86			(16	)		(16	)		(38	)
France		528			(46	)		38			224			45			18			(7	)
Germany		383			(48	)		9			18			2,179			24			13
Greece		0			0			0			0			0			—			0
Ireland		122			41			38			16			101			21			(1	)
Italy		(669	)		(403	)		(406	)		(351	)		(339	)		(81	)		(127	)
Luxembourg		99			(1	)		(1	)		24			385			391			2
Netherlands		289			(115	)		397			272			440			108			117
Portugal		0			0			0			0			0			—			0
Spain		5			12			20			(7	)		4			3			2
Sweden		23			(8	)		142			9			25			10			(3	)
United Kingdom		1,636			(532	)		719			1,209			(805	)		193			457
Other European Union		1			(0	)		0			2			4			0			1
Russia		0			23			0			1			1			0			1
Turkey		41			4			4			3			26			0			4
Other Europe		315			(43	)		34			126			170			78			122
Asia		17,831			17,202			18,668			21,733			16,707			4,190			5,163
Japan		8,319			2,089			1,961			1,795			1,794			409			658
People’s Republic of China		811			904			5,076			3,511			1,656			507			357
South Korea		1,053			1,557			770			1,829			1,845			577			443
India		57			302			227			521			85			73			(15	)
Hong Kong SAR		453			2,850			3,118			2,395			3,949			1,144			992
Taiwan		119			944			109			796			8			(123	)		12
Saudi Arabia		1			40			2			(0	)		2			1			1
ASEAN		6,880			7,928			7,404			10,747			6,584			1,618			2,651
Brunei Darussalam		(3	)		(0	)		0			1			0			0			0
Cambodia		0			2			1			3			1			0			—
Lao PDR		—			—			—			—			—			—			—
Malaysia		(608	)		415			(26	)		995			473			8			64
Myanmar		(0	)		1			0			(1	)		0			0			0
Philippines		15			0			5			104			13			11			52
Singapore		6,316			4,177			5,343			9,769			5,466			1,579			2,395
Thailand		1,137			3,208			2,077			(127	)		628			17			141
Vietnam		23			126			3			2			3			3			(1	)
Other Asia		139			588			3			139			784			(15	)		65
Australia and Oceania		279			189			119			356			576			42			3
Australia		273			184			118			353			577			40			2
New Zealand		1			4			2			2			(1	)		2			2
Other Australia and Oceania		6			1			(2	)		0			0			0			0
Africa		43			(29	)		(24	)		(7	)		679			584			0
South Africa		3			25			0			1			(1	)		(1	)		0
Other Africa		39			(55	)		(23	)		(8	)		680			585			0
Others		292			(83	)		(351	)		79			37			11			21
Total		23,883			18,591			21,131			25,390			21,822			6,160			6,026

Source: Bank Indonesia

^P  Preliminary.

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

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

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Foreign Direct Investment

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

Foreign Direct Investment

	Year Ended December 31,															Three Months Ended March 31,
	2019			2020			2021			2022			2023P			2023P			2024P
	(in millions of U.S. dollars)
Equity capital(1)		25,069			19,348			20,566			22,873			20,142			6,024			6,635
Debt instruments:
Inflow		48,070			41,710			42,607			47,064			43,848			10,964			9,293
Outflow		(48,146	)		(41,882	)		(41,960	)		(45,236	)		(42,096	)		(10,725	)		(9,748	)
Total debt instruments		(76	)		(173	)		647			1,829			1,752			239			(455	)
Total direct investments		24,994			19,175			21,213			24,702			21,894			6,263			6,180
Memorandum
Direct investment in Indonesia(2)		23,883			18,591			21,131			25,390			21,822			6,160			6,026

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 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.

Foreign direct investment maintained a surplus totaling U.S.$24.7 billion in 2022, primarily in the form of equity capital, representing an increase of 16.4% from a U.S.$21.2 billion in 2021. The increase was primarily due to increases of investment in manufacturing, transportation, storage, and communication, as well as construction, which are 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, storage, and communication, 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 the People’s Republic of China) were the main contributors to net foreign direct investment inflows, followed by ASEAN countries.

Foreign direct investment maintained a surplus totaling U.S.$21.9 billion in 2023, primarily in the form of equity capital, representing a decrease of 11.4% from a U.S.$24.7 billion surplus in 2022. The decrease was primarily due to decreases of investment in transportation, storage and communication as well as financial intermediaries, 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, the United Kingdom and the People’s Republic of China, partially offset by increases of investment from Germany, Hong Kong SAR and Thailand.

The manufacturing, transportation, storage, and communication, as well as trade sectors were the main contributors to net foreign direct investment inflows in 2023. With respect to country of origin, investors from Asian emerging markets (including the People’s Republic of China) were the main contributors to net foreign direct investment inflows, followed by ASEAN countries.

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Foreign direct investment maintained a surplus totaling U.S.$6.2 billion in the first quarter of 2024, primarily in the form of equity capital, representing a slight decrease of 1.3% from a U.S.$6.3 billion surplus in the first quarter of 2023. The decrease was primarily due to decreases of investment in the manufacturing and electricity, gas, and water supply sectors, partially offset by an increase of investment in the trade sector. With respect to country of origin, there were decreases of investment from Luxembourg, USA, Hong Kong SAR and the People’s Republic of China, partially offset by increases of investment from Singapore, the United Kingdom and Japan. The manufacturing, trade, as well as financial intermediaries sectors were the main contributors to net foreign direct investment inflows in the first quarter of 2024. Investors from ASEAN countries, especially Singapore, were the main contributors to net foreign direct investment inflows.

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Foreign Portfolio Investment

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

Foreign Portfolio Investments

	Year Ended December 31,															Three Months Ended March 31,
	2019			2020			2021			2022			2023P			2023P			2024P
	(in millions of U.S. dollars)
Equity securities:
Inflow		48,065			44,300			59,114			76,604			60,362			15,349			17,153
Outflow		(48,462	)		(48,662	)		(55,983	)		(75,933	)		(60,097	)		(15,106	)		(16,043	)
Net equity securities		(397	)		(4,362	)		3,131			671			265			243			1,109
Debt securities (net)		21,978			8,929			3,732			(7,256	)		4,839			4,045			(1,599	)
Total portfolio investments		21,581			4,567			6,863			(6,585	)		5,104			4,287			(490	)

Source: Bank Indonesia

^P  Preliminary.

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 (Surat Berharga Negara (“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 2023, foreign capital flows in the form of portfolio investments in Indonesia recorded a net inflow of U.S.$5.1 billion, compared to the net outflow of U.S.$6.6 billion in 2022. The net inflow comprise predominantly long-term instruments such as SBN denominated in Rupiah, as well as the newly introduced instrument Bank Indonesia Rupiah Securities (Sekuritas Rupiah Bank Indonesia (“SRBI”)).

In the first quarter of 2024, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$0.5 billion, compared to the net inflow of U.S.$4.3 billion in the first quarter of 2023. The net outflow was mainly driven by foreign capital outflows from the domestic SBN market, primarily driven by increasing global financial market uncertainty. Meanwhile, foreign capital inflows to the stock market increased compared to the first quarter of 2023.

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.

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Other Foreign Investments

	Year Ended December 31,															Three Months Ended March 31,
	2019			2020			2021			2022			2023P			2023P			2024P
	(in millions of U.S. dollars)
Loans
Bank sector:
Disbursements		3,121			3,902			1,409			3,704			1,326			161			958
Debt repayments		(4,521	)		(5,502	)		(4,489	)		(2,844	)		(4,576	)		(946	)		(659	)
Total bank sector		(1,400	)		(1,600	)		(3,080	)		860			(3,250	)		(785	)		298
Corporate sector:
Disbursements		30,187			20,975			15,141			19,972			18,402			2,923			3,512
Debt repayments		(23,012	)		(17,887	)		(20,307	)		(22,628	)		(16,939	)		(4,210	)		(2,866	)
Total corporate sector		7,175			3,088			(5,167	)		(2,656	)		1,463			(1,287	)		646
Other (net)(1)		284			776			7,521			2,039			4,682			919			560
Total other investments		6,059			2,264			(726	)		242			2,895			(1,153	)		1,505

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 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 increased from a deficit of U.S.$0.7 billion in 2021 to a surplus of U.S.$0.2 billion. The surplus in 2022 is primarily due to net drawings of foreign loans by the government and banking sector.

In 2023, other foreign investments increased from a surplus of U.S.$0.2 billion in 2022 to a surplus of U.S.$2.9 billion. The increase is primarily attributable to net drawings of foreign loans by the government and corporate sector.

In the first quarter of 2024, other foreign investments increased from a deficit of U.S.$1.2 billion in the first quarter of 2023 to a surplus of U.S.$1.5 billion. The surplus is primarily due to net drawings of foreign loans by the banking and corporate sector.

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.

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

Realized Foreign Direct Investment by Sector⁽¹⁾

	Year Ended December 31,										Three Months Ended March 31,
	2019		2020		2021		2022		2023P		2023P		2024P
	(in millions of U.S. dollars)
Primary Sector
Food Crops, Plantation & Livestock		947		1,184		951		1,789		1,946		435		306
Forestry		36		43		41		99		96		44		51
Fishery		54		48		17		32		26		12		49
Mining		2,256		2,005		3,817		5,145		4,715		920		1,405
Total Primary Sector		3,294		3,280		4,826		7,065		6,782		1,412		1,811
Secondary sector:
Food Industry		1,272		1,592		2,337		2,425		2,263		615		680
Textile Industry		239		280		312		658		458		114		194
Leather Goods & Footwear Industry		188		214		486		630		782		190		144
Wood Industry		95		85		68		243		158		54		24
Paper and Printing Industry		446		943		953		1,630		3,431		831		984
Chemical and Pharmaceutical Industry		1,486		1,743		1,657		4,506		4,805		1,068		1,076
Rubber and Plastic Industry		292		291		262		363		576		174		183
Non Metallic Mineral Industry		475		248		327		537		523		120		152
Metal, Industry not Machinery & Electronic Industry		3,559		5,969		6,974		10,961		11,787		2,904		2,751
Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry		500		601		679		789		1,478		355		523
Motor Vehicles & Other Transport Equipment Industry		754		942		1,502		1,522		2,046		532		671
Other Industry		245		294		246		415		382		69		123
Total Secondary Sector		9,551		13,202		15,804		24,679		28,690		7,027		7,504
Tertiary sector:
Electricity, Gas & Water Supply		5,921		4,614		2,939		3,763		2,742		616		525
Construction		162		190		93		165		282		72		182
Trade & Repair		421		434		464		737		944		293		335
Hotel & Restaurant		626		441		432		498		811		189		368
Transportation, Storage & Communication		4,728		3,580		3,159		4,125		5,615		1,213		1,182
Housing, Ind. Estate & Office Building		2,889		2,191		2,186		3,015		2,575		569		946
Other Services		618		733		1,190		1,558		1,827		569		776
Total Tertiary Sector		15,364		12,184		10,463		13,861		14,795		3,522		4,314
Total		28,209		28,666		31,093		45,605		50,268		11,960		13,629

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-55

Domestic Direct Investment

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

Realized Domestic Direct Investment by Sector⁽¹⁾

	Year Ended December 31,										Three Months Ended March 31,
	2019		2020		2021		2022		2023P		2023P		2024P
	(in billions of Rupiah)
Primary sector:
Food Crops, Plantation & Livestock		43,599		32,096		29,375		38,879		42,912		10,687		11,055
Forestry		9,367		1,164		6,863		8,603		23,032		3,845		11,244
Fishery		248		565		1,012		1,214		2,507		621		496
Mining		25,675		13,755		25,517		62,522		86,689		19,839		21,227
Total Primary Sector		78,888		47,580		62,767		111,217		155,140		34,992		44,022
Secondary sector:
Food Industry		36,603		27,873		26,518		54,937		54,828		11,269		18,836
Textile Industry		1,313		2,103		1,972		5,615		7,950		2,947		1,714
Leather Goods & Footwear Industry		77		395		700		484		1,641		344		140
Wood Industry		1,586		1,263		1,144		3,588		4,611		1,419		2,263
Paper and Printing Industry		2,950		3,746		7,833		9,508		9,295		1,752		3,859
Chemical and Pharmaceutical Industry		9,484		22,526		23,364		28,905		33,870		6,778		7,505
Rubber and Plastic Industry		3,069		4,429		7,803		7,370		9,256		1,936		2,340
Non Metallic Mineral Industry		3,573		5,862		6,522		6,368		7,770		1,865		2,055
Metal Industry not Machinery & Electronic Industry		8,183		8,858		15,656		13,950		25,886		3,685		6,862
Medical Precision & Optical Instruments, Watches & Clock, Machinery, and Electronic Industry		1,152		1,156		535		3,693		4,263		1,108		1,005
Motor Vehicles & Other Transport Equipment Industry		2,608		2,556		1,459		2,425		6,173		1,468		572
Other Industry		2,076		2,051		1,192		6,721		6,114		1,336		1,453
Total Secondary Sector		72,673		82,818		94,699		143,564		171,657		35,908		48,605
Tertiary sector:
Electricity, Gas & Water Supply		37,164		35,519		38,728		32,107		37,585		7,222		13,871
Construction		55,091		68,289		39,569		33,847		32,813		7,773		5,297
Trade & Repair		13,663		16,748		22,432		31,051		48,558		9,951		16,474
Hotel & Restaurant		16,163		10,203		17,819		21,579		23,363		5,188		6,172
Transportation, Storage & Communication		68,083		93,283		61,242		75,138		76,659		18,148		30,218
Housing, Ind. Estate & Office Building		27,797		44,853		85,498		66,168		77,099		19,469		15,193
Other Services		16,977		14,243		24,310		38,097		52,048		13,300		17,257
Total Tertiary Sector		234,937		283,138		289,598		297,987		348,126		81,051		104,483
Total		386,498		413,536		447,064		552,769		674,923		151,950		197,109

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-56

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-57

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,															Four Months Ended April 30,
	2019			2020			2021			2022			2023P			2023P			2024P
	(in millions of U.S. dollars)
Exports:
Oil and gas exports (f.o.b.)		11,981			8,480			13,201			17,039			16,687			5,584			5,333
Non-oil and gas exports (f.o.b.)		156,474			154,921			219,635			275,499			242,827			81,246			76,428
Total exports (f.o.b.)		168,455			163,402			232,835			292,538			259,514			86,830			81,761
Total imports (c.i.f.)		(173,489	)		(142,104	)		(198,800	)		(241,716	)		(224,037	)		(71,070	)		(71,851	)
Balance of trade		(5,033	)		21,298			34,035			50,822			35,477			15,761			9,910

Source: Bank Indonesia

^P  Preliminary.

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 2023, Indonesia recorded a trade surplus of U.S.$35.5 billion, which decreased by 30.2% from the U.S.$50.8 billion surplus in 2022. The lower trade surplus was mainly due to a 11.3% decrease in exports primarily due to softening demand from Indonesia’s major trading partners for its main non-oil and gas export commodities as well as decreasing commodity prices. In addition, imports (c.i.f) decreased by 7.3%, in line with export performance.

In the first four months of 2024, Indonesia recorded a trade surplus of U.S.$9.9 billion, which decreased by 37.1% from the U.S.$15.8 billion surplus for the same period of 2023. The lower trade surplus was primarily due to a 5.8% year-on-year decrease in exports due to softening global demand and decreasing commodity prices. On the other hand, imports (c.i.f.) increased by 1.1%, partly as a result of increased consumption during the festive period of Ramadan and Eid-ul-Fitr.

D-58

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,										Five Months Ended May 31,
	2019		2020		2021R		2022R		2023R		2023P		2024P
	(in millions of U.S. dollars)
Exports:
Non-oil and gas exports		155,894		154,941		219,362		275,906		242,875		101,472		97,580
Oil and gas exports		11,789		8,251		12,248		15,998		15,923		6,580		6,669
Total exports		167,683		163,192		231,610		291,904		258,797		108,052		104,249
Imports:
Non-oil and gas imports		148,842		127,312		170,661		197,031		186,055		77,160		76,454
Oil and gas imports		21,885		14,257		25,529		40,416		35,831		14,417		14,737
Total imports		170,727		141,569		196,190		237,447		221,886		91,577		91,191

Source: BPS.

^P  Preliminary.

^R  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-59

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

Exports by Sector

	Year Ended December 31,										Four Months Ended April 30,
	2019		2020		2021		2022		2023P		2023P		2024P
	(in thousands of U.S. dollars)
General merchandise		164,910,990		157,859,928		231,316,430		291,510,626		258,665,516		86,577,044		81,466,206
Agricultural
Coffee beans		872,089		808,635		848,285		1,137,939		915,636		231,404		279,133
Tea		63,791		66,850		62,171		61,237		49,522		15,519		17,752
Spices		560,463		706,632		678,397		572,634		549,693		180,009		211,969
Tobacco		59,737		63,743		73,901		106,321		86,675		16,615		21,218
Cocoa beans		82,215		77,023		56,244		63,395		47,020		15,021		25,915
Shrimp and prawn		1,391,141		1,558,667		1,644,429		1,580,036		1,235,214		413,912		361,359
Other agricultural products		2,805,987		2,911,090		3,303,394		3,735,664		3,657,953		1,146,944		1,247,931
Total Agricultural products		5,835,423		6,192,641		6,666,820		7,257,225		6,541,714		2,019,424		2,165,277
Manufacture products
Textile and Textile products		12,916,809		10,598,560		13,182,868		13,975,398		11,743,982		3,700,582		3,732,589
Processed wood products		3,554,922		3,514,645		4,636,060		4,299,769		3,592,905		1,081,305		1,139,351
Palm oils		14,720,420		17,289,749		26,516,433		27,722,460		22,678,809		6,982,029		5,880,265
Chemicals		4,349,491		3,957,822		6,546,591		7,077,776		5,261,047		1,741,427		1,844,261
Base metal products		13,363,675		16,696,618		30,443,013		41,945,875		40,510,256		13,082,889		13,130,906
Electrical apparatus, measuring instruments and others		9,412,842		9,400,790		11,730,664		14,557,303		14,397,973		5,063,927		4,623,881
Cement		281,951		322,887		402,352		376,254		404,302		142,263		142,192
Paper and paper products		4,408,263		4,243,152		4,284,955		4,842,825		4,847,626		1,648,398		1,427,687
Processed rubber		5,741,597		5,264,533		6,832,214		6,101,873		4,793,600		1,608,726		1,537,223
Oil products(1)		1,646,807		1,312,539		1,899,971		4,303,720		5,333,427		1,777,853		1,737,970
Liquefied Petroleum Gas(1)		9,734		416		4,185		26,092		143,213		34,488		88
Other manufacture products		52,600,236		51,720,855		68,334,868		80,157,391		74,074,245		24,348,596		24,155,293
Total Manufacture products		123,006,747		124,322,566		174,814,175		205,386,735		187,781,385		61,212,482		59,351,706
Mining products
Copper ore		1,280,055		2,412,204		5,386,321		9,244,185		8,326,737		2,266,868		3,170,927
Nickel ore		1,097,556		0		0		1		1		0		15
Coal		21,687,266		16,443,057		31,505,219		54,546,032		42,848,893		16,653,035		12,488,999
Bauxite		467,585		555,518		628,176		624,010		68,567		68,318		0
Crude oil(1)		1,720,014		1,426,591		2,956,045		1,590,215		1,716,572		523,975		735,985
Natural Gas(1)		7,505,736		5,111,340		7,178,270		9,381,892		8,037,106		2,800,327		2,401,570
o/w LNG		4,909,596		3,359,689		4,294,339		6,361,156		6,225,383		2,197,141		1,857,346
Other mining products		400,215		404,904		485,173		638,655		970,164		210,920		447,518
Total Mining products		34,158,426		26,353,613		48,139,205		76,024,990		61,968,040		22,523,444		19,245,014
Other merchandise(2)		1,910,394		991,108		1,696,229		2,841,676		2,374,377		821,695		704,210
Other goods(3)		3,544,376		5,541,878		1,518,852		1,027,514		848,317		253,376		294,874
Total Exports		168,455,366		163,401,806		232,835,282		292,538,140		259,513,833		86,830,420		81,761,080
Memorandum(4)
Non-oil & gas exports		156,474,106		154,921,425		219,634,699		275,498,694		242,826,690		81,246,447		76,427,755
Oil & gas exports		11,981,260		8,480,381		13,200,583		17,039,446		16,687,142		5,583,974		5,333,325

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-60

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

Exports by Destination

	Year Ended December 31,										Four Months Ended April 30,
	2019		2020		2021		2022		2023P		2023P		2024P
	(in thousands of U.S. dollars)
America
North America
United States of America		17,814,460		18,594,853		25,765,002		28,310,297		23,179,408		7,389,336		7,956,405
Canada		856,090		782,733		1,064,214		1,284,783		1,292,084		386,848		447,571
Other North America		1,178		1,021		1,620		1,717		2,869		748		1,363
Total North America		18,671,728		19,378,608		26,830,836		29,596,798		24,474,361		7,776,932		8,405,339
Central and South America
Argentina		202,416		157,271		281,227		311,017		200,319		66,852		48,486
Brazil		1,003,214		1,017,307		1,504,539		1,483,496		1,278,005		407,533		469,301
Mexico		933,401		883,204		1,298,970		1,688,739		2,148,939		540,633		689,265
Other Central and South America		1,185,127		1,112,753		1,910,190		2,333,449		2,396,178		760,594		889,233
Total Central and South America		3,324,157		3,170,535		4,994,925		5,816,701		6,023,440		1,775,612		2,096,284
Total America		21,995,885		22,549,143		31,825,761		35,413,499		30,497,801		9,552,544		10,501,623
Europe
European Union and United Kingdom
Netherlands		3,107,328		3,106,339		4,624,534		5,378,926		3,868,396		1,274,621		1,408,903
Belgium		1,075,660		1,175,519		1,635,031		2,139,872		1,622,256		592,960		470,636
United Kingdom		1,347,574		1,264,374		1,474,290		1,578,289		1,456,782		434,792		502,302
Italy		1,748,679		1,740,505		2,804,545		3,131,432		2,097,717		885,575		783,023
Germany		2,400,449		2,407,245		2,912,856		3,233,288		2,518,779		988,090		695,736
France		1,008,851		913,922		996,178		1,044,079		903,474		299,791		282,221
Spain		1,606,738		1,509,349		2,347,650		2,293,582		2,194,164		837,670		706,117
Other European Union		2,213,190		2,106,142		2,657,501		3,780,308		3,262,373		1,020,432		1,186,883
Total European Union and United Kingdom		14,508,470		14,223,394		19,452,584		22,579,776		17,923,941		6,333,932		6,035,820
Russia		862,376		971,609		1,492,891		1,386,014		912,270		317,574		322,170
Turkey		1,147,700		1,046,747		1,599,382		2,071,280		1,531,222		559,505		551,844
Other Europe		1,427,068		2,796,242		2,162,096		2,411,475		3,107,004		1,561,189		805,127
Total Europe		17,945,614		19,037,992		24,706,953		28,448,545		23,474,437		8,772,200		7,714,960
Asia and Middle East
ASEAN
Brunei Darussalam		102,853		128,789		211,268		240,628		196,352		64,961		99,434
Philippines		6,767,873		5,892,160		8,590,823		12,895,188		11,028,339		3,690,419		3,138,851
Cambodia		609,618		540,472		530,909		720,673		835,104		286,574		292,626
PDR Laos		6,811		5,038		7,578		26,620		16,650		2,144		7,091
Malaysia		8,695,155		7,985,113		11,954,531		15,148,054		12,277,326		4,225,076		3,814,179
Myanmar		874,498		1,030,922		1,117,043		905,561		796,671		309,331		187,168
Singapore		12,904,470		10,817,047		12,167,500		14,972,580		12,095,029		4,179,962		3,537,423
Thailand		6,167,367		5,086,236		7,110,300		8,154,975		7,171,447		2,385,105		2,352,698
Vietnam		5,134,383		4,937,619		6,842,952		8,276,540		7,524,281		2,291,785		2,576,971
Total ASEAN		41,263,029		36,423,395		48,532,903		61,340,817		51,941,198		17,435,356		16,006,440
Hong Kong SAR		2,492,627		2,003,349		2,001,026		2,812,535		2,636,040		801,802		917,692
India		11,797,304		10,350,802		13,308,709		23,362,674		20,269,352		6,206,378		6,904,824
Iraq		168,850		185,901		218,389		348,391		295,404		115,243		120,102
Japan		15,272,018		13,472,208		17,595,122		24,356,469		20,654,400		7,487,167		6,703,576
South Korea		6,993,812		6,334,796		9,161,223		12,339,146		10,223,223		3,561,689		3,690,225
Pakistan		1,917,150		2,374,442		3,823,688		4,251,636		3,020,780		883,649		1,042,067
People’s Republic of China		27,912,462		31,557,495		53,278,076		65,814,936		64,781,327		21,381,379		18,234,386
Saudi Arabia		1,503,450		1,337,231		1,580,531		2,019,038		2,076,180		738,071		731,796
Taiwan		4,351,577		4,232,878		6,726,353		8,385,255		6,693,953		2,294,567		2,053,299
Other Asia and Middle East		6,297,157		5,714,233		8,676,922		10,458,131		10,783,629		3,482,579		3,200,102
Total Asia and Middle East		119,969,433		113,986,732		164,902,943		215,489,028		193,375,486		64,387,878		59,604,509
Australia and Oceania
Australia		2,321,841		2,506,086		3,236,357		3,454,173		3,127,808		987,132		1,456,973
New Zealand		444,705		479,782		717,463		730,422		591,665		202,731		190,958
Other Australia and Oceania		372,667		373,653		403,551		486,923		580,428		165,885		187,099
Total Australia and Oceania		3,139,213		3,359,521		4,357,371		4,671,518		4,299,901		1,355,748		1,835,029
Africa
South Africa		585,479		572,239		965,270		1,092,889		842,579		294,169		216,115
Other Africa		2,915,213		2,912,644		4,388,304		4,588,941		4,654,702		1,648,048		1,186,643
Total Africa		3,500,692		3,484,883		5,353,573		5,681,831		5,497,281		1,942,216		1,402,757
Unclassified exports(1)		1,904,528		983,534		1,688,680		2,833,719		2,368,927		819,834		702,200
Total (f.o.b.)		168,455,366		163,401,806		232,835,282		292,538,140		259,513,833		86,830,420		81,761,080

Source: Bank Indonesia

^P  Preliminary.

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

D-61

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

Imports by Sector⁽¹⁾

	Year Ended December 31,										Four Months Ended April 30,
	2019		2020		2021		2022		2023P		2023P		2024P
	(in thousands of U.S. dollars)
General Merchandise		171,720,170		140,202,566		196,118,688		238,196,580		221,436,190		70,378,750		71,102,728
Consumption Goods
Food and beverages, primary, mainly for household		2,461,143		2,311,232		2,754,783		2,900,624		2,883,130		870,194		854,303
Food and beverages, processed, mainly for household		3,427,209		3,123,868		3,860,341		4,948,999		6,043,963		1,626,106		2,269,951
Passenger motor cars		563,382		305,712		375,210		620,196		1,044,254		272,577		376,537
Transport equipment, nonindustrial		237,743		202,426		229,968		288,582		335,186		138,985		81,024
Durable consumer goods		2,069,190		1,777,178		2,227,130		2,299,231		2,357,317		716,103		807,621
Semi-durable consumer goods		3,802,345		3,198,553		3,547,131		4,117,226		4,113,075		1,186,949		1,228,584
Non-durable consumer goods		2,816,772		2,608,670		5,931,056		3,506,568		3,423,846		983,210		949,399
Fuels and lubricants, processed, oil products(2)		7,531,780		3,666,469		7,567,201		13,637,777		10,785,334		3,464,400		4,221,317
Goods not elsewhere specified		663,501		781,049		308,987		298,341		621,571		120,686		71,552
Total Consumption Goods		23,573,065		17,975,158		26,801,807		32,617,546		31,607,676		9,379,210		10,860,288
Raw materials and auxiliary goods
Food and beverages, primary, mainly for industry		5,528,661		5,006,804		6,791,471		7,062,365		6,883,310		2,429,406		2,646,752
Food and beverages, processed, mainly for industry		3,233,934		3,763,531		4,408,737		5,690,242		5,216,341		1,818,636		1,877,801
Industrial supplies, primary		5,650,464		4,545,622		7,409,535		7,828,362		6,759,962		1,919,377		2,382,872
Industrial supplies, processed		59,354,978		48,763,004		69,801,404		78,419,327		66,704,281		21,997,667		21,245,081
Parts and accessories for capital goods		19,124,732		17,749,286		20,765,500		24,094,319		22,615,668		7,572,511		7,660,766
Parts and accessories for transport equipment		8,241,401		5,800,391		8,039,984		9,596,459		9,522,749		2,963,869		2,517,110
Fuels and lubricants, primary		7,106,269		4,459,708		10,014,214		17,271,332		15,633,539		4,767,069		4,560,694
o/w Crude oil(2)		6,054,275		3,557,106		7,886,555		13,648,439		12,221,871		3,535,888		3,373,531
Fuels and lubricants, processed		10,179,672		7,772,769		12,669,639		17,504,885		16,045,456		5,231,667		4,755,991
o/w Oil products(2)		6,881,369		4,533,505		7,367,209		11,095,200		10,808,274		3,455,543		3,380,136
o/w Liquefied Petroleum Gas(2)		2,876,647		2,809,927		4,713,059		5,563,184		4,386,640		1,456,919		1,136,455
Total Raw materials and auxiliary goods		118,420,110		97,861,115		139,900,484		167,467,292		149,381,305		48,700,202		47,647,067
Capital Goods
Capital goods (except transport equipment)		25,811,574		21,970,509		25,371,226		31,825,253		32,849,981		9,778,798		10,687,675
Passenger motor cars		563,382		305,712		375,210		620,196		1,044,254		272,577		376,537
Other transport equipment, industrial		2,676,473		1,714,339		3,085,572		4,912,986		5,795,492		2,039,421		1,240,859
Total Capital Goods		29,051,428		23,990,560		28,832,008		37,358,435		39,689,727		12,090,796		12,305,071
Other merchandise(3)		675,566		375,733		584,389		753,308		757,482		208,542		290,302
Other goods(4)		1,768,419		1,901,635		2,681,663		3,519,420		2,600,542		690,886		748,518
Total		173,488,589		142,104,201		198,800,351		241,716,000		224,036,732		71,069,636		71,851,247

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-62

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,										Four Months Ended April 30,
	2019		2020		2021		2022		2023P		2023P		2024P
	(in thousands of U.S. dollars)
America
North America
United States of America		9,292,376		8,417,952		11,607,176		11,715,415		11,508,215		3,730,703		3,529,500
Canada		1,827,252		1,623,021		2,039,320		2,999,835		2,149,299		871,321		656,899
Other North America		3		1		0		0		374		0		0
Total North America		11,119,630		10,040,973		13,646,496		14,715,250		13,657,888		4,602,024		4,186,399
Central and South America
Argentina		1,810,225		1,740,897		2,028,162		2,400,666		1,374,093		725,288		501,649
Brazil		1,846,832		2,275,776		2,357,034		3,679,381		4,796,243		1,092,228		1,835,916
Mexico		252,495		238,295		251,035		320,300		359,514		102,228		106,691
Other Central and South America		517,974		500,835		600,554		690,476		663,101		225,251		226,822
Total Central and South America		4,427,526		4,755,804		5,236,784		7,090,823		7,192,951		2,144,995		2,671,079
Total America		15,547,156		14,796,777		18,883,280		21,806,073		20,850,839		6,747,019		6,857,478
Europe
European Union and United Kingdom
Netherlands		859,506		820,167		877,900		923,007		944,430		315,986		268,530
Belgium		640,921		513,385		763,083		640,671		686,363		247,310		142,329
United Kingdom		1,060,357		984,941		1,116,936		1,038,364		1,103,335		338,338		287,895
Italy		1,743,423		1,521,690		1,674,996		1,448,006		1,728,666		507,035		504,705
Germany		3,421,230		2,939,619		3,057,219		3,718,454		4,550,687		1,513,051		1,079,513
France		1,463,555		1,420,698		1,316,552		1,384,362		1,681,505		571,391		397,470
Spain		603,465		440,412		676,814		564,556		579,930		160,969		159,478
Other European Union		2,636,266		2,412,368		2,413,677		2,952,115		3,598,458		1,019,353		1,234,547
Total European Union and United Kingdom		12,428,724		11,053,278		11,897,176		12,669,533		14,873,374		4,673,434		4,074,468
Russia		1,089,622		843,722		1,033,735		1,890,871		2,243,473		615,951		707,108
Turkey		341,337		273,981		353,531		530,585		648,868		297,338		124,278
Other Europe		2,250,665		2,317,252		2,732,492		2,324,377		1,967,264		804,263		740,910
Total Europe		16,110,347		14,488,232		16,016,934		17,415,366		19,732,978		6,390,986		5,646,764
Asia and Middle East
ASEAN
Brunei Darussalam		29,155		71,940		156,977		646,007		300,890		41,271		101,031
Philippines		791,066		556,337		1,169,335		1,423,661		1,424,809		492,023		430,219
Cambodia		40,583		44,258		50,094		61,077		103,380		23,743		47,278
PDR Laos		31,233		42,290		38,976		170,430		83,239		31,818		21,108
Malaysia		7,826,886		6,992,397		9,634,006		12,686,248		10,740,663		3,510,151		3,295,679
Myanmar		182,505		187,175		164,217		107,536		149,800		21,818		173,389
Singapore		20,168,411		13,895,105		18,470,973		22,552,422		20,603,733		6,159,194		7,124,947
Thailand		9,079,021		6,289,009		8,920,455		10,677,210		10,002,043		3,381,160		3,258,208
Vietnam		3,650,859		2,983,247		3,972,949		4,573,019		5,117,178		1,549,267		2,013,390
Total ASEAN		41,799,719		31,061,759		42,577,980		52,897,611		48,525,735		15,210,444		16,465,249
Hong Kong SAR		5,136,340		4,015,843		5,557,561		4,597,011		3,807,494		1,177,680		1,096,029
India		4,065,942		3,595,103		7,057,958		9,025,789		6,527,353		2,592,047		1,813,114
Iraq		161		301		110		704		209		79		478
Japan		16,084,462		11,001,764		15,533,193		17,400,251		16,524,293		5,322,727		4,359,818
South Korea		8,707,588		7,063,543		9,773,262		12,240,239		10,772,383		3,611,623		3,109,081
Pakistan		379,989		196,596		192,770		189,871		308,149		61,022		265,759
People’s Republic of China		43,165,693		38,202,228		53,649,120		65,212,072		60,432,508		18,959,849		20,932,575
Saudi Arabia		3,565,923		2,559,806		4,359,067		5,825,001		4,016,022		1,067,999		1,563,660
Taiwan		3,721,549		3,610,972		4,293,046		4,292,654		3,856,146		1,240,808		1,258,358
Other Asia and Middle East		4,762,408		3,791,845		5,166,872		7,642,381		7,142,339		2,288,908		1,716,914
Total Asia and Middle East		131,389,772		105,099,760		148,160,938		179,323,583		161,912,631		51,533,186		52,581,036
Australia and Oceania
Australia		5,455,153		4,499,423		9,404,535		9,684,791		9,284,037		2,681,298		3,095,130
New Zealand		755,917		750,076		954,512		1,381,182		1,134,475		398,280		317,399
Other Australia and Oceania		213,786		167,923		39,107		113,399		96,187		6,560		22,367
Total Australia and Oceania		6,424,855		5,417,421		10,398,154		11,179,372		10,514,699		3,086,137		3,434,896
Africa
South Africa		181,345		258,480		634,585		2,048,231		1,250,184		317,128		544,568
Other Africa		3,159,547		1,667,797		4,122,070		9,190,067		9,017,920		2,786,638		2,496,202
Total Africa		3,340,892		1,926,277		4,756,656		11,238,298		10,268,104		3,103,765		3,040,770
Unclassified imports(2)		675,566		375,733		584,389		753,308		757,482		208,542		290,302
Total		173,488,589		142,104,201		198,800,351		241,716,000		224,036,732		71,069,636		71,851,247

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-63

Balance of Payments

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

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

Balance of Payments⁽¹⁾

	Year Ended December 31,															Three Months Ended March 31,
	2019			2020			2021			2022			2023P			2023P			2024P
	(in millions of U.S. dollars)
Current account		(30,279	)		(4,433	)		3,511			13,215			(1,880	)		2,775			(2,161	)
Goods(2)		3,508			28,301			43,806			62,672			46,453			14,718			9,823
Total exports (f.o.b.)		168,455			163,402			232,835			292,538			259,514			67,339			62,100
Non-oil and gas exports		156,474			154,921			219,635			275,499			242,827			63,201			58,217
Oil and gas exports		11,981			8,480			13,201			17,039			16,687			4,138			3,883
Total imports (f.o.b.)		(164,948	)		(135,101	)		(189,029	)		(229,866	)		(213,061	)		(52,621	)		(52,277	)
Non-oil and gas imports		(142,647	)		(121,234	)		(162,864	)		(188,049	)		(176,716	)		(44,524	)		(43,425	)
Oil and gas imports		(22,300	)		(13,867	)		(26,166	)		(41,817	)		(36,345	)		(8,097	)		(8,852	)
Services		(7,641	)		(9,755	)		(14,599	)		(19,957	)		(18,089	)		(4,537	)		(4,417	)
Primary income		(33,775	)		(28,911	)		(31,961	)		(35,303	)		(35,608	)		(8,853	)		(8,944	)
Secondary income		7,629			5,932			6,264			5,803			5,365			1,447			1,378
Capital account		39			37			80			476			43			3			3
Financial account		36,564			7,884			12,492			(9,157	)		9,994			4,089			(2,305	)
(i) Public sector		12,675			3,413			4,317			(4,618	)		11,905			5,120			(44	)
Portfolio investment		15,230			1,424			(616	)		(6,889	)		8,916			4,539			(1,007	)
Assets		258			—			—			—			—			—			—
Liabilities		14,973			1,424			(616	)		(6,889	)		8,916			4,539			(1,007	)
Other investment		(2,555	)		1,989			4,933			2,271			2,989			581			963
Assets		—			—			—			(133	)		(102	)		—			—
Liabilities		(2,555	)		1,989			4,933			2,405			3,091			581			963
Loans		(2,298	)		1,989			(1,377	)		1,789			2,915			468			820
Drawings		3,773			8,166			4,355			7,130			8,257			1,799			1,966
Repayments		(6,070	)		(6,177	)		(5,732	)		(5,341	)		(5,342	)		(1,331	)		(1,146	)
Other liabilities		(258	)		—			6,310			616			176			113			143
(ii) Private sector		23,888			4,471			8,175			(4,539	)		(1,911	)		(1,031	)		(2,262	)
Direct investment		20,531			14,142			17,286			18,067			14,766			4,376			4,347
Assets		(4,462	)		(5,033	)		(3,927	)		(6,635	)		(7,128	)		(1,886	)		(1,833	)
Liabilities		24,994			19,175			21,213			24,702			21,894			6,263			6,180
Portfolio investment		6,760			1,945			5,701			(4,741	)		(6,666	)		(1,512	)		(784	)
Assets		152			(1,199	)		(1,778	)		(5,045	)		(2,854	)		(1,260	)		(1,300	)
Liabilities		6,608			3,144			7,479			304			(3,812	)		(252	)		516
Financial derivatives		186			18			333			48			167			205			(421	)
Other investment		(3,589	)		(11,634	)		(15,145	)		(17,913	)		(10,178	)		(4,100	)		(5,404	)
Assets		(12,203	)		(11,909	)		(9,486	)		(15,751	)		(9,983	)		(2,366	)		(5,946	)
Liabilities		8,614			274			(5,659	)		(2,162	)		(196	)		(1,734	)		542
Errors and omissions		(1,648	)		(891	)		(2,622	)		(535	)		(1,857	)		(350	)		(1,507	)
Overall balance		4,676			2,597			13,461			3,999			6,301			6,517			(5,970	)
Reserves and related items		(4,676	)		(2,597	)		(13,461	)		(3,999	)		(6,301	)		(6,517	)		5,970
Memorandum
Reserve asset position(3)		129,183			135,897			144,905			137,233			146,384			145,189			140,390

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.

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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.$13.2 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.$8.7 billion deficit in 2022, reversing a U.S.$12.6 billion surplus in 2021, amidst the higher global financial market uncertainty. Direct investment surplus increased in 2022, reflecting investor views in the domestic economic outlook and 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 investments also recorded a deficit due to private investments in several financial instruments abroad and net payments of private sector 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 was U.S.$137.2 billion as at December 31, 2022, compared to U.S.$144.9 billion as at December 31, 2021.

In 2023, the current account recorded a deficit of U.S.$1.9 billion, after registering a U.S.$13.2 billion surplus in 2022. These developments were mainly influenced by a lower goods trade surplus in line with global economic moderation and lower commodity prices, coupled with steady domestic demand. On the other hand, the services trade deficit narrowed in line with a surge of inbound international travelers as the tourism sector continued to recover.

The capital and financial account in 2023 improved, registering a U.S.$10.0 billion surplus compared to the U.S.$8.7 billion deficit in 2022, supported by surpluses in both direct investment and portfolio investment despite global financial market uncertainty. A conducive investment climate and investors’ view with respect to domestic economic outlook maintained direct investment inflows to Indonesia. In addition, portfolio inflows recorded a surplus despite global financial market uncertainty. Yields on domestic financial assets for investment and the release of new financial instruments issued by Bank Indonesia also increased portfolio investment performance.

As a result of the foregoing, Indonesia’s balance of payments in 2023 booked a U.S.$6.3 billion surplus, an increase from the U.S.$4.0 billion surplus in 2022. The official reserve assets as at December 31, 2023 increased to U.S.$146.4 billion from U.S.$137.2 billion as at December 31, 2022.

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In the first quarter of 2024, the current account recorded a deficit of U.S.$2.2 billion, compared to a U.S.$2.8 billion surplus recorded in the first quarter of 2023. This was primarily due to a decrease in the non-oil and gas trade balance, which although it remained in surplus, was lower as compared to the same period last year, primarily as a result of a decrease in non-oil and gas exports in line with global economic moderation and declining commodity prices.

In the first quarter of 2024, the capital and financial account registered a U.S.$2.3 billion deficit, compared to a U.S.$4.1 billion surplus in the first quarter of 2023. This was predominantly due to a deficit in portfolio investment, driven by foreign capital outflows from domestic debt securities, in line with increasing global financial market uncertainty. Direct investment continued to be in surplus at similar levels in the first quarter of 2024 compared to the first quarter of 2023.

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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, represented 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 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.

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

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

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

OJK has issued banking regulations that are in line with the international standards, such as the Basel framework. In terms of the capital reforms, 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 Rp11,315.8 trillion, consisting of commercial bank assets of Rp11,113.3 trillion and rural bank assets (including assets of Sharia rural banks) of Rp202.5 trillion.

As of December 31, 2023, total banking assets were Rp11,984.0 trillion, consisting of commercial bank assets of Rp11,765.8 trillion and rural bank assets (including assets of Sharia rural banks) of Rp218.2 trillion.

As of March 31, 2024, total banking assets were Rp12,092.6 trillion, consisting of commercial bank assets of Rp11,875.8 trillion and rural bank assets (including assets of Sharia rural banks) of Rp216.7 trillion.

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Islamic Financial System

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

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 December 31, 2023, of the 88 underwriters licensed by OJK, only 34 were involved in issuances of Sukuk, and of the 94 investment managers licensed by OJK, there are 60 investment managers having Sharia investment management unit and one Sharia investment manager.

As of March 31, 2024, of the 88 underwriters licensed by OJK, only 34 were involved in issuances of Sukuk, and of the 93 investment managers licensed by OJK, there are 59 investment managers having Sharia investment management unit and one Sharia investment manager.

As of December 31, 2022, assets of Sharia banks were Rp782.1 trillion, or 7.0% of Indonesia’s total banking assets.

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As of December 31, 2023, assets of Sharia banks were Rp869.0 trillion, or 6.8% of Indonesia’s total banking assets.

As of March 31, 2024, assets of Sharia banks were Rp1,087.0 trillion, or 9.0% of Indonesia’s total banking assets.

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Anti-Money Laundering Regime

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

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

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

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

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

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

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Bank Indonesia

Bank Indonesia’s statutory mandate states that “the 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 April 30,
	2019			2020			2021			2022			2023			2023			2024
	(in billions of Rupiah)
Base Money (M0)		1,111,506			1,147,200			1,351,172			1,715,619			1,690,270			1,614,676			1,559,211
Currency in Circulation(1)		793,727			898,870			959,812			1,026,483			1,101,748			1,031,024			1,058,233
Commercial Banks Demand Deposits at Bank Indonesia		316,598			246,807			389,178			687,245			585,270			579,021			494,988
Private sector Demand Deposits		1,181			1,523			2,183			1,890			3,253			4,631			4,007
Bank Indonesia Certificates (“SBI”)(2)		—			—			—			—			—
Factors Affecting Base Money (M0)		1,111,506			1,147,200			1,351,172			1,715,619			1,690,270			1,614,676			1,559,211
Net Foreign Assets		1,759,015			1,877,480			1,942,909			1,999,397			2,058,128			1,977,890			1,994,175
Claims on Non-Residents		1,874,561			1,997,927			2,151,872			2,227,898			2,354,811			2,202,991			2,313,493
Liabilities to Non-Resident		(115,545	)		(120,447	)		(208,964	)		(228,501	)		(296,683	)		225,101			319,318
Claims on Other Depository Corporations		56			56			56			56			56			56			56
Liquidity Credits		56			56			56			56			56			56			56
Other Claims		—			—			—			—			—			—			—
Net claims on central Government		(6,890	)		(191,278	)		(167,718	)		(335,849	)		(378,193	)		(735,900	)		(454,277	)
Claims on central Government		155,269			124,326			113,358			101,611			87,814			100,486			88,224
Liabilities to central Government		(162,159	)		(315,605	)		(281,076	)		(437,460	)		(466,008	)		836,386			542,502
Claims on Other Sectors		10,106			9,805			9,782			9,814			9,767			9,840			9,602
Claims on Other Financial Institutions		—			—			—			—			—			—			—
Claims on Private Sectors		10,106			9,805			9,782			9,814			9,767			9,840			9,602
Open Market Operations(3)		(173,675	)		(15,312	)		126,293			465,960			460,247			729,941			542,546
Other Liabilities to Commercial & Rural Banks		(89,668	)		(58,222	)		(87,160	)		(66,386	)		(65,007	)		(62,148	)		(74,772	)
Deposits included in Broad Money (M2)		—			—			—			—			—			—			—
Deposits excluded from Broad Money (M2)		—			—			—			—			—			—			—
Shares and Other Equity		(354,651	)		(447,681	)		(412,022	)		(354,640	)		(398,168	)		(313,771	)		(462,273	)
Net Other Items		(32,786	)		(27,649	)		(60,967	)		(2,734	)		3,441			8,770			4,155

Source: Bank Indonesia

⁽¹⁾  Currency outside banks plus cash in vault.

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

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

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Banks and Other Financial Institutions

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

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

Indonesian Financial Institutions as of March 31, 2024

	Number of institutions		Assets*			Percentage of total assets
			(in trillions of Rupiah)			(%)
Banking:
Commercial banks		106		11,875.8			76.2
Rural credit banks(1)		1,392		216.7			1.4
Total banking		1,498		12,092.5			77.6
Insurance:
Life insurance		58		624.1			4.0
General insurance & Reinsurance		86		285.0			1.8
Social insurance(2)		4		876.9			5.6
Total insurance		148		1,785.9			11.5
Pension funds:
Financial institution pension funds		25		137.3			0.9
Employer pension funds		173		236.7			1.5
Total pension funds		198		374.0			2.4
Finance companies(3)		146		569.8			3.7
Venture capital companies		54		26.3			0.2
Securities companies(4)		121		71.4	(5)		0.5
Mutual funds (collective investment schemes. not institutions)		1,695		486.6			3.1
Credit guarantee companies		22		53.4			0.3
Pawn shops		164		91.2			0.6
Fintech peer to peer Lending(6)		101		7.3			0.0
Micro Financial Institution(7)		247		1.5			0.0
Insurance and Reinsurance Brokers		192		21.1			0.1
Total		4,586		15,581.0			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⁾  These include 29 securities companies that are not members of a securities exchange but acting as broker- dealers.

⁽⁵⁾  Assets of securities companies for December 2023 are as declared in their annual financial report (“LKT”) or in the event that such company’s annual financing report is not yet available, their Report on Net Adjusted Working Capital (“MKBD”).

⁽⁶⁾  Fintech peer to peer Lending includes Sharia.

⁽⁷⁾  Micro Financial Institution includes Sharia MFI.

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.

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

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

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

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Bank Assets and Liabilities

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

Consolidated Balance Sheet of Commercial Banks

	As of December 31,										As of March 31,
	2019		2020		2021		2022		2023		2024
	(in trillions of Rupiah)
Assets
Loans		5,683.8		5,547.6		5,820.6		6,497.6		7,186.9		7,336.9
Interbank Assets		245.3		252.8		223.1		245.4		258.4		294.9
Placements at Bank Indonesia		766.8		775.4		1,146.4		1,293.6		1,047.8		892.6
Securities (including Government Bonds)		1,012.7		1,466.9		1,831.0		1,863.5		1,987.8		2,164.7
Equity Participation		50.8		55.0		96.5		111.1		116.7		124.2
Other Claims		329.9		656.5		623.6		667.6		661.6		533.6
Others		473.7		423.6		371.1		434.5		506.7		528.9
Total Assets		8,563.0		9,177.8		10,112.3		11,113.3		11,765.8		11,875.8
Liabilities
Third Party Funds		5,998.6		6,665.4		7,479.5		8,153.6		8,457.9		8,601.2
Liabilities owed to Bank Indonesia		2.1		6.0		1.7		2.1		17.6		15.3
Interbank Liabilities		197.5		176.7		160.6		173.4		198.4		216.0
Securities		135.0		125.1		117.7		115.1		99.0		99.9
Borrowing		299.1		270.0		227.6		293.3		308.3		304.3
Other Liabilities		187.4		135.0		125.8		156.1		239.4		218.9
Guarantee Deposits		4.2		4.4		4.6		4.3		4.9		4.5
Others		493.0		526.2		523.5		606.0		680.7		713.1
Capital:
Paid in Capital		211.8		229.6		261.7		282.9		312.8		315.1
Reserves		75.1		73.7		81.2		88.9		97.7		100.5
Current Earnings/Loss		156.5		104.7		140.2		201.8		243.3		61.9
Retained Earnings/Loss		615.1		612.6		648.3		675.7		738.6		856.6
Estimates of Additional Paid in Capital		144.1		192.2		274.0		282.0		288.2		298.6
Others		43.5		56.2		65.9		78.1		78.9		70.0
Total Liabilities		8,563.0		9,177.8		10,112.3		11,113.3		11,765.8		11,875.8

Source: OJK

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

Average Capital Adequacy Ratios

	As of December 31,										As of March 31,
	2019		2020		2021		2022		2023		2024
	(percentages)
CAR		23.4		23.8		25.7		25.7		27.8		26.0

Source: OJK.

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Non-Performing Loans

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

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

Non-Performing Loans Ratios

	As of December 31,										As of March 31,
	2019		2020		2021		2022		2023		2024
	(percentages)
Gross NPL ratio*		2.5		3.1		3.0		2.4		2.2		2.3

Source: OJK.

* 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 three months ended March 31, 2024.

Indonesian Stock Exchange

	IDX
Market capitalization (in trillions of Rupiah)		11,692
Listed shares (in billions of shares)		11,461
Average daily transaction value (in billions of Rupiah)		10,979
Average daily transaction volume (in millions of shares)		17,487

Source: IDX.

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 March 31, 2024, the market capitalization of the JII was Rp2,495.7 trillion.

The IDX launched the Indonesia Sharia Stock Index, or ISSI on May 12, 2011. As of December 31, 2023, the ISSI comprised of 510 Sharia stocks listed on the IDX and its market capitalization was Rp6,146.0 trillion. As of March 31, 2024, the ISSI comprised of 598 Sharia stocks listed on the IDX and its market capitalization was Rp6,214.3 trillion.

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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 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.

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

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.

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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:

1. 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).

2. 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.

3. 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 continued 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 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 continued 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, were 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.

D-79

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:

1. 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.

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

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

4. 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.

5. 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.

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.

From January to March 2024, Bank Indonesia maintained the BI Rate at 6.00%, the deposit facility rate at 5.25% and the lending facility rate at 6.75%. These decisions are in line with the pro-stability focus of Bank Indonesia’s monetary policy, namely to strengthen and maintain the stability of the Rupiah, and as a pre-emptive and forward-looking measure to maintain inflation within the 2.5%±1% target corridor in 2024.

In April 2024, Bank Indonesia raised the BI Rate by 25 bps to 6.25%, while also increasing the deposit facility rate and lending facility rate by 25bps to 5.50% and 7.00%, respectively. This decision is intended to maintain the stability of the Rupiah against the impact of deteriorating global risk, and as a pre-emptive and forward-looking measure to maintain inflation within the 2.5%±1% target corridor in 2024 and 2025.

In May 2024 and June 2024, Bank Indonesia held the BI rate at 6.25%, while also maintaining the deposit facility rate and lending facility rate at 5.50% and 7.00%, respectively. These decisions are consistent with the pro-stability focus of monetary policy, namely as a pre-emptive and forward-looking measure to maintain inflation within the 2.5%±1% target corridor in 2024 and 2025, which includes strengthening monetary operations to sustain foreign capital inflows and maintain Rupiah stability. Bank Indonesia also intends to maintain pro-growth macroprudential and payment system policies to foster sustainable economic growth. Bank Indonesia will hold an accommodative macroprudential policy stance to revive bank lending and financing to businesses and households. Payment systems policy will be oriented towards bolstering reliable infrastructure and reinforcing the structure of the payment system industry, while expanding acceptance of payment system digitalization.

Bank Indonesia has, therefore, strengthened its mix of monetary, macroprudential, and payment system policies amidst continuing global financial market uncertainty to maintain stability and nurture sustainable economic growth through the following measures:

1. Strengthening the pro-market monetary operations strategy to enhance monetary policy effectiveness by:

i. strengthening the interest rate structure of the Rupiah money market to maintain attractive yields and portfolio inflows to domestic financial assets for investment, thereby bolstering Rupiah stability; and

ii. optimizing SRBI, Bank Indonesia Forex Securities and Bank Indonesia Forex Sukuk.

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2. Stabilizing the Rupiah through foreign exchange market intervention with a focus on spot and DNDF transactions, as well as SBN in the secondary market.

3. Strengthening the competitive SBN term-repo and FX swap transaction strategies to maintain adequate liquidity in the banking industry.

4. Honing the Bank Foreign Funding Ratio (“RPLN”) as a countercyclical macroprudential policy instrument to strengthen funding ratios in foreign currencies in accordance with economic needs, effective from August 1, 2024 as follows:

i. introducing new regulations concerning the definition and scope of foreign funding for calculating the near-term RPLN threshold (as defined below);

ii. setting the upper limit on short-term foreign funding to bank capital (“RPLN threshold”) at 30% with a countercyclical parameter of 0% or ± 5% based on a forward-looking assessment by Bank Indonesia of the financial cycle, external risk and financial system stability risk; and

iii. reviewing the current RPLN threshold of 30% with a countercyclical parameter of 0% every six months or as necessary.

5. Strengthening the prime lending rate transparency policy with a focus on interest rates by economic sector.

6. Extending the current fees for the National Clearing System (“SKNBI”) and credit card policy until December 31, 2024 as follows:

i. National Clearing System fees of Rp1 for banks and up to Rp2,900 for bank customers, and

ii. Minimum payment policy for credit cardholders of 5% of the outstanding balance and late payment penalties of 1% of the outstanding balance up to a maximum of Rp100,000.

7. Strengthening international central bank cooperation, which includes payment system connectivity and local currency transactions, as well as promoting trade and investment in priority sectors through cooperation between the tourism sector and relevant institutions, among others.

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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”).

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Money Supply

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

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

Money Supply

	Money
End of period	Base money		Currency		Demand deposits		Rupiah saving deposits(1)		TotalM1 (1)		Quasi- money		Securities other than shares		TotalM2
	(in billions of Rupiah)
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
2023		1,690,270		975,928		1,699,406		2,260,192		4,935,525		3,862,393		28,613		8,826,531
April 2024		1,559,211		943,209		1,680,039		2,305,196		4,928,444		3,967,976		31,539		8,927,959

Source: Bank Indonesia.

^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)
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
2023		1,967,180		907,964		6,545,841		1,222,684
April 2024		1,912,540		764,129		6,660,490		1,322,961

Source: Bank Indonesia.

⁽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, 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 December 31, 2021, due to a much slower growth of narrow money and quasi money. Narrow money grew slower by 9.5% (year-on-year) as of December 31, 2022, compared to 17.9% (year-on-year) as of December 31, 2021, 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) as of December 31, 2021, due to a slower growth in Rupiah time deposits.

As of December 31, 2023, broad money grew by 3.5% (year-on-year), compared to a growth of 8.4% (year-on-year) as of December 31, 2022, due to slower growth of narrow money and quasi money. The much slower pace of broad money was primarily due to a growth of narrow money by 2.1% (year-on-year), compared to 9.5% (year-on-year) of robust growth as of December 31, 2022, due to decreasing Rupiah demand deposit. Quasi-money recorded a 5.3% growth (year-on-year) in December 2023, compared to a 6.8% increase (year-on-year) in December 2022. The slower growth of quasi money was primarily driven by slower growth pace of foreign currency demand deposits.

As of April 30, 2024, broad money grew by 6.9% (year-on-year) compared to 5.6% (year-on-year) as of April 30, 2023, due to an increase in narrow money. Narrow money grew higher by 5.5% (year-on-year) as of April 30, 2024 compared to 3.4% (year-on-year) as of the same date in the previous year, due to higher growths of currency outside commercial and rural banks and Rupiah saving deposits. Quasi-money grew by 8.5% (year-on-year) compared to 8.6% (year-on-year) at the same date in the previous year, primarily due to slower growth in foreign currency demand deposits.

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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,
	2019L			2020L			2021L			2022L			2023B			2023R			2023L			2024B
										(in trillions of Rupiah)
Revenues and grants:
Domestic revenues
Tax revenues		1,546.1			1,285.1			1,547.8			2,034.6			2,021.2			2,118.3			2,154.2			2,309.9
Non-tax revenue		409.0			343.8			458.5			595.6			441.4			515.8			612.5			492.0
Total domestic revenues		1,955.1			1,629.0			2,006.3			2,630.1			2,462.6			2,634.1			2,766.7			2,801.9
Grants		5.5			18.8			5.0			5.7			0.4			3.1			17.2			0.4
Total revenues and grants		1,960.6			1,647.8			2,011.3			2,635.8			2,463.0			2,637.2			2,783.9			2,802.3
Expenditures:
Central government expenditures		1,496.3			1,833.0			2,000.7			2,280.0			2,246.5			2,302.5			2,239.8			2,467.5
Transfer to regions and rural fund		813.0			762.5			785.7			816.2			814.7			814.7			881.4			857.6
Total expenditures		2,309.3			2,595.5			2,786.4			3,096.3			3,061.2			3,117.2			3,121.2			3,325.1
Primary balance(1)		(73.1	)		(633.6	)		(431.6	)		(74.1	)		(156.8	)		(38.5	)		102.6			(25.5	)
Surplus/(deficit)		(348.7	)		(947.7	)		(775.1	)		(460.4	)		(598.2	)		(479.9	)		(337.3	)		(522.8	)
Financing:
Debt Financing		437.5			1,229.6			870.5			696.0			696.3			421.2			404.0			648.1
Investment Financing		(49.4	)		(104.7	)		(142.5	)		(106.7	)		(176.0	)		(176.0	)		(89.9	)		(176.2	)
On-Lending		(1.3	)		1.0			1.9			2.2			5.3			5.3			4.5			(0.3	)
Government Guarantee		—			(3.6	)		(2.7	)		(1.1	)		(0.3	)		(0.3	)		(0.3	)		(0.8	)
Other Financing		15.2			70.9			144.4			0.7			72.8			229.7			38.5			52.0
Total Financing		402.1			1,193.3			871.7			591.0			598.2			479.9			356.7			522.8

Source: Ministry of Finance

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

^B  Budget.

^R  Revised Budget.

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

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2023 Budget

On October 27, 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 for 2023 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.

Full-Year Realization Results for 2023 Budget

Government revenues realization increased from Rp2,635.8 trillion in 2022 to Rp2,783.9 trillion in 2023.

Total tax revenues increased by 5.9% from Rp2,034.6 trillion in 2022 to Rp2,154.2 trillion in 2023. Total non-tax revenues increased by 2.8% from Rp595.6 trillion in 2022 to Rp612.5 trillion in 2023. The increase in Government revenues was driven by an increase in tax revenue, which was primarily driven by economic recovery and the implementation of Law No. 7 of 2021 on Harmonization on Tax Regulation, including an increase in the tax ratio and the provision of targeted and measured tax incentives, moderation of commodity prices, a decrease in import value, the control of cigarette consumption and the maintenance of the sustainability of the labor force in the cigarette industry, and the impact of non-recurring tax policies in 2023. The increase of non-tax revenue was primarily driven by an increase in coal royalty rates and an increase in contributions from dividends from SOEs, and was partially offset by a decrease in natural resource revenue due to a decline in commodity prices, particularly oil and coal.

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Government expenditures realization reached Rp3,121.2 trillion, representing an increase of 0.8% from Rp3,096.2 trillion for 2022. Out of the realized Government expenditures, total Central Government expenditures reached Rp2,239.8 trillion, representing a decrease of 1.8% from Rp2,280.0 trillion for 2022, and total transfer to regions reached Rp881.4 trillion, representing an increase of 8.0% from Rp816.2 trillion for 2022. Central Government expenditures decreased partially as a result of better efficiency and improved spending policies. The increase of the realization of transfer to regions was primarily due to the performance of regional governments, the timeliness and completeness of transfer disbursement requirements by regional governments, increased allocation of revenue sharing funds and underpayment of revenue sharing funds (Dana Bagi Hasil) up to 2022, and increased disbursement of special allocation funds.

As a result, the Government achieved a primary surplus of Rp102.6 trillion in 2023, compared to a deficit of Rp74.1 trillion in 2022. The total deficit for 2023 is Rp337.3 trillion, representing 1.61% of GDP.

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, defense and security and transforming public service.

The key macroeconomic assumptions for 2024 underlying the 2024 Budget contained in the bill are as follows:

• an economic growth rate of 5.2%;

• an inflation rate of 2.8%;

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

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

• an ICP of U.S.$82 per barrel;

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

• 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 regions.

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.

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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.

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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,
	2019L		2020L		2021L		2022L		2023B		2023R		2023L		2024B
	(in trillions of Rupiah)
Domestic revenues:
Tax revenues
Domestic tax
Income tax:
Oil and gas		59.2		33.0		52.8		77.8		61.4		71.7		68.8		76.4
Non-oil and gas		713.1		561.0		643.8		920.4		873.6		977.9		992.5		1,063.4
Total income tax		772.3		594.0		696.7		998.2		935.1		1,049.5		1,061.2		1,139.8
Value added tax (VAT)		531.6		450.3		551.9		687.6		743.0		731.0		763.6		811.4
Land and building tax		21.1		21.0		18.9		23.3		31.3		26.9		33.3		27.2
Excises		172.4		176.3		195.5		226.9		245.4		227.2		221.9		246.1
Other taxes		7.7		6.8		11.1		7.7		8.7		10.8		9.7		10.5
Total domestic taxes		1,505.1		1,248.4		1,474.1		1,943.7		1,963.5		2,045.5		2,089.7		2,235.0
International trade taxes:
Import duties		37.5		32.4		39.1		51.1		47.5		53.1		50.9		57.4
Export tax		3.5		4.3		34.6		39.8		10.2		19.8		13.6		17.5
Total international trade taxes		41.1		36.7		73.7		90.9		57.7		72.9		64.5		74.9
Total tax revenues		1,546.1		1,285.1		1,547.8		2,034.6		2,021.2		2,118.3		2,154.2		2,309.9
Non-tax revenues:
Natural resources:
Oil		83.6		44.9		65.0		112.0		96.1		76.4		87.4		80.5
Gas		37.5		24.2		31.6		36.7		35.0		27.3		28.8		29.6
Total oil and gas		121.1		69.1		96.6		148.7		131.2		103.6		116.2		110.2
General mining		26.3		21.2		44.8		110.8		54.0		110.0		129.1		85.8
Forestry		5.0		4.4		5.4		5.8		5.2		5.7		5.4		6.0
Fishery		0.5		0.6		0.7		1.2		3.5		1.6		0.6		3.5
Geothermal		1.9		2.0		1.9		2.3		2.1		2.4		2.8		2.2
Total non-oil and gas		33.8		28.1		52.9		120.1		64.8		119.7		138.0		97.5
Total natural resources		154.9		97.2		149.5		268.8		196.0		223.3		254.2		207.7
Profit transfer from SOEs		80.7		66.1		30.5		40.6		49.1		81.5		82.1		85.8
Other non-tax revenues		124.5		111.2		152.5		196.3		113.3		131.5		180.4		115.1
Public Service Agency (BLU) Income		48.9		69.3		126.0		89.9		83.0		79.5		95.9		83.4
Total non-tax revenues		409.0		343.8		458.5		595.6		441.4		515.8		612.5		492.0
Total domestic revenues		1,955.1		1,629.0		2,006.3		2,630.1		2,462.6		2,634.1		2,766.7		2,801.9
Grants		5.5		18.8		5.0		5.7		0.4		3.1		17.2		0.4
Total revenues and grants		1,960.6		1,647.8		2,011.3		2,635.8		2,463.0		2,637.2		2,783.9		2,802.3

Source: Ministry of Finance.

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

^B  Budget.

R Revised Budget.

D-89

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 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.

D-90

Government revenues realization 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.

Government revenues realization improved by a positive 5.6%, from Rp2,635.8 trillion in 2022, to Rp2,783.9 trillion in 2023, representing 105.6% of the 2023 revised budget Government revenues. Tax revenues realization was Rp2,154.2 trillion and non-tax revenues realization was Rp612.5 trillion, representing 101.7% and 118.8% of the 2023 revised budget figures, 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, 10.4% in 2022 and 10.3% in 2023 as a result of the recovery of economic activity.

D-91

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 73.1% in 2019, 77.6% in 2020, 84.0% in 2021, 83.2% in 2022 and 88.0% in 2023..

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.

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Government Expenditures

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

Government Expenditures

	Year ended December 31
	2019L		2020L		2021L		2022L		2023B		2023R		2023L		2024B
Central Government expenditures:
Personnel expenditures		376.1		380.5		387.8		402.1		442.5		442.5		412.7		484.4
Good and services expenditures		334.4		422.3		530.1		426.1		375.9		375.9		432.7		407.0
Capital expenditures		177.8		190.9		239.6		240.6		210.3		210.3		303.0		247.5
Interest payments:
Domestic debt		254.1		297.2		332.9		373.6		426.8		426.8		409.3		456.8
Foreign debt		21.4		16.9		10.6		12.7		14.6		14.6		30.6		40.5
Total interest payments		275.5		314.1		343.5		386.3		441.4		441.4		439.9		497.3
Subsidies:
Energy subsidies		136.9		108.8		140.4		171.9		212.0		212.0		164.3		189.1
Non-energy subsidies		64.9		87.4		101.7		81.0		86.5		86.5		105.3		96.9
Total subsidies		201.8		196.2		242.1		252.8		298.5		298.5		269.6		286.0
Grant expenditures		6.5		6.3		4.3		5.8		0.0		0.0		0.2		0.0
Social assistance(1)		112.5		202.5		173.7		161.5		148.6		148.6		156.9		157.3
Other expenditures		11.7		120.0		79.7		404.4		329.3		385.3		225.0		388.0
Total central Government expenditures		1,496.3		1,833.0		2,000.7		2,280.0		2,246.5		2,302.5		2,239.8		2,467.5
Transfers to Regions and Rural Fund
Transfer to Regions
Balanced funds:
General transfer funds:
Revenue sharing funds		104.0		93.9		117.2		168.4		136.3		136.3		205.7		143.1
General allocation funds		420.9		381.6		377.8		378.0		396.0		396.0		398.0		427.7
Total general transfer funds		524.9		475.5		494.9		546.4		532.3		532.3		603.7		570.8
Specific allocation funds:
Physical special allocation fund		64.2		50.2		57.1		54.8		53.4		53.4		50.3		53.8
Non-physical special allocation fund		122.2		126.4		127.6		118.4		130.3		130.3		128.1		133.8
Grants to Regions(2)		—		—		—		—		2.1		2.1		2.9		0.5
Total specific allocation funds		186.4		176.6		184.6		173.2		185.8		185.8		181.4		188.1
Total balanced funds		711.3		652.1		679.6		719.6		718.1		718.1		785.0		758.9
Regional incentive fund		9.7		18.5		13.5		7.0		—		—		—		—
Specific autonomy funds(3)		21.0		19.6		19.5		20.4		17.2		17.2		17.2		18.3
Specific Fund for Special Region of Yogyakarta		1.2		1.3		1.3		1.3		1.4		1.4		1.4		1.4
Fiscal Incentives(4)		—		—		—		—		8.0		8.0		7.9		8.0
Total Transfer to Regions		743.2		691.4		713.9		748.3		744.7		744.7		811.5		786.6
Rural Fund		69.8		71.1		71.9		67.9		70.0		70.0		69.9		71.0
Total transfers to regions and Rural Fund		813.0		762.5		785.7		816.2		814.7		814.7		881.4		857.6
Total Government expenditures		2,309.3		2,595.5		2,786.4		3,096.3		3,061.2		3,117.2		3,121.2		3,325.1

Source: Ministry of Finance.

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

^B  Budget.

^R  Revised Budget.

⁽¹⁾  Consists of social assistance from ministries/agencies spending and social assistance for disaster relief.

⁽²⁾  Starting in 2023, became 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-93

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 Rp136.9 trillion for 2019, Rp108.8 trillion for 2020, Rp140.4 trillion for 2021, Rp171.9 trillion for 2022 and Rp164.3 trillion for 2023. Budget energy subsidy for 2024 is Rp189.1 trillion. Spending for infrastructure was Rp394.1 trillion for 2019, Rp286.5 trillion for 2020, Rp403.3 trillion for 2021, Rp372.8 trillion for 2022 and Rp389.3 trillion for 2023. Budget infrastructure spending for 2024 is Rp423.4 trillion.

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

	Year ended December 31
	2019L		2020L		2021L		2022L		2023B		2023R		2023L		2024B
	(in trillions of Rupiah)
Subsidies:
Energy subsidies		136.9		108.8		140.4		171.9		212.0		212.0		164.3		189.1
Non-energy subsidies		64.9		87.4		101.7		80.9		86.5		86.5		105.3		96.9
Total subsidies		201.8		196.2		242.1		252.8		298.5		298.5		269.6		286.0

Source: Ministry of Finance.

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

^B  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,
	2019L		2020L		2021L		2022L		2023B		2023R		2023L		2024B
	(Percentages)
General public services		26.7		29.3		27.5		39.9		29.6		31.3		36.2		34.8
Defense		7.7		7.5		6.3		6.6		6.0		5.8		7.7		5.5
Public order and safety		9.9		8.4		7.9		7.5		8.1		7.9		8.6		7.7
Economic affairs		24.0		21.8		23.1		19.5		28.2		27.5		21.7		26.0
Environmental protection		1.1		0.7		0.7		0.6		0.6		0.6		0.6		0.6
Housing and community amenities		1.8		1.2		1.5		1.1		1.4		1.4		1.7		1.5
Health		4.7		5.7		10.6		5.5		4.3		4.2		4.4		4.0
Tourism and culture		0.3		0.2		0.2		0.2		0.2		0.2		0.2		0.1
Religion		0.7		0.5		0.5		0.5		0.5		0.5		0.5		0.5
Education		10.4		8.5		8.1		7.0		10.4		10.2		7.7		9.0
Social protection		12.7		16.1		13.6		11.7		10.7		10.5		10.8		10.3
Total		100.0		100.0		100.0		100.0		100.0		100.0		100.0		100.0

Source: Ministry of Finance.

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

^B  Budget.

^R Revised Budget.

D-94

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

	Year Ended December 31,
	2019L		2020L		2021L		2022L		2023B		2023R		2023P		2024B
	(in trillions of Rupiah)
Education		460.3		473.7		479.5		480.3		612.2		624.3		503.8		665.0
Infrastructure		394.1		286.5		403.3		372.8		391.7		391.7		389.3		423.4
Energy Subsidy		136.9		108.8		140.4		171.9		212.0		212.0		164.3		189.1
Health		113.6		172.3		312.4		188.1		178.7		178.7		183.2		187.5

Source: Ministry of Finance.

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

^B  Budget.

R Revised Budget

^P  Preliminary.

Deficit Financing

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

Deficit Financing

	Year Ended December 31,
	2019L			2020L			2021L			2022L			2023B			2023R			2023L			2024B
	(in trillions of Rupiah)
Debt financing
Government securities (net)		446.3			1,177.2			877.5			658.8			712.9			437.8			308.2			666.4
Loans
Domestic loans (net)		3.0			2.4			0.9			8.2			0.7			0.7			14.6			(0.6	)
Foreign loans:
Gross drawings:
Program loan		36.7			102.3			41.6			65.6			29.5			29.5			83.0			30.0
Project loan		37.5			38.9			32.6			42.7			32.6			32.6			79.7			37.8
Total gross drawing		74.2			141.1			74.2			108.3			62.1			62.1			162.7			67.8
Amortization		(86.0	)		(91.0	)		(82.1	)		(79.3	)		(79.4	)		(79.4	)		(81.5	)		(85.5	)
Total foreign loan (net)		(11.8	)		50.1			(7.9	)		29.0			(17.4	)		(17.4	)		81.2			(17.7	)
Total loans (net)		(8.7	)		52.5			(7.0	)		37.2			(16.6	)		(16.6	)		95.8			(18.4	)
Total debt financing		437.5			1,229.6			870.5			696.0			696.3			421.2			404.0			648.1
Investment financing
Investment to SOEs		(17.8	)		(31.3	)		(71.2	)		(59.2	)		(45.8	)		(45.8	)		(42.1	)		(30.7	)
Investment to other institutions		(2.5	)		(25.0	)		(21.0	)		(0.5	)		—			—			—			(10.0	)
Investment to public service agencies		(28.2	)		(31.3	)		(39.4	)		(52.8	)		(53.9	)		(53.9	)		(52.5	)		(41.2	)
Investment in financial organizations/institutions		(2.3	)		(0.7	)		(0.9	)		(1.0	)		(1.5	)		(1.5	)		(1.6	)		(1.9	)
Revenue of investment		1.4			22.0			—			27.1			—			—			26.8			—
Government’s Investments		—			(38.4	)		(10.0	)		(20.3	)		(19.5	)		(19.5	)		(20.5	)		(13.7	)
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		(49.4	)		(104.7	)		(71.2	)		(106.7	)		(176.0	)		(176.0	)		(89.9	)		(176.2	)
Lending		(1.3	)		1.0			1.9			2.1			5.3			5.3			4.5			(0.3	)
Government guarantee		—			(3.6	)		(2.7	)		(1.1	)		(0.3	)		(0.3	)		(0.3	)		(0.8	)
Other financing		15.2			70.9			144.4			0.7			72.8			72.8			38.5			52.0
Total financing (net)		402.1			1,193.3			871.7			591.0			598.2			479.9			356.7			522.8

Source: Ministry of Finance.

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

^B  Budget.

^R  Revised Budget.

D-95

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 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 2023 reached Rp3,121.2 billion or an increase of 0.8% from Rp3,096.3 trillion in 2022. This is primarily driven by the realization of transfer to regions and rural fund which increased by 8.0% from Rp816.2 trillion to Rp881.4 trillion, partially offset by the decrease of 1.8% in central Government expenditures from Rp2,280.0 trillion to Rp2,239.8 trillion. 

D-96

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

	2022 LKPP Audited		2023 LKPP Audited
	(percentage of 2022 GDP)		(percentage of 2023 GDP)
Total revenues and grants (in trillions of Rupiah)		2,635.8		2,783.9
Domestic revenue:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		0.40		0.33
Non-oil and gas		4.70		4.75
Total income tax		5.10		5.08
Value added tax (VAT)		3.51		3.65
Land and building tax		0.12		0.16
Excises		1.16		1.06
Other taxes		0.04		0.05
Total domestic taxes		9.92		10.00
International trade taxes:
Import duties		0.26		0.24
Export tax		0.20		0.07
Total international trade taxes		0.46		0.31
Total tax revenue		10.39		10.31
Non-tax revenues:
Natural resources:
Oil		0.57		0.42
Gas		0.19		0.14
Total oil and gas		0.76		0.56
General Mining		0.57		0.62
Forestry		0.03		0.03
Fishery		0.01		0.00
Geothermal		0.01		0.01
Total non-oil and gas		0.61		0.66
Total natural resources		1.37		1.22
Profit transfer from SOEs		0.21		0.39
Other non-tax revenues		1.00		0.86
Public Service Agency (BLU) Income		0.46		0.46
Total non-tax revenues		3.04		2.93
Total domestic revenues		13.43		13.24
Grants		0.03		0.08
Total Revenues and Grants		13.46		13.32

Source: Ministry of Finance

D-97

Government Expenditures

The following table sets forth the expenditures of the Government as (i) audited 2022 expenditures as a percentage of the 2022 GDP at current prices and (ii) audited expenditures for 2023 as a percentage of the preliminary 2023 GDP at current prices, respectively.

Government Expenditure

	2022 LKPP Audited		2023 LKPP Audited
	(percentages of 2022 GDP)		(percentages of 2023 GDP)
Total expenditures (in trillions of Rupiah)		3,096.3		3,121.2
Central Government expenditures:
Personnel expenditures		2.05		1.98
Good and services expenditures		2.18		2.07
Capital expenditures		1.23		1.45
Interest payments:
Domestic debt		1.91		1.96
Foreign debt		0.06		0.15
Total interest payments		1.97		2.11
Subsidies:
Energy subsidies		0.88		0.79
Non-energy subsidies		0.41		0.50
Total subsidies		1.29		1.29
Grant expenditures		0.03		0.00
Social assistance(1)		0.82		0.75
Other expenditures		2.06		1.08
Total central Government expenditures		11.64		10.72
Transfers to Regions and Rural Fund:
Transfer to Regions
Balance funds:
General transfer funds:
Revenue sharing funds		0.86		0.98
General allocation funds		1.93		1.91
Total general transfer funds		2.79		2.89
Specific allocation funds:
Physical special allocation fund		0.28		0.24
Non-physical special allocation fund		0.60		0.61
Total specific allocation funds		0.88		0.87
Total balanced funds		3.67		3.76
Regional incentive fund		0.04		0.00
Specific autonomy funds(2)		0.10		0.08
Specific Fund for Special Region of Yogyakarta		0.01		0.01
Total transfer to Regions		3.82		3.88
Rural Fund		0.35		0.33
Total transfer to regions and rural fund		4.17		4.22
Total Government expenditures		15.81		14.94

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.

D-98

Government Deficit Financing

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2022 deficit financing as a percentage of the 2022 GDP at current prices and (ii) audited 2023 deficit financing as a percentage of the preliminary 2023 GDP at current prices, respectively.

Government Deficit Financing

	2022 LKPP Audited			2023 LKPP Audited
	(percentages of 2022 GDP)			(percentages of 2023 GDP)
Total financing (net) (in trillions of Rupiah)		591.0			356.7
Debt financing
Government securities (net)		3.36			1.48
Loans
Domestic loans (net)		0.04			0.07
Foreign loans:
Gross drawings:
Program loan		0.33			0.40
Project loan		0.22			0.38
Total gross drawing		0.55			0.78
Amortization		(0.40	)		(0.39	)
Total foreign loan (net)		0.15			0.39
Total loans (net)		0.19			0.46
Total debt financing		3.55			1.93
Investment financing
Investment to SOEs		(0.30	)		(0.20	)
Investment to other institutions		(0.00	)		(0.00	)
Investment to public service agencies		(0.27	)		(0.25	)
Investment in financial organizations/institutions		(0.01	)		(0.01	)
Revenue of investment		0.14			0.13
Government’s investments		(0.10	)		(0.10	)
Others investment financing		—			—
Total investment financing		(0.54	)		(0.43	)
Lending		0.01			0.02
Government guarantee		(0.01	)		(0.00	)
Other financing		0.00			0.18
Total financing (net)		3.02			1.71

Source: Ministry of Finance

D-99

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 11.8%, with foreign debt to total debt ratio of 29.2%.

As of December 31, 2023, the central Government’s foreign debt-to-GDP ratio was 11.2%, with foreign debt to total debt ratio of 28.3%.

As of March 31, 2024, the central Government’s foreign debt-to-GDP ratio was 11.0%, with foreign debt to total debt ratio of 28.5%.

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 March 31,
	2019			2020			2021			2022			2023			2024P
	(in billions of U.S. dollars)
Concessional Loans:
Multilateral creditors		30.5			33.0			32.8			34.0			36.8			36.8
Bilateral creditors		21.4			23.7			20.8			20.7			20.3			16.7
Commercial(2)		78.6			88.0			92.0			93.0			94.8			94.7
Total		130.6			144.7			145.5			147.7			152.0			148.3
Total external public debt of the Republic, as a percentage of GDP for the period indicated(3)		11.5	%		12.7	%		12.2	%		11.2	%		11.2	%		11.0	%

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, 63.0% and 37.0% 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.$147.7 billion.

As of December 31, 2023, 62.4% and 37.6% 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, 2023 was U.S.$152.0 billion.

As of March 31, 2024, 63.9% and 36.1% of the outstanding external public debt of the Republic are from commercial and concessional loans. respectively. The total outstanding external public debt of the Republic as of March 31, 2024 was U.S.$148.3 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.

D-100

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 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.

Due to the Covid-19 pandemic, in 2020, the Republic increased the financing of program loans from equivalent of U.S.$1.5 billion in its initial budget to equivalent of U.S.$6.9 billion in budget realization. These program loans were sourced from World Bank in the amount of U.S.$875.10 million and JPY31,975.60 million, ADB in the amount of €1,388.76 million, AFD in the amount of €200 million, KfW in the amount of €1,050 million, Japan International Cooperation Agency in the amount of JPY81,800 million, Asian Infrastructure Development Bank in the amount of U.S.$962.5 million, and Australian Government in the amount of AUD1,500 million. A total of 71% from these program loans have been utilized for the Republic’s Covid-19 pandemic responses.

In 2021, the Republic drew 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 drew 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 2023, the Republic drew 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 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-101

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 March 31,
	2019		2020		2021		2022		2023		2024P
	(in billions of U.S. dollars)
Bilateral loans		21,431.5		23,739.3		20,781.8		20,686.5		20,310.4		16,678.0
Multilateral loans:
International Monetary Fund		—		—		—		—		—		—
World Bank Group		18,832.0		19,285.6		19,091.2		20,276.5		21,893.7		21,890.8
Asian Development Bank		10,167.5		10,999.8		10,818.4		10,194.2		11,272.9		11,342.5
Islamic Development Bank		1,224.5		1,325.6		1,345.4		1,364.8		1,339.7		1,323.7
Nordic Investment Bank		9.3		9.4		8.1		6.7		6.3		5.8
European Investment Bank		3.4		—		—		—		—		—
International Fund for Agricultural Development		179.4		195.7		202.1		252.1		282.7		272.0
Asian Infrastructure Investment Bank		117.3		1,187.4		1,306.7		1,935.1		2,013.4		2,000.5
Multilateral Investment Guarantee Agency		—		—		—		—		—		—
Total multilateral loans		30,533.4		33,003.5		32,771.8		34,029.5		36,808.7		36,835.3
Total loans		51,964.9		56,742.8		53,553.6		54,716.0		57,119.1		53,513.4

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 March 31,
	2019				2020				2021				2022				2023				2024P
	(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		93,937		93,937		95,823		95,823		99,263		99,263		103,948		103,948		107,885		107,885		105,298		105,298
Japanese yen		2,049,292		18,865		2,391,841		23,142		2,392,620		20,786		2,451,372		18,545		2,531,210		17,904		2,605,730		17,206
Euros		13,306		14,921		18,036		22,160		19,843		22,453		21,358		22,751		21,746		24,067		22,052		23,812
SDR		1,053		1,457		861		1,239		701		981		516		687		342		458		314		416
British pounds		46		61		17		22		1		1		—		—		—		—		—		—
Others		Multiple currencies		1,241		Multiple currencies		2,315		Multiple currencies		2,036		Multiple currencies		1,754		Multiple currencies		1,640		Multiple currencies		1,529
Total		N/A		130,481		N/A		144,702		N/A		145,521		N/A		147,685		N/A		151,953		N/A		148,261

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, 70.4%, 12.6%, 15.4% and 1.7% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including SDR) respectively.

As of December 31, 2023, 71.0%, 11.8%, 15.8% and 1.4% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including SDR) respectively.

As of March 31, 2024, 71.0%, 11.6%, 16.1% and 1.3% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including SDR) respectively.

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

D-102

External Debt Service Requirements of the Central Government

	Principal repayment		Interest repayment		Total
	(in billions of U.S. dollars)
2022R		11.9		4.3		16.2
2023R		11.9		5.6		17.5
2024*		8.5		4.0		12.5
2025**		13.8		5.7		19.5
2026**		12.4		5.3		17.7

Source: Ministry of Finance

^R  Realization.

* Calculated based on (i) actual principal and interest payments made from January 1, 2024 to March 31, 2024 and (ii) projected principal and interest payments to be made from April 1, 2024 to December 31, 2024 based on external debt outstanding as of March 31, 2024.

** Projected based on external debt outstanding as of March 31, 2024.

D-103

Payment History of External Debt

Indonesia maintains a policy of external debt management and has a history of servicing its external debt obligations in accordance with its terms.

In the wake of the Asian financial crisis in 1997, the Paris Club, an informal voluntary group of 18 creditor countries that seeks to coordinate solutions for payment difficulties experienced by debtor nations by extending or guaranteeing bilateral credits, played an important role in easing Indonesia’s foreign exchange burden. Between 1998 and 2000, Indonesia twice rescheduled certain payments of its Paris Club foreign debt. Pursuant to an April 2002 agreement, Paris Club debt payments of principal and interest of approximately U.S.$5.4 billion that were due to certain of Indonesia’s creditors between April 2002 and December 2003 were rescheduled.

In addition, on March 10, 2005, the Paris Club offered to permit Indonesia, as well as other countries affected by the December 2004 tsunami, to defer debt services payments through the end of 2005 to allow these countries to commit additional government resources to the tsunami-related humanitarian and relief efforts. On May 10, 2005, 18 individual Paris Club members and Indonesia signed a memorandum of understanding to reschedule some payments of principal and interest due under official development assistance and non-official development assistance.

While there have been a number of reschedulings of Indonesia’s external debt to its bilateral creditors as described above, Indonesia has not defaulted on, and has not attempted to restructure, the payment of principal or interest on any of its external securities in the last 20 years.

External Debt of Bank Indonesia

Under Indonesian law, Bank Indonesia has the ability to incur external debt primarily to meet balance of payments needs and maintain adequate foreign exchange reserves.

The following table sets forth the outstanding multilateral and commercial external debt of Bank Indonesia by type of credit as of the dates indicated.

Outstanding Multilateral and Commercial External Debt of Bank Indonesia⁽¹⁾

	As of December 31,										As of April 30,
	2019		2020		2021		2022		2023P		2024P
	(in millions of U.S. dollars)
Multilateral		2,739		2,852		9,007		8,565		8,635		8,482
Commercial(2)		0		0		0		0		0		0
Total		2,739		2,852		9,007		8,565		8,635		8,482

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, December 31, 2022 and December 31, 2023, the external debt of Bank Indonesia amounted to U.S.$9,007 million, U.S.$8,565 million and U.S.$8,635 million, respectively. As of each of the three dates, the external debt of Bank Indonesia comprised entirely of SDR allocation, while commercial debt was nil. As of April 30, 2024, the external debt of Bank Indonesia amounted to U.S.$8,482 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.

D-104

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)
2019		0.0		23		23
2020		0.0		19		19
2021		0.0		3		3
2022		0.0		41		42
2023P		0.0		174		174
2024*		0.0		271		271

Source: Bank Indonesia.

^P  Preliminary

* Projected based on external debt outstanding as of April 30, 2024.

⁽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 2024, as of April 30, 2024.

In order to strengthen its international reserves and support its balance of payments, the Republic has entered into a swap arrangement with ASEAN as well as bilateral swap arrangements with other countries. See “— Foreign Exchange and Reserves — Regional Swap Arrangements of the Republic.”

External Debt of State-Owned Enterprises

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

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

	As of December 31,										As of April 30,
	2019		2020		2021		2022		2023P		2024P
	(in millions of U.S. dollars)
Financial institutions:
Bank		7,441		8,807		9,280		8,231		6,847		5,746
Non-bank		3,850		2,615		2,895		2,297		1,881		1,378
Total financial institutions		11,291		11,422		12,175		10,528		8,728		7,123
Non-financial institutions		40,419		45,677		46,612		43,301		39,957		39,568
Total		51,710		57,100		58,786		53,829		48,685		46,691

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 March 31,
	2019		2020		2021		2022		2023P		2024P
	(in trillions of Rupiah)
Total domestic public debt(1)		2,971.5		4,038.2		4,836.2		5,474.0		5,844.4		5,908.8

Source: Ministry of Finance.

^P  Preliminary.

⁽¹⁾  Excludes SBI, which are obligations of Bank Indonesia and not of the Government. See “— Financial System — Bank Indonesia.”

D-105

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)
2022R		317.5		310.8		628.4
2023R		444.5		354.5		799.0
2024*		313.3		285.7		599.0
2025**		574.4		344.0		918.4
2026**		600.4		317.6		918.0

Source: Ministry of Finance.

^R  Realization.

* Calculated based on (i) actual principal and interest payments made from January 1, 2024 to March 31, 2024 and (ii) projected principal and interest payments to be made from April 1, 2024 to December 31, 2024 based on external debt outstanding as of March 31, 2024.

** Projected based on external debt outstanding as of March 31, 2024.

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, 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 Rp2.1 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 Rp62.9 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 Rp84.9 trillion;

• full default risk guarantees relating to Direct Lendings from International Financial Institutions to SOE’s for the construction of infrastructure projects. Outstanding guarantees for this program amount to Rp47.9 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 Rp170 billion;

• co-guarantee scheme between the Government and the Indonesia Infrastructure Guarantee Fund (“IIGF”) to guarantee private-public partnership projects such as power plant projects (such as the Central Java steam power plant) and several section of toll road projects (including Jakarta Cikampek II Elevated, Cileunyi — Sumedang — Dawunan, Krian — Legundi — Bunder — Manyar, Serang — Panimbang, Probolinggo — Banyuwangi, and Jakarta Cikampek II Selatan). The guaranteed exposure for this program amounts to Rp100.9 trillion;

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• 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 Rp26.7 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 Rp17.4 trillion; and

• guarantee for local infrastructure financing through PT Sarana Multi Infrastructure. Outstanding guarantees for this program amount to Rp1.6 trillion.

As of December 31, 2023, no claims from the foregoing guarantees had arisen.

As of March 31, 2024, the Government had accumulated Rp6.4 trillion in the guarantee reserve fund account, of which Rp0.5 trillion is placed in financial instruments. The guarantee that the Government has provided to infrastructure projects includes:

• 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 Rp2.0 trillion;

• business viability guarantees to independent power producers on the ability of PT PLN to fulfill its financial obligations based on power purchase agreements related to the ‘Fast Track II’ program. The guarantee exposure for this program amounts to Rp64.8 trillion;full default risk guarantees relating to the PT PLN loans for the construction of electricity infrastructure and business viability guarantees under 35 GW program. Outstanding guarantees for this program amount to Rp92.2 trillion.

• full default risk guarantees relating to Direct Lendings from International Financial Institutions (multilateral and bilateral agencies) to SOE’s for the construction of infrastructure projects. Outstanding guarantees for this program amount to Rp45.5 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 Rp183.0 billion;

• co-guarantee scheme between the Government and the 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 Rp102.7 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 Rp27.0 trillion;

• full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of rail transport projects. Outstanding guarantees for this program amount to Rp29.1 trillion;

• guarantee for local infrastructure financing through PT SMI. Outstanding guarantees for this program amount to Rp1.4 trillion.

In addition, the Government has also provided a credit guarantee for a PT Rajawali Nusantara Indonesia loan under the Government Food Reserve program. Outstanding guarantees for this loan amount to Rp92.0 billion.

As of March 31, 2024, no claims from the foregoing guarantees had arisen.

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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
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
January 2024		15,780		15,622
February 2024		15,715		15,650
March 2024		15,855		15,709
April 2024		16,260		16,112
May 2024		16,250		16,070

Source: Bank Indonesia.

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.

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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 8.4% 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.

As of May 31, 2024, the Rupiah depreciated by 5.2% to Rp16,250 per U.S. dollar from Rp15,397 per U.S. dollar as of December 29, 2023. On average, the Rupiah depreciated by 5.1% from Rp15,247 per U.S. dollar for 2023, to Rp16,070 per U.S. dollar for 2024 (as of May 31, 2024).

The strong US dollar triggered broad-based pressures on other currencies, including the Rupiah. Nevertheless, Rupiah exchange rate stability has been maintained in line with the stabilization measures implemented by Bank Indonesia despite persistent global financial market uncertainty. Bank Indonesia continues to strengthen Rupiah stabilization policy by optimizing the range of monetary instruments available, including foreign exchange market intervention with a focus on spot and DNDF transactions, purchasing SBN in the secondary market as required, maintaining adequate liquidity as well as instituting other measures as necessary. Bank Indonesia continues optimizing its pro-market monetary operations strategy through instruments including SRBI, Bank Indonesia Forex Securities and Bank Indonesia Forex Sukuk to attract portfolio inflows from abroad. Moreover, Bank Indonesia will continue strengthening coordination with the Government, banking industry and businesses to support the implementation of instruments that retain the proceeds of natural resources exports in accordance with Government Regulation Number 36 of 2023 on the Foreign Exchange of Export Proceeds from the Business, Management and/or Processing Activities of Natural Resources.

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

• 83.4% of corporate issuers are compliant with the hedging ratio requirement for liabilities due under three months;

• 93.6% of corporate issuers are compliant with the hedging ratio requirement for liabilities due between three to six months; and

• 87.8% 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 May 31,
	2019		2020		2021		2022		2023			2024
	(in millions of U.S. dollars, except for months)
Gold		3,844		4,758		4,595		4,589		5,234			5,911
SDRs		1,542		1,605		7,795		7,411		7,464			7,353
Reserve position with the IMF		1,090		1,135		1,110		1,055		1,064			1,049
Foreign exchange and others		122,707		128,398		131,405		124,178		132,621			124,661
Total		129,183		135,897		144,905		137,233		146,384			138,973
Total as number of months of imports and Government external debt repayments		7.3		9.8		7.8		5.9		6.5	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.

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Foreign reserves totaled 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, 2019, 2020, 2021, and 2022, respectively.

As of May 31, 2024, official international reserves position was U.S.$139.0 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.

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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.

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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 March 31,
	2019L		2020L		2021L		2022L		2023P		2024P
	(percentages, unless indicated otherwise)
Debt-to-GDP ratio		30.2		39.4		40.7		39.7		39.2		38.8
Debt service to GDP ratio		5.3		5.0		5.3		4.5		5.1		3.7
Total public debt of the central Government (in billions of U.S.$)(1)		344.3		431.0		484.1		498.8		530.5		520.5
—% in Loans		16.0		14.1		11.9		12.0		12.3		11.9
—% in Bonds		84.0		85.9		88.1		88.0		87.7		88.1

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 39.7%, with U.S.$498.8 billion of total public debt of the central Government, 12.0% of which are in loans and 88.0% are in bonds.

As of December 31, 2023, the central Government’s debt-to-GDP ratio was 39.2%, with U.S.$530.5 billion of total public debt of the central Government, 12.3% of which was in loans and 87.7% was in bonds.

As of March 31, 2024, the central Government’s debt-to-GDP ratio was 38.8%. with U.S.$520.5 billion of total public debt of the central Government. 11.9% of which was in loans and 88.1% was in bonds.

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DEBT TABLES OF THE REPUBLIC OF INDONESIA

External Loans of the Republic of Indonesia as of December 31, 2023	D-115
Domestic Loans of the Republic of Indonesia as of December 31, 2023	D-130
Guaranteed Domestic Loans of the Republic of Indonesia as of December 31, 2023	D-132
Guaranteed External Loans of the Republic of Indonesia as of December 31, 2023	D-133
Foreign Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2023	D-134
Domestic Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2023	D-136

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EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2023

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		1,025,250,340		1,200,000,000		820,200,272
AUD	NO INTEREST RATE		0.000	%		0.000	%		2007		2047		290,024,929		198,232,105		252,321,688		172,461,931
CAD	FIXED		0.000	%		0.000	%		1975		2024		1,930,011		1,457,823		4,591		3,468
CAD	FIXED		0.000	%		0.000	%		1982		2024		1,480,844		1,118,547		37,094		28,019
CAD	FIXED		0.000	%		0.000	%		1976		2024		9,399,999		7,100,235		210,000		158,622
CAD	FIXED		0.000	%		0.000	%		1984		2034		855,778		646,407		224,642		169,682
CAD	FIXED		0.000	%		0.000	%		1973		2024		11,114,464		8,395,246		263,247		198,842
CAD	FIXED		0.000	%		0.000	%		1975		2024		12,417,888		9,379,781		308,388		232,939
CAD	FIXED		0.000	%		0.000	%		1977		2027		3,797,864		2,868,695		377,864		285,417
CAD	FIXED		0.000	%		0.000	%		1976		2026		9,951,252		7,516,621		621,588		469,513
CAD	FIXED		0.000	%		0.000	%		1978		2027		19,479,946		14,714,066		1,729,946		1,306,705
CAD	FIXED		0.000	%		0.000	%		1978		2027		18,482,976		13,961,010		1,816,835		1,372,336
CAD	FIXED		0.000	%		0.000	%		1979		2029		12,847,054		9,703,948		1,927,058		1,455,592
CAD	FIXED		0.000	%		0.000	%		1983		2033		14,999,732		11,329,961		3,527,557		2,664,520
CAD	FIXED		0.000	%		0.000	%		1981		2030		21,059,866		15,907,449		3,685,477		2,783,804
CAD	FIXED		0.000	%		0.000	%		1984		2035		49,977,499		37,750,217		14,227,499		10,746,660
CAD	NO INTEREST RATE		0.000	%		0.000	%		1982		2030		31,544,124		23,826,673		5,520,222		4,169,668
CNY	FIXED		2.500	%		0.350	%		2008		2025		1,550,083,480		218,473,519		232,512,522		32,771,028
EUR	EURIBOR 6 MTH		5.270	%		0.200	%		2022		2040		98,674,936		109,203,543		275,000		304,342
EUR	EURIBOR 6 MTH		5.372	%		0.200	%		2021		2039		89,008,005		98,505,152		1,074,969		1,189,668
EUR	EURIBOR 6 MTH		1.100	%		0.500	%		2023		2029		26,956,350		29,832,590		6,556,950		7,256,576
EUR	EURIBOR 6 MTH		4.608	%		0.250	%		2021		2036		85,700,000		94,844,183		26,010,078		28,785,352
EUR	EURIBOR 6 MTH		5.333	%		0.000	%		2022		2034		50,000,000		55,334,996		50,000,000		55,334,996
EUR	EURIBOR 6 MTH		3.925	%		0.250	%		2018		2029		200,000,000		221,339,983		141,180,000		156,243,894
EUR	EURIBOR 6 MTH		3.925	%		0.250	%		2018		2029		200,000,000		221,339,983		141,180,000		156,243,894
EUR	EURIBOR 6 MTH		1.000	%		0.000	%		2023		2034		150,000,000		166,004,987		150,000,000		166,004,987
EUR	EURIBOR 6 MTH		3.815	%		0.250	%		2021		2032		200,000,000		221,339,983		200,000,000		221,339,983
EUR	EURIBOR 6 MTH		4.385	%		0.250	%		2021		2036		200,000,000		221,339,983		200,000,000		221,339,983
EUR	EURIBOR 6 MTH		3.875	%		0.250	%		2018		2029		300,000,000		332,009,975		211,765,000		234,360,308
EUR	EURIBOR 6 MTH		3.835	%		0.250	%		2020		2032		250,000,000		276,674,979		250,000,000		276,674,979
EUR	EURIBOR 6 MTH		3.815	%		0.250	%		2020		2032		300,000,000		332,009,975		300,000,000		332,009,975
EUR	EURIBOR 6 MTH		4.058	%		0.250	%		2022		2034		300,000,000		332,009,975		300,000,000		332,009,975
EUR	EURIBOR 6 MTH		3.765	%		0.250	%		2021		2033		400,000,000		442,679,966		400,000,000		442,679,966
EUR	EURIBOR 6 MTH		3.825	%		0.250	%		2019		2031		500,000,000		553,349,958		441,178,000		488,251,655
EUR	FIXED		1.500	%		0.000	%		1983		2024		17,419,325		19,277,965		1,711		1,893
EUR	FIXED		1.500	%		0.000	%		1983		2025		11,820,946		13,082,240		4,764		5,273
EUR	FIXED		1.500	%		0.000	%		1988		2024		7,351,926		8,136,375		46,943		51,952
EUR	FIXED		1.500	%		0.000	%		1985		2027		26,359,240		29,171,769		101,035		111,816
EUR	FIXED		2.000	%		0.000	%		1988		2026		5,158,481		5,708,890		142,720		157,948
EUR	FIXED		1.500	%		0.000	%		1988		2027		6,342,039		7,018,734		170,208		188,370
EUR	FIXED		2.000	%		0.000	%		1982		2030		4,729,450		5,234,082		171,794		190,124
EUR	FIXED		3.500	%		0.000	%		1998		2024		4,338,569		4,801,494		241,032		266,750
EUR	FIXED		2.350	%		0.000	%		2002		2025		9,365,347		10,364,629		377,666		417,963
EUR	FIXED		2.350	%		0.000	%		2004		2028		2,456,933		2,719,088		404,022		447,131
EUR	FIXED		2.000	%		0.000	%		1991		2026		19,223,588		21,274,744		431,727		477,792
EUR	FIXED		1.500	%		0.000	%		1987		2025		34,256,162		37,911,291		498,890		552,121
EUR	FIXED		2.000	%		0.000	%		1989		2027		28,503,046		31,544,318		568,413		629,062
EUR	FIXED		3.500	%		0.000	%		1999		2024		22,435,697		24,829,584		623,214		689,711
EUR	FIXED		0.750	%		0.000	%		1984		2034		26,570,305		29,405,355		697,402		771,815

D-115

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		2.000	%		0.000	%		1984		2034		27,251,857		30,159,628		697,402		771,815
EUR	FIXED		3.500	%		0.000	%		1997		2024		26,162,220		28,953,727		726,728		804,270
EUR	FIXED		3.500	%		0.000	%		1999		2024		28,509,806		31,551,799		791,939		876,439
EUR	FIXED		3.500	%		0.000	%		1999		2024		28,649,483		31,706,380		795,819		880,733
EUR	FIXED		2.000	%		0.000	%		1991		2026		8,402,989		9,299,587		798,563		883,769
EUR	FIXED		3.500	%		0.000	%		1999		2024		28,814,783		31,889,318		800,411		885,814
EUR	FIXED		0.630	%		0.000	%		1998		2031		2,285,816		2,529,713		820,739		908,312
EUR	FIXED		2.000	%		0.000	%		1991		2031		17,383,924		19,238,787		897,317		993,061
EUR	FIXED		3.500	%		0.000	%		1997		2024		10,896,067		12,058,676		908,006		1,004,890
EUR	FIXED		3.500	%		0.000	%		1999		2024		22,262,341		24,637,731		1,236,797		1,368,763
EUR	FIXED		0.750	%		0.250	%		2001		2035		2,652,707		2,935,751		1,274,707		1,410,718
EUR	FIXED		2.000	%		0.000	%		1993		2033		60,383,571		66,826,493		1,443,377		1,597,385
EUR	FIXED		2.000	%		0.250	%		1995		2035		10,276,967		11,373,518		1,812,018		2,005,361
EUR	FIXED		0.750	%		0.250	%		1994		2034		9,246,474		10,233,072		1,946,928		2,154,666
EUR	FIXED		2.000	%		0.000	%		1989		2027		33,043,770		36,569,537		2,086,348		2,308,961
EUR	FIXED		3.500	%		0.000	%		1998		2026		15,647,789		17,317,407		2,173,304		2,405,195
EUR	FIXED		3.500	%		0.000	%		1997		2024		39,703,257		43,939,591		2,205,737		2,441,089
EUR	FIXED		2.200	%		0.000	%		1999		2028		15,882,219		17,576,850		2,410,609		2,667,821
EUR	FIXED		3.500	%		0.000	%		1998		2027		11,118,944		12,305,334		2,470,876		2,734,519
EUR	FIXED		2.000	%		0.000	%		1992		2032		9,816,804		10,864,256		2,607,589		2,885,818
EUR	FIXED		0.750	%		0.250	%		1995		2035		8,513,009		9,421,346		3,266,010		3,614,493
EUR	FIXED		3.500	%		0.000	%		1998		2026		20,481,742		22,667,142		3,413,624		3,777,857
EUR	FIXED		2.000	%		0.250	%		2001		2031		9,428,222		10,434,213		3,451,220		3,819,465
EUR	FIXED		0.750	%		0.000	%		1993		2033		10,839,388		11,995,950		3,619,947		4,006,195
EUR	FIXED		0.150	%		0.000	%		2010		2040		3,695,046		4,089,307		3,695,046		4,089,307
EUR	FIXED		2.000	%		0.000	%		1989		2029		33,122,379		36,656,535		3,987,425		4,412,883
EUR	FIXED		0.750	%		0.000	%		1989		2029		20,451,675		22,633,867		4,024,890		4,454,345
EUR	FIXED		3.500	%		0.000	%		1999		2026		21,667,405		23,979,316		4,213,107		4,662,645
EUR	FIXED		0.750	%		0.250	%		2006		2045		6,000,000		6,640,199		4,400,000		4,869,480
EUR	FIXED		0.750	%		0.250	%		2000		2040		8,087,557		8,950,499		4,455,557		4,930,965
EUR	FIXED		0.750	%		0.000	%		1992		2032		20,093,771		22,237,775		4,493,744		4,973,227
EUR	FIXED		0.750	%		0.000	%		1995		2035		11,654,155		12,897,652		4,665,744		5,163,578
EUR	FIXED		0.750	%		0.250	%		2002		2042		14,762,878		16,338,075		4,750,000		5,256,825
EUR	FIXED		0.250	%		0.000	%		1997		2034		12,337,977		13,654,438		4,789,642		5,300,696
EUR	FIXED		2.000	%		0.000	%		1990		2029		37,767,403		41,797,181		4,826,618		5,341,617
EUR	FIXED		3.500	%		0.000	%		1997		2026		29,601,112		32,759,548		4,933,519		5,459,925
EUR	FIXED		0.500	%		0.000	%		1993		2036		13,102,993		14,501,081		5,007,101		5,541,359
EUR	FIXED		0.750	%		0.250	%		1998		2038		10,946,906		12,114,940		5,424,953		6,003,795
EUR	FIXED		0.250	%		0.000	%		1997		2035		15,683,500		17,356,928		5,625,093		6,225,290
EUR	FIXED		3.500	%		0.000	%		1998		2026		34,193,032		37,841,426		5,698,839		6,306,904
EUR	FIXED		0.750	%		0.250	%		2004		2044		9,000,000		9,960,299		6,060,000		6,706,601
EUR	FIXED		0.750	%		0.240	%		1998		2038		12,271,005		13,580,320		6,135,503		6,790,160
EUR	FIXED		0.750	%		0.250	%		1999		2039		11,759,713		13,014,474		6,169,759		6,828,072
EUR	FIXED		0.200	%		0.000	%		2003		2038		10,840,484		11,997,163		6,415,797		7,100,362
EUR	FIXED		0.400	%		0.400	%		2015		2034		7,730,000		8,554,790		6,493,200		7,186,024
EUR	FIXED		0.750	%		0.250	%		2006		2046		8,821,144		9,762,359		6,763,144		7,484,771
EUR	FIXED		0.750	%		0.250	%		2003		2043		10,500,383		11,620,773		6,769,582		7,491,895
EUR	FIXED		0.150	%		0.000	%		2008		2039		6,888,832		7,623,869		6,888,832		7,623,869
EUR	FIXED		0.150	%		0.000	%		2016		2054		6,979,739		7,724,477		6,979,739		7,724,477
EUR	FIXED		0.150	%		0.000	%		2011		2046		7,349,159		8,133,313		7,349,159		8,133,313
EUR	FIXED		3.500	%		0.000	%		1998		2029		24,898,896		27,555,606		7,607,996		8,419,769
EUR	FIXED		0.000	%		0.400	%		2020		2046		8,000,000		8,853,599		8,000,000		8,853,599
EUR	FIXED		0.750	%		0.250	%		2000		2040		14,622,948		16,183,215		8,048,245		8,906,992
EUR	FIXED		2.000	%		0.400	%		2014		2029		15,312,037		16,945,830		8,325,739		9,214,094
EUR	FIXED		0.400	%		0.400	%		2014		2034		11,523,700		12,753,278		9,679,908		10,712,753
EUR	FIXED		0.750	%		0.250	%		2001		2041		19,186,859		21,234,095		11,008,908		12,183,558
EUR	FIXED		0.250	%		0.000	%		1996		2030		45,463,607		50,314,570		11,263,351		12,465,150

D-116

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		0.750	%		0.250	%		2001		2041		20,221,795		22,379,459		12,132,890		13,427,468
EUR	FIXED		0.250	%		0.000	%		1995		2042		40,998,276		45,372,789		12,380,928		13,701,972
EUR	FIXED		0.150	%		0.000	%		2013		2051		12,430,001		13,756,281		12,430,001		13,756,281
EUR	FIXED		0.150	%		0.000	%		2007		2037		13,594,264		15,044,771		12,687,980		14,041,786
EUR	FIXED		0.150	%		0.400	%		2023		2038		53,460,000		59,164,177		12,869,000		14,242,121
EUR	FIXED		3.500	%		0.000	%		1999		2027		68,632,225		75,955,277		13,345,155		14,769,082
EUR	FIXED		0.750	%		0.250	%		1995		2035		36,511,804		40,407,610		14,368,804		15,901,954
EUR	FIXED		0.780	%		0.500	%		2021		2033		80,000,000		88,535,993		14,726,894		16,298,252
EUR	FIXED		1.000	%		0.000	%		2008		2028		36,312,283		40,186,800		16,340,527		18,084,060
EUR	FIXED		0.750	%		0.250	%		2009		2049		30,887,392		34,183,074		16,803,392		18,596,313
EUR	FIXED		0.750	%		0.250	%		2011		2051		19,000,000		21,027,298		17,565,731		19,439,993
EUR	FIXED		0.150	%		0.000	%		2008		2038		18,752,916		20,753,851		18,127,819		20,062,056
EUR	FIXED		0.750	%		0.000	%		1991		2033		58,747,437		65,015,784		18,360,491		20,319,554
EUR	FIXED		0.750	%		0.250	%		2005		2044		48,496,003		53,670,523		18,548,065		20,527,142
EUR	FIXED		1.000	%		0.000	%		2011		2034		30,299,373		33,532,314		19,162,681		21,207,337
EUR	FIXED		0.330	%		0.500	%		2019		2031		20,779,100		22,996,228		19,480,406		21,558,964
EUR	FIXED		0.500	%		0.000	%		1993		2045		47,838,742		52,943,132		21,436,252		23,723,498
EUR	FIXED		0.750	%		0.000	%		1991		2031		79,311,597		87,774,137		22,034,124		24,385,163
EUR	FIXED		0.750	%		0.250	%		2002		2042		74,649,000		82,614,042		22,661,000		25,078,927
EUR	FIXED		2.550	%		0.250	%		2017		2032		29,367,573		32,501,091		25,081,859		27,758,091
EUR	FIXED		0.500	%		0.000	%		1993		2038		63,683,736		70,478,785		25,235,596		27,928,232
EUR	FIXED		0.750	%		0.000	%		2004		2044		74,927,500		82,922,258		28,740,000		31,806,556
EUR	FIXED		2.300	%		0.250	%		2013		2028		71,585,136		79,223,264		30,335,136		33,571,892
EUR	FIXED		0.750	%		0.250	%		1999		2039		76,609,992		84,784,271		38,932,932		43,087,072
EUR	FIXED		0.002	%		0.000	%		2018		2057		42,782,878		47,347,807		39,361,189		43,561,024
EUR	FIXED		3.090	%		0.000	%		2013		2031		74,700,000		82,670,484		42,685,714		47,240,276
EUR	FIXED		0.220	%		0.000	%		2014		2037		47,677,098		52,764,240		47,302,521		52,349,696
EUR	FIXED		0.400	%		0.400	%		2019		2033		114,750,000		126,993,815		73,764,945		81,635,658
EUR	FIXED		1.230	%		0.000	%		2020		2030		100,000,000		110,669,992		81,250,000		89,919,368
EUR	FIXED		2.080	%		0.000	%		2016		2034		100,000,000		110,669,992		84,615,385		93,643,839
EUR	FIXED		1.900	%		0.000	%		2017		2032		100,000,000		110,669,992		90,000,000		99,602,992
EUR	FIXED		0.990	%		0.000	%		2020		2030		100,000,000		110,669,992		100,000,000		110,669,992
EUR	FIXED		1.360	%		0.000	%		2021		2031		100,000,000		110,669,992		100,000,000		110,669,992
EUR	FIXED		1.620	%		0.000	%		2018		2028		150,000,000		166,004,987		107,142,857		118,574,991
EUR	FIXED		1.620	%		0.000	%		2018		2028		150,000,000		166,004,987		107,142,857		118,574,991
EUR	FIXED		2.060	%		0.000	%		2015		2033		140,000,000		154,937,988		107,692,308		119,183,068
EUR	FIXED		1.250	%		0.000	%		2017		2028		200,000,000		221,339,983		117,650,000		130,203,245
EUR	FIXED		1.300	%		0.250	%		2017		2028		200,000,000		221,339,983		117,650,000		130,203,245
EUR	FIXED		1.410	%		0.500	%		2017		2032		150,000,000		166,004,987		127,500,000		141,104,239
EUR	NO INTEREST RATE		0.000	%		0.000	%		1994		2024		4,957,713		5,486,701		248,535		275,054
EUR	NO INTEREST RATE		0.000	%		0.000	%		1996		2033		1,801,799		1,994,051		900,899		997,025
EUR	NO INTEREST RATE		0.000	%		0.250	%		2012		2027		8,000,000		8,853,599		3,200,000		3,541,440
EUR	NO INTEREST RATE		0.000	%		0.250	%		2012		2027		8,000,000		8,853,599		3,200,000		3,541,440
EUR	NO INTEREST RATE		0.000	%		0.400	%		2022		2049		9,950,000		11,011,664		9,950,000		11,011,664
EUR	NO INTEREST RATE		0.000	%		0.400	%		2018		2043		12,000,000		13,280,399		12,000,000		13,280,399
EUR	NO INTEREST RATE		0.000	%		0.450	%		2021		2049		12,599,493		13,943,858		12,061,250		13,348,184
EUR	NO INTEREST RATE		0.000	%		0.400	%		2019		2047		12,400,000		13,723,079		12,400,000		13,723,079
EUR	NO INTEREST RATE		0.000	%		0.400	%		2018		2043		12,500,000		13,833,749		12,500,000		13,833,749
EUR	NO INTEREST RATE		0.000	%		0.400	%		2020		2048		14,883,000		16,471,015		14,883,000		16,471,015
JPY	COMMERCIAL INTEREST REFERENCE RATE		2.200	%		0.200	%		2012		2025		1,412,670,247		9,992,361		159,221,635		1,126,236
JPY	FIXED		2.100	%		0.000	%		1998		2028		411,741,033		2,912,403		90,378,000		639,278
JPY	FIXED		2.300	%		0.000	%		1998		2028		1,330,560,363		9,411,566		292,050,000		2,065,782
JPY	FIXED		0.010	%		0.100	%		2015		2055		657,000,000		4,647,214		377,008,451		2,666,726
JPY	FIXED		1.400	%		0.000	%		2014		2044		16,322,000,000		115,451,799		397,344,374		2,810,570
JPY	FIXED		0.010	%		0.100	%		2008		2038		646,301,237		4,571,538		457,127,000		3,233,436
JPY	FIXED		0.010	%		0.100	%		2013		2053		721,915,649		5,106,388		698,206,000		4,938,680
JPY	FIXED		0.800	%		0.000	%		2020		2040		7,299,000,000		51,628,641		813,107,565		5,751,423

D-117

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		0.700	%		0.100	%		2009		2024		18,586,000,000		131,465,944		885,046,000		6,260,272
JPY	FIXED		0.010	%		0.100	%		2009		2039		1,572,911,089		11,125,807		1,099,570,000		7,777,683
JPY	FIXED		0.400	%		0.000	%		2006		2046		1,550,354,185		10,966,253		1,169,090,000		8,269,424
JPY	FIXED		1.300	%		0.000	%		2019		2044		30,980,000,000		219,133,485		1,255,789,187		8,882,681
JPY	FIXED		0.700	%		0.100	%		2010		2025		8,997,000,000		63,639,250		1,285,284,000		9,091,309
JPY	FIXED		0.010	%		0.000	%		2015		2040		1,919,000,000		13,573,827		1,439,255,091		10,180,406
JPY	FIXED		3.000	%		0.000	%		1998		2028		6,068,600,000		42,925,548		1,517,150,000		10,731,387
JPY	FIXED		1.300	%		0.000	%		2005		2045		2,596,360,512		18,365,059		1,527,774,000		10,806,535
JPY	FIXED		0.800	%		0.100	%		2010		2025		8,391,000,000		59,352,778		1,598,284,000		11,305,279
JPY	FIXED		2.500	%		0.000	%		1996		2026		11,580,095,331		81,910,479		1,679,646,000		11,880,784
JPY	FIXED		0.800	%		0.100	%		2011		2026		8,291,000,000		58,645,440		1,974,045,000		13,963,181
JPY	FIXED		1.400	%		0.100	%		2013		2038		3,077,927,607		21,771,369		2,396,270,000		16,949,742
JPY	FIXED		0.150	%		0.150	%		2009		2024		28,083,000,000		198,641,887		2,674,570,000		18,918,265
JPY	FIXED		2.500	%		0.000	%		1998		2028		13,890,902,869		98,255,712		3,041,838,000		21,516,093
JPY	FIXED		0.750	%		0.000	%		2001		2041		5,705,511,965		40,357,286		3,367,152,000		23,817,164
JPY	FIXED		0.300	%		0.100	%		2013		2053		3,663,148,274		25,910,860		3,542,950,000		25,060,651
JPY	FIXED		0.750	%		0.000	%		2004		2044		5,075,725,392		35,902,563		3,624,564,000		25,637,939
JPY	FIXED		2.300	%		0.000	%		1995		2025		40,260,976,732		284,781,412		3,739,988,000		26,454,377
JPY	FIXED		0.300	%		0.000	%		1998		2028		15,171,500,000		107,313,869		3,792,875,000		26,828,467
JPY	FIXED		0.150	%		0.100	%		2010		2025		27,195,000,000		192,360,721		3,885,000,000		27,480,103
JPY	FIXED		1.050	%		0.000	%		2023		2038		42,120,000,000		297,931,001		4,282,485,873		30,291,674
JPY	FIXED		2.200	%		0.000	%		1998		2028		20,000,000,000		141,467,712		4,390,236,000		31,053,832
JPY	FIXED		0.650	%		0.100	%		2008		2048		5,846,601,826		41,355,269		4,696,356,000		33,219,137
JPY	FIXED		0.400	%		0.000	%		2007		2047		6,210,886,208		43,931,993		4,783,331,000		33,834,345
JPY	FIXED		0.100	%		0.000	%		2023		2063		87,918,000,000		621,877,914		4,910,568,487		34,734,344
JPY	FIXED		1.500	%		0.000	%		2007		2047		7,752,931,689		54,839,475		5,162,144,000		36,513,835
JPY	FIXED		1.300	%		0.000	%		2005		2035		10,794,000,000		76,350,124		6,055,164,000		42,830,510
JPY	FIXED		0.010	%		0.000	%		2014		2054		6,411,982,484		45,354,424		6,406,871,484		45,318,272
JPY	FIXED		0.300	%		0.000	%		2014		2054		7,075,000,000		50,044,203		6,584,223,101		46,572,749
JPY	FIXED		0.800	%		0.100	%		2013		2028		15,490,000,000		109,566,743		6,638,571,000		46,957,172
JPY	FIXED		2.600	%		0.000	%		1994		2024		140,896,857,218		996,617,798		6,862,056,000		48,537,968
JPY	FIXED		1.500	%		0.000	%		2006		2036		11,729,000,000		82,963,739		7,151,825,000		50,587,616
JPY	FIXED		1.800	%		0.000	%		2004		2034		14,542,600,396		102,865,420		7,448,637,000		52,687,082
JPY	FIXED		2.500	%		0.000	%		1995		2025		96,229,371,639		680,667,450		9,329,680,000		65,992,424
JPY	FIXED		1.200	%		0.000	%		2020		2045		57,061,000,000		403,614,455		9,358,882,046		66,198,981
JPY	FIXED		0.800	%		0.000	%		2013		2028		19,848,000,000		140,392,557		9,451,420,000		66,853,538
JPY	FIXED		1.500	%		0.000	%		2006		2036		15,671,499,292		110,850,557		9,546,150,000		67,523,600
JPY	FIXED		1.400	%		0.000	%		2014		2039		14,508,358,849		102,623,216		11,395,958,662		80,608,010
JPY	FIXED		1.000	%		0.000	%		2000		2030		35,964,000,000		254,387,239		11,403,210,000		80,659,301
JPY	FIXED		0.750	%		0.000	%		2005		2045		16,746,082,991		118,451,502		11,804,489,000		83,497,702
JPY	FIXED		1.000	%		0.000	%		1998		2028		48,500,000,000		343,059,201		11,829,260,000		83,672,917
JPY	FIXED		1.400	%		0.100	%		2009		2039		16,635,418,875		117,668,732		12,577,816,000		88,967,742
JPY	FIXED		0.950	%		0.000	%		2001		2041		21,556,651,657		152,478,509		12,874,176,000		91,064,011
JPY	FIXED		0.300	%		0.100	%		2011		2051		26,966,000,000		190,740,916		13,322,956,946		94,238,412
JPY	FIXED		0.400	%		0.000	%		2005		2045		20,791,885,495		147,069,023		14,010,862,000		99,104,229
JPY	FIXED		0.010	%		0.000	%		2020		2060		27,970,000,000		197,842,595		14,211,340,124		100,522,288
JPY	FIXED		0.100	%		0.000	%		2022		2062		70,195,000,000		496,516,301		14,560,168,093		102,989,683
JPY	FIXED		1.500	%		0.000	%		2007		2037		23,554,000,000		166,606,524		15,511,122,000		109,716,147
JPY	FIXED		0.400	%		0.000	%		2006		2046		23,125,703,144		163,577,015		16,972,515,000		120,053,143
JPY	FIXED		1.800	%		0.000	%		2001		2041		44,731,538,438		316,403,419		18,562,760,000		131,301,559
JPY	FIXED		2.700	%		0.000	%		1996		2026		130,355,842,533		922,057,137		18,569,556,000		131,349,630
JPY	FIXED		1.800	%		0.000	%		2002		2042		39,326,310,126		278,170,155		18,761,494,000		132,707,281
JPY	FIXED		1.000	%		0.000	%		1999		2029		80,480,000,000		569,266,072		21,592,186,000		152,729,857
JPY	FIXED		1.500	%		0.000	%		2007		2037		35,868,049,688		253,708,546		23,477,985,000		166,068,841
JPY	FIXED		1.000	%		0.000	%		1998		2028		98,524,758,827		696,903,609		24,030,420,000		169,976,426
JPY	FIXED		1.400	%		0.100	%		2008		2038		35,031,815,051		247,793,535		24,761,708,000		175,149,108
JPY	FIXED		0.750	%		0.000	%		2007		2047		34,547,100,543		244,364,963		26,569,711,000		187,937,811

D-118

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		1.300	%		0.000	%		2005		2035		48,284,503,547		341,534,911		27,002,000,000		190,995,557
JPY	FIXED		2.700	%		0.000	%		1998		2028		132,731,550,675		938,861,437		27,990,405,000		197,986,927
JPY	FIXED		0.010	%		0.000	%		2023		2038		30,000,000,000		212,201,567		30,000,000,000		212,201,567
JPY	FIXED		0.500	%		0.000	%		2023		2038		30,000,000,000		212,201,567		30,000,000,000		212,201,567
JPY	FIXED		0.950	%		0.000	%		2003		2043		48,538,362,136		343,330,551		31,026,801,000		219,464,527
JPY	FIXED		0.750	%		0.000	%		2006		2046		35,638,772,440		252,086,779		31,320,577,698		221,542,523
JPY	FIXED		0.400	%		0.000	%		2020		2035		31,800,000,000		224,933,662		31,800,000,000		224,933,662
JPY	FIXED		1.800	%		0.000	%		2003		2033		70,677,133,186		499,926,615		34,476,620,000		243,866,427
JPY	FIXED		0.200	%		0.100	%		2009		2049		48,131,267,599		340,451,014		40,240,530,000		284,636,785
JPY	FIXED		1.300	%		0.000	%		2004		2034		85,056,202,305		601,635,315		43,432,515,000		307,214,925
JPY	FIXED		0.010	%		0.000	%		2020		2035		50,000,000,000		353,669,279		50,000,000,000		353,669,279
JPY	FIXED		0.450	%		0.000	%		2021		2036		50,000,000,000		353,669,279		50,000,000,000		353,669,279
JPY	FIXED		0.100	%		0.000	%		2015		2055		68,305,676,917		483,152,390		68,230,458,917		482,620,344
JPY	FIXED		0.100	%		0.000	%		2018		2058		70,021,000,000		495,285,532		68,873,674,071		487,170,053
JPY	FIXED		0.100	%		0.000	%		2017		2057		118,906,000,000		841,067,986		79,758,229,100		564,160,708
JPY	TORF 6 MONTHS		0.009	%		0.100	%		2009		2024		9,361,000,000		66,213,962		748,880,000		5,297,117
JPY	TORF 6 MONTHS		0.109	%		0.000	%		2017		2042		8,309,000,000		58,772,761		8,042,507,966		56,887,760
JPY	TORF 6 MONTHS		0.163	%		0.000	%		2017		2047		73,988,000,000		523,345,652		32,420,707,820		229,324,167
KRW	FIXED		3.000	%		0.000	%		2001		2025		13,203,435,770		10,185,434		1,100,286,000		848,786
KRW	FIXED		2.500	%		0.000	%		1998		2027		27,366,962,730		21,111,505		5,473,392,000		4,222,301
KRW	FIXED		0.150	%		0.000	%		2023		2062		48,010,000,000		37,036,019		11,025,889,530		8,505,625
KRW	FIXED		2.000	%		0.000	%		2000		2030		32,899,947,110		25,379,777		11,514,972,000		8,882,914
KRW	FIXED		2.000	%		0.000	%		2005		2035		19,312,358,510		14,897,998		11,587,392,000		8,938,781
KRW	FIXED		2.500	%		0.000	%		2000		2030		44,912,981,250		34,646,908		15,719,536,000		12,126,412
KRW	FIXED		1.500	%		0.000	%		2007		2037		23,717,066,770		18,295,891		16,601,928,000		12,807,109
KRW	FIXED		1.500	%		0.000	%		2007		2037		33,227,128,630		25,632,172		23,258,956,000		17,942,494
KRW	FIXED		1.500	%		0.000	%		2009		2039		32,354,707,860		24,959,166		25,074,877,000		19,343,337
KRW	FIXED		0.200	%		0.000	%		2011		2041		39,845,706,280		30,737,895		34,864,970,000		26,895,640
KRW	FIXED		0.150	%		0.000	%		2014		2054		40,720,146,500		31,412,458		40,720,146,500		31,412,458
KRW	FIXED		0.150	%		0.000	%		2014		2054		57,397,000,000		44,277,367		47,726,864,650		36,817,602
KRW	FIXED		0.150	%		0.000	%		2011		2051		109,426,000,000		84,413,735		101,448,411,150		78,259,640
KRW	NO INTEREST RATE		0.000	%		0.000	%		2019		2059		98,000,000		75,599		3,452,597,040		2,663,413
SAR	FIXED		2.000	%		0.000	%		2019		2039		83,625,000		22,299,422		1,159,447		309,178
SAR	FIXED		2.000	%		0.000	%		2010		2035		107,294,934		28,611,241		57,063,000		15,216,406
SAR	FIXED		2.000	%		0.000	%		2014		2038		111,198,680		29,652,213		78,378,680		20,900,440
SAR	FIXED		2.000	%		0.000	%		2019		2038		331,125,000		88,297,712		116,276,865		31,006,361
USD	FIXED		3.000	%		0.000	%		1981		2025		25,960		25,960		1,901		1,901
USD	FIXED		3.000	%		0.000	%		1985		2027		31,812		31,812		5,986		5,986
USD	FIXED		3.000	%		0.000	%		1984		2026		70,000		70,000		10,025		10,025
USD	FIXED		3.000	%		0.000	%		1985		2029		41,000		41,000		10,379		10,379
USD	FIXED		3.000	%		0.000	%		1987		2028		51,760		51,760		11,999		11,999
USD	FIXED		3.000	%		0.000	%		1984		2025		190,000		190,000		13,908		13,908
USD	FIXED		3.000	%		0.000	%		1986		2028		100,000		100,000		21,015		21,015
USD	FIXED		3.000	%		0.000	%		1982		2024		961,572		961,572		23,813		23,813
USD	FIXED		3.000	%		0.000	%		1981		2024		531,110		531,110		26,111		26,111
USD	FIXED		3.000	%		0.000	%		1983		2026		194,518		194,518		27,856		27,856
USD	FIXED		3.000	%		0.000	%		1985		2026		236,726		236,726		28,459		28,459
USD	FIXED		3.000	%		0.000	%		1986		2027		196,750		196,750		37,022		37,022
USD	FIXED		3.000	%		0.000	%		1982		2024		843,708		843,708		41,479		41,479
USD	FIXED		3.000	%		0.000	%		1981		2028		286,568		286,568		60,223		60,223
USD	FIXED		3.000	%		0.000	%		1983		2024		2,454,752		2,454,752		60,791		60,791
USD	FIXED		3.000	%		0.000	%		1983		2024		1,308,345		1,308,345		64,323		64,323
USD	FIXED		3.000	%		0.000	%		1983		2024		3,236,314		3,236,314		80,146		80,146
USD	FIXED		3.000	%		0.000	%		1983		2024		4,000,000		4,000,000		99,059		99,059
USD	FIXED		3.000	%		0.000	%		1982		2024		2,777,890		2,777,890		136,570		136,570
USD	FIXED		3.000	%		0.000	%		1986		2026		980,434		980,434		140,403		140,403
USD	FIXED		3.000	%		0.000	%		1983		2024		2,944,145		2,944,145		144,744		144,744

D-119

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	%		1982		2025		1,500,000		1,500,000		145,326		145,326
USD	FIXED		3.000	%		0.000	%		1987		2029		585,449		585,449		148,205		148,205
USD	FIXED		3.000	%		0.000	%		1987		2029		602,843		602,843		152,608		152,608
USD	FIXED		3.000	%		0.000	%		1986		2030		530,451		530,451		156,422		156,422
USD	FIXED		3.000	%		0.000	%		1986		2028		696,000		696,000		161,339		161,339
USD	FIXED		3.000	%		0.000	%		1980		2024		6,544,887		6,544,887		162,081		162,081
USD	FIXED		3.000	%		0.000	%		1982		2026		1,175,983		1,175,983		168,407		168,407
USD	FIXED		3.000	%		0.000	%		1984		2026		1,200,000		1,200,000		171,846		171,846
USD	FIXED		3.000	%		0.000	%		1979		2025		5,078,561		5,078,561		187,635		187,635
USD	FIXED		3.000	%		0.000	%		1984		2027		1,000,000		1,000,000		188,166		188,166
USD	FIXED		3.000	%		0.000	%		1984		2028		1,170,000		1,170,000		245,876		245,876
USD	FIXED		3.000	%		0.000	%		1986		2026		1,751,928		1,751,928		250,885		250,885
USD	FIXED		3.000	%		0.000	%		1984		2026		2,100,000		2,100,000		252,455		252,455
USD	FIXED		3.000	%		0.000	%		1983		2024		5,150,000		5,150,000		253,190		253,190
USD	FIXED		3.000	%		0.000	%		1987		2028		1,229,291		1,229,291		257,064		257,064
USD	FIXED		3.000	%		0.000	%		1982		2027		1,477,874		1,477,874		278,086		278,086
USD	FIXED		3.000	%		0.000	%		1983		2025		3,888,753		3,888,753		284,662		284,662
USD	FIXED		3.000	%		0.000	%		1984		2025		3,936,113		3,936,113		288,128		288,128
USD	FIXED		3.000	%		0.000	%		1987		2027		1,775,032		1,775,032		294,395		294,395
USD	FIXED		3.000	%		0.000	%		1984		2027		1,832,922		1,832,922		303,996		303,996
USD	FIXED		3.000	%		0.000	%		1983		2024		6,300,771		6,300,771		309,765		309,765
USD	FIXED		3.000	%		0.000	%		1984		2025		4,244,083		4,244,083		310,672		310,672
USD	FIXED		3.000	%		0.000	%		1984		2025		4,371,309		4,371,309		319,985		319,985
USD	FIXED		3.000	%		0.000	%		1983		2026		2,254,775		2,254,775		322,894		322,894
USD	FIXED		3.000	%		0.000	%		1983		2025		3,494,360		3,494,360		338,548		338,548
USD	FIXED		3.000	%		0.000	%		1987		2031		1,215,947		1,215,947		407,823		407,823
USD	FIXED		3.000	%		0.000	%		1985		2027		2,368,361		2,368,361		445,647		445,647
USD	FIXED		3.000	%		0.000	%		1986		2028		2,125,851		2,125,851		446,748		446,748
USD	FIXED		3.000	%		0.000	%		1985		2028		1,959,000		1,959,000		454,114		454,114
USD	FIXED		3.000	%		0.000	%		1985		2026		3,364,174		3,364,174		481,765		481,765
USD	FIXED		3.000	%		0.000	%		1983		2024		9,891,530		9,891,530		486,299		486,299
USD	FIXED		3.000	%		0.000	%		1985		2026		4,171,492		4,171,492		501,483		501,483
USD	FIXED		3.000	%		0.000	%		1984		2025		5,382,648		5,382,648		521,493		521,493
USD	FIXED		3.000	%		0.000	%		1986		2030		1,717,012		1,717,012		541,358		541,358
USD	FIXED		3.000	%		0.000	%		1986		2027		3,322,901		3,322,901		551,113		551,113
USD	FIXED		3.000	%		0.000	%		1987		2030		1,772,056		1,772,056		558,713		558,713
USD	FIXED		3.000	%		0.000	%		1985		2027		4,075,000		4,075,000		675,851		675,851
USD	FIXED		5.300	%		0.000	%		2010		2025		2,550,000		2,550,000		765,000		765,000
USD	FIXED		1.250	%		0.000	%		1995		2025		10,803,941		10,803,941		790,532		790,532
USD	FIXED		3.500	%		0.000	%		1999		2024		29,997,556		29,997,556		810,745		810,745
USD	FIXED		0.300	%		0.000	%		1995		2026		7,138,645		7,138,645		870,567		870,567
USD	FIXED		3.500	%		0.000	%		1999		2024		16,367,091		16,367,091		884,708		884,708
USD	FIXED		3.500	%		0.000	%		1999		2024		36,862,932		36,862,932		996,296		996,296
USD	FIXED		1.250	%		0.000	%		1996		2027		8,000,000		8,000,000		1,365,854		1,365,854
USD	FIXED		3.000	%		0.000	%		1984		2025		14,211,987		14,211,987		1,376,914		1,376,914
USD	FIXED		3.000	%		0.000	%		1987		2028		7,967,454		7,967,454		1,846,929		1,846,929
USD	FIXED		3.500	%		0.000	%		2000		2025		18,000,000		18,000,000		1,945,946		1,945,946
USD	FIXED		8.380	%		0.000	%		1994		2024		25,000,000		25,000,000		2,443,423		2,443,423
USD	FIXED		7.440	%		0.000	%		1994		2026		10,000,000		10,000,000		2,562,491		2,562,491
USD	FIXED		3.500	%		0.000	%		2003		2028		10,199,208		10,199,208		2,756,543		2,756,543
USD	FIXED		3.500	%		0.000	%		2000		2025		25,801,357		25,801,357		2,789,336		2,789,336
USD	FIXED		7.440	%		0.000	%		1994		2026		15,000,000		15,000,000		3,843,736		3,843,736
USD	FIXED		5.000	%		0.300	%		2014		2028		9,481,270		9,481,270		4,266,572		4,266,572
USD	FIXED		7.310	%		0.000	%		1995		2025		25,000,000		25,000,000		4,387,812		4,387,812
USD	FIXED		3.000	%		0.000	%		1998		2028		23,144,880		23,144,880		4,450,938		4,450,938
USD	FIXED		0.700	%		0.000	%		2003		2034		9,189,325		9,189,325		4,706,728		4,706,728
USD	FIXED		2.430	%		0.000	%		2010		2025		31,621,675		31,621,675		4,743,251		4,743,251

D-120

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		0.700	%		0.000	%		2004		2034		9,996,353		9,996,353		5,363,897		5,363,897
USD	FIXED		1.000	%		0.000	%		2002		2033		18,995,245		18,995,245		6,751,952		6,751,952
USD	FIXED		1.250	%		0.000	%		1994		2025		100,000,000		100,000,000		7,317,073		7,317,073
USD	FIXED		5.300	%		0.000	%		2009		2024		42,500,000		42,500,000		8,500,000		8,500,000
USD	FIXED		0.000	%		0.000	%		2018		2058		31,705,000		31,705,000		8,692,311		8,692,311
USD	FIXED		1.000	%		0.000	%		1999		2029		40,476,113		40,476,113		9,340,642		9,340,642
USD	FIXED		6.650	%		0.000	%		1999		2029		25,000,000		25,000,000		11,121,801		11,121,801
USD	FIXED		5.300	%		0.000	%		2009		2024		47,685,000		47,685,000		11,921,250		11,921,250
USD	FIXED		3.400	%		0.250	%		2015		2026		45,000,000		45,000,000		13,235,294		13,235,294
USD	FIXED		5.300	%		0.000	%		2010		2025		47,600,000		47,600,000		14,280,000		14,280,000
USD	FIXED		3.770	%		0.000	%		2009		2024		300,000,000		300,000,000		15,000,000		15,000,000
USD	FIXED		3.000	%		0.250	%		2023		2040		237,862,427		237,862,427		16,288,721		16,288,721
USD	FIXED		3.240	%		0.000	%		2012		2032		29,999,128		29,999,128		16,999,506		16,999,506
USD	FIXED		3.850	%		0.000	%		2013		2028		38,758,055		38,758,055		17,441,125		17,441,125
USD	FIXED		5.300	%		0.000	%		2011		2026		45,900,000		45,900,000		18,360,000		18,360,000
USD	FIXED		3.000	%		0.000	%		2011		2027		68,724,795		68,724,795		18,502,836		18,502,836
USD	FIXED		3.000	%		0.000	%		2012		2027		56,251,832		56,251,832		21,094,437		21,094,437
USD	FIXED		2.800	%		0.250	%		2022		2037		220,863,739		220,863,739		30,203,873		30,203,873
USD	FIXED		3.000	%		0.200	%		2013		2026		116,999,053		116,999,053		35,099,716		35,099,716
USD	FIXED		2.800	%		0.250	%		2022		2037		365,150,734		365,150,734		41,192,215		41,192,215
USD	FIXED		3.710	%		0.000	%		2010		2025		300,000,000		300,000,000		45,000,000		45,000,000
USD	FIXED		3.000	%		0.200	%		2012		2028		101,793,291		101,793,291		45,806,981		45,806,981
USD	FIXED		3.900	%		0.250	%		2014		2025		200,000,000		200,000,000		47,060,000		47,060,000
USD	FIXED		5.300	%		0.000	%		2012		2027		96,900,000		96,900,000		53,295,000		53,295,000
USD	FIXED		1.000	%		0.000	%		2023		2043		60,000,000		60,000,000		60,000,000		60,000,000
USD	FIXED		3.400	%		0.250	%		2015		2026		200,000,000		200,000,000		70,590,000		70,590,000
USD	FIXED		3.000	%		0.000	%		2012		2028		192,293,549		192,293,549		84,544,341		84,544,341
USD	FIXED		2.800	%		0.250	%		2022		2032		251,275,159		251,275,159		93,309,357		93,309,357
USD	FIXED		1.000	%		0.000	%		2022		2033		100,000,000		100,000,000		100,000,000		100,000,000
USD	FIXED		2.850	%		0.250	%		2016		2027		220,000,000		220,000,000		103,531,000		103,531,000
USD	FIXED		3.470	%		0.250	%		2016		2028		220,000,000		220,000,000		116,472,000		116,472,000
USD	FIXED		3.000	%		0.250	%		2016		2032		175,056,018		175,056,018		123,998,013		123,998,013
USD	FIXED		3.000	%		0.000	%		2018		2033		130,285,575		130,285,575		130,285,575		130,285,575
USD	FIXED		3.000	%		0.200	%		2014		2030		230,300,260		230,300,260		149,695,169		149,695,169
USD	FIXED		3.000	%		0.200	%		2015		2031		247,565,218		247,565,218		198,052,174		198,052,174
USD	FIXED		3.000	%		0.200	%		2014		2030		316,153,519		316,153,519		205,499,787		205,499,787
USD	FIXED		3.000	%		0.200	%		2016		2031		283,815,707		283,815,707		227,052,565		227,052,565
USD	FIXED		0.150	%		0.000	%		2021		2061		67,255,000		67,255,000		2,547,667,700		2,547,667,700
USD	LIBOR 6 MTH		1.188	%		0.500	%		2019		2029		20,400,000		20,400,000		16,028,571		16,028,571
USD	LIBOR 6 MTH		1.188	%		0.500	%		2019		2029		53,125,000		53,125,000		41,741,071		41,741,071
USD	SOFR 6 MONTHS		5.758	%		0.250	%		2023		2040		39,999,391		39,999,391		100,000		100,000
COMMERCIAL CREDIT
CHF	LIBOR 6 MONTHS DEPOSIT		0.850	%		0.350	%		2017		2025		101,946,785		121,184,874		39,579,340		47,048,245
CHF	SARON 6 MONTHS		0.850	%		0.250	%		2019		2028		25,390,381		30,181,727		15,975,686		18,990,412
EUR	EURIBOR 6 MTH		1.273	%		0.500	%		2011		2025		7,349,159		8,133,313		468,157		518,109
EUR	EURIBOR 6 MTH		5.195	%		0.600	%		2015		2024		17,311,440		19,158,569		1,731,144		1,915,857
EUR	EURIBOR 6 MTH		6.703	%		0.000	%		2016		2027		6,979,739		7,724,477		2,810,044		3,109,875
EUR	EURIBOR 6 MTH		5.307	%		0.000	%		2020		2028		10,639,960		11,775,243		4,154,672		4,597,975
EUR	EURIBOR 6 MTH		5.252	%		0.300	%		2017		2024		19,346,850		21,411,157		5,078,878		5,620,794
EUR	EURIBOR 6 MTH		5.327	%		0.000	%		2020		2027		12,526,875		13,863,492		5,947,000		6,581,544
EUR	EURIBOR 6 MTH		5.096	%		0.000	%		2022		2028		10,059,338		11,132,669		7,340,598		8,123,840
EUR	EURIBOR 6 MTH		5.198	%		0.350	%		2022		2027		9,593,654		10,617,296		7,674,923		8,493,837
EUR	EURIBOR 6 MTH		5.307	%		0.000	%		2020		2028		17,791,988		19,690,391		11,512,463		12,740,841
EUR	EURIBOR 6 MTH		5.252	%		0.500	%		2017		2024		43,078,127		47,674,560		12,253,134		13,560,543
EUR	EURIBOR 6 MTH		5.041	%		0.368	%		2020		2027		32,895,000		36,404,894		15,428,000		17,074,166
EUR	EURIBOR 6 MTH		4.437	%		0.000	%		2022		2036		108,728,081		120,329,358		31,978,847		35,390,988
EUR	EURIBOR 6 MTH		4.935	%		0.150	%		2021		2030		80,403,817		88,982,898		32,345,326		35,796,570

D-121

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		4.071	%		0.000	%		2022		2029		36,300,000		40,173,207		33,275,000		36,825,440
EUR	EURIBOR 6 MTH		6.375	%		0.000	%		2022		2030		148,181,235		163,992,161		44,053,881		48,754,426
EUR	EURIBOR 6 MTH		7.252	%		0.000	%		2022		2035		160,960,160		178,134,596		55,909,896		61,875,477
EUR	EURIBOR 6 MTH		4.718	%		0.000	%		2022		2029		69,999,975		77,468,966		69,999,975		77,468,966
EUR	EURIBOR 6 MTH		0.500	%		0.000	%		2023		2037		297,368,504		329,097,699		88,406,853		97,839,856
EUR	EURIBOR 6 MTH		4.598	%		0.000	%		2022		2036		411,400,000		455,296,345		96,800,000		107,128,552
EUR	EURIBOR 6 MTH		5.894	%		0.000	%		2023		2030		199,765,196		221,080,126		199,765,196		221,080,126
EUR	EURIBOR 6 MTH		5.525	%		0.650	%		2019		2028		243,908,151		269,933,130		211,107,446		233,632,593
EUR	EURIBOR 6 MTH		1.000	%		0.000	%		2023		2036		2,264,005,558		2,505,574,760		399,530,393		442,160,252
EUR	FIXED		0.000	%		0.400	%		2023		2055		10,800,000		11,952,359		4,325,400		4,786,920
EUR	FIXED		0.880	%		0.260	%		2022		2034		59,977,728		66,377,347		11,041,096		12,219,180
EUR	FIXED		0.590	%		0.300	%		2017		2024		100,533,750		111,260,693		25,133,437		27,815,173
EUR	FIXED		1.280	%		0.300	%		2018		2027		35,214,565		38,971,956		27,550,219		30,489,824
EUR	FIXED		3.250	%		0.380	%		2022		2035		166,600,000		184,376,206		62,720,000		69,412,219
EUR	NO INTEREST RATE		0.000	%		0.400	%		2022		2049		10,000,000		11,066,999		2,132,000		2,359,484
EUR	NO INTEREST RATE		0.000	%		0.400	%		2022		2048		8,000,000		8,853,599		6,015,557		6,657,416
EUR	NO INTEREST RATE		0.000	%		0.400	%		2020		2048		10,000,000		11,066,999		10,000,000		11,066,999
EUR	NO INTEREST RATE		0.000	%		0.400	%		2020		2047		12,000,000		13,280,399		12,000,000		13,280,399
USD	FIXED		2.290	%		0.500	%		2017		2024		8,498,000		8,498,000		849,800		849,800
USD	FIXED		0.050	%		0.000	%		2016		2040		36,440,994		36,440,994		34,358,652		34,358,652
USD	LIBOR 3 MONTHS		7.840	%		0.250	%		2013		2024		144,499,796		144,499,796		5,568,788		5,568,788
USD	LIBOR 3 MONTHS		7.545	%		0.500	%		2017		2030		130,474,830		130,474,830		91,332,381		91,332,381
USD	LIBOR 6 MONTHS DEPOSIT		6.479	%		0.000	%		2018		2024		12,748,725		12,748,725		1,593,591		1,593,591
USD	LIBOR 6 MONTHS DEPOSIT		6.787	%		0.000	%		2018		2024		16,999,111		16,999,111		2,124,889		2,124,889
USD	LIBOR 6 MONTHS DEPOSIT		6.775	%		0.000	%		2018		2024		8,498,433		8,498,433		3,186,912		3,186,912
USD	LIBOR 6 MONTHS DEPOSIT		7.355	%		0.000	%		2017		2024		25,498,059		25,498,059		3,187,257		3,187,257
USD	LIBOR 6 MONTHS DEPOSIT		7.095	%		0.900	%		2017		2026		5,939,237		5,939,237		4,454,428		4,454,428
USD	LIBOR 6 MONTHS DEPOSIT		9.455	%		0.000	%		2017		2024		38,160,750		38,160,750		4,560,750		4,560,750
USD	LIBOR 6 MONTHS DEPOSIT		3.250	%		0.500	%		2012		2024		54,162,498		54,162,498		6,770,312		6,770,312
USD	LIBOR 6 MONTHS DEPOSIT		6.852	%		0.000	%		2018		2024		28,029,003		28,029,003		7,007,251		7,007,251
USD	LIBOR 6 MONTHS DEPOSIT		6.669	%		0.000	%		2018		2024		42,313,477		42,313,477		10,578,369		10,578,369
USD	LIBOR 6 MONTHS DEPOSIT		6.587	%		0.000	%		2018		2024		33,999,753		33,999,753		11,333,251		11,333,251
USD	LIBOR 6 MONTHS DEPOSIT		6.703	%		0.500	%		2017		2024		34,000,000		34,000,000		11,333,333		11,333,333
USD	LIBOR 6 MONTHS DEPOSIT		5.651	%		0.350	%		2014		2024		119,000,000		119,000,000		19,833,330		19,833,330
USD	LIBOR 6 MONTHS DEPOSIT		7.056	%		0.150	%		2020		2027		25,498,916		25,498,916		22,311,552		22,311,552
USD	LIBOR 6 MONTHS DEPOSIT		1.875	%		0.150	%		2020		2028		41,565,000		41,565,000		34,230,000		34,230,000
USD	LIBOR 6 MONTHS DEPOSIT		6.785	%		0.000	%		2018		2025		59,498,368		59,498,368		44,623,776		44,623,776
USD	LIBOR 6 MONTHS DEPOSIT		6.799	%		0.350	%		2017		2026		170,000,000		170,000,000		70,833,333		70,833,333
USD	LIBOR 6 MONTHS DEPOSIT		7.401	%		0.000	%		2017		2024		321,300,000		321,300,000		80,325,000		80,325,000
USD	LIBOR 6 MTH		6.553	%		0.000	%		2018		2024		12,718,423		12,718,423		1,589,803		1,589,803
USD	LIBOR 6 MTH		1.345	%		0.000	%		2018		2024		12,725,945		12,725,945		1,590,743		1,590,743
USD	LIBOR 6 MTH		6.555	%		0.500	%		2018		2024		18,700,000		18,700,000		2,337,500		2,337,500
USD	LIBOR 6 MTH		1.000	%		0.100	%		2019		2024		12,747,960		12,747,960		3,186,990		3,186,990
USD	LIBOR 6 MTH		1.891	%		0.000	%		2020		2026		8,490,650		8,490,650		5,306,656		5,306,656
USD	LIBOR 6 MTH		6.776	%		0.000	%		2018		2024		12,725,959		12,725,959		5,453,982		5,453,982
USD	LIBOR 6 MTH		1.195	%		0.150	%		2021		2027		8,500,000		8,500,000		6,375,000		6,375,000
USD	LIBOR 6 MTH		0.950	%		0.500	%		2021		2027		8,492,109		8,492,109		7,430,596		7,430,596
USD	LIBOR 6 MTH		6.834	%		0.000	%		2021		2027		9,350,000		9,350,000		8,181,250		8,181,250
USD	LIBOR 6 MTH		6.590	%		0.000	%		2018		2025		22,082,702		22,082,702		8,281,013		8,281,013
USD	LIBOR 6 MTH		6.533	%		0.000	%		2019		2025		13,574,208		13,574,208		9,049,472		9,049,472
USD	LIBOR 6 MTH		7.066	%		0.000	%		2020		2026		12,737,684		12,737,684		9,097,254		9,097,254
USD	LIBOR 6 MTH		7.442	%		0.000	%		2020		2026		12,728,750		12,728,750		9,546,563		9,546,563
USD	LIBOR 6 MTH		6.610	%		0.000	%		2021		2027		12,748,895		12,748,895		12,748,895		12,748,895
USD	LIBOR 6 MTH		6.381	%		0.100	%		2019		2026		25,499,717		25,499,717		15,937,323		15,937,323
USD	LIBOR 6 MTH		6.371	%		0.000	%		2019		2025		34,849,150		34,849,150		17,424,575		17,424,575
USD	LIBOR 6 MTH		1.595	%		0.390	%		2021		2027		26,349,657		26,349,657		23,055,950		23,055,950
USD	LIBOR 6 MTH		1.195	%		0.000	%		2021		2027		25,491,500		25,491,500		25,491,500		25,491,500

D-122

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		7.259	%		0.000	%		2020		2029		68,000,000		68,000,000		33,458,221		33,458,221
USD	LIBOR 6 MTH		6.928	%		0.000	%		2019		2025		93,499,997		93,499,997		40,071,427		40,071,427
USD	LIBOR 6 MTH		1.495	%		0.000	%		2020		2027		69,699,840		69,699,840		40,179,908		40,179,908
USD	LIBOR 6 MTH		6.717	%		0.000	%		2020		2028		114,747,564		114,747,564		67,498,567		67,498,567
USD	LIBOR 6 MTH		6.019	%		0.250	%		2020		2028		94,267,785		94,267,785		84,469,432		84,469,432
USD	LIBOR 6 MTH		7.467	%		0.000	%		2020		2031		612,000,000		612,000,000		89,186,400		89,186,400
USD	LIBOR 6 MTH		1.495	%		0.000	%		2019		2026		156,398,376		156,398,376		97,748,985		97,748,985
USD	LIBOR 6 MTH		6.884	%		0.000	%		2021		2028		110,500,000		110,500,000		108,159,423		108,159,423
USD	LIBOR 6 MTH		6.771	%		0.000	%		2019		2026		169,995,989		169,995,989		127,496,992		127,496,992
USD	LIBOR 6 MTH		7.008	%		0.000	%		2020		2028		330,732,215		330,732,215		296,355,348		296,355,348
USD	SOFR 6 MONTHS		5.711	%		0.000	%		2022		2029		18,490,334		18,490,334		1,499,216		1,499,216
USD	SOFR 6 MONTHS		5.914	%		0.350	%		2022		2028		46,210,001		46,210,001		3,746,757		3,746,757
USD	SOFR 6 MONTHS		6.789	%		0.000	%		2022		2029		55,460,154		55,460,154		4,496,769		4,496,769
USD	SOFR 6 MONTHS		6.545	%		0.000	%		2022		2028		22,157,087		22,157,087		6,699,149		6,699,149
USD	SOFR 6 MONTHS		6.950	%		0.000	%		2022		2029		92,488,501		92,488,501		7,499,068		7,499,068
USD	SOFR 6 MONTHS		6.628	%		0.000	%		2021		2027		8,489,970		8,489,970		8,489,970		8,489,970
USD	SOFR 6 MONTHS		6.620	%		0.000	%		2021		2026		8,493,650		8,493,650		8,493,650		8,493,650
USD	SOFR 6 MONTHS		6.209	%		0.000	%		2022		2028		12,733,323		12,733,323		9,291,884		9,291,884
USD	SOFR 6 MONTHS		1.100	%		0.000	%		2022		2031		32,375,000		32,375,000		9,625,000		9,625,000
USD	SOFR 6 MONTHS		1.175	%		0.310	%		2022		2031		32,375,000		32,375,000		9,625,000		9,625,000
USD	SOFR 6 MONTHS		6.616	%		0.000	%		2021		2028		11,050,000		11,050,000		11,050,000		11,050,000
USD	SOFR 6 MONTHS		6.826	%		0.000	%		2021		2027		12,730,051		12,730,051		11,138,794		11,138,794
USD	SOFR 6 MONTHS		7.197	%		0.000	%		2022		2029		58,737,500		58,737,500		11,641,675		11,641,675
USD	SOFR 6 MONTHS		6.595	%		0.000	%		2022		2029		78,616,459		78,616,459		12,111,766		12,111,766
USD	SOFR 6 MONTHS		6.849	%		0.000	%		2021		2028		33,947,129		33,947,129		15,841,989		15,841,989
USD	SOFR 6 MONTHS		6.215	%		0.000	%		2021		2027		16,998,725		16,998,725		16,998,725		16,998,725
USD	SOFR 6 MONTHS		8.075	%		0.000	%		2022		2029		97,125,000		97,125,000		18,375,000		18,375,000
USD	SOFR 6 MONTHS		6.344	%		0.000	%		2022		2028		18,496,961		18,496,961		18,496,961		18,496,961
USD	SOFR 6 MONTHS		6.194	%		0.500	%		2022		2030		56,425,000		56,425,000		23,891,666		23,891,666
USD	SOFR 6 MONTHS		5.938	%		0.500	%		2022		2028		70,254,953		70,254,953		28,481,738		28,481,738
USD	SOFR 6 MONTHS		6.166	%		0.000	%		2022		2028		36,996,457		36,996,457		34,271,637		34,271,637
USD	SOFR 6 MONTHS		1.500	%		0.000	%		2023		2028		84,922,650		84,922,650		34,968,150		34,968,150
USD	SOFR 6 MONTHS		6.447	%		0.000	%		2022		2028		36,998,890		36,998,890		35,036,947		35,036,947
USD	SOFR 6 MONTHS		5.914	%		0.350	%		2022		2028		46,240,245		46,240,245		39,736,222		39,736,222
USD	SOFR 6 MONTHS		6.447	%		0.000	%		2022		2027		41,625,000		41,625,000		41,625,000		41,625,000
USD	SOFR 6 MONTHS		6.868	%		0.000	%		2022		2027		42,487,250		42,487,250		42,487,250		42,487,250
USD	SOFR 6 MONTHS		6.037	%		0.350	%		2022		2028		55,470,400		55,470,400		51,599,680		51,599,680
USD	SOFR 6 MONTHS		6.630	%		0.000	%		2022		2028		127,461,750		127,461,750		52,484,250		52,484,250
USD	SOFR 6 MONTHS		7.848	%		0.000	%		2022		2029		161,875,000		161,875,000		67,872,393		67,872,393
USD	SOFR 6 MONTHS		7.393	%		0.000	%		2022		2029		184,970,400		184,970,400		86,089,037		86,089,037
USD	SOFR 6 MONTHS		2.030	%		0.000	%		2022		2030		259,000,000		259,000,000		95,116,000		95,116,000
USD	SOFR 6 MONTHS		7.313	%		0.000	%		2022		2029		184,977,597		184,977,597		136,549,776		136,549,776
USD	SOFR 6 MONTHS		6.482	%		0.000	%		2022		2029		222,000,000		222,000,000		150,000,000		150,000,000
USD	SOFR 6 MONTHS		7.355	%		0.000	%		2022		2029		481,924,170		481,924,170		245,335,468		245,335,468
EXPORT CREDIT
AUD	NO INTEREST RATE		0.000	%		0.000	%		2006		2046		197,505,719		134,995,204		167,879,861		114,745,923
EUR	EURIBOR 6 MTH		3.983	%		0.500	%		2017		2027		21,335,000		23,611,443		10,040,000		11,111,267
EUR	EURIBOR 6 MTH		6.237	%		1.000	%		2012		2025		148,802,419		164,679,624		27,900,453		30,877,429
EUR	EURIBOR 6 MTH		5.948	%		1.000	%		2013		2025		147,441,457		163,173,448		36,860,364		40,793,362
EUR	EURIBOR 6 MTH		4.086	%		0.271	%		2016		2028		166,961,250		184,776,001		93,915,703		103,936,501
EUR	EURIBOR 6 MTH		4.526	%		0.400	%		2019		2033		152,721,115		169,016,445		145,085,059		160,565,623
EUR	EURIBOR 6 MTH		4.567	%		0.000	%		2022		2036		793,333,050		877,981,620		448,980,769		496,886,979
EUR	FIXED		3.500	%		0.000	%		1995		2025		46,699,077		51,681,865		1,897,858		2,100,359
EUR	FIXED		0.490	%		0.250	%		2019		2027		26,264,490		29,066,909		16,593,167		18,363,657
USD	FIXED		2.950	%		0.000	%		1999		2024		4,757,040		4,757,040		132,140		132,140
USD	FIXED		5.300	%		0.000	%		2011		2026		4,242,605		4,242,605		1,697,042		1,697,042
USD	FIXED		3.470	%		0.000	%		2002		2032		3,693,809		3,693,809		1,744,299		1,744,299

D-123

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		3.470	%		0.000	%		2002		2028		49,578,504		49,578,504		12,394,626		12,394,626
USD	FIXED		3.580	%		0.500	%		2012		2024		339,999,999		339,999,999		16,999,999		16,999,999
USD	FIXED		2.600	%		0.000	%		2017		2030		101,660,000		101,660,000		71,162,000		71,162,000
USD	FIXED		3.980	%		0.500	%		2012		2028		917,999,150		917,999,150		316,919,256		316,919,256
USD	LIBOR 6 MONTHS DEPOSIT		7.911	%		0.250	%		2017		2024		25,499,985		25,499,985		3,642,855		3,642,855
USD	LIBOR 6 MONTHS DEPOSIT		6.184	%		0.250	%		2020		2029		36,975,000		36,975,000		33,893,750		33,893,750
MULTILATERAL
ACU	FIXED		0.000	%		0.000	%		2000		2024		5,844,757		7,841,733		324,709		435,652
ACU	FIXED		0.000	%		0.000	%		2000		2025		6,090,241		8,171,092		507,520		680,924
ACU	FIXED		0.000	%		0.000	%		2009		2025		10,033,378		13,461,480		1,360,776		1,825,711
ACU	FIXED		0.000	%		0.000	%		2008		2029		3,750,773		5,032,299		1,570,059		2,106,500
ACU	NO INTEREST RATE		0.000	%		0.000	%		2009		2033		912,816		1,224,698		507,120		680,388
ACU	NO INTEREST RATE		0.000	%		0.000	%		2011		2031		1,746,424		2,343,124		873,212		1,171,562
ACU	NO INTEREST RATE		0.000	%		0.000	%		2013		2033		1,459,473		1,958,130		924,333		1,240,149
ACU	NO INTEREST RATE		0.000	%		0.000	%		2011		2030		4,000,000		5,366,679		953,123		1,278,776
ACU	NO INTEREST RATE		0.000	%		0.000	%		2006		2027		6,533,167		8,765,353		984,321		1,320,634
ACU	NO INTEREST RATE		0.000	%		0.000	%		2003		2027		3,880,448		5,206,280		1,127,849		1,513,201
ACU	NO INTEREST RATE		0.000	%		0.000	%		2006		2033		2,468,697		3,312,177		1,563,508		2,097,712
ACU	NO INTEREST RATE		0.000	%		0.000	%		2011		2031		3,140,000		4,212,843		1,674,653		2,246,831
ACU	NO INTEREST RATE		0.000	%		0.000	%		2013		2033		3,625,695		4,864,486		2,296,274		3,080,841
ACU	NO INTEREST RATE		0.000	%		0.000	%		2006		2029		11,017,000		14,781,176		2,448,273		3,284,774
ACU	NO INTEREST RATE		0.000	%		0.000	%		2006		2026		25,196,731		33,805,693		2,521,453		3,382,957
ACU	NO INTEREST RATE		0.000	%		0.000	%		2006		2027		21,443,443		28,770,020		3,160,789		4,240,735
ACU	NO INTEREST RATE		0.000	%		0.000	%		2008		2032		10,274,000		13,784,315		3,162,871		4,243,529
ACU	NO INTEREST RATE		0.000	%		0.000	%		2007		2032		8,864,502		11,893,235		3,939,779		5,285,882
ACU	NO INTEREST RATE		0.000	%		0.000	%		2009		2033		9,172,817		12,306,891		5,096,009		6,837,162
ACU	NO INTEREST RATE		0.000	%		0.000	%		2006		2028		27,520,000		36,922,753		5,146,477		6,904,872
ACU	NO INTEREST RATE		0.000	%		0.000	%		2009		2027		40,329,934		54,109,454		12,098,980		16,232,837
EUR	ADB FLOATING RATE		0.000	%		0.000	%		2011		2026		102,989,447		113,978,412		62,932,418		69,647,302
EUR	ADB FLOATING RATE		0.000	%		0.000	%		2012		2027		139,007,699		153,839,809		74,850,299		82,836,820
EUR	ADB FLOATING RATE		0.000	%		0.000	%		2012		2027		149,700,599		165,673,640		85,543,199		94,670,652
EUR	ADB FLOATING RATE		0.000	%		0.000	%		2013		2028		228,115,198		252,455,070		142,571,999		157,784,419
EUR	ADB FLOATING RATE		0.000	%		0.000	%		2014		2029		242,372,398		268,233,512		171,086,399		189,341,303
EUR	ADB FLOATING RATE		0.000	%		0.000	%		2018		2033		452,867,785		501,188,740		358,520,330		396,774,419
EUR	ADB FLOATING RATE		0.000	%		0.000	%		2018		2033		452,867,785		501,188,740		358,520,330		396,774,419
EUR	COMMERCIAL INTEREST REFERENCE RATE		4.450	%		0.000	%		2019		2032		29,800,000		32,979,657		22,564,959		24,972,639
EUR	COMMERCIAL INTEREST REFERENCE RATE		4.450	%		0.000	%		2019		2033		44,850,000		49,635,491		26,965,774		29,843,020
EUR	EURIBOR 6 MTH		1.450	%		0.000	%		2023		2043		205,002,000		226,875,696		194,488		215,240
EUR	EURIBOR 6 MTH		3.822	%		0.150	%		2020		2030		462,920,000		512,313,525		429,854,286		475,719,702
EUR	EURIBOR 6 MTH		3.822	%		0.150	%		2020		2025		925,840,000		1,024,627,050		694,380,000		768,470,288
EUR	EURIBOR 6 MTH		0.530	%		0.250	%		2023		2038		937,700,000		1,037,752,511		937,700,000		1,037,752,511
EUR	EURIBOR 6 MTH		4.070	%		0.250	%		2022		2032		1,041,200,000		1,152,295,952		1,041,200,000		1,152,295,952
EUR	FIXED		0.750	%		0.000	%		1990		2029		2,584,961		2,860,776		1,193,059		1,320,358
EUR	FIXED		0.750	%		0.000	%		1993		2031		2,900,308		3,209,771		1,546,831		1,711,878
EUR	FIXED		0.750	%		0.000	%		1995		2035		4,731,712		5,236,585		2,941,334		3,255,175
EUR	FIXED		4.850	%		0.000	%		2012		2030		5,695,647		6,303,372		2,949,368		3,264,065
EUR	FIXED		4.850	%		0.000	%		2017		2035		93,150,000		103,089,097		40,952,533		45,322,164
EUR	FIXED		0.820	%		0.000	%		2013		2033		253,356,980		280,390,148		235,596,656		260,734,799
EUR	FIXED		0.830	%		0.000	%		2013		2033		337,952,011		374,011,462		314,261,575		347,793,258
JPY	ADB FLOATING RATE		0.054	%		0.000	%		2013		2031		1,161,362,188		8,214,763		904,337,176		6,396,726
JPY	ADB FLOATING RATE		0.000	%		0.000	%		2009		2033		1,570,573,575		11,109,272		1,361,569,833		9,630,908
JPY	ADB FLOATING RATE		-0.153	%		0.000	%		2009		2034		7,494,931,344		53,014,539		6,737,388,193		47,656,145
JPY	ADB FLOATING RATE		0.003	%		0.000	%		2011		2036		9,039,216,675		63,937,865		8,287,437,022		58,620,238
JPY	ADB FLOATING RATE		0.005	%		0.000	%		2012		2036		15,376,956,872		108,767,145		14,098,075,778		99,721,126
JPY	ADB FLOATING RATE		0.060	%		0.000	%		2015		2030		34,946,666,665		247,191,248		24,462,666,667		173,033,874
JPY	ADB FLOATING RATE		0.087	%		0.000	%		2015		2030		33,454,249,998		236,634,810		24,650,499,998		174,362,491
JPY	ADB FLOATING RATE		0.000	%		0.000	%		2017		2032		42,728,000,000		302,231,619		30,265,666,669		214,080,730

D-124

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		0.000	%		0.000	%		2017		2032		40,964,000,000		289,754,167		30,723,000,002		217,315,625
JPY	ADB FLOATING RATE		0.125	%		0.000	%		2016		2031		46,191,250,001		326,728,522		32,993,750,003		233,377,516
JPY	ADB FLOATING RATE		0.035	%		0.000	%		2016		2031		52,454,375,000		371,030,020		36,490,000,000		258,107,840
JPY	ADB FLOATING RATE		0.000	%		0.000	%		2019		2034		52,595,000,000		372,024,715		46,020,625,001		325,521,625
JPY	ADB FLOATING RATE		0.000	%		0.000	%		2019		2034		51,840,000,000		366,684,309		47,520,000,000		336,127,283
JPY	ADB FLOATING RATE		0.000	%		0.000	%		2018		2039		52,275,000,000		369,761,231		52,275,000,000		369,761,231
JPY	ADB FLOATING RATE		0.346	%		0.000	%		2020		2036		63,750,000,000		450,928,331		63,750,000,000		450,928,331
JPY	LIBOR 6 MONTHS DEPOSIT		0.545	%		0.000	%		2019		2033		110,795,000,000		783,695,756		110,795,000,000		783,695,756
JPY	LIBOR 6 MTH		0.585	%		0.250	%		2020		2034		31,975,600,000		226,175,748		31,975,600,000		226,175,748
JPY	LIBOR 6 MTH		0.236	%		0.000	%		2021		2036		63,530,000,000		449,372,186		63,530,000,000		449,372,186
JPY	LIBOR 6 MTH		0.229	%		0.000	%		2020		2035		63,560,000,000		449,584,388		63,560,000,000		449,584,388
JPY	SOFR 6 MONTHS		0.000	%		0.000	%		2012		2030		6,325,750,300		44,744,471		5,664,785,575		40,069,213
JPY	SOFR 6 MONTHS		0.355	%		0.000	%		2021		2036		64,685,000,000		457,541,946		64,685,000,000		457,541,946
JPY	TONA 6 MONTHS		0.106	%		0.150	%		2022		2040		13,940,700,000		98,607,946		524,971,739		3,713,328
JPY	TONA COMPOUNDED		0.500	%		0.150	%		2022		2041		20,487,108,000		144,913,214		666,924,105		4,717,411
JPY	TONA COMPOUNDED		0.500	%		0.150	%		2023		2038		71,865,000,000		508,328,855		71,865,000,000		508,328,855
SDR	FIXED		1.000	%		0.000	%		1998		2024		8,799,590		11,806,144		214,681		288,031
SDR	FIXED		1.000	%		0.000	%		1998		2024		10,500,493		14,088,194		245,001		328,711
SDR	FIXED		0.750	%		0.000	%		1999		2024		3,796,674		5,093,883		371,934		499,013
SDR	FIXED		0.750	%		0.300	%		2001		2025		2,776,666		3,725,369		417,927		560,721
SDR	FIXED		1.500	%		0.000	%		2005		2025		2,945,950		3,952,492		490,990		658,746
SDR	FIXED		0.750	%		0.200	%		2004		2025		3,409,938		4,575,011		510,507		684,931
SDR	FIXED		1.500	%		0.000	%		2005		2024		13,363,083		17,928,845		556,729		746,946
SDR	FIXED		1.500	%		0.000	%		2004		2024		13,780,339		18,488,665		574,199		770,386
SDR	FIXED		0.750	%		0.000	%		2001		2026		4,586,621		6,153,730		678,611		910,472
SDR	FIXED		1.500	%		0.000	%		2004		2024		24,491,234		32,859,149		1,020,091		1,368,625
SDR	FIXED		1.500	%		0.000	%		2004		2024		14,539,228		19,506,844		1,211,584		1,625,546
SDR	FIXED		1.500	%		0.000	%		2005		2025		11,109,377		14,905,115		1,368,393		1,835,931
SDR	FIXED		0.750	%		0.300	%		2005		2026		9,920,000		13,309,364		1,469,903		1,972,124
SDR	FIXED		0.750	%		0.000	%		1999		2024		26,468,010		35,511,329		1,699,463		2,280,119
SDR	FIXED		0.750	%		0.000	%		1995		2035		5,443,537		7,303,429		2,177,401		2,921,353
SDR	FIXED		0.750	%		0.300	%		2004		2026		15,645,948		20,991,696		2,346,721		3,148,525
SDR	FIXED		0.750	%		0.300	%		2005		2026		17,899,858		24,015,699		2,684,978		3,602,354
SDR	FIXED		0.750	%		0.300	%		2005		2026		19,832,774		26,609,034		2,938,446		3,942,424
SDR	FIXED		0.750	%		0.300	%		2004		2026		21,585,432		28,960,522		3,237,812		4,344,074
SDR	FIXED		0.750	%		0.350	%		2000		2025		21,799,223		29,247,358		3,265,113		4,380,704
SDR	FIXED		0.750	%		0.300	%		2005		2025		22,683,185		30,433,344		3,353,188		4,498,871
SDR	FIXED		1.500	%		0.000	%		2006		2026		14,588,899		19,573,485		3,524,503		4,728,719
SDR	FIXED		0.750	%		0.000	%		2001		2026		35,414,179		47,514,134		3,545,555		4,756,964
SDR	FIXED		0.750	%		0.200	%		2007		2026		39,654,356		53,203,052		3,961,927		5,315,597
SDR	FIXED		0.750	%		0.100	%		2001		2026		30,282,981		40,629,761		4,480,520		6,011,379
SDR	FIXED		0.750	%		0.000	%		1999		2024		71,023,332		95,289,859		4,560,138		6,118,199
SDR	FIXED		1.000	%		0.000	%		1982		2031		23,677,607		31,767,530		4,735,527		6,353,513
SDR	FIXED		0.750	%		0.300	%		2004		2025		31,597,889		42,393,934		4,739,683		6,359,090
SDR	FIXED		1.500	%		0.000	%		2007		2026		20,457,033		27,446,583		5,114,265		6,861,655
SDR	FIXED		0.750	%		0.300	%		2005		2025		51,647,003		69,293,225		5,245,841		7,038,186
SDR	FIXED		0.750	%		0.500	%		2003		2026		36,831,596		49,415,840		5,449,421		7,311,324
SDR	FIXED		5.180	%		0.000	%		2012		2030		11,727,046		15,733,824		5,492,676		7,369,358
SDR	FIXED		0.750	%		0.000	%		1998		2037		15,352,987		20,598,639		5,698,651		7,645,708
SDR	FIXED		1.500	%		0.000	%		2006		2025		34,207,410		45,895,049		5,701,250		7,649,195
SDR	FIXED		0.750	%		0.100	%		2007		2027		38,320,881		51,413,968		5,714,647		7,667,169
SDR	FIXED		0.750	%		0.200	%		2006		2026		45,655,179		61,254,175		6,795,510		9,117,331
SDR	FIXED		1.500	%		0.000	%		2009		2028		16,502,377		22,140,741		6,809,696		9,136,363
SDR	FIXED		0.750	%		0.300	%		2005		2025		47,003,494		63,063,168		7,048,999		9,457,429
SDR	FIXED		0.750	%		0.000	%		2006		2026		47,370,000		63,554,898		7,054,963		9,465,431
SDR	FIXED		1.500	%		0.000	%		2007		2026		32,326,766		43,371,846		8,076,547		10,836,059
SDR	FIXED		0.750	%		0.200	%		2000		2025		54,139,161		72,636,878		8,101,045		10,868,927

D-125

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		0.750	%		0.100	%		2002		2025		55,551,518		74,531,794		8,332,107		11,178,936
SDR	FIXED		0.750	%		0.000	%		2006		2044		13,638,602		18,298,501		9,531,055		12,787,529
SDR	FIXED		0.750	%		0.000	%		2000		2040		17,500,000		23,479,221		9,624,991		12,913,560
SDR	FIXED		1.500	%		0.000	%		2007		2027		31,155,525		41,800,427		10,385,173		13,933,473
SDR	FIXED		0.750	%		0.500	%		2008		2026		78,598,745		105,453,563		11,739,774		15,750,900
SDR	FIXED		0.750	%		0.500	%		2001		2026		87,499,973		117,396,071		11,868,401		15,923,475
SDR	FIXED		0.750	%		0.100	%		2007		2027		81,950,000		109,949,840		12,274,571		16,468,421
SDR	FIXED		1.500	%		0.000	%		2008		2028		31,335,613		42,042,045		13,056,513		17,517,529
SDR	FIXED		0.750	%		0.100	%		2007		2027		89,508,359		120,090,662		13,397,762		17,975,373
SDR	FIXED		0.750	%		0.100	%		2007		2025		90,838,458		121,875,215		13,425,972		18,013,221
SDR	FIXED		2.590	%		0.000	%		2011		2032		29,022,733		38,938,924		16,265,266		21,822,616
SDR	FIXED		1.500	%		0.000	%		2008		2027		49,323,506		66,175,858		16,441,170		22,058,621
SDR	FIXED		0.750	%		0.500	%		2008		2025		119,359,232		160,140,676		17,827,897		23,919,151
SDR	FIXED		0.750	%		0.000	%		2008		2048		41,696,408		55,942,811		34,731,728		46,598,510
USD	FIXED		0.750	%		0.000	%		1974		2024		21,118,111		21,118,111		322,811		322,811
USD	FIXED		0.750	%		0.000	%		1979		2026		9,546,069		9,546,069		429,573		429,573
USD	FIXED		0.750	%		0.000	%		1974		2024		30,000,000		30,000,000		450,000		450,000
USD	FIXED		0.750	%		0.000	%		1979		2029		11,147,916		11,147,916		501,453		501,453
USD	FIXED		0.750	%		0.000	%		1979		2029		5,500,000		5,500,000		1,166,435		1,166,435
USD	FIXED		0.750	%		0.000	%		1980		2026		26,163,597		26,163,597		1,177,359		1,177,359
USD	FIXED		0.750	%		0.000	%		1978		2028		28,673,287		28,673,287		1,290,297		1,290,297
USD	FIXED		0.750	%		0.000	%		1980		2030		30,000,000		30,000,000		1,350,000		1,350,000
USD	FIXED		0.000	%		0.000	%		2011		2027		3,997,338		3,997,338		1,453,578		1,453,578
USD	FIXED		0.750	%		0.000	%		1980		2028		35,058,627		35,058,627		1,577,637		1,577,637
USD	FIXED		0.750	%		0.000	%		1980		2030		36,526,867		36,526,867		1,643,706		1,643,706
USD	FIXED		0.750	%		0.000	%		1978		2028		40,000,000		40,000,000		1,800,000		1,800,000
USD	FIXED		0.750	%		0.000	%		1979		2025		67,000,000		67,000,000		2,010,000		2,010,000
USD	FIXED		0.750	%		0.000	%		1978		2028		49,000,000		49,000,000		2,205,000		2,205,000
USD	FIXED		5.220	%		0.000	%		2004		2024		300,000,000		300,000,000		23,410,000		23,410,000
USD	FIXED		1.140	%		0.000	%		2018		2036		39,885,000		39,885,000		30,026,000		30,026,000
USD	FIXED		1.140	%		0.000	%		2019		2037		55,300,000		55,300,000		30,900,000		30,900,000
USD	FIXED		0.000	%		0.000	%		2011		2026		133,605,200		133,605,200		35,791,039		35,791,039
USD	FIXED		4.250	%		0.000	%		2008		2027		200,000,000		200,000,000		75,240,000		75,240,000
USD	FIXED		4.580	%		0.000	%		2005		2025		400,000,000		400,000,000		81,120,000		81,120,000
USD	FIXED		0.250	%		0.250	%		2011		2051		124,311,085		124,311,085		118,095,531		118,095,531
USD	FIXED		4.730	%		0.000	%		2006		2026		530,000,000		530,000,000		155,025,000		155,025,000
USD	FIXED		4.220	%		0.000	%		2007		2027		600,000,000		600,000,000		225,720,000		225,720,000
USD	FIXED		4.410	%		0.000	%		2008		2033		600,000,000		600,000,000		411,600,000		411,600,000
USD	FIXED		4.690	%		0.000	%		2008		2033		950,000,000		950,000,000		665,475,000		665,475,000
USD	LIBOR 6 MONTHS DEPOSIT		6.020	%		0.000	%		2009		2033		275,000		275,000		192,638		192,638
USD	LIBOR 6 MONTHS DEPOSIT		6.330	%		0.250	%		2004		2024		8,871,240		8,871,240		334,177		334,177
USD	LIBOR 6 MONTHS DEPOSIT		5.941	%		0.250	%		2005		2025		14,500,000		14,500,000		1,805,000		1,805,000
USD	LIBOR 6 MONTHS DEPOSIT		6.550	%		0.000	%		2009		2034		5,000,000		5,000,000		3,620,000		3,620,000
USD	LIBOR 6 MONTHS DEPOSIT		5.941	%		0.250	%		2004		2024		54,410,916		54,410,916		4,175,553		4,175,553
USD	LIBOR 6 MONTHS DEPOSIT		6.530	%		0.250	%		2005		2025		36,374,144		36,374,144		4,653,878		4,653,878
USD	LIBOR 6 MONTHS DEPOSIT		5.941	%		0.250	%		2005		2025		39,549,612		39,549,612		4,675,373		4,675,373
USD	LIBOR 6 MONTHS DEPOSIT		5.100	%		0.000	%		2007		2027		18,060,078		18,060,078		6,105,511		6,105,511
USD	LIBOR 6 MONTHS DEPOSIT		6.530	%		0.250	%		2004		2024		187,774,783		187,774,783		7,342,364		7,342,364
USD	LIBOR 6 MONTHS DEPOSIT		5.550	%		0.250	%		2007		2026		25,729,880		25,729,880		7,536,034		7,536,034
USD	LIBOR 6 MONTHS DEPOSIT		6.530	%		0.250	%		2005		2025		66,612,197		66,612,197		8,184,718		8,184,718
USD	LIBOR 6 MONTHS DEPOSIT		6.530	%		0.250	%		2005		2025		68,139,965		68,139,965		8,605,474		8,605,474
USD	LIBOR 6 MONTHS DEPOSIT		6.830	%		0.250	%		2005		2025		80,000,000		80,000,000		9,582,139		9,582,139
USD	LIBOR 6 MONTHS DEPOSIT		6.107	%		0.750	%		2005		2025		53,986,553		53,986,553		12,564,745		12,564,745
USD	LIBOR 6 MONTHS DEPOSIT		6.580	%		0.250	%		2006		2026		61,765,082		61,765,082		13,322,401		13,322,401
USD	LIBOR 6 MONTHS DEPOSIT		5.482	%		0.000	%		2009		2033		20,487,156		20,487,156		14,935,136		14,935,136
USD	LIBOR 6 MONTHS DEPOSIT		6.103	%		0.750	%		2002		2024		176,882,876		176,882,876		19,598,389		19,598,389
USD	LIBOR 6 MONTHS DEPOSIT		6.107	%		0.638	%		2004		2028		46,372,874		46,372,874		21,499,439		21,499,439

D-126

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		6.107	%		0.750	%		2004		2028		51,938,068		51,938,068		23,835,242		23,835,242
USD	LIBOR 6 MONTHS DEPOSIT		5.800	%		0.250	%		2017		2026		43,347,009		43,347,009		26,123,744		26,123,744
USD	LIBOR 6 MONTHS DEPOSIT		5.800	%		0.250	%		2017		2027		50,662,580		50,662,580		30,418,040		30,418,040
USD	LIBOR 6 MONTHS DEPOSIT		5.903	%		0.150	%		2013		2033		48,757,919		48,757,919		33,802,709		33,802,709
USD	LIBOR 6 MONTHS DEPOSIT		5.840	%		0.000	%		2009		2033		47,365,385		47,365,385		34,409,284		34,409,284
USD	LIBOR 6 MONTHS DEPOSIT		3.020	%		0.000	%		2007		2026		174,107,152		174,107,152		40,653,220		40,653,220
USD	LIBOR 6 MONTHS DEPOSIT		5.806	%		0.000	%		2014		2033		44,793,480		44,793,480		41,417,631		41,417,631
USD	LIBOR 6 MONTHS DEPOSIT		5.803	%		0.150	%		2010		2025		200,000,000		200,000,000		51,395,646		51,395,646
USD	LIBOR 6 MONTHS DEPOSIT		5.320	%		0.000	%		2008		2030		93,155,240		93,155,240		63,215,146		63,215,146
USD	LIBOR 6 MONTHS DEPOSIT		5.983	%		0.000	%		2013		2029		95,419,264		95,419,264		63,234,346		63,234,346
USD	LIBOR 6 MONTHS DEPOSIT		5.482	%		0.000	%		2010		2033		99,880,000		99,880,000		72,812,520		72,812,520
USD	LIBOR 6 MONTHS DEPOSIT		6.083	%		0.250	%		2018		2031		100,000,000		100,000,000		90,000,000		90,000,000
USD	LIBOR 6 MONTHS DEPOSIT		5.901	%		0.000	%		2011		2035		119,319,612		119,319,612		96,622,601		96,622,601
USD	LIBOR 6 MONTHS DEPOSIT		6.083	%		0.250	%		2018		2031		150,000,000		150,000,000		96,782,000		96,782,000
USD	LIBOR 6 MONTHS DEPOSIT		6.001	%		0.000	%		2016		2031		143,000,000		143,000,000		107,416,054		107,416,054
USD	LIBOR 6 MONTHS DEPOSIT		6.150	%		0.250	%		2017		2032		125,000,000		125,000,000		124,996,747		124,996,747
USD	LIBOR 6 MONTHS DEPOSIT		6.350	%		0.250	%		2017		2032		125,000,000		125,000,000		124,996,747		124,996,747
USD	LIBOR 6 MONTHS DEPOSIT		6.390	%		0.250	%		2017		2030		186,600,000		186,600,000		175,310,700		175,310,700
USD	LIBOR 6 MONTHS DEPOSIT		6.083	%		0.250	%		2018		2031		300,000,000		300,000,000		193,596,715		193,596,715
USD	LIBOR 6 MONTHS DEPOSIT		6.761	%		0.250	%		2016		2032		207,333,994		207,333,994		197,993,244		197,993,244
USD	LIBOR 6 MONTHS DEPOSIT		6.753	%		0.250	%		2016		2032		207,333,994		207,333,994		197,993,274		197,993,274
USD	LIBOR 6 MONTHS DEPOSIT		6.570	%		0.250	%		2017		2036		200,000,000		200,000,000		198,600,179		198,600,179
USD	LIBOR 6 MONTHS DEPOSIT		6.183	%		0.250	%		2018		2034		250,000,000		250,000,000		199,413,873		199,413,873
USD	LIBOR 6 MONTHS DEPOSIT		6.250	%		0.250	%		2017		2037		300,000,000		300,000,000		280,020,000		280,020,000
USD	LIBOR 6 MONTHS DEPOSIT		6.760	%		0.000	%		2009		2033		411,022,100		411,022,100		287,920,981		287,920,981
USD	LIBOR 6 MONTHS DEPOSIT		6.260	%		0.250	%		2016		2036		297,979,759		297,979,759		289,695,793		289,695,793
USD	LIBOR 6 MONTHS DEPOSIT		5.950	%		0.250	%		2017		2031		400,644,790		400,644,790		333,957,765		333,957,765
USD	LIBOR 6 MONTHS DEPOSIT		6.006	%		0.250	%		2016		2037		400,000,000		400,000,000		365,440,000		365,440,000
USD	LIBOR 6 MONTHS DEPOSIT		5.983	%		0.000	%		2014		2030		500,000,000		500,000,000		375,100,000		375,100,000
USD	LIBOR 6 MONTHS DEPOSIT		5.982	%		0.250	%		2016		2036		400,000,000		400,000,000		400,000,000		400,000,000
USD	LIBOR 6 MONTHS DEPOSIT		6.083	%		0.250	%		2018		2032		400,000,000		400,000,000		400,000,000		400,000,000
USD	LIBOR 6 MONTHS DEPOSIT		5.706	%		0.000	%		2014		2030		500,000,000		500,000,000		400,550,000		400,550,000
USD	LIBOR 6 MONTHS DEPOSIT		6.006	%		0.250	%		2015		2035		500,000,000		500,000,000		427,100,000		427,100,000
USD	LIBOR 6 MONTHS DEPOSIT		6.183	%		0.000	%		2011		2035		525,373,016		525,373,016		439,264,378		439,264,378
USD	LIBOR 6 MONTHS DEPOSIT		6.007	%		0.150	%		2017		2034		500,000,000		500,000,000		450,565,868		450,565,868
USD	LIBOR 6 MONTHS DEPOSIT		6.157	%		0.000	%		2013		2037		634,074,990		634,074,990		575,546,139		575,546,139
USD	LIBOR 6 MTH		7.111	%		0.250	%		2021		2046		380,000,000		380,000,000		255,983		255,983
USD	LIBOR 6 MTH		5.400	%		0.000	%		2012		2034		4,114,072		4,114,072		4,114,072		4,114,072
USD	LIBOR 6 MTH		6.411	%		0.250	%		2019		2032		49,600,000		49,600,000		5,446,700		5,446,700
USD	LIBOR 6 MTH		5.338	%		0.000	%		2011		2035		8,455,448		8,455,448		7,069,600		7,069,600
USD	LIBOR 6 MTH		5.049	%		0.000	%		2010		2034		18,718,505		18,718,505		14,673,436		14,673,436
USD	LIBOR 6 MTH		5.757	%		0.150	%		2019		2039		50,000,000		50,000,000		21,203,553		21,203,553
USD	LIBOR 6 MTH		5.400	%		0.000	%		2011		2035		36,091,438		36,091,438		30,191,615		30,191,615
USD	LIBOR 6 MTH		5.940	%		0.250	%		2020		2032		100,000,000		100,000,000		30,583,095		30,583,095
USD	LIBOR 6 MTH		5.138	%		0.000	%		2009		2034		66,954,247		66,954,247		50,631,012		50,631,012
USD	LIBOR 6 MTH		6.040	%		0.250	%		2020		2033		160,000,000		160,000,000		54,577,000		54,577,000
USD	LIBOR 6 MTH		5.338	%		0.000	%		2012		2036		77,093,168		77,093,168		68,296,837		68,296,837
USD	LIBOR 6 MTH		5.338	%		0.000	%		2012		2036		91,089,216		91,089,216		78,429,989		78,429,989
USD	LIBOR 6 MTH		5.300	%		0.000	%		2013		2034		105,364,546		105,364,546		87,600,084		87,600,084
USD	LIBOR 6 MTH		6.003	%		0.150	%		2018		2037		200,000,000		200,000,000		107,239,591		107,239,591
USD	LIBOR 6 MTH		5.900	%		0.250	%		2020		2032		250,020,000		250,020,000		110,170,000		110,170,000
USD	LIBOR 6 MTH		5.900	%		0.250	%		2020		2032		150,000,000		150,000,000		111,450,000		111,450,000
USD	LIBOR 6 MTH		5.138	%		0.000	%		2010		2034		182,064,708		182,064,708		142,939,309		142,939,309
USD	LIBOR 6 MTH		5.149	%		0.250	%		2018		2031		200,000,000		200,000,000		170,010,948		170,010,948
USD	LIBOR 6 MTH		5.900	%		0.250	%		2019		2032		250,000,000		250,000,000		180,500,000		180,500,000
USD	LIBOR 6 MTH		5.400	%		0.000	%		2011		2035		223,752,199		223,752,199		187,382,496		187,382,496
USD	LIBOR 6 MTH		6.130	%		0.250	%		2018		2034		250,000,000		250,000,000		199,413,873		199,413,873

D-127

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		5.300	%		0.250	%		2020		2034		221,000,000		221,000,000		221,000,000		221,000,000
USD	LIBOR 6 MTH		6.011	%		0.150	%		2019		2039		297,750,000		297,750,000		227,630,996		227,630,996
USD	LIBOR 6 MTH		5.850	%		0.250	%		2021		2031		500,000,000		500,000,000		240,000,000		240,000,000
USD	LIBOR 6 MTH		5.300	%		0.250	%		2020		2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	LIBOR 6 MTH		6.761	%		0.250	%		2018		2038		300,000,000		300,000,000		290,010,000		290,010,000
USD	LIBOR 6 MTH		5.149	%		0.250	%		2020		2034		300,000,000		300,000,000		300,000,000		300,000,000
USD	LIBOR 6 MTH		5.149	%		0.250	%		2021		2034		400,000,000		400,000,000		400,000,000		400,000,000
USD	LIBOR 6 MTH		5.249	%		0.000	%		2012		2037		500,000,000		500,000,000		454,950,000		454,950,000
USD	LIBOR 6 MTH		5.149	%		0.250	%		2021		2034		500,000,000		500,000,000		500,000,000		500,000,000
USD	LIBOR 6 MTH		5.053	%		0.000	%		2009		2034		1,000,000,000		1,000,000,000		756,800,000		756,800,000
USD	LIBOR 6 MTH		5.149	%		0.250	%		2021		2033		800,000,000		800,000,000		800,000,000		800,000,000
USD	NO INTEREST RATE		0.000	%		0.000	%		2020		2035		44,850,000		44,850,000		846,837		846,837
USD	NO INTEREST RATE		0.000	%		0.000	%		2020		2035		12,153,000		12,153,000		1,139,320		1,139,320
USD	NO INTEREST RATE		0.000	%		0.000	%		2008		2027		4,584,236		4,584,236		1,456,782		1,456,782
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2027		5,619,569		5,619,569		2,042,399		2,042,399
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2027		7,304,212		7,304,212		2,656,077		2,656,077
USD	NO INTEREST RATE		0.000	%		0.000	%		2008		2026		13,585,521		13,585,521		3,110,298		3,110,298
USD	NO INTEREST RATE		0.000	%		0.000	%		2013		2033		8,302,857		8,302,857		5,258,476		5,258,476
USD	NO INTEREST RATE		0.000	%		0.000	%		2016		2033		7,412,194		7,412,194		6,877,393		6,877,393
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2030		15,072,605		15,072,605		7,062,692		7,062,692
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2027		22,918,836		22,918,836		7,291,935		7,291,935
USD	NO INTEREST RATE		0.000	%		0.000	%		2016		2035		9,817,404		9,817,404		8,028,006		8,028,006
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2028		19,632,981		19,632,981		8,031,686		8,031,686
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2028		21,198,322		21,198,322		8,640,050		8,640,050
USD	NO INTEREST RATE		0.000	%		0.000	%		2022		2043		150,000,000		150,000,000		8,781,768		8,781,768
USD	NO INTEREST RATE		0.000	%		0.000	%		2017		2034		15,000,000		15,000,000		10,778,497		10,778,497
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2032		20,359,477		20,359,477		12,215,686		12,215,686
USD	NO INTEREST RATE		0.000	%		0.000	%		2013		2029		26,323,881		26,323,881		13,161,941		13,161,941
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2030		23,569,859		23,569,859		13,927,644		13,927,644
USD	NO INTEREST RATE		0.000	%		0.000	%		2011		2028		28,794,548		28,794,548		15,045,629		15,045,629
USD	NO INTEREST RATE		0.000	%		0.000	%		2012		2035		65,000,000		65,000,000		26,211,443		26,211,443
USD	NO INTEREST RATE		0.000	%		0.000	%		2020		2040		66,000,000		66,000,000		27,510,363		27,510,363
USD	NO INTEREST RATE		0.000	%		0.000	%		2009		2030		51,484,813		51,484,813		30,422,844		30,422,844
USD	NO INTEREST RATE		0.000	%		0.000	%		2014		2029		69,924,759		69,924,759		43,212,257		43,212,257
USD	NO INTEREST RATE		0.000	%		0.000	%		2013		2030		102,735,040		102,735,040		71,914,528		71,914,528
USD	NO INTEREST RATE		0.000	%		0.000	%		2013		2028		161,565,869		161,565,869		80,782,935		80,782,935
USD	NO INTEREST RATE		0.000	%		0.000	%		2020		2036		154,239,000		154,239,000		83,667,425		83,667,425
USD	NO INTEREST RATE		0.000	%		0.000	%		2016		2032		136,338,065		136,338,065		119,989,147		119,989,147
USD	NO INTEREST RATE		0.000	%		0.000	%		2014		2031		160,956,898		160,956,898		120,717,674		120,717,674
USD	NO INTEREST RATE		0.000	%		0.000	%		2017		2034		235,000,000		235,000,000		198,325,650		198,325,650
USD	NO INTEREST RATE		0.000	%		0.000	%		2016		2033		293,511,116		293,511,116		293,077,008		293,077,008
USD	SOFR 6 MONTHS		6.868	%		0.000	%		2013		2033		1,920,255		1,920,255		1,438,450		1,438,450
USD	SOFR 6 MONTHS		5.293	%		0.250	%		2004		2024		29,978,871		29,978,871		2,204,440		2,204,440
USD	SOFR 6 MONTHS		5.849	%		0.750	%		2005		2030		17,547,670		17,547,670		9,847,461		9,847,461
USD	SOFR 6 MONTHS		5.858	%		0.150	%		2013		2033		17,344,813		17,344,813		12,992,915		12,992,915
USD	SOFR 6 MONTHS		1.700	%		0.150	%		2022		2037		15,000,000		15,000,000		15,000,000		15,000,000
USD	SOFR 6 MONTHS		5.477	%		0.150	%		2014		2031		35,454,030		35,454,030		23,990,940		23,990,940
USD	SOFR 6 MONTHS		5.197	%		0.150	%		2010		2035		31,425,843		31,425,843		25,509,629		25,509,629
USD	SOFR 6 MONTHS		5.506	%		0.000	%		2009		2024		200,000,000		200,000,000		26,950,630		26,950,630
USD	SOFR 6 MONTHS		5.449	%		0.150	%		2010		2035		39,126,660		39,126,660		30,889,066		30,889,066
USD	SOFR 6 MONTHS		6.020	%		0.750	%		2002		2025		158,768,411		158,768,411		33,479,251		33,479,251
USD	SOFR 6 MONTHS		5.820	%		0.150	%		2012		2030		56,918,189		56,918,189		37,192,572		37,192,572
USD	SOFR 6 MONTHS		5.458	%		0.000	%		2009		2024		300,000,000		300,000,000		40,425,945		40,425,945
USD	SOFR 6 MONTHS		5.557	%		0.000	%		2011		2025		200,000,000		200,000,000		51,395,646		51,395,646
USD	SOFR 6 MONTHS		5.757	%		0.150	%		2014		2032		71,221,904		71,221,904		54,604,954		54,604,954
USD	SOFR 6 MONTHS		6.768	%		0.150	%		2015		2030		100,000,000		100,000,000		58,333,333		58,333,333
USD	SOFR 6 MONTHS		5.659	%		0.000	%		2013		2037		70,076,683		70,076,683		63,278,279		63,278,279

D-128

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		5.749	%		0.150	%		2014		2031		79,364,864		79,364,864		64,456,972		64,456,972
USD	SOFR 6 MONTHS		5.457	%		0.150	%		2010		2034		99,481,861		99,481,861		74,362,591		74,362,591
USD	SOFR 6 MONTHS		6.767	%		0.150	%		2017		2032		100,000,000		100,000,000		75,000,000		75,000,000
USD	SOFR 6 MONTHS		5.192	%		0.250	%		2023		2033		300,000,000		300,000,000		75,000,000		75,000,000
USD	SOFR 6 MONTHS		5.858	%		0.750	%		2006		2030		143,052,258		143,052,258		78,519,102		78,519,102
USD	SOFR 6 MONTHS		5.659	%		0.000	%		2011		2035		110,618,216		110,618,216		89,633,941		89,633,941
USD	SOFR 6 MONTHS		7.017	%		0.150	%		2017		2034		100,000,000		100,000,000		90,317,532		90,317,532
USD	SOFR 6 MONTHS		5.749	%		0.150	%		2016		2033		108,700,000		108,700,000		97,333,661		97,333,661
USD	SOFR 6 MONTHS		5.149	%		0.250	%		2022		2033		400,000,000		400,000,000		100,000,000		100,000,000
USD	SOFR 6 MONTHS		5.906	%		0.750	%		2003		2027		254,448,314		254,448,314		102,098,948		102,098,948
USD	SOFR 6 MONTHS		5.647	%		0.000	%		2011		2035		129,044,476		129,044,476		107,894,086		107,894,086
USD	SOFR 6 MONTHS		5.647	%		0.000	%		2012		2037		260,609,548		260,609,548		237,128,628		237,128,628
USD	SOFR 6 MONTHS		6.008	%		0.250	%		2020		2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	SOFR 6 MONTHS		5.659	%		0.000	%		2011		2036		400,000,000		400,000,000		344,520,000		344,520,000
USD	SOFR 6 MONTHS		6.007	%		0.250	%		2021		2036		500,000,000		500,000,000		500,000,000		500,000,000
USD	SOFR 6 MONTHS		5.659	%		0.000	%		2010		2035		800,000,000		800,000,000		648,240,000		648,240,000
USD	SOFR 6 MONTHS		5.459	%		0.000	%		2010		2034		929,501,520		929,501,520		703,446,750		703,446,750
USD	SOFR 6 MONTHS		6.154	%		0.250	%		2020		2032		750,000,000		750,000,000		710,550,000		710,550,000
USD	SOFR 6 MONTHS		5.459	%		0.000	%		2010		2034		919,770,855		919,770,855		721,008,373		721,008,373
USD	SOFR 6 MONTHS		0.500	%		0.250	%		2023		2033		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
USD	SOFR 6 MONTHS		5.757	%		0.150	%		2022		2037		1,500,000,000		1,500,000,000		1,500,000,000		1,500,000,000
USD	SOFR COMPOUNDED		0.600	%		0.250	%		2023		2035		250,000,000		250,000,000		83,930		83,930
USD	SOFR COMPOUNDED		0.660	%		0.250	%		2023		2036		400,000,000		400,000,000		500,000		500,000
USD	SOFR COMPOUNDED		6.060	%		0.250	%		2022		2035		100,000,000		100,000,000		1,382,142		1,382,142
USD	SOFR COMPOUNDED		6.060	%		0.250	%		2022		2035		223,996,591		223,996,591		3,937,000		3,937,000
USD	SOFR COMPOUNDED		5.757	%		0.150	%		2021		2039		79,475,000		79,475,000		5,581,019		5,581,019
USD	SOFR COMPOUNDED		6.007	%		0.150	%		2019		2037		90,000,000		90,000,000		32,290,481		32,290,481
USD	SOFR COMPOUNDED		6.003	%		0.150	%		2022		2041		150,000,000		150,000,000		33,812,859		33,812,859
USD	SOFR COMPOUNDED		5.238	%		0.250	%		2022		2036		400,000,000		400,000,000		43,880,000		43,880,000
TOTAL MULTILATERAL													USD		52,360,924,654		USD		36,808,710,132
TOTAL BILATERAL													USD		35,417,620,645		USD		20,101,047,065
TOTAL COMMERCIAL CREDIT													USD		11,484,307,098		USD		4,702,190,208
TOTAL EXPORT CREDIT													USD		3,283,388,650		USD		1,437,967,067

Assumed exchange rates for conversion

IRD/USD	15,439.00
IRD/EUR	17,086.34
IRD/AUD	10,552.56
IRD/CAD	11,661.76
IRD/CHF	18,352.45
IRD/CNY	2,176.02
IRD/DKK	2,292.35
IRD/JPY	109.21
IRD/KWD	50,244.08
IRD/SAR	4,116.96

D-129

DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2023

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	0.030%	2023	2030		222,499,998,984		14,411,555		44,499,999,796		2,882,311
IDR	JIBOR 6 MONTHS	0.030%	2023	2031		527,286,800,000		34,152,911		160,417,360,000		10,390,398
IDR	JIBOR 6 MONTHS	0.370%	2023	2030		2,144,630,348,000		138,909,926		1,735,109,175,250		112,384,816
IDR	JIBOR 6 MONTHS	0.400%	2021	2030		335,000,000,000		21,698,297		118,000,000,000		7,642,982
IDR	JIBOR 6 MONTHS	0.500%	2023	2031		195,226,600,000		12,645,029		195,226,600,000		12,645,029
IDR	JIBOR 6 MONTHS	4.099%	2022	2029		27,218,703,224		1,762,984		12,248,416,451		793,343
IDR	JIBOR 6 MONTHS	4.673%	2017	2025		35,000,000,000		2,266,986		17,500,000,000		1,133,493
IDR	JIBOR 6 MONTHS	5.496%	2022	2030		709,225,000,000		45,937,237		673,763,750,000		43,640,375
IDR	JIBOR 6 MONTHS	5.496%	2022	2030		350,000,000,000		22,669,862		175,000,000,000		11,334,931
IDR	JIBOR 6 MONTHS	5.502%	2022	2028		87,709,000,000		5,681,003		87,709,000,000		5,681,003
IDR	JIBOR 6 MONTHS	5.515%	2022	2030		1,305,000,000,000		84,526,200		1,174,500,000,000		76,073,580
IDR	JIBOR 6 MONTHS	5.519%	2022	2030		881,295,243,660		57,082,405		763,477,889,228		49,451,253
IDR	JIBOR 6 MONTHS	5.519%	2022	2030		273,926,000,000		17,742,470		191,748,200,000		12,419,729
IDR	JIBOR 6 MONTHS	5.523%	2022	2030		28,440,000,000		1,842,088		28,440,000,000		1,842,088
IDR	JIBOR 6 MONTHS	5.528%	2022	2028		184,352,447,380		11,940,699		165,917,202,642		10,746,629
IDR	JIBOR 6 MONTHS	5.528%	2022	2030		896,244,583,430		58,050,689		404,576,433,372		26,204,834
IDR	JIBOR 6 MONTHS	5.528%	2022	2030		127,201,283,766		8,238,959		60,239,206,641		3,901,756
IDR	JIBOR 6 MONTHS	5.528%	2022	2028		197,760,000,000		12,809,120		197,760,000,000		12,809,120
IDR	JIBOR 6 MONTHS	5.528%	2022	2030		758,812,000,000		49,149,038		758,803,000,000		49,148,455
IDR	JIBOR 6 MONTHS	5.540%	2022	2030		65,891,800,000		4,267,880		65,891,800,000		4,267,880
IDR	JIBOR 6 MONTHS	5.581%	2022	2029		900,517,971,721		58,327,481		720,414,377,376		46,661,984
IDR	JIBOR 6 MONTHS	5.585%	2022	2029		86,349,000,000		5,592,914		86,349,000,000		5,592,914
IDR	JIBOR 6 MONTHS	5.586%	2022	2028		107,887,248,000		6,987,969		107,887,248,000		6,987,969
IDR	JIBOR 6 MONTHS	5.586%	2022	2029		42,770,000,000		2,770,257		42,770,000,000		2,770,257
IDR	JIBOR 6 MONTHS	5.590%	2022	2029		487,814,000,749		31,596,217		318,064,000,749		20,601,334
IDR	JIBOR 6 MONTHS	5.595%	2022	2028		71,306,739,000		4,618,611		71,306,739,000		4,618,611
IDR	JIBOR 6 MONTHS	5.609%	2022	2027		260,823,412,000		16,893,802		208,658,729,600		13,515,042
IDR	JIBOR 6 MONTHS	5.609%	2022	2028		1,445,132,457,314		93,602,724		1,300,619,211,582		84,242,452
IDR	JIBOR 6 MONTHS	5.609%	2022	2028		1,003,336,957,000		64,987,173		1,003,336,957,000		64,987,173
IDR	JIBOR 6 MONTHS	5.609%	2022	2029		1,187,493,077,670		76,915,155		1,086,508,946,574		70,374,308
IDR	JIBOR 6 MONTHS	5.609%	2022	2029		62,841,284,059		4,070,295		54,494,268,384		3,529,650
IDR	JIBOR 6 MONTHS	5.609%	2022	2029		1,368,484,116,300		88,638,132		1,009,810,512,700		65,406,471
IDR	JIBOR 6 MONTHS	5.609%	2022	2028		59,873,209,000		3,878,050		59,873,209,000		3,878,050
IDR	JIBOR 6 MONTHS	6.150%	2021	2030		262,800,000,000		17,021,828		262,800,000,000		17,021,828
IDR	JIBOR 6 MONTHS	6.150%	2021	2030		1,051,153,914,285		68,084,326		894,208,996,785		57,918,842
IDR	JIBOR 6 MONTHS	6.150%	2021	2030		144,397,845,708		9,352,798		144,397,845,708		9,352,798
IDR	JIBOR 6 MONTHS	6.150%	2021	2029		2,152,227,607,309		139,402,008		1,660,641,342,609		107,561,458
IDR	JIBOR 6 MONTHS	6.150%	2021	2029		618,286,976,100		40,047,087		612,321,175,892		39,660,676
IDR	JIBOR 6 MONTHS	6.150%	2022	2029		264,625,000,000		17,140,035		264,625,000,000		17,140,035
IDR	JIBOR 6 MONTHS	6.379%	2019	2025		123,979,473,850		8,030,279		37,193,842,155		2,409,084
IDR	JIBOR 6 MONTHS	6.379%	2019	2025		198,477,654,760		12,855,603		79,391,061,904		5,142,241
IDR	JIBOR 6 MONTHS	6.379%	2019	2026		133,194,832,110		8,627,167		66,597,416,060		4,313,584
IDR	JIBOR 6 MONTHS	6.379%	2019	2026		841,484,906,622		54,503,848		504,890,943,977		32,702,309
IDR	JIBOR 6 MONTHS	6.379%	2019	2027		234,100,000,000		15,162,899		163,870,000,000		10,614,029
IDR	JIBOR 6 MONTHS	6.379%	2019	2028		1,667,251,278,000		107,989,590		1,500,526,150,200		97,190,631
IDR	JIBOR 6 MONTHS	6.379%	2019	2025		353,936,800,000		22,924,853		106,181,040,000		6,877,456
IDR	JIBOR 6 MONTHS	6.379%	2019	2025		189,912,250,000		12,300,813		75,964,900,000		4,920,325
IDR	JIBOR 6 MONTHS	6.379%	2019	2026		179,852,879,000		11,649,257		89,926,439,500		5,824,629
IDR	JIBOR 6 MONTHS	6.379%	2019	2027		185,000,000,000		11,982,641		129,500,000,000		8,387,849
IDR	JIBOR 6 MONTHS	6.379%	2019	2025		29,922,220,800		1,938,093		11,968,888,320		775,237
IDR	JIBOR 6 MONTHS	6.379%	2019	2026		40,768,100,000		2,640,592		20,384,050,000		1,320,296

D-130

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	6.379%	2019	2026		226,899,994,438		14,696,547		136,139,996,666		8,817,928
IDR	JIBOR 6 MONTHS	6.379%	2019	2028		505,999,960,000		32,774,141		455,399,964,000		29,496,727
IDR	JIBOR 6 MONTHS	6.379%	2019	2026		19,581,000,000		1,268,282		11,748,600,000		760,969
IDR	JIBOR 6 MONTHS	6.379%	2020	2027		383,500,000,000		24,839,692		268,450,000,000		17,387,784
IDR	JIBOR 6 MONTHS	6.379%	2020	2028		880,000,000,000		56,998,510		773,190,000,000		50,080,316
IDR	JIBOR 6 MONTHS	6.486%	2023	2031		175,700,156,800		11,380,281		120,590,079,400		7,810,744
IDR	JIBOR 6 MONTHS	6.490%	2023	2031		112,288,102,921		7,273,017		104,267,524,141		6,753,515
IDR	JIBOR 6 MONTHS	6.492%	2023	2031		87,707,787,200		5,680,924		87,707,787,200		5,680,924
IDR	JIBOR 6 MONTHS	6.508%	2023	2031		105,148,574,300		6,810,582		105,148,574,300		6,810,582
IDR	JIBOR 6 MONTHS	6.509%	2023	2031		363,000,000,000		23,511,885		334,464,732,415		21,663,627
IDR	JIBOR 6 MONTHS	6.517%	2023	2031		285,231,199,400		18,474,720		160,252,128,400		10,379,696
IDR	JIBOR 6 MONTHS	6.588%	2018	2026		469,385,374,600		30,402,576		410,712,212,775		26,602,255
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		461,459,983,300		29,889,240		403,777,485,387		26,153,085
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		2,325,711,460,000		150,638,737		2,034,997,524,125		131,808,895
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		224,987,847,220		14,572,696		196,864,366,317		12,751,109
IDR	JIBOR 6 MONTHS	6.588%	2019	2027		20,000,000,000		1,295,421		17,500,000,000		1,133,493
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		67,998,236,950		4,404,316		59,498,457,331		3,853,777
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		355,000,000,000		22,993,717		310,625,000,000		20,119,503
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		210,000,000,000		13,601,917		183,750,000,000		11,901,678
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		39,987,475,000		2,590,030		34,989,040,625		2,266,276
IDR	JIBOR 6 MONTHS	6.588%	2019	2026		84,442,466,900		5,469,426		73,887,158,537		4,785,748
IDR	JIBOR 6 MONTHS	6.679%	2023	2030		666,106,851,969		43,144,430		511,689,163,019		33,142,636
IDR	JIBOR 6 MONTHS	6.881%	2023	2030		1,029,124,727,000		66,657,473		338,605,879,050		21,931,853
IDR	JIBOR 6 MONTHS	6.885%	2023	2031		1,590,342,738,175		103,008,144		472,646,272,235		30,613,788
IDR	JIBOR 6 MONTHS	6.888%	2018	2025		185,500,000,000		12,015,027		74,200,000,000		4,806,011
IDR	JIBOR 6 MONTHS	6.888%	2020	2027		750,000,000,000		48,578,276		750,000,000,000		48,578,276
IDR	JIBOR 6 MONTHS	7.030%	2017	2025		60,000,000,000		3,886,262		30,000,000,000		1,943,131
IDR	JIBOR 6 MONTHS	7.030%	2017	2025		1,062,179,120,000		68,798,440		531,089,560,000		34,399,220
IDR	JIBOR 6 MONTHS	7.030%	2018	2025		291,093,250,000		18,854,411		145,546,625,000		9,427,205
IDR	JIBOR 6 MONTHS	7.030%	2018	2025		40,000,000,000		2,590,841		20,000,000,000		1,295,421
IDR	JIBOR 6 MONTHS	7.030%	2019	2025		180,000,000,000		11,658,786		90,000,000,000		5,829,393
IDR	JIBOR 6 MONTHS	7.060%	2017	2025		89,778,402,000		5,815,040		44,889,201,000		2,907,520
IDR	JIBOR 6 MONTHS	7.060%	2017	2025		149,574,623,000		9,688,103		74,787,311,500		4,844,052
IDR	JIBOR 6 MONTHS	7.060%	2017	2025		34,867,909,600		2,258,431		17,433,954,800		1,129,215
IDR	JIBOR 6 MONTHS	7.060%	2018	2025		589,418,114,900		38,177,221		294,709,057,450		19,088,610
IDR	JIBOR 6 MONTHS	7.060%	2018	2025		109,811,225,100		7,112,587		54,905,612,550		3,556,293
IDR	JIBOR 6 MONTHS	7.301%	2023	2030		2,826,128,000,000		183,051,234		583,225,600,000		37,776,125
IDR	JIBOR 6 MONTHS	7.310%	2023	2030		692,508,634,000		44,854,501		692,508,634,000		44,854,501
IDR	JIBOR 6 MONTHS	7.312%	2016	2024		516,974,390,974		33,484,966		51,697,439,101		3,348,497
IDR	JIBOR 6 MONTHS	7.329%	2023	2030		2,952,011,710,800		191,204,852		2,723,156,422,000		176,381,658
IDR	JIBOR 6 MONTHS	7.338%	2016	2024		348,052,734,600		22,543,736		130,519,775,475		8,453,901
IDR	JIBOR 6 MONTHS	7.338%	2016	2024		379,986,300,000		24,612,106		142,494,862,500		9,229,540
IDR	JIBOR 6 MONTHS	7.338%	2016	2024		259,227,377,146		16,790,425		97,210,266,426		6,296,410
IDR	JIBOR 6 MONTHS	7.338%	2016	2024		59,483,375,000		3,852,800		22,306,265,625		1,444,800
IDR	JIBOR 6 MONTHS	7.338%	2017	2024		125,000,000,000		8,096,379		46,875,000,000		3,036,142
IDR	JIBOR 6 MONTHS	7.338%	2017	2024		180,565,927,000		11,695,442		67,712,222,625		4,385,791
IDR	JIBOR 6 MONTHS	7.338%	2018	2024		147,000,000,000		9,521,342		55,125,000,000		3,570,503
IDR	JIBOR 6 MONTHS	7.362%	2023	2031		576,000,000,000		37,308,116		230,400,000,000		14,923,246
IDR	JIBOR 6 MONTHS	7.375%	2023	2031		162,000,000,000		10,492,908		162,000,000,000		10,492,908
IDR	JIBOR 6 MONTHS	7.400%	2023	2031		617,273,750,000		39,981,459		226,374,750,000		14,662,527
IDR	JIBOR 6 MONTHS	7.521%	2023	2030		1,191,872,000,000		77,198,782		1,191,872,000,000		77,198,782
IDR	JIBOR 6 MONTHS	7.529%	2023	2030		48,893,880,000		3,166,907		48,893,880,000		3,166,907
IDR	JIBOR 6 MONTHS	7.539%	2023	2030		202,239,996,000		13,099,294		202,239,996,000		13,099,294
IDR	JIBOR 6 MONTHS	7.550%	2023	2029		74,200,090,000		4,806,017		74,200,090,000		4,806,017
IDR	JIBOR 6 MONTHS	7.550%	2023	2030		26,989,920,000		1,748,165		25,026,024,000		1,620,961
TOTAL COMMERCIAL CREDIT						USD		3,285,637,391		USD		2,346,953,289

Assumed exchange rates for conversion

IRD/USD 15,439.00

D-131

GUARANTEED DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2023

CURRENCY BASE	INTEREST RATE BASIS	INTEREST 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		2,914,697		8,565,890,698		554,821.60
IDR	SBI 12 Bulan	4.500%	2014	2024		32,350,000,000		2,095,343		5,830,037,222		377,617.54
IDR	SBI 12 Bulan	4.500%	2014	2024		7,984,000,000		517,132		3,263,574,933		211,385.12
IDR	SBI 12 Bulan	4.500%	2014	2026		16,870,000,000		1,092,687		4,112,156,250		266,348.61
IDR	SBI 12 Bulan	4.500%	2014	2024		17,294,000,000		1,120,150		4,992,690,680		323,381.74
IDR	JIBOR 3 MONTHS	1.200%	2015	2025		2,449,962,746,818		158,686,621		699,989,346,818		45,339,034.06
IDR	JIBOR 3 MONTHS	1.500%	2015	2025		2,225,000,000,000		144,115,552		556,249,999,986		36,028,887.88
IDR	BI Rate	2.000%	2016	2041		481,000,000,000		31,154,868		—		—
IDR	BI Rate	1.500 - 4.000%	2016	2041		1,240,335,000,000		80,337,781		948,184,001,017		61,414,858.54
IDR	Average Time Deposit	2.77 (CDS 2.77% + 2%)	2017	2032		15,592,413,000,000		1,009,936,719		—		—
IDR	Fixed 8.4	0.000%	2017	2022		3,532,000,000,000		228,771,293		2,367,000,000,000		153,313,038.41
IDR	Fixed 8.55	0.000%	2016	2026		1,000,000,000,000		64,771,034		1,000,000,000,000		64,771,034.39
IDR	Fixed 8.01	0.000%	2017	2027		1,968,000,000,000		127,469,396		1,968,000,000,000		127,469,395.69
IDR	JIBOR 3 bln	1.875%	2018	2028		4,500,000,000,000		291,469,655		2,000,000,000,000		129,542,068.79
IDR	SUN Y15 / SUN Y20	1.000% / 2.000%	2018	2033		12,264,000,000,000		794,351,966		1,500,000,000,000		97,156,551.59
IDR	ATD 3 Bln	3.690%	2018	2033		14,366,000,000,000		930,500,680		7,687,974,175,242		497,958,039.72
IDR	JIBOR 6 Months	1.250%	2019	2029		4,506,787,490,000		291,909,288		3,293,854,761,835		213,346,380.07
IDR	JIBOR 6 Months	1.250%	2020	2030		5,071,000,000,000		328,453,915		3,530,947,623,287		228,703,129.95
IDR	JIBOR 6 Months	1.250%	2020	2030		2,846,000,000,000		184,338,364		1,607,498,215,607		104,119,322.21
IDR	JIBOR 6 Months	1.250%	2022	2032		2,750,000,000,000		178,120,345		2,407,584,772,363		155,941,756.10
IDR	JIBOR 3 Bulan	2.500%	2017	2032		23,419,128,801,423		1,516,881,197		22,653,366,000,000		1,467,281,948.31
TOTAL						98,331,125,038,241		6,369,008,682		52,247,413,245,938		3,384,119,000.32

Assumed exchange rates for conversion
IDR/USD	15,439.00

D-132

GUARANTEED EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2023

CURRENCY BASE	INTEREST RATE BASIS	INTEREST 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		284,288,744.00		284,288,744.00		—		—
USD	LIBOR 6 MONTHS		0.840%		2008		2023		330,825,515.00		330,825,515.00		—		—
USD	LIBOR 6 MONTHS		3.850%		2009		2024		625,256,803.00		625,256,803.00		56,933,461.71		56,933,461.71
USD	Fixed 3.75%		0.000%		2020		2030		600,000,000.00		600,000,000.00		600,000,000.00		600,000,000.00
EUR	EURIBOR 6 MONTHS		0.000%		2019		2034		294,700,000.00		326,144,465.19		1,508,805.64		1,669,795.07
EUR	EURIBOR 6 MONTHS		0.470%		2020		2035		255,165,034.00		282,391,121.64		129,070,948.96		142,842,808.35
USD	LIBOR 6 MONTHS		0.500%		2015		2035		36,277,710.00		36,277,710.00		23,068,501.58		23,068,501.58
EUR	LIBOR 6 MONTHS		0.500%		2015		2035		489,881,140.00		542,151,416.39		391,904,912.02		433,721,133.13
USD	LIBOR 6 MONTHS		0.500%		2015		2035		25,000,000.00		25,000,000.00		19,742,323.20		19,742,323.20
USD	Reference Rate for Loan Curr. + Var. Spread				2016		2036		500,000,000.00		500,000,000.00		439,982,248.64		439,982,248.64
JPY	LIBOR 6 MONTHS		0.500%		2017		2037		600,000,000.00		600,000,000.00		78,688,430,947.00		558,331,853.06
USD	LIBOR 6 MONTHS		0.500%		2020		2040		300,000,000.00		300,000,000.00		139,493,181.33		139,493,181.33
USD	Fixed 0.75%		0.000%		2020		2040		35,000,000.00		35,000,000.00		2,191,977.09		2,191,977.09
USD	LIBOR 6 MONTHS		0.500%		2020		2040		600,000,000.00		600,000,000.00		325,800,000.00		325,800,000.00
USD	LIBOR 6 MONTHS		1.400%		2018		2053		248,400,000.00		248,400,000.00		111,820,000.00		111,820,000.00
USD	SWAP Rate (LIBOR-6mo)		1.300%		2017		Tentative		330,000,000.00		330,000,000.00		210,015,554.73		210,015,554.73
USD	LIBOR 6 MONTHS		0.800%		2021		2041		310,000,000.00		310,000,000.00		129,070,948.96		129,070,948.96
Total											5,975,735,775.22				3,194,683,786.85

Assumed exchange rates for conversion

IDR/USD	15,439.00
IDR/EUR	17,086.34
IDR/JPY	109.55

D-133

FOREIGN CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2023

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		8.500	%		12-Oct-2005		12-Oct-2035		1,562,661,000		1,562,661,000
RI0037		FIXED		6.625	%		14-Feb-2007		17-Feb-2037		1,427,762,000		1,427,762,000
RI0038		FIXED		7.750	%		17-Jan-2008		17-Jan-2038		1,945,398,000		1,945,398,000
RI0124		FIXED		5.875	%		15-Jan-2014		15-Jan-2024		1,675,526,000		1,675,526,000
RI0125		FIXED		4.125	%		15-Jan-2015		15-Jan-2025		2,000,000,000		2,000,000,000
RI0126		FIXED		4.750	%		08-Dec-2015		08-Jan-2026		2,070,963,000		2,070,963,000
RI0127		FIXED		4.350	%		08-Dec-2016		08-Jan-2027		1,250,000,000		1,250,000,000
RI0128		FIXED		3.500	%		11-Dec-2017		11-Jan-2028		1,250,000,000		1,250,000,000
RI0128A		FIXED		4.550	%		11-Jan-2023		11-Jan-2028		1,000,000,000		1,000,000,000
RI0133		FIXED		4.850	%		11-Jan-2023		11-Jan-2033		1,250,000,000		1,250,000,000
RI0142		FIXED		5.250	%		17-Jan-2012		17-Jan-2042		2,250,000,000		2,250,000,000
RI0144		FIXED		6.750	%		15-Jan-2014		15-Jan-2044		2,000,000,000		2,000,000,000
RI0145		FIXED		5.125	%		15-Jan-2015		15-Jan-2045		2,000,000,000		2,000,000,000
RI0146		FIXED		5.950	%		08-Dec-2015		08-Jan-2046		1,250,000,000		1,250,000,000
RI0147		FIXED		5.250	%		08-Dec-2016		08-Jan-2047		1,500,000,000		1,500,000,000
RI0148		FIXED		4.350	%		11-Dec-2017		11-Jan-2048		1,750,000,000		1,750,000,000
RI0153		FIXED		5.650	%		11-Jan-2023		11-Jan-2053		750,000,000		750,000,000
RI0224		FIXED		4.450	%		11-Dec-2018		11-Feb-2024		473,963,000		473,963,000
RI0229		FIXED		4.750	%		11-Dec-2018		11-Feb-2029		1,250,000,000		1,250,000,000
RI0230		FIXED		2.850	%		14-Jan-2020		14-Feb-2030		1,200,000,000		1,200,000,000
RI0249		FIXED		5.350	%		11-Dec-2018		11-Feb-2049		1,000,000,000		1,000,000,000
RI0250		FIXED		3.500	%		14-Jan-2020		14-Feb-2050		800,000,000		800,000,000
RI0331		FIXED		1.850	%		12-Jan-2021		12-Mar-2031		1,250,000,000		1,250,000,000
RI0332		FIXED		3.550	%		31-Mar-2022		31-Mar-2032		1,000,000,000		1,000,000,000
RI0351		FIXED		3.050	%		12-Jan-2021		12-Mar-2051		2,000,000,000		2,000,000,000
RI0352		FIXED		4.300	%		31-Mar-2022		31-Mar-2052		750,000,000		750,000,000
RI0371		FIXED		3.350	%		12-Jan-2021		12-Mar-2071		800,000,000		800,000,000
RI0428		FIXED		4.100	%		24-Apr-2018		24-Apr-2028		1,000,000,000		1,000,000,000
RI0443		FIXED		4.625	%		15-Apr-2013		15-Apr-2043		1,500,000,000		1,500,000,000
RI0470		FIXED		4.450	%		15-Apr-2020		15-Apr-2070		1,000,000,000		1,000,000,000
RI0727		FIXED		3.850	%		18-Jul-2017		18-Jul-2027		1,000,000,000		1,000,000,000
RI0731		FIXED		2.150	%		28-Jul-2021		28-Jul-2031		1,200,000,000		1,200,000,000
RI0747		FIXED		4.750	%		18-Jul-2017		18-Jul-2047		1,000,000,000		1,000,000,000
RI0927		FIXED		4.150	%		20-Sep-2022		20-Sep-2027		750,000,000		750,000,000
RI0929		FIXED		3.400	%		18-Jun-2019		18-Sep-2029		750,000,000		750,000,000
RI0932		FIXED		4.650	%		20-Sep-2022		20-Sep-2032		1,400,000,000		1,400,000,000
RI0952		FIXED		5.450	%		20-Sep-2022		20-Sep-2052		500,000,000		500,000,000
RI0961		FIXED		3.200	%		23-Sep-2021		23-Sep-2061		650,000,000		650,000,000
RI1030		FIXED		3.850	%		15-Apr-2020		15-Oct-2030		1,650,000,000		1,650,000,000
RI1049		FIXED		3.700	%		30-Oct-2019		30-Oct-2049		1,000,000,000		1,000,000,000
RI1050		FIXED		4.200	%		15-Apr-2020		15-Oct-2050		1,650,000,000		1,650,000,000
USDFR0002		FIXED		4.050	%		24-Jun-2016		24-Jun-2026		200,000,000		200,000,000
USDFR0003		FIXED		3.000	%		04-Mar-2022		15-Jan-2032		127,099,000		127,099,000
TOTAL US DOLLAR DENOMINATED											52,776,896,000		52,776,896,000
JAPANESE YEN
RIJPY0524		FIXED		0.830	%		22-May-2019		22-May-2024		80,200,000,000		569,905,903
RIJPY0524A		FIXED		0.330	%		27-May-2021		27-May-2024		29,000,000,000		206,075,701
RIJPY0525		FIXED		1.070	%		31-May-2018		30-May-2025		3,500,000,000		24,871,205
RIJPY0526		FIXED		0.960	%		22-May-2019		22-May-2026		4,500,000,000		31,977,264
RIJPY0526A		FIXED		0.570	%		27-May-2021		27-May-2026		46,800,000,000		332,563,544
RIJPY0526B		FIXED		0.740	%		26-May-2023		26-May-2026		46,900,000,000		333,274,150
RIJPY0528		FIXED		1.270	%		31-May-2018		31-May-2028		8,500,000,000		60,401,498
RIJPY0528A		FIXED		0.700	%		27-May-2021		26-May-2028		1,200,000,000		8,527,270
RIJPY0528B		FIXED		0.980	%		26-May-2023		26-May-2028		37,200,000,000		264,345,381
RIJPY0529		FIXED		1.170	%		22-May-2019		22-May-2029		7,600,000,000		54,006,046
RIJPY0530		FIXED		1.200	%		26-May-2023		24-May-2030		14,700,000,000		104,459,062
RIJPY0531		FIXED		0.890	%		27-May-2021		27-May-2031		18,200,000,000		129,330,267
RIJPY0533		FIXED		1.430	%		26-May-2023		26-May-2033		6,000,000,000		42,636,352
RIJPY0534		FIXED		1.550	%		22-May-2019		22-May-2034		4,000,000,000		28,424,235
RIJPY0536		FIXED		1.170	%		27-May-2021		27-May-2036		2,500,000,000		17,765,147
RIJPY0539		FIXED		1.790	%		22-May-2019		20-May-2039		5,000,000,000		35,530,293
RIJPY0541		FIXED		1.440	%		27-May-2021		27-May-2041		2,300,000,000		16,343,935
RIJPY0624		FIXED		1.040	%		08-Jun-2017		07-Jun-2024		10,000,000,000		71,060,586
RIJPY0625		FIXED		0.960	%		09-Jun-2022		09-Jun-2025		68,200,000,000		484,633,199
RIJPY0627		FIXED		1.130	%		09-Jun-2022		09-Jun-2027		5,100,000,000		36,240,899
RIJPY0629		FIXED		1.270	%		09-Jun-2022		08-Jun-2029		1,700,000,000		12,080,300

D-134

CURRENCY AND SERIES	INTEREST RATE BASIS		INTEREST RATE			FIRST ISSUE DATE		MATURITY DATE		OUTSTANDING BALANCE
										(in Original Currency)		(in US Dollar)
RIJPY0632		FIXED		1.450	%		09-Jun-2022		09-Jun-2032		6,000,000,000		42,636,352
RIJPY0725		FIXED		1.350	%		08-Jul-2020		08-Jul-2025		24,300,000,000		172,677,225
RIJPY0727		FIXED		1.480	%		08-Jul-2020		08-Jul-2027		10,100,000,000		71,771,192
RIJPY0730		FIXED		1.590	%		08-Jul-2020		08-Jul-2030		13,400,000,000		95,221,186
RIJPY0740		FIXED		1.800	%		08-Jul-2020		06-Jul-2040		1,500,000,000		10,659,088
RIJPY0825		FIXED		0.910	%		13-Aug-2015		13-Aug-2025		55,000,000,000		390,833,225
TOTAL JAPANESE YEN DENOMINATED											513,400,000,000		3,648,250,506
EURO DENOMINATED
RIEUR0227		FIXED		0.900	%		14-Jan-2020		14-Feb-2027		1,000,000,000		1,111,800,078
RIEUR0333		FIXED		1.100	%		12-Jan-2021		12-Mar-2033		1,000,000,000		1,111,800,078
RIEUR0334		FIXED		1.300	%		23-Sep-2021		23-Mar-2034		500,000,000		555,900,039
RIEUR0425		FIXED		1.750	%		24-Apr-2018		24-Apr-2025		1,000,000,000		1,111,800,078
RIEUR0628		FIXED		3.750	%		14-Jun-2016		14-Jun-2028		1,500,000,000		1,667,700,117
RIEUR0724		FIXED		2.150	%		18-Jul-2017		18-Jul-2024		1,000,000,000		1,111,800,078
RIEUR0725		FIXED		3.375	%		30-Jul-2015		30-Jul-2025		1,250,000,000		1,389,750,097
RIEUR0729		FIXED		1.000	%		28-Jul-2021		28-Jul-2029		500,000,000		555,900,039
RIEUR0926		FIXED		1.450	%		18-Jun-2019		18-Sep-2026		750,000,000		833,850,058
RIEUR1031		FIXED		1.400	%		30-Oct-2019		30-Oct-2031		1,000,000,000		1,111,800,078
TOTAL EURO DENOMINATED											9,500,000,000		10,562,100,739
B. GOVERNMENT ISLAMIC DEBT SECURITIES
US DOLLAR DENOMINATED
SNI0229		FIXED		4.450	%		20-Feb-2019		20-Feb-2029		1,250,000,000		1,250,000,000
SNI0327		FIXED		4.150	%		29-Mar-2017		29-Mar-2027		2,000,000,000		2,000,000,000
SNI0328		FIXED		4.400	%		01-Mar-2018		01-Mar-2028		1,750,000,000		1,750,000,000
SNI0625		FIXED		2.300	%		23-Jun-2020		23-Jun-2025		750,000,000		750,000,000
SNI0626		FIXED		1.500	%		09-Jun-2021		09-Jun-2026		1,250,000,000		1,250,000,000
SNI0627		FIXED		4.400	%		06-Jun-2022		06-Jun-2027		1,750,000,000		1,750,000,000
SNI0630		FIXED		2.800	%		23-Jun-2020		23-Jun-2030		1,000,000,000		1,000,000,000
SNI0631		FIXED		2.550	%		09-Jun-2021		09-Jun-2031		1,000,000,000		1,000,000,000
SNI0632		FIXED		4.700	%		06-Jun-2022		06-Jun-2032		1,500,000,000		1,500,000,000
SNI0650		FIXED		3.800	%		23-Jun-2020		23-Jun-2050		750,000,000		750,000,000
SNI0651		FIXED		3.550	%		09-Jun-2021		09-Jun-2051		750,000,000		750,000,000
SNI0824		FIXED		3.900	%		20-Feb-2019		20-Aug-2024		750,000,000		750,000,000
SNI1128		FIXED		5.400	%		15-Nov-2023		15-Nov-2028		1,000,000,000		1,000,000,000
SNI1133		FIXED		5.600	%		15-Nov-2023		15-Nov-2033		1,000,000,000		1,000,000,000
SNI24		FIXED		4.350	%		10-Sep-2014		10-Sep-2024		1,500,000,000		1,500,000,000
SNI25		FIXED		4.325	%		28-May-2015		28-May-2025		2,000,000,000		2,000,000,000
SNI26		FIXED		4.550	%		29-Mar-2016		29-Mar-2026		1,750,000,000		1,750,000,000
USDPBS003		FIXED		3.700	%		02-Sep-2022		02-Sep-2025		150,000,000		150,000,000
USDPBS004		FIXED		3.900	%		02-Sep-2022		02-Sep-2027		25,000,000		25,000,000
TOTAL US DOLLAR DENOMINATED											21,925,000,000		21,925,000,000

Assumed exchange rates for conversion

IDR/USD	15,416.00
IDR/EUR	17,139.51
IDR/JPY	109.5470

D-135

DOMESTIC CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2023

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
SPN03240214	Zero Coupon				16-Nov-2023	14-Feb-2024		40,000,000,000		2,594,707
SPN03240313	Zero Coupon				14-Dec-2023	13-Mar-2024		650,000,000,000		42,163,985
SPN12240104	Zero Coupon				05-Jan-2023	04-Jan-2024		4,500,000,000,000		291,904,515
SPN12240201	Zero Coupon				02-Feb-2023	01-Feb-2024		5,602,000,000,000		363,388,687
SPN12240229	Zero Coupon				02-Mar-2023	29-Feb-2024		5,900,000,000,000		382,719,253
SPN12240328	Zero Coupon				30-Mar-2023	28-Mar-2024		1,350,000,000,000		87,571,354
SPN12240411	Zero Coupon				13-Apr-2023	11-Apr-2024		2,800,000,000,000		181,629,476
SPN12240529	Zero Coupon				31-May-2023	29-May-2024		2,000,000,000,000		129,735,340
SPN12240628	Zero Coupon				04-Jul-2023	28-Jun-2024		800,000,000,000		51,894,136
SPN12240725	Zero Coupon				27-Jul-2023	25-Jul-2024		950,000,000,000		61,624,286
SPN12240822	Zero Coupon				24-Aug-2023	22-Aug-2024		700,000,000,000		45,407,369
SPN12241114	Zero Coupon				16-Nov-2023	14-Nov-2024		3,150,000,000,000		204,333,160
SPN12241212	Zero Coupon				14-Dec-2023	12-Dec-2024		300,000,000,000		19,460,301
TOTAL TREASURY BILLS								28,742,000,000,000		1,864,426,570
2. TREASURY NOTES
FR0037	Fixed		12.00000	%	18-May-2006	15-Sep-2026		2,435,000,000,000		157,952,776
FR0040	Fixed		11.00000	%	21-Sep-2006	15-Sep-2025		22,807,090,000,000		1,479,442,787
FR0042	Fixed		10.25000	%	25-Jan-2007	15-Jul-2027		14,756,100,000,000		957,193,825
FR0044	Fixed		10.00000	%	19-Apr-2007	15-Sep-2024		17,140,000,000,000		1,111,831,863
FR0045	Fixed		9.75000	%	24-May-2007	15-May-2037		9,624,304,000,000		624,306,175
FR0047	Fixed		10.00000	%	30-Aug-2007	15-Feb-2028		20,366,000,000,000		1,321,094,966
FR0050	Fixed		10.50000	%	24-Jan-2008	15-Jul-2038		15,661,000,000,000		1,015,892,579
FR0052	Fixed		10.50000	%	20-Aug-2009	15-Aug-2030		23,500,000,000,000		1,524,390,244
FR0054	Fixed		9.50000	%	22-Jul-2010	15-Jul-2031		27,096,000,000,000		1,757,654,385
FR0056	Fixed		8.37500	%	23-Sep-2010	15-Sep-2026		120,692,000,000,000		7,829,008,822
FR0057	Fixed		9.50000	%	21-Apr-2011	15-May-2041		17,236,573,000,000		1,118,096,328
FR0058	Fixed		8.25000	%	21-Jul-2011	15-Jun-2032		42,798,000,000,000		2,776,206,539
FR0059	Fixed		7.00000	%	15-Sep-2011	15-May-2027		116,191,000,000,000		7,537,039,440
FR0062	Fixed		6.37500	%	09-Feb-2012	15-Apr-2042		14,692,000,000,000		953,035,807
FR0064	Fixed		6.12500	%	13-Aug-2012	15-May-2028		114,131,000,000,000		7,403,412,039
FR0065	Fixed		6.62500	%	30-Aug-2012	15-May-2033		96,392,304,000,000		6,252,744,162
FR0067	Fixed		8.75000	%	18-Jul-2013	15-Feb-2044		28,488,284,000,000		1,847,968,604
FR0068	Fixed		8.37500	%	01-Aug-2013	15-Mar-2034		137,758,000,000,000		8,936,040,477
FR0070	Fixed		8.37500	%	29-Aug-2013	15-Mar-2024		121,790,932,000,000		7,900,293,980
FR0071	Fixed		9.00000	%	12-Sep-2013	15-Mar-2029		93,390,682,000,000		6,058,035,937
FR0072	Fixed		8.25000	%	09-Jul-2015	15-May-2036		90,910,000,000,000		5,897,119,875
FR0073	Fixed		8.75000	%	06-Aug-2015	15-May-2031		66,717,000,000,000		4,327,776,336
FR0074	Fixed		7.50000	%	10-Nov-2016	15-Aug-2032		50,831,140,000,000		3,297,297,613
FR0075	Fixed		7.50000	%	10-Aug-2017	15-May-2038		68,420,860,000,000		4,438,301,764
FR0076	Fixed		7.37500	%	22-Sep-2017	15-May-2048		71,589,000,000,000		4,643,811,624
FR0077	Fixed		8.12500	%	27-Sep-2018	15-May-2024		70,095,123,000,000		4,546,907,304
FR0078	Fixed		8.25000	%	27-Sep-2018	15-May-2029		108,775,000,000,000		7,055,980,799
FR0079	Fixed		8.37500	%	07-Jan-2019	15-Apr-2039		57,180,000,000,000		3,709,133,368
FR0080	Fixed		7.50000	%	04-Jul-2019	15-Jun-2035		111,628,300,000,000		7,241,067,722
FR0081	Fixed		6.50000	%	01-Aug-2019	15-Jun-2025		147,818,400,000,000		9,588,635,184
FR0082	Fixed		7.00000	%	01-Aug-2019	15-Sep-2030		169,288,800,000,000		10,981,370,005
FR0083	Fixed		7.50000	%	07-Nov-2019	15-Apr-2040		128,999,500,000,000		8,367,896,990
FR0084	Fixed		7.25000	%	04-May-2020	15-Feb-2026		37,522,372,000,000		2,433,988,843
FR0085	Fixed		7.75000	%	04-May-2020	15-Apr-2031		21,177,940,000,000		1,373,763,622
FR0086	Fixed		5.50000	%	13-Aug-2020	15-Apr-2026		135,003,000,000,000		8,757,330,047
FR0087	Fixed		6.50000	%	13-Aug-2020	15-Feb-2031		182,911,300,000,000		11,865,029,839
FR0088	Fixed		6.25000	%	07-Jan-2021	15-Jun-2036		54,994,500,000,000		3,567,365,075
FR0089	Fixed		6.87500	%	07-Jan-2021	15-Aug-2051		73,674,385,000,000		4,779,085,690
FR0090	Fixed		5.12500	%	08-Jul-2021	15-Apr-2027		113,253,000,000,000		7,346,458,225
FR0091	Fixed		6.37500	%	08-Jul-2021	15-Apr-2032		179,978,300,000,000		11,674,772,963
FR0092	Fixed		7.12500	%	08-Jul-2021	15-Jun-2042		108,828,400,000,000		7,059,444,733
FR0093	Fixed		6.37500	%	06-Jan-2022	15-Jul-2037		19,193,000,000,000		1,245,005,189
FR0094	Fixed		5.60000	%	04-Mar-2022	15-Jan-2028		3,990,927,000,000		258,882,135
FR0095	Fixed		6.37500	%	19-Aug-2022	15-Aug-2028		99,123,000,000,000		6,429,878,049
FR0096	Fixed		7.00000	%	19-Aug-2022	15-Feb-2033		152,564,000,000,000		9,896,471,199
FR0097	Fixed		7.12500	%	19-Aug-2022	15-Jun-2043		58,117,300,000,000		3,769,933,835
FR0098	Fixed		7.12500	%	15-Sep-2022	15-Jun-2038		66,860,000,000,000		4,337,052,413
FR0099	Fixed		6.40000	%	27-Jan-2023	15-Jan-2029		2,871,531,000,000		186,269,525
FR0100	Fixed		6.62500	%	24-Aug-2023	15-Feb-2034		50,116,489,000,000		3,250,939,868

D-136

SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE	MATURITY DATE	OUTSTANDING BALANCE
							(in Original Currency (IDR))		(in US Dollar)
FR0101	Fixed		6.87500	%	02-Nov-2023	15-Apr-2029		45,790,877,000,000		2,970,347,496
FRSDG001	Fixed		7.37500	%	27-Oct-2022	15-Oct-2030		10,510,000,000,000		681,759,211
VR0033	3 month-Reserve Repo BI		5.79000	%	04-May-2020	25-Apr-2025		3,568,686,000,000		231,492,346
VR0034	3 month-Reserve Repo BI		6.15973	%	10-Aug-2020	10-Aug-2025		20,525,000,000,000		1,331,408,926
VR0035	3 month-Reserve Repo BI		6.15973	%	10-Aug-2020	10-Aug-2026		20,525,000,000,000		1,331,408,926
VR0036	3 month-Reserve Repo BI		6.15973	%	10-Aug-2020	10-Aug-2027		20,525,000,000,000		1,331,408,926
VR0037	3 month-Reserve Repo BI		6.15973	%	10-Aug-2020	10-Aug-2028		20,525,000,000,000		1,331,408,926
VR0038	3 month-Reserve Repo BI		6.15647	%	28-Aug-2020	28-Aug-2025		4,245,000,000,000		275,363,259
VR0039	3 month-Reserve Repo BI		6.15647	%	28-Aug-2020	28-Aug-2026		4,245,000,000,000		275,363,259
VR0040	3 month-Reserve Repo BI		6.15647	%	28-Aug-2020	28-Aug-2027		4,245,000,000,000		275,363,259
VR0041	3 month-Reserve Repo BI		6.15647	%	28-Aug-2020	28-Aug-2028		4,245,000,000,000		275,363,259
VR0042	3 month-Reserve Repo BI		6.15402	%	28-Sep-2020	28-Sep-2025		21,100,000,000,000		1,368,707,836
VR0043	3 month-Reserve Repo BI		6.15402	%	28-Sep-2020	28-Sep-2026		21,100,000,000,000		1,368,707,836
VR0044	3 month-Reserve Repo BI		6.15402	%	28-Sep-2020	28-Sep-2027		21,100,000,000,000		1,368,707,836
VR0045	3 month-Reserve Repo BI		6.15402	%	28-Sep-2020	28-Sep-2028		21,100,000,000,000		1,368,707,836
VR0046	3 month-Reserve Repo BI		6.16154	%	12-Oct-2020	12-Oct-2025		11,550,000,000,000		749,221,588
VR0047	3 month-Reserve Repo BI		6.16154	%	12-Oct-2020	12-Oct-2026		11,550,000,000,000		749,221,588
VR0048	3 month-Reserve Repo BI		6.16154	%	12-Oct-2020	12-Oct-2027		11,550,000,000,000		749,221,588
VR0049	3 month-Reserve Repo BI		6.16154	%	12-Oct-2020	12-Oct-2028		11,550,000,000,000		749,221,588
VR0050	3 month-Reserve Repo BI		6.15604	%	26-Oct-2020	26-Oct-2025		5,717,500,000,000		370,880,903
VR0051	3 month-Reserve Repo BI		6.15604	%	26-Oct-2020	26-Oct-2026		5,717,500,000,000		370,880,903
VR0052	3 month-Reserve Repo BI		6.15604	%	26-Oct-2020	26-Oct-2027		5,717,500,000,000		370,880,903
VR0053	3 month-Reserve Repo BI		6.15604	%	26-Oct-2020	26-Oct-2028		5,717,500,000,000		370,880,903
VR0054	3 month-Reserve Repo BI		6.15533	%	16-Nov-2020	16-Nov-2025		4,370,000,000,000		283,471,718
VR0055	3 month-Reserve Repo BI		6.15533	%	16-Nov-2020	16-Nov-2026		4,370,000,000,000		283,471,718
VR0056	3 month-Reserve Repo BI		6.15533	%	16-Nov-2020	16-Nov-2027		4,370,000,000,000		283,471,718
VR0057	3 month-Reserve Repo BI		6.15533	%	16-Nov-2020	16-Nov-2028		4,370,000,000,000		283,471,718
VR0058	3 month-Reserve Repo BI		6.15837	%	23-Nov-2020	23-Nov-2025		6,750,000,000,000		437,856,772
VR0059	3 month-Reserve Repo BI		6.15837	%	23-Nov-2020	23-Nov-2026		6,750,000,000,000		437,856,772
VR0060	3 month-Reserve Repo BI		6.15837	%	23-Nov-2020	23-Nov-2027		6,750,000,000,000		437,856,772
VR0061	3 month-Reserve Repo BI		6.15837	%	23-Nov-2020	23-Nov-2028		6,750,000,000,000		437,856,772
VR0062	3 month-Reserve Repo BI		6.15244	%	14-Dec-2020	14-Dec-2025		25,742,500,000,000		1,669,855,994
VR0063	3 month-Reserve Repo BI		6.15244	%	14-Dec-2020	14-Dec-2026		25,742,500,000,000		1,669,855,994
VR0064	3 month-Reserve Repo BI		6.15244	%	14-Dec-2020	14-Dec-2027		25,742,500,000,000		1,669,855,994
VR0065	3 month-Reserve Repo BI		6.15244	%	14-Dec-2020	14-Dec-2028		23,302,500,000,000		1,511,578,879
VR0066	3 month-Reserve Repo BI		6.15058	%	02-Dec-2021	02-Dec-2026		14,500,000,000,000		940,581,214
VR0067	3 month-Reserve Repo BI		6.15058	%	02-Dec-2021	02-Dec-2027		14,500,000,000,000		940,581,214
VR0068	3 month-Reserve Repo BI		6.15058	%	02-Dec-2021	02-Dec-2028		14,500,000,000,000		940,581,214
VR0069	3 month-Reserve Repo BI		6.15058	%	02-Dec-2021	02-Dec-2029		14,500,000,000,000		940,581,214
VR0070	3 month-Reserve Repo BI		6.15402	%	30-Dec-2021	30-Dec-2026		40,000,000,000,000		2,594,706,798
VR0071	3 month-Reserve Repo BI		6.15402	%	30-Dec-2021	30-Dec-2027		40,000,000,000,000		2,594,706,798
VR0072	3 month-Reserve Repo BI		6.15402	%	30-Dec-2021	30-Dec-2028		40,000,000,000,000		2,594,706,798
VR0073	3 month-Reserve Repo BI		6.15402	%	30-Dec-2021	30-Dec-2029		37,000,000,000,000		2,400,103,788
VR0074	3 month-Reserve Repo BI		6.15402	%	01-Jul-2022	01-Jul-2027		5,467,230,000,000		354,646,471
VR0075	3 month-Reserve Repo BI		6.15402	%	01-Jul-2022	01-Jul-2028		5,467,240,000,000		354,647,120
VR0076	3 month-Reserve Repo BI		6.15402	%	01-Jul-2022	01-Jul-2029		5,467,240,000,000		354,647,120
VR0077	3 month-Reserve Repo BI		6.15402	%	01-Jul-2022	01-Jul-2030		5,467,240,000,000		354,647,120
VR0078	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2027		2,198,565,000,000		142,615,789
VR0079	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2028		2,198,565,000,000		142,615,789
VR0080	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2029		2,198,565,000,000		142,615,789
VR0081	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2030		2,198,565,000,000		142,615,789
VR0082	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2027		7,901,435,000,000		512,547,678
VR0083	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2028		7,901,435,000,000		512,547,678
VR0084	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2029		7,901,435,000,000		512,547,678
VR0085	3 month-Reserve Repo BI		6.15647	%	26-Aug-2022	26-Aug-2030		7,901,435,000,000		512,547,678
VR0086	3 month-Reserve Repo BI		6.15402	%	27-Sep-2022	27-Sep-2028		8,288,330,000,000		537,644,655
VR0087	3 month-Reserve Repo BI		6.15402	%	27-Sep-2022	27-Sep-2030		8,288,330,000,000		537,644,655
VR0088	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2027		2,334,205,000,000		151,414,440
VR0089	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2028		2,334,195,000,000		151,413,791
VR0090	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2029		2,334,195,000,000		151,413,791
VR0091	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2030		2,334,195,000,000		151,413,791
VR0092	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2027		29,810,245,000,000		1,933,721,134
VR0093	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2028		29,810,235,000,000		1,933,720,485
VR0094	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2029		29,810,235,000,000		1,933,720,485
VR0095	3 month-Reserve Repo BI		6.15402	%	29-Dec-2022	29-Dec-2030		29,810,235,000,000		1,933,720,485
TOTAL TREASURY NOTES								4,439,231,749,000,000		287,962,619,940

D-137

SERIES	INTEREST RATE BASIS	INTEREST RATE			FIRST ISSUE DATE	MATURITY DATE	OUTSTANDING BALANCE
							(in Original Currency (IDR))		(in US Dollar)
3. RETAIL BONDS
ORI019	Fixed		5.57000	%	24-Feb-2021	15-Feb-2024		26,000,868,000,000		1,686,615,724
ORI020	Fixed		4.95000	%	27-Oct-2021	15-Oct-2024		15,000,000,000,000		973,015,049
ORI021	Fixed		4.90000	%	23-Feb-2022	15-Feb-2025		25,065,802,000,000		1,625,960,171
ORI022	Fixed		5.95000	%	26-Oct-2022	15-Oct-2025		13,017,714,000,000		844,428,775
ORI023T3	Fixed		5.90000	%	26-Jul-2023	15-Jul-2026		20,000,000,000,000		1,297,353,399
ORI023T6	Fixed		6.10000	%	26-Jul-2023	15-Jul-2029		8,900,050,000,000		577,325,506
ORI024T3	Fixed		6.10000	%	08-Nov-2023	15-Oct-2026		11,862,803,000,000		769,512,390
ORI024T6	Fixed		6.35000	%	08-Nov-2023	15-Oct-2029		2,644,853,000,000		171,565,451
TOTAL RETAIL BONDS								122,492,090,000,000		7,945,776,466
TOTAL TRADABLE GOVERNMENT DEBT SECURITIES								4,590,465,839,000,000		297,772,822,976
B. GOVERNMENT ISLAMIC DEBT SECURITIES 1. ISLAMIC TREASURY BILLS
SPNS04062024	Zero Coupon				07-Dec-2023	04-Jun-2024		2,000,000,000,000		129,735,340
SPNS07052024	Zero Coupon				09-Nov-2023	07-May-2024		870,000,000,000		56,434,873
SPNS09042024	Zero Coupon				12-Oct-2023	09-Apr-2024		850,000,000,000		55,137,519
SPNS14022024	Zero Coupon				18-Aug-2023	14-Feb-2024		1,900,000,000,000		123,248,573
TOTAL ISLAMIC TREASURY BILLS								5,620,000,000,000		364,556,305
2. ISLAMIC TREASURY NOTES
IFR0006	Fixed		10.25000	%	01-Apr-2010	15-Mar-2030		2,175,000,000,000		141,087,182
IFR0007	Fixed		10.25000	%	21-Jan-2010	15-Jan-2025		1,547,000,000,000		100,350,285
IFR0010	Fixed		10.00000	%	03-Mar-2011	15-Feb-2036		4,110,000,000,000		266,606,124
PBS003	Fixed		6.00000	%	02-Feb-2012	15-Jan-2027		28,329,700,000,000		1,837,681,629
PBS004	Fixed		6.10000	%	16-Feb-2012	15-Feb-2037		41,957,277,000,000		2,721,670,797
PBS005	Fixed		6.75000	%	02-May-2013	15-Apr-2043		34,324,000,000,000		2,226,517,903
PBS007	Fixed		9.00000	%	29-Sep-2014	15-Sep-2040		10,375,000,000,000		673,002,076
PBS012	Fixed		8.87500	%	28-Jan-2016	15-Nov-2031		21,750,000,000,000		1,410,871,821
PBS015	Fixed		8.00000	%	21-Jul-2017	15-Jul-2047		47,680,694,000,000		3,092,935,522
PBS017	Fixed		6.12500	%	11-Jan-2018	15-Oct-2025		23,043,000,000,000		1,494,745,719
PBS018	Fixed		7.62500	%	04-Jun-2018	15-May-2028		63,086,476,000,000		4,092,272,704
PBS020	Fixed		9.00000	%	22-Oct-2018	15-Oct-2027		7,500,000,000,000		486,507,525
PBS021	Fixed		8.50000	%	05-Dec-2018	15-Nov-2026		43,040,000,000,000		2,791,904,515
PBS022	Fixed		8.62500	%	24-Jan-2019	15-Apr-2034		2,250,000,000,000		145,952,257
PBS023	Fixed		8.12500	%	15-May-2019	15-May-2030		13,185,000,000,000		855,280,228
PBS024	Fixed		8.37500	%	28-May-2019	15-May-2032		16,330,000,000,000		1,059,289,050
PBS025	Fixed		8.37500	%	29-May-2019	15-May-2033		10,875,000,000,000		705,435,911
PBS026	Fixed		6.62500	%	17-Oct-2019	15-Oct-2024		3,000,000,000,000		194,603,010
PBS028	Fixed		7.75000	%	23-Jul-2020	15-Oct-2046		24,735,000,000,000		1,604,501,816
PBS029	Fixed		6.37500	%	14-Jan-2021	15-Mar-2034		60,395,000,000,000		3,917,682,927
PBS030	Fixed		5.87500	%	04-Jun-2021	15-Jul-2028		64,115,368,000,000		4,159,014,530
PBS031	Fixed		4.00000	%	29-Jul-2021	15-Jul-2024		75,503,418,000,000		4,897,730,799
PBS032	Fixed		4.87500	%	29-Jul-2021	15-Jul-2026		73,911,394,000,000		4,794,459,912
PBS033	Fixed		6.75000	%	13-Jan-2022	15-Jun-2047		12,052,000,000,000		781,785,158
PBS034	Fixed		6.50000	%	13-Jan-2022	15-Jun-2039		54,701,300,000,000		3,548,345,874
PBS035	Fixed		6.75000	%	30-Mar-2022	15-Mar-2042		39,545,000,000,000		2,565,192,008
PBS036	Fixed		5.37500	%	25-Aug-2022	15-Aug-2025		29,657,000,000,000		1,923,780,488
PBS037	Fixed		6.87500	%	12-Jan-2023	15-Mar-2036		9,055,000,000,000		587,376,751
PBS038	Fixed		6.87500	%	07-Dec-2023	15-Dec-2049		1,183,896,000,000		76,796,575
PBSG001	Fixed		6.62500	%	22-Sep-2022	15-Sep-2029		8,797,600,000,000		570,679,813
FRS001	3 month-Reserve Repo BI		6.15402	%	27-Sep-2022	27-Sep-2027		6,730,000,000,000		436,559,419
FRS002	3 month-Reserve Repo BI		6.15402	%	27-Sep-2022	27-Sep-2029		8,288,320,000,000		537,644,006
TOTAL ISLAMIC TREASURY NOTES								843,228,443,000,000		54,698,264,336
3. RETAIL ISLAMIC DEBT SECURITIES
SR-014	Fixed		5.47000	%	24-Mar-2021	10-Mar-2024		16,705,080,000,000		1,083,619,616
SR-015	Fixed		5.10000	%	22-Sep-2021	10-Sep-2024		27,000,639,000,000		1,751,468,539
SR-016	Fixed		4.95000	%	23-Mar-2022	10-Mar-2025		18,409,546,000,000		1,194,184,354
SR-017	Fixed		5.90000	%	21-Sep-2022	10-Sep-2025		26,974,976,000,000		1,749,803,840
SR-018T3	Fixed		6.25000	%	05-Apr-2023	10-Mar-2026		16,949,759,000,000		1,099,491,373
SR-018T5	Fixed		6.40000	%	05-Apr-2023	10-Mar-2028		4,544,818,000,000		294,811,754
SR-019T3	Fixed		5.95000	%	27-Sep-2023	10-Sep-2026		17,543,813,000,000		1,138,026,271
SR-019T5	Fixed		6.10000	%	27-Sep-2023	10-Sep-2028		7,790,600,000,000		505,358,070
TOTAL RETAIL ISLAMIC DEBT SECURITIES								135,919,231,000,000		8,816,763,817
TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES								984,767,674,000,000		63,879,584,458
TOTAL TRADABLE SECURITIES								5,575,233,513,000,000		361,652,407,434

D-138

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
SRBI01 (4)	Fixed		0.10000	%	07-Aug-2003	01-Aug-2043		47,064,708,425,048		3,052,977,973
SU002 (3)	Fixed		0.10000	%	23-Oct-1998	01-Apr-2025		3,492,953,408,313		226,579,749
SU004 (3)	Fixed		0.10000	%	28-May-1999	01-Dec-2025		12,067,540,780,623		782,793,253
SU007 (3)	Fixed		0.10000	%	01-Jan-2006	01-Aug-2025		11,533,063,017,688		748,122,925
TOTAL GOVERNMENT DEBT SECURITIES HELD BY BANK INDONESIA								74,158,265,631,672		4,810,473,899
2. RETAIL NON TRADABLE BONDS
SBR011	BI 7-Day Reverse Repo Rate		8.00000	%	22-Jun-2022	10-Jun-2024		13,787,757,000,000		894,379,670
SBR012T2	BI 7-Day Reverse Repo Rate		6.65000	%	15-Feb-2023	10-Feb-2025		16,732,199,000,000		1,085,378,762
SBR012T4	BI 7-Day Reverse Repo Rate		6.85000	%	15-Feb-2023	10-Feb-2027		5,452,395,000,000		353,684,159
TOTAL GOVERNMENT DEBT SECURITIES RETAIL NON-TRADABLE BONDS								35,972,351,000,000		2,333,442,592
B. GOVERNMENT ISLAMIC DEBT SECURITIES 1. HELD BY MINISTRY OF RELIGIOUS AFFAIR
PBSNT002	Fixed		6.51000	%	23-Jun-2021	23-Jun-2036		2,000,000,000,000		129,735,340
PBSNTQ01	Fixed		6.37000	%	27-Aug-2020	27-Aug-2030		3,000,000,000,000		194,603,010
SDHI-2024A	Fixed		9.04000	%	11-Feb-2014	11-Feb-2024		2,000,000,000,000		129,735,340
SDHI-2029A	Fixed		8.43000	%	25-Mar-2014	25-Mar-2029		1,000,000,000,000		64,867,670
SDHI-2029B	Fixed		8.62000	%	13-Aug-2014	13-Aug-2029		2,855,000,000,000		185,197,198
SDHI2025A	Fixed		8.30000	%	08-Jul-2015	08-Jul-2025		2,000,000,000,000		129,735,340
SW001	Fixed		5.00000	%	10-Mar-2020	10-Mar-2025		50,849,000,000		3,298,456
SW002	Fixed		5.50000	%	30-Jun-2022	30-Jun-2027		50,000,000,000		3,243,383
SW003	Fixed		5.90000	%	06-Oct-2022	06-Oct-2024		100,000,000,000		6,486,767
SW004	Fixed		6.65000	%	06-Oct-2022	06-Oct-2027		100,000,000,000		6,486,767
SW005	Fixed		6.25000	%	13-Jan-2023	13-Jan-2025		300,000,000,000		19,460,301
SW006	Fixed		5.50000	%	03-Jul-2023	03-Jul-2028		50,000,000,000		3,243,383
TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES HELD BY MINISTRY OF RELIGIOUS AFFAIR								13,505,849,000,000		876,092,955
2. RETAIL NON TRADABLE ISLAMIC DEBT SECURITIES
ST009	BI 7-Day Reverse Repo Rate		7.40000	%	07-Dec-2022	10-Nov-2024		9,913,551,000,000		643,068,954
ST010T2	BI 7-Day Reverse Repo Rate		6.50000	%	14-Jun-2023	10-Jun-2025		11,700,613,000,000		758,991,502
ST010T4	BI 7-Day Reverse Repo Rate		6.65000	%	14-Jun-2023	10-Jun-2027		3,300,000,000,000		214,063,311
ST011T2	BI 7-Day Reverse Repo Rate		6.30000	%	13-Dec-2023	10-Nov-2025		14,523,657,000,000		942,115,789
ST011T4	BI 7-Day Reverse Repo Rate		6.50000	%	13-Dec-2023	10-Nov-2027		5,501,500,000,000		356,869,486
SWR003	Fixed		5.05000	%	13-Jul-2022	10-Jul-2024		38,253,000,000		2,481,383
SWR004	BI 7-Day Reverse Repo Rate		5.85000	%	06-Sep-2023	10-Sep-2025		112,563,000,000		7,301,700
TOTAL RETAIL NON TRADABLE ISLAMIC DEBT SECURITIES								45,090,137,000,000		2,924,892,125
TOTAL NON-TRADABLE SECURITIES								168,726,602,631,672		10,944,901,572
TOTAL DOMESTIC CURRENCY DENOMINATED BONDS								5,743,960,115,631,670		372,597,309,006

Assumed exchange rates for conversion
IDR/USD	15,416.00

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