EXHIBIT 99.D

DESCRIPTION OF THE REPUBLIC OF INDONESIA DATED JULY 25, 2025

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-13
Economy and Gross Domestic Product		D-17
Privatization and Management of State-Owned Enterprises		D-32
Labor and Employment		D-35
Infrastructure Development		D-39
Foreign Investment		D-43
Foreign Trade and Balance of Payments		D-52
Financial System		D-65
Monetary Policy		D-73
Government Budget		D-81
Public Debt		D-96
Foreign Exchange and Reserves		D-103
Debt-to-GDP Ratios		D-106
DEBT TABLES OF THE REPUBLIC OF INDONESIA		D-107

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
2020		14,050		14,525
2021		14,253		14,296
2022		15,568		14,873
2023		15,397		15,247
2024		16,095		15,841
January 2025		16,300		16,256
February 2025		16,580		16,342
March 2025		16,560		16,444
April 2025		16,600		16,813
May 2025		16,290		16,409
June 2025		16,235		16,297
July 2025 (through July 23, 2025)		16,290		16,248

Source: Bank Indonesia

Statistical Data

Unless otherwise indicated, all statistical data and figures for 2024 and 2025 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.

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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, or trade policies of, 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.

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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.

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REPUBLIC OF INDONESIA

Overview

Indonesia is the world’s fourth most populous country, with a population of approximately 281.6 million in 2024. 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,
	2020L			2021L			2022L			2023L			2024P			2025P
National account and prices:
Real GDP growth (period-on-period)		(2.1	)%		3.7	%		5.3	%		5.1	%		5.0	%		4.9	%
Per capita GDP (in millions of Rupiah)		56.9			62.2			71.0			75.0			78.6			N/A
Per capita GDP (in U.S. dollars)(1)		3,912			4,350			4,784			4,856			4,960			N/A
Inflation rate (year-on-year change in CPI)		1.7	%		1.9	%		5.5	%		2.6	%		1.6	%		1.9	%(2)
External sector:
Current account (% of GDP)		(0.4	)%		0.3	%		1.0	%		(0.1	)%		0.6	%		(0.1	)%
Fiscal account:
Budget (deficit) / surplus (% of GDP)		(6.1	)%		(4.6	)%		(2.4	)%		(1.6	)%		(2.3	)%		(0.4	)%
External debt of the central Government (in trillions of Rupiah)		2,041.0			2,077.8			2,302.7			2,346.0			2,525.1			2,656.5
Debt service ratio (% of Government revenue)		47.3	%		45.0	%		34.5	%		38.5	%		42.9	%		53.9	%

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

^L  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: Rp14,556 per U.S. dollar for 2020, Rp14,309 per U.S. dollar for 2021, Rp14,848 per U.S. dollar for 2022, Rp15,439 per U.S. dollar for 2023 and Rp15,849 per U.S. dollar for 2024. 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 2025.

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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 Rp3.0 trillion in 2020, Rp4.5 trillion in 2021, Rp2.5 trillion in 2022, Rp4.3 trillion in 2023 and Rp5.3 trillion in 2024. All of these natural disasters have resulted in loss of life, displacement of people and destruction of property, and could have significant economic and developmental effects.

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 in various 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 in 2015: a 26.0% reduction in greenhouse gas (“GHG”) emissions below business-as-usual by 2020 and up to 41.0% reduction by 2020 with international assistance. The Republic ratified the Paris Agreement on October 31, 2016, and published its nationally determined contribution (“NDC”) in November 2016, committing to a 29.0% reduction in GHG by 2030 and the same 41.0% conditional target by 2030. The Republic updated the NDC 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 NDC, as updated, 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.

D-7

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.

As part of its efforts to achieve the climate goals, the Government launched an emissions trading system for the power generation sector in February 2023. The trading system initially covered 99 coal-fired power plants, accounting for 81.4% of Indonesia’s national power generation capacity. These power plants are subject to Government-established emissions intensity targets, which determine the number of allowances allocated to each plant for every megawatt-hour (MWh) of electricity produced. In September 2023, the Government also launched a carbon exchange, the Indonesia Carbon Exchange, or the IDX Carbon, operated by the Indonesia Stock Exchange. The IDX Carbon is designed to facilitate emissions trading and serve as a platform for future environmental commodities. In addition, the Government is working on implementing carbon tax, with its legal basis established under Law No. 7 of 2021 on the Harmonization of Tax Regulations. Revenue generated from carbon tax will be allocated to finance climate mitigation and adaptation projects, support investment in clean technology and energy efficiency, and strengthen social safety nets for vulnerable communities. Entities will be able to use carbon units obtained through the emissions trading system or offset mechanisms to reduce their carbon tax liability. The carbon tax is expected to be imposed initially on coal-fired power plants, with a gradual expansion to other sectors in subsequent phases.

On March 17, 2025, the Coordinating Minister for Economic Affairs established an energy transition and green economy task force comprising 18 ministries to lead Indonesia’s cross-sectoral efforts to implement a just, inclusive, and measurable green transition, in line with the 2025–2029 National Medium-Term Development Plan and Indonesia’s commitments made during the G20 Leaders’ Summit. The Government has authorized the task force to develop roadmaps, evaluate existing regulations, and propose new policy instruments to accelerate renewable energy adoption, clean industrial technologies, and decarbonization pathways.

The Republic anticipates that its pursuit of these targets, in conjunction with the ongoing global transition towards sustainable energy and the climate commitments made by governments and the private sector, will, over time, lead to declines in demand for conventional sources of energy such as coal, oil, gas, and timber in the future. These anticipated declines are likely to result in lower export and domestic consumption, presenting challenges to the Republic’s sectors centered on these natural resources. The Government is proactively addressing these challenges by seeking to diversify the national economy and investing in sustainable energy sources through initiatives such as the following:

• Investment in emerging sectors. The Republic is channeling investments into renewable energy sectors such as solar, wind and geothermal energy. For example, following the Government mandate stipulated in Indonesia’s Law 3/2022 (as amended by Law No. 21 of 2023) (as defined herein) and Presidential Regulation 63/2022, Nusantara must be powered by 100% renewable electricity and achieve net zero by 2045. The cultivation of these renewable energy industries is anticipated to yield economic benefits and stimulate job creation.

• Developing value-added industries. The Republic has implemented policies to develop downstream manufacturing and refining industries that add value to the raw materials before export. This approach increases export value, creates jobs and stimulates domestic industrial growth. See “Economy and Gross Domestic Product — Principal Sectors of the Economy — Manufacturing Industry” for further information.

• Expanding market access. The Republic is pursuing trade agreements and strengthening trade partnerships to open new market opportunities for export, including export of products other than natural resources. The Republic is currently carrying out negotiations on several bilateral preferential or free trade agreements, such as the Indonesia-EU Comprehensive Economic Partnership Agreement. See “Foreign Trade and Balance of Payments — Membership in International and Regional Free Trade Agreements” for more information.

• Infrastructure improvements. Infrastructure development aims to enhance connectivity between different geographies, elevate economic productivity, drive urbanization, facilitate the movement of labor, foster equitable regional development and boost foreign and domestic investment. These goals, if achieved, will lay a solid foundation for Indonesia’s economic diversification.

These efforts are expected to help reduce the Republic’s reliance on a narrow spectrum of commodities and better grow its economy, while steadfastly advancing towards its climate objectives.

D-8

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 (Analisis Mengenai Dampak Lingkungan (“AMDAL”)), an environmental management/monitoring efforts report (Upaya Pengelolaan Lingkungan Hidup dan Upaya Pemantauan Lingkungan Hidup (“UKL-UPL”)), or a written statement on readiness to manage and monitor the environment (Surat Pernyataan Pengelolaan Lingkungan Hidup (“SPPL”)). An AMDAL is a comprehensive study of the potentially significant environmental impacts of a proposed business. A UKL-UPL covers the monitoring and management efforts undertaken by businesses that are unlikely to have a significant impact on the environment. An SPPL is typically required by services providers. These documents must be obtained before the business can apply for a business license. The Law on Job Creation simplified such environmental licensing policy by, among other things, integrating the environmental license into the business license (perizinan berusaha) which is now administered through the Online Single Submission (“OSS”) system. The OSS system is an electronic licensing platform managed by the OSS Body, which is part of the Indonesia Investment Coordinating Board (Badan Koordinasi Penanaman Modal).

The Ministry of Environment and Forestry received a budget 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, for 2024 of Rp7,715.1 billion, or approximately U.S.$514.3 million. Under the new administration of President Prabowo Subianto, the Ministry of Environment and Forestry has been restructured into two distinct ministries: the Ministry of Environment and the Ministry of Forestry. Their allocated budgets for 2025 are Rp1,079.8 billion, or approximately U.S.$67.1 million, and Rp5,158.5 billion, or approximately U.S.$320.5 million, respectively.

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 2030, which was extended from the initial target of 2025 due to unforeseen complexities such as the protracted land acquisition process.

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.

Energy Security

To enhance energy security, promote economic self-sufficiency, and support sustainable development, the Government is accelerating the development of biodiesel. Beginning in 2025, the Government started to implement its B40 biodiesel mandate, which requires a 40% blend of palm oil-based fuel with 60% diesel. The target is to increase this blend to 50% by 2027. To facilitate the implementation of biodiesel, the Government is providing financial support, including a projected annual biodiesel incentive of Rp35.8 trillion and projected annual biodiesel subsidy and compensation of Rp51.4 trillion from 2025 to 2029.

In addition, the Government is encouraging private sector participation in the development of the upstream electricity ecosystem, which encompasses electricity generation and transmission. This sector has traditionally been dominated by SOEs, but the Government believes that greater private sector involvement is key to satisfy the country’s electrification investment needs. The Government has set a target for renewable energy to account for 19% of Indonesia’s power generation by 2029 and 23% by 2034. To achieve these goals, the required investments are estimated at Rp1,410 trillion by 2029 and Rp2,820 trillion by 2034.

Population

Indonesia had a population of approximately 281.6 million in 2024 and is the fourth most populous country in the world, after India, China and the United States. The population is primarily concentrated in Java (estimated at approximately 156.9 million in 2023). In 2024, Jakarta, the capital, was estimated to have a population of approximately 11.4 million.

Indonesia’s population is young and growing. In 2024, the Government estimated that approximately 23.7% of the population was under 15 years of age, approximately 69.1% was 15 to 64 years of age, and approximately 7.3% was 65 years of age or above. The annual population growth rate during the period of 2020 to 2024 was 1.1% per annum.

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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.

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 and subsequent administrations, 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.

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 province and regency levels.

On March 20, 2024, the general election commission 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 were sworn in on October 1, 2024, and the president and the vice president were 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”), which consists of the DPR and the DPD, 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 580 members. Starting from 2024, the DPD has 152 members, consisting of four members from each province.

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

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

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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.

Formation of Cabinet under President Prabowo Subianto’s administration

On October 21, 2024, one day after his inauguration, President Prabowo Subianto issued Presidential Regulation Number 139 of 2024 on the Arrangement of Duties and Functions of State Ministries in the Red and White Cabinet for the 2024-2029 period. The 48 ministries include 22 new ministries and agencies, created through the establishment of new entities and the reorganization of existing ones. Seven of the 48 ministries are coordinating ministries which oversee and coordinate the ministries and agencies within their respective sectors, compared to four coordinating ministries under the prior administration. President Prabowo Subianto also dissolved the Cabinet Secretariat, a government agency that previously worked directly beneath and was answerable to the President, mandating that its duties and functions be integrated into the ministries responsible for managing the relevant government affairs.

Asta Cita

President Prabowo Subianto and Vice President Gibran Rakabuming Raka have adopted a comprehensive strategy to address Indonesia’s socio-economic challenges. The strategy, which is also referred to by the sanskit term “Asta Cita” (eight aspirations), comprises:

1. strengthening the Constitutionally-enshrined ideology of Pancasila (the five principles), democracy, and human rights;

2. consolidating the national defense and security system and fostering national self-reliance through self- sufficiency in food, energy, water, Islamic economy, digital economy, green economy and blue economy;

3. continuing infrastructure development and improving quality employment opportunities, promoting entrepreneurship, expanding creative industries, and developing agro-maritime industries in production centers through active cooperative involvement;

4. strengthening the development of human resources, gender equality and the achievements in respect of science, technology, education, health and sports, and empowering the roles of women, youth (millennials and Generation Z), and persons with disabilities;

5. continuing downstream processing and developing natural resource-based industries to increase domestic value-add in the supply chain;

6. fostering economic growth, equity, and poverty eradication from the village and grassroot levels;

7. intensifying political, legal, and bureaucratic reform, and strengthening efforts to prevent and eradicate corruption, drugs, gambling, and smuggling; and

8. promoting harmonious lives in alignment with the environment, nature and culture, and increasing religious tolerance to achieve a just and prosperous society.

Revision of Law No. 34/2004 on the Indonesian Military

On March 20, 2025, the House of Representatives, or DPR, amended Law No. 34/2004 on the Indonesian Military pursuant to Law No. 3 of 2025. The amendment introduces several changes, including provisions to raise the retirement ages of senior military officers and introduce two new duties for military operations other than war: resolving cyber defense threats and protecting and safeguarding citizens and national interests abroad. Additionally, pursuant to an amendment that has attracted criticism from observers as being at risk of undermining civilian supremacy, the amendment expanded the list of government agencies where military personnel can hold positions. Previously, military personnel could serve in ten primarily security-related government agencies, such as the Ministry of Defense and the State Intelligence Agency. The amended law now permits military personnel to assume positions in certain other agencies, including the National Border Management Agency, the National Counterterrorism Agency, the Maritime Security Agency, and the Attorney General’s Office, without requiring the military personnel to retire or resign from military service before taking those positions. Military personnel must still retire or resign from the military if they wish to assume positions in other agencies that are not covered by the amended law.

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.

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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 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.

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.

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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.

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.

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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.

On January 6, 2025, Indonesia joined BRICS, an intergovernmental organization comprising ten countries – Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia, Iran and the United Arab Emirates – as a full member.

Indonesia has been a key partner of the Organisation for Economic Co-operation and Development (“OECD”) since 2007 and became the first accession candidate country from Southeast Asia in February 2024. Indonesia submitted its initial memorandum for OECD accession on June 3, 2025.

The following table shows Indonesia’s capital participation in certain major international financial organizations as of December 31, 2024.

	As of December 31, 2024 Contributed capital
	Year of admission			Subscribed		Paid in
	(in millions of U.S. dollars)
Asian Development Bank(1)		1966			7,514.6		375.8
IMF(1)		1966	(2)		6,062.1		6,062.1
World Bank Group
International Bank for Reconstruction and Development		1966	(2)		3,481.8		249.9
International Development Association		1968			168.2		109.0
International Finance Corporation		1968	(3)		309.3		309.3
Multilateral Investment and Guarantee Agency		1986			20.0		3.8
Islamic Development Bank(4)		1975			1,641.1		313.5
International Islamic Trade Finance Corporation		1992			2.1		2.1
The Islamic Corporation for the Insurance of Investment and Export Credit(4)		1992			0.6		0.3
Islamic Corporation for the Development of the Private Sector		1992			22.2		22.2
International Fund for Agricultural Development		1977			92.0		92.0
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 Asian Development Bank numbers as of December 31, 2024, converted to U.S. dollars using the exchange rate on January 2, 2025 of U.S.$1.29988 to SDR 1. For the IMF numbers as of December 31, 2024, converted to U.S. dollars using the exchange rate on December 23, 2024 of U.S.$1.30413 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).

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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 U.S.$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.

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 in 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 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.

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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 utilized its ASEAN Chairmanship in 2023 to accelerate the negotiation process of the COC, as it will help maintain 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.

Sustainable Development Goals

The Republic published its Sustainable Government Securities Framework dated April 2025 for the issuance of sustainable bonds and sukuks to fund projects delivering environmental and social benefits. The Sustainable Government Securities Framework updates the Republic’s prior framework, the SDGs Government Securities Framework published in September 2021. Under the current framework, sustainable securities will be issued to fund eligible expenditures with a green and blue focus of 10 categories—namely, (i) renewable and clean energy, (ii) energy efficiency, (iii) climate change adaption, (iv) clean transport, (v) waste management, waste to energy and pollution prevention and control, (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 social focus of four categories, namely, (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 Sustainable Government Securities Framework expressly excludes certain activities from consideration for eligible expenditures thereunder, including projects causing or contributing to deforestation, child or forced labor, adult entertainment, weapons, alcohol, tobacco, fossil fuels, gambling, highly polluting or carbon-intensive infrastructure, unsustainable biomass or feedstock projects, and wholesale or brokerage of precious metals, precious minerals, artworks and antiques.

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 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. The Republic believes that eligible expenditures under the Sustainable Government Securities Framework will deliver environmental and social benefits as part of the Republic’s efforts in achieving its 2030 SDGs targets.

The Republic has implemented an evaluation and selection process to seek to ensure that the proceeds from sustainable securities are used for eligible expenditures. The process involves a budget tagging process where various ministries select and tag projects that are 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 sustainable 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 sustainable securities.

The Ministry of Finance manages and allocates the proceeds from each issue of sustainable securities and the ministries utilizing the proceeds track, monitor and report to the Ministry of Finance the environmental and social benefits of the eligible expenditures in their portfolio. A sustainable securities allocation register has been established to record the allocation of proceeds therefrom. For the sustainable securities issued, the Republic currently reports 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 are published on a designated page of the Ministry of Finance’s website.

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Although the projects are selected in accordance with the categories recognized under the Sustainable Government Securities Framework and are 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.

A second party opinion on the Sustainable Government Securities Framework was published by an independent ratings and analytics firm on April 30, 2025. confirming the framework’s alignment with the International Capital Market Association’s Green Bond Principles (2021), Social Bond Principles (2023) and Sustainability Bond Guidelines (2021), as well as the ASEAN Capital Markets Forum’s ASEAN Green Standards 2018, ASEAN Social Bond Standards 2021 and ASEAN Sustainability Bond Standards 2018. The second party opinion is not, nor should be deemed to be, a recommendation to buy, sell or hold any securities.

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.

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.

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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,
	2020		%		2021		%		2022		%		2023P		%		2024P		%		2024P		%		2025P		%
	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		307,606		2.0		320,009		1.9		363,620		1.9		400,447		1.9		403,578		1.8		95,932		1.8		98,749		1.7
Non-Coal, Oil and Gas Manufacturing Industries		2,760,435		17.9		2,946,897		17.4		3,228,155		16.5		3,499,615		16.8		3,799,289		17.2		923,723		17.5		991,785		17.5
Total Manufacturing Industry		3,068,042		19.9		3,266,906		19.2		3,591,775		18.3		3,900,062		18.7		4,202,867		19.0		1,019,655		19.3		1,090,534		19.2
Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles		1,993,989		12.9		2,199,935		13.0		2,516,779		12.8		2,702,642		12.9		2,892,695		13.1		695,438		13.1		749,025		13.2
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,575,280		10.2		1,672,938		9.9		1,805,454		9.2		1,932,533		9.2		2,107,181		9.5		459,817		8.7		558,072		9.8
Forestry and Logging		108,646		0.7		112,009		0.7		118,386		0.6		130,117		0.6		129,570		0.6		30,441		0.6		29,402		0.5
Fishery		431,469		2.8		469,594		2.8		505,061		2.6		555,041		2.7		554,677		2.5		123,513		2.3		129,807		2.3
Total Agriculture, Forestry, and Fishery		2,115,495		13.7		2,254,541		13.3		2,428,901		12.4		2,617,690		12.5		2,791,428		12.5		613,795		11.6		717,281		12.7
Mining and Quarrying																												0.0
Oil, Gas and Geothermal Mining		332,560		2.2		461,703		2.7		587,597		3.0		521,070		2.5		526,156		2.4		129,275		2.4		132,951		2.3
Coal and Lignite Mining		283,195		1.8		603,138		3.6		1,296,912		6.6		1,116,571		5.3		850,454		3.8		211,041		4.0		213,512		3.8
Metal Ore		130,957		0.8		204,590		1.2		242,717		1.2		272,022		1.3		343,502		1.6		78,636		1.5		85,215		1.5
Other Mining and Quarrying		246,831		1.6		254,219		1.5		266,165		1.4		288,356		1.4		306,478		1.4		74,958		1.4		77,552		1.4
Total Mining and Quarrying		993,542		6.4		1,523,650		9.0		2,393,391		12.2		2,198,018		10.5		2,026,589		9.2		493,909		9.3		509,230		9.0
Construction		1,652,660		10.7		1,771,727		10.4		1,912,979		9.8		2,072,385		9.9		2,233,463		10.1		541,249		10.2		557,337		9.8
Government Administration, Defence Compulsory Social Security		585,960		3.8		586,757		3.5		605,341		3.1		616,445		3.0		673,718		3.0		177,749		3.4		190,404		3.4
Information and Communication		695,963		4.5		748,803		4.4		812,737		4.1		883,637		4.2		960,022		4.3		232,923		4.4		251,539		4.4
Transportation and Warehousing		689,552		4.5		719,610		4.2		983,520		5.0		1,231,242		5.9		1,358,117		6.1		313,445		5.9		344,827		6.1
Financial and Insurance Service		696,073		4.5		736,187		4.3		809,371		4.1		869,168		4.2		922,811		4.2		227,865		4.3		240,725		4.2
Education Service		551,227		3.6		557,667		3.3		566,378		2.9		583,384		2.8		621,417		2.8		147,252		2.8		158,183		2.8
Other*		1,837,207		11.9		1,923,038		11.3		2,109,284		10.8		2,303,521		11.0		2,503,657		11.3		600,583		11.4		634,906		11.2
Gross Value Added at Basic Prices		14,879,709		96.4		16,288,821		95.9		18,730,454		95.6		19,978,195		95.6		21,186,782		95.7		5,063,860		95.8		5,443,989		96.1
Taxes less Subsidies on Products		563,644		3.6		687,930		4.1		858,006		4.4		914,154		4.4		952,182		4.3		224,716		4.2		221,941		3.9
Total GDP		15,443,353		100.0		16,976,751		100.0		19,588,460		100.0		20,892,348		100.0		22,138,964		100.0		5,288,577		100.0		5,665,930		100.0

Source: BPS

^P  Preliminary.

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

D-18

Gross Domestic Product by Industry

(at constant 2010 prices)

	Year Ended December 31,																				Three Months Ended March 31,
	2020		%		2021		%		2022		%		2023P		%		2024P		%		2024P		%		2025P		%
	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		202,604		1.9		203,767		1.8		211,340		1.8		220,140		1.8		222,427		1.7		51,475		1.7		55,224		1.7
Non-Coal, Oil and Gas Manufacturing Industries		2,007,317		18.7		2,081,055		18.7		2,185,263		18.7		2,287,660		18.6		2,396,428		18.5		587,125		18.9		612,431		18.8
Total Manufacturing Industry		2,209,920		20.6		2,284,822		20.5		2,396,603		20.5		2,507,800		20.4		2,618,855		20.3		638,600		20.5		667,655		20.5
Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles		1,385,651		12.9		1,449,831		13.0		1,530,004		13.1		1,604,234		13.0		1,682,254		13.0		407,505		13.1		427,990		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,061,087		9.9		1,072,978		9.6		1,097,952		9.4		1,099,951		8.9		1,109,014		8.6		246,795		7.9		280,370		8.6
Forestry and Logging		63,199		0.6		63,247		0.6		62,449		0.5		64,076		0.5		62,758		0.5		14,825		0.5		14,190		0.4
Fishery		254,112		2.4		267,967		2.4		275,452		2.4		290,575		2.4		292,559		2.3		65,468		2.1		66,943		2.1
Total Agriculture, Forestry, and Fishery		1,378,399		12.9		1,404,191		12.6		1,435,853		12.3		1,454,602		11.8		1,464,331		11.3		327,089		10.5		361,502		11.1
Mining and Quarrying
Oil, Gas and Geothermal Mining		272,583		2.5		260,546		2.3		247,986		2.1		249,801		2.0		247,850		1.9		59,993		1.9		61,549		1.9
Coal and Lignite Mining		245,499		2.3		261,710		2.4		282,944		2.4		311,291		2.5		332,527		2.6		81,201		2.6		80,458		2.5
Metal Ore		105,829		1.0		130,000		1.2		153,413		1.3		166,453		1.4		180,275		1.4		46,002		1.5		40,558		1.2
Other Mining and Quarrying		166,564		1.6		169,844		1.5		173,804		1.5		183,134		1.5		194,609		1.5		47,035		1.5		48,775		1.5
Total Mining and Quarrying		790,475		7.4		822,100		7.4		858,147		7.3		910,679		7.4		955,260		7.4		234,231		7.5		231,340		7.1
Construction		1,072,335		10.0		1,102,518		9.9		1,124,725		9.6		1,179,989		9.6		1,262,793		9.8		307,150		9.9		313,849		9.6
Government Administration, Defence Compulsory Social Security		365,446		3.4		364,247		3.3		373,424		3.2		379,071		3.1		403,335		3.1		106,006		3.4		111,075		3.4
Information and Communication		652,063		6.1		696,506		6.3		750,319		6.4		807,305		6.6		868,447		6.7		211,047		6.8		227,340		7.0
Transportation and Warehousing		393,419		3.7		406,169		3.7		486,874		4.2		554,855		4.5		603,051		4.7		141,940		4.6		154,724		4.7
Financial and Insurance Service		457,487		4.3		464,638		4.2		473,624		4.0		496,237		4.0		519,736		4.0		129,247		4.2		134,393		4.1
Education Service		350,273		3.3		350,660		3.2		352,578		3.0		358,828		2.9		372,290		2.9		88,384		2.8		92,834		2.8
Other*		1,276,165		11.9		1,323,766		11.9		1,415,146		12.1		1,509,623		12.3		1,614,238		12.5		389,592		12.5		413,946		12.7
Gross Value Added at Basic Prices		10,331,632		96.4		10,669,447		95.9		11,197,297		95.6		11,763,224		95.6		12,364,589		95.7		2,980,791		95.8		3,136,650		96.1
Taxes less Subsidies on Products		391,367		3.6		450,613		4.1		512,927		4.4		538,252		4.4		555,693		4.3		132,249		4.2		127,874		3.9
Total GDP		10,722,999		100.0		11,120,060		100.0		11,710,223		100.0		12,301,475		100.0		12,920,282		100.0		3,113,040		100.0		3,264,524		100.0

Source: BPS

^P  Preliminary.

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

D-19

Manufacturing Industry

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

In 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 downstreaming 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 2024, the manufacturing sector grew by 4.4%, compared to 2023, driven by both domestic and external demand. This was primarily attributable to a growth of 13.3% in base metal industry, supported by Indonesia’s downstreaming policy, a growth of 5.9% in chemical, pharmaceutical and traditional medicine industry, a growth of 5.9% in food and beverage industry and a growth of 6.2% in metal goods, computers, electronic goods, optics and electrical equipment industry, driven by strong global and domestic demand for electronic components.

In the first quarter of 2025, the manufacturing sector grew by 4.5%, compared to the first quarter of 2024, driven by both domestic and external demand, as well as downstreaming activities. In the first quarter of 2025, the food and beverage subsector, which accounted for 34.7% of the manufacturing sector, grew by 6.0%, supported by higher demand during Ramadan and increased rice milling activities. Growth in the manufacturing sector was also bolstered by a growth of 14.5% in base metal industry, supported by rising export demand, particularly for iron and steel products. Additionally, the footwear industry grew by 7.0%, in line with higher demand both domestically and internationally.

The growth in manufacturing sector is in line with the Government’s downstreaming policy and policy of increasing the use of domestic products. The downstreaming policy aims to develop more value-added manufacturing and refining industries that add value to the raw materials before export. For example, since 2020 the Republic has banned the export of raw nickel and instead sought to encourage, through measures including tax incentives and local content requirements, onshore investment in industries that produce nickel-based products such as batteries for electric vehicles.

The downstreaming policy originally focused on a few mining commodities—i.e., nickel, copper, tin, bauxite and coal—and the Government has gradually expanded the policy coverage to other products. Under the administration of President Prabowo Subianto, the Government has devised a downstreaming roadmap encompassing over two dozen commodities, including not only mining commodities, but also gas, petroleum, agricultural products, forestry and marine resources, with priority accorded to: nickel, tin, copper, bauxite, iron/steel, silica sand, gas, petroleum, oil palm, coconut, shrimp, tuna fish, seaweed, salt, and tilapia. The Government expects Indonesia’s downstreaming policy to attract investment of up to U.S.$618.1 billion and create up to three million jobs by 2040.

D-20

The Government has also implemented policies of increasing the use of domestic products, such as local content regulation aimed at bolstering domestic manufacturing and reducing reliance on imports. In November 2024, the Government temporarily banned the sale of products by a major international electronics manufacturer for failing to comply with a local content requirement that mandates that 35% of components in electronic devices be locally sourced. The Government expects to continue to emphasize its downstreaming and local content policies to support Indonesia’s push to become part of global value-added supply chains and its broader growth ambitions.

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 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.

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 2024, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 4.9%, compared to 2023. This was driven by a growth of 5.9% in wholesale and retail trade of goods other than cars and motorcycles.

In the first quarter of 2025, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.0%, compared to the first quarter of 2024. This was driven by a growth of 6.2% in wholesale and retail trade of goods other than cars and motorcycles.

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 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.

D-21

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 2024, the agriculture, forestry and fishery sector grew by 0.7%, compared to 2023. This was primarily due to a growth of 2.8% in animal husbandry and a growth of 0.7% in plantation crops.

In the first quarter of 2025, the agriculture, forestry and fishery sector grew by 10.5%, compared to the first quarter of 2024. This was primarily due to a growth of 42.3% in food crops. The peak harvest season for rice and corn shifted back to the first quarter, following a delay to the second quarter in the previous year due to the impact of El Niño.

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,
	2020		2021		2022		2023		2024P
	(in thousands of tons, except as otherwise indicated)
Food crops
Rice		54,649		54,415		54,749		53,981		53,143
Cassava		16,271		15,731		18,017		16,764		15,176
Corn		17,489		18,147		22,357		19,986		20,479
Sweet Potato		1,604		1,424		2,011		1,430		1,386
Soybeans (shelled)		291		213		243		349		218
Peanuts (shelled)		416		399		380		350		318
Mung beans		199		211		122		166		129
Estate cash crops
Dry Rubber		3,037		3,045		2,717		2,241		2,262
Coffee		762		786		775		759		808
Cocoa		721		688		651		632		633
Tea		144		138		125		117		124
Sugarcane		2,131		2,351		2,406		2,271		2,466
Tobacco		261		245		222		287		353
Palm Oil		46,766		45,121		46,819		47,084		47,475
Livestock
Meat		4,555		4,547		4,947		4,094		4,219
Eggs		5,874		5,893		6,339		6,585		6,876
Milk		947		903		824		787		808
Fish products
Captured Fish		6,989		7,225		7,400		7,846		7,393
Farmed Fish		14,845		14,648		14,776		15,361		17,182
Forestry(1)
Logs		51,916		54,939		56,665		59,751		57,473
Sawn Timber		2,581		2,660		2,297		2,118		2,102
Plywood		3,863		4,461		4,207		3,470		3,591

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

^P  Preliminary.

⁽¹⁾  All units are in thousands of cubic meters.

D-22

Mining and Quarrying

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

In 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 2024, the mining and quarrying sector grew by 4.9%, compared to 2023. This was driven by a growth of 8.3% in metal ore mining, a growth of 6.8% in coal and lignite mining and a growth of 6.3% in mining and other excavations.

In the first quarter of 2025, the mining and quarrying sector declined by 1.2%, compared to the first quarter of 2024. This was due to a decline of 11.8% in metal ore mining and a decline of 0.9% in coal and lignite mining. Gold and copper production fell due to major scheduled maintenance at the copper and gold mines in Central Papua, and coal production declined in response to weakening demand in international markets. The declines were partially offset by a growth of 3.7% in mining and other excavations and a growth of 2.6% in oil, gas and geothermal mining.

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 5.1%, 5.3%, 5.5%, 6.1%, 6.0% and 5.5% to total exports in 2020, 2021, 2022, 2023, 2024 and the first four months of 2025, respectively. In 2020, 2021, 2022, 2023 and 2024, oil and gas revenues comprised 6.2%, 7.4%, 8.6%, 6.7% and 6.3%, 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.

D-23

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

Crude Oil Production by Source⁽¹⁾

	Year Ended December 31,
	2020		2021		2022		2023		2024P
	(in millions of barrels)
Pertamina		29		26		26		25		24
Production sharing contracts(2)		260		215		198		196		188
Total		259		241		224		221		212

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.

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)
2020		2,442.1
2021		2,245.2
2022		2,271.6
2023		2,413.2
2024		2,287.8

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,
	2020		2021		2022		2023		2024
	(in millions of barrels)
Production sharing contracts(2)		28		44		15		21		27
Government and government-designated(3)		4		0		0		0		0
Total		32		44		15		21		27

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.

D-24

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,
	2020		2021		2022		2023		2024P		2024P		2025P
	(in U.S. dollars per barrel)
ICP(1)		40.4		68.5		97.0		75.5		71.2		87.6		65.9

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

^P  Preliminary.

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

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

Natural Gas Production by Source⁽¹⁾

	Year Ended December 31,
	2020		2021		2022		2023		2024
	(in millions of cubic feet)
Pertamina		314		324		311		305		296
Production sharing contracts(2)		2,129		2,109		2,058		2,115		2,193
Total		2,443		2,433		2,369		2,420		2,489

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)
2020		43.6
2021		41.6
2022		36.3
2023		35.3
2024P		33.8

Source: Ministry of Energy and Mineral Resources

^P  Preliminary.

D-25

Minerals

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

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.

Grasberg Copper Mine

On September 27, 2018, the Indonesian state-owned enterprise PT Indonesia Asahan Aluminium (Persero) or Inalum, entered into various agreements with Freeport McMoRan Inc, the parent company of Freeport Indonesia, the operator of the Grasberg copper mine in the province of Papua, 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, following a dispute between the Government and Freeport relating to the failure to convert the mine’s contract of work into an IUPK..

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 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 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 2024, the construction sector grew by 7.0%, compared to 2023, as a result of the continued development of Nusantara and national strategic projects, as discussed in “Infrastructure Development” below.

In the first quarter of 2025, the construction sector grew by 2.2%, compared to the first quarter of 2024. This growth was supported by an increase in imports of raw materials for construction, including glass, iron and steel products, and other related goods. However, the construction sector’s overall performance was constrained by lower government capital spending resulting from budget cuts and delayed infrastructure projects, as well as a decline in cement production due to adverse weather conditions and reduced activities during Ramadan and the Eid holidays.

D-26

Transportation and Warehousing

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

In 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 2024, the transportation and warehousing sector grew by 8.7%, compared to 2023, driven by increases in passenger and cargo volumes, supported by higher mobility and increased economic activities. This was partly attributable to the hosting of national and international events that boosted the flow of domestic and international tourists in Indonesia. All the transportation and warehousing subsectors experienced growths. In particular, rail transportation grew by 18.6%, land transportation grew by 9.9%, air freight grew by 6.7% and warehousing and transportation support services and post and courier increased by 9.4%.

In the first quarter of 2025, the transportation and warehousing sector grew by 9.0%, compared to the first quarter of 2024, primarily driven by an increase in public transportation passenger volume due to the New Year holidays and the shift of part of the 2025 Eid homecoming travel flow to the first quarter, whereas in 2024 it took place in the second quarter. In particular, rail transportation grew by 17.6%, land transportation grew by 9.9%, warehousing and transportation support services and post and courier increased by 9.5% and sea transportation grew by 6.9%.

Information and Communication

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 2024, the information and communication sector grew by 7.6%, compared to 2023. This was driven by increased telecommunication data traffic during events and festivals, the rising popularity of Indonesian movies and the expansion of Indonesia’s data center industry.

D-27

In the first quarter of 2025, the information and communication sector grew by 7.7%, compared to the first quarter of 2024. This growth was fueled by higher revenues from both wired and wireless telecommunications, an increase in the number of start-ups in Indonesia, increased production of Indonesian films, and the opening of new cinemas in several regions, including West Java and Banten.

Financial and Insurance Service

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.

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 2024, the financial and insurance service sector grew by 4.7%, compared to 2023. This growth was primarily due to a growth of 6.8% in financial intermediary services and a growth of 4.6% in other financial services.

In the first quarter of 2025, the financial and insurance service sector grew by 4.0%, compared to the first quarter of 2024. This growth was primarily due to a growth of 5.2% in financial intermediary services and a growth of 7.7% in other financial services. 

Other sectors

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

D-28

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,
	2020		%		2021		%		2022		%		2023P		%		2024P		%		2024P		%		2025P		%
	(in billions of Rupiah and percentage of GDP)
GDP		15,443,353		100.0		16,976,751		100.0		19,588,460		100.0		20,892,349		100.0		22,138,964		100.0		288,577		100.0		5,665,930		100.0
Add: Imports of goods and services		2,415,496		18.9		3,189,626		18.8		4,106,086		21.0		4,091,232		19.6		4,513,987		20.4		1,042,630		19.7		1,118,541		19.7
Total supply of goods and services		17,858,849		118.9		20,166,378		118.8		23,694,546		121.0		24,983,580		119.6		26,652,951		120.4		6,331,207		119.7		6,784,471		119.7
Less: Exports of goods and services		2,676,514		21.6		3,635,835		21.4		4,799,743		24.5		4,544,890		21.8		4,911,156		22.2		1,135,852		21.5		1,263,347		22.3
Total domestic expenditure		15,182,336		97.3		16,530,542		97.4		18,894,803		96.5		20,438,690		97.8		21,741,796		98.2		195,355		98.2		521,123		97.4
Allocation of total domestic expenditure:
Household consumption expenditure		8,899,918		54.4		9,236,049		54.4		10,161,713		51.9		11,109,566		53.2		11,964,947		54.0		2,905,130		54.9		3,089,482		54.5
NPISHs consumption expenditure		201,452		1.2		207,916		1.2		228,999		1.2		261,210		1.3		300,080		1.4		75,820		1.4		78,589		1.4
Government consumption expenditure		1,491,172		9.1		1,569,830		9.2		1,506,285		7.7		1,557,496		7.5		1,711,551		7.7		331,985		6.3		333,287		5.9
Total consumption		10,592,541		64.8		11,013,796		64.9		11,896,997		60.7		12,928,272		61.9		13,976,578		63.1		3,312,935		62.6		3,501,357		61.8
Gross domestic fixed capital formation		4,491,937		30.8		5,227,854		30.8		5,697,279		29.1		6,090,677		29.2		6,452,531		29.1		1,541,269		29.1		1,588,267		28.0
Change in inventories (residual)(1)		97,858		1.7		288,893		1.7		1,300,526		6.6		1,419,742		6.8		1,312,687		5.9		341,152		6.5		431,499		7.6
Total domestic expenditure		15,182,336		97.3		16,530,542		97.4		18,894,803		96.5		20,438,690		97.8		21,741,796		98.2		5,195,355		98.2		5,521,123		97.4

Source: BPS

^P  Preliminary.

⁽¹⁾  Includes statistical discrepancies.

D-29

Gross Domestic Product by Expenditure

(at constant 2010 prices)⁽¹⁾

	Year Ended December 31,																				Three Months Ended March 31,
	2020		%		2021		%		2022		%		2023P		%		2024P		%		2024P		%		2025P		%
	(in billions of Rupiah and percentage of GDP)
GDP		10,722,999		100.0		11,120,060		100.0		11,710,223		100.0		12,301,475		100.0		12,920,282		100.0		3,113,040		100.0		3,264,524		100.0
Add: Imports of goods and services		1,686,004		15.7		2,105,117		18.9		2,420,794		20.7		2,382,010		19.4		2,571,356		19.9		597,374		19.2		621,004		19.0
Total supply of goods and services		12,409,003		115.7		13,225,177		118.9		14,131,017		120.7		14,683,485		119.4		15,491,637		119.9		3,710,414		119.2		3,885,527		119.0
Less: Exports of goods and services		2,083,942		19.4		2,458,849		22.1		2,857,958		24.4		2,896,372		23.5		3,085,059		23.9		728,807		23.4		778,222		23.8
Total domestic expenditure		10,325,061		96.3		10,766,328		96.8		11,273,059		96.3		11,787,113		95.8		12,406,578		96.0		2,981,607		95.8		3,107,305		95.2
Allocation of total domestic expenditure:
Household consumption expenditure		5,780,223		53.9		5,896,662		53.0		6,187,944		52.8		6,486,254		52.7		6,806,404		52.7		1,659,855		53.3		1,741,028		53.3
NPISHs consumption expenditure		130,306		1.2		132,412		1.2		139,904		1.2		153,938		1.3		173,143		1.3		43,939		1.4		45,288		1.4
Government consumption expenditure		874,146		8.2		911,320		8.2		871,026		7.4		897,299		7.3		956,623		7.4		190,467		6.1		187,837		5.8
Total consumption		6,784,675		63.3		6,940,393		62.4		7,198,874		61.5		7,537,491		61.3		7,936,170		61.4		1,894,261		60.8		1,974,154		60.5
Gross domestic fixed capital formation		3,489,052		32.5		3,549,219		31.9		3,686,574		31.5		3,825,222		31.1		4,001,693		31.0		959,007		30.8		979,303		30.0
Change in inventories (residual)(2)		51,334		0.5		276,715		2.5		387,611		3.3		424,399		3.4		468,715		3.6		128,338		4.1		153,848		4.7
Total domestic expenditure		10,325,061		96.3		10,766,328		96.8		11,273,059		96.3		11,787,113		95.8		12,406,578		96.0		2,981,607		95.8		3,107,305		95.2

Source: BPS

^P  Preliminary.

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

⁽²⁾  Includes statistical discrepancies.

D-30

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%). The inflation target for 2025 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 Control Team (Tim 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,
	2020(1)			2021(1)			2022(1)			2023(1)			2024(2)			2025(2)
CPI		105.7			107.7			113.6			116.6			106.8			108.3
Annual percentage year-on-year		1.7	%		1.9	%		5.5	%		2.6	%		1.6	%		1.9	%

Source: BPS

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

⁽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.

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			2025
Food, drinks, and tobacco		3.6			3.1			5.8			6.2		1.9			2.0
Clothing and Footwear		1.0			1.5			1.4			0.8		1.2			1.0
Housing, water, electricity, and household fuel		0.4			0.8			3.8			0.5		0.6			1.6
Household equipment, tools, and routine maintenance		1.0			2.7			4.9			1.6		1.0			0.6
Health		2.8			1.7			2.9			1.9		1.9			1.9
Transportation		(0.9	)		1.6			15.3			1.3		(0.3	)		0.2
Information, communication, and financial services		(0.4	)		(0.1	)		(0.4	)		0.2		(0.3	)		(0.3	)
Recreation, sports, and culture		0.7			1.1			3.0			1.7		1.2			1.2
Education		1.4			1.6			2.8			2.0		1.9			1.8
Food and beverage providers/restaurant		2.3			2.7			4.5			2.1		2.5			2.0
Personal care and other services		5.8			1.7			5.9			3.6		7.0			9.3

Source: BPS

⁽¹⁾  Annual percentage year-on-year.

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

D-31

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, 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. Annual inflation decreased the most for transport; housing, water, electricity, and household fuel; and household equipment, tools and routine maintenance. 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 2024, annual inflation was 1.6%, which was lower than the 2.6% annual inflation in 2023. This was primarily due to smaller increases in the prices for majority of the sectors. In particular, annual inflation for food, drinks and tobacco; household equipment, tools, and routine maintenance; transportation; information, communication, and financial services; and recreation, sports, and culture was 1.9%, 1.0%, (0.3)%, (0.3)% and 1.2% in 2024, respectively, compared to 6.2%, 1.6%, 1.3%, 0.2% and 1.7% in 2023, respectively. These inflationary changes were partially offset by higher price increases in clothing and footwear; education; and personal care and other services: annual inflation for these sectors was 1.2%, 2.5% and 7.0% in 2024, respectively, compared to 0.8%, 2.1% and 3.6% in 2023, respectively.

In June 2025, annual inflation was 1.9%, which was higher than the annual inflation of 1.6% in May 2025. This increase was primarily due to higher inflation in the food, drinks, and tobacco sector, for which annual inflation was 2.0% in June 2025, compared to 1.0% in May 2025. Inflation also increased in housing, water, electricity, and household fuel; health; and personal care and other services: annual inflation for these sectors were 1.6%, 1.9% and 9.3% in June 2025, respectively, compared to 1.5%, 1.8% and 9.2% in May 2025, respectively. These inflationary changes were partially offset by lower price increases in household equipment, tools and routine maintenance; and education: annual inflation was 0.6% and 1.8% in June 2025, respectively, compared to 0.8% and 1.9% in May 2025, respectively.

Privatization and Management 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, 2024, there were 64 SOEs, of which 13 were listed SOEs and 51 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 2024, these clusters comprise: SOEs in the form of Perum and Holding Investment SOE Danareksa (22 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 has been restructuring SOEs and/or their subsidiaries in an effort to optimize their agility and value creation of SOEs. The Government has also been pursuing the amalgamation of SOEs that operate in the same or related industries or sectors.

D-32

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	(1)		60.0		135.9		1,870
		2022	(8)		60.0		—		4,130
PT Garuda Indonesia (Persero) Tbk		2011			69.1		—		3,187
		2014	(1)		60.5		11.2		1,449
		2022	(8)		64.5		—		12,860
PT Kertas Basuki Rachmat Tbk		2011			—		2.6		—
PT Atmindo Tbk		2011			—		9.0		—
PT Jakarta International Hotel Development, Tbk		2011			—		18.5		—
PT Waskita Karya (Persero) Tbk		2012			68.0		—		1,171
		2015	(4)		68.0		—		5,289
		2021	(6)		75.4		—		9,444
PT Semen Baturaja (Persero) Tbk		2013			76.2		—		1,309
PT Sarana Karya (Persero)(2)		2013			—		48.2		—
PT Kertas Padalarang (Persero)(3)		2013			—		12.1		—
PT Aneka Tambang (Persero) Tbk(4)		2015			65.0		—		5,381
PT Adhi Karya (Persero) Tbk		2015	(4)		51.0		—		2,727
		2022	(8)		64.3		—		2,670
PT Wijaya Karya (Persero) Tbk(4)		2016			65.0		—		6,149
		2024	(9)		91.0		—		6,080
PT Krakatau Steel (Persero) Tbk(4)		2016			51.0		—		4,412
PT Pembangunan Perumahan (Persero) Tbk(4)		2016			75.4		—		9,444
PT Jasa Marga (Persero) Tbk(4)		2016			70.0		—		1,786
PT Bank Rakyat Indonesia (Persero) Tbk(5)		2021			56.8		—		95,900
PT Semen Indonesia (Persero) Tbk(7)		2022			51.2		—		5,410

Source: Ministry of State-Owned Enterprises.

⁽¹⁾  Rights issue through the issuance of new shares.

⁽²⁾  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.

⁽³⁾  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.

⁽⁴⁾  Rights issues carried out through the execution of pre-emptive rights using the addition of State Capital Investment Fund, from the Government.

⁽⁵⁾  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.

⁽⁶⁾  Rights issue of PT Waskita Karya (Persero) Tbk for business restructuring and the capital injection from the Government.

⁽⁷⁾  Rights issue of PT Semen Indonesia (Persero) Tbk as the result of non-cash capital injection in framework of cement holding.

⁽⁸⁾  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.

⁽⁹⁾  Rights issue of PT Wijaya Karya (Persero) Tbk as a result of cash capital injection from the Government.

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Indonesia Investment Authority

The Indonesia Investment Authority (“INA”), also known as the “Nusantara Investment Authority”, is the Republic’s first sovereign wealth fund and it was established in 2021 under the Law on Job Creation, with the purpose of attracting foreign capital to invest in strategic sectors of the Indonesian economy and supporting sustainable development and boost economic growth.

The initial capital of INA amounted to U.S.$5.0 billion. Since its establishment, the INA has deployed over U.S.$3.0 billion in capital together with, and secured commitments of up to U.S.$25.0 billion from investors, including foreign funds and financial institutions. INA primarily focuses on sectors targeted for sustainable development while also aiming to offer attractive risk-adjusted returns. The priority sectors for INA’s investments include transport and logistics, digitalization and digital infrastructure, green energy and transformation, and health; additionally, INA seeks investment opportunities in property and tourism, financial services, mining, oil and gas, engineering and construction, electronics, consumer goods, and food and agriculture.

Danantara

Badan Pengelola Investasi Daya Anagata Nusantara (“BPI Danantara”) is an independent legal entity that was established on February 24, 2025 through Law No. 1/2025, which is an amendment to Law No. 19/2003 on State-Owned Enterprises.

Pursuant to the amended law, the President of the Republic holds the authority to manage SOEs as part of the executive branch’s power in managing state finances, including ownership of state assets that are separated and placed in SOEs. Through Law No. 1/2025, the President’s authority is delegated to the Minister of State-Owned Enterprises as the holder of the Series A Dwiwarna shares⁽¹⁾ and to BPI Danantara as the holder of the Series B shares in SOEs.

The Ministry of State-Owned Enterprises acts as regulator and supervisor of SOEs, whereas BPI Danantara acts as the operator and also has the authority to manage dividends from SOEs.

BPI Danantara reports directly to the President, with a supervisory board chaired by the Minister of State-Owned Enterprises and an executive board appointed by the President. In carrying out its role, BPI Danantara has established two subsidiaries:

1. Danantara Asset Management (“DAM”), which is the entity that holds the Series B shares of SOEs that were previously held by the Government. DAM is responsible for managing the operational activities of these SOEs, with the objective to optimize the value of the SOEs under its portfolio.

2. Danantara Investment Management (“DIM”), which is the entity that holds and manages the investment and optimization of dividends. DIM aims to invest in areas of strategic importance, generate sustainable returns, and expand investment capacity including through partnerships with leading institutions.

The Series B shares of 52 SOEs in 13 sub-sectors (including special purpose entities) have been transferred to BPI Danantara through DAM. SOEs generate profits and distribute dividends to their direct owner, DAM. For 2025, the SOEs under DAM are projected to generate dividends of Rp150 trillion (based on FY2024 results), with Rp139 trillion expected to be received and managed by BPI Danantara through DAM.

DAM may reinvest the cash back into the SOEs or transfer the cash to BPI Danantara (through dividend upstreaming, as BPI Danantara owns 99% of DAM). BPI Danantara may inject the cash to DIM for investment purposes outside the SOEs.

BPI Danantara aims to help Indonesia escape the “middle income trap” by implementing a set of strategic initiatives that are anchored by the Asta Cita principles of President Prabowo Subianto’s administration (see “—Government and Political Developments—Asta Cita” for more details). These initiatives include the policies of downstreaming and industrialization, strengthening national self-reliance through food, energy, and water security, investing in low-carbon energy, resilient infrastructure as the backbone for growth, and human capital development, to name a few. Despite having different mandates, DIM and DAM share a rigorous and comprehensive risk management framework and governance under the supervision of BPI Danantara . Since its launch, BPI Danantara has sought to allay concerns about transparency, governance, and potential political interference, and has focused on establishing the credibility and intended benefits of its mandate.

⁽¹⁾  Series A Dwiwarna shares refer to a special class of shares issued to the Republic or its representative. These shares, a type of golden share, grant the holder unique rights to maintain control over strategic decisions in the relevant entity, even when holding a single Series A share. The term “Dwiwarna” (meaning “two colors” in Indonesian, refers to the red and white of the national flag) symbolizes the state’s authority and national interest in SOEs.

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Labor and Employment

Labor

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

	As of 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	2020(1)				2020(1)				2021(1)				2021(1)				2022(1)				2022(1)				2023(1)				2023(1)				2024(1)				2024(1)				2025(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		39.0		29.2		38.2		29.8		38.8		29.6		37.1		28.3		40.6		40.8		28.2		40.8		28.2		29.4		39.5		28.2		40.7		28.6		40.8		28.2		41.6		28.5
Mining and quarrying		1.3		1.0		1.4		1.1		1.4		1.0		1.4		1.1		1.6		1.7		1.2		1.7		1.2		1.2		1.7		1.2		1.7		1.2		1.7		1.2		1.6		1.1
Manufacturing		18.7		14.0		17.5		13.6		17.8		13.6		18.7		14.3		18.7		20.0		13.8		20.0		13.8		13.4		19.4		13.8		18.9		13.3		20.0		13.8		19.6		13.5
Electricity, gas, steam and air conditioning supply		0.3		0.3		0.3		0.2		0.3		0.2		0.3		0.2		0.3		0.4		0.2		0.4		0.2		0.3		0.3		0.2		0.4		0.3		0.4		0.2		0.4		0.3
Water supply, sewerage, waste management and remediation activities		0.5		0.3		0.5		0.4		0.5		0.4		0.6		0.4		0.5		0.6		0.4		0.6		0.4		0.4		0.5		0.4		0.6		0.4		0.6		0.4		0.6		0.4
Construction		8.1		6.1		8.1		6.3		7.9		6.1		8.3		6.3		8.2		9.5		6.5		9.5		6.5		6.2		9.3		6.6		8.6		6.1		9.5		6.5		8.7		6.0
Wholesale and retail trade, repair of motor vehicles and motorcycles		24.8		18.6		24.7		19.2		25.2		19.2		25.7		19.6		25.8		27.3		18.9		27.3		18.9		18.9		26.6		19		27.1		19.1		27.3		18.9		28.1		19.3
Transportation and storage		5.5		4.1		5.6		4.4		5.3		4.1		5.4		4.2		5.7		6.2		4.3		6.2		4.3		4.2		6.2		4.4		5.9		4.1		6.2		4.3		6.2		4.2
Accommodation and food service activities		9.1		6.8		8.5		6.7		9.2		7.0		9.2		7.0		9.6		11.3		7.8		11.3		7.8		7.3		10.8		7.7		11.1		7.8		11.3		7.8		11.5		7.9
Information and communication		1.0		0.7		0.9		0.7		1.1		0.8		1.0		0.8		1.1		1.0		0.7		1.0		0.7		0.9		1		0.7		1.2		0.9		1.0		0.7		1.3		0.9
Financial and insurance activities		1.8		1.4		1.6		1.2		1.5		1.2		1.6		1.2		1.5		1.7		1.2		1.7		1.2		1.2		1.6		1.2		1.6		1.2		1.7		1.2		1.7		1.1
Real estate activities		0.4		0.3		0.4		0.3		0.5		0.4		0.4		0.3		0.5		0.6		0.4		0.6		0.4		0.3		0.5		0.3		0.5		0.3		0.6		0.4		0.5		0.3
Professional, scientific and technical activities, Administrative and support service activities		1.8		1.4		1.8		1.4		1.9		1.4		2.0		1.5		1.9		2.5		1.7		2.5		1.7		1.5		2.3		1.7		2.2		1.6		2.5		1.7		2.5		1.7
Public administration and defense, compulsory social security		5.4		4.1		4.6		3.6		4.7		3.6		4.9		3.7		4.6		5.1		3.5		5.1		3.5		3.4		4.9		3.5		5.5		3.8		5.1		3.5		5.3		3.7
Education		7.1		5.3		6.0		4.7		6.5		5.0		6.5		5.0		6.6		7.2		5.0		7.2		5.0		4.7		6.9		4.9		7.3		5.1		7.2		5.0		7.3		5.0
Human health and social work activities		2.2		1.7		2.0		1.6		2.3		1.8		2.2		1.7		2.4		2.4		1.6		2.4		1.6		1.8		2.2		1.6		2.5		1.8		2.4		1.6		2.5		1.7
Other service activities		6.2		4.7		6.4		5.0		6.4		4.9		5.8		4.4		5.9		6.6		4.6		6.6		4.6		4.6		6.4		4.6		6.4		4.5		6.6		4.6		6.4		4.4
Total		133.3		100.0		128.5		100.0		131.1		100.0		131.1		100.0		135.6		144.6		100.0		144.6		100.0		100.0		139.9		100.0		142.2		100.0		144.6		100.0		145.8		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
	2020				2020				2021				2021				2022				2022				2023				2023				2024				2024				2025
	(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		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		87.2		60.3		88.3		60.6
Female		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		57.4		39.7		57.5		39.4
Total		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		144.6		100.0		145.8		100.8

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 working age population 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
	2020				2020				2021				2021				2022				2022				2023				2023				2024				2024				2025
	(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%		(in millions)		%
Employed		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		144.6		95.1		145.8		95.2
Unemployed(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		7.5		4.9		7.3		4.8
Total		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		152.1		100.0		153.1		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.

The Government increased the national average minimum wage by 6.5% for 2025.

Year	National average minimum wage		Increase in average minimum wage
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	%
2025		Rp3,315,761.7		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 initially by PT Askes (Persero) and currently by BPJS Kesehatan (as defined below), 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 initially by PT Jamsostek (Persero) and currently by BPJS Ketenagakerjaan (as defined below).

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 Askes (Persero) and PT Jamsostek (Persero), on January 1, 2014. In December 2022, Law No. 24 of 2011 was amended by the Law on Job Creation.

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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 2011 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.

Income Distribution

As of September 2024, Indonesia had a Gini Index of 0.381. The Gini Index is a measure of income distribution that ranges between 0.0 and 1.0, with higher numbers indicating greater inequality.

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 24.1 million, or 8.6% of the population, as of September 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 2024, Java contributed 57.0% of Indonesia’s GDP, Sumatera contributed 22.1%, Kalimantan contributed 8.2%, Sulawesi contributed 7.1%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.7%. In the first quarter of 2025, Java contributed 57.4% of Indonesia’s GDP, Sumatera contributed 22.1%, Kalimantan contributed 8.1%, Sulawesi contributed 7.0%, Bali and Nusa Tenggara contributed 2.7%, 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.

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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 2020 to 2024, transfers to regions and village funds on average increased by 3.2% per year. The increase in transfers to the regions in recent years has been instrumental in improving delivery of basic public services in the area. For more information, see “ — Government Revenues and Expenditure.”

The Law on Job Creation

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

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

Law 11/2020 mandates the issuance of implementing government regulations and presidential regulations that will significantly influence how the law is substantively implemented. The Government has since then issued a number of 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.

In 2024, the Constitutional Court issued a ruling in response to a challenge of certain labor provisions in the Law on Job Creation, whereby the Constitutional Court ordered the Indonesian legislature to promptly draft and enact a new labor law, separating labor provisions from the Law on Job Creation. This new statute should specifically address labor issues, harmonize existing labor regulations, and resolve any contradictions with other laws.

GR 5/2021 was revoked and replaced by Government Regulation No. 28 of 2025 on the Implementation of Risk-Based Business Licensing (“GR 28/2025”), which became effective from June 5, 2025. GR 28/2025 maintains the same core objective as GR 5/2021, streamlining business licensing through a risk-based approach. It introduces clearer classifications of business risks, strengthens oversight by technical ministries and local governments, and enhances integration within the OSS system. Under GR 28/2025, the OSS system must be adjusted to align with the new provisions, and implementing regulations are mandated to be issued within four months from its effective date of June 5, 2025. These adjustments include expanded sectoral coverage, refined licensing stages, and more detailed prerequisites such as environmental and spatial approvals.

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. National strategic projects (Proyek Strategis Nasional (“PSNs”)) are projects of strategic importance to promote economic growth, equitable development, job creation and advancement of national development plans. Substantially all the PSNs are infrastructure projects, with only a few exceptions, such as the Free Nutritious Meal Program, as described in “Government Budget — Free Nutritious Meal Program”. A project that is designated as a national strategic project will receive more attention from the Government through the grant of additional resources and completion on an expedited timeline.

National strategic projects are regulated through presidential regulations and implemented by the central and regional governments in coordination with BPI Danantara, SOEs and the private sector, prioritizing the use of domestic components. PSNs were first introduced in 2016. From 2016 to December 2024, a total of 229 PSNs had been completed, with total investment value of Rp1,993 trillion.

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The PSN program currently comprises two groups of ongoing projects:

The first group comprises PSNs designated as such by the Coordinating Minister of Economic Affairs in 2024, under the administration of President Joko Widodo. These initially included 228 projects and 16 programs, divided into five main categories by function and purpose:

(i) basic infrastructure, such as dams and irrigation facilities, drinking water supply systems, airports, railways, and toll roads;

(ii) regional development projects, such as tourism areas and eco-city areas;

(iii) energy resilience projects, such as power plants, waste-to-energy plants, and transmission networks;

(iv) industry downstreaming and investment projects, such as special economic zones, industrial zones, smelters, and agricultural and plantation projects; and

(v) projects for strategic policies, such as food estates, merger of SOEs, agrarian reform, drone research, and multifunctional satellites.

As of December 2024, 114 of the projects in this first group had been completed.

The second group comprises PSNs under the 2025-2029 National Medium-Term Development Plan (“RPJMN 2025-2029”), which was enacted and published in February 2025. Under the RPJMN 2025-2029, 77 PSNs have been identified, including 47 projects carried over from the first group. The remaining 30 projects are new projects. The 77 PSNs in this second group comprise eight categories:

(i) the Free Nutritious Meal Program (1 PSN);

(ii) human development and culture, such as development of schools and construction of hospitals (5 PSNs);

(iii) food self-sufficiency, such as construction and development food estate, irrigation services, fishing port and aquaculture (6 PSNs);

(iv) water self-sufficiency, such as the giant sea wall on the north coast of Java and river dams (7 PSNs);

(v) energy self-sufficiency, such as a hydropower plant, sugarcane-based bioethanol projects, biorefinery projects, oil refineries and urban gas networks (11 PSNs);

(vi) downstreaming, industrialization and digital transformation, such as development of special economic zones, industrial estates, and downstream industries (35 PSNs);

(vii) connectivity and regions, such as development of Nusantara, ports, and toll roads (9 PSNs); and

(viii) housing and settlements, such as construction of national houses, and development of waste processing plants and Jakarta’s sewerage system (3 PSNs).

The ongoing PSNs represent long-term initiatives developed over the past decade and also include innovative programs and projects introduced under President Prabowo Subianto’s “Asta Cita” vision, which places a strong emphasis on human development. These ongoing PSNs have been fully integrated into national development planning documents and reflected in the 2026 Government Work Plan (Rencana Kerja Pemerintah).

The Government estimates that achieving its ambitious 8% economic growth rate by 2029 will require infrastructure investments totaling more than Rp10,000 trillion. This amount significantly exceeds the funding capacity of the public sector alone. As a result, the Government currently expects to pay for 40% of this cost using public sector funding (state budgets, SOEs and regional SOEs), with the balance coming 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 from Government Guarantees” below.

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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.

The RPJMN 2025-2029 maintains a strong emphasis on infrastructure, identifying 7 transportation PSNs for the period. Notable projects include the Jakarta Metropolitan MRT East-West Corridor, the Serang-Panimbang Toll Road, and the Probolinggo-Banyuwangi Toll Road. In addition, the Government has selected 20 cities for the development and enhancement of urban mass transit systems, incorporating both road-based and rail-based solutions. Sustainability remains a key emphasis, with recommendations to integrate a national roadmap for the electrification of urban public transportation into the RPJMN 2025-2029 to secure funding and guide implementation toward the national goal of electrifying 90% of urban public transport by 2030.

Energy-related projects

The RPJMN 2025-2029 aims to guide Indonesia toward a sustainable, green economy, aligning with the long-term goal of achieving net zero emissions. Recognizing the shortfall in the previous renewable energy target — where the share of renewables in the national energy mix reached only 14% instead of the intended 23% by 2025 — the new plan places a heightened emphasis on accelerating the adoption of renewable energy sources. This energy transition is not only viewed as an environmental imperative but also as a strategic economic opportunity to stimulate industrial growth, foster innovation, and enhance Indonesia’s global competitiveness.

Eleven energy-related PSNs have been included in the RPJMN 2025-2029. Key projects encompass the Tuban Oil Refinery, the development of biofuels from methanol and ethanol in Bojonegoro, the North Hub Development Project in the Makassar Strait, the establishment of a biorefinery in Cilacap, and the expansion of the urban gas distribution networks. These projects are intended to enhance Indonesia’s energy self-sufficiency, diversify the country’s energy portfolio, and support the broader transition to cleaner energy.

Securing adequate financing for these undertakings will be challenging. The Government is prioritizing regulatory reforms and the creation of risk-sharing mechanisms to attract greater private sector and foreign investment.

For further information on Indonesia’s energy security and environmental policies, see “Land and People — Energy Security” and “Land and People — Environment.”

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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.

Under the RPJMN 2025-2029, Indonesia’s telecommunications strategy will transition from providing basic telecommunication access to delivering “meaningful connectivity” with a focus on quality, equity, and utilization to drive economic growth. The plan targets an increase in average mobile broadband speeds to 100 Mbps by 2029 through new spectrum allocation and efficient infrastructure sharing models. Beyond infrastructure development, the Government committed to developing a more robust digital ecosystem by prioritizing the cultivation of a skilled digital workforce, enhancing data governance via national data centers, and integrating digital technology with traditional economic sectors. The Government expects the new capital, Nusantara, to serve as a national model for advanced digital services, setting a benchmark for future smart cities in Indonesia.

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) (“Law 3/2022”).

The development of Nusantara is planned in five phases starting in 2022 and ending in 2045, as outlined in the Government’s master plan for the development of the new capital included in Presidential Regulation No. 63 of 2022 (the “Master Plan”). According to the Master Plan, Phase I is the construction of basic infrastructure such as main roads and core public transportation infrastructure, IT, electricity, and water supply; Phase II focuses on the development of mixed-use areas to accommodate business and industrial districts, educational and tourism facilities, as well as advanced IT infrastructure and additional facilities to support the target population; Phase III focuses on the development of mass transportation infrastructure, expansion of waste and water infrastructure and businesses and industries; Phase IV focuses on the development of infrastructure and ecosystems for three cities (i.e., Nusantara, Balikpapan and Samarinda), to accelerate Kalimantan’s overall development; and Phase V, the final phase, which is targeted to be completed within the 2040-2045 period, focuses on developing mass public transport and integrated infrastructure and utilities, promoting zero carbon emissions and 100% renewable energy, fostering sustainable industrial development, and turning Nusantara into an internationally competitive city.

As of July 2025, the physical work for the basic infrastructure for the core area of Nusantara had reached approximately 95% completion. In particular, construction has been completed for a number of key facilities, including the Presidential Palace and ceremonial grounds, office buildings for various ministries and the Nusantara Capital Authority, Taman Kusuma Bangsa (a public park), certain hospitals, 36 housing units designated for ministerial positions, a piped water supply and distribution system, the Sepaku Semoi Dam, and 27 apartment towers for civil servants and security personnel.

By the end of 2024, Nusantara had attracted a total of Rp65 trillion in investment by private sector and state-owned enterprises. Additionally, from 2022 to 2024, the infrastructure development in Nusantara was supported by state budget of Rp89 trillion.

President Prabowo Subianto has directed that Nusantara be prepared to serve as the political capital from 2028, with supporting infrastructure — including buildings for the executive, legislative, and judiciary branches — completed by that time. To support this plan, the Government estimates that the total funding required for Nusantara’s development from 2025 to 2029 will amount to Rp407.6 trillion. Of this amount, a state budget of Rp48.8 trillion has been allocated for the construction of office buildings, residential facilities for the judiciary and legislative bodies, development of supporting ecosystems, and the construction of specific roads; meanwhile, the Nusantara Capital Authority is seeking additional state funding. The remaining funding needs are expected to be met through public-private partnerships, private investment, and multilateral funding sources.

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The development of Nusantara is designated as a PSN under the RPJMN 2025-2029, aligning with Phase II of the Master Plan. The Government will continue the relocation of civil servants to Nusantara, and advancement of 12 fundamental sectors, including renewable energy, telecommunication networks, transportation, housing, water treatment, waste management, technological infrastructure, commercial infrastructure, health facilities, social and public facilities, educational facilities, and green industrial estates. With investments in renewable energy (e.g., a 50 MW solar power plant), green transportation (e.g., electric bus rapid transit), and digital infrastructure, the Government hopes that Nusantara will ultimately serve as a model for sustainable urban development.

Affordable Housing Program

The Government has launched an affordable housing program for the construction or renovation of residential units in urban, rural, and coastal areas. The program is designated as a PSN under the RPJMN 2025-2029. The primary focus is to address the significant housing backlog and to provide decent, affordable housing for the country’s low-income population.

The program is structured to meet the diverse needs of Indonesia’s rapidly urbanizing society, as well as to support rural and coastal communities where housing deficits and substandard living conditions are acute. In urban areas, the initiative emphasizes the development of vertical housing, to maximize land use and improve access to employment and public services. In rural and coastal regions, the program leverages local contractors, MSMEs, cooperatives, and village-owned enterprises to construct homes that are adapted to local conditions and cultural wisdom, thereby fostering community participation and job creation.

To ensure affordability, the Government is implementing a range of financing schemes, including (i) the Low Income Subsidized Mortgage Program (Fasilitas Likuiditas Pembiayaan Perumahan), which provides interest subsidies and financial support and (ii) the Public Housing Savings (Tabungan Perumahan Rakyat) program, a mandatory housing savings program for the country’s private sector and SOE employees and armed forces and police personnel.

Foreign Investment

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

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

With the issuance of GR 28/2025, 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. Examples of tax incentives to attract foreign investment include import duty exemption on machinery, equipment, raw materials, and strategic goods, and VAT exemption on domestic purchases of production machinery. Additionally, tax holidays or reductions are available to businesses operating in peer industries (i.e., an industry with wide-ranging links that give added value, promotes new technology, and possesses strategic values for the national economy), or located in special economic zones or the new national capital of Nusantara, provided that the criteria under the specific tax schemes are satisfied. To date, tax holidays have been granted to 275 investments, of which 222 are foreign direct investments, and tax allowance has been granted to 152 investments, of which 78 are foreign direct investments. Moreover, the Government also provides super tax deduction for research and development activities and vocational training activities. See “Government Budget — Government Finances — Tax Incentive Policies” for more information on tax incentives.

The Government has also taken other measures to attract more foreign investment, including acceleration of licensing process, provision of financing facilities by Indonesia Eximbank to exporters, establishment of special economic zones and bonded areas, and signing of tax treaties and trade agreements. See “Foreign Trade and Balance of Payments — Membership in International and Regional Free Trade Agreements” for more information on Indonesia’s trade agreements.

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.”

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

Foreign Investment in Indonesia

	Year Ended December 31,															Three Months Ended March 31,
	2020			2021			2022			2023			2024P			2024P			2025P
	(in millions of U.S. dollars)
Direct Investments
Equity Capital		19,348			20,566			22,873			20,090			22,597			6,522			4,107
Debt instrument		(173	)		647			1,829			1,453			1,533			(4	)		93
Total direct investments		19,175			21,213			24,702			21,543			24,130			6,518			4,199
Portfolio investments:
Equity securities		(4,362	)		3,131			671			265			(1,032	)		1,109			(1,873	)
Debt securities		8,929			3,732			(7,256	)		4,840			13,267			(1,898	)		3,346
Total portfolio investments		4,567			6,863			(6,585	)		5,104			12,235			(789	)		1,473
Financial derivatives		(1,291	)		(1,143	)		(1,286	)		(856	)		(965	)		(696	)		(307	)
Other investments		2,264			(726	)		242			4,370			10,112			1,859			487
Total foreign investment		24,715			26,207			17,073			30,161			45,512			6,892			5,852

Source: Bank Indonesia

^P  Preliminary.

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

	Year Ended December 31,															Three Months Ended March 31,
	2020			2021			2022			2023			2024P			2024P			2025P
	(in millions of U.S. dollars)
North America		786			1,751			2,062			830			629			192			100
USA		613			1,691			2,060			747			582			176			84
Canada		17			38			2			81			44			14			15
Other North America(2)		156			22			1			2			2			2			1
Central and South America		1,580			(70	)		(606	)		2,075			400			62			51
Argentina		0			0			0			0			0			0			0
Brazil		3			18			(22	)		0			0			1			(1	)
Mexico		0			1			2			(3	)		3			0			(2	)
Cayman Islands		101			(7	)		(380	)		(48	)		(359	)		5			21
Other Central and South America		1,476			(81	)		(206	)		2,127			756			56			33
Europe		(1,055	)		1,037			1,773			1,923			2,167			437			598
European Union and United Kingdom		(1,039	)		999			1,642			2,616			741			70			280
Austria		58			(40	)		135			101			378			33			201
Belgium		(17	)		96			3			56			301			13			(24	)
Denmark		5			(15	)		2			(6	)		0			(2	)		0
Finland		15			1			86			(26	)		(38	)		(38	)		0
France		(46	)		38			224			45			16			(6	)		15
Germany		(48	)		9			18			2,144			75			15			16
Greece		0			0			0			0			0			0			0
Ireland		41			38			16			35			(29	)		(13	)		15
Italy		(403	)		(406	)		(351	)		(339	)		(56	)		(73	)		(40	)
Luxembourg		(1	)		(1	)		24			380			113			3			8
Netherlands		(115	)		397			272			194			(27	)		139			77
Portugal		0			0			0			0			0			0			0
Spain		12			20			(7	)		2			6			2			4
Sweden		(8	)		142			9			25			(3	)		(3	)		2
United Kingdom		(532	)		719			1,209			(798	)		1,151			362			195
Other European Union		(0	)		0			2			5			5			1			6
Russia		23			0			1			1			2			1			—
Turkey		4			4			3			25			7			4			2
Other Europe		(43	)		34			126			78			266			1			121

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	Year Ended December 31,															Three Months Ended March 31,
	2020			2021			2022			2023			2024P			2024P			2025P
	(in millions of U.S. dollars)
Asia		17,202			18,668			21,733			15,444			21,161			5,603			2,551
Japan		2,089			1,961			1,795			1,011			1,699			743			93
People’s Republic of China		904			5,076			3,511			1,530			2,573			441			712
South Korea		1,557			770			1,829			1,966			1,287			282			300
India		302			227			521			85			(6	)		(14	)		(17	)
Hong Kong SAR		2,850			3,118			2,395			3,471			3,271			1,141			885
Taiwan		944			109			796			5			106			23			57
Saudi Arabia		40			2			(0	)		2			1			1			0
ASEAN		7,928			7,404			10,747			6,592			11,981			2,921			530
Brunei Darussalam		(0	)		0			1			0			0			0			0
Cambodia		2			1			3			1			2			0			0
Lao PDR		—			—			—			0			0			0			0
Malaysia		415			(26	)		995			551			(191	)		91			(78	)
Myanmar		1			0			(1	)		0			0			0			0
Philippines		0			5			104			13			87			53			0
Singapore		4,177			5,343			9,769			5,412			11,572			2,637			531
Thailand		3,208			2,077			(127	)		611			482			140			(22	)
Vietnam		126			3			2			3			28			(1	)		99
Other Asia		588			3			139			782			248			65			(10	)
Australia and Oceania		189			119			356			572			92			6			359
Australia		184			118			353			572			90			5			248
New Zealand		4			2			2			(6	)		1			2			0
Other Australia and Oceania		1			(2	)		0			7			1			0			110
Africa		(29	)		(24	)		(7	)		606			12			(1	)		1
South Africa		25			0			1			(1	)		1			0			0
Other Africa		(55	)		(23	)		(8	)		607			12			0			0
Others		(83	)		(351	)		79			47			212			29			85
Total		18,591			21,131			25,390			21,497			24,674			6,329			3,744

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.

Foreign Direct Investment

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

Foreign Direct Investment

	Year Ended December 31,															Three Months Ended March 31,
	2020			2021			2022			2023			2024P			2024P			2025P
	(in millions of U.S. dollars)
Equity capital(1)		19,348			20,566			22,873			20,090			22,597			6,522			4,107
Debt instruments:
Inflow		41,710			42,607			47,064			44,407			47,144			9,843			10,458
Outflow		(41,882	)		(41,960	)		(45,236	)		(42,954	)		(45,611	)		(9,847	)		(10,366	)
Total debt instruments		(173	)		647			1,829			1,453			1,533			(4	)		93
Total direct investments		19,175			21,213			24,702			21,543			24,130			6,518			4,199
Memorandum
Direct investment in Indonesia(2)		18,591			21,131			25,390			21,497			24,674			6,329			3,744

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.

D-45

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 was primarily driven 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, emerging Asia (including China) and ASEAN were the major contributors to the foreign direct investment inflows in 2021.

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.

Foreign direct investment recorded a surplus totalling U.S.$24.1 billion in 2024, primarily in the form of equity capital, representing a 12.0% increase from a U.S.$21.5 billion surplus in 2023. The increase was primarily due to higher investment in health and social work, trade, and mining and quarrying, partially offset by lower investment in real estate and manufacturing. With respect to the country of origin, increased investment from Singapore and the United Kingdom was the main driver of the higher foreign direct investment in 2024.

The manufacturing, trade as well as health and social work sectors were the main contributors to net foreign direct investment inflows in 2024. With respect to country of origin, investors from Singapore were the main contributors to net foreign direct investment inflows, followed by those from Hong Kong SAR, the People’s Republic of China, South Korea and Japan.

Foreign direct investment recorded a surplus of U.S.$4.2 billion in the first quarter of 2025, primarily in the form of equity capital. This amount represents a 35.6% decrease from the U.S.$6.5 billion surplus recorded in the first quarter of 2024. The decline was primarily attributable to lower investment in the trade, financial intermediaries, and electricity, gas and water supply sectors. By country of origin, decrease in foreign director investment was largely driven by lower investment from Singapore and Japan.

The manufacturing, transportation, storage, and communication, and real estate sectors were the main contributors to net foreign direct investment inflows in the first quarter of 2025. With respect to country of origin, investment from Hong Kong was the largest contributor to the net foreign direct investment inflows, followed by the investments from People’s Republic of China and South Korea.

D-46

Foreign Portfolio Investment

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

Foreign Portfolio Investments

	Year Ended December 31,															Three Months Ended March 31,
	2020			2021			2022			2023			2024P			2024P			2025P
	(in millions of U.S. dollars)
Equity securities:
Inflow		44,300			59,114			76,604			60,362			77,752			17,153			16,763
Outflow		(48,662	)		(55,983	)		(75,933	)		(60,097	)		(78,784	)		(16,043	)		(18,636	)
Net equity securities		(4,362	)		3,131			671			265			(1,032	)		1,109			(1,873	)
Debt securities (net)		8,929			3,732			(7,256	)		4,840			13,267			(1,898	)		3,346
Total portfolio investments		4,567			6,863			(6,585	)		5,104			12,235			(789	)		1,473

Source: Bank Indonesia

^P  Preliminary.

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 2024, foreign capital flows in the form of portfolio investments in Indonesia recorded a net inflow of U.S.$12.2 billion, compared to the net inflow of U.S.$5.1 billion in 2023. The net inflow was mainly driven by foreign capital inflow in the form of SRBI and Government securities issued in international markets.

In the first quarter of 2025, foreign capital flows in the form of portfolio investments in Indonesia recorded a net inflow of U.S.$1.5 billion, compared to the net outflow of U.S.$0.8 billion in the first quarter of 2024. The net inflow was mainly driven by foreign capital inflow in the form of SRBI and Government securities issued in both domestic and international markets.

D-47

Other Foreign Investment

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

Other Foreign Investments

	Year Ended December 31,															Three Months Ended March 31,
	2020			2021			2022			2023			2024P			2024P			2025P
	(in millions of U.S. dollars)
Loans
Bank sector:
Disbursements		3,902			1,409			3,704			1,526			6,154			958			224
Debt repayments		(5,502	)		(4,489	)		(2,844	)		(5,145	)		(3,652	)		(659	)		(1,096	)
Total bank sector		(1,600	)		(3,080	)		860			(3,619	)		2,502			298			(872	)
Corporate sector:
Disbursements		20,975			15,141			19,972			18,435			15,034			3,583			3,620
Debt repayments		(17,887	)		(20,307	)		(22,628	)		(17,088	)		(15,938	)		(3,016	)		(2,797	)
Total corporate sector		3,088			(5,167	)		(2,656	)		1,347			(905	)		568			822
Other (net)(1)		776			7,521			2,039			6,642			8,514			992			537
Total other investments		2,264			(726	)		242			4,370			10,112			1,859			487

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.

D-48

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 2024, other foreign investments increased from a surplus of U.S.$4.4 billion in 2023 to a surplus of U.S.$10.1 billion. The surplus is primarily due to net drawings of foreign loans by the Government and the banking sector.

In the first quarter of 2025, other foreign investments decreased from a surplus of U.S.$1.9 billion in the first quarter of 2024 to a surplus of U.S.$0.5 billion. The surplus is primarily attributable to net drawings of foreign loans by the corporate and the Government 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.

D-49

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

Realized Foreign Direct Investment by Sector⁽¹⁾

	Year Ended December 31,										Three Months Ended March 31,
	2020		2021		2022		2023P		2024P		2024P		2025P
	(in millions of U.S. dollars)
Primary Sector
Food Crops, Plantation & Livestock		1,184		951		1,789		1,946		1,827		306		285
Forestry		43		41		99		96		86		51		35
Fishery		48		17		32		26		218		49		5
Mining		2,005		3,817		5,145		4,715		5,188		1,405		1,192
Total Primary Sector		3,280		4,826		7,065		6,782		7,319		1,811		1,516
Secondary sector:
Food Industry		1,592		2,337		2,425		2,263		3,463		680		611
Textile Industry		280		312		658		458		948		194		225
Leather Goods & Footwear Industry		214		486		630		782		904		144		416
Wood Industry		85		68		243		158		144		24		41
Paper and Printing Industry		943		953		1,630		3,431		4,777		984		669
Chemical and Pharmaceutical Industry		1,743		1,657		4,506		4,805		4,126		1,076		914
Rubber and Plastic Industry		291		262		363		576		927		183		322
Non Metallic Mineral Industry		248		327		537		523		1,142		152		182
Metal, Industry not Machinery & Electronic Industry		5,969		6,974		10,961		11,787		13,557		2,751		3,643
Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry		601		679		789		1,478		2,089		523		595
Motor Vehicles & Other Transport Equipment Industry		942		1,502		1,522		2,046		2,503		671		666
Other Industry		294		246		415		382		552		123		115
Total Secondary Sector		13,202		15,804		24,679		28,690		35,131		7,504		8,401
Tertiary sector:
Electricity, Gas & Water Supply		4,614		2,939		3,763		2,742		2,469		525		523
Construction		190		93		165		282		767		182		124
Trade & Repair		434		464		737		944		2,007		335		652
Hotel & Restaurant		441		432		498		811		944		368		205
Transportation, Storage & Communication		3,580		3,159		4,125		5,615		4,654		1,182		1,134
Housing, Ind. Estate & Office Building		2,191		2,186		3,015		2,575		3,090		946		763
Other Services		733		1,190		1,558		1,827		3,632		776		1,081
Total Tertiary Sector		12,184		10,463		13,861		14,795		17,564		4,314		4,482
Total		28,666		31,093		45,605		50,268		60,014		13,629		14,399

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-50

Domestic Direct Investment

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

Realized Domestic Direct Investment by Sector⁽¹⁾

	Year Ended December 31,										Three Months Ended March 31,
	2020		2021		2022		2023P		2024P		2024P		2025P
	(in billions of Rupiah)
Primary sector:
Food Crops, Plantation & Livestock		32,096		29,375		38,879		42,912		45,502		11,055		11,318
Forestry		1,164		6,863		8,603		23,032		33,464		11,244		2,464
Fishery		565		1,012		1,214		2,507		1,816		496		935
Mining		13,755		25,517		62,522		86,689		106,859		21,227		29,531
Total Primary Sector		47,580		62,767		111,217		155,140		187,640		44,022		44,248
Secondary sector:
Food Industry		27,873		26,518		54,937		54,828		65,941		18,836		14,056
Textile Industry		2,103		1,972		5,615		7,950		7,218		1,714		1,794
Leather Goods & Footwear Industry		395		700		484		1,641		1,644		140		371
Wood Industry		1,263		1,144		3,588		4,611		4,713		2,263		527
Paper and Printing Industry		3,746		7,833		9,508		9,295		9,003		3,859		2,195
Chemical and Pharmaceutical Industry		22,526		23,364		28,905		33,870		35,916		7,505		7,131
Rubber and Plastic Industry		4,429		7,803		7,370		9,256		8,693		2,340		2,002
Non Metallic Mineral Industry		5,862		6,522		6,368		7,770		8,045		2,055		1,915
Metal Industry not Machinery & Electronic Industry		8,858		15,656		13,950		25,886		35,088		6,862		8,984
Medical Precision & Optical Instruments, Watches & Clock, Machinery, and Electronic Industry		1,156		535		3,693		4,263		4,934		1,005		1,501
Motor Vehicles & Other Transport Equipment Industry		2,556		1,459		2,425		6,173		8,190		572		3,488
Other Industry		2,051		1,192		6,721		6,114		4,910		1,453		1,327
Total Secondary Sector		82,818		94,699		143,564		171,657		194,293		48,605		45,291
Tertiary sector:
Electricity, Gas & Water Supply		35,519		38,728		32,107		37,585		46,312		13,871		13,407
Construction		68,289		39,569		33,847		32,813		33,399		5,297		8,085
Trade & Repair		16,748		22,432		31,051		48,558		65,300		16,474		18,911
Hotel & Restaurant		10,203		17,819		21,579		23,363		24,138		6,172		7,577
Transportation, Storage & Communication		93,283		61,242		75,138		76,659		120,083		30,218		48,360
Housing, Ind. Estate & Office Building		44,853		85,498		66,168		77,099		76,517		15,193		25,294
Other Services		14,243		24,310		38,097		52,048		66,337		17,257		23,659
Total Tertiary Sector		283,138		289,598		297,987		348,126		432,085		104,483		145,292
Total		413,536		447,064		552,769		674,923		814,018		197,109		234,831

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-51

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 nine 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-Iran Preferential Trade Agreement, 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, the Indonesia-Peru Comprehensive Economic Partnership Agreement, the Indonesia-Eurasian Economic Union Free Trade Agreement, the Indonesia-Tunisia Preferential Trade Agreement, the Indonesia-Gulf Cooperation Council Free Trade Agreement, the Indonesia-Türkiye Comprehensive Economic Partnership Agreement and the Indonesia-Sri Lanka Preferential Trade Agreement.

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 its various international and regional free trade agreements.

United States Tariffs

On April 2, 2025, President Donald Trump announced that the U.S. Government would impose a 10% tariff on all countries, effective April 5, 2025. Additionally, the U.S. Government announced the imposition of individualized reciprocal higher tariffs on specific countries, including a 32% tariff on goods imported from Indonesia, initially set to take effect on April 9, 2025, but later delayed. On April 9, 2025, President Donald Trump announced a 90-day pause on the individualized reciprocal higher tariff on almost all countries, including Indonesia. This pause was further extended, the 32% tariff has been postponed beyond its originally planned implementation date of August 1, 2025, following high-level talks between Indonesian and US officials on July 9, 2025.

The Republic has refrained from retaliatory trade measures and has actively pursued negotiations with the U.S. government. During the IMF-World Bank Spring Meeting held in Washington D.C. in April 2025, the Indonesian delegation, led by the Coordinating Minister of Economic Affairs, held bilateral meetings with the U.S. Secretary of the Treasury and also engaged with other key US authorities. In addition, on July 7, 2025, Indonesian businesses signed a U.S.$34 billion trade and investment pact with their U.S. counterparts to increase imports and investments from the U.S. into Indonesia, aiming to secure a better tariff deal for the Republic. On July 15, 2025, the US and Indonesia announced a new trade agreement, reducing the proposed tariff on Indonesian imports to 19%. The new tariff rate is expected to take effect on August 1, 2025, replacing the previously proposed 32% tariff.

D-52

The higher tariffs could have a negative effect on certain of the Republic’s key export sectors and lead to lower economic growth.

Negotiation on Free Trade Agreement between Indonesia and the European Union

On July 13, 2025, the Republic and the European Union reached a political agreement to advance a free trade agreement known as the Comprehensive Economic Partnership Agreement (“CEPA”), marking a milestone after nine years of negotiation since the official launch in 2016. The CEPA is designed to promote trade and investment, foster inclusive and sustainable growth and enhance the resilience of supply chain.

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,															Five Months Ended May 31,
	2020			2021			2022			2023			2024P			2024P			2025P
		(in millions of U.S. dollars)
Exports:
Oil and gas exports (f.o.b.)		8,480			13,201			17,039			14,840			15,029			6,170			5,081
Non-oil and gas exports (f.o.b.)		154,921			219,635			275,499			242,841			246,810			97,098			105,004
Total exports (f.o.b.)		163,402			232,835			292,538			257,681			261,839			103,268			110,085
Total imports (c.i.f.)		(142,104	)		(198,800	)		(241,716	)		(222,292	)		(233,782	)		(91,666	)		(95,933	)
Balance of trade		21,298			34,035			50,822			35,389			28,056			11,603			14,152

Source: Bank Indonesia

^P  Preliminary.

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 2024, Indonesia recorded a trade surplus of U.S.$28.1 billion, which decreased by 20.7% from the U.S.$35.4 billion surplus in 2023. The lower trade surplus was primarily driven by a 5.2% year-on-year increase in imports in line with solid domestic demand. Meanwhile, exports grew by 1.6% year-on-year, supported by higher international commodity prices.

In the five months of 2025, Indonesia recorded a trade surplus of U.S.$14.2 billion, which increased by 22.0% from the U.S.$11.6 billion surplus in the same period of 2024. The higher surplus was driven by a 6.6% year-on-year increase in exports, supported by rising international commodity prices. This increase was partially offset by a 4.7% year-on-year increase in imports.

D-53

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,										Four Months Ended April 30,
	2020		2021		2022R		2023R		2024P		2024P		2025P
	(in millions of U.S. dollars)
Exports:
Non-oil and gas exports		154,941		219,362		275,906		242,853		248,823		76,669		82,557
Oil and gas exports		8,251		12,248		15,998		15,922		15,877		5,250		4,807
Total exports		163,192		231,610		291,904		258,774		264,703		81,919		87,364
Imports:
Non-oil and gas imports		127,312		170,661		197,031		186,056		197,384		59,803		65,293
Oil and gas imports		14,257		25,529		40,416		35,830		36,275		11,989		10,997
Total imports		141,569		196,190		237,447		221,886		233,659		71,791		76,290

Source: BPS.

^P  Preliminary.

^R  Revised.

Government Regulation of Export Proceeds

The Government Regulation Number 36 Year 2023 on Foreign Exchange Export Earnings from the Business, Management and/or Processing of Natural Resources (as amended, “GR 36/2023”), effective August 1, 2023, was recently amended by Government Regulation Number 8 Year 2025. Under GR 36/2023, all export proceeds from certain mining, plantation, forestry, and fisheries products must be deposited in special accounts at the Indonesian Export Finance Agency (currently Indonesia Eximbank) or a licensed foreign-exchange bank and retained in the Indonesian banking system for at least 12 months from the date of deposit.

Export proceeds from oil and gas products are subject to a different rule mandating that at least 30% of such proceeds must remain in the Indonesian banking system for a minimum of three months following their deposit into special accounts at Indonesia Eximbank or a licensed foreign-exchange bank.

Exporters are permitted to utilize the export proceed held in these special accounts as collateral for Rupiah-denominated bank loans or credit facilities from Indonesia Eximbank or a licensed foreign-exchange bank, 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-54

Exports

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

Exports by Sector

	Year Ended December 31,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
	(in thousands of U.S. dollars)
General merchandise		157,859,928		231,316,430		291,510,626		256,832,315		260,776,391		102,879,323		109,201,143
Agricultural products
Coffee bean		808,635		848,285		1,137,939		915,636		1,623,533		367,709		914,475
Medicinal herb, aromatic and spice plant		611,521		759,231		608,628		467,475		427,439		159,556		252,767
Bird nest		540,566		504,261		590,240		633,094		551,871		238,907		204,003
Seasonal fruit		449,724		403,175		307,306		334,262		582,811		233,074		366,570
Other non-timber forest product		309,009		417,705		486,813		620,760		546,823		227,116		238,438
Seaweed and other algae		181,620		233,454		402,636		279,744		188,480		77,485		68,198
Fresh / chilled fish		140,583		132,366		127,674		120,682		143,797		58,878		68,611
Clove		173,270		94,308		54,624		95,171		319,431		95,910		116,869
Vegetables		116,125		85,664		98,713		134,958		218,184		34,218		99,761
White pepper		75,219		96,736		80,549		63,953		123,096		37,114		65,541
Tobacco		63,743		73,901		106,321		86,675		104,337		34,841		22,027
Cocoa bean		75,256		55,362		62,865		46,595		80,605		25,592		35,823
Shrimp and prawn		101,655		72,453		43,451		43,236		104,673		37,987		68,459
Rubber latex		46,111		68,490		68,003		54,726		56,924		21,655		22,082
Crab		38,097		62,540		58,564		62,662		98,760		48,397		58,006
Other agricultural products		402,653		1,058,791		1,130,610		1,142,271		1,251,196		445,420		508,379
Total Agricultural products		4,133,788		4,966,721		5,364,936		5,101,900		6,421,959		2,143,859		3,110,010
Manufacturing products
Palm oils		18,390,249		28,474,899		29,628,992		23,965,276		21,528,367		7,469,984		9,848,605
Iron/steel		11,262,371		21,471,317		28,465,009		27,599,169		27,147,960		11,091,025		11,939,621
Clothing and apparel of textile fabrics		5,766,674		7,029,237		8,074,099		6,801,682		7,069,206		2,774,824		2,877,366
Electrical equipment		5,110,653		6,439,195		8,329,344		7,706,789		8,574,706		3,114,449		4,335,988
Organic chemicals derived from agricultural products		3,948,956		7,023,263		8,414,275		6,233,256		6,787,146		2,506,566		3,811,854
Motor vehicle, four-wheel drive and more		3,048,391		3,806,332		6,183,459		6,843,321		6,690,045		2,558,411		2,655,953
Sport shoes		3,115,785		4,233,622		5,062,107		3,858,898		4,081,767		1,639,288		1,695,062
Crumb rubber		2,901,447		3,844,833		3,452,591		2,416,047		2,816,113		1,009,864		1,406,542
Pulp		2,533,513		3,283,505		3,698,451		3,486,523		3,566,604		1,298,418		1,463,091
Jewellery and precious articles		1,469,369		2,585,091		3,819,429		5,606,891		5,530,474		2,876,246		3,207,521
Nickel		794,434		1,271,688		5,968,877		6,806,140		7,983,095		2,903,618		3,361,603
Copper		1,894,934		3,049,936		2,787,315		2,285,775		3,456,253		1,404,909		1,509,926
Other papers		1,882,830		2,081,467		2,480,548		2,409,737		2,190,766		924,675		882,489
Spare parts for four or more wheeled vehicles		1,723,592		2,206,414		2,281,060		2,317,038		2,384,534		970,646		958,435

D-55

	Year Ended December 31,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
	(in thousands of U.S. dollars)
Machines for general purposes		1,675,770		1,999,141		2,183,884		1,887,282		2,148,468		854,827		969,205
Tin		1,130,022		2,448,056		2,387,742		1,783,633		1,432,440		308,174		685,159
Soap and household cleaning agents		1,475,504		1,958,853		2,216,268		1,925,666		1,988,552		800,088		899,742
Other telecommunications equipment		1,614,912		1,635,724		2,299,968		3,020,326		2,488,947		1,067,272		916,401
Outer and inner tires		1,500,345		1,753,688		1,873,655		1,814,950		1,632,083		695,205		677,890
Wooden furniture		1,500,456		1,994,280		1,933,083		1,455,492		1,494,227		600,151		615,143
Fertilizers		1,088,573		1,761,467		2,843,723		1,426,122		1,147,470		495,317		453,327
Computer equipment		1,548,056		1,705,354		1,831,430		1,576,249		1,591,486		581,428		674,305
Organic chemicals derived from oil		1,301,200		2,358,458		1,159,584		762,107		886,262		285,313		329,556
Plywood		1,317,718		1,927,685		1,813,088		1,291,706		1,342,836		525,967		555,690
Spun yarn		1,274,690		1,796,310		1,405,893		1,068,095		922,241		396,823		348,047
Tanks and other armoured fighting vehicles and parts of such vehicles		1,366,690		1,608,379		1,599,826		1,286,171		1,223,092		451,636		656,078
Televisions and television equipment		1,039,513		1,920,584		1,891,876		1,362,151		1,440,426		603,894		601,627
Frozen shrimp and prawn		1,421,284		1,535,044		1,459,273		1,115,072		1,085,577		399,692		505,849
Semiconductors and other electronic components		1,097,944		1,425,378		1,735,144		1,870,186		2,224,548		920,759		1,608,878
Margarine		861,734		1,635,103		1,968,603		1,773,741		1,949,832		694,334		1,010,525
Oil-cake and solid residues		748,224		1,328,493		2,239,044		2,259,348		1,724,298		787,160		277,504
Machines for special purposes		948,553		1,347,494		1,591,423		1,419,386		1,376,228		498,202		517,268
Artificial resin (synthetic resin) and raw materials		1,201,176		1,323,366		1,274,782		1,294,712		1,260,681		532,459		511,653
Other organic chemicals		814,807		1,238,675		1,659,338		1,233,910		1,239,540		501,783		600,649
Oil products(1)		1,312,539		1,899,971		4,303,720		3,487,770		3,483,682		1,526,278		1,129,315
Liquefied Petroleum Gas(1)		416		4,185		26,092		143,213		399		149		199
Other manufacture products		36,401,025		42,118,094		46,454,344		43,669,758		50,996,684		19,338,593		22,331,106
Total Manufacturing products		126,484,347		175,524,581		206,797,341		187,263,589		194,887,034		75,408,426		86,829,173

D-56

	Year Ended December 31,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
	(in thousands of U.S. dollars)
Mining products
Coal		14,525,404		26,538,367		46,671,824		34,590,782		30,478,761		12,667,774		10,257,699
Copper ore		2,412,204		5,386,226		9,243,991		8,326,477		7,969,176		4,185,454		1,938,451
Lignite		1,914,067		4,966,852		7,846,348		8,103,053		7,345,259		2,948,145		2,160,484
Other metal ore		556,855		629,184		623,005		68,121		18		15		—
Crude Oil(1)		1,426,591		2,956,045		1,590,215		1,716,572		2,153,385		918,600		641,019
Natural Gas(1)		5,111,340		7,178,270		9,381,892		8,037,106		7,989,263		3,145,720		2,879,717
o/w Liquefied Natural Gas		3,359,689		4,294,339		6,361,156		6,225,383		6,245,259		2,454,086		2,185,277
Other mining products		306,840		559,675		659,777		884,314		1,169,818		460,100		647,466
Total Mining products		26,253,299		48,214,620		76,017,051		61,726,425		57,105,679		24,325,808		18,524,836
Other merchandise(2)		988,493		2,610,508		3,331,299		2,740,401		2,361,719		1,001,230		737,124
Other goods(3)		5,541,878		1,518,852		1,027,514		848,317		1,062,178		389,041		884,162
Total Exports		163,401,806		232,835,282		292,538,140		257,680,632		261,838,569		103,268,364		110,085,305
Memorandum(4)
Non-oil & gas exports		154,921,425		219,634,699		275,498,694		242,840,602		246,809,591		97,098,148		105,004,140
Oil & gas exports		8,480,381		13,200,583		17,039,446		14,840,030		15,028,978		6,170,216		5,081,165

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-57

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

Exports by Destination

	Year Ended December 31,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
	(in thousands of U.S. dollars)
America
North America
United States of America		18,594,853		25,765,002		28,310,297		23,163,130		26,166,075		10,121,989		11,945,188
Canada		782,733		1,064,214		1,284,783		1,292,084		1,402,807		569,306		740,895
Other North America		1,021		1,620		1,717		2,869		4,116		1,501		1,838
Total North America		19,378,608		26,830,836		29,596,798		24,458,083		27,572,998		10,692,796		12,687,922
Central and South America
Argentina		157,271		281,227		311,017		200,319		217,070		66,660		134,294
Brazil		1,017,307		1,504,539		1,483,496		1,278,005		1,715,161		619,863		933,568
Mexico		883,204		1,298,970		1,688,739		2,129,927		2,232,080		893,376		936,841
Other Central and South America		1,112,753		1,910,190		2,333,449		2,387,097		2,397,566		1,013,653		1,126,846
Total Central and South America		3,170,535		4,994,925		5,816,701		5,995,347		6,561,877		2,593,552		3,131,548
Total America		22,549,143		31,825,761		35,413,499		30,453,431		34,134,875		13,286,348		15,819,470
Europe
European Union
Netherlands		3,106,339		4,624,534		5,378,926		3,868,396		4,726,867		1,855,302		2,183,791
Belgium		1,175,519		1,635,031		2,139,872		1,586,600		1,538,392		578,828		773,330
Italy		1,740,505		2,804,545		3,131,432		2,097,717		2,246,484		963,881		1,173,164
Germany		2,407,245		2,912,856		3,233,288		2,518,779		2,381,493		939,777		1,068,298
France		913,922		996,178		1,044,079		903,474		902,500		367,404		451,968
Spain		1,509,349		2,347,650		2,293,582		2,194,164		2,102,569		926,362		640,628
Other European Union		2,106,142		2,657,501		3,780,308		3,262,361		3,351,056		1,505,373		1,502,778
Total European Union		12,959,020		17,978,294		21,001,487		16,431,491		17,249,360		7,136,927		7,793,957
United Kingdom		1,264,374		1,474,290		1,578,289		1,456,782		1,563,049		659,590		640,969
Russia		971,609		1,492,891		1,386,014		912,270		1,314,930		417,483		678,890
Turkey		1,046,747		1,599,382		2,071,280		1,531,222		1,848,999		739,308		826,683
Other Europe		2,796,242		2,162,096		2,411,475		3,107,016		1,970,748		945,084		1,645,806
Total Europe		19,037,992		24,706,953		28,448,545		23,438,781		23,947,087		9,898,392		11,586,306
Asia and Middle East
ASEAN
Brunei Darussalam		128,789		211,268		240,628		196,352		226,415		115,431		78,776
Philippines		5,892,160		8,590,823		12,895,188		11,028,339		10,609,780		4,016,476		4,242,863
Cambodia		540,472		530,909		720,673		828,316		831,466		366,996		380,311
PDR Laos		5,038		7,578		26,620		16,650		15,025		8,439		6,764
Malaysia		7,985,113		11,954,531		15,148,054		11,815,815		11,656,811		4,755,128		5,191,334
Myanmar		1,030,922		1,117,043		905,561		728,215		601,229		211,700		304,615
Singapore		10,817,047		12,167,500		14,972,580		11,668,197		11,011,273		4,239,042		4,831,259
Thailand		5,086,236		7,110,300		8,154,975		7,151,731		7,598,312		3,004,106		3,986,979
Vietnam		4,937,619		6,842,952		8,276,540		7,524,281		9,454,047		3,492,927		4,372,596
Total ASEAN		36,423,395		48,532,903		61,340,817		50,957,897		52,004,359		20,210,246		23,395,498
Hong Kong SAR		2,003,349		2,001,026		2,812,535		2,636,040		2,610,551		1,144,173		891,808
India		10,350,802		13,308,709		23,362,674		20,269,352		20,286,724		8,842,567		7,201,324
Iraq		185,901		218,389		348,391		235,746		349,588		144,639		134,669
Japan		13,472,208		17,595,122		24,356,469		20,654,400		20,520,716		8,654,120		6,618,097
South Korea		6,334,796		9,161,223		12,339,146		10,123,823		10,575,481		4,439,625		4,077,479
Pakistan		2,374,442		3,823,688		4,251,636		3,020,780		3,478,649		1,199,219		1,435,683
People’s Republic of China		31,557,495		53,278,076		65,814,936		64,769,663		62,160,532		23,105,619		25,055,327
Saudi Arabia		1,337,231		1,580,531		2,019,038		2,076,180		2,411,677		912,606		1,468,617
Taiwan		4,232,878		6,726,353		8,385,255		6,663,678		6,651,322		2,593,465		2,282,353
Other Asia and Middle East		5,714,233		8,676,922		10,458,131		10,381,481		10,521,011		3,945,863		4,990,536
Total Asia and Middle East		113,986,732		164,902,943		215,489,028		191,789,041		191,570,610		75,192,141		77,551,391

D-58

	Year Ended December 31,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
	(in thousands of U.S. dollars)
Australia and Oceania
Australia		2,506,086		3,236,357		3,454,173		3,001,010		4,261,674		1,862,839		1,485,700
New Zealand		479,782		717,463		730,422		591,665		681,651		229,636		316,029
Other Australia and Oceania		373,653		403,551		486,923		520,265		573,420		208,350		230,372
Total Australia and Oceania		3,359,521		4,357,371		4,671,518		4,112,940		5,516,744		2,300,825		2,032,101
Africa
South Africa		572,239		965,270		1,092,889		842,579		787,372		264,032		396,913
Other Africa		2,912,644		4,388,304		4,588,941		4,646,656		3,950,306		1,487,328		2,154,727
Total Africa		3,484,883		5,353,573		5,681,831		5,489,235		4,737,678		1,751,360		2,551,640
Unclassified exports(1)		983,534		1,688,680		2,833,719		2,397,205		1,931,574		839,298		544,398
Total (f.o.b.)		163,401,806		232,835,282		292,538,140		257,680,632		261,838,569		103,268,364		110,085,305

Source: Bank Indonesia

^P  Preliminary.

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

D-59

Imports

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

Imports by Sector⁽¹⁾

	Year Ended December 31,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
	(in thousands of U.S. dollars)
General Merchandise		140,202,566		196,118,688		238,196,580		219,691,365		229,199,415		90,601,019		92,841,622
Consumption Goods
Food and beverages, primary, mainly for household		2,311,232		2,778,536		2,900,624		2,883,081		3,011,269		1,098,849		1,179,320
Food and beverages, processed, mainly for household		3,123,868		3,930,449		4,948,999		6,043,813		6,855,484		2,887,496		1,808,758
Passenger motor cars		305,712		368,733		620,196		1,044,254		1,315,359		453,115		650,428
Transport equipment, nonindustrial		202,426		216,419		288,582		293,186		236,457		100,101		82,915
Durable consumer goods		1,777,178		2,258,482		2,299,231		2,291,875		2,405,081		942,468		934,411
Semi-durable consumer goods		3,198,553		3,589,078		4,117,226		4,113,141		4,250,159		1,508,521		1,768,587
Non-durable consumer goods		2,608,670		6,225,145		3,506,568		3,351,800		3,423,238		1,217,986		1,479,277
Fuels and lubricants, processed, oil products(2)		3,666,469		7,567,201		13,637,777		10,785,334		12,116,558		5,235,633		4,119,165
Goods not elsewhere specified		781,049		359,105		298,341		621,571		350,833		90,824		87,805
Total Consumption Goods		17,975,158		27,293,149		32,617,546		31,428,054		33,964,438		13,534,993		12,110,665
Raw materials and auxiliary goods
Food and beverages, primary, mainly for industry		5,006,804		6,651,027		7,062,365		6,883,310		7,315,156		3,246,966		3,147,693
Food and beverages, processed, mainly for industry		3,763,531		4,533,242		5,690,242		5,227,898		5,473,603		2,381,412		1,924,020
Industrial supplies, primary		4,545,622		7,419,509		7,828,362		6,756,735		8,338,706		3,114,901		3,428,338
Industrial supplies, processed		48,763,004		68,862,733		78,419,327		66,750,868		70,244,153		27,386,858		28,967,022
Parts and accessories for capital goods		17,749,286		20,862,729		24,094,319		22,607,624		23,506,149		9,681,203		9,530,421
Parts and accessories for transport equipment		5,800,391		8,032,124		9,596,459		9,522,749		9,082,157		3,184,011		3,543,900
Fuels and lubricants, primary		4,459,708		10,167,716		17,271,332		15,633,539		14,359,260		6,310,485		5,434,610
o/w Crude oil(2)		3,557,106		7,886,555		13,648,439		12,221,871		10,734,952		4,792,504		4,085,965
Fuels and lubricants, processed		7,772,769		12,679,881		17,504,885		14,365,208		14,308,964		5,532,688		5,428,056
o/w Oil products(2)		4,533,505		7,367,209		11,095,200		9,128,025		9,109,120		3,706,530		3,461,561
o/w Liquefied Petroleum Gas(2)		2,809,927		4,713,059		5,563,184		4,386,640		4,459,849		1,534,224		1,672,659
Total Raw materials and auxiliary goods		97,861,115		139,208,961		167,467,292		147,747,930		152,628,149		60,838,523		61,404,059
Capital Goods
Capital goods (except transport equipment)		21,970,509		25,734,355		31,825,253		32,915,410		35,832,399		13,761,687		15,932,269
Passenger motor cars		305,712		368,733		620,196		1,044,254		1,315,359		453,115		650,428
Other transport equipment, industrial		1,714,339		2,929,100		4,912,986		5,837,492		4,626,368		1,661,634		2,404,894
Total Capital Goods		23,990,560		29,032,188		37,358,435		39,797,156		41,774,125		15,876,436		18,987,591
Other merchandise(3)		375,733		584,389		753,308		718,226		832,703		351,066		339,307
Other goods(4)		1,901,635		2,681,663		3,519,420		2,600,542		4,582,911		1,064,643		3,091,189
Total		142,104,201		198,800,351		241,716,000		222,291,907		233,782,326		91,665,662		95,932,811

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-60

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,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
America
North America
United States of America		8,417,952		11,607,175		11,715,415		11,483,028		12,298,394		4,769,501		4,978,920
Canada		1,623,021		2,039,320		2,999,835		2,149,299		2,124,004		877,319		1,054,478
Other North America		1		0		0		374		80		78		1
Total North America		10,040,973		13,646,496		14,715,250		13,632,700		14,422,479		5,646,898		6,033,399
Central and South America
Argentina		1,740,897		2,028,162		2,400,666		1,374,093		1,378,270		635,164		526,895
Brazil		2,275,776		2,357,034		3,679,381		4,796,243		5,408,008		2,240,390		1,697,522
Mexico		238,295		251,035		320,300		359,514		334,661		134,927		133,188
Other Central and South America		500,835		600,554		690,476		663,101		765,663		291,487		496,875
Total Central and South America		4,755,804		5,236,784		7,090,823		7,192,951		7,886,602		3,301,968		2,854,479
Total America		14,796,777		18,883,280		21,806,073		20,825,651		22,309,081		8,948,866		8,887,878
Europe
European Union
Netherlands		820,167		877,900		923,007		944,430		975,609		340,194		350,974
Belgium		513,385		763,083		640,671		686,363		496,927		183,278		196,797
Italy		1,521,690		1,674,996		1,448,006		1,728,666		1,594,656		655,349		663,074
Germany		2,939,619		3,057,219		3,718,454		4,550,687		3,683,748		1,411,441		1,363,433
France		1,420,698		1,316,552		1,384,362		1,681,505		1,484,728		494,845		566,437
Spain		440,412		676,814		564,556		579,930		579,921		214,097		233,814
Other European Union		2,412,368		2,413,677		2,952,115		3,557,437		3,807,592		1,587,400		1,086,211
Total European Union		10,068,337		10,780,240		11,631,169		13,729,018		12,623,181		4,886,603		4,460,740
United Kingdom		984,941		1,116,936		1,038,364		1,103,335		946,976		384,510		419,083
Russia		843,722		1,033,735		1,890,871		2,243,473		2,050,534		899,847		842,891
Turkey		273,981		353,531		530,585		648,868		462,891		158,744		212,568
Other Europe		2,317,252		2,732,492		2,324,377		1,939,516		2,467,901		1,028,223		737,198
Total Europe		14,488,232		16,016,934		17,415,366		19,664,209		18,551,482		7,357,928		6,672,479
Asia and Middle East
ASEAN
Brunei Darussalam		71,940		156,977		646,007		300,890		507,895		204,932		193,840
Philippines		556,337		1,169,335		1,423,661		1,373,756		1,786,468		570,059		546,612
Cambodia		44,258		50,094		61,077		103,380		142,848		70,130		54,268
PDR Laos		42,290		38,976		170,430		83,239		64,837		29,493		37,403
Malaysia		6,992,397		9,634,006		12,686,248		10,347,081		10,684,816		4,025,996		4,384,752
Myanmar		187,175		164,217		107,536		149,800		572,907		196,252		58,386
Singapore		13,895,105		18,470,973		22,552,422		20,479,833		21,747,115		9,039,068		8,284,838
Thailand		6,289,009		8,920,455		10,677,210		9,970,092		9,637,949		4,065,295		3,951,599
Vietnam		2,983,247		3,972,949		4,573,019		5,117,178		6,401,754		2,519,313		2,484,137
Total ASEAN		31,061,759		42,577,980		52,897,611		47,925,250		51,546,589		20,720,538		19,995,835
Hong Kong SAR		4,015,843		5,557,561		4,597,011		3,807,494		3,282,837		1,292,342		1,412,921
India		3,595,103		7,057,958		9,025,789		6,407,195		5,643,277		2,255,705		1,985,225
Iraq		301		110		704		209		972		479		12
Japan		11,001,764		15,533,193		17,400,251		16,493,891		14,934,408		5,403,905		6,334,727
South Korea		7,063,543		9,773,262		12,240,239		10,744,900		9,331,561		3,794,085		3,534,728
Pakistan		196,596		192,770		189,871		308,149		619,031		332,802		59,417
People’s Republic of China		38,202,228		53,649,120		65,212,072		60,075,752		72,028,499		26,935,378		32,816,939
Saudi Arabia		2,559,806		4,359,067		5,825,001		4,016,022		4,083,557		1,889,179		1,312,693
Taiwan		3,610,972		4,293,046		4,292,654		3,855,454		3,881,613		1,575,548		1,819,596
Other Asia and Middle East		3,791,845		5,166,872		7,642,381		6,845,160		5,337,580		2,128,711		2,259,047
Total Asia and Middle East		105,099,760		148,160,938		179,323,583		160,479,475		170,689,924		66,328,672		71,531,140

D-61

	Year Ended December 31,										Five Months Ended May 31,
	2020		2021		2022		2023		2024P		2024P		2025P
Australia and Oceania
Australia		4,499,423		9,404,535		9,684,791		9,284,037		10,488,340		4,039,852		3,620,097
New Zealand		750,076		954,512		1,381,182		1,134,475		1,234,993		408,018		492,353
Other Australia and Oceania		167,923		39,107		113,399		96,187		80,046		24,558		18,969
Total Australia and Oceania		5,417,421		10,398,154		11,179,372		10,514,699		11,803,378		4,472,428		4,131,419
Africa
South Africa		258,480		634,585		2,048,231		1,250,184		1,621,606		680,129		381,870
Other Africa		1,667,797		4,122,070		9,190,067		8,839,464		7,974,151		3,526,573		3,988,718
Total Africa		1,926,277		4,756,656		11,238,298		10,089,648		9,595,756		4,206,702		4,370,588
Unclassified imports(2)		375,733		584,389		753,308		718,226		832,703		351,066		339,307
Total		142,104,201		198,800,351		241,716,000		222,291,907		233,782,326		91,665,662		95,932,811

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-62

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,
	2020			2021			2022			2023			2024P			2024P			2025P
Current account		(4,433	)		3,511			13,215			(2,042	)		(8,470	)		(2,438	)		(177	)
Goods(2)		28,301			43,806			62,672			46,269			39,932			9,293			13,058
Total exports (f.o.b.)		163,402			232,835			292,538			257,681			261,839			61,698			65,378
Non-oil and gas exports		154,921			219,635			275,499			242,841			246,810			58,217			62,229
Oil and gas exports		8,480			13,201			17,039			14,840			15,029			3,481			3,148
Total imports (f.o.b.)		(135,101	)		(189,029	)		(229,866	)		(211,411	)		(221,907	)		(52,405	)		(52,319	)
Non-oil and gas imports		(121,234	)		(162,864	)		(188,049	)		(176,654	)		(187,232	)		(43,416	)		(44,403	)
Oil and gas imports		(13,867	)		(26,166	)		(41,817	)		(34,757	)		(34,675	)		(8,990	)		(7,916	)
Services		(9,755	)		(14,599	)		(19,957	)		(17,676	)		(18,482	)		(4,193	)		(5,437	)
Primary income		(28,911	)		(31,961	)		(35,303	)		(36,015	)		(35,897	)		(8,842	)		(9,365	)
Secondary income		5,932			6,264			5,803			5,380			5,977			1,304			1,567
Capital account		37			80			476			28			40			5			4
Financial account		7,884			12,492			(9,157	)		9,846			17,476			(2,395	)		(331	)
(i) Public sector		3,413			4,317			(4,618	)		12,915			24,713			(351	)		2,013
Portfolio investment		1,424			(616	)		(6,889	)		8,916			16,639			(1,007	)		3,217
Assets		—			—			—			—			—			—			—
Liabilities		1,424			(616	)		(6,889	)		8,916			16,639			(1,007	)		3,217
Other investment		1,989			4,933			2,271			3,999			8,075			655			(1,204	)
Assets		—			—			(133	)		(1,079	)		(1,852	)		(416	)		(1,621	)
Liabilities		1,989			4,933			2,405			5,078			9,927			1,071			417
Loans		1,989			(1,377	)		1,789			4,902			5,457			928			448
Drawings		8,166			4,355			7,130			10,242			11,000			2,075			2,346
Repayments		(6,177	)		(5,732	)		(5,341	)		(5,341	)		(5,543	)		(1,147	)		(1,898	)
Other liabilities		—			6,310			616			176			4,469			143			(31	)
(ii) Private sector		4,471			8,175			(4,539	)		(3,069	)		(7,237	)		(2,043	)		(2,344	)
Direct investment		14,142			17,286			18,067			14,417			14,852			4,714			2,633
Assets		(5,033	)		(3,927	)		(6,635	)		(7,126	)		(9,278	)		(1,803	)		(1,566	)
Liabilities		19,175			21,213			24,702			21,543			24,130			6,518			4,199
Portfolio investment		1,945			5,701			(4,741	)		(6,709	)		(8,393	)		(1,082	)		(2,188	)
Assets		(1,199	)		(1,778	)		(5,045	)		(2,897	)		(3,990	)		(1,300	)		(444	)
Liabilities		3,144			7,479			304			(3,812	)		(4,403	)		218			(1,744	)
Financial derivatives		18			333			48			167			291			(421	)		190
Other investment		(11,634	)		(15,145	)		(17,913	)		(10,945	)		(13,987	)		(5,255	)		(2,978	)
Assets		(11,909	)		(9,486	)		(15,751	)		(10,237	)		(14,172	)		(6,043	)		(3,049	)
Liabilities		274			(5,659	)		(2,162	)		(708	)		185			788			71
Errors and omissions		(891	)		(2,622	)		(535	)		(1,531	)		(1,836	)		(1,142	)		(283	)
Overall balance		2,597			13,461			3,999			6,301			7,210			(5,970	)		(787	)
Reserves and related items Memorandum		(2,597	)		(13,461	)		(3,999	)		(6,301	)		(7,210	)		5,970			787
Reserve asset position(3)		135,897			144,905			137,233			146,384			155,719			140,390			157,090

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 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. Relatively high yields on domestic financial assets for investment and the introduction of new financial instruments issued by Bank Indonesia further bolstered portfolio investment surplus.

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 2024, the current account recorded a deficit of U.S.$8.5 billion, an increase from the U.S.$2.0 billion deficit recorded in 2023. This was primarily due to a decrease in the non-oil and gas trade balance surplus as demand from Indonesia’s main trading partners weakened, while Indonesia’s domestic demand remained strong.

In 2024, the capital and financial account recorded a U.S.$17.5 billion surplus, an increase from the U.S.$9.9 billion surplus in 2023. The higher surplus was supported by foreign capital inflows in the form of direct investment and portfolio investment, despite ongoing uncertainty in global financial markets. Direct investment continued to book a surplus, reflecting positive investor sentiment towards Indonesia’s economic outlook. Additionally, public sector portfolio investment inflow increased, driven by foreign investment in SRBI and the Government’s issuance of bonds and sukuk in international markets.

As a result of the foregoing, Indonesia’s balance of payments in 2024 booked a U.S.$7.2 billion surplus, larger than the U.S.$6.3 billion surplus in 2023. The official reserve assets as at December 31, 2024 were U.S.$155.7 billion, increased from U.S.$146.4 billion as at December 31, 2023.

In the first quarter of 2025, the current account recorded a deficit of U.S.$0.2 billion, a decrease from the U.S.$2.4 billion deficit in the first quarter of 2024. This improvement was primarily due to a higher non-oil and gas trade surplus, supported by the higher global commodity prices, coupled with a lower oil and gas trade deficit resulting from subdued domestic demand.

The capital and financial account recorded a deficit of U.S.$0.3 billion in the first quarter of 2025, a decrease from the U.S.$2.4 billion deficit in the first quarter of 2024. This improvement was attributable to foreign capital inflows, mainly in the form of direct and portfolio investments, reflecting positive investor perception towards domestic economic outlook and the attractiveness of financial asset yields.

As a result of the foregoing, Indonesia’s balance of payments booked a deficit of U.S.$0.8 billion in the first quarter of 2025, which was narrower than the U.S.$6.0 billion deficit in the first quarter of 2024. As of March 31, 2025, official reserve assets stood at U.S.$157.1 billion, up from U.S.$140.4 billion as of March 31, 2024.

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.

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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.

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.

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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 was later consolidated under OJK Regulation No. 5 of Year 2024 concerning the Determination of Status of Supervision and Problem Handling and Commercial Banks. 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 December 31, 2024, total banking assets were Rp12,690.7 trillion, consisting of commercial bank assets of Rp12,461.0 trillion and rural bank assets (including assets of Sharia rural banks) of Rp229.7 trillion.

As of March 31, 2025, total banking assets were Rp12,955.2 trillion, consisting of commercial bank assets of Rp12,726.9 trillion and rural bank assets (including assets of Sharia rural banks) of Rp228.3 trillion.

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.

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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. 35 of 2024 to govern the Sharia pension funds which came into force in March 2025. 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.

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 December 31, 2024, out of the 89 underwriters licensed by OJK, 36 were involved in issuances of Sukuk; and out of the 91 investment managers licensed by OJK, there were 59 investment managers with Sharia investment management units.

As of March 31, 2025, out of the 89 underwriters licensed by OJK, 36 were involved in issuances of Sukuk; and out of the 90 investment managers licensed by OJK, there were 59 investment managers with Sharia investment management units.

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

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

As of December 31, 2024, assets of Sharia banks were Rp955.3 trillion, or 7.5% of Indonesia’s total banking assets.

As of March 31, 2025, assets of Sharia banks were Rp960.8 trillion, or 7.5% of Indonesia’s total banking assets.

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.

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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.

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 June 30,
	2020			2021			2022			2023			2024			2025P
Base Money (M0)		1,147,200			1,351,172			1,715,619			1,690,270			1,774,691			1,583,403
Currency in Circulation(1)		898,870			959,812			1,026,483			1,101,748			1,204,536			1,153,040
Commercial Banks Demand Deposits at Bank Indonesia		246,807			389,178			687,245			585,270			472,592			382,590
Private sector Demand Deposits		1,523			2,183			1,890			3,253			7,022			3,780
Bank Indonesia Certificates (“SBI”)(2)		—			—			—			—			—			—
Factors Affecting Base Money (M0)		1,147,200			1,351,172			1,715,619			1,690,270			1,774,691			1,583,403
Net Foreign Assets		1,877,480			1,942,909			1,999,397			2,058,128			2,077,811			2,029,014
Claims on Non-Residents		1,997,927			2,151,872			2,227,898			2,354,811			2,687,251			2,692,631
Liabilities to Non-Resident		(120,447	)		(208,964	)		(228,501	)		(296,683	)		609,440			663,618
Claims on Other Depository Corporations		56			56			56			56			56			56
Liquidity Credits		56			56			56			56			56			56
Other Claims		—			—			—			—			—			—
Net claims on central Government		(191,278	)		(167,718	)		(335,849	)		(378,193	)		(417,471	)		(356,425	)
Claims on central Government		124,326			113,358			101,611			87,814			77,638			71,627
Liabilities to central Government		(315,605	)		(281,076	)		(437,460	)		(466,008	)		495,109			428,051
Claims on Other Sectors		9,805			9,782			9,814			9,767			9,858			9,920
Claims on Other Financial Institutions		—			—			—			—			40			40
Claims on Private Sectors		9,805			9,782			9,814			9,767			9,818			10,122
Open Market Operations(3)		(15,312	)		126,293			465,960			460,247			664,662			530,120
Other Liabilities to Commercial & Rural Banks		(58,222	)		(87,160	)		(66,386	)		(65,007	)		(73,286	)		(76,081	)
Deposits included in Broad Money (M2)		—			—			—			—			—			—
Deposits excluded from Broad Money (M2)		—			—			—			—			—			—
Shares and Other Equity		(447,681	)		(412,022	)		(354,640	)		(398,168	)		(494,934	)		(565,116	)
Net Other Items		(27,649	)		(60,967	)		(2,734	)		3,441			7,996			11,915

Source: Bank Indonesia

⁽¹⁾  Currency outside banks plus cash in vault.

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⁽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.

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 December 31, 2024

	Number of institutions		Assets*		Percentage of total assets
			(in trillions of Rupiah)		(%)
Banking:
Commercial banks		105		12,461,0		98.2
Rural credit banks(1)		1,530		229.7		1.8
Total banking		1,635		12,690.7		100.0
Insurance:
Life insurance		49		585.0		33.0
General insurance & Reinsurance		80		281.7		15.9
Social insurance(2)		2		905.8		51.1
Total insurance		131		1,772.5		100.0
Pension funds:
Financial institution pension funds		26		146.1		38.2
Employer pension funds		165		236.4		61.8
Total pension funds		191		382.5		100.0
Finance companies(3)		146		588.9		42.9
Venture capital companies		53		26.6		1.9
Securities companies(4)		119		72.5		5.3
Mutual funds (collective investment schemes. not institutions)		1,505		499.3		36.4
Credit guarantee companies		23		46.4		3.4
Pawn shops		184		106.0		7.7
Fintech peer to peer lending(5)		97		8.6		0.6
Micro financial institutions(6)		250		1.7		0.1
Insurance and reinsurance brokers		191		21.3		1.6
Total		2,568		1,371.3		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 27 securities companies that are not members of a securities exchange but acting as broker- dealers and/or underwriters.

⁽⁵⁾  Fintech peer to peer lending includes Sharia.

⁽⁶⁾  Micro financial institutions include Sharia micro financial institutions.

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

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

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

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

Bank Assets and Liabilities

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

Consolidated Balance Sheet of Commercial Banks

	As of December 31,										As of March 31,
	2020		2021		2022		2023		2024P		2025P
Assets
Loans		5,547.6		5,820.6		6,497.6		7,186.9		7,942.9		8,020.0
Interbank Assets		252.8		223.1		245.4		258.4		275.1		288.1
Placements at Bank Indonesia		775.4		1,146.4		1,293.6		1,047.8		858.9		878.5
Securities (including Government Bonds)		1,466.9		1,831.0		1,863.5		1,987.8		2,222.6		2,256.6
Equity Participation		55.0		96.5		111.1		116.7		126.1		126.6
Other Claims		656.5		623.6		667.6		661.6		478.6		531.7
Others		423.6		371.1		434.5		506.7		556.8		625.3
Total Assets		9,177.8		10,112.3		11,113.3		11,765.8		12,461.0		12,726.9
Liabilities
Third Party Funds		6,665.4		7,479.5		8,153.6		8,457.9		8,837.2		9,010.2
Liabilities owed to Bank Indonesia		6.0		1.7		2.1		17.6		23.6		25.3
Interbank Liabilities		176.7		160.6		173.4		198.4		192.6		187.0
Securities		125.1		117.7		115.1		99.0		99.3		114.6
Borrowing		270.0		227.6		293.3		308.3		395.4		393.5
Other Liabilities		135.0		125.8		156.1		239.4		355.3		374.8
Guarantee Deposits		4.4		4.6		4.3		4.9		5.2		5.1
Others		526.2		523.5		606.0		680.7		699.8		818.0
Capital:
Paid in Capital		229.6		261.7		282.9		312.8		313.8		315.3
Reserves		73.7		81.2		88.9		97.7		104.9		107.5
Current Earnings/Loss		104.7		140.2		201.8		243.3		255.2		65.5
Retained Earnings/Loss		612.6		648.3		675.7		738.6		810.4		944.9
Estimates of Additional Paid in Capital		192.2		274.0		282.0		288.2		300.4		303.7
Others		56.2		65.9		78.1		78.9		67.8		61.5
Total Liabilities		9,177.8		10,112.3		11,113.3		11,765.8		12,461.0		12,726.9

Source: OJK

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

Average Capital Adequacy Ratios

	As of December 31,										As of March 31,
	2020		2021		2022		2023		2024P		2025P
	(percentages)
CAR		23.8		25.7		25.7		27.8		27.8		25.4

Source: OJK.

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,
	2020		2021		2022		2023		2024P		2025P
	(percentages)
Gross NPL ratio*		3.1		3.0		2.4		2.2		2.1		2.2

Source: OJK.

* Interbank loans excluded.

^P  Preliminary.

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 IDX and any securities traded on the IDX as of and for the four months ended April 30, 2025.

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Indonesian Stock Exchange

	IDX
Market capitalization (in trillions of Rupiah)		11,704.9
Listed shares (in billions of shares)		11,598.4
Average daily transaction value (in billions of Rupiah)(1)		12,472.0
Average daily transaction volume (in millions of shares)(1)		19,032.0

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 December 31, 2024 and April 30, 2025, the market capitalization of the JII was Rp3,340.6 trillion and Rp3,794.7 trillion, respectively.

The IDX launched the Indonesia Sharia Stock Index, or ISSI on May 12, 2011. As of December 31, 2024, the ISSI comprised of 616 Sharia stocks listed on the IDX and its market capitalization was Rp6,825.3 trillion. As of April 30, 2025, the ISSI comprised of 626 Sharia stocks listed on the IDX and its market capitalization was Rp6,863.1 trillion.

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 macroprudential 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.

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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.

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;

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(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 Bank Indonesia-Fast Payment (“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.

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 the secondary market (twist operation).

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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.

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.

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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.

In 2024, Bank Indonesia’s policy mix is directed at strengthening economic stability and supporting sustainable growth, in close synergy with the national economic policy mix. Monetary policy in 2024 is focused primarily on maintaining stability (pro-stability), while macroprudential and payment system policies remain directed at supporting economic growth (pro-growth). This policy direction aims to balance between maintaining stability amid high global uncertainties and supporting sustainable economic growth. The 2024 monetary policy targets are focused on controlling inflation within the 2.5±1% target range and stabilizing the Rupiah exchange rate against global shocks, consistent with inflation control and support for macroeconomic and financial system stability. Meanwhile, to support economic growth, accommodative macroprudential policies continue to be directed at encouraging bank credit/financing to priority sectors, while maintaining financial system stability. Likewise, the digitalization of payment systems continues to be accelerated to support inclusive economic growth through the expansion of digital economy and finance. The mix of monetary, macroprudential and payment system policies is supported by strengthening policies on money and foreign exchange market deepening, developing MSMEs, Islamic economy and finance, and international policies. Monetary policies aimed at controlling inflation and stabilizing the Rupiah exchange rate are implemented through consistent and prudent interest rate policies, supported by foreign exchange market intervention, pro-market monetary operation strategies and adequate foreign exchange reserves.

Consistent with this policy direction, Bank Indonesia in April 2024 raised the BI-Rate by 25 bps to 6.25% amid increasing global uncertainty and rising inflation pressures. Subsequently, as the trajectory of the federal funds rate (“FFR”) becomes more evident, followed by an FFR cut that eased global turmoil, Bank Indonesia lowered the BI-Rate by 25 bps to 6.0% on September 17, 2024, one day before the Federal Reserve’s FFR reduction in September 2024. This BI-Rate cut is consistent with pre-emptive and forward-looking measures to keep inflation in 2024 and 2025 within the 2.5±1% target. Bank Indonesia also anticipates still room for further BI-Rate cuts given low inflation projection and the need to support sustainable economic growth. Further decisions regarding the BI-Rate will be made from time to time in the Board of Governors Meetings based on global and domestic economic dynamics (data dependent).

Based on Bank Indonesia’s policy mix stance, the following policy instruments were implemented in 2024.

1. Monetary policy. Inflation control and Rupiah stability were achieved through a consistent and well-calibrated policy rate, underpinned by foreign exchange market intervention, a pro-market monetary operations strategy, and adequate reserve assets. To that end, Bank Indonesia has been directing BI-Rate policy toward achieving the inflation targets in 2024 and 2025. Meanwhile, Rupiah stabilization efforts aim to mitigate short-term volatility and control the impact of imported inflation through triple intervention in the spot, domestic non-deliverable forward and SBN markets as needed. The effectiveness of monetary policy transmission was strengthened by a pro-market monetary operations strategy through optimization of Bank Indonesia Rupiah Securities (Sekuritas Rupiah Bank Indonesia, “SRBI”), Bank Indonesia Foreign Exchange Securities and Bank Indonesia Foreign Exchange Sukuk to attract portfolio inflows and maintain Rupiah stability, while deepening the money market and foreign exchange markets. Inflation control, particularly for food, was supported by close coordination with the Government through the Central and Regional Government Inflation Control Teams and the National Movement for Food Inflation Control nationwide.

2. Macroprudential policy. Bank Indonesia increased liquidity incentives and loosened macroprudential instruments to stimulate bank lending/financing and maintain financial system stability. Additional liquidity incentives were provided to banks through implementation of the macroprudential liquidity incentive policy to promote bank lending/financing to priority sectors, including downstream sectors (mineral and coal mining, agriculture, plantation crops and fishing), housing (including public housing), tourism, the creative economy, and green economy and finance, and to enhance financial inclusion of MSMEs, people’s business credit program, and ultra-micro enterprises. The flexibility of liquidity management in the banking industry was also enhanced by loosening the macroprudential liquidity buffer. Likewise, all other macroprudential policy instruments remained loose, including the countercyclical capital buffer, macroprudential intermediation ratio, loan/financing-to-value ratio for property loans/financing, down payment requirements on automotive loans/ financing, and bank foreign funding ratio. Macroprudential and money market surveillance of the banking system was strengthened to help maintain financial system stability in close coordination with the Financial System Stability Committee.

3. Payment system policy. Bank Indonesia continued accelerating payment system digitalization and ensuring adequate currency in circulation for seamless, efficient and productive economic and financial transactions. Digitalization was implemented through innovation in various instruments and expansion of digital payment services, while strengthening the industry structure and the stability of payment system infrastructure, including integrating the national digital economy and finance ecosystem. To increase transaction value and the velocity of digital payments, Bank Indonesia in 2024 enhanced QRIS by expanding the user base and participating merchants, while extending the 0% merchant discount rate for micro merchants. The payment system structure was strengthened by expanding standard national open API payment (Bank Indonesia’s initiative to standardize and interconnect payment services through an open API framework) for greater interconnection of payment services and enhancing the surveillance of payment system providers, including monitoring for illegal transactions and strengthening cybersecurity. BI-FAST acceptance and stability were improved as retail payment system infrastructure that has become increasingly popular with the public. Similarly, the digitalization of social aid program (Bantuan Sosial – Bansos) disbursements and government financial transactions was expanded, particularly to accelerate and enhance local regional digitalization and increase acceptance of the Indonesia Credit Card for the government segment. Furthermore, Bank Indonesia also expanded cross-border payment cooperation through implementation of the Regional Payment Connectivity initiative in the ASEAN along with several other important economic partners of Indonesia.

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From January 2025 to July 2025, Bank Indonesia reduced the BI Rate three times each by 25 bps. In January 2025, Bank Indonesia reduced the BI rate to 5.75%, while reducing the deposit facility rate and lending facility rate to 5.00% and 6.50%, respectively. In May 2025, Bank Indonesia reduced the BI rate to 5.50%, while reducing the deposit facility rate and lending facility rate to 4.75% and 6.25%, respectively. Bank Indonesia maintained the BI rate, the deposit facility rate and lending facility rate unchanged in February, March, April and June 2025.

In July 2025, Bank Indonesia reduced the BI rate to 5.25%, while reducing the deposit facility rate and lending facility rate to 4.50% and 6.00%, respectively.

The decision is consistent with the lower inflation projections for 2025 and 2026, which remain within the 2.5±1% target corridor, Rupiah exchange rate stability in line with economic fundamentals, and the need to support economic growth. Moving forward, Bank Indonesia will continue considering further room for interest rate reduction to nurture economic growth, while maintaining Rupiah exchange rate stability and orienting monetary policy towards managing inflation within the target corridor based on global and domestic economic dynamics. Meanwhile, Bank Indonesia continues optimizing accommodative macroprudential policy through strategies to increase credit and financing, lower interest rates and enhance liquidity management flexibility in the banking industry to support sustainable economic growth. Payment system policies are also oriented towards supporting economic growth by expanding digital payment acceptance, strengthening the infrastructure and consolidating the structure of the payment system industry.

Bank Indonesia has, therefore, strengthened its monetary, macroprudential and payment system policy mix to maintain stability in order to strengthen sustainable economic growth through the following policy measures:

1. strengthening the Rupiah stabilization strategy in line with economic fundamentals, primarily through domestic foreign exchange market intervention with a focus on spot and domestic non-deliverable forward transactions as well as intervention in offshore non-deliverable forward transactions, while also purchasing SBN in the secondary market to maintain financial market stability;

2. strengthening the pro-market monetary operations strategy to enhance monetary policy transmission effectiveness, maintain adequate liquidity, accelerate money market and foreign exchange market deepening and attract foreign capital inflows by:

a. strengthening the effective transmission of lower interest rates by managing the interest rate structure of monetary instruments and forex swaps by attracting portfolio inflows to domestic financial assets,

b. maintaining adequate liquidity in the money market and banking industry through SRBI auctions and purchasing SBN in the secondary market, and

c. strengthening the function of primary dealers to increase SRBI transactions in the secondary market and repurchase agreement (“repo”) transactions between market players;

3. strengthening prime lending rate publication transparency with a focus on interest rates based on priority sectors in accordance with the scope of macroprudential liquidity incentive policy (Kebijakan Insentif Likuiditas Makroprudensial);

4. expanding digital acceptance by: (i) launching QRIS Cross-Border cooperation with Japan on and initiating the QRIS Cross-Border sandbox with China on August 17, 2025, and (ii) enhancing education and outreach of QRIS Tap, targeting users and merchants. QRIS Cross-Border is an initiative to enable QRIS payments for transactions between Indonesia and other countries. QRIS Tap is an initiative to apply QRIS in contactless payments; and

5. strengthening and expanding international cooperation among central banks, including efforts to enhance payment system connectivity and facilitate local currency transactions, while promoting trade and investment in priority sectors in coordination with relevant institutions.

Bank Indonesia is also strengthening policy synergy with the Government to maintain stability and nurture economic growth in line with the Government’s Asta Cita program. In addition, Bank Indonesia will continue strengthening policy synergy with the Financial System Stability Committee (Komite Stabilitas Sistem Keuangan) to maintain the stability of the financial system.

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 “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; and

• 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)
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		4,834,646		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
2024		1,774,691		1,062,795		1,776,745		2,384,441		5,223,981		3,908,462		114,187		9,246,630
May 2024		1,522,728		934,144		1,691,128		2,290,551		4,915,822		4,016,381		36,618		8,968,821
May 2025(2)		1,563,818		1,033,639		1,803,738		2,388,919		5,226,296		4,077,256		103,036		9,406,588

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.

⁽²⁾  Money supply data are ordinarily released approximately one month after the analytical balance sheet of Bank Indonesia.

	Factors affecting money supply
End of period	Foreign assets (net)		Claims on central Government (net) (1)		Claims on business sectors		Other items (net)(2)
			(in billions of Rupiah)
2020		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
2024		1,982,701		748,934		7,046,941		1,414,908
May 2024		1,882,646		782,059		6,690,548		1,348,789
May 2025(3)		1,956,309		580,820		7,186,675		1,574,235

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.

⁽³⁾  Money supply data are ordinarily released approximately one month after the analytical balance sheet of Bank Indonesia.

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.

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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 December 31, 2024, broad money grew by 4.8% (year-on-year) compared to 3.5% (year-on-year) as of December 31, 2023, due to a higher increase in narrow money. Narrow money grew by 5.8% (year-on-year) as of December 31, 2024 compared to 2.1% (year-on-year) as of December 31, 2023, due to higher growth of Rupiah demand deposits and Rupiah saving deposits. Quasi money grew slower by 1.2% (year-on-year) as of December 31, 2024 compared to 5.3% (year-on-year) as of December 31, 2023, due to a decrease in time deposits.

As of May 31, 2025, broad money grew by 4.9% (year-on-year) compared to 7.6% (year-on-year) as of May 31, 2024, due to a lower increase in quasi-money. Quasi-money grew by 1.5% (year-on-year) as of May 31, 2025 compared to 8.8% (year-on-year) as of May 31, 2024. Meanwhile, narrow money grew by the same rate at 6.3% as of May 31, 2025 and May 31, 2024.

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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,																					Six Months Ended June 30,
	2020L			2021L			2022L			2023L			2024B			2024P			2025B			2025P
										(in trillions of Rupiah)
Revenues and grants:
Domestic revenues
Tax revenues		1,285.1			1,547.8			2,034.6			2,154.2			2,309.9			2,232.7			2,490.9			978.3
Non-tax revenue		343.8			458.5			595.6			612.5			492.0			579.5			513.6			222.9
Total domestic revenues		1,629.0			2,006.3			2,630.1			2,766.7			2,801.9			2,812.2			3,004.5			1,201.2
Grants		18.8			5.0			5.7			17.2			0.4			30.3			0.6			0.6
Total revenues and grants		1,647.8			2,011.3			2,635.8			2,783.9			2,802.3			2,842.5			3,005.1			1,201.8
Expenditures:
Central government expenditures		1,833.0			2,000.7			2,280.0			2,239.8			2,467.5			2,486.7			2,701.4			1,003.6
Transfer to regions and rural fund		762.5			785.7			816.2			881.4			857.6			863.5			919.9			402.5
Total expenditures		2,595.5			2,786.4			3,096.3			3,121.2			3,325.1			3,350.3			3,621.3			1,406.0
Primary balance(1)		(633.6	)		(431.6	)		(74.1	)		102.6			(25.5	)		(19.4	)		(63.3	)		52.8
Surplus/(deficit)		(947.7	)		(775.1	)		(460.4	)		(337.3	)		(522.8	)		(507.8	)		(616.2	)		(204.2	)
Financing:
Debt Financing		1,229.6			870.5			696.0			404.0			648.1			556.6			775.9			315.4
Investment Financing		(104.7	)		(142.5	)		(106.7	)		(89.9	)		(176.2	)		(60.0	)		(154.5	)		(33.5	)
On-Lending		1.0			1.9			2.2			4.5			(0.3	)		(0.4	)		(5.4	)		1.3
Government Guarantee		(3.6	)		(2.7	)		(1.1	)		(0.3	)		(0.8	)		(0.8	)		0.0			0.0
Other Financing		70.9			144.4			0.7			38.5			52.0			57.8			0.3			0.4
Total Financing		1,193.3			871.7			591.0			356.7			522.8			553.2			616.2			283.6

Source: Ministry of Finance

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

^B  Budget.

^P  Preliminary.

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

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%;

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• 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 grants.

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.

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.

Preliminary Full-Year Realization Results for 2024 Budget

On January 6, 2025, the Ministry of Finance announced updated preliminary realization figures for the 2024 budget. Based on the announcement, the realized Government revenues for 2024 are expected to reach Rp2,842.5 trillion, representing an increase of 2.1% from Rp2,783.9 trillion for 2023. The realized revenues for 2024 comprise total tax revenues that are expected to be Rp2,232.7 trillion, representing an increase of 3.6% from Rp2,154.20 trillion for 2023, and total non-tax revenues that are expected to be Rp579.5 trillion, representing a decrease of 5.4% from Rp612.5 trillion for 2023.

Based on the announcement, the realized Government expenditures for 2024 are expected to be Rp3,350.3 trillion, representing an increase of 7.3% from Rp3,121.2 trillion for 2023. Out of the realized Government expenditures, total central Government expenditures are expected to be Rp2,486.7 trillion, representing an increase of 11.0% from Rp2,239.8 trillion for 2023, and total transfers to regions and rural fund are expected to be Rp863.5 trillion, representing a decrease of 2.0% from Rp881.4 trillion for 2023.

As a result, the Government expects to realize a primary balance of a deficit of Rp19.4 trillion in 2024, compared to a surplus of Rp102.6 trillion in 2023. The total deficit is expected to be Rp507.8 trillion for 2024, representing 2.29% of the GDP.

2025 Budget

On October 17, 2024, the Government promulgated Law No. 62 of 2024 on the State Budget for 2025 (the “2025 Budget”). The 2025 Budget was designed to accelerate inclusive and sustainable economic growth with measurable and controlled countercyclical policies, amid global economic uncertainties. The 2025 Budget was formulated based on a mix of short, medium and long-term policy considerations aimed at advancing the Golden Indonesia Vision 2045, which was the goal announced in 2019 by former President Joko Widodo for Indonesia to become the fifth largest economy in the world by 2045. See “Government and Political Developments—2019 Indonesian General Elections” in the Exhibit 99.D. to the Republic’s Annual Report on Form 18-K for the fiscal year ended on December 31, 2023 for further details.

The key macroeconomic assumptions underlying the 2025 Budget are as follows:

• an economic growth rate of 5.2%;

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• an inflation rate of 2.5%;

• an exchange rate of Rp16,000 to U.S.$1.00;

• an average Government 10-year bond rate of 7.0%;

• an ICP of U.S.$82 per barrel;

• oil production by the Republic of 605 thousand barrels of oil per day; and

• gas production by the Republic of 1,005 thousand barrels of oil equivalent of gas per day.

Total revenue in the 2025 Budget is expected to be Rp3,005.1 trillion, or an increase of 7.2% from the 2024 Budget of Rp2,802.3 trillion. Total revenue comprises Rp2,490.9 trillion in tax revenues, Rp513.6 trillion in non-tax revenues and Rp0.6 trillion in grants.

Total expenditures under the 2025 Budget are estimated to be Rp3,621.3 trillion, or 9.5% increase from the 2024 Budget of Rp3,325.1 trillion, comprising Rp2,701.4 trillion in central Government expenditures and Rp919.9 trillion in transfer to regional and rural funds.

For 2025, the Government will continue its commitment toward fiscal consolidation by maintaining a budget deficit below 3% of GDP. The primary deficit in the 2025 Budget is projected to be Rp616.2 trillion, or 2.53% of the projected 2025 GDP. The Government expects to fund the deficit through debt financing.

The 2025 Budget included the following allocations:

• Education: Rp724.3 trillion, or 20.0% of the total budget expenditures. This allocation is directed towards improving access to and the quality of education, providing nutritious food for school children, renovating schools, building model schools, and improving the connection between education and the needs of the job market.

• Social protection: Rp503.2 trillion, or 13.9% of the total budget expenditures. This allocation is directed towards social assistance distribution, integrating and strengthening social protection programs, strengthening lifelong social protection, and facilitating poverty alleviation through empowerment-based social protection.

• Infrastructure: Rp399.3 trillion, or 11.0% of the total budget expenditures. This allocation is directed towards developing agricultural infrastructure such as irrigation networks and dams and building infrastructure to support economic transformation with respect to, among others, downstreaming policy, connectivity improvement and energy transition.

• Law and defense: Rp376.4 trillion, or 10.4% of the total budget expenditures. This allocation is directed towards modernizing defense equipment, strengthening information and communication technologies against cyber threats, supporting strategic industrial capabilities, and implementing legal and security operational activities.

• Health: Rp218.5 trillion, or 6.0% of the total budget expenditures. This allocation is directed towards promotive and preventive efforts, accelerating the reduction of stunting and tuberculosis cases, constructing high-quality hospitals, providing free health checks, enhancing the universal healthcare program, improving technology and pharmaceutical independence, and building a reliable healthcare system.

• Food security: Rp139.4 trillion, or 3.8% of the total budget expenditures. This allocation is directed towards intensification and extensification of agricultural land, strengthening agricultural facilities and infrastructure, increasing farmers’ access to financing, and bolstering national food reserves.

The 2025 Budget was formulated prior to President Prabowo Subianto assuming power, by the then-incumbent administration of former President Joko Widodo working with the then President-elect Prabowo Subianto’s transition team to reflect both leaders’ policy proposals and priorities and to provide space for implementation of the incoming administration’s programs.

Review of the 2025 Budget

Presidential Instruction (Inpres) No. 1 of 2025, issued on January 22, 2025, directed members of the cabinet and other designated senior government officials to review the 2025 Budget in accordance with their respective duties, functions, and authorities to achieve budget efficiency. The presidential instruction highlighted a potential reduction of Rp306.7 trillion in government expenditure, including possible cuts of Rp256.1 trillion in the expenditures of central ministries and institutions, and Rp50.6 trillion in transfer to regions. The Government is reviewing the 2025 Budget following the presidential instruction and may revise the 2025 Budget.

On February 15, 2025, President Prabowo Subianto announced that the planned budget cuts would occur in three stages, extending beyond 2025 and aiming for total savings of Rp750 trillion.

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In accordance with the presidential instruction, the Government is taking steps to (i) maximize revenue by implementing key strategies including enhancing tax compliance, expanding the tax base, leveraging data analytics for more accurate revenue forecasting, and implementing a technology-drive and effective revenue system; and (ii) refocus expenditure to accelerate priority programs by adopting measures including increasing efficiency in travel, seminars, office supplies and workshops, as well as prioritizing investments in human capital, job creation, productivity growth, food and energy security, and technological innovation.

As of June 24, 2025, a total of Rp134.9 trillion had been achieved in the release of budget blocks and reserves and the reallocation of expenditure efficiency gains, in accordance with President Prabowo Subianto’s directives to support national development priorities.

Changes to VAT; Stimulus Package

On December 31, 2024, President Prabowo Subianto announced that the previously-scheduled increase in VAT rates from 11% to 12% from January 1, 2025 applies only to goods and services already subject to luxury goods sales taxes (Pajak Penjualan Barang Mewah). Goods and services not classified as luxury items would remain subject to the VAT rate of 11% established in 2022. The 0% VAT exemption for essential goods and services remains in effect, covering basic necessities such as rice, meat, fish, eggs, vegetables, fresh milk, educational services, healthcare services, public transportation services, affordable housing, and drinking water.

In December 2024, the Government introduced a stimulus package for 2025 with the budget amount of Rp38.6 trillion that includes, among other incentives:

• rice assistance of 10 kg per month for 16 million food aid recipients;

• a 50% discount on electricity bills for customers with a maximum capacity of 2,200 VA;

• incentives for electric and hybrid vehicles;

• financing for labor-intensive industries; and

• certain income tax incentives for employees earning up to Rp10 million per month.

The Government had completed the stimulus package disbursement in February 2025 and the actual amount disbursed was Rp33.0 trillion.

Free Nutritious Meal Program

On January 6, 2025, the Government launched the Free Nutritious Meal Program to provide free meals to pregnant women, breastfeeding mothers, toddlers, and students to fight malnutrition and stunting. The Government believes that the program will contribute meaningfully to GDP growth, employment generation and poverty reduction. According to the Head of the National Nutrition Agency, the program was initially allocated a budget of Rp71 trillion (approximately U.S.$4.3 billion) to serve an estimated 17.9 million beneficiaries throughout 2025. Following President Prabowo Subianto’s directive to accelerate the program’s scale-up, the Government now aims to reach 82.9 million beneficiaries by the end of 2025 through 32,000 active nutrition units (satuan pelayanan pemenuhan gizi, “SPPG”). To support this expansion, an additional budget of Rp100 trillion (approximately U.S.$6.2 billion) has been allocated, increasing the total 2025 budget for the program to Rp171 trillion (approximately U.S.$10.5 billion). As of June 30, 2025, there were approximately 5.59 million beneficiaries under the program, served by approximately 1,863 SPPG.

Red and White Village Cooperative

Presidential Instruction (Inpres) No. 9 of 2025, issued on April 21, 2025, mandates the Government to take comprehensive, coordinated and integrated steps to optimize and accelerate the establishment, development and revitalization of around 80,000 red and white village/sub-district cooperatives (the “Cooperatives”). This includes establishing new Cooperatives in villages that currently lack them, enhancing the potential of existing Cooperatives, and ensuring that Cooperatives are better equipped to address the specific needs of each village. The instruction requires that budget allocation be prioritized and that acceleration strategies be incorporated into the work plans of ministries, institutions, and regional governments to achieve this goal. The Cooperatives are expected to provide a range of services such as basic goods procurement, savings and loans, clinics, pharmacies, and logistics, tailored to the unique needs and potential of each village or sub-district.

Economic Stimulus Packages to Maintain Economic Growth

On June 2, 2025, the Government officially launched an economic stimulus package worth Rp24.44 trillion (approximately U.S.$1.5 billion) for June and July 2025, aimed at maintaining and strengthening national economic growth and stability.

The stimulus package includes, among other things, (i) Rp11.93 trillion allocated for social assistance to 18.3 million beneficiaries, which includes monthly support of Rp200,000 per person under the Basic Food Card program and the provision of 10 kilograms of free rice per month for each beneficiary, (ii) Rp10.72 trillion allocated for wage subsidy, providing Rp300,000 per person per month to 17.3 million low-income workers and 565,000 non-tenured teachers, and (iii) Rp0.94 trillion allocated to subsidize mass transportation tickets, toll road tariff, and work accident insurance contribution.

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Out of the total Rp24.44 trillion budget, Rp23.59 trillion will be sourced from the state budget and the remaining Rp0.85 trillion will come from other sources.

Government Finances

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

Government Revenues

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

Government Revenues

	Year Ended December 31,														Six Months Ended June 30,
	2020L		2021L		2022L		2023L		2024B		2024P		2025B		2025P
	(in trillions of Rupiah)
Domestic revenues:
Tax revenues
Domestic tax
Income tax:
Oil and gas		33.0		52.8		77.8		68.8		76.4		65.1		62.8		20.3
Non-oil and gas		561.0		643.8		920.4		992.5		1,063.4		997.6		1,146.4		470.9
Total income tax		594.0		696.7		998.2		1,061.2		1,139.8		1,062.7		1,209.3		491.1
Value added tax (VAT)		450.3		551.9		687.6		763.6		811.4		828.5		945.1		267.3
Land and building tax		21.0		18.9		23.3		33.3		27.2		32.5		27.1		11.5
Excises		176.3		195.5		226.9		221.9		246.1		226.4		244.2		108.8
Other taxes		6.8		11.1		7.7		9.7		10.5		8.7		7.8		61.3
Total domestic taxes		1,248.4		1,474.1		1,943.7		2,089.7		2,235.0		2,158.8		2,433.5		940.0
International trade taxes:
Import duties		32.4		39.1		51.1		50.9		57.4		53.0		52.9		23.6
Export tax		4.3		34.6		39.8		13.6		17.5		20.9		4.5		14.6
Total international trade taxes		36.7		73.7		90.9		64.5		74.9		73.9		57.4		38.3
Total tax revenues		1,285.1		1,547.8		2,034.6		2,154.2		2,309.9		2,232.7		2,490.9		978.3
Non-tax revenues:
Natural resources:
Oil		44.9		65.0		112.0		87.4		80.5		85.9		89.0		40.3
Gas		24.2		31.6		36.7		28.8		29.6		25.0		32.0		6.9
Total oil and gas		69.1		96.6		148.7		116.2		110.2		110.9		121.0		47.2
General mining		21.2		44.8		110.8		129.1		85.8		107.8		87.5		51.5
Forestry		4.4		5.4		5.8		5.4		6.0		6.7		5.7		2.5
Fishery		0.6		0.7		1.2		0.6		3.5		1		1.6		0.4
Geothermal		2.0		1.9		2.3		2.8		2.2		2.8		2.2		1.1
Total non-oil and gas		28.1		52.9		120.1		138.0		97.5		118.3		97.0		55.5
Total natural resources		97.2		149.5		268.8		254.2		207.7		229.2		218.0		102.7
Profit transfer from SOEs		66.1		30.5		40.6		82.1		85.8		86.4		90.0		11.8	(1)
Other non-tax revenues		111.2		152.5		196.3		180.4		115.1		163.6		127.7		68.1
Public Service Agency (BLU) Income		69.3		126.0		89.9		95.9		83.4		100.3		77.9		40.3
Total non-tax revenues		343.8		458.5		595.6		612.5		492.0		579.5		513.6		222.9
Total domestic revenues		1,629.0		2,006.3		2,630.1		2,766.7		2,801.9		2,812.2		3,004.5		1,201.2
Grants		18.8		5.0		5.7		17.2		0.4		30.3		0.6		0.6
Total revenues and grants		1,647.8		2,011.3		2,635.8		2,783.9		2,802.3		2,842.5		3,005.1		1,201.8

Source: Ministry of Finance.

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

^B  Budget.

^P  Preliminary.

⁽¹⁾  Profits of the SOEs held by BPI Danantara are being transferred to BPI Danantara rather than the Government. See “Privatization and Management of State-Owned Enterprises -- BPI Danantara.”

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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.

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 was increased on January 1, 2025 to 12% only for goods and services already subject to luxury goods sales taxes (Pajak Penjualan Barang Mewah). Exports of VAT-able goods and certain VAT-able services are subject to a VAT rate of 0%. See “— Changes to VAT; Stimulus Package” for further information.

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

Government revenues realization 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.

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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.

Government revenues realization improved by 2.1% from Rp2,783.9 trillion in 2023 to Rp2,842.5 trillion in 2024, representing 101.4% of the 2024 budget Government revenues. In 2024, tax revenues realization was Rp2,232.7 trillion or an increase of 3.6% from Rp2,154.2 trillion in 2023, and non-tax revenues realization was Rp579.5 trillion or a decrease of 5.4% from Rp612.5 trillion in 2023, representing 96.7% and 117.8% of the 2024 budget figures, respectively.

Government revenues realization decreased by 9.0% from Rp1,320.7 trillion in the first half of 2024 to Rp1,201.8 trillion in the first half of 2025, representing 40.0% of the 2025 budget Government revenues target. In the first half of 2025, tax revenues realization was Rp978.3 trillion or a decrease of 4.8% from Rp1,028.0 trillion in the first half of 2024, and non-tax revenues realization was Rp222.9 trillion or a decrease of 22.7% from Rp288.4 trillion in the first half of 2024, representing 39.3% and 43.4% of the 2025 budget figures, respectively. The decrease in non-tax revenues was driven by lower ICP, fluctuations in oil and gas lifting, and a drop in coal production relative to the prior period. Additionally, following the creation of BPI Danantara, profit from SOEs is now being transferred to BPI Danantara rather than the Government.

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. The tax-to-GDP ratio in 2024 was 10.1%.

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 generally risen, despite some fluctuation, in tandem with the general increase in the number of registered taxpayers in the past few years. The compliance rate for annual tax rate submissions was 77.6% in 2020, 84.0% in 2021, 83.2% in 2022, 88.0% in 2023 and 85.7% in 2024.

The Government has also been working to increase the number of registered taxpayers by unifying the identification number (Nomor Induk Kependudukan (“NIK”)) with the taxpayer identification number (Nomor Pokok Wajib Pajak (“NPWP”)). Previously, Indonesian individuals were required to register with the KPP to obtain an NPWP, which was a separate identification number from the NIK. However, starting from June 30, 2024, an individual’s NIK serves as his/her NPWP. This change is expected to enhance the efficiency and effectiveness of the Government’s taxation system.

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;

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• 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); and

• 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.

Reform and Deregulation of Customs Taxation

The Government has been conducting reform and deregulation of customs taxation to support external trade. Key measures include, among other things:

• Implementation of the Core Tax Administration System (“CORETAX”) starting from January 1, 2025, a unified platform that has integrated all the existing applications for tax filing, payment and administration;

• Simplification of the tax refund process. Individual taxpayers with income tax overpayments of less than Rp100 million are now eligible to receive refunds without undergoing an audit;

• Acceleration of tax audits. Effective February 14, 2025, the maximum audit period has been reduced from 12 months to six months. For group taxpayers and transfer pricing cases, the maximum audit period has been shortened from 24 months to ten months;

• Customs valuation policy. The Government is using a price range system to improve the accuracy and speed of import document verification.

• Import facilitation. The Government is reviewing and simplifying quota requirements and technical licensing for imports, and also improving licensing process through data-driven adjustments, making it easier for businesses to import goods and materials;

• Simplification of import licensing and commercial processes. The Government is improving licensing processes through data-driven adjustments that align with supply and demand. Additionally, there is a shift in monitoring from border control to post-border oversight, with border inspections now limited to goods and materials that impact health, safety, security and the environment.

• Implementation of AI-based HICO X-ray system. The Government is enhancing non-intrusive customs supervision at seaports and airports with the artificial intelligence-based system, which also improves the analysis of scanning results;

• Building the National Logistic Ecosystem. This digitally integrated ecosystem across ministries has reduced logistics costs by streamlining, speeding up, and ensuring transparent processes. It currently covers 53 seaports and 7 airports; and

• Other policies, including (i) harmonization of customs policies and administrative procedures for import and export activities to ensure alignment between upstream and downstream policies, while minimizing restitution; and (ii) improving processes related to trade protection policies to better support the competitiveness of businesses through trade remedies.

These measures collectively aim to create a more efficient, transparent, and business-friendly environment for external trade, supporting Indonesia’s competitiveness in the global market.

Government Expenditures

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

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Government Expenditures

	Year ended December 31														Six Months Ended June 30,
	2020L		2021L		2022L		2023L		2024B		2024P		2025B		2025P
	(in trillions of Rupiah)
Central Government expenditures:
Personnel expenditures		380.5		387.8		402.1		412.7		484.4		464.5		521.5		276.2
Good and services expenditures		422.3		530.1		426.1		432.7		407.0		517.6		486.9		133.5
Capital expenditures		190.9		239.6		240.6		303.0		247.5		352.6		234.1		96.0
Interest payments:
Domestic debt		297.2		332.9		373.6		409.3		456.8		445.9		497.6		235.2
Foreign debt		16.9		10.6		12.7		30.6		40.5		42.5		55.2		21.9
Total interest payments		314.1		343.5		386.3		439.9		497.3		488.4		552.9		257.1
Subsidies:
Energy subsidies		108.8		140.4		171.9		164.3		189.1		177.6		203.4		66.9
Non-energy subsidies		87.4		101.7		81.0		105.3		96.9		114.9		104.5		25.9
Total subsidies		196.2		242.1		252.8		269.6		286.0		292.5		307.9		92.8
Grant expenditures		6.3		4.3		5.8		0.2		0.0		0.3		0.2		0.2
Social assistance(1)		202.5		173.7		161.5		156.9		157.3		155.0		140.1		78.0
Other expenditures		120.0		79.7		404.4		225.0		388.0		215.8		458.0		69.8
Total central Government expenditures		1,833.0		2,000.7		2,280.0		2,239.8		2,467.5		2,486.7		2,701.4		1,003.6
Transfers to Regions and Rural Fund
Transfer to Regions
Balanced funds:
General transfer funds:
Revenue sharing funds		93.9		117.2		168.4		205.7		143.1		153.2		192.3		60.2
General allocation funds		381.6		377.8		378.0		398.0		427.7		429.2		446.6		227.1
Total general transfer funds		475.5		494.9		546.4		603.7		570.8		582.4		638.9		287.3
Specific allocation funds:
Physical special allocation fund		50.2		57.1		54.8		50.3		53.8		50.9		37.0		1.1
Non-physical special allocation fund		126.4		127.6		118.4		128.1		133.8		130.4		146.7		69.7
Grants to Regions(2)		—		—		—		2.9		0.5		2.2		1.6		—
Total specific allocation funds		176.6		184.6		173.2		181.4		188.1		183.5		185.2		70.8
Total balanced funds		652.1		679.6		719.6		785.0		758.9		765.9		824.2		358.1
Regional incentive fund		18.5		13.5		7.0		—		—		—		—		—
Specific autonomy funds(3)		19.6		19.5		20.4		17.2		18.3		18.3		17.5		3.4
Specific Fund for Special Region of Yogyakarta		1.3		1.3		1.3		1.4		1.4		1.4		1.2		0.8
Fiscal Incentives(4)		—		—		—		7.9		8.0		7.0		71.0		2.0
Total Transfer to Regions		691.4		713.9		748.3		811.5		786.6		792.6		913.9		364.4
Rural Fund		71.1		71.9		67.9		69.9		71.0		70.9		6.0		38.1
Total transfers to regions and Rural Fund		762.5		785.7		816.2		881.4		857.6		863.5		919.9		402.5
Total Government expenditures		2,595.5		2,786.4		3,096.3		3,121.2		3,325.1		3,350.3		3,621.3		1,406.0

Source: Ministry of Finance.

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

^B  Budget.

^P  Preliminary.

⁽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.

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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 Rp108.8 trillion for 2020, Rp140.4 trillion for 2021, Rp171.9 trillion for 2022, Rp164.3 trillion for 2023 and Rp177.6 trillion for 2024. Budget energy subsidy for 2025 is Rp203.4 trillion. Spending for infrastructure was Rp286.5 trillion for 2020, Rp403.3 trillion for 2021, Rp372.8 trillion for 2022, Rp389.3 trillion for 2023 and Rp389.8 trillion for 2024. Budget infrastructure spending for 2025 is Rp399.3 trillion.

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

	Year ended December 31														Six Months Ended June 30,
	2020L		2021L		2022L		2023L		2024B		2024P		2025B		2025P
	(in trillions of Rupiah)
Subsidies:
Energy subsidies		108.8		140.4		171.9		164.3		189.1		177.6		203.4		66.9
Non-energy subsidies		87.4		101.7		80.9		105.3		96.9		114.9		104.5		25.9
Total subsidies		196.2		242.1		252.8		269.6		286.0		292.5		307.9		92.8

Source: Ministry of Finance.

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

^B  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.

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Allocation of Central Government Expenditures by Function

	Year ended December 31														Six Months Ended June 30,
	2020L		2021L		2022L		2023L		2024B		2024P		2025B		2025P
	(Percentages)
General public services		29.3		27.5		39.9		36.2		34.8		27.5		31.2		31.9
Defense		7.5		6.3		6.6		7.7		5.5		7.6		6.1		6.5
Public order and safety		8.4		7.9		7.5		8.6		7.7		9.2		7.7		9.5
Economic affairs		21.8		23.1		19.5		21.7		26.0		30.3		29.5		22.1
Environmental protection		0.7		0.7		0.6		0.6		0.6		0.6		0.4		0.5
Housing and community amenities		1.2		1.5		1.1		1.7		1.5		1.9		0.6		1.2
Health		5.7		10.6		5.5		4.4		4.0		4.0		3.8		4.2
Tourism and culture		0.2		0.2		0.2		0.2		0.1		0.2		0.1		0.1
Religion		0.5		0.5		0.5		0.5		0.5		0.5		0.5		0.6
Education		8.5		8.1		7.0		7.7		9.0		7.9		10.1		8.5
Social protection		16.1		13.6		11.7		10.8		10.3		10.4		10.0		14.9
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.

^P  Preliminary.

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

	Year ended December 31														Six Months Ended June 30,
	2020L		2021L		2022L		2023L		2024B		2024P		2025B		2025P
	(in trillions of Rupiah)
Education		473.7		479.5		480.3		503.8		665.0		550.4		724.3		259.3
Infrastructure		286.5		403.3		372.8		389.3		423.4		389.8		399.3		135.1
Energy Subsidy		108.8		140.4		171.9		164.3		189.1		177.6		203.4		66.9
Health		172.3		312.4		188.1		183.2		187.5		194.4		218.5		78.6

Source: Ministry of Finance.

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

^B  Budget.

^P  Preliminary.

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Deficit Financing

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

Deficit Financing

	Year ended December 31																					Six Months Ended June 30,
	2020L			2021L			2022L			2023L			2024B			2024P			2025B			2025P
	(in trillions of Rupiah)
Debt financing
Government securities (net)		1,177.2			877.5			658.8			308.2			666.4			450.7			642.6			308.6
Loans
Domestic loans (net)		2.4			0.9			8.2			14.6			(0.6	)		15.0			5.17			(2.3	)
Foreign loans:
Gross drawings:
Program loan		102.3			41.6			65.6			83.0			30.0			60.0			80.0			7.9
Project loan		38.9			32.6			42.7			79.7			37.8			118.3			136.5			50.0
Total gross drawing		141.1			74.2			108.3			162.7			67.8			178.3			216.5			57.9
Amortization		(91.0	)		(82.1	)		(79.3	)		(81.5	)		(85.5	)		(87.5	)		(88.4	)		(48.7	)
Total foreign loan (net)		50.1			(7.9	)		29.0			81.2			(17.7	)		90.8			128.1			9.2
Total loans (net)		52.5			(7.0	)		37.2			95.8			(18.4	)		105.8			133.3			6.9
Total debt financing		1,229.6			870.5			696.0			404.0			648.1			556.6			775.9			315.4
Investment financing
Investment to SOEs		(31.3	)		(71.2	)		(59.2	)		(42.1	)		(30.7	)		(30.7	)		(22.7	)		—
Investment to other institutions		(25.0	)		(21.0	)		(0.5	)		—			(10.0	)		(5.0	)		—			—
Investment to public service agencies		(31.3	)		(39.4	)		(52.8	)		(52.5	)		(41.2	)		(23.1	)		(36.8	)		—
Investment in financial organizations/institutions		(0.7	)		(0.9	)		(1.0	)		(1.6	)		(1.9	)		(2.0	)		(1.8	)		—
Revenue of investment		22.0			—			27.1			26.8			—			22.9			—			1.8
Government’s Investments		(38.4	)		(10.0	)		(20.3	)		(20.5	)		(13.7	)		(13.7	)		(18.8	)		(35.4	)
Others investment financing		—			0.0			—			—			(65.7	)		0.0			(55.0	)		—
Investment financing reserves		—			(142.5	)		—			—			(13.0	)		(8.4	)		(19.4	)		—
Total investment financing		(104.7	)		(71.2	)		(106.7	)		(89.9	)		(176.2	)		(60.0	)		(154.5	)		(33.5	)
Lending		1.0			1.9			2.1			4.5			(0.3	)		(0.4	)		(5.4	)		1.3
Government guarantee		(3.6	)		(2.7	)		(1.1	)		(0.3	)		(0.8	)		(0.8	)		0.0			0.0
Other financing		70.9			144.4			0.7			38.5			52.0			57.8			0.3			0.4
Total financing (net)		1,193.3			871.7			591.0			356.7			522.8			553.2			616.2			283.6

Source: Ministry of Finance.

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

^B  Budget.

^P  Preliminary.

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 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.

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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.

Total Government expenditures in 2024 reached Rp3,350.3 trillion or an increase of 7.3% from Rp3,121.2 trillion in 2023, representing 100.8% of the 2024 budget Government expenditures. This was primarily driven by the realization of central government expenditures which increased by 11.0% from Rp2,239.8 trillion to Rp2,486.7 trillion, representing 100.8% of the 2024 budget figure, partially offset by the decrease of 2.0% in transfer to regions and rural fund from Rp881.4 trillion to Rp863.5 trillion, representing 100.7% of the 2024 budget figure.

Total Government expenditures in the first half of 2025 reached Rp1,406.0 trillion or an increase of 0.6% from Rp1,398.0 trillion in the first half of 2024, representing 38.8% of the 2025 budget Government expenditures. In the first half of 2025, central Government expenditures were Rp1,003.6 trillion or an increase of 0.6% from Rp997.9 trillion in the first half of 2024, representing 37.2% of the 2025 budget figure. In the first half of 2025, transfer to regions and rural funds reached Rp402.5 trillion or an increase of 0.6% from Rp400.1 trillion in the first half of 2024, representing 43.8% of the 2025 budget figure.

Government Revenues

The following table sets forth the revenues of the Government as (i) audited 2023 revenue as a percentage of the preliminary 2023 GDP at current prices and (ii) preliminary 2024 revenue figures as a percentage of the preliminary 2024 GDP at current prices, respectively.

D-93

Government Revenues

	2023 LKPP Audited		2024 Preliminary
	(percentage of 2023 GDP)		(percentage of 2024 GDP)
Total revenues and grants (in trillions of Rupiah)		2,783.9		2,842.5
Domestic revenue:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		0.33		0.29
Non-oil and gas		4.75		4.51
Total income tax		5.08		4.80
Value added tax (VAT)		3.65		3.74
Land and building tax		0.16		0.15
Excises		1.06		1.02
Other taxes		0.05		0.04
Total domestic taxes		10.00		9.75
International trade taxes:
Import duties		0.24		0.24
Export tax		0.07		0.09
Total international trade taxes		0.31		0.33
Total tax revenue		10.31		10.08
Non-tax revenues:
Natural resources:
Oil		0.42		0.39
Gas		0.14		0.11
Total oil and gas		0.56		0.50
General Mining		0.62		0.49
Forestry		0.03		0.03
Fishery		0.00		0.00
Geothermal		0.01		0.01
Total non-oil and gas		0.66		0.53
Total natural resources		1.22		1.04
Profit transfer from SOEs		0.39		0.39
Other non-tax revenues		0.86		0.74
Public Service Agency (BLU) Income		0.46		0.45
Total non-tax revenues		2.93		2.62
Total domestic revenues		13.24		12.70
Grants		0.08		0.14
Total Revenues and Grants		13.32		12.84

Source: Ministry of Finance

Government Expenditures

The following table sets forth the expenditures of the Government as (i) audited 2023 expenditures as a percentage of the 2023 GDP at current prices and (ii) preliminary expenditure figures for 2024 as a percentage of the preliminary 2024 GDP at current prices, respectively.

D-94

Government Expenditure

	2023 LKPP Audited		2024 Preliminary
	(percentages of 2023 GDP)		(percentages of 2024 GDP)
Total expenditures (in trillions of Rupiah)		3,121.2		3,350.3
Central Government expenditures:
Personnel expenditures		1.98		2.10
Good and services expenditures		2.07		2.34
Capital expenditures		1.45		1.59
Interest payments:
Domestic debt		1.96		2.01
Foreign debt		0.15		0.19
Total interest payments		2.11		2.21
Subsidies:
Energy subsidies		0.79		0.80
Non-energy subsidies		0.50		0.52
Total subsidies		1.29		1.32
Grant expenditures		0.00		0.00
Social assistance(1)		0.75		0.70
Other expenditures		1.08		0.97
Total central Government expenditures		10.72		11.23
Transfers to Regions and Rural Fund:
Transfer to Regions
Balance funds:
General transfer funds:
Revenue sharing funds		0.98		0.69
General allocation funds		1.91		1.94
Total general transfer funds		2.89		2.63
Specific allocation funds:
Physical special allocation fund		0.24		0.23
Non-physical special allocation fund		0.61		0.59
Grants to region		0.01		0.01
Total specific allocation funds		0.87		0.83
Total balanced funds		3.76		3.46
Incentive fund		—		—
Specific autonomy funds(2)		0.08		0.08
Specific Fund for Special Region of Yogyakarta		0.01		0.01
Total transfer to Regions		3.88		3.90
Rural Fund		0.33		0.32
Total transfer to regions and rural fund		4.22		3.90
Total Government expenditures		14.94		15.13

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.

Government Deficit Financing

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2023 deficit financing as a percentage of the 2023 GDP at current prices and (ii) preliminary 2024 deficit financing figures as a percentage of the preliminary 2024 GDP at current prices, respectively.

D-95

Government Deficit Financing

	2023 LKPP Audited			2024 Preliminary
	(percentages of 2023 GDP)			(percentages of 2024 GDP)
Total financing (net) (in trillions of Rupiah)		356.7			553.2
Debt financing
Government securities (net)		1.48			2.04
Loans
Domestic loans (net)		0.07			0.07
Foreign loans:
Gross drawings:
Program loan		0.40			0.27
Project loan		0.38			0.53
Total gross drawing		0.78			0.81
Amortization		(0.39	)		(0.40	)
Total foreign loan (net)		0.39			0.41
Total loans (net)		0.46			0.48
Total debt financing		1.93			2.51
Investment financing
Investment to SOEs		(0.20	)		(0.14	)
Investment to other institutions		(0.00	)		(0.02	)
Investment to public service agencies		(0.25	)		(0.10	)
Investment in financial organizations/institutions		(0.01	)		(0.01	)
Revenue of investment		0.13			0.10
Government’s investments		(0.10	)		(0.06	)
Others investment financing		—			—
Investment financing reserves		—			(0.04	)
Total investment financing		(0.43	)		(0.27	)
Lending		0.02			(0.00	)
Government guarantee		(0.00	)		(0.00	)
Other financing		0.18			0.26
Total financing (net)		1.71			2.50

Source: Ministry of Finance

Public Debt

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

As of 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 December 31, 2024, the central Government’s foreign debt-to-GDP ratio was 11.4%, with foreign debt to total debt ratio of 28.7%.

As of March 31, 2025, the central Government’s foreign debt-to-GDP ratio was 10.7%, with foreign debt to total debt ratio of 29.2%.

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.”

D-96

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,
	2020			2021			2022			2023			2024P			2025P
	(in billions of U.S. dollars)
Concessional Loans:
Multilateral creditors		33.0			32.8			34.0			36.8			37.0			37.1
Bilateral creditors		23.7			20.8			20.7			20.3			16.6			16.7
Commercial(2)		88.0			92.0			93.0			94.8			102.7			106.5
Total		144.7			145.5			147.7			152.0			156.3			160.4
Total external public debt of the Republic, as a percentage of GDP for the period indicated(3)		12.7	%		12.2	%		11.2	%		11.2	%		11.4	%		11.8	%

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, 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 December 31, 2024, 65.7% and 34.3% of the outstanding external public debt of the Republic were from commercial and concessional loans, respectively. The total outstanding external public debt of the Republic as of December 31, 2024 was U.S.$156.3 billion.

As if March 31, 2025, 66.4% and 33.6% of the outstanding external public debt of the Republic were from commercial and concessional loans, respectively. The total outstanding external public debt of the Republic as of March 31, 2025 was U.S.$160.4 billion.

Sources of External Public Borrowing

The sources of the Republic’s external public borrowings are, among others, foreign loans extended by multilateral creditors, bilateral creditors, export credit agency, and commercial creditors, including international bondholders.

Since 2012, the Government has expanded its sources of external financing by accessing the international capital markets (including the Islamic financial markets).

The World Bank and the ADB have been important sources of funds for the Republic, and the Republic has also secured substantial commitments from the Kreditanstalt für Wiederaufbau (“KfW”), The Agence Française de Développement (“AFD”), and Japan International Cooperation Agency (“JICA”) in recent years.

In 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.

D-97

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.

In 2024, the Republic drew down program loans of U.S.$200.5 million, €107.9 million, and JPY20,411.3 million from the World Bank, U.S.$ 36.5 million, €1,040.1 million, and JPY74,930 million from the ADB, €939.8 million from the AIIB, U.S.$7.3 million from AIF, €400 million from KfW, and €200 million from AFD.

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,
	2020		2021		2022		2023P		2024P		2025P
	(in billions of U.S. dollars)
Bilateral loans		23,739.3		20,781.8		20,686.5		20,310.4		16,627		16,738
Multilateral loans:
International Monetary Fund		—		—		—		—		—		—
World Bank Group		19,285.6		19,091.2		20,276.5		21,893.7		21,247		20,870
Asian Development Bank		10,999.8		10,818.4		10,194.2		11,272.9		11,183		11,680
Islamic Development Bank		1,325.6		1,345.4		1,364.8		1,339.7		1,361		1,336
Nordic Investment Bank		9.4		8.1		6.7		6.3		5		5
European Investment Bank		—		—		—		—		—		—
International Fund for Agricultural Development		195.7		202.1		252.1		282.7		289		286
Asian Infrastructure Investment Bank		1,187.4		1,306.7		1,935.1		2,013.4		2,918		2,946
Multilateral Investment Guarantee Agency		—		—		—		—		—		—
Total multilateral loans		33,003.5		32,771.8		34,029.5		36,808.7		37,003		37,122
Total loans		56,742.8		53,553.6		54,716.0		57,119.1		53,630		53,861

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,
	2020				2021				2022				2023				2024P				2025P
	(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		95,823		95,823		99,263		99,263		103,948		103,948		107,885		107,885		111,511		111,511		110,891		110,891
Japanese yen		2,391,841		23,142		2,392,620		20,786		2,451,372		18,545		2,531,210		17,904		2,605,730		17,133		2,582,398		16,995
Euros		18,036		22,160		19,843		22,453		21,358		22,751		21,746		24,067		22,052		26,026		26,537		30,130
SDR		861		1,239		701		981		516		687		342		458		314		241		168		186
British pounds		17		22		1		1		—		—		—		—		—		—		—		—
Others		Multiple currencies		2,315		Multiple currencies		2,036		Multiple currencies		1,754		Multiple currencies		1,640		Multiple Currencies		1,374		Multiple Currencies		2,156
Total		N/A		144,702		N/A		145,521		N/A		147,685		N/A		151,953		N/A		156,285		N/A		160,358

Source: Ministry of Finance.

^P  Preliminary.

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

D-98

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 December 31, 2024, 71.4%, 11.0%, 16.7% and 1.1% 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, 2025, 69.2%, 10.6%, 18.8% 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.

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

External Debt Service Requirements of the Central Government

Period	Principal repayment		Interest repayment		Total
	(in billions of U.S. dollars)
2023R		11.8		5.6		17.5
2024R		11.8		6.4		18.2
2025*		14.2		6.6		20.8
2026**		13.0		6.4		19.4
2027**		15.4		6.0		21.4

Source: Ministry of Finance

^R  Realization.

* Calculated based on (i) actual principal and interest payments made from January 1, 2025 to March 31, 2025 and (ii) projected principal and interest payments to be made from April 1, 2025 to December 31, 2025 based on external debt outstanding as of March 31, 2025.

** Projected based on external debt outstanding as of March 31, 2025.

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.

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

	As of December 31,										As of May 31,
	2020		2021		2022		2023		2024P		2025P
Multilateral		2,852		9,007		8,565		8,635		8,393		8,738
Commercial(2)		0		0		0		0		0		0
Total		2,852		9,007		8,565		8,635		8,393		8,738

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 December 31, 2024, the external debt of Bank Indonesia amounted to U.S.$8,393 million, comprised entirely of SDR allocation (and excluding currency, deposits and SRBI), while commercial debt was nil. As of May 31, 2025, the external debt of Bank Indonesia amounted to U.S.$8,738 million, comprised entirely of SDR allocation (and excluding currency, deposits 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.

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)
2020		0.0		19		19
2021		0.0		3		3
2022		0.0		41		42
2023P		0.0		174		174
2024P		0.0		196		196
2025*		0.0		275		275

Source: Bank Indonesia.

^P  Preliminary

* Projected based on external debt outstanding as of May 31, 2025.

⁽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 2025, as of May 31, 2025.

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.

D-100

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

	As of December 31,										As of May 31,
	2020		2021		2022		2023		2024P		2025P
	(in millions of U.S. dollars)
Financial institutions:
Bank		8,807		9,280		8,231		6,847		7,326		7,146
Non-bank		2,615		2,895		2,297		1,881		1,271		1,270
Total financial institutions		11,422		12,175		10,528		8,728		8,596		8,416
Non-financial institutions		45,677		43,743		41,062		36,501		35,789		34,700
Total		57,100		55,917		51,590		45,228		44,386		43,116

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 from Government Guarantees.”

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,
	2020		2021		2022		2023		2024P		2025P
	(in trillions of Rupiah)
Total domestic public debt(1)		4,038.2		4,836.2		5,474.0		5,844.4		6,276.0		6,451.2

Source: Ministry of Finance.

^P  Preliminary.

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

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.

Period	Principal repayment and redemption		Interest repayment		Total
	(in trillions of Rupiah)
2023R		444.5		354.5		799.0
2024R		531.6		387.7		919.3
2025*		652.9		392.3		1,045.2
2026*		688.5		375.7		1,064.2
2027**		627.8		335.0		962.8

Source: Ministry of Finance

^R  Realization.

* Calculated based on (i) actual principal and interest payments made from January 1, 2025 to March 31, 2025 and (ii) projected principal and interest payments to be made from April 1, 2025 to December 31, 2025 based on external debt outstanding as of March 31, 2025.

** Projected based on external debt outstanding as of March 31, 2025.

D-101

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 (or of BPI Danantara) 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 2024 have accumulated to Rp758.3 trillion, of which Rp390.7 trillion have expired, leaving active guarantees of Rp372.2 trillion as of December 31, 2024. 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, 2024, the Government had provided infrastructure guarantees of Rp372.2 trillion, an increase from active guarantees of Rp345.0 trillion as of December 31, 2023.

As of December 31, 2024, the Government had accumulated Rp6.8 trillion in the guarantee reserve fund account.

The guarantee that the Government provided to infrastructure projects included:

• 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 amounted to Rp0.6 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 amounted to Rp64.4 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 amounted to Rp91.3 trillion;

• full default risk guarantees relating to direct lending from international financial institutions (multilateral and bilateral agencies) to SOEs for the construction of infrastructure projects. Outstanding guarantees for this program amounted to Rp49.7 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 amounted to Rp0.2 trillion;

• co-guarantee scheme between the Government and the Indonesia Infrastructure Guarantee Fund to guarantee private-public partnership projects such as power plant projects (e.g., the Central Java steam power plant) and several sections 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 amounted to Rp108.8 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 amounted to Rp22.3 trillion;

• full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of rail transport projects. Outstanding guarantees for this program amounted to Rp22.3 trillion; and

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

As of March 31, 2025, the Government had provided infrastructure guarantees of Rp376.1 trillion, an increase from active guarantees of Rp372.2 trillion as of December 31, 2024.

As of March 31, 2025, the Government had accumulated Rp6.8 trillion in the guarantee reserve fund account.

The guarantee that the Government provided to infrastructure projects included:

• 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 amounted to Rp0.6 trillion;

D-102

• 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 amounted to Rp66.1 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 amounted to Rp92.7 trillion;

• full default risk guarantees relating to direct lending from international financial institutions (multilateral and bilateral agencies) to SOEs for the construction of infrastructure projects. Outstanding guarantees for this program amounted to Rp51.9 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 amounted to Rp0.2 trillion;

• co-guarantee scheme between the Government and the Indonesia Infrastructure Guarantee Fund to guarantee private-public partnership projects such as power plant projects (e.g., the Central Java steam power plant) and several sections 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 amounted to Rp110.6 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 amounted to Rp26.5 trillion;

• full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of rail transport projects. Outstanding guarantees for this program amounted to Rp22.0 trillion; and

• guarantee for local infrastructure financing through PT SMI. Outstanding guarantees for this program amounted to Rp0.5 trillion.

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.”

For the information on historical exchange rates between the Rupiah and the U.S. dollar, see “Presentation of Information—Exchange Rates.”

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:

D-103

• hedge at least 25% of their open foreign exchange positions (i.e., the excess of foreign currency liabilities that fall due within the following three to six months over foreign currency assets);

• maintain a 70% minimum liquidity ratio of foreign currency assets to foreign currency liabilities maturing within three months after the end of a quarter; and

• maintain a minimum credit rating (issuer and/or issue) of BB- by a rating agency acknowledged by Bank Indonesia.

As of December 31, 2024, based on Bank Indonesia’s assessment of corporate issuers’ compliance with the regulations above:

• 89.0% of corporate issuers are compliant with the hedging ratio requirement for liabilities due under three months;

• 94.5% of corporate issuers are compliant with the hedging ratio requirement for liabilities due between three to six months; and

• 86.8% 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 June 30,
	2020		2021		2022		2023		2024			2025
	(in millions of U.S. dollars, except for months)
Gold		4,758		4,595		4,589		5,234		6,602			8,320
SDRs		1,605		7,795		7,411		7,464		7,236			7,617
Reserve position with the IMF		1,135		1,110		1,055		1,064		1,034			1,089
Foreign exchange and others		128,398		131,405		124,178		132,621		140,848			135,541
Total		135,897		144,905		137,233		146,384		155,719			152,567
Total as number of months of imports and Government external debt repayments		9.8		7.8		5.9		6.5		6.5	P		6.2	P

Source: Bank Indonesia.

^P  Preliminary.

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

Foreign reserves totaled U.S.$135.9 billion, U.S.$144.9 billion, U.S.$137.2 billion and U.S.$146.4 billion as of December 31, 2020, 2021, 2022 and 2023, respectively.

As of December 31, 2024 and June 30, 2025, official international reserves position was U.S.$155.7 billion and U.S.$152.6 billion, respectively, equivalent to 6.5 and 6.2 months of imports and servicing government’s external debt, respectively. These are well above the international adequacy standard of around three months of imports.

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.

D-104

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. On May 4, 2025, the ASEAN+3 Finance Ministers and Central Bank Governors agreed to amend the CMIM Agreement to introduce the Rapid Financing Facility (RFF) with the incorporation of eligible freely usable currencies as its currencies of choice under the CMIM. The amendment will take effect upon the completion of all necessary domestic procedures and the signing of the agreement by all participating authorities. 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 U.S.$3 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. Bank Indonesia and Bank Negara Malaysia have drawn on this local currency bilateral swap arrangement as part of their efforts to strengthen the cooperation in liquidity management between the two institutions, which is still continuing. Up to December 2024, there is no actual usage from these drawings.

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 U.S.$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.

In September 2024, Bank Indonesia and Bank Negara Malaysia renewed a local currency bilateral swap agreement, which was initially signed in September 2019 and first renewed in September 2022. This renewed agreement allows exchange of local currencies between the two central banks of up to RM24 billion or Rp82 trillion, for a period of five years.

In October 2024, Bank Indonesia and Bank of Japan renewed a bilateral swap arrangement, which enables Indonesia to swap Indonesian Rupiahs against the Japanese Yen or U.S. dollar in an amount up to U.S.$22.8 billion or equivalent.

In November 2024, Bank Indonesia and the Monetary Authority of Singapore renewed a bilateral financial arrangement to November 2027. The bilateral financial arrangement comprises a local currency bilateral swap agreement that allows exchange of local currencies between the two central banks of up to SGD9.5 billion or Rp100 trillion and a bilateral repo agreement of U.S.$3 billion that allows repurchase transactions between the two central banks to obtain USD cash using as collateral government bonds of the U.S., Japan and Germany.

D-105

In January 2025, Bank Indonesia and the People’s Bank of China renewed and strengthened their bilateral currency swap arrangement for a period of five years, which was initially signed in March 2009. This arrangement allows the two central banks to exchange their local currencies up to a value of CNY400 billion or the equivalent amount in Indonesian Rupiah, to further promote the bilateral trade and direct investment in local currencies and strengthen financial market stability.

In March 2025, Bank Indonesia and Reserve Bank of Australia renewed and strengthened their bilateral currency swap arrangement for a period of five years, to support trade and investment for the economic development of Australia and Indonesia and contribute to the financial stability of both countries. The arrangement enables the two central banks to exchange their local currencies up to a value of AUD10 billion or the equivalent amount in Indonesian Rupiah.

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,
	2020L		2021L		2022L		2023L		2024P		2025P
	(percentages, unless indicated otherwise)
Debt-to-GDP ratio		39.4		40.7		39.7		39.2		39.8		40.4
Debt service to GDP ratio		5.0		5.3		4.5		5.1		5.5		6.2
Total public debt of the central Government (in billions of U.S.$) (1)		431.0		484.1		498.8		530.5		544.7		549.8
—% in Loans		14.1		11.9		12.0		12.3		12.2		12.5
—% in Bonds		85.9		88.1		88.0		87.7		87.8		87.5

Source:  Ministry of Finance, Bank Indonesia.

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

^P  Preliminary.

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

As of 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 December 31, 2024, the central Government’s debt-to-GDP ratio was 39.8%, with U.S.$544.7 billion of total public debt of the central Government, of which 12.2% was in loans and 87.8% was in bonds.

As of March 31, 2025, the central Government’s debt-to-GDP ratio was 40.4%, with U.S.$549.8 billion of total public debt of the central Government, of which 12.5% was in loans and 87.5% was in bonds.

D-106

DEBT TABLES OF THE REPUBLIC OF INDONESIA

External Loans of the Republic of Indonesia as of December 31, 2024	D-108
Domestic Loans of the Republic of Indonesia as of December 31, 2024	D-125
Guaranteed External Loans of the Republic of Indonesia as of December 31, 2024	D-132
Guaranteed Domestic Loans of the Republic of Indonesia as of December 31, 2024	D-133
Foreign Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2024	D-134
Domestic Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2024	D-137

D-107

EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2024

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		1.49	%		0.00	%		2020		2035		1,500,000,000		933,300,427		1,100,000,000		684,420,313
AUD	NO INTEREST RATE		0.00	%		0.00	%		2006		2046		197,505,719		122,888,114		163,929,747		101,997,135
AUD	NO INTEREST RATE		0.00	%		0.00	%		2007		2047		290,024,929		180,453,593		246,521,190		153,385,554
CAD	NO INTEREST RATE		0.00	%		0.00	%		1973		2025		11,114,464		7,735,837		124,316		86,526
CAD	NO INTEREST RATE		0.00	%		0.00	%		1976		2026		9,951,252		6,926,224		372,957		259,584
CAD	NO INTEREST RATE		0.00	%		0.00	%		1977		2027		3,797,864		2,643,371		282,864		196,878
CAD	NO INTEREST RATE		0.00	%		0.00	%		1978		2027		18,482,976		12,864,435		1,354,760		942,934
CAD	NO INTEREST RATE		0.00	%		0.00	%		1978		2027		19,479,946		13,558,342		1,229,946		856,062
CAD	NO INTEREST RATE		0.00	%		0.00	%		1979		2029		12,847,054		8,941,747		1,605,882		1,117,719
CAD	NO INTEREST RATE		0.00	%		0.00	%		1981		2030		21,059,866		14,657,990		3,158,980		2,198,699
CAD	NO INTEREST RATE		0.00	%		0.00	%		1982		2030		31,544,124		21,955,195		4,731,619		3,293,279
CAD	NO INTEREST RATE		0.00	%		0.00	%		1983		2033		14,999,732		10,440,044		3,152,557		2,194,228
CAD	NO INTEREST RATE		0.00	%		0.00	%		1984		2034		855,778		595,635		203,248		141,464
CAD	NO INTEREST RATE		0.00	%		0.00	%		1984		2034		49,977,499		34,785,106		12,977,499		9,032,539
CNY	FIXED		2.50	%		0.35	%		2008		2025		1,550,083,480		212,358,654		77,504,174		10,617,933
EUR	FIXED		2.00	%		0.00	%		1982		2016		4,729,450		4,924,304		147,252		153,319
EUR	FIXED		2.00	%		0.00	%		1984		2014		27,251,857		28,374,636		634,002		660,123
EUR	FIXED		0.75	%		0.00	%		1984		2034		26,570,305		27,665,004		634,002		660,123
EUR	FIXED		0.75	%		0.00	%		1991		2031		79,311,597		82,579,242		19,096,241		19,883,008
EUR	FIXED		0.75	%		0.00	%		1989		2029		20,451,675		21,294,286		3,354,075		3,492,263
EUR	FIXED		2.00	%		0.00	%		1991		2021		17,383,924		18,100,143		777,675		809,715
EUR	FIXED		0.75	%		0.00	%		1991		2033		58,747,437		61,167,837		16,427,808		17,104,635
EUR	FIXED		0.75	%		0.00	%		1992		2032		20,093,771		20,921,636		3,965,069		4,128,430
EUR	FIXED		2.00	%		0.00	%		1992		2022		9,816,804		10,221,257		2,300,814		2,395,607
EUR	FIXED		0.75	%		0.00	%		1993		2033		10,839,388		11,285,972		3,257,952		3,392,180
EUR	FIXED		2.00	%		0.00	%		1993		2023		36,659,628		38,170,008		710,185		739,444
EUR	FIXED		2.00	%		0.00	%		1993		2023		23,723,943		24,701,372		589,008		613,275
EUR	FIXED		0.75	%		0.25	%		1994		2034		9,246,474		9,627,430		1,560,847		1,625,154
EUR	FIXED		2.00	%		0.25	%		1995		2025		10,276,967		10,700,379		1,353,901		1,409,682
EUR	FIXED		0.75	%		0.25	%		1995		2035		8,513,009		8,863,746		2,982,010		3,104,869
EUR	FIXED		0.75	%		0.25	%		1995		2035		14,902,735		15,516,729		5,478,735		5,704,460
EUR	FIXED		0.75	%		0.00	%		1995		2035		11,654,155		12,134,307		4,276,932		4,453,142
EUR	FIXED		0.75	%		0.25	%		1995		2035		21,609,069		22,499,364		7,658,069		7,973,582
EUR	FIXED		0.75	%		0.25	%		1999		2039		76,609,992		79,766,331		36,421,128		37,921,682
EUR	FIXED		0.75	%		0.24	%		1998		2038		12,271,005		12,776,572		5,726,469		5,962,400
EUR	FIXED		0.75	%		0.25	%		1998		2038		10,946,906		11,397,919		5,056,823		5,265,165
EUR	FIXED		2.00	%		0.40	%		2014		2029		15,312,037		15,942,895		6,811,968		7,092,622
EUR	FIXED		0.75	%		0.25	%		2000		2040		14,622,948		15,225,415		7,560,473		7,871,965
EUR	FIXED		0.75	%		0.25	%		2000		2040		8,087,557		8,420,765		4,185,557		4,358,003
EUR	FIXED		0.75	%		0.25	%		1999		2039		11,759,713		12,244,215		5,784,245		6,022,556
EUR	FIXED		0.75	%		0.25	%		2001		2041		19,186,859		19,977,359		10,379,828		10,807,477
EUR	FIXED		2.00	%		0.25	%		2001		2031		9,428,222		9,816,666		2,991,057		3,114,289
EUR	FIXED		0.75	%		0.25	%		2001		2041		20,221,795		21,054,935		11,458,890		11,930,997
EUR	FIXED		0.75	%		0.25	%		2002		2042		74,649,000		77,724,546		21,437,000		22,320,207
EUR	FIXED		0.75	%		0.25	%		2001		2035		2,652,707		2,761,999		1,168,707		1,216,858
EUR	FIXED		0.75	%		0.25	%		2002		2042		14,762,878		15,371,110		4,500,000		4,685,400
EUR	FIXED		0.75	%		0.25	%		2003		2043		10,500,383		10,933,000		6,422,541		6,687,151
EUR	FIXED		0.75	%		0.25	%		2004		2044		9,000,000		9,370,801		5,766,000		6,003,560
EUR	FIXED		0.75	%		0.00	%		2004		2044		74,927,500		78,014,520		27,372,000		28,499,729
EUR	FIXED		0.75	%		0.25	%		2006		2045		6,000,000		6,247,201		4,200,000		4,373,040
EUR	FIXED		0.75	%		0.25	%		2006		2046		8,821,144		9,184,576		6,469,144		6,735,673
EUR	FIXED		0.75	%		0.25	%		2009		2049		30,887,392		32,159,956		14,907,392		15,521,578
EUR	FIXED		0.75	%		0.25	%		2011		2051		19,000,000		19,782,802		16,939,731		17,637,649
EUR	FIXED		2.30	%		0.25	%		2013		2028		71,585,136		74,534,451		22,835,136		23,775,946
EUR	FIXED		1.30	%		0.25	%		2017		2028		200,000,000		208,240,020		94,120,000		97,997,753

D-108

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		3.55	%		0.25	%		2021		2036		85,700,000		89,230,848		72,263,772		75,241,047
EUR	FIXED		1.50	%		0.00	%		1987		2021		34,256,162		35,667,519		94,307		98,193
EUR	FIXED		1.50	%		0.00	%		1985		2018		26,359,240		27,445,244		49,570		51,612
EUR	FIXED		2.00	%		0.00	%		1988		2022		5,158,481		5,371,011		53,730		55,944
EUR	FIXED		2.00	%		0.00	%		1989		2023		33,043,770		34,405,176		731,365		761,497
EUR	FIXED		1.50	%		0.00	%		1983		2017		11,820,946		12,307,970		1,404		1,462
EUR	FIXED		2.00	%		0.00	%		1991		2022		19,223,588		20,015,602		96,008		99,964
EUR	FIXED		2.00	%		0.00	%		1989		2022		28,503,046		29,677,374		236,780		246,535
EUR	FIXED		1.50	%		0.00	%		1988		2022		6,342,039		6,603,332		57,319		59,681
EUR	FIXED		2.00	%		0.00	%		1991		2025		8,402,989		8,749,193		378,413		394,004
EUR	FIXED		2.00	%		0.00	%		1989		2024		33,122,379		34,487,025		2,331,308		2,427,358
EUR	FIXED		2.00	%		0.00	%		1990		2025		37,767,403		39,323,423		2,938,253		3,059,309
EUR	FIXED		0.50	%		0.00	%		1993		2033		63,683,736		66,307,512		23,039,620		23,988,855
EUR	FIXED		0.50	%		0.00	%		1993		2034		47,838,742		49,809,703		19,786,663		20,601,876
EUR	FIXED		0.50	%		0.00	%		1993		2034		13,102,993		13,642,838		4,555,275		4,742,953
EUR	FIXED		0.25	%		0.00	%		1995		2035		40,998,276		42,687,409		10,317,813		10,742,907
EUR	FIXED		0.25	%		0.00	%		1996		2025		45,463,607		47,336,712		8,798,804		9,161,316
EUR	FIXED		0.25	%		0.00	%		1997		2028		15,683,500		16,329,661		4,840,935		5,040,382
EUR	FIXED		0.25	%		0.00	%		1997		2029		12,337,977		12,846,303		4,172,775		4,344,694
EUR	FIXED		0.63	%		0.00	%		1998		2030		2,285,816		2,379,992		706,453		735,559
EUR	FIXED		2.20	%		0.00	%		1999		2025		15,882,219		16,536,568		1,528,285		1,591,250
EUR	FIXED		2.35	%		0.00	%		2002		2023		9,365,347		9,751,200		110,976		115,548
EUR	FIXED		2.35	%		0.00	%		2004		2025		2,456,933		2,558,159		240,238		250,136
EUR	FIXED		1.00	%		0.00	%		2008		2028		36,312,283		37,808,352		12,709,299		13,232,923
EUR	FIXED		1.00	%		0.00	%		2011		2031		30,299,373		31,547,710		17,142,733		17,849,015
EUR	FIXED		2.06	%		0.00	%		2015		2033		140,000,000		145,768,014		96,923,077		100,916,317
EUR	FIXED		2.08	%		0.00	%		2016		2034		100,000,000		104,120,010		76,923,077		80,092,315
EUR	FIXED		1.41	%		0.50	%		2017		2032		150,000,000		156,180,015		112,500,000		117,135,011
EUR	FIXED		1.90	%		0.00	%		2017		2032		100,000,000		104,120,010		80,000,000		83,296,008
EUR	FIXED		0.00	%		0.00	%		2018		2055		42,782,878		44,545,537		42,782,877		44,545,536
EUR	FIXED		1.62	%		0.00	%		2018		2028		150,000,000		156,180,015		85,714,286		89,245,723
EUR	FIXED		1.62	%		0.00	%		2018		2028		150,000,000		156,180,015		85,714,286		89,245,723
EUR	FIXED		0.33	%		0.50	%		2019		2031		20,779,100		21,635,201		16,883,019		17,578,601
EUR	EURIBOR 6 MTH		1.48	%		0.40	%		2019		2034		63,718,241		66,343,439		9,536,099		9,928,987
EUR	FIXED		1.23	%		0.00	%		2020		2030		100,000,000		104,120,010		68,750,000		71,582,507
EUR	FIXED		0.99	%		0.00	%		2020		2030		100,000,000		104,120,010		100,000,000		104,120,010
EUR	EURIBOR 6 MTH		3.86	%		0.20	%		2021		2039		89,008,005		92,675,144		1,074,969		1,119,258
EUR	FIXED		1.36	%		0.00	%		2021		2031		100,000,000		104,120,010		100,000,000		104,120,010
EUR	FIXED		0.78	%		0.50	%		2021		2034		80,000,000		83,296,008		70,645,136		73,555,723
EUR	EURIBOR 6 MTH		3.34	%		0.00	%		2022		2034		50,000,000		52,060,005		50,000,000		52,060,005
EUR	EURIBOR 6 MTH		3.42	%		0.00	%		2023		2034		150,000,000		156,180,015		150,000,000		156,180,015
EUR	EURIBOR 6 MTH		3.89	%		0.00	%		2024		2036		200,000,000		208,240,020		200,000,000		208,240,020
EUR	EURIBOR 6 MTH		3.93	%		0.20	%		2022		2040		98,674,936		102,740,353		967,143		1,006,989
EUR	FIXED		3.09	%		0.00	%		2013		2031		74,700,000		77,777,647		37,350,000		38,888,824
EUR	FIXED		0.22	%		0.00	%		2014		2035		47,677,098		49,641,399		45,288,777		47,154,679
EUR	NO INTEREST RATE		0.00	%		0.00	%		1996		2033		1,801,799		1,876,033		810,810		844,215
EUR	FIXED		0.75	%		0.25	%		2005		2044		48,496,003		50,494,043		17,664,821		18,392,613
EUR	FIXED		1.25	%		0.00	%		2017		2028		200,000,000		208,240,020		94,120,000		97,997,753
EUR	FIXED		2.55	%		0.25	%		2017		2032		29,367,573		30,577,520		22,224,716		23,140,377

D-109

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		3.86	%		0.25	%		2018		2029		200,000,000		208,240,020		117,650,000		122,497,192
EUR	EURIBOR 6 MTH		3.86	%		0.25	%		2018		2029		200,000,000		208,240,020		117,650,000		122,497,192
EUR	EURIBOR 6 MTH		3.81	%		0.25	%		2018		2029		300,000,000		312,360,030		176,471,000		183,741,623
EUR	EURIBOR 6 MTH		3.76	%		0.25	%		2019		2031		500,000,000		520,600,050		382,356,000		398,109,105
EUR	EURIBOR 6 MTH		3.77	%		0.25	%		2020		2032		250,000,000		260,300,025		220,590,000		229,678,330
EUR	EURIBOR 6 MTH		3.75	%		0.25	%		2020		2032		300,000,000		312,360,030		264,706,000		275,611,913
EUR	EURIBOR 6 MTH		3.75	%		0.25	%		2021		2032		200,000,000		208,240,020		176,472,000		183,742,664
EUR	EURIBOR 6 MTH		3.32	%		0.25	%		2021		2036		200,000,000		208,240,020		200,000,000		208,240,020
EUR	EURIBOR 6 MTH		3.70	%		0.25	%		2021		2033		400,000,000		416,480,040		400,000,000		416,480,040
EUR	EURIBOR 6 MTH		3.50	%		0.25	%		2022		2034		300,000,000		312,360,030		300,000,000		312,360,030
EUR	EURIBOR 6 MTH		4.03	%		0.25	%		2021		2037		37,000,000		38,524,404		197,000		205,116
EUR	EURIBOR 6 MTH		3.76	%		0.25	%		2024		2035		400,000,000		416,480,040		400,000,000		416,480,040
EUR	FIXED		0.20	%		0.00	%		2003		2038		10,840,484		11,287,113		5,973,328		6,219,430
EUR	FIXED		0.15	%		0.00	%		2007		2037		13,594,264		14,154,349		11,781,695		12,267,103
EUR	FIXED		0.15	%		0.00	%		2008		2038		10,198,683		10,618,870		9,178,815		9,556,983
EUR	FIXED		0.15	%		0.00	%		2008		2038		8,554,233		8,906,668		7,698,810		8,016,001
EUR	FIXED		0.15	%		0.00	%		2008		2039		6,888,832		7,172,652		6,659,204		6,933,564
EUR	FIXED		0.15	%		0.00	%		2010		2040		3,695,046		3,847,282		3,695,046		3,847,282
EUR	FIXED		0.15	%		0.00	%		2011		2046		7,349,159		7,651,945		7,349,159		7,651,945
EUR	FIXED		0.15	%		0.00	%		2013		2051		12,430,001		12,942,118		12,430,001		12,942,118
EUR	FIXED		0.15	%		0.00	%		2016		2054		6,979,739		7,267,305		6,979,739		7,267,305
EUR	EURIBOR 6 MTH		4.08	%		0.50	%		2023		2029		26,956,350		28,066,954		18,213,750		18,964,158
EUR	NO INTEREST RATE		0.00	%		0.00	%		2024		2027		68,523,387		71,346,558		57,379,993		59,744,054
JPY	FIXED		2.30	%		0.00	%		1995		2025		934,666,009		5,983,205		45,592,000		291,854
JPY	FIXED		2.50	%		0.00	%		1995		2025		16,269,800,349		104,150,084		791,836,000		5,068,887
JPY	FIXED		2.50	%		0.00	%		1995		2025		2,699,554,273		17,281,024		131,680,000		842,941
JPY	FIXED		2.50	%		0.00	%		1995		2025		11,416,106,238		73,079,472		556,880,000		3,564,832
JPY	FIXED		2.50	%		0.00	%		1995		2025		5,854,899,193		37,479,762		285,602,000		1,828,263
JPY	FIXED		2.50	%		0.00	%		1995		2025		2,788,907,810		17,853,015		136,040,000		870,851
JPY	FIXED		2.30	%		0.00	%		1995		2025		3,221,493,655		20,622,185		151,440,000		969,433
JPY	FIXED		2.50	%		0.00	%		1995		2025		2,833,282,030		18,137,073		131,740,000		843,325
JPY	FIXED		2.50	%		0.00	%		1995		2025		5,313,543,703		34,014,309		259,194,000		1,659,214
JPY	FIXED		2.30	%		0.00	%		1995		2025		10,780,551,260		69,011,008		525,876,000		3,366,362
JPY	FIXED		2.30	%		0.00	%		1995		2025		4,810,783,364		30,795,921		234,668,000		1,502,212
JPY	FIXED		2.30	%		0.00	%		1995		2025		4,399,191,845		28,161,145		214,590,000		1,373,684
JPY	FIXED		2.50	%		0.00	%		1995		2025		6,043,377,777		38,686,296		294,794,000		1,887,105
JPY	FIXED		2.50	%		0.00	%		1995		2025		4,063,855,000		26,014,507		184,094,000		1,178,466
JPY	FIXED		2.30	%		0.00	%		1995		2025		3,845,709,495		24,618,063		186,166,000		1,191,730
JPY	FIXED		2.30	%		0.00	%		1995		2025		11,723,113,208		75,044,758		485,058,000		3,105,068
JPY	FIXED		2.50	%		0.00	%		1995		2025		12,070,722,652		77,269,957		581,996,000		3,725,610
JPY	FIXED		2.50	%		0.00	%		1995		2025		6,767,086,104		43,319,068		330,100,000		2,113,114
JPY	FIXED		2.50	%		0.00	%		1995		2025		2,796,236,510		17,899,929		136,398,000		873,143
JPY	FIXED		2.30	%		0.00	%		1995		2025		351,467,896		2,249,899		17,142,000		109,733
JPY	FIXED		2.30	%		0.00	%		1995		2025		194,000,000		1,241,879		9,462,000		60,570
JPY	FIXED		2.70	%		0.00	%		1996		2026		1,638,883,994		10,491,211		159,880,000		1,023,462
JPY	FIXED		2.70	%		0.00	%		1996		2026		6,760,714,022		43,278,278		659,580,000		4,222,259

D-110

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		2.70	%		0.00	%		1996		2026		4,044,399,437		25,889,964		389,088,000		2,490,722
JPY	FIXED		2.70	%		0.00	%		1996		2026		4,897,893,000		31,353,548		414,868,000		2,655,751
JPY	FIXED		2.70	%		0.00	%		1996		2026		10,179,763,353		65,165,103		992,992,000		6,356,575
JPY	FIXED		2.70	%		0.00	%		1996		2026		5,638,684,098		36,095,675		550,108,000		3,521,481
JPY	FIXED		2.70	%		0.00	%		1996		2026		13,737,371,078		87,938,901		1,142,028,000		7,310,619
JPY	FIXED		2.70	%		0.00	%		1996		2026		5,988,924,586		38,337,717		584,276,000		3,740,205
JPY	FIXED		2.70	%		0.00	%		1996		2026		971,466,270		6,218,779		94,772,000		606,677
JPY	FIXED		2.70	%		0.00	%		1996		2026		4,997,313,008		31,989,979		487,536,000		3,120,930
JPY	FIXED		2.70	%		0.00	%		1996		2026		12,866,917,324		82,366,747		1,255,296,000		8,035,697
JPY	FIXED		2.70	%		0.00	%		1996		2026		10,327,876,843		66,113,242		993,740,000		6,361,363
JPY	FIXED		2.50	%		0.00	%		1996		2026		2,810,949,132		17,994,111		274,232,000		1,755,479
JPY	FIXED		2.50	%		0.00	%		1996		2026		8,769,146,199		56,135,127		845,532,000		5,412,619
JPY	FIXED		2.70	%		0.00	%		1996		2026		9,933,865,838		63,591,006		937,248,000		5,999,733
JPY	FIXED		2.70	%		0.00	%		1996		2026		4,612,342,063		29,525,612		425,236,000		2,722,121
JPY	FIXED		2.70	%		0.00	%		1996		2026		6,023,804,059		38,560,996		587,680,000		3,761,996
JPY	FIXED		2.70	%		0.00	%		1996		2026		5,403,909,048		34,592,777		527,200,000		3,374,837
JPY	FIXED		2.70	%		0.00	%		1996		2026		436,583,101		2,794,759		42,084,000		269,398
JPY	FIXED		2.70	%		0.00	%		1996		2026		1,271,465,139		8,139,203		124,040,000		794,034
JPY	FIXED		2.70	%		0.00	%		1996		2026		4,618,666,272		29,566,096		450,592,000		2,884,436
JPY	FIXED		2.70	%		0.00	%		1998		2028		2,665,501,317		17,063,036		455,070,000		2,913,101
JPY	FIXED		2.70	%		0.00	%		1998		2028		26,783,193,096		171,450,894		4,509,337,000		28,866,232
JPY	FIXED		2.70	%		0.00	%		1998		2028		4,762,885,004		30,489,303		813,162,000		5,205,404
JPY	FIXED		2.70	%		0.00	%		1998		2028		7,906,192,340		50,610,984		1,329,965,000		8,513,686
JPY	FIXED		2.70	%		0.00	%		1998		2028		8,742,020,786		55,961,486		1,492,197,000		9,552,203
JPY	FIXED		2.70	%		0.00	%		1998		2028		7,454,120,226		47,717,073		1,187,697,000		7,602,966
JPY	FIXED		2.70	%		0.00	%		1998		2028		8,093,719,955		51,811,430		1,381,842,000		8,845,773
JPY	FIXED		2.70	%		0.00	%		1998		2028		2,509,432,920		16,063,974		428,428,000		2,742,554
JPY	FIXED		2.70	%		0.00	%		1998		2028		2,894,769,534		18,530,682		486,129,000		3,111,924
JPY	FIXED		2.70	%		0.00	%		1998		2028		6,479,673,714		41,479,216		1,092,525,000		6,993,729
JPY	FIXED		2.50	%		0.00	%		1998		2028		9,323,394,424		59,683,112		1,586,739,000		10,157,408
JPY	FIXED		2.10	%		0.00	%		1998		2028		411,741,033		2,635,734		70,294,000		449,983
JPY	FIXED		2.50	%		0.00	%		1998		2028		4,567,508,445		29,238,613		779,135,000		4,987,583
JPY	FIXED		2.70	%		0.00	%		1998		2028		9,148,152,658		58,561,313		1,561,861,000		9,998,153
JPY	FIXED		2.70	%		0.00	%		1998		2028		16,008,569,778		102,477,833		2,733,150,000		17,496,085
JPY	FIXED		2.70	%		0.00	%		1998		2028		29,283,319,347		187,455,292		4,298,952,000		27,519,466
JPY	FIXED		2.30	%		0.00	%		1998		2028		902,092,741		5,774,689		154,007,000		985,866
JPY	FIXED		2.30	%		0.00	%		1998		2028		428,467,622		2,742,808		73,143,000		468,220
JPY	FIXED		2.50	%		0.00	%		1995		2025		17,312,000,000		110,821,658		844,486,000		5,405,923
JPY	FIXED		2.70	%		0.00	%		1996		2026		16,005,000,000		102,454,982		1,561,460,000		9,995,586
JPY	FIXED		2.20	%		0.00	%		1998		2028		20,000,000,000		128,028,718		3,414,628,000		21,858,522
JPY	FIXED		1.00	%		0.00	%		1998		2028		48,500,000,000		310,469,642		9,463,408,000		60,579,400
JPY	FIXED		1.00	%		0.00	%		1998		2028		98,524,758,827		630,699,929		19,224,336,000		123,063,355
JPY	FIXED		1.30	%		0.00	%		2005		2035		10,794,000,000		69,097,099		5,528,628,000		35,391,158
JPY	FIXED		1.50	%		0.00	%		2006		2036		11,729,000,000		75,082,442		6,579,679,000		42,119,393
JPY	FIXED		1.50	%		0.00	%		2007		2037		11,777,000,000		75,389,711		7,181,075,000		45,969,191
JPY	FIXED		1.50	%		0.00	%		2007		2037		11,777,000,000		75,389,711		7,181,075,000		45,969,191
JPY	FIXED		0.70	%		0.10	%		2010		2025		8,997,000,000		57,593,719		428,428,000		2,742,554
JPY	FIXED		0.15	%		0.10	%		2010		2025		27,195,000,000		174,087,050		1,295,000,000		8,289,860
JPY	FIXED		0.80	%		0.10	%		2010		2025		8,391,000,000		53,714,449		799,142,000		5,115,656
JPY	FIXED		0.80	%		0.10	%		2011		2026		8,291,000,000		53,074,305		1,184,427,000		7,582,034
JPY	FIXED		0.80	%		0.10	%		2013		2028		15,490,000,000		99,158,242		5,163,333,000		33,052,745
JPY	FIXED		0.80	%		0.00	%		2013		2028		19,848,000,000		127,055,700		7,561,136,000		48,402,128
JPY	FIXED		0.40	%		0.00	%		2020		2035		31,800,000,000		203,565,662		31,800,000,000		203,565,662
JPY	FIXED		0.30	%		0.00	%		1998		2028		15,171,500,000		97,119,385		1,769,075,000		11,324,620
JPY	FIXED		3.00	%		0.00	%		1998		2028		6,068,600,000		38,847,754		707,630,000		4,529,848
JPY	FIXED		0.01	%		0.00	%		2020		2035		50,000,000,000		320,071,796		47,826,086,000		306,155,624
JPY	FIXED		0.45	%		0.00	%		2021		2036		50,000,000,000		320,071,796		50,000,000,000		320,071,796
JPY	FIXED		0.01	%		0.00	%		2023		2038		30,000,000,000		192,043,077		30,000,000,000		192,043,077
JPY	FIXED		0.50	%		0.00	%		2023		2038		30,000,000,000		192,043,077		30,000,000,000		192,043,077

D-111

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		1.00	%		0.00	%		1999		2029		45,200,000,000		289,344,903		9,921,951,000		63,514,733
JPY	FIXED		1.00	%		0.00	%		1999		2029		35,280,000,000		225,842,659		7,744,383,000		49,575,171
JPY	FIXED		1.00	%		0.00	%		2000		2030		35,964,000,000		230,221,241		9,648,870,000		61,766,623
JPY	FIXED		1.80	%		0.00	%		2001		2031		6,350,883,729		40,654,775		2,453,190,000		15,703,939
JPY	FIXED		1.80	%		0.00	%		2001		2031		18,473,896,575		118,259,465		6,951,410,000		44,499,006
JPY	FIXED		1.80	%		0.00	%		2001		2031		19,906,758,134		127,431,836		7,065,630,000		45,230,178
JPY	FIXED		0.75	%		0.00	%		2001		2041		5,705,511,965		36,523,469		3,180,088,000		20,357,130
JPY	FIXED		0.95	%		0.00	%		2001		2041		21,556,651,657		137,993,524		12,158,944,000		77,834,701
JPY	FIXED		1.80	%		0.00	%		2002		2032		25,541,797,385		163,504,179		11,034,388,000		70,635,928
JPY	FIXED		1.80	%		0.00	%		2002		2032		13,784,512,741		88,240,675		5,938,880,000		38,017,360
JPY	FIXED		0.95	%		0.00	%		2003		2043		48,538,362,136		310,715,214		29,435,683,000		188,430,638
JPY	FIXED		1.80	%		0.00	%		2003		2033		54,150,511,998		346,641,032		23,773,392,000		152,183,845
JPY	FIXED		1.80	%		0.00	%		2003		2033		16,526,621,188		105,794,106		7,255,566,000		46,446,041
JPY	FIXED		1.80	%		0.00	%		2004		2034		14,542,600,396		93,093,524		6,739,243,000		43,140,832
JPY	FIXED		1.30	%		0.00	%		2004		2034		56,647,456,984		362,625,065		26,227,714,000		167,895,030
JPY	FIXED		0.75	%		0.00	%		2004		2044		558,369,285		3,574,365		356,967,000		2,285,101
JPY	FIXED		0.75	%		0.00	%		2004		2044		4,517,356,107		28,917,566		3,090,789,000		19,785,488
JPY	FIXED		1.30	%		0.00	%		2004		2034		9,093,144,720		58,209,183		4,213,877,000		26,974,864
JPY	FIXED		1.30	%		0.00	%		2004		2034		3,382,052,096		21,649,990		1,567,272,000		10,032,791
JPY	FIXED		1.30	%		0.00	%		2004		2034		5,382,263,817		34,454,217		2,494,206,000		15,966,500
JPY	FIXED		1.30	%		0.00	%		2004		2034		10,551,284,688		67,543,373		4,793,016,000		30,682,185
JPY	FIXED		1.30	%		0.00	%		2005		2035		8,515,235,486		54,509,734		4,288,578,000		27,453,057
JPY	FIXED		1.30	%		0.00	%		2005		2035		13,690,981,879		87,641,943		7,009,842,000		44,873,054
JPY	FIXED		1.30	%		0.00	%		2005		2035		16,401,023,543		104,990,101		8,400,504,000		53,775,288
JPY	FIXED		0.75	%		0.00	%		2005		2045		16,068,683,783		102,862,649		10,800,220,000		69,136,916
JPY	FIXED		0.75	%		0.00	%		2005		2045		677,399,208		4,336,328		455,223,000		2,914,081
JPY	FIXED		1.30	%		0.00	%		2005		2035		9,677,262,639		61,948,377		4,955,076,000		31,719,601
JPY	FIXED		0.40	%		0.00	%		2005		2045		2,880,815,148		18,441,354		1,936,225,000		12,394,620
JPY	FIXED		0.40	%		0.00	%		2005		2045		17,911,070,347		114,656,569		11,422,969,000		73,123,404
JPY	FIXED		1.30	%		0.00	%		2005		2035		2,596,360,512		16,620,435		1,409,098,000		9,020,251
JPY	FIXED		0.40	%		0.00	%		2006		2046		23,125,703,144		148,037,707		16,218,181,000		103,819,646
JPY	FIXED		0.75	%		0.00	%		2006		2046		27,598,117,698		176,667,582		24,260,557,000		155,302,401
JPY	FIXED		1.50	%		0.00	%		2006		2036		15,671,499,292		100,320,098		8,782,458,000		56,220,342
JPY	FIXED		0.75	%		0.00	%		2006		2046		8,040,654,742		51,471,736		5,667,959,000		36,283,076
JPY	FIXED		0.40	%		0.00	%		2006		2046		1,550,354,185		9,924,493		1,118,260,000		7,158,470
JPY	FIXED		1.50	%		0.00	%		2007		2037		284,232,810		1,819,498		41,525,000		265,820
JPY	FIXED		0.75	%		0.00	%		2007		2047		25,927,805,569		165,975,186		19,117,170,000		122,377,339
JPY	FIXED		1.50	%		0.00	%		2007		2037		10,046,900,990		64,314,593		6,126,150,000		39,216,157
JPY	FIXED		1.50	%		0.00	%		2007		2037		833,233,056		5,333,888		508,025,000		3,252,089
JPY	FIXED		1.50	%		0.00	%		2007		2037		7,752,931,689		49,629,895		4,792,760,000		30,680,546
JPY	FIXED		1.50	%		0.00	%		2007		2037		1,520,108,426		9,730,877		926,875,000		5,933,331
JPY	FIXED		1.50	%		0.00	%		2007		2037		23,183,574,406		148,408,166		14,136,300,000		90,492,618
JPY	FIXED		0.40	%		0.00	%		2007		2047		6,210,886,208		39,758,590		4,579,785,000		29,317,200
JPY	FIXED		0.75	%		0.00	%		2007		2047		8,619,294,974		55,175,864		6,321,915,000		40,469,334
JPY	FIXED		1.40	%		0.10	%		2008		2038		12,260,163,334		78,482,650		8,073,702,000		51,683,286
JPY	FIXED		1.40	%		0.10	%		2008		2038		8,591,830,235		55,000,051		5,657,985,000		36,219,228
JPY	FIXED		0.01	%		0.10	%		2008		2038		646,301,237		4,137,256		425,601,000		2,724,458
JPY	FIXED		1.40	%		0.10	%		2008		2038		14,179,821,482		90,771,218		9,322,317,000		59,676,215
JPY	FIXED		0.65	%		0.10	%		2008		2048		5,846,601,826		37,426,647		4,504,668,000		28,836,343
JPY	FIXED		1.40	%		0.10	%		2009		2039		6,407,959,986		41,020,145		4,532,410,000		29,013,932
JPY	FIXED		1.40	%		0.10	%		2009		2039		5,414,467,136		34,660,364		3,829,682,000		24,515,464
JPY	FIXED		1.40	%		0.10	%		2009		2039		4,812,991,753		30,810,058		3,404,252,000		21,792,101
JPY	FIXED		0.20	%		0.10	%		2009		2049		48,131,267,599		308,109,225		38,662,470,000		247,495,324
JPY	FIXED		0.01	%		0.10	%		2009		2039		1,572,911,089		10,068,890		1,028,630,000		6,584,709
JPY	FIXED		0.30	%		0.10	%		2011		2050		26,966,000,000		172,621,121		18,380,903,724		117,664,177

D-112

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		1.40	%		0.10	%		2013		2038		3,077,927,607		19,703,156		2,231,010,000		14,281,668
JPY	FIXED		0.30	%		0.10	%		2013		2053		3,663,148,274		23,449,409		3,422,850,000		21,911,155
JPY	FIXED		0.01	%		0.10	%		2013		2053		721,915,649		4,621,297		584,649,000		3,742,593
JPY	FIXED		1.40	%		0.00	%		2014		2044		16,322,000,000		104,484,237		241,482,713		1,545,836
JPY	FIXED		1.40	%		0.00	%		2014		2039		9,554,358,849		61,161,616		7,480,637,000		47,886,818
JPY	FIXED		0.01	%		0.00	%		2014		2054		1,411,006,769		9,032,469		1,364,670,000		8,735,848
JPY	FIXED		0.01	%		0.00	%		2014		2054		5,000,975,715		32,013,426		4,831,982,000		30,931,623
JPY	FIXED		1.40	%		0.00	%		2014		2037		4,954,000,000		31,712,713		3,334,060,101		21,342,772
JPY	FIXED		0.30	%		0.00	%		2014		2054		7,075,000,000		45,290,159		6,777,889,482		43,388,225
JPY	FIXED		0.01	%		0.00	%		2015		2040		1,911,026,019		12,233,311		1,651,674,019		10,573,085
JPY	FIXED		0.10	%		0.00	%		2015		2055		68,305,676,917		437,254,413		68,230,458,917		436,772,910
JPY	FIXED		0.01	%		0.10	%		2015		2055		657,000,000		4,205,743		414,936,752		2,656,191
JPY	TORF 6 MONTHS		0.76	%		0.00	%		2017		2047		48,237,000,000		308,786,064		37,194,993,689		238,101,368
JPY	TORF 6 MONTHS		0.76	%		0.00	%		2017		2047		15,896,000,000		101,757,225		3,656,325,214		23,405,732
JPY	TORF 6 MONTHS		0.76	%		0.00	%		2017		2047		9,855,000,000		63,086,151		1,942,443,893		12,434,430
JPY	TORF 6 MONTHS		0.61	%		0.00	%		2017		2042		8,042,507,966		51,483,599		7,809,574,966		49,992,494
JPY	FIXED		0.10	%		0.00	%		2017		2057		118,906,000,000		761,169,138		93,823,268,203		600,603,638
JPY	FIXED		0.10	%		0.00	%		2018		2058		70,021,000,000		448,234,944		69,689,691,125		446,114,091
JPY	FIXED		1.30	%		0.00	%		2019		2044		30,980,000,000		198,316,484		1,559,470,774		9,982,852
JPY	FIXED		0.01	%		0.00	%		2020		2060		27,970,000,000		179,048,162		24,127,411,773		154,450,080
JPY	FIXED		1.20	%		0.00	%		2020		2045		57,061,000,000		365,272,334		19,006,732,066		121,670,377
JPY	FIXED		0.80	%		0.00	%		2020		2040		7,299,000,000		46,724,081		3,012,426,586		19,283,856
JPY	FIXED		0.10	%		0.00	%		2022		2062		70,195,000,000		449,348,794		37,825,032,463		242,134,521
JPY	FIXED		0.10	%		0.00	%		2023		2063		87,918,000,000		562,801,442		36,306,050,672		232,410,857
JPY	FIXED		1.05	%		0.00	%		2023		2038		42,120,000,000		269,628,481		12,830,295,787		82,132,316
JPY	COMMERCIAL INTEREST REFERENCE RATE		2.20	%		0.20	%		2012		2025		1,412,670,247		9,043,118		53,063,635		339,683
KRW	FIXED		2.50	%		0.00	%		1998		2027		27,366,962,730		18,564,208		4,105,044,000		2,784,631
KRW	FIXED		2.50	%		0.00	%		2000		2030		44,912,981,250		30,466,440		13,473,888,000		9,139,928
KRW	FIXED		2.00	%		0.00	%		2000		2030		32,899,947,110		22,317,474		9,869,976,000		6,695,237
KRW	FIXED		3.00	%		0.00	%		2001		2025		13,203,435,770		8,956,468		733,524,000		497,581
KRW	FIXED		2.00	%		0.00	%		2005		2035		19,312,358,510		13,100,418		10,621,776,000		7,205,215
KRW	FIXED		1.50	%		0.00	%		2007		2037		14,124,233,500		9,581,086		9,180,730,000		6,227,691
KRW	FIXED		1.50	%		0.00	%		2007		2037		19,102,895,130		12,958,330		12,416,872,000		8,422,908
KRW	FIXED		1.50	%		0.00	%		2007		2037		23,717,066,770		16,088,324		15,416,076,000		10,457,399
KRW	FIXED		1.50	%		0.00	%		2009		2039		32,354,707,860		21,947,614		23,457,143,000		15,912,006
KRW	FIXED		0.20	%		0.00	%		2011		2041		39,845,706,280		27,029,086		32,872,686,000		22,298,981
KRW	FIXED		0.15	%		0.00	%		2011		2051		109,426,000,000		74,228,443		97,825,212,000		66,359,121
KRW	FIXED		0.15	%		0.00	%		2014		2054		57,397,000,000		38,934,896		51,111,495,070		34,671,163
KRW	FIXED		0.15	%		0.00	%		2014		2054		40,720,146,500		27,622,257		40,041,412,000		27,161,842
KRW	NO INTEREST RATE		0.00	%		0.00	%		2019		2059		98,000,000		66,478		8,189,999,100		5,555,635
KRW	NO INTEREST RATE		0.00	%		0.00	%		2021		2061		67,255,000		45,622		4,901,626,240		3,324,988
KRW	FIXED		0.15	%		0.00	%		2023		2062		48,010,000,000		32,567,284		29,477,648,750		19,995,979
SAR	FIXED		2.00	%		0.00	%		2010		2035		107,294,934		28,558,701		52,094,669		13,866,042
SAR	FIXED		2.00	%		0.00	%		2014		2038		111,198,680		29,597,762		73,136,000		19,466,615
SAR	FIXED		2.00	%		0.00	%		2019		2038		208,500,000		55,496,462		95,902,628		25,526,410
SAR	FIXED		2.00	%		0.00	%		2019		2038		122,625,000		32,639,106		87,316,291		23,240,984
SAR	FIXED		2.00	%		0.00	%		2019		2039		83,625,000		22,258,473		14,845,482		3,951,423
USD	FIXED		3.90	%		0.25	%		2014		2025		200,000,000		200,000,000		23,530,000		23,530,000
USD	FIXED		3.40	%		0.25	%		2015		2026		45,000,000		45,000,000		7,941,177		7,941,177
USD	FIXED		3.40	%		0.25	%		2015		2026		200,000,000		200,000,000		47,060,000		47,060,000
USD	FIXED		2.85	%		0.25	%		2016		2027		220,000,000		220,000,000		77,649,000		77,649,000
USD	FIXED		3.47	%		0.25	%		2016		2028		220,000,000		220,000,000		90,590,000		90,590,000

D-113

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		3.71	%		0.00	%		2010		2025		300,000,000		300,000,000		15,000,000		15,000,000
USD	FIXED		2.43	%		0.00	%		2010		2025		31,621,675		31,621,675		1,581,084		1,581,084
USD	FIXED		3.24	%		0.00	%		2012		2032		29,999,128		29,999,128		14,999,564		14,999,564
USD	SOFR 6 MONTHS		6.11	%		0.25	%		2023		2040		39,999,391		39,999,391		646,000		646,000
USD	FIXED		3.85	%		0.00	%		2013		2028		38,758,055		38,758,055		13,565,319		13,565,319
USD	FIXED		5.00	%		0.30	%		2014		2028		9,481,270		9,481,270		3,318,444		3,318,444
USD	NO INTEREST RATE		0.00	%		0.00	%		2018		2058		31,705,000		31,705,000		13,157,363		13,157,363
USD	FIXED		1.00	%		0.00	%		2022		2033		100,000,000		100,000,000		100,000,000		100,000,000
USD	FIXED		1.30	%		0.00	%		2023		2039		207,725,000		207,725,000		2,522,612		2,522,612
USD	FIXED		1.00	%		0.00	%		2023		2043		60,000,000		60,000,000		60,000,000		60,000,000
USD	FIXED		2.60	%		0.00	%		2017		2030		101,660,000		101,660,000		60,996,000		60,996,000
USD	FIXED		5.30	%		0.00	%		2009		2024		42,500,000		42,500,000		8,500,000		8,500,000
USD	FIXED		5.30	%		0.00	%		2009		2024		47,685,000		47,685,000		11,921,250		11,921,250
USD	FIXED		5.30	%		0.00	%		2010		2025		47,600,000		47,600,000		14,280,000		14,280,000
USD	FIXED		5.30	%		0.00	%		2010		2025		2,550,000		2,550,000		765,000		765,000
USD	FIXED		5.30	%		0.00	%		2011		2026		45,900,000		45,900,000		18,360,000		18,360,000
USD	FIXED		5.30	%		0.00	%		2011		2026		4,242,605		4,242,605		1,697,042		1,697,042
USD	FIXED		5.30	%		0.00	%		2012		2027		96,900,000		96,900,000		53,295,000		53,295,000
USD	FIXED		3.47	%		0.00	%		2002		2028		49,578,504		49,578,504		9,640,265		9,640,265
USD	FIXED		3.47	%		0.00	%		2002		2032		3,693,809		3,693,809		1,539,087		1,539,087
USD	FIXED		3.00	%		0.00	%		1987		2029		602,843		602,843		126,687		126,687
USD	FIXED		3.00	%		0.00	%		1979		2025		5,078,561		5,078,561		95,214		95,214
USD	FIXED		3.00	%		0.00	%		1982		2026		1,175,983		1,175,983		113,934		113,934
USD	FIXED		3.00	%		0.00	%		1983		2026		194,518		194,518		18,846		18,846
USD	FIXED		3.00	%		0.00	%		1981		2028		286,568		286,568		47,528		47,528
USD	FIXED		3.00	%		0.00	%		1982		2027		1,477,874		1,477,874		211,638		211,638
USD	FIXED		3.00	%		0.00	%		1985		2027		2,368,361		2,368,361		339,161		339,161
USD	FIXED		3.00	%		0.00	%		1985		2027		4,075,000		4,075,000		489,883		489,883
USD	FIXED		3.00	%		0.00	%		1985		2027		31,812		31,812		4,555		4,555
USD	FIXED		3.00	%		0.00	%		1987		2028		51,760		51,760		9,740		9,740
USD	FIXED		3.00	%		0.00	%		1987		2029		585,449		585,449		123,032		123,032
USD	FIXED		3.00	%		0.00	%		1987		2031		1,215,947		1,215,947		358,563		358,563
USD	FIXED		3.00	%		0.00	%		1981		2025		25,960		25,960		643		643
USD	FIXED		3.00	%		0.00	%		1982		2025		1,500,000		1,500,000		73,745		73,745
USD	FIXED		3.00	%		0.00	%		1986		2028		100,000		100,000		16,586		16,586
USD	FIXED		3.00	%		0.00	%		1987		2027		1,775,032		1,775,032		213,390		213,390
USD	FIXED		3.00	%		0.00	%		1986		2026		980,434		980,434		94,989		94,989
USD	FIXED		3.00	%		0.00	%		1983		2025		3,494,360		3,494,360		171,794		171,794
USD	FIXED		3.00	%		0.00	%		1983		2026		2,254,775		2,254,775		218,451		218,451
USD	FIXED		3.00	%		0.00	%		1983		2025		3,888,753		3,888,753		96,304		96,304
USD	FIXED		3.00	%		0.00	%		1987		2028		1,229,291		1,229,291		202,878		202,878
USD	FIXED		3.00	%		0.00	%		1984		2026		2,100,000		2,100,000		153,723		153,723
USD	FIXED		3.00	%		0.00	%		1984		2028		1,170,000		1,170,000		194,048		194,048
USD	FIXED		3.00	%		0.00	%		1984		2027		1,000,000		1,000,000		143,205		143,205
USD	FIXED		3.00	%		0.00	%		1985		2028		1,959,000		1,959,000		368,618		368,618
USD	FIXED		3.00	%		0.00	%		1985		2029		41,000		41,000		8,616		8,616
USD	FIXED		3.00	%		0.00	%		1984		2026		1,200,000		1,200,000		116,261		116,261
USD	FIXED		3.00	%		0.00	%		1986		2028		2,125,851		2,125,851		352,579		352,579
USD	FIXED		3.00	%		0.00	%		1986		2028		696,000		696,000		130,964		130,964
USD	FIXED		3.00	%		0.00	%		1986		2026		1,751,928		1,751,928		169,734		169,734
USD	FIXED		3.00	%		0.00	%		1984		2025		3,936,113		3,936,113		97,476		97,476
USD	FIXED		3.00	%		0.00	%		1984		2026		70,000		70,000		6,782		6,782
USD	FIXED		3.00	%		0.00	%		1984		2025		5,382,648		5,382,648		264,628		264,628
USD	FIXED		3.00	%		0.00	%		1984		2027		1,832,922		1,832,922		220,348		220,348
USD	FIXED		3.00	%		0.00	%		1984		2025		14,211,987		14,211,987		698,707		698,707
USD	FIXED		3.00	%		0.00	%		1986		2030		530,451		530,451		134,283		134,283
USD	FIXED		3.00	%		0.00	%		1984		2025		4,244,083		4,244,083		105,103		105,103

D-114

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		3.00	%		0.00	%		1984		2025		4,371,309		4,371,309		108,254		108,254
USD	FIXED		3.00	%		0.00	%		1984		2025		190,000		190,000		4,705		4,705
USD	FIXED		3.00	%		0.00	%		1986		2027		196,750		196,750		28,176		28,176
USD	FIXED		3.00	%		0.00	%		1985		2026		236,726		236,726		17,329		17,329
USD	FIXED		3.00	%		0.00	%		1985		2026		4,171,492		4,171,492		305,358		305,358
USD	FIXED		3.00	%		0.00	%		1985		2026		3,364,174		3,364,174		325,934		325,934
USD	FIXED		3.00	%		0.00	%		1986		2027		3,322,901		3,322,901		399,468		399,468
USD	FIXED		3.00	%		0.00	%		1986		2030		1,717,012		1,717,012		470,756		470,756
USD	FIXED		3.00	%		0.00	%		1987		2028		7,967,454		7,967,454		1,499,208		1,499,208
USD	FIXED		3.00	%		0.00	%		1987		2030		1,772,056		1,772,056		485,847		485,847
USD	FIXED		7.31	%		0.00	%		1995		2025		20,000,000		20,000,000		1,818,103		1,818,103
USD	FIXED		7.31	%		0.00	%		1995		2025		5,000,000		5,000,000		454,526		454,526
USD	FIXED		7.44	%		0.00	%		1994		2026		15,000,000		15,000,000		2,654,864		2,654,864
USD	FIXED		7.44	%		0.00	%		1994		2026		10,000,000		10,000,000		1,769,909		1,769,909
USD	FIXED		3.00	%		0.00	%		1998		2028		23,144,880		23,144,880		3,560,751		3,560,751
USD	FIXED		6.65	%		0.00	%		1999		2029		11,000,000		11,000,000		4,205,348		4,205,348
USD	FIXED		6.65	%		0.00	%		1999		2029		14,000,000		14,000,000		5,352,261		5,352,261
USD	FIXED		1.00	%		0.00	%		1999		2029		40,476,113		40,476,113		7,783,868		7,783,868
USD	FIXED		1.00	%		0.00	%		2002		2032		18,995,245		18,995,245		6,021,366		6,021,366
USD	FIXED		1.25	%		0.00	%		1994		2025		100,000,000		100,000,000		2,439,024		2,439,024
USD	FIXED		1.25	%		0.00	%		1995		2025		10,803,941		10,803,941		263,511		263,511
USD	FIXED		0.30	%		0.00	%		1995		2026		7,138,645		7,138,645		522,340		522,340
USD	FIXED		1.25	%		0.00	%		1996		2027		8,000,000		8,000,000		975,610		975,610
USD	FIXED		3.50	%		0.00	%		2000		2025		18,000,000		18,000,000		972,973		972,973
USD	FIXED		3.50	%		0.00	%		2000		2025		25,801,357		25,801,357		1,394,668		1,394,668
USD	FIXED		3.50	%		0.00	%		2003		2028		10,199,208		10,199,208		2,205,234		2,205,234
USD	FIXED		0.70	%		0.00	%		2003		2034		9,189,325		9,189,325		4,258,468		4,258,468
USD	FIXED		0.70	%		0.00	%		2004		2034		9,996,353		9,996,353		4,876,270		4,876,270
USD	FIXED		3.00	%		0.00	%		2011		2027		68,724,795		68,724,795		13,216,314		13,216,314
USD	FIXED		3.00	%		0.00	%		2012		2027		56,251,832		56,251,832		16,406,784		16,406,784
USD	FIXED		3.00	%		0.20	%		2014		2030		230,300,260		230,300,260		126,665,143		126,665,143
USD	FIXED		3.00	%		0.20	%		2012		2028		101,793,291		101,793,291		35,627,652		35,627,652
USD	FIXED		3.00	%		0.00	%		2012		2028		99,531,602		99,531,602		34,836,061		34,836,061
USD	FIXED		3.00	%		0.00	%		2012		2028		92,761,947		92,761,947		30,920,649		30,920,649
USD	FIXED		3.00	%		0.20	%		2014		2030		316,153,519		316,153,519		173,884,435		173,884,435
USD	FIXED		3.00	%		0.20	%		2013		2026		116,999,053		116,999,053		23,399,811		23,399,811
USD	FIXED		3.00	%		0.20	%		2015		2031		195,111,421		195,111,421		136,577,995		136,577,995
USD	FIXED		3.00	%		0.20	%		2015		2031		52,453,797		52,453,797		36,717,658		36,717,658
USD	FIXED		3.00	%		0.20	%		2016		2031		206,765,453		206,765,453		144,735,817		144,735,817
USD	FIXED		3.00	%		0.20	%		2016		2031		77,050,253		77,050,253		53,935,177		53,935,177
USD	FIXED		3.00	%		0.25	%		2016		2032		175,056,018		175,056,018		109,410,011		109,410,011
USD	FIXED		3.00	%		0.00	%		2018		2033		130,285,575		130,285,575		117,257,017		117,257,017
USD	SOFR 6 MONTHS		5.61	%		0.50	%		2021		2027		8,492,109		8,492,109		5,307,568		5,307,568
USD	FIXED		2.80	%		0.25	%		2022		2032		251,275,159		251,275,159		188,138,507		188,138,507
USD	FIXED		2.80	%		0.25	%		2022		2037		108,129,795		108,129,795		44,109,119		44,109,119
USD	FIXED		2.80	%		0.25	%		2022		2037		112,733,944		112,733,944		23,820,242		23,820,242
USD	FIXED		2.80	%		0.25	%		2022		2037		365,150,734		365,150,734		92,338,328		92,338,328
USD	FIXED		3.00	%		0.25	%		2023		2040		237,862,427		237,862,427		34,163,393		34,163,393
USD	FIXED		3.98	%		0.50	%		2012		2023		917,999,150		917,999,150		253,535,405		253,535,405
USD	SOFR 6 MONTHS		5.46	%		0.50	%		2019		2029		20,400,000		20,400,000		13,114,286		13,114,286
USD	SOFR 6 MONTHS		5.63	%		0.50	%		2019		2029		53,125,000		53,125,000		34,151,786		34,151,786
COMMERCIAL CREDIT
CHF	SARON COMPOUNDED		0.85	%		0.25	%		2019		2028		25,390,381		28,103,806		12,780,549		14,146,383
CHF	SARON COMPOUNDED		0.85	%		0.35	%		2017		2025		101,946,785		112,841,657		13,193,113		14,603,038
EUR	EURIBOR 6 MTH		3.17	%		0.40	%		2019		2033		152,721,115		159,013,240		129,812,948		135,161,254
EUR	EURIBOR 6 MTH		3.47	%		0.00	%		2022		2036		108,728,081		113,207,689		70,353,464		73,252,034
EUR	EURIBOR 6 MTH		5.41	%		0.35	%		2022		2027		9,593,654		9,988,914		5,756,193		5,993,348
EUR	EURIBOR 6 MTH		4.64	%		0.00	%		2023		2031		20,983,699		21,848,229		5,104,143		5,314,434

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		3.50	%		0.00	%		1998		2026		20,481,742		21,325,592		2,275,749		2,369,510
EUR	FIXED		3.50	%		0.00	%		1998		2026		15,647,789		16,292,479		1,303,982		1,357,706
EUR	FIXED		3.50	%		0.00	%		1998		2026		34,193,032		35,601,788		3,799,226		3,955,754
EUR	FIXED		3.50	%		0.00	%		1999		2027		68,632,225		71,459,879		9,532,253		9,924,983
EUR	FIXED		3.50	%		0.00	%		1999		2026		21,667,405		22,560,105		2,407,490		2,506,678
EUR	FIXED		3.50	%		0.00	%		1998		2029		24,898,896		25,924,733		6,224,724		6,481,183
EUR	FIXED		0.88	%		0.26	%		2022		2034		59,977,728		62,448,816		52,964,310		55,146,445
EUR	EURIBOR 6 MTH		5.92	%		1.00	%		2012		2025		148,802,419		154,933,093		9,300,151		9,683,318
EUR	EURIBOR 6 MTH		5.16	%		1.00	%		2013		2025		147,441,457		153,516,060		18,430,182		19,189,508
EUR	EURIBOR 6 MTH		4.14	%		0.27	%		2016		2028		166,961,250		173,840,070		73,045,547		76,055,031
EUR	EURIBOR 6 MTH		3.72	%		0.00	%		2023		2025		297,368,504		309,620,116		107,695,621		112,132,691
EUR	FIXED		1.28	%		0.30	%		2018		2027		35,214,565		36,665,409		19,678,728		20,489,493
EUR	FIXED		0.49	%		0.25	%		2019		2027		26,264,490		27,346,590		19,698,368		20,509,942
EUR	EURIBOR 6 MTH		3.99	%		0.65	%		2019		2028		243,908,151		253,957,191		213,419,632		222,212,542
EUR	EURIBOR 6 MTH		3.08	%		0.37	%		2020		2027		32,895,000		34,250,277		18,814,250		19,589,399
EUR	EURIBOR 6 MTH		3.16	%		0.00	%		2022		2036		411,400,000		428,349,721		237,160,000		246,931,015
EUR	EURIBOR 6 MTH		3.25	%		0.00	%		2022		2036		793,333,050		826,018,450		473,995,845		493,524,521
EUR	EURIBOR 6 MTH		4.61	%		0.00	%		2022		2029		69,999,975		72,883,981		69,999,975		72,883,981
EUR	FIXED		3.25	%		0.38	%		2022		2032		166,600,000		173,463,936		66,640,000		69,385,575
EUR	EURIBOR 6 MTH		3.71	%		0.00	%		2023		2036		2,264,005,558		2,357,282,811		1,198,591,178		1,247,973,253
EUR	EURIBOR 6 MTH		5.36	%		0.00	%		2023		2030		199,765,196		207,995,542		199,765,196		207,995,542
EUR	EURIBOR 6 MTH		3.50	%		0.35	%		2023		2039		3,007,554,218		3,131,465,750		530,744,862		552,611,603
EUR	EURIBOR 6 MTH		5.57	%		0.00	%		2023		2030		265,372,431		276,305,801		265,372,431		276,305,801
EUR	EURIBOR 6 MTH		3.62	%		0.35	%		2024		2033		87,548,456		91,155,461		30,899,455		32,172,516
EUR	EURIBOR 6 MTH		4.74	%		0.35	%		2024		2029		7,724,864		8,043,129		7,724,864		8,043,129
EUR	EURIBOR 6 MTH		4.15	%		0.50	%		2017		2027		21,335,000		22,214,004		7,530,000		7,840,237
EUR	FIXED		3.50	%		0.00	%		1997		2026		29,601,112		30,820,681		3,289,012		3,424,520
EUR	FIXED		3.50	%		0.00	%		1995		2020		46,699,077		48,623,084		759,143		790,420
EUR	FIXED		3.50	%		0.00	%		1998		2027		11,118,944		11,577,045		1,853,157		1,929,507
EUR	EURIBOR 6 MTH		6.70	%		0.00	%		2016		2027		6,979,739		7,267,305		2,107,533		2,194,363
EUR	EURIBOR 6 MTH		1.27	%		0.50	%		2011		2019		7,349,159		7,651,945		183,471		191,030
EUR	EURIBOR 6 MTH		2.30	%		0.92	%		2024		2034		224,642,845		233,898,153		18,214,285		18,964,715
EUR	NO INTEREST RATE		0.00	%		0.25	%		2012		2027		8,000,000		8,329,601		2,400,000		2,498,880
EUR	NO INTEREST RATE		0.00	%		0.25	%		2012		2027		8,000,000		8,329,601		2,400,000		2,498,880
EUR	FIXED		0.40	%		0.40	%		2014		2034		11,523,700		11,998,478		8,758,012		9,118,843
EUR	FIXED		0.40	%		0.40	%		2015		2034		7,730,000		8,048,477		5,874,800		6,116,842
EUR	NO INTEREST RATE		0.00	%		0.40	%		2018		2043		12,500,000		13,015,001		12,500,000		13,015,001
EUR	NO INTEREST RATE		0.00	%		0.40	%		2018		2043		12,000,000		12,494,401		12,000,000		12,494,401
EUR	FIXED		0.40	%		0.40	%		2019		2033		114,750,000		119,477,711		102,349,412		106,566,218
EUR	NO INTEREST RATE		0.00	%		0.40	%		2019		2047		12,400,000		12,910,881		12,400,000		12,910,881
EUR	NO INTEREST RATE		0.00	%		0.40	%		2020		2046		8,000,000		8,329,601		8,000,000		8,329,601
EUR	NO INTEREST RATE		0.00	%		0.40	%		2020		2048		14,883,000		15,496,181		14,883,000		15,496,181
EUR	NO INTEREST RATE		0.00	%		0.40	%		2020		2047		12,000,000		12,494,401		12,000,000		12,494,401
EUR	NO INTEREST RATE		0.00	%		0.40	%		2020		2048		10,000,000		10,412,001		10,000,000		10,412,001
EUR	NO INTEREST RATE		0.00	%		0.45	%		2021		2049		12,599,493		13,118,593		12,599,493		13,118,593
EUR	NO INTEREST RATE		0.00	%		0.40	%		2022		2048		8,000,000		8,329,601		8,000,000		8,329,601
EUR	NO INTEREST RATE		0.00	%		0.40	%		2022		2049		10,000,000		10,412,001		6,086,204		6,336,956

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	NO INTEREST RATE		0.00	%		0.40	%		2022		2048		9,950,000		10,359,941		9,950,000		10,359,941
EUR	FIXED		0.15	%		0.40	%		2023		2038		53,460,000		55,662,557		15,751,760		16,400,734
EUR	NO INTEREST RATE		0.00	%		0.40	%		2023		2055		10,800,000		11,244,961		9,524,098		9,916,492
EUR	EURIBOR 6 MTH		4.27	%		0.00	%		2020		2027		12,526,875		13,042,983		9,833,875		10,239,032
EUR	EURIBOR 6 MTH		4.38	%		0.00	%		2020		2028		17,791,988		18,525,019		13,605,638		14,166,191
EUR	EURIBOR 6 MTH		4.28	%		0.00	%		2020		2028		10,639,960		11,078,327		6,524,930		6,793,757
EUR	EURIBOR 6 MTH		4.22	%		0.00	%		2022		2029		36,300,000		37,795,564		27,225,000		28,346,673
EUR	EURIBOR 6 MTH		5.91	%		0.00	%		2022		2035		160,960,160		167,591,735		59,072,278		61,506,062
EUR	EURIBOR 6 MTH		5.38	%		0.00	%		2022		2030		148,181,235		154,286,317		84,102,863		87,567,910
EUR	EURIBOR 6 MTH		4.57	%		0.00	%		2023		2025		361,757,852		376,662,311		73,329,294		76,350,469
EUR	EURIBOR 6 MTH		3.67	%		0.15	%		2021		2030		80,403,817		83,716,462		65,856,938		68,570,250
EUR	EURIBOR 6 MTH		3.97	%		0.00	%		2022		2028		10,059,338		10,473,784		10,059,338		10,473,784
USD	SOFR 6 MONTHS		5.50	%		0.31	%		2022		2031		32,375,000		32,375,000		18,956,887		18,956,887
USD	SOFR 6 MONTHS		5.41	%		0.00	%		2022		2031		32,375,000		32,375,000		18,956,887		18,956,887
USD	SOFR 6 MONTHS		6.07	%		0.00	%		2023		2029		64,543,725		64,543,725		5,233,275		5,233,275
USD	SOFR 6 MONTHS		5.83	%		0.00	%		2023		2029		110,676,250		110,676,250		110,676,250		110,676,250
USD	SOFR 6 MONTHS		6.37	%		0.00	%		2023		2030		32,046,329		32,046,329		2,598,351		2,598,351
USD	SOFR 6 MONTHS		6.13	%		0.00	%		2023		2030		56,994,486		56,994,486		47,069,368		47,069,368
USD	SOFR 6 MONTHS		6.09	%		0.00	%		2023		2030		138,696,655		138,696,655		101,515,059		101,515,059
USD	SOFR 6 MONTHS		5.91	%		0.00	%		2023		2030		147,917,028		147,917,028		88,116,223		88,116,223
USD	SOFR 3 MONTHS		6.49	%		0.50	%		2017		2030		130,474,830		130,474,830		78,284,898		78,284,898
USD	FIXED		0.05	%		0.00	%		2016		2040		36,440,994		36,440,994		32,276,309		32,276,309
USD	SOFR 6 MONTHS		0.43	%		0.35	%		2017		2026		170,000,000		170,000,000		42,500,000		42,500,000
USD	SOFR 6 MONTHS		0.43	%		0.25	%		2020		2028		94,267,785		94,267,785		76,806,237		76,806,237
USD	SOFR 6 MONTHS		0.43	%		0.25	%		2020		2029		36,975,000		36,975,000		27,731,250		27,731,250
USD	SOFR 6 MONTHS		5.70	%		0.00	%		2019		2025		34,849,150		34,849,150		8,712,288		8,712,288
USD	SOFR 6 MONTHS		5.85	%		0.00	%		2020		2028		114,747,564		114,747,564		114,747,564		114,747,564
USD	SOFR 6 MONTHS		5.98	%		0.00	%		2020		2028		330,732,215		330,732,215		310,811,070		310,811,070
USD	SOFR 6 MONTHS		6.11	%		0.00	%		2020		2029		68,000,000		68,000,000		37,327,153		37,327,153
USD	SOFR 6 MONTHS		6.58	%		0.00	%		2020		2031		612,000,000		612,000,000		177,840,000		177,840,000
USD	SOFR 6 MONTHS		5.68	%		0.00	%		2021		2028		33,947,129		33,947,129		33,947,129		33,947,129
USD	SOFR 6 MONTHS		6.48	%		0.00	%		2021		2028		110,500,000		110,500,000		110,500,000		110,500,000
USD	SOFR 6 MONTHS		6.19	%		0.00	%		2021		2027		12,730,051		12,730,051		7,956,282		7,956,282
USD	SOFR 6 MONTHS		6.67	%		0.00	%		2021		2027		9,350,000		9,350,000		5,843,750		5,843,750
USD	SOFR 6 MONTHS		6.24	%		0.00	%		2021		2026		8,493,650		8,493,650		6,066,893		6,066,893
USD	SOFR 6 MONTHS		5.63	%		0.00	%		2021		2028		11,050,000		11,050,000		9,668,750		9,668,750
USD	SOFR 6 MONTHS		5.63	%		0.00	%		2021		2027		8,489,970		8,489,970		6,367,478		6,367,478
USD	SOFR 6 MONTHS		5.63	%		0.00	%		2021		2027		12,748,895		12,748,895		9,561,671		9,561,671
USD	SOFR 6 MONTHS		5.63	%		0.00	%		2021		2027		25,491,500		25,491,500		19,118,625		19,118,625
USD	SOFR 6 MONTHS		5.41	%		0.00	%		2022		2028		36,996,457		36,996,457		36,996,457		36,996,457
USD	SOFR 6 MONTHS		5.41	%		0.00	%		2022		2028		12,733,323		12,733,323		11,141,658		11,141,658
USD	SOFR 6 MONTHS		5.09	%		0.35	%		2022		2028		46,240,245		46,240,245		40,460,214		40,460,214
USD	SOFR 6 MONTHS		4.91	%		0.35	%		2022		2028		46,210,001		46,210,001		46,210,001		46,210,001
USD	SOFR 6 MONTHS		4.96	%		0.35	%		2022		2028		55,470,400		55,470,400		48,536,600		48,536,600
USD	SOFR 6 MONTHS		5.64	%		0.00	%		2022		2028		18,496,961		18,496,961		16,184,841		16,184,841
USD	SOFR 6 MONTHS		6.26	%		0.00	%		2022		2029		184,970,400		184,970,400		105,466,271		105,466,271
USD	SOFR 6 MONTHS		6.28	%		0.00	%		2022		2030		259,000,000		259,000,000		130,816,000		130,816,000
USD	SOFR 6 MONTHS		6.23	%		0.00	%		2022		2030		27,750,000		27,750,000		2,250,000		2,250,000
USD	SOFR 6 MONTHS		6.34	%		0.00	%		2022		2029		184,977,597		184,977,597		184,977,597		184,977,597
USD	SOFR 6 MONTHS		5.33	%		0.00	%		2022		2029		18,490,334		18,490,334		17,034,699		17,034,699
USD	SOFR 6 MONTHS		6.18	%		0.00	%		2022		2029		92,488,501		92,488,501		92,488,501		92,488,501
USD	SOFR 6 MONTHS		5.79	%		0.00	%		2022		2029		55,460,154		55,460,154		47,846,796		47,846,796
USD	SOFR 6 MONTHS		6.81	%		0.00	%		2022		2029		161,875,000		161,875,000		81,157,202		81,157,202
USD	SOFR 6 MONTHS		5.60	%		0.00	%		2022		2028		25,890,750		25,890,750		25,890,750		25,890,750
USD	SOFR 6 MONTHS		6.20	%		0.00	%		2022		2028		97,125,000		97,125,000		44,527,560		44,527,560
USD	SOFR 6 MONTHS		6.36	%		0.00	%		2022		2029		58,737,500		58,737,500		25,748,231		25,748,231
USD	SOFR 6 MONTHS		5.88	%		0.00	%		2023		2028		84,922,650		84,922,650		84,922,650		84,922,650

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)
USD	SOFR 6 MONTHS		5.70	%		0.00	%		2023		2028		147,937,100		147,937,100		138,900,340		138,900,340
USD	SOFR 6 MONTHS		5.72	%		0.35	%		2023		2028		21,054,850		21,054,850		18,713,616		18,713,616
USD	SOFR 6 MONTHS		5.75	%		0.35	%		2023		2029		36,981,500		36,981,500		30,907,526		30,907,526
USD	SOFR 6 MONTHS		6.70	%		0.00	%		2023		2029		78,732,901		78,732,901		6,383,749		6,383,749
USD	SOFR 6 MONTHS		6.24	%		0.00	%		2023		2029		36,982,425		36,982,425		30,773,979		30,773,979
USD	SOFR 6 MONTHS		6.83	%		0.90	%		2017		2026		5,939,237		5,939,237		2,969,619		2,969,619
USD	SOFR 6 MONTHS		5.56	%		0.00	%		2018		2025		59,498,368		59,498,368		14,874,592		14,874,592
USD	SOFR 6 MONTHS		5.41	%		0.00	%		2022		2028		36,998,890		36,998,890		36,998,890		36,998,890
USD	SOFR 6 MONTHS		5.41	%		0.00	%		2022		2027		41,625,000		41,625,000		35,678,571		35,678,571
USD	SOFR 6 MONTHS		5.41	%		0.00	%		2022		2028		22,157,087		22,157,087		19,387,451		19,387,451
USD	SOFR 6 MONTHS		6.16	%		0.00	%		2022		2029		481,924,170		481,924,170		382,945,797		382,945,797
USD	SOFR 6 MONTHS		5.57	%		0.00	%		2022		2029		78,616,459		78,616,459		29,045,656		29,045,656
USD	SOFR 6 MONTHS		5.67	%		0.00	%		2022		2028		127,461,750		127,461,750		111,529,031		111,529,031
USD	SOFR 6 MONTHS		6.11	%		0.00	%		2023		2030		123,088,906		123,088,906		9,980,182		9,980,182
USD	SOFR 6 MONTHS		6.25	%		0.00	%		2023		2030		184,980,665		184,980,665		116,295,490		116,295,490
USD	SOFR 6 MONTHS		6.25	%		0.00	%		2023		2030		92,482,529		92,482,529		65,771,407		65,771,407
USD	SOFR 6 MONTHS		6.25	%		0.00	%		2023		2030		116,509,521		116,509,521		90,344,547		90,344,547
USD	SOFR 6 MONTHS		5.42	%		0.00	%		2023		2029		27,746,763		27,746,763		26,217,706		26,217,706
USD	SOFR 6 MONTHS		5.41	%		0.00	%		2023		2030		46,229,743		46,229,743		9,238,143		9,238,143
USD	SOFR 6 MONTHS		5.42	%		0.00	%		2023		2030		18,491,467		18,491,467		15,833,763		15,833,763
USD	SOFR 6 MONTHS		5.77	%		0.00	%		2023		2028		36,963,000		36,963,000		36,963,000		36,963,000
USD	SOFR 6 MONTHS		5.54	%		0.00	%		2018		2025		22,082,702		22,082,702		2,760,338		2,760,338
USD	SOFR 6 MONTHS		5.94	%		0.00	%		2019		2025		93,499,997		93,499,997		13,357,143		13,357,143
USD	SOFR 6 MONTHS		5.79	%		0.00	%		2019		2026		156,398,376		156,398,376		58,649,391		58,649,391
USD	SOFR 6 MONTHS		6.89	%		0.15	%		2020		2027		25,498,916		25,498,916		15,936,823		15,936,823
USD	SOFR 6 MONTHS		6.45	%		0.15	%		2020		2028		41,565,000		41,565,000		36,369,375		36,369,375
USD	SOFR 6 MONTHS		6.39	%		0.39	%		2021		2027		26,349,657		26,349,657		16,468,536		16,468,536
USD	SOFR 6 MONTHS		5.48	%		0.15	%		2021		2027		8,500,000		8,500,000		4,250,000		4,250,000
USD	SOFR 6 MONTHS		5.12	%		0.00	%		2021		2027		16,998,725		16,998,725		12,749,044		12,749,044
USD	SOFR 6 MONTHS		5.57	%		0.00	%		2019		2025		13,574,208		13,574,208		4,524,736		4,524,736
USD	SOFR 6 MONTHS		6.52	%		0.00	%		2019		2026		169,995,989		169,995,989		84,997,994		84,997,994
USD	SOFR 6 MONTHS		5.78	%		0.00	%		2020		2027		69,699,840		69,699,840		58,083,200		58,083,200
USD	SOFR 6 MONTHS		6.08	%		0.00	%		2020		2026		12,737,684		12,737,684		5,456,824		5,456,824
USD	SOFR 6 MONTHS		6.47	%		0.00	%		2020		2026		8,490,650		8,490,650		3,183,994		3,183,994
USD	SOFR 6 MONTHS		6.39	%		0.00	%		2020		2026		12,728,750		12,728,750		6,364,375		6,364,375
USD	SOFR 6 MONTHS		5.23	%		0.00	%		2022		2029		222,000,000		222,000,000		186,000,000		186,000,000
USD	SOFR 6 MONTHS		5.52	%		0.50	%		2022		2030		56,425,000		56,425,000		50,324,998		50,324,998
USD	SOFR 6 MONTHS		5.13	%		0.50	%		2022		2028		70,254,953		70,254,953		45,926,235		45,926,235
USD	SOFR 6 MONTHS		5.91	%		0.00	%		2022		2027		42,487,250		42,487,250		31,865,438		31,865,438
USD	SOFR 6 MONTHS		6.93	%		0.00	%		2022		2029		97,125,000		97,125,000		42,339,000		42,339,000
USD	SOFR 6 MONTHS		6.91	%		0.50	%		2023		2031		185,000,000		185,000,000		45,000,000		45,000,000
USD	SOFR 6 MONTHS		6.26	%		0.50	%		2023		2029		60,125,000		60,125,000		56,875,000		56,875,000
USD	SOFR 6 MONTHS		6.31	%		0.50	%		2023		2029		246,558,750		246,558,750		246,558,750		246,558,750
USD	SOFR 6 MONTHS		6.21	%		0.50	%		2023		2030		77,182,336		77,182,336		75,542,384		75,542,384
USD	SOFR 6 MONTHS		6.31	%		0.50	%		2023		2029		96,274,000		96,274,000		96,274,000		96,274,000
USD	SOFR 6 MONTHS		6.31	%		0.50	%		2023		2030		165,745,246		165,745,246		145,993,686		145,993,686
USD	SOFR 6 MONTHS		6.31	%		0.50	%		2023		2030		63,816,943		63,816,943		51,144,319		51,144,319
USD	SOFR 6 MONTHS		6.07	%		0.00	%		2023		2031		51,098,956		51,098,956		45,955,915		45,955,915
USD	SOFR 6 MONTHS		6.62	%		0.00	%		2023		2033		138,745,863		138,745,863		30,827,256		30,827,256
USD	SOFR 6 MONTHS		6.06	%		0.00	%		2024		2030		284,900,000		284,900,000		130,900,000		130,900,000
USD	SOFR 6 MONTHS		5.24	%		0.10	%		2019		2026		25,499,717		25,499,717		9,562,394		9,562,394
MULTILATERAL
ACU	NO INTEREST RATE		0.00	%		0.00	%		2000		2025		6,090,241		7,942,466		169,173		220,624
ACU	NO INTEREST RATE		0.00	%		0.00	%		2003		2027		3,880,448		5,060,609		845,887		1,103,147
ACU	NO INTEREST RATE		0.00	%		0.00	%		2006		2026		25,196,731		32,859,815		1,511,706		1,971,461
ACU	NO INTEREST RATE		0.00	%		0.00	%		2006		2027		6,533,167		8,520,100		703,116		916,954
ACU	NO INTEREST RATE		0.00	%		0.00	%		2006		2013		27,520,000		35,889,660		4,002,815		5,220,192

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)
ACU	NO INTEREST RATE		0.00	%		0.00	%		2006		2033		2,468,697		3,219,502		1,398,928		1,824,385
ACU	NO INTEREST RATE		0.00	%		0.00	%		2006		2027		21,443,443		27,965,040		2,257,695		2,944,329
ACU	NO INTEREST RATE		0.00	%		0.00	%		2006		2016		11,017,000		14,367,601		2,003,138		2,612,353
ACU	NO INTEREST RATE		0.00	%		0.00	%		2007		2032		8,864,502		11,560,464		3,447,306		4,495,736
ACU	NO INTEREST RATE		0.00	%		0.00	%		2008		2032		10,274,000		13,398,633		2,811,441		3,666,485
ACU	NO INTEREST RATE		0.00	%		0.00	%		2008		2029		3,750,773		4,891,496		1,310,436		1,708,979
ACU	NO INTEREST RATE		0.00	%		0.00	%		2009		2025		10,033,378		13,084,830		416,931		543,732
ACU	NO INTEREST RATE		0.00	%		0.00	%		2009		2033		912,816		1,190,431		456,408		595,216
ACU	NO INTEREST RATE		0.00	%		0.00	%		2009		2027		40,329,934		52,595,481		6,721,656		8,765,914
ACU	NO INTEREST RATE		0.00	%		0.00	%		2009		2033		9,172,817		11,962,547		4,586,408		5,981,273
ACU	NO INTEREST RATE		0.00	%		0.00	%		2011		2030		4,000,000		5,216,520		711,937		928,459
ACU	NO INTEREST RATE		0.00	%		0.00	%		2011		2031		1,746,424		2,277,564		756,784		986,944
ACU	NO INTEREST RATE		0.00	%		0.00	%		2011		2031		3,140,000		4,094,968		1,465,317		1,910,965
ACU	NO INTEREST RATE		0.00	%		0.00	%		2013		2033		1,459,473		1,903,342		827,035		1,078,561
ACU	NO INTEREST RATE		0.00	%		0.00	%		2013		2033		3,625,695		4,728,378		2,054,561		2,679,414
EUR	EURIBOR 6 MTH		3.29	%		0.25	%		2022		2032		709,900,000		739,147,950		709,900,000		739,147,950
EUR	EURIBOR 6 MTH		3.29	%		0.25	%		2022		2032		331,300,000		344,949,593		331,300,000		344,949,593
EUR	EURIBOR 6 MTH		3.27	%		0.25	%		2023		2036		367,900,000		383,057,516		107,849,885		112,293,311
EUR	EURIBOR 6 MTH		3.48	%		0.25	%		2023		2038		937,700,000		976,333,333		937,700,000		976,333,333
EUR	EURIBOR 6 MTH		3.63	%		0.25	%		2023		2040		1,391,600,000		1,448,934,058		7,023,000		7,312,348
EUR	EURIBOR 6 MTH		3.27	%		0.25	%		2024		2038		132,200,000		137,646,653		651,735		678,587
EUR	EURIBOR 6 MTH		4.28	%		0.25	%		2024		2037		471,000,000		490,405,247		471,000,000		490,405,247
EUR	EURIBOR MTH		4.04	%		0.25	%		2024		2040		468,800,000		488,114,606		468,800,000		488,114,606
EUR	FIXED		3.97	%		0.00	%		2012		2030		5,695,647		5,930,308		2,528,028		2,632,183
EUR	FIXED		3.97	%		0.00	%		2017		2035		39,711,400		41,347,514		28,514,400		29,689,196
EUR	FIXED		3.57	%		0.00	%		2019		2033		44,850,000		46,697,824		35,522,000		36,985,510
EUR	COMMERCIAL INTEREST REFERENCE RATE		3.57	%		0.00	%		2019		2032		55,000,000		57,266,005		28,959,785		30,152,931
EUR	COMMERCIAL INTEREST REFERENCE RATE		3.77	%		0.00	%		2023		2036		36,934,440		38,456,143		93,952		97,822
EUR	EURIBOR 6 MTH		4.07	%		0.00	%		2023		2043		205,002,000		213,448,103		38,449,385		40,033,504
EUR	EURIBOR 6 MTH		4.09	%		0.00	%		2023		2043		100,000,000		104,120,010		832,148		866,432
EUR	NO INTEREST RATE		0.00	%		0.00	%		2024		2043		803,300,000		836,396,040		369,331		384,548
EUR	EURIBOR 6 MTH		3.65	%		0.15	%		2020		2030		462,920,000		481,992,350		363,722,857		378,708,275
EUR	EURIBOR 6 MTH		3.65	%		0.15	%		2020		2025		925,840,000		963,984,700		231,460,000		240,996,175
EUR	EURIBOR 6 MTH		4.26	%		0.15	%		2023		2042		78,486,000		81,719,631		199,648		207,873
EUR	EURIBOR 6 MTH		3.36	%		0.15	%		2023		2042		331,251,000		344,898,574		119,250,000		124,163,112
EUR	EURIBOR 6 MTH		3.45	%		0.15	%		2024		2039		459,475,000		478,405,416		459,475,000		478,405,416
EUR	EURIBOR 6 MTH		0.50	%		0.15	%		2024		2039		461,383,000		480,392,025		461,383,000		480,392,025
EUR	FIXED		0.83	%		0.00	%		2013		2033		337,952,011		351,875,667		289,354,512		301,275,946
EUR	FIXED		0.82	%		0.00	%		2013		2033		253,356,980		263,795,313		216,924,246		225,861,547
EUR	NO INTEREST RATE		0.00	%		0.00	%		2011		2026		102,989,447		107,232,622		43,965,481		45,776,863
EUR	NO INTEREST RATE		0.00	%		0.00	%		2012		2027		139,007,699		144,734,830		53,464,500		55,667,242
EUR	NO INTEREST RATE		0.00	%		0.00	%		2012		2027		149,700,599		155,868,279		64,157,400		66,800,691
EUR	NO INTEREST RATE		0.00	%		0.00	%		2013		2028		228,115,198		237,513,567		114,057,599		118,756,783
EUR	NO INTEREST RATE		0.00	%		0.00	%		2014		2029		242,372,398		252,358,165		142,571,999		148,445,979
EUR	NO INTEREST RATE		0.00	%		0.00	%		2018		2033		452,867,785		471,525,983		320,781,348		333,997,571
EUR	NO INTEREST RATE		0.00	%		0.00	%		2018		2033		452,867,785		471,525,983		320,781,348		333,997,571
EUR	FIXED		0.75	%		0.00	%		1990		2029		2,584,961		2,691,461		994,216		1,035,177
EUR	FIXED		0.75	%		0.00	%		1993		2031		2,900,308		3,019,801		1,353,477		1,409,240
EUR	FIXED		0.75	%		0.00	%		1995		2035		4,731,712		4,926,659		2,685,566		2,796,212
IDR	FIXED		-0.77	%		0.00	%		2012		2030		595,427,194,366		36,852,584		595,427,194,366		36,852,584
IDR	FIXED		-0.77	%		0.00	%		2012		2030		497,265,716,756		30,777,107		497,265,716,756		30,777,107
IDR	FIXED		-0.35	%		0.00	%		2013		2031		118,343,362,049		7,324,588		118,343,362,049		7,324,588
IDR	FIXED		-0.45	%		0.00	%		2016		2031		4,497,791,667,181		278,380,372		4,497,791,667,181		278,380,372
IDR	FIXED		-0.45	%		0.00	%		2018		2038		7,244,066,666,563		448,354,686		7,244,066,666,563		448,354,686
JPY	TONAR/TONA 6 MONTHS		0.64	%		0.00	%		2019		2033		110,795,000,000		709,247,092		104,634,798,000		669,812,953
JPY	TONA COMPOUNDED		0.63	%		0.25	%		2020		2034		31,975,600,000		204,689,754		31,975,600,000		204,689,754

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)
JPY	TONA COMPOUNDED		0.77	%		0.25	%		2023		2035		81,645,000,000		522,645,235		20,411,250,000		130,661,309
JPY	TONA COMPOUNDED		0.73	%		0.15	%		2022		2040		13,940,700,000		89,240,498		1,173,873,688		7,514,477
JPY	TONA COMPOUNDED		0.48	%		0.15	%		2022		2041		20,487,108,000		131,146,909		1,713,203,421		10,966,962
JPY	TONA COMPOUNDED		0.48	%		0.15	%		2023		2038		71,865,000,000		460,039,192		71,865,000,000		460,039,192
JPY	TONA COMPOUNDED		0.48	%		0.15	%		2023		2038		74,930,000,000		479,659,593		74,930,000,000		479,659,593
JPY	TONA COMPOUNDED		0.48	%		0.15	%		2023		2042		36,055,200,000		230,805,052		1,807,452,462		11,570,291
JPY	NO INTEREST RATE		0.00	%		0.00	%		2011		2036		9,039,216,675		57,863,966		7,931,470,582		50,772,801
JPY	NO INTEREST RATE		0.00	%		0.00	%		2012		2036		15,376,956,872		98,434,604		13,492,527,666		86,371,551
JPY	ADB FLOATING RATE		0.03	%		0.00	%		2015		2025		33,454,249,998		214,155,237		21,128,999,998		135,255,939
JPY	NO INTEREST RATE		0.00	%		0.00	%		2015		2025		34,946,666,665		223,708,847		20,968,000,001		134,225,308
JPY	ADB FLOATING RATE		0.07	%		0.00	%		2016		2031		46,191,250,001		295,690,326		28,594,583,337		183,046,393
JPY	NO INTEREST RATE		0.00	%		0.00	%		2017		2032		42,728,000,000		273,520,554		26,705,000,003		170,950,346
JPY	NO INTEREST RATE		0.00	%		0.00	%		2017		2025		40,964,000,000		262,228,421		27,309,333,336		174,818,947
JPY	NO INTEREST RATE		0.00	%		0.00	%		2019		2034		52,595,000,000		336,683,522		41,637,708,335		266,541,121
JPY	NO INTEREST RATE		0.00	%		0.00	%		2019		2034		51,840,000,000		331,850,438		43,200,000,000		276,542,031
JPY	ADB FLOATING RATE		0.53	%		0.00	%		2020		2036		63,750,000,000		408,091,539		63,750,000,000		408,091,539
JPY	ADB FLOATING RATE		0.41	%		0.00	%		2020		2035		63,560,000,000		406,875,266		58,263,333,334		372,968,994
JPY	ADB FLOATING RATE		0.42	%		0.00	%		2021		2036		63,530,000,000		406,683,223		63,530,000,000		406,683,223
JPY	ADB FLOATING RATE		0.54	%		0.00	%		2021		2036		64,685,000,000		414,076,882		64,685,000,000		414,076,882
JPY	NO INTEREST RATE		0.00	%		0.00	%		2009		2033		1,570,573,575		10,053,926		1,277,156,202		8,175,634
JPY	NO INTEREST RATE		0.00	%		0.00	%		2009		2034		7,494,931,344		47,978,323		6,378,692,764		40,832,793
SDR	FIXED		0.75	%		0.00	%		1999		2024		11,685,983		15,240,042		11,298		14,734
SDR	FIXED		0.75	%		0.00	%		1999		2024		71,023,332		92,623,665		68,663		89,546
SDR	FIXED		0.75	%		0.35	%		2000		2025		21,799,223		28,429,022		1,085,192		1,415,231
SDR	FIXED		0.75	%		0.20	%		2000		2025		54,139,161		70,604,510		2,692,460		3,511,318
SDR	FIXED		0.75	%		0.00	%		2001		2026		4,586,621		5,981,550		221,408		288,745
SDR	FIXED		0.75	%		0.30	%		2001		2025		2,776,666		3,621,134		138,772		180,977
SDR	FIXED		0.75	%		0.50	%		2001		2026		87,499,973		114,111,349		3,118,404		4,066,804
SDR	FIXED		0.75	%		0.10	%		2001		2026		30,282,981		39,492,947		1,461,847		1,906,439
SDR	FIXED		0.75	%		0.10	%		2002		2025		55,551,518		72,446,407		2,794,843		3,644,839
SDR	FIXED		0.75	%		0.10	%		2007		2027		89,508,359		116,730,545		4,446,926		5,799,370
SDR	FIXED		0.75	%		0.50	%		2003		2026		36,831,596		48,033,193		1,777,968		2,318,701
SDR	FIXED		0.75	%		0.30	%		2004		2026		21,585,432		28,150,212		1,086,059		1,416,362
SDR	FIXED		0.75	%		0.30	%		2004		2026		15,645,948		20,404,352		787,162		1,026,562
SDR	FIXED		0.75	%		0.30	%		2004		2025		31,597,889		41,207,758		1,586,770		2,069,355
SDR	FIXED		0.75	%		0.20	%		2004		2025		3,409,938		4,447,003		169,514		221,069
SDR	FIXED		0.75	%		0.30	%		2005		2025		17,899,858		23,343,744		900,624		1,174,530
SDR	FIXED		0.75	%		0.30	%		2005		2025		51,647,003		67,354,412		50,067		65,294
SDR	FIXED		0.75	%		0.30	%		2005		2026		19,832,774		25,864,517		955,359		1,245,913
SDR	FIXED		0.75	%		0.30	%		2005		2026		22,683,185		29,581,824		1,090,207		1,421,771
SDR	FIXED		0.75	%		0.30	%		2005		2026		9,920,000		12,936,971		477,903		623,247
SDR	FIXED		0.75	%		0.30	%		2005		2026		47,003,494		61,298,671		2,349,666		3,064,271
SDR	FIXED		0.75	%		0.20	%		2006		2026		45,655,179		59,540,293		2,245,860		2,928,894
SDR	FIXED		0.75	%		0.00	%		2006		2026		47,370,000		61,776,643		2,338,108		3,049,197
SDR	FIXED		0.75	%		0.10	%		2007		2027		81,950,000		106,873,462		4,079,571		5,320,291
SDR	FIXED		0.75	%		0.20	%		2007		2026		39,654,356		51,714,440		15,963		20,818
SDR	FIXED		0.75	%		0.10	%		2007		2027		38,320,881		49,975,414		1,913,173		2,495,026
SDR	FIXED		0.75	%		0.10	%		2007		2025		90,838,458		118,465,167		4,437,174		5,786,652
SDR	FIXED		0.75	%		0.50	%		2008		2027		78,598,745		102,502,989		3,879,899		5,059,894
SDR	FIXED		0.75	%		0.50	%		2008		2027		119,359,232		155,659,967		5,891,974		7,683,901
SDR	FIXED		0.75	%		0.00	%		1999		2024		14,782,027		19,277,686		14,291		18,637
SDR	FIXED		1.00	%		0.00	%		1982		2031		23,677,607		30,878,679		4,143,587		5,403,776
SDR	FIXED		0.75	%		0.00	%		1995		2035		5,443,537		7,099,080		1,995,949		2,602,977
SDR	FIXED		0.75	%		0.00	%		1998		2037		15,352,987		20,022,293		5,290,839		6,899,942
SDR	FIXED		0.75	%		0.00	%		2000		2040		17,500,000		22,822,277		9,040,100		11,789,467
SDR	FIXED		0.75	%		0.00	%		2006		2044		13,638,602		17,786,512		9,077,195		11,837,844
SDR	FIXED		0.75	%		0.00	%		2008		2048		41,696,408		54,377,540		33,342,458		43,482,903

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)
SDR	FIXED		2.46	%		0.00	%		2011		2032		29,022,733		37,849,419		14,351,704		18,716,489
SDR	FIXED		4.91	%		0.00	%		2012		2030		11,727,046		15,293,594		4,708,006		6,139,853
SDR	FIXED		1.50	%		0.00	%		2005		2025		11,109,377		14,488,072		456,127		594,848
SDR	FIXED		1.00	%		0.00	%		1998		2024		10,500,493		13,694,009		8,079		10,536
SDR	FIXED		1.50	%		0.00	%		2005		2025		2,945,950		3,841,902		245,494		320,156
SDR	FIXED		1.50	%		0.00	%		2006		2025		34,207,410		44,610,913		2,850,634		3,717,598
SDR	FIXED		1.50	%		0.00	%		2006		2026		14,588,899		19,025,822		2,349,667		3,064,272
SDR	FIXED		1.50	%		0.00	%		2007		2026		20,457,033		26,678,633		3,409,513		4,446,449
SDR	FIXED		1.50	%		0.00	%		2007		2026		32,326,766		42,158,309		5,387,766		7,026,348
SDR	FIXED		1.50	%		0.00	%		2007		2027		31,155,525		40,630,858		7,788,879		10,157,712
SDR	FIXED		1.50	%		0.00	%		2008		2027		49,323,506		64,324,268		12,330,878		16,081,069
SDR	FIXED		1.50	%		0.00	%		2008		2028		31,335,613		40,865,716		10,445,213		13,621,916
SDR	FIXED		1.50	%		0.00	%		2009		2028		16,502,377		21,521,246		5,431,216		7,083,013
USD	FIXED		0.75	%		0.00	%		1978		2028		40,000,000		40,000,000		600,000		600,000
USD	FIXED		0.75	%		0.00	%		1978		2028		28,673,287		28,673,287		430,099		430,099
USD	FIXED		0.75	%		0.00	%		1978		2028		49,000,000		49,000,000		735,000		735,000
USD	FIXED		0.75	%		0.00	%		1979		2026		9,546,069		9,546,069		143,191		143,191
USD	FIXED		0.75	%		0.00	%		1979		2029		5,500,000		5,500,000		1,008,480		1,008,480
USD	FIXED		0.75	%		0.00	%		1979		2029		11,147,916		11,147,916		167,151		167,151
USD	FIXED		0.75	%		0.00	%		1980		2026		26,163,597		26,163,597		392,453		392,453
USD	FIXED		0.75	%		0.00	%		1980		2025		35,058,627		35,058,627		525,879		525,879
USD	FIXED		0.75	%		0.00	%		1980		2030		36,526,867		36,526,867		547,902		547,902
USD	FIXED		0.75	%		0.00	%		1980		2030		30,000,000		30,000,000		450,000		450,000
USD	FIXED		4.58	%		0.00	%		2005		2025		400,000,000		400,000,000		42,680,000		42,680,000
USD	SOFR COMPOUNDED		6.05	%		0.25	%		2005		2025		66,612,197		66,612,197		2,793,991		2,793,991
USD	SOFR COMPOUNDED		5.99	%		0.25	%		2005		2025		80,000,000		80,000,000		3,242,489		3,242,489
USD	SOFR COMPOUNDED		5.63	%		0.25	%		2005		2025		39,549,612		39,549,612		1,584,872		1,584,872
USD	SOFR COMPOUNDED		6.05	%		0.25	%		2005		2025		36,374,144		36,374,144		1,603,561		1,603,561
USD	SOFR COMPOUNDED		5.63	%		0.25	%		2005		2025		14,500,000		14,500,000		615,000		615,000
USD	SOFR COMPOUNDED		5.91	%		0.25	%		2007		2026		25,729,880		25,729,880		5,224,935		5,224,935
USD	LIBOR 6 MONTHS DEPOSIT		3.02	%		0.00	%		2007		2026		174,107,152		174,107,152		25,106,926		25,106,926
USD	SOFR COMPOUNDED		5.46	%		0.00	%		2007		2027		18,060,078		18,060,078		4,525,876		4,525,876
USD	FIXED		4.22	%		0.00	%		2007		2027		600,000,000		600,000,000		175,500,000		175,500,000
USD	FIXED		4.25	%		0.00	%		2008		2027		200,000,000		200,000,000		58,500,000		58,500,000
USD	SOFR COMPOUNDED		5.09	%		0.00	%		2008		2030		51,965,240		51,965,240		30,545,168		30,545,168
USD	SOFR COMPOUNDED		5.09	%		0.00	%		2008		2030		41,190,000		41,190,000		24,211,482		24,211,482
USD	FIXED		4.41	%		0.00	%		2008		2033		600,000,000		600,000,000		378,960,000		378,960,000
USD	FIXED		4.69	%		0.00	%		2008		2033		200,000,000		200,000,000		128,280,000		128,280,000
USD	FIXED		4.69	%		0.00	%		2008		2033		750,000,000		750,000,000		481,050,000		481,050,000
USD	SOFR COMPOUNDED		5.79	%		0.00	%		2009		2033		275,000		275,000		176,385		176,385
USD	SOFR COMPOUNDED		7.16	%		0.00	%		2009		2034		5,000,000		5,000,000		3,275,000		3,275,000
USD	SOFR COMPOUNDED		6.52	%		0.00	%		2009		2033		47,365,385		47,365,385		31,685,805		31,685,805
USD	SOFR COMPOUNDED		6.44	%		0.00	%		2009		2033		114,946,690		114,946,690		73,726,807		73,726,807
USD	SOFR COMPOUNDED		6.44	%		0.00	%		2009		2033		296,075,411		296,075,411		189,902,768		189,902,768
USD	SOFR COMPOUNDED		5.23	%		0.00	%		2009		2033		20,487,156		20,487,156		13,753,028		13,753,028
USD	SOFR COMPOUNDED		6.09	%		0.00	%		2009		2034		66,954,247		66,954,247		46,864,461		46,864,461
USD	SOFR COMPOUNDED		6.27	%		0.00	%		2009		2034		750,000,000		750,000,000		525,375,000		525,375,000
USD	SOFR COMPOUNDED		6.27	%		0.00	%		2009		2034		250,000,000		250,000,000		175,125,000		175,125,000
USD	SOFR COMPOUNDED		5.23	%		0.00	%		2010		2033		99,880,000		99,880,000		67,049,444		67,049,444
USD	SOFR COMPOUNDED		5.56	%		0.00	%		2010		2034		149,826,594		149,826,594		104,953,529		104,953,529
USD	SOFR COMPOUNDED		5.56	%		0.00	%		2010		2034		779,674,925		779,674,925		546,162,285		546,162,285
USD	SOFR COMPOUNDED		5.56	%		0.00	%		2010		2034		200,000,000		200,000,000		145,800,000		145,800,000
USD	SOFR COMPOUNDED		5.56	%		0.00	%		2010		2034		500,000,000		500,000,000		364,500,000		364,500,000
USD	SOFR COMPOUNDED		5.56	%		0.00	%		2010		2034		219,770,855		219,770,855		160,212,953		160,212,953
USD	SOFR COMPOUNDED		6.28	%		0.00	%		2010		2034		18,718,505		18,718,505		13,645,790		13,645,790
USD	SOFR COMPOUNDED		6.09	%		0.00	%		2010		2034		182,064,708		182,064,708		132,928,858		132,928,858
USD	SOFR COMPOUNDED		5.76	%		0.00	%		2010		2035		200,000,000		200,000,000		151,360,000		151,360,000
USD	SOFR COMPOUNDED		5.76	%		0.00	%		2010		2035		600,000,000		600,000,000		454,080,000		454,080,000
USD	SOFR COMPOUNDED		5.76	%		0.00	%		2011		2035		110,618,216		110,618,216		83,715,866		83,715,866

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)
USD	SOFR COMPOUNDED		6.29	%		0.00	%		2011		2035		8,455,448		8,455,448		6,628,226		6,628,226
USD	SOFR COMPOUNDED		6.49	%		0.00	%		2011		2035		525,373,016		525,373,016		411,839,907		411,839,907
USD	SOFR COMPOUNDED		5.59	%		0.00	%		2011		2035		119,319,612		119,319,612		90,243,101		90,243,101
USD	SOFR COMPOUNDED		5.76	%		0.00	%		2011		2036		400,000,000		400,000,000		324,120,000		324,120,000
USD	SOFR 6 MONTHS		6.12	%		0.00	%		2011		2035		36,091,438		36,091,438		28,306,659		28,306,659
USD	SOFR COMPOUNDED		5.70	%		0.00	%		2011		2035		129,044,476		129,044,476		101,157,965		101,157,965
USD	FIXED		0.25	%		0.25	%		2011		2051		124,311,085		124,311,085		115,609,309		115,609,309
USD	SOFR 6 MONTHS		6.12	%		0.00	%		2011		2035		223,752,199		223,752,199		175,683,223		175,683,223
USD	SOFR COMPOUNDED		6.29	%		0.00	%		2012		2036		91,089,216		91,089,216		73,785,928		73,785,928
USD	SOFR COMPOUNDED		6.29	%		0.00	%		2012		2036		77,093,168		77,093,168		64,457,597		64,457,597
USD	SOFR COMPOUNDED		6.12	%		0.00	%		2012		2034		4,114,072		4,114,072		4,073,686		4,073,686
USD	SOFR COMPOUNDED		6.48	%		0.00	%		2012		2037		300,000,000		300,000,000		258,390,000		258,390,000
USD	SOFR COMPOUNDED		6.48	%		0.00	%		2012		2037		100,000,000		100,000,000		86,130,000		86,130,000
USD	SOFR 6 MONTHS		6.48	%		0.00	%		2012		2037		100,000,000		100,000,000		86,130,000		86,130,000
USD	SOFR COMPOUNDED		5.70	%		0.00	%		2012		2037		260,609,548		260,609,548		224,463,004		224,463,004
USD	SOFR COMPOUNDED		5.55	%		0.00	%		2013		2037		632,570,760		632,570,760		544,804,802		544,804,802
USD	SOFR COMPOUNDED		5.76	%		0.00	%		2013		2037		70,076,683		70,076,683		59,896,955		59,896,955
USD	SOFR COMPOUNDED		6.29	%		0.00	%		2013		2029		95,419,264		95,419,264		52,967,234		52,967,234
USD	SOFR 6 MONTHS		6.02	%		0.00	%		2013		2034		105,364,546		105,364,546		81,067,482		81,067,482
USD	SOFR COMPOUNDED		5.45	%		0.00	%		2014		2033		44,793,480		44,793,480		37,906,631		37,906,631
USD	SOFR COMPOUNDED		6.29	%		0.00	%		2014		2030		500,000,000		500,000,000		329,200,000		329,200,000
USD	SOFR COMPOUNDED		5.35	%		0.00	%		2014		2030		500,000,000		500,000,000		347,000,000		347,000,000
USD	SOFR COMPOUNDED		5.65	%		0.25	%		2015		2035		500,000,000		500,000,000		400,350,000		400,350,000
USD	SOFR COMPOUNDED		5.65	%		0.25	%		2016		2037		400,000,000		400,000,000		346,840,000		346,840,000
USD	SOFR COMPOUNDED		6.59	%		0.25	%		2016		2036		297,979,759		297,979,759		272,502,368		272,502,368
USD	SOFR COMPOUNDED		6.98	%		0.25	%		2016		2032		206,161,574		206,161,574		179,704,428		179,704,428
USD	SOFR COMPOUNDED		5.73	%		0.25	%		2016		2036		400,000,000		400,000,000		400,000,000		400,000,000
USD	SOFR COMPOUNDED		6.51	%		0.25	%		2017		2032		124,879,619		124,879,619		124,548,530		124,548,530
USD	SOFR COMPOUNDED		6.16	%		0.25	%		2017		2026		43,347,009		43,347,009		17,836,535		17,836,535
USD	SOFR COMPOUNDED		6.34	%		0.25	%		2017		2036		198,600,179		198,600,179		198,600,179		198,600,179
USD	SOFR COMPOUNDED		5.92	%		0.25	%		2017		2030		186,600,000		186,600,000		151,873,740		151,873,740
USD	SOFR COMPOUNDED		6.61	%		0.25	%		2017		2037		300,000,000		300,000,000		260,040,000		260,040,000
USD	SOFR COMPOUNDED		6.31	%		0.25	%		2017		2031		400,259,836		400,259,836		296,112,064		296,112,064
USD	SOFR COMPOUNDED		6.98	%		0.25	%		2018		2038		300,000,000		300,000,000		270,030,000		270,030,000
USD	SOFR COMPOUNDED		6.39	%		0.25	%		2018		2031		150,000,000		150,000,000		150,000,000		150,000,000
USD	SOFR COMPOUNDED		6.47	%		0.25	%		2018		2034		250,000,000		250,000,000		239,463,873		239,463,873
USD	SOFR COMPOUNDED		6.39	%		0.25	%		2018		2032		400,000,000		400,000,000		377,680,000		377,680,000
USD	SOFR COMPOUNDED		6.40	%		0.25	%		2018		2031		95,497,719		95,497,719		95,750,000		95,750,000
USD	SOFR COMPOUNDED		5.88	%		0.25	%		2018		2031		272,515,000		272,515,000		270,187,140		270,187,140
USD	SOFR COMPOUNDED		6.37	%		0.25	%		2018		2031		200,000,000		200,000,000		197,191,569		197,191,569
USD	SOFR COMPOUNDED		6.30	%		0.25	%		2019		2032		49,600,000		49,600,000		16,920,700		16,920,700
USD	SOFR COMPOUNDED		6.26	%		0.25	%		2019		2032		227,500,000		227,500,000		227,500,000		227,500,000
USD	SOFR COMPOUNDED		6.60	%		0.25	%		2020		2032		100,000,000		100,000,000		59,083,095		59,083,095
USD	SOFR COMPOUNDED		5.69	%		0.25	%		2020		2032		250,020,000		250,020,000		211,480,000		211,480,000
USD	SOFR COMPOUNDED		6.38	%		0.25	%		2020		2034		300,000,000		300,000,000		300,000,000		300,000,000
USD	SOFR COMPOUNDED		5.86	%		0.25	%		2020		2032		150,000,000		150,000,000		146,350,000		146,350,000
USD	SOFR 6 MONTHS		6.02	%		0.25	%		2020		2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	SOFR 6 MONTHS		6.02	%		0.25	%		2020		2034		121,000,000		121,000,000		121,000,000		121,000,000
USD	SOFR COMPOUNDED		6.70	%		0.25	%		2020		2033		160,000,000		160,000,000		108,267,000		108,267,000
USD	SOFR COMPOUNDED		5.69	%		0.25	%		2021		2031		500,000,000		500,000,000		315,000,000		315,000,000
USD	SOFR COMPOUNDED		6.38	%		0.25	%		2021		2034		500,000,000		500,000,000		500,000,000		500,000,000
USD	SOFR COMPOUNDED		6.38	%		0.25	%		2021		2033		800,000,000		800,000,000		800,000,000		800,000,000
USD	SOFR COMPOUNDED		6.36	%		0.25	%		2021		2034		400,000,000		400,000,000		400,000,000		400,000,000
USD	SOFR COMPOUNDED		6.81	%		0.25	%		2021		2046		380,000,000		380,000,000		1,933,762		1,933,762
USD	SOFR COMPOUNDED		6.36	%		0.25	%		2022		2033		400,000,000		400,000,000		233,640,000		233,640,000
USD	SOFR COMPOUNDED		6.44	%		0.25	%		2022		2035		223,996,591		223,996,591		6,382,000		6,382,000
USD	SOFR COMPOUNDED		6.39	%		0.25	%		2022		2035		100,000,000		100,000,000		2,546,195		2,546,195
USD	SOFR COMPOUNDED		6.19	%		0.25	%		2022		2036		400,000,000		400,000,000		43,880,000		43,880,000

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	SOFR COMPOUNDED		5.81	%		0.25	%		2023		2033		300,000,000		300,000,000		166,815,190		166,815,190
USD	SOFR COMPOUNDED		5.88	%		0.25	%		2023		2036		400,000,000		400,000,000		12,337,000		12,337,000
USD	SOFR COMPOUNDED		5.49	%		0.25	%		2023		2036		200,000,000		200,000,000		1,620,000		1,620,000
USD	SOFR COMPOUNDED		6.47	%		0.25	%		2023		2035		250,000,000		250,000,000		16,083,930		16,083,930
USD	SOFR COMPOUNDED		5.39	%		0.25	%		2023		2033		1,000,000,000		1,000,000,000		1,000,000,000		1,000,000,000
USD	SOFR COMPOUNDED		6.05	%		0.25	%		2005		2025		68,139,965		68,139,965		2,977,348		2,977,348
USD	SOFR COMPOUNDED		7.19	%		0.25	%		2006		2026		61,765,082		61,765,082		8,173,441		8,173,441
USD	SOFR COMPOUNDED		6.22	%		0.25	%		2016		2032		206,188,974		206,188,974		179,730,514		179,730,514
USD	SOFR COMPOUNDED		5.83	%		0.25	%		2017		2032		124,548,590		124,548,590		124,548,590		124,548,590
USD	SOFR COMPOUNDED		5.57	%		0.25	%		2017		2027		43,031,795		43,031,795		22,249,530		22,249,530
USD	SOFR COMPOUNDED		6.22	%		0.25	%		2018		2034		250,000,000		250,000,000		239,463,873		239,463,873
USD	SOFR COMPOUNDED		5.40	%		0.25	%		2020		2033		250,000,000		250,000,000		250,000,000		250,000,000
USD	SOFR COMPOUNDED		5.26	%		0.25	%		2020		2032		750,000,000		750,000,000		631,650,000		631,650,000
USD	SOFR COMPOUNDED		5.61	%		0.25	%		2021		2036		500,000,000		500,000,000		500,000,000		500,000,000
USD	FIXED		1.74	%		0.00	%		2018		2036		39,885,000		39,885,000		35,195,100		35,195,100
USD	FIXED		1.74	%		0.00	%		2019		2037		55,300,000		55,300,000		47,400,000		47,400,000
USD	NO INTEREST RATE		0.00	%		0.00	%		2008		2026		13,585,521		13,585,521		1,866,179		1,866,179
USD	NO INTEREST RATE		0.00	%		0.00	%		2008		2027		4,584,236		4,584,236		1,040,559		1,040,559
USD	NO INTEREST RATE		0.00	%		0.00	%		2009		2030		51,484,813		51,484,813		25,742,407		25,742,407
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2028		19,632,981		19,632,981		6,246,870		6,246,870
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2028		28,794,548		28,794,548		12,328,183		12,328,183
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2030		23,569,859		23,569,859		11,784,929		11,784,929
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2027		7,304,212		7,304,212		1,992,058		1,992,058
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2026		133,605,200		133,605,200		23,860,693		23,860,693
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2030		9,000,832		9,000,832		3,531,373		3,531,373
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2030		6,071,773		6,071,773		2,522,364		2,522,364
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2028		21,198,322		21,198,322		6,720,039		6,720,039
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2027		5,619,569		5,619,569		1,531,375		1,531,375
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2032		20,359,477		20,359,477		10,858,388		10,858,388
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2027		22,918,836		22,918,836		5,208,348		5,208,348
USD	NO INTEREST RATE		0.00	%		0.00	%		2011		2027		3,997,338		3,997,338		1,090,183		1,090,183
USD	NO INTEREST RATE		0.00	%		0.00	%		2012		2035		65,000,000		65,000,000		23,932,187		23,932,187
USD	NO INTEREST RATE		0.00	%		0.00	%		2013		2030		102,735,040		102,735,040		61,641,024		61,641,024
USD	NO INTEREST RATE		0.00	%		0.00	%		2013		2029		26,323,881		26,323,881		10,768,861		10,768,861
USD	NO INTEREST RATE		0.00	%		0.00	%		2013		2028		161,565,869		161,565,869		64,626,348		64,626,348
USD	NO INTEREST RATE		0.00	%		0.00	%		2013		2033		8,302,857		8,302,857		4,704,952		4,704,952
USD	NO INTEREST RATE		0.00	%		0.00	%		2014		2031		160,956,898		160,956,898		104,621,984		104,621,984
USD	NO INTEREST RATE		0.00	%		0.00	%		2014		2029		69,924,759		69,924,759		35,355,483		35,355,483
USD	NO INTEREST RATE		0.00	%		0.00	%		2016		2033		7,412,194		7,412,194		6,236,723		6,236,723
USD	NO INTEREST RATE		0.00	%		0.00	%		2016		2033		293,511,116		293,511,116		249,017,285		249,017,285
USD	NO INTEREST RATE		0.00	%		0.00	%		2016		2035		9,817,404		9,817,404		7,202,263		7,202,263
USD	NO INTEREST RATE		0.00	%		0.00	%		2016		2032		13,870,000		13,870,000		8,682,567		8,682,567
USD	NO INTEREST RATE		0.00	%		0.00	%		2016		2032		122,468,065		122,468,065		97,974,452		97,974,452
USD	NO INTEREST RATE		0.00	%		0.00	%		2017		2034		15,000,000		15,000,000		10,280,567		10,280,567
USD	NO INTEREST RATE		0.00	%		0.00	%		2017		2034		235,000,000		235,000,000		188,409,367		188,409,367
USD	NO INTEREST RATE		0.00	%		0.00	%		2020		2035		4,000,000		4,000,000		846,837		846,837
USD	NO INTEREST RATE		0.00	%		0.00	%		2020		2040		66,000,000		66,000,000		33,536,303		33,536,303
USD	NO INTEREST RATE		0.00	%		0.00	%		2020		2035		12,153,000		12,153,000		3,064,877		3,064,877
USD	NO INTEREST RATE		0.00	%		0.00	%		2020		2036		154,239,000		154,239,000		151,566,276		151,566,276
USD	NO INTEREST RATE		0.00	%		0.00	%		2020		2041		95,326,000		95,326,000		47,665,274		47,665,274
USD	NO INTEREST RATE		0.00	%		0.00	%		2022		2043		150,000,000		150,000,000		47,658,774		47,658,774
USD	SOFR COMPOUNDED		5.31	%		0.75	%		2002		2025		29,581,192		29,581,192		3,272,049		3,272,049
USD	SOFR COMPOUNDED		5.31	%		0.75	%		2002		2025		129,187,219		129,187,219		14,295,010		14,295,010
USD	SOFR COMPOUNDED		5.29	%		0.75	%		2003		2027		152,506,250		152,506,250		47,768,151		47,768,151
USD	SOFR COMPOUNDED		5.29	%		0.75	%		2003		2027		101,942,064		101,942,064		32,419,522		32,419,522
USD	SOFR COMPOUNDED		5.30	%		0.75	%		2004		2028		51,938,068		51,938,068		19,952,060		19,952,060
USD	SOFR COMPOUNDED		5.30	%		0.64	%		2004		2028		46,372,874		46,372,874		17,991,862		17,991,862

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	SOFR COMPOUNDED		5.30	%		0.75	%		2005		2025		53,986,553		53,986,553		6,595,267		6,595,267
USD	SOFR COMPOUNDED		5.60	%		0.75	%		2005		2030		17,547,670		17,547,670		8,708,903		8,708,903
USD	SOFR COMPOUNDED		5.37	%		0.75	%		2006		2030		143,052,258		143,052,258		69,425,001		69,425,001
USD	SOFR COMPOUNDED		5.10	%		0.15	%		2010		2034		99,481,861		99,481,861		70,094,773		70,094,773
USD	SOFR COMPOUNDED		5.20	%		0.15	%		2010		2035		31,425,843		31,425,843		24,247,400		24,247,400
USD	SOFR COMPOUNDED		5.02	%		0.15	%		2010		2025		200,000,000		200,000,000		26,950,630		26,950,630
USD	SOFR COMPOUNDED		5.20	%		0.00	%		2011		2025		200,000,000		200,000,000		26,950,630		26,950,630
USD	SOFR COMPOUNDED		5.12	%		0.15	%		2013		2033		48,757,919		48,757,919		30,944,175		30,944,175
USD	SOFR COMPOUNDED		5.27	%		0.15	%		2013		2033		17,344,813		17,344,813		11,962,928		11,962,928
USD	SOFR COMPOUNDED		6.20	%		0.00	%		2013		2033		1,920,255		1,920,255		1,324,420		1,324,420
USD	SOFR COMPOUNDED		5.40	%		0.15	%		2014		2032		71,221,904		71,221,904		49,305,339		49,305,339
USD	SOFR COMPOUNDED		5.50	%		0.15	%		2014		2031		77,885,822		77,885,822		62,982,180		62,982,180
USD	SOFR COMPOUNDED		6.33	%		0.15	%		2014		2031		33,467,310		33,467,310		27,851,050		27,851,050
USD	SOFR COMPOUNDED		6.10	%		0.15	%		2015		2030		100,000,000		100,000,000		50,000,000		50,000,000
USD	SOFR COMPOUNDED		5.50	%		0.15	%		2016		2033		106,200,000		106,200,000		106,467,274		106,467,274
USD	SOFR COMPOUNDED		5.22	%		0.00	%		2016		2031		143,000,000		143,000,000		93,989,046		93,989,046
USD	SOFR COMPOUNDED		5.20	%		0.15	%		2017		2034		459,487,908		459,487,908		459,487,908		459,487,908
USD	SOFR COMPOUNDED		6.03	%		0.15	%		2017		2034		92,110,284		92,110,284		92,110,284		92,110,284
USD	SOFR COMPOUNDED		6.30	%		0.15	%		2017		2032		100,000,000		100,000,000		66,666,667		66,666,667
USD	SOFR COMPOUNDED		5.22	%		0.15	%		2018		2037		192,500,000		192,500,000		192,331,210		192,331,210
USD	SOFR COMPOUNDED		5.22	%		0.15	%		2019		2039		181,311,946		181,311,946		175,558,576		175,558,576
USD	SOFR COMPOUNDED		5.22	%		0.15	%		2019		2039		109,750,000		109,750,000		82,298,580		82,298,580
USD	SOFR COMPOUNDED		5.20	%		0.15	%		2019		2037		90,000,000		90,000,000		59,379,084		59,379,084
USD	SOFR COMPOUNDED		5.40	%		0.15	%		2019		2039		50,000,000		50,000,000		33,257,929		33,257,929
USD	SOFR COMPOUNDED		5.40	%		0.15	%		2021		2039		79,475,000		79,475,000		17,301,469		17,301,469
USD	SOFR COMPOUNDED		5.22	%		0.15	%		2022		2041		150,000,000		150,000,000		71,824,383		71,824,383
USD	SOFR COMPOUNDED		5.47	%		0.15	%		2022		2037		500,000,000		500,000,000		500,000,000		500,000,000
USD	SOFR COMPOUNDED		5.47	%		0.15	%		2022		2037		500,000,000		500,000,000		500,000,000		500,000,000
USD	SOFR COMPOUNDED		5.47	%		0.15	%		2022		2037		500,000,000		500,000,000		500,000,000		500,000,000
USD	SOFR COMPOUNDED		1.70	%		0.15	%		2022		2037		15,000,000		15,000,000		15,000,000		15,000,000
USD	NO INTEREST RATE		0.00	%		0.00	%		2023		2038		10,000,000		10,000,000		2,320,925		2,320,925
USD	SOFR COMPOUNDED		5.20	%		0.15	%		2010		2035		39,126,660		39,126,660		29,360,661		29,360,661
USD	FIXED		4.73	%		0.00	%		2006		2026		530,000,000		530,000,000		107,484,000		107,484,000
USD	SOFR COMPOUNDED		5.94	%		0.00	%		2017		2034		36,507,543		36,507,543		36,507,543		36,507,543
USD	SOFR COMPOUNDED		6.84	%		0.00	%		2017		2034		7,314,980		7,314,980		7,314,980		7,314,980
TOTAL BILATERAL													USD		32,567,733,376		USD		16,755,846,418
TOTAL COMMERCIAL CREDIT													USD		19,331,909,341		USD		10,109,504,852
TOTAL MULTILATERAL													USD		56,326,552,994		USD		37,250,143,904

Assumed exchange rates for conversion

ACU/IDR	21,070.83
AUD/IDR	10,052.89
CAD/IDR	11,245.52
CHF/IDR	17,883.67
CNY/IDR	2,213.48
EUR/IDR	16,822.67
JPY/IDR	103.4280
KRW/IDR	10.9600
SAR/IDR	4,300.51
SDR/IDR	21,070.83
USD/IDR	16,157.00

D-124

DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2024

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		7.22	%		2017		2025		29,921,000,000		1,851,891		8,976,300,000		555,567
IDR	JIBOR 6 MONTHS		7.22	%		2017		2025		59,857,402,000		3,704,735		17,957,220,600		1,111,420
IDR	JIBOR 6 MONTHS		7.22	%		2017		2025		35,000,000,000		2,166,244		10,500,000,000		649,873
IDR	JIBOR 6 MONTHS		7.22	%		2017		2025		79,880,000,000		4,943,987		23,964,000,000		1,483,196
IDR	JIBOR 6 MONTHS		7.22	%		2017		2025		29,841,273,000		1,846,956		8,952,381,900		554,087
IDR	JIBOR 6 MONTHS		7.22	%		2017		2025		39,853,350,000		2,466,631		11,956,005,000		739,989
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		60,000,000,000		3,713,561		18,000,000,000		1,114,068
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		20,000,000,000		1,237,854		6,000,000,000		371,356
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		49,106,000,000		3,039,302		14,731,800,000		911,791
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		105,894,000,000		6,554,063		31,768,200,000		1,966,219
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		42,000,000,000		2,599,492		12,600,000,000		779,848
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		22,500,000,000		1,392,585		6,750,000,000		417,776
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		383,000,000,000		23,704,896		114,900,000,000		7,111,469
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		110,000,000,000		6,808,195		33,000,000,000		2,042,458
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		69,998,560,000		4,332,398		20,999,568,000		1,299,720
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		147,000,000,000		9,098,224		44,100,000,000		2,729,467
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		19,998,090,000		1,237,735		5,999,427,000		371,321
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		19,903,690,000		1,231,893		5,971,107,000		369,568
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		27,800,000,000		1,720,616		8,340,000,000		516,185
IDR	JIBOR 6 MONTHS		7.19	%		2017		2025		44,978,780,000		2,783,857		13,493,634,000		835,157
IDR	JIBOR 6 MONTHS		7.22	%		2017		2025		34,867,909,600		2,158,068		10,460,372,880		647,420
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		249,975,000,000		15,471,622		74,992,500,000		4,641,487
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		199,975,000,000		12,376,988		59,992,500,000		3,713,096
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		29,895,817,500		1,850,332		8,968,745,250		555,100
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		24,891,350,000		1,540,592		7,467,405,000		462,178
IDR	JIBOR 6 MONTHS		7.19	%		2018		2025		271,093,250,000		16,778,687		81,327,975,000		5,033,606
IDR	JIBOR 6 MONTHS		7.19	%		2018		2025		20,000,000,000		1,237,854		6,000,000,000		371,356
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		64,854,466,000		4,014,017		19,456,339,800		1,204,205
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		19,826,481,400		1,227,114		5,947,944,420		368,134
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		49,832,733,100		3,084,281		14,949,819,930		925,284
IDR	JIBOR 6 MONTHS		7.22	%		2018		2025		59,978,492,000		3,712,229		17,993,547,600		1,113,669
IDR	JIBOR 6 MONTHS		7.19	%		2018		2025		40,000,000,000		2,475,707		12,000,000,000		742,712
IDR	JIBOR 6 MONTHS		7.30	%		2018		2025		185,500,000,000		11,481,092		37,100,000,000		2,296,218
IDR	JIBOR 6 MONTHS		7.00	%		2018		2026		249,950,000,000		15,470,075		156,218,750,000		9,668,797
IDR	JIBOR 6 MONTHS		7.00	%		2018		2026		29,828,780,000		1,846,183		18,643,017,500		1,153,866
IDR	JIBOR 6 MONTHS		7.00	%		2018		2026		50,000,000,000		3,094,634		31,250,000,000		1,934,146
IDR	JIBOR 6 MONTHS		7.00	%		2018		2026		19,896,283,000		1,231,434		12,435,176,875		769,646
IDR	JIBOR 6 MONTHS		7.00	%		2018		2026		99,803,391,600		6,177,099		62,377,119,750		3,860,687
IDR	JIBOR 6 MONTHS		7.00	%		2018		2026		19,906,920,000		1,232,093		12,441,825,000		770,058
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		536,084,300		33,180		335,052,686		20,737
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		131,155,000,000		8,117,534		81,971,875,000		5,073,459
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		23,808,895,000		1,473,596		14,880,559,375		920,998
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		147,500,000,000		9,129,170		92,187,500,000		5,705,731
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		158,460,004,000		9,807,514		99,037,502,500		6,129,696
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		115,000,000,000		7,117,658		71,875,000,000		4,448,536
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		383,499,973,000		23,735,840		239,687,473,000		14,834,900
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		40,768,100,000		2,523,247		25,480,062,500		1,577,029
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		1,662,500,000,000		102,896,577		1,039,062,500,000		64,310,361
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		24,984,320,000		1,546,346		15,615,200,000		966,467
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		59,962,260,000		3,711,225		37,476,412,500		2,319,516
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		19,996,367,000		1,237,629		12,497,729,375		773,518
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		19,000,440,000		1,175,988		11,875,275,000		734,993
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		60,000,000,000		3,713,561		37,500,000,000		2,320,975
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		20,000,000,000		1,237,854		12,500,000,000		773,658

D-125

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		7.00	%		2019		2026		49,998,833,220		3,094,562		31,249,270,761		1,934,101
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		30,000,000,000		1,856,780		18,750,000,000		1,160,488
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		29,989,014,000		1,856,100		18,743,133,750		1,160,063
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		55,000,000,000		3,404,097		34,375,000,000		2,127,561
IDR	JIBOR 6 MONTHS		7.19	%		2019		2025		180,000,000,000		11,140,682		54,000,000,000		3,342,205
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		17,998,251,200		1,113,960		11,248,907,000		696,225
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		49,999,985,750		3,094,633		31,249,991,093		1,934,146
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		170,000,000,000		10,521,755		106,250,000,000		6,576,097
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		185,000,000,000		11,450,145		115,625,000,000		7,156,341
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		35,000,000,000		2,166,244		21,875,000,000		1,353,902
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		175,000,000,000		10,831,219		109,375,000,000		6,769,512
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		39,987,475,000		2,474,932		24,992,171,875		1,546,832
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		61,512,638,850		3,807,182		6,151,263,885		380,718
IDR	JIBOR 6 MONTHS		6.55	%		2019		2027		54,100,000,000		3,348,394		27,050,000,000		1,674,197
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		339,999,200,000		21,043,461		135,999,680,000		8,417,384
IDR	JIBOR 6 MONTHS		6.55	%		2019		2028		170,000,000,000		10,521,755		119,000,000,000		7,365,229
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		236,987,660,000		14,667,801		94,795,064,000		5,867,120
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		38,999,348,873		2,413,774		15,599,739,551		965,510
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		147,500,000,000		9,129,170		59,000,000,000		3,651,668
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		35,000,000,000		2,166,244		3,500,000,000		216,624
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		34,994,895,000		2,165,928		6,998,979,000		433,186
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		29,968,673,600		1,854,841		5,993,734,720		370,968
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		13,749,835,000		851,014		1,374,983,500		85,101
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		27,600,000,000		1,708,238		8,280,000,000		512,471
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		9,999,998,800		618,927		2,999,999,640		185,678
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		20,000,000,000		1,237,854		6,000,000,000		371,356
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		8,595,966,810		532,027		2,578,790,050		159,608
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		104,727,986,160		6,481,896		20,945,597,232		1,296,379
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		49,998,866,500		3,094,564		14,999,659,950		928,369
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		13,717,000,000		848,982		1,371,700,000		84,898
IDR	JIBOR 6 MONTHS		6.55	%		2019		2028		1,222,500,000,000		75,663,799		855,750,000,000		52,964,659
IDR	JIBOR 6 MONTHS		6.55	%		2019		2028		99,795,000,000		6,176,580		69,856,500,000		4,323,606
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		28,786,100,000		1,781,649		5,757,220,000		356,330
IDR	JIBOR 6 MONTHS		6.55	%		2019		2028		174,956,278,000		10,828,513		122,469,394,600		7,579,959
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		77,998,697,749		4,827,548		31,199,479,102		1,931,019
IDR	JIBOR 6 MONTHS		6.55	%		2019		2027		180,000,000,000		11,140,682		90,000,000,000		5,570,341
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		17,000,000,000		1,052,176		5,100,000,000		315,653
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		115,000,000,000		7,117,658		34,500,000,000		2,135,297
IDR	JIBOR 6 MONTHS		6.55	%		2019		2027		185,000,000,000		11,450,145		92,500,000,000		5,725,073
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		294,000,000,000		18,196,447		29,400,000,000		1,819,645
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		59,994,270,000		3,713,206		11,998,854,000		742,641
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		30,000,000,000		1,856,780		6,000,000,000		371,356
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		30,000,000,000		1,856,780		6,000,000,000		371,356
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		30,000,000,000		1,856,780		6,000,000,000		371,356
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		39,883,379,000		2,468,489		11,965,013,700		740,547
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		59,936,800,000		3,709,649		5,993,680,000		370,965
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		24,969,500,000		1,545,429		7,490,850,000		463,629
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		39,917,980,000		2,470,631		7,983,596,000		494,126
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		40,768,100,000		2,523,247		12,230,430,000		756,974
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		185,499,994,438		11,481,091		74,199,997,780		4,592,437
IDR	JIBOR 6 MONTHS		6.55	%		2019		2028		374,999,960,000		23,209,752		262,499,972,000		16,246,826
IDR	JIBOR 6 MONTHS		6.55	%		2019		2025		29,922,220,800		1,851,966		5,984,444,160		370,393
IDR	JIBOR 6 MONTHS		6.55	%		2019		2028		131,000,000,000		8,107,941		91,700,000,000		5,675,559
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		41,400,000,000		2,562,357		16,560,000,000		1,024,943
IDR	JIBOR 6 MONTHS		7.00	%		2019		2026		84,442,466,900		5,226,370		52,776,541,811		3,266,482
IDR	JIBOR 6 MONTHS		6.55	%		2019		2026		19,581,000,000		1,211,921		7,832,400,000		484,768
IDR	JIBOR 6 MONTHS		6.55	%		2020		2027		383,500,000,000		23,735,842		191,750,000,000		11,867,921
IDR	JIBOR 6 MONTHS		7.30	%		2020		2026		750,000,000,000		46,419,509		625,000,000,000		38,682,924
IDR	JIBOR 6 MONTHS		6.55	%		2020		2028		880,000,000,000		54,465,557		601,370,000,000		37,220,400

D-126

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		6.31	%		2021		2029		262,800,000,000		16,265,396		262,800,000,000		16,265,396
IDR	JIBOR 6 MONTHS		6.46	%		2021		2030		335,000,000,000		20,734,047		237,350,000,000		14,690,227
IDR	JIBOR 6 MONTHS		6.47	%		2021		2030		220,000,000,000		13,616,389		120,955,714,000		7,486,273
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		138,230,000,000		8,555,425		138,230,000,000		8,555,425
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		140,783,000,000		8,713,437		140,783,000,000		8,713,437
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		116,564,700,000		7,214,501		116,564,700,000		7,214,501
IDR	JIBOR 6 MONTHS		6.30	%		2021		2029		129,600,000,000		8,021,291		129,600,000,000		8,021,291
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		23,619,474,000		1,461,873		23,619,474,000		1,461,873
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		144,397,845,708		8,937,169		144,397,845,708		8,937,169
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		215,999,994,000		13,368,818		215,999,994,000		13,368,818
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		194,499,650,000		12,038,104		194,499,650,000		12,038,104
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		91,857,096,285		5,685,282		91,857,096,285		5,685,282
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		36,000,000,000		2,228,136		36,000,000,000		2,228,136
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		54,150,000,000		3,351,489		54,150,000,000		3,351,489
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		120,000,000,000		7,427,121		120,000,000,000		7,427,121
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		75,100,000,000		4,648,140		75,100,000,000		4,648,140
IDR	JIBOR 6 MONTHS		6.30	%		2021		2029		200,000,000,000		12,378,536		170,000,000,000		10,521,755
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		32,500,000,000		2,011,512		32,500,000,000		2,011,512
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		79,146,000,000		4,898,558		79,146,000,000		4,898,558
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		175,011,000,000		10,831,899		175,011,000,000		10,831,899
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		1,054,125,000,000		65,242,619		785,552,979,975		48,619,978
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		25,978,000,000		1,607,848		25,978,000,000		1,607,848
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		87,310,000,000		5,403,850		87,310,000,000		5,403,850
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		59,837,908,200		3,703,528		59,837,908,200		3,703,528
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		67,589,863,334		4,183,318		67,589,863,334		4,183,318
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		76,343,863,175		4,725,126		76,343,863,175		4,725,126
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		9,135,972,600		565,450		9,135,972,600		565,450
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		84,000,000,000		5,198,985		84,000,000,000		5,198,985
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		66,000,000,000		4,084,917		66,000,000,000		4,084,917
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		12,236,000,000		757,319		12,236,000,000		757,319
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		45,664,000,000		2,826,267		45,664,000,000		2,826,267
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		380,557,975,892		23,553,752		380,557,975,892		23,553,752
IDR	JIBOR 6 MONTHS		6.31	%		2021		2029		29,829,000,000		1,846,197		29,829,000,000		1,846,197
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		80,000,000,000		4,951,414		56,000,000,000		3,465,990
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		84,000,000,000		5,198,985		84,000,000,000		5,198,985
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		37,500,000,000		2,320,975		37,500,000,000		2,320,975
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		15,375,000,000		951,600		15,375,000,000		951,600
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		98,129,000,000		6,073,467		98,129,000,000		6,073,467
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		200,000,000,000		12,378,536		180,000,000,000		11,140,682
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		582,998,000,000		36,083,308		524,698,200,000		32,474,977
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		900,517,971,720		55,735,469		900,517,971,720		55,735,469
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		42,770,000,000		2,647,150		34,216,000,000		2,117,720
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		42,770,000,000		2,647,150		38,493,000,000		2,382,435
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		43,579,000,000		2,697,221		34,863,200,000		2,157,777
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		68,445,000,000		4,236,244		47,911,500,000		2,965,371
IDR	JIBOR 6 MONTHS		5.78	%		2022		2027		162,000,000,000		10,026,614		97,200,000,000		6,015,968
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		37,500,000,000		2,320,975		30,000,000,000		1,856,780
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		135,000,000,000		8,355,512		87,750,000,000		5,431,083
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		350,000,000,000		21,662,437		227,500,000,000		14,080,584
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		102,000,000,000		6,313,053		71,400,000,000		4,419,137
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		38,364,000,000		2,374,451		26,854,800,000		1,662,115
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		4,162,655,477		257,638		4,162,655,477		257,638
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		2,814,000,749		174,166		2,532,600,674		156,749
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		17,086,352,907		1,057,520		17,086,352,907		1,057,520
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		4,045,506,388		250,387		3,640,955,749		225,349
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		10,737,032,678		664,544		10,737,032,678		664,544
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		35,017,898,474		2,167,352		31,516,108,627		1,950,616
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		27,218,703,224		1,684,638		27,218,703,224		1,684,638
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		123,782,915,805		7,661,256		111,404,624,224		6,895,131

D-127

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		5.78	%		2022		2029		127,953,000,000		7,919,354		115,157,700,000		7,127,418
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		196,226,000,000		12,144,953		176,603,400,000		10,930,457
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		86,225,715,000		5,336,740		77,603,143,500		4,803,066
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		256,246,700,000		15,859,795		256,246,700,000		15,859,795
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		124,965,300,000		7,734,437		124,965,300,000		7,734,437
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		28,336,007,850		1,753,791		19,835,205,495		1,227,654
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		1,856,600,000		114,910		1,299,620,000		80,437
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		51,999,051,300		3,218,361		34,666,034,200		2,145,574
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		35,655,450,000		2,206,811		35,655,450,000		2,206,811
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		71,306,739,000		4,413,365		57,045,391,200		3,530,692
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		75,300,067,200		4,660,523		52,710,047,040		3,262,366
IDR	JIBOR 6 MONTHS		5.78	%		2022		2027		77,840,000,000		4,817,726		46,704,000,000		2,890,636
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		409,000,000,000		25,314,105		327,200,000,000		20,251,284
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		74,987,442,600		4,641,174		52,491,209,820		3,248,822
IDR	JIBOR 6 MONTHS		5.78	%		2022		2029		80,212,900,000		4,964,591		80,212,900,000		4,964,591
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		202,395,509,662		12,526,800		141,676,856,763		8,768,760
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		23,966,700,000		1,483,363		16,776,690,000		1,038,354
IDR	JIBOR 6 MONTHS		5.78	%		2022		2027		20,983,412,000		1,298,720		12,590,047,200		779,232
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		40,499,407,300		2,506,617		28,349,585,110		1,754,632
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		179,807,539,000		11,128,770		125,865,277,300		7,790,139
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		74,054,875,000		4,583,455		51,838,412,500		3,208,418
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		54,739,949,200		3,388,002		38,317,964,440		2,371,601
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		26,993,276,000		1,670,686		18,895,293,200		1,169,480
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		59,999,993,546		3,713,560		41,999,995,483		2,599,492
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		98,934,088,000		6,123,296		69,253,861,600		4,286,307
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		154,916,550,000		9,588,200		123,933,240,000		7,670,560
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		186,035,878,000		11,514,259		148,828,702,400		9,211,407
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		62,937,660,000		3,895,380		50,350,128,000		3,116,304
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		25,495,793,178		1,578,003		17,847,055,224		1,104,602
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		149,960,098,381		9,281,432		104,972,068,867		6,497,002
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		38,996,110,397		2,413,574		27,297,277,277		1,689,502
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		599,446,869,000		37,101,372		479,557,495,200		29,681,098
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		107,887,248,000		6,677,431		86,309,798,400		5,341,945
IDR	JIBOR 6 MONTHS		5.78	%		2022		2028		59,873,209,000		3,705,713		47,898,567,200		2,964,571
IDR	JIBOR 6 MONTHS		6.31	%		2022		2029		264,625,000,000		16,378,350		264,625,000,000		16,378,350
IDR	JIBOR 6 MONTHS		5.71	%		2022		2030		67,228,704,850		4,160,965		57,094,397,183		3,533,725
IDR	JIBOR 6 MONTHS		5.69	%		2022		2030		350,000,000,000		21,662,437		315,000,000,000		19,496,194
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		6,113,083,548		378,355		6,113,083,548		378,355
IDR	JIBOR 6 MONTHS		5.71	%		2022		2030		53,859,495,368		3,333,508		53,859,495,368		3,333,508
IDR	JIBOR 6 MONTHS		5.70	%		2022		2030		44,121,000,000		2,730,767		44,121,000,000		2,730,767
IDR	JIBOR 6 MONTHS		5.70	%		2022		2030		112,500,000,000		6,962,926		112,500,000,000		6,962,926
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		298,447,000,000		18,471,684		298,447,000,000		18,471,684
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		1,305,000,000,000		80,769,945		1,305,000,000,000		80,769,945
IDR	JIBOR 6 MONTHS		5.71	%		2022		2030		205,500,000,000		12,718,945		205,500,000,000		12,718,945
IDR	JIBOR 6 MONTHS		5.94	%		2022		2030		68,700,000,000		4,252,027		68,700,000,000		4,252,027
IDR	JIBOR 6 MONTHS		5.94	%		2022		2028		68,695,300,000		4,251,736		48,086,710,000		2,976,215
IDR	JIBOR 6 MONTHS		5.94	%		2022		2030		30,000,000,000		1,856,780		12,000,000,000		742,712
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		52,500,000,000		3,249,366		47,250,000,000		2,924,429
IDR	JIBOR 6 MONTHS		5.94	%		2022		2030		411,917,000,000		25,494,646		411,917,000,000		25,494,646
IDR	JIBOR 6 MONTHS		5.94	%		2022		2030		709,225,000,000		43,895,835		709,225,000,000		43,895,835
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		35,975,800,000		2,226,639		32,378,220,000		2,003,975
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		29,916,000,000		1,851,581		26,924,400,000		1,666,423
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		55,931,281,660		3,461,737		55,931,281,660		3,461,737
IDR	JIBOR 6 MONTHS		5.94	%		2022		2028		22,470,000,000		1,390,728		15,729,000,000		973,510
IDR	JIBOR 6 MONTHS		5.69	%		2022		2030		76,000,000,000		4,703,844		76,000,000,000		4,703,844
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		28,440,000,000		1,760,228		25,596,000,000		1,584,205
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		114,999,962,000		7,117,656		114,999,962,000		7,117,656
IDR	JIBOR 6 MONTHS		5.69	%		2022		2030		144,985,000,000		8,973,510		50,744,750,000		3,140,728
IDR	JIBOR 6 MONTHS		5.69	%		2022		2030		161,938,583,430		10,022,813		97,163,150,058		6,013,688

D-128

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		5.94	%		2022		2028		45,063,674,700		2,789,112		31,544,572,290		1,952,378
IDR	JIBOR 6 MONTHS		5.94	%		2022		2028		48,123,472,680		2,978,491		33,686,430,876		2,084,943
IDR	JIBOR 6 MONTHS		5.94	%		2022		2030		318,397,000,000		19,706,443		318,388,000,000		19,705,886
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		225,915,000,000		13,982,484		203,323,500,000		12,584,236
IDR	JIBOR 6 MONTHS		5.94	%		2022		2028		79,500,000,000		4,920,468		63,600,000,000		3,936,374
IDR	JIBOR 6 MONTHS		5.94	%		2022		2028		197,760,000,000		12,239,896		158,208,000,000		9,791,917
IDR	JIBOR 6 MONTHS		5.94	%		2022		2030		273,926,000,000		16,954,014		273,926,000,000		16,954,014
IDR	JIBOR 6 MONTHS		5.94	%		2022		2028		87,709,000,000		5,428,545		70,167,200,000		4,342,836
IDR	JIBOR 6 MONTHS		5.94	%		2022		2029		135,000,000,000		8,355,512		121,500,000,000		7,519,960
IDR	JIBOR 6 MONTHS		6.68	%		2023		2031		87,707,787,200		5,428,470		87,707,787,200		5,428,470
IDR	JIBOR 6 MONTHS		6.68	%		2023		2031		110,260,500,000		6,824,318		110,260,500,000		6,824,318
IDR	JIBOR 6 MONTHS		6.70	%		2023		2031		135,000,000,000		8,355,512		67,495,447,500		4,177,474
IDR	JIBOR 6 MONTHS		6.68	%		2023		2031		105,148,574,300		6,507,927		105,148,574,300		6,507,927
IDR	JIBOR 6 MONTHS		6.68	%		2023		2031		112,288,102,921		6,949,811		112,288,102,921		6,949,811
IDR	JIBOR 6 MONTHS		6.68	%		2023		2031		174,970,699,400		10,829,405		112,481,163,900		6,961,760
IDR	JIBOR 6 MONTHS		6.70	%		2023		2031		363,000,000,000		22,467,042		363,000,000,000		22,467,042
IDR	JIBOR 6 MONTHS		6.68	%		2023		2031		175,700,156,800		10,874,553		175,700,156,800		10,874,553
IDR	JIBOR 6 MONTHS		7.95	%		2023		2029		26,989,920,000		1,670,478		26,989,920,000		1,670,478
IDR	JIBOR 6 MONTHS		7.95	%		2023		2029		48,893,880,000		3,026,173		44,004,492,000		2,723,556
IDR	JIBOR 6 MONTHS		7.95	%		2023		2029		202,239,996,000		12,517,175		182,015,996,400		11,265,457
IDR	JIBOR 6 MONTHS		7.95	%		2023		2029		74,200,090,000		4,592,442		66,780,081,000		4,133,198
IDR	JIBOR 6 MONTHS		6.85	%		2023		2030		202,484,510,000		12,532,309		161,987,608,000		10,025,847
IDR	JIBOR 6 MONTHS		6.85	%		2023		2029		209,886,367,000		12,990,429		188,886,367,000		11,690,683
IDR	JIBOR 6 MONTHS		6.85	%		2023		2029		90,998,922,000		5,632,167		81,898,922,000		5,068,944
IDR	JIBOR 6 MONTHS		6.85	%		2023		2029		47,248,790,469		2,924,354		42,448,790,469		2,627,269
IDR	JIBOR 6 MONTHS		6.85	%		2023		2029		59,495,762,500		3,682,352		53,495,762,500		3,310,996
IDR	JIBOR 6 MONTHS		6.85	%		2023		2029		55,992,500,000		3,465,526		50,392,500,000		3,118,927
IDR	JIBOR 6 MONTHS		7.75	%		2023		2029		1,807,735,267,000		111,885,577		1,626,961,740,300		100,697,019
IDR	JIBOR 6 MONTHS		7.75	%		2023		2029		692,508,634,000		42,861,214		623,257,770,600		38,575,093
IDR	JIBOR 6 MONTHS		7.75	%		2023		2029		1,144,276,443,800		70,822,334		1,144,276,443,800		70,822,334
IDR	JIBOR 6 MONTHS		7.56	%		2023		2031		576,000,000,000		35,650,183		345,600,000,000		21,390,110
IDR	JIBOR 6 MONTHS		7.55	%		2023		2031		379,248,750,000		23,472,721		303,399,000,000		18,778,177
IDR	JIBOR 6 MONTHS		7.56	%		2023		2031		94,131,250,000		5,826,035		94,131,250,000		5,826,035
IDR	JIBOR 6 MONTHS		7.56	%		2023		2031		195,226,600,000		12,083,097		195,226,600,000		12,083,097
IDR	JIBOR 6 MONTHS		7.56	%		2023		2031		82,400,000,000		5,099,957		82,400,000,000		5,099,957
IDR	JIBOR 6 MONTHS		7.55	%		2023		2031		122,500,000,000		7,581,853		78,750,000,000		4,874,048
IDR	JIBOR 6 MONTHS		7.56	%		2023		2031		33,125,000,000		2,050,195		33,125,000,000		2,050,195
IDR	JIBOR 6 MONTHS		7.56	%		2023		2031		162,000,000,000		10,026,614		162,000,000,000		10,026,614
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		281,000,000,000		17,391,843		281,000,000,000		17,391,843
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		65,000,000,000		4,023,024		65,000,000,000		4,023,024
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		162,868,045,000		10,080,339		162,868,045,000		10,080,339
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		60,000,000,000		3,713,561		60,000,000,000		3,713,561
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		60,000,000,000		3,713,561		60,000,000,000		3,713,561
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		74,970,417,000		4,640,120		74,970,417,000		4,640,120
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		53,116,133,000		3,287,500		53,116,133,000		3,287,500
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		50,572,916,000		3,130,093		50,572,916,000		3,130,093
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		157,365,000,000		9,739,741		157,365,000,000		9,739,741
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		35,000,000,000		2,166,244		35,000,000,000		2,166,244
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		38,000,000,000		2,351,922		38,000,000,000		2,351,922
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		35,000,000,000		2,166,244		35,000,000,000		2,166,244
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		40,000,000,000		2,475,707		40,000,000,000		2,475,707
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		52,000,000,000		3,218,419		52,000,000,000		3,218,419
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		40,000,000,000		2,475,707		40,000,000,000		2,475,707
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		39,500,000,000		2,444,761		39,500,000,000		2,444,761
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		50,000,000,000		3,094,634		50,000,000,000		3,094,634

D-129

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		7.67	%		2023		2030		30,000,000,000		1,856,780		30,000,000,000		1,856,780
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		47,656,524,000		2,949,590		47,656,524,000		2,949,590
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		44,178,000,000		2,734,295		44,178,000,000		2,734,295
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		22,300,000,000		1,380,207		22,300,000,000		1,380,207
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		26,934,084,000		1,667,023		26,934,084,000		1,667,023
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		128,686,869,000		7,964,775		128,686,869,000		7,964,775
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		151,377,360,000		9,369,150		151,377,360,000		9,369,150
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		349,105,000,000		21,607,043		349,105,000,000		21,607,043
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		50,000,000,000		3,094,634		50,000,000,000		3,094,634
IDR	JIBOR 6 MONTHS		7.52	%		2023		2030		2,646,128,000,000		163,775,949		1,323,064,000,000		81,887,974
IDR	JIBOR 6 MONTHS		7.52	%		2023		2028		1,191,872,000,000		73,768,150		953,497,600,000		59,014,520
IDR	JIBOR 6 MONTHS		7.52	%		2023		2029		180,000,000,000		11,140,682		180,000,000,000		11,140,682
IDR	JIBOR 6 MONTHS		7.08	%		2023		2031		76,344,248,427		4,725,150		34,354,911,792		2,126,317
IDR	JIBOR 6 MONTHS		7.10	%		2023		2031		1,288,147,705,000		79,726,911		783,193,804,640		48,473,962
IDR	JIBOR 6 MONTHS		7.08	%		2023		2031		67,452,302,100		4,174,804		53,961,841,680		3,339,843
IDR	JIBOR 6 MONTHS		7.10	%		2023		2031		158,398,482,648		9,803,706		79,199,241,324		4,901,853
IDR	JIBOR 6 MONTHS		7.08	%		2023		2029		107,879,589,000		6,676,957		107,879,589,000		6,676,957
IDR	JIBOR 6 MONTHS		7.08	%		2023		2029		599,784,938,000		37,122,296		599,784,938,000		37,122,296
IDR	JIBOR 6 MONTHS		7.08	%		2023		2029		222,510,000,000		13,771,740		222,510,000,000		13,771,740
IDR	JIBOR 6 MONTHS		7.08	%		2023		2029		98,950,200,000		6,124,293		89,055,180,000		5,511,864
IDR	JIBOR 6 MONTHS		7.08	%		2023		2029		68,700,000,000		4,252,027		61,830,000,000		3,826,824
IDR	JIBOR 6 MONTHS		7.08	%		2023		2031		58,659,380,000		3,630,586		58,659,380,000		3,630,586
IDR	JIBOR 6 MONTHS		7.08	%		2023		2031		242,915,630,000		15,034,699		109,312,033,500		6,765,615
IDR	JIBOR 6 MONTHS		7.09	%		2023		2031		85,601,980,000		5,298,136		47,081,089,000		2,913,975
IDR	JIBOR 6 MONTHS		7.10	%		2023		2031		53,942,900,000		3,338,671		43,154,320,000		2,670,936
IDR	JIBOR 6 MONTHS		7.10	%		2023		2031		17,466,910,000		1,081,074		13,973,528,000		864,859
IDR	JIBOR 6 MONTHS		7.08	%		2023		2029		132,500,000,000		8,200,780		132,500,000,000		8,200,780
IDR	JIBOR 6 MONTHS		7.08	%		2023		2030		89,999,998,984		5,570,341		35,999,999,592		2,228,136
IDR	JIBOR 6 MONTHS		7.67	%		2023		2030		143,500,000,000		8,881,599		143,500,000,000		8,881,599
IDR	JIBOR 6 MONTHS		6.95	%		2023		2030		1,725,991,880,000		106,826,260		1,208,194,316,000		74,778,382
IDR	JIBOR 6 MONTHS		7.10	%		2023		2030		104,004,980,000		6,437,147		20,800,996,000		1,287,429
IDR	JIBOR 6 MONTHS		7.10	%		2023		2030		129,600,000,000		8,021,291		25,920,000,000		1,604,258
IDR	JIBOR 6 MONTHS		6.85	%		2023		2030		375,215,630,000		23,223,100		168,847,033,500		10,450,395
IDR	JIBOR 6 MONTHS		7.10	%		2023		2029		68,700,000,000		4,252,027		68,700,000,000		4,252,027
IDR	JIBOR 6 MONTHS		6.85	%		2023		2030		56,708,910,000		3,509,866		25,519,009,500		1,579,440
IDR	JIBOR 6 MONTHS		7.10	%		2023		2030		195,991,430,000		12,130,434		39,198,286,000		2,426,087
IDR	JIBOR 6 MONTHS		7.10	%		2023		2030		181,016,690,000		11,203,608		36,203,338,000		2,240,722
IDR	JIBOR 6 MONTHS		6.85	%		2023		2030		140,712,620,000		8,709,081		63,320,679,000		3,919,086
IDR	JIBOR 6 MONTHS		6.85	%		2023		2030		271,989,380,000		16,834,151		203,992,035,000		12,625,613
IDR	JIBOR 6 MONTHS		6.85	%		2023		2030		104,000,000,000		6,436,839		62,400,000,000		3,862,103
IDR	JIBOR 6 MONTHS		7.10	%		2023		2030		52,886,580,000		3,273,292		10,577,316,000		654,658
IDR	JIBOR 6 MONTHS		7.10	%		2023		2030		256,550,630,000		15,878,606		51,310,126,000		3,175,721
IDR	JIBOR 6 MONTHS		6.86	%		2023		2030		318,370,950,000		19,704,831		318,370,950,000		19,704,831
IDR	JIBOR 6 MONTHS		6.86	%		2023		2030		296,992,100,000		18,381,636		215,926,530,000		13,364,271
IDR	JIBOR 6 MONTHS		6.85	%		2023		2030		222,149,750,000		13,749,443		162,658,800,000		10,067,389
IDR	JIBOR 6 MONTHS		7.10	%		2023		2029		216,000,000,000		13,368,818		216,000,000,000		13,368,818
IDR	JIBOR 6 MONTHS		6.87	%		2023		2030		152,375,000,000		9,430,897		72,875,000,000		4,510,429
IDR	JIBOR 6 MONTHS		7.25	%		2023		2030		156,896,441,104		9,710,741		31,379,288,221		1,942,148
IDR	JIBOR 6 MONTHS		7.01	%		2023		2030		55,000,000,000		3,404,097		55,000,000,000		3,404,097
IDR	JIBOR 6 MONTHS		7.25	%		2023		2030		46,875,000,000		2,901,219		23,437,500,000		1,450,610
IDR	JIBOR 6 MONTHS		7.25	%		2023		2030		59,689,400,000		3,694,337		50,735,990,000		3,140,186
IDR	JIBOR 6 MONTHS		7.00	%		2023		2030		269,833,130,000		16,700,695		121,424,908,500		7,515,313
IDR	JIBOR 6 MONTHS		7.25	%		2023		2030		202,421,280,000		12,528,395		40,484,256,000		2,505,679
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		13,176,161,900		815,508		11,199,737,615		693,182
IDR	JIBOR 6 MONTHS		6.95	%		2023		2031		7,640,204,100		472,873		6,494,173,485		401,942
IDR	JIBOR 6 MONTHS		6.95	%		2023		2031		748,590,870,000		46,332,294		262,006,804,500		16,216,303
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		729,201,193,000		45,132,215		145,840,238,600		9,026,443
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		89,970,188,941		5,568,496		17,994,037,788		1,113,699
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		101,624,973,120		6,289,842		20,324,994,624		1,257,968

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		6.95	%		2023		2031		98,500,000,000		6,096,429		78,800,000,000		4,877,143
IDR	JIBOR 6 MONTHS		6.96	%		2023		2030		100,000,000,000		6,189,268		100,000,000,000		6,189,268
IDR	JIBOR 6 MONTHS		6.95	%		2023		2031		75,120,000,000		4,649,378		75,120,000,000		4,649,378
IDR	JIBOR 6 MONTHS		6.96	%		2023		2030		180,000,000,000		11,140,682		180,000,000,000		11,140,682
IDR	JIBOR 6 MONTHS		6.95	%		2023		2031		135,000,000,000		8,355,512		81,000,000,000		5,013,307
IDR	JIBOR 6 MONTHS		6.95	%		2023		2031		87,600,000,000		5,421,799		61,320,000,000		3,795,259
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		16,575,000,000		1,025,871		3,315,000,000		205,174
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		146,250,000,000		9,051,804		29,250,000,000		1,810,361
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		32,500,000,000		2,011,512		6,500,000,000		402,302
IDR	JIBOR 6 MONTHS		6.95	%		2023		2031		75,453,170,000		4,669,999		37,726,585,000		2,334,999
IDR	JIBOR 6 MONTHS		6.95	%		2023		2030		253,599,150,000		15,695,931		253,599,150,000		15,695,931
IDR	JIBOR 6 MONTHS		6.97	%		2023		2031		249,310,224,200		15,430,477		22,646,796,688		1,401,671
IDR	JIBOR 6 MONTHS		7.20	%		2023		2031		116,944,524,800		7,238,010		116,944,524,800		7,238,010
IDR	JIBOR 6 MONTHS		7.01	%		2023		2030		98,860,380,000		6,118,734		88,974,342,000		5,506,860
IDR	JIBOR 6 MONTHS		7.25	%		2023		2030		35,995,800,000		2,227,876		19,530,890,000		1,208,819
IDR	JIBOR 6 MONTHS		7.00	%		2023		2030		209,887,574,000		12,990,504		83,955,029,600		5,196,202
IDR	JIBOR 6 MONTHS		7.00	%		2023		2030		47,247,280,000		2,924,261		47,247,280,000		2,924,261
IDR	JIBOR 6 MONTHS		7.00	%		2023		2030		301,201,000,000		18,642,137		180,720,600,000		11,185,282
IDR	JIBOR 6 MONTHS		7.25	%		2023		2030		131,909,400,000		8,164,226		131,909,400,000		8,164,226
IDR	JIBOR 6 MONTHS		7.25	%		2023		2030		134,980,836,000		8,354,325		126,541,629,400		7,832,000
IDR	JIBOR 6 MONTHS		6.80	%		2023		2030		1,548,607,980,000		95,847,495		1,548,607,980,000		95,847,495
IDR	JIBOR 6 MONTHS		6.80	%		2023		2030		2,446,741,429,000		151,435,380		2,446,741,429,000		151,435,380
IDR	JIBOR 6 MONTHS		7.10	%		2023		2030		76,658,310,000		4,744,588		34,496,239,500		2,135,065
IDR	JIBOR 6 MONTHS		6.82	%		2024		2031		1,499,619,768,000		92,815,484		299,923,953,600		18,563,097
IDR	JIBOR 6 MONTHS		6.82	%		2024		2031		999,743,704,000		61,876,815		399,897,481,600		24,750,726
IDR	JIBOR 6 MONTHS		6.82	%		2024		2031		2,499,347,891,000		154,691,334		949,752,198,580		58,782,707
IDR	JIBOR 6 MONTHS		6.82	%		2024		2031		2,271,905,909,000		140,614,341		2,044,715,318,100		126,552,907
IDR	JIBOR 6 MONTHS		6.92	%		2024		2032		143,852,562,000		8,903,420		21,577,884,300		1,335,513
IDR	JIBOR 6 MONTHS		6.92	%		2024		2032		399,856,276,000		24,748,176		59,978,441,400		3,712,226
IDR	JIBOR 6 MONTHS		6.82	%		2024		2031		1,683,581,014,000		104,201,338		366,683,946,000		22,695,051
IDR	JIBOR 6 MONTHS		6.82	%		2024		2031		2,125,858,440,000		131,575,072		437,501,668,000		27,078,150
TOTAL COMMERCIAL CREDIT										USD		4,634,287,295		USD		3,172,252,465

Assumed exchange rates for conversion

USD/IDR 16,157.00

D-131

GUARANTEED EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2024

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		284,288,744				—
USD	LIBOR 6 MONTHS	0.840%		2008		2023		330,825,515		330,825,515				—
USD	LIBOR 6 MONTHS	3.850%		2009		2024		625,256,803		625,256,803				—
USD	Fixed 3.75%	0.000%		2020		2030		600,000,000		600,000,000		600,000,000		600,000,000
EUR	EURIBOR 6 MONTHS	0.000%		2019		2034		294,700,000		306,841,669		—		—
EUR	EURIBOR 6 MONTHS	4.700%		2020		2035		255,165,034		265,677,859		250,820,061		261,153,872
EUR	LIBOR 6 MONTHS	0.500%		2015		2035		36,277,710		37,772,355		18,961,735		19,742,960
EUR	LIBOR 6 MONTHS	0.500%		2015		2035		489,881,140		510,064,291		359,246,169		374,047,147
USD	LIBOR 6 MONTHS	0.500%		2015		2035		25,000,000		25,000,000		18,097,130		18,097,130
EUR	Reference Rate for Loan Curr. + Var. Spread			2016		2036		500,000,000		520,600,050		229,587,286		239,046,305
JPY	LIBOR 6 MONTHS	0.500%		2017		2037		600,000,000		3,840,862		72,859,658,327		466,406,433
USD	LIBOR + 0.5%			2020		2040		300,000,000		300,000,000		168,486,994		168,486,994
USD	fixed 0.75%			2020		2040		35,000,000		35,000,000		2,560,276		2,560,276
USD	LIBOR 6 MONTHS	0.500%		2020		2040		600,000,000		600,000,000		18,059,392		18,059,392
JPY												70,495,150,260		451,270,186
USD	LIBOR 6 MONTHS	1.400%		2018		2053		248,400,000		248,400,000		111,820,000		111,820,000
USD	SWAP Rate (LIBOR-6mo)	1.300%		2017		Tentative		330,000,000		330,000,000		229,587,286		229,587,286
USD	LIBOR 6 MONTHS	0.800%		2021		2041		310,000,000		310,000,000		186,016,621		186,016,621
Total								5,864,794,946		5,333,568,148		145,548,051,538		3,146,294,604

Assumed exchange rates for conversion

EUR/IDR	16,822.67
JPY/IDR	103.4280
USD/IDR	16,157.00

D-132

GUARANTEED DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA

AS OF DECEMBER 31, 2024

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		2024		7,984,000,000		494,151		1,958,128,957		121,194
IDR	JIBOR 3 MONTHS	1.200%		2015		2025		2,449,962,746,818		151,634,756		349,994,666,818		21,662,107
IDR	JIBOR 3 MONTHS	1.500%		2015		2025		2,225,000,000,000		137,711,209		238,392,857,126		14,754,772
IDR	BI Rate	2.000%		2016		2041		481,000,000,000		29,770,378		—		—
IDR	BI Rate	1.500 -4.000%		2016		2041		1,240,335,000,000		76,767,655		726,325,731,375		44,954,245
IDR	Average Time Deposit	2.77 (CDS 2.77% + 2%)		2017		2032		15,592,413,000,000		965,056,199		—		—
IDR	Fixed 8.4	0.000%		2017		2022		3,532,000,000,000		218,604,939		2,367,000,000,000		146,499,969
IDR	Fixed 8.55	0.000%		2016		2026		1,000,000,000,000		61,892,678		1,000,000,000,000		61,892,678
IDR	Fixed 8.01	0.000%		2017		2027		1,968,000,000,000		121,804,790		1,968,000,000,000		121,804,790
IDR	JIBOR 3 bln	1.875%		2018		2028		4,500,000,000,000		278,517,051		2,000,000,000,000		123,785,356
IDR	SUN Y15 / SUN Y20	1.000% / 2.000%		2018		2033		12,264,000,000,000		759,051,804		1,500,000,000,000		92,839,017
IDR	ATD 3 Bln	3.690%		2018		2033		14,366,000,000,000		889,150,214		7,687,974,175,242		475,829,311
IDR	JIBOR 6 Months	1.250%		2019		2029		4,506,787,490,000		278,937,147		2,650,035,661,215		164,017,804
IDR	JIBOR 6 Months	1.250%		2020		2030		5,071,000,000,000		313,857,771		3,150,749,514,375		195,008,325
IDR	JIBOR 6 Months	1.250%		2020		2030		2,846,000,000,000		176,146,562		1,526,494,348,463		94,478,823
IDR	JIBOR 6 Months	1.250%		2022		2032		2,750,000,000,000		170,204,865		2,481,853,911,346		153,608,585
IDR	JIBOR 3 Bulan	2.500%		2017		2032		23,419,128,801,423		1,449,472,600		22,330,000,000,000		1,382,063,502
TOTAL								98,219,611,038,241		6,079,074,769		49,976,820,865,960		3,093,320,480

Assumed exchange rates for conversion

USD/IDR 16,157.00

D-133

FOREIGN CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

As of December 31, 2024

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-2035		12-Apr-2025		1,562,661,000		1,562,661,000
RI0037		FIXED		6.625	%		17-Feb-2037		17-Feb-2025		1,427,762,000		1,427,762,000
RI0038		FIXED		7.750	%		17-Jan-2038		17-Jan-2025		1,945,398,000		1,945,398,000
RI0125		FIXED		4.125	%		15-Jan-2025		15-Jan-2025		2,000,000,000		2,000,000,000
RI0126		FIXED		4.750	%		08-Jan-2026		08-Jan-2025		2,070,963,000		2,070,963,000
RI0127		FIXED		4.350	%		08-Jan-2027		08-Jan-2025		1,250,000,000		1,250,000,000
RI0128		FIXED		3.500	%		11-Jan-2028		11-Jan-2025		1,250,000,000		1,250,000,000
RI0128A		FIXED		4.550	%		11-Jan-2028		11-Jan-2025		1,000,000,000		1,000,000,000
RI0133		FIXED		4.850	%		11-Jan-2033		11-Jan-2025		1,250,000,000		1,250,000,000
RI0142		FIXED		5.250	%		17-Jan-2042		17-Jan-2025		2,250,000,000		2,250,000,000
RI0144		FIXED		6.750	%		15-Jan-2044		15-Jan-2025		2,000,000,000		2,000,000,000
RI0145		FIXED		5.125	%		15-Jan-2045		15-Jan-2025		2,000,000,000		2,000,000,000
RI0146		FIXED		5.950	%		08-Jan-2046		08-Jan-2025		1,250,000,000		1,250,000,000
RI0147		FIXED		5.250	%		08-Jan-2047		08-Jan-2025		1,500,000,000		1,500,000,000
RI0148		FIXED		4.350	%		11-Jan-2048		11-Jan-2025		1,750,000,000		1,750,000,000
RI0153		FIXED		5.650	%		11-Jan-2053		11-Jan-2025		750,000,000		750,000,000
RI0229		FIXED		4.750	%		11-Feb-2029		11-Feb-2025		1,250,000,000		1,250,000,000
RI0230		FIXED		2.850	%		14-Feb-2030		14-Feb-2025		1,200,000,000		1,200,000,000
RI0234		FIXED		4.700	%		10-Feb-2034		10-Feb-2025		650,000,000		650,000,000
RI0249		FIXED		5.350	%		11-Feb-2049		11-Feb-2025		1,000,000,000		1,000,000,000
RI0250		FIXED		3.500	%		14-Feb-2050		14-Feb-2025		800,000,000		800,000,000
RI0254		FIXED		5.100	%		10-Feb-2054		10-Feb-2025		900,000,000		900,000,000
RI0329		FIXED		4.400	%		10-Mar-2029		10-Mar-2025		500,000,000		500,000,000
RI0331		FIXED		1.850	%		12-Mar-2031		12-Mar-2025		1,250,000,000		1,250,000,000
RI0332		FIXED		3.550	%		31-Mar-2032		31-Mar-2025		1,000,000,000		1,000,000,000
RI0351		FIXED		3.050	%		12-Mar-2051		12-Mar-2025		2,000,000,000		2,000,000,000
RI0352		FIXED		4.300	%		31-Mar-2052		31-Mar-2025		750,000,000		750,000,000
RI0371		FIXED		3.350	%		12-Mar-2071		12-Mar-2025		800,000,000		800,000,000
RI0428		FIXED		4.100	%		24-Apr-2028		24-Apr-2025		1,000,000,000		1,000,000,000
RI0443		FIXED		4.625	%		15-Apr-2043		15-Apr-2025		1,500,000,000		1,500,000,000
RI0470		FIXED		4.450	%		15-Apr-2070		15-Apr-2025		1,000,000,000		1,000,000,000
RI0727		FIXED		3.850	%		18-Jul-2027		18-Jan-2025		1,000,000,000		1,000,000,000
RI0731		FIXED		2.150	%		28-Jul-2031		28-Jan-2025		1,200,000,000		1,200,000,000
RI0747		FIXED		4.750	%		18-Jul-2047		18-Jan-2025		1,000,000,000		1,000,000,000
RI0927		FIXED		4.150	%		20-Sep-2027		20-Mar-2025		750,000,000		750,000,000
RI0929		FIXED		3.400	%		18-Sep-2029		18-Mar-2025		750,000,000		750,000,000
RI0932		FIXED		4.650	%		20-Sep-2032		20-Mar-2025		1,400,000,000		1,400,000,000
RI0934		FIXED		4.750	%		10-Sep-2034		10-Mar-2025		1,150,000,000		1,150,000,000
RI0952		FIXED		5.450	%		20-Sep-2052		20-Mar-2025		500,000,000		500,000,000
RI0954		FIXED		5.150	%		10-Sep-2054		10-Mar-2025		650,000,000		650,000,000
RI0961		FIXED		3.200	%		23-Sep-2061		23-Mar-2025		650,000,000		650,000,000
RI1030		FIXED		3.850	%		15-Oct-2030		15-Apr-2025		1,650,000,000		1,650,000,000
RI1049		FIXED		3.700	%		30-Oct-2049		30-Apr-2025		1,000,000,000		1,000,000,000
RI1050		FIXED		4.200	%		15-Oct-2050		15-Apr-2025		1,650,000,000		1,650,000,000
USDFR0002		FIXED		4.050	%		24-Jun-2026		24-Jun-2025		200,000,000		200,000,000
USDFR0003		FIXED		3.000	%		15-Jan-2032		15-Jan-2025		127,099,000		127,099,000
TOTAL US DOLLAR DENOMINATED											54,533,883,000		54,533,883,000

D-134

Currency and Series	Interest Rate Basis		Interest Rate			First Issue Date		Maturity Date		Outstanding Balance
										(in Original Currency)		(in US Dollar)
JAPANESE YEN
RIJPY0525		FIXED		1.070	%		31-May-2018		30-May-2025		3,500,000,000		22,405,026
RIJPY0526		FIXED		0.960	%		22-May-2019		22-May-2026		4,500,000,000		28,806,462
RIJPY0526A		FIXED		0.570	%		27-May-2021		27-May-2026		46,800,000,000		299,587,201
RIJPY0526B		FIXED		0.740	%		26-May-2023		26-May-2026		46,900,000,000		300,227,344
RIJPY0527		FIXED		0.990	%		27-May-2024		27-May-2027		50,000,000,000		320,071,796
RIJPY0528		FIXED		1.270	%		31-May-2018		31-May-2028		8,500,000,000		54,412,205
RIJPY0528A		FIXED		0.700	%		27-May-2021		26-May-2028		1,200,000,000		7,681,723
RIJPY0528B		FIXED		0.980	%		26-May-2023		26-May-2028		37,200,000,000		238,133,416
RIJPY0529		FIXED		1.170	%		22-May-2019		22-May-2029		7,600,000,000		48,650,913
RIJPY0529A		FIXED		1.330	%		27-May-2024		25-May-2029		88,000,000,000		563,326,360
RIJPY0530		FIXED		1.200	%		26-May-2023		24-May-2030		14,700,000,000		94,101,108
RIJPY0531		FIXED		0.890	%		27-May-2021		27-May-2031		18,200,000,000		116,506,134
RIJPY0531A		FIXED		1.570	%		27-May-2024		27-May-2031		17,700,000,000		113,305,416
RIJPY0531B		FIXED		1.570	%		27-May-2024		27-May-2031		2,000,000,000		12,802,872
RIJPY0533		FIXED		1.430	%		26-May-2023		26-May-2033		6,000,000,000		38,408,615
RIJPY0534		FIXED		1.550	%		22-May-2019		22-May-2034		4,000,000,000		25,605,744
RIJPY0534A		FIXED		1.910	%		27-May-2024		26-May-2034		19,300,000,000		123,547,713
RIJPY0534B		FIXED		1.910	%		27-May-2024		26-May-2034		6,800,000,000		43,529,764
RIJPY0536		FIXED		1.170	%		27-May-2021		27-May-2036		2,500,000,000		16,003,590
RIJPY0539		FIXED		1.790	%		22-May-2019		20-May-2039		5,000,000,000		32,007,180
RIJPY0541		FIXED		1.440	%		27-May-2021		27-May-2041		2,300,000,000		14,723,303
RIJPY0544		FIXED		2.550	%		27-May-2024		27-May-2044		16,200,000,000		103,703,262
RIJPY0625		FIXED		0.960	%		09-Jun-2022		09-Jun-2025		68,200,000,000		436,577,929
RIJPY0627		FIXED		1.130	%		09-Jun-2022		09-Jun-2027		5,100,000,000		32,647,323
RIJPY0629		FIXED		1.270	%		09-Jun-2022		08-Jun-2029		1,700,000,000		10,882,441
RIJPY0632		FIXED		1.450	%		09-Jun-2022		09-Jun-2032		6,000,000,000		38,408,615
RIJPY0725		FIXED		1.350	%		08-Jul-2020		08-Jul-2025		24,300,000,000		155,554,893
RIJPY0727		FIXED		1.480	%		08-Jul-2020		08-Jul-2027		10,100,000,000		64,654,503
RIJPY0730		FIXED		1.590	%		08-Jul-2020		08-Jul-2030		13,400,000,000		85,779,241
RIJPY0740		FIXED		1.800	%		08-Jul-2020		06-Jul-2040		1,500,000,000		9,602,154
RIJPY0825		FIXED		0.910	%		13-Aug-2015		13-Aug-2025		55,000,000,000		352,078,975
TOTAL JAPANESE YEN DENOMINATED											594,200,000,000		3,803,733,218
EURO DENOMINATED
RIEUR0227		FIXED		0.900	%		14-Jan-2020		14-Feb-2027		1,000,000,000		1,041,200,099
RIEUR0333		FIXED		1.100	%		12-Jan-2021		12-Mar-2033		1,000,000,000		1,041,200,099
RIEUR0334		FIXED		1.300	%		23-Sep-2021		23-Mar-2034		500,000,000		520,600,050
RIEUR0425		FIXED		1.750	%		24-Apr-2018		24-Apr-2025		1,000,000,000		1,041,200,099
RIEUR0628		FIXED		3.750	%		14-Jun-2016		14-Jun-2028		1,500,000,000		1,561,800,149
RIEUR0725		FIXED		3.375	%		30-Jul-2015		30-Jul-2025		1,250,000,000		1,301,500,124
RIEUR0729		FIXED		1.000	%		28-Jul-2021		28-Jul-2029		500,000,000		520,600,050
RIEUR0926		FIXED		1.450	%		18-Jun-2019		18-Sep-2026		750,000,000		780,900,074
RIEUR0932		FIXED		3.650	%		10-Sep-2024		10-Sep-2032		750,000,000		780,900,074
RIEUR1031		FIXED		1.400	%		30-Oct-2019		30-Oct-2031		1,000,000,000		1,041,200,099
TOTAL EURO DENOMINATED											9,250,000,000		9,631,100,916
B. GOVERNMENT ISLAMIC DEBT SECURITIES
US DOLLAR
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		5.000	%		25-Nov-2024		25-May-2030		1,100,000,000		1,100,000,000
SNI0626		FIXED		2.300	%		23-Jun-2020		23-Jun-2025		750,000,000		750,000,000
SNI0627		FIXED		1.500	%		09-Jun-2021		09-Jun-2026		1,250,000,000		1,250,000,000
SNI0630		FIXED		4.400	%		06-Jun-2022		06-Jun-2027		1,750,000,000		1,750,000,000
SNI0631		FIXED		2.800	%		23-Jun-2020		23-Jun-2030		1,000,000,000		1,000,000,000
SNI0632		FIXED		2.550	%		09-Jun-2021		09-Jun-2031		1,000,000,000		1,000,000,000
SNI0650		FIXED		4.700	%		06-Jun-2022		06-Jun-2032		1,500,000,000		1,500,000,000

D-135

Currency and Series	Interest Rate Basis		Interest Rate			First Issue Date		Maturity Date		Outstanding Balance
										(in Original Currency)		(in US Dollar)
SNI0651		FIXED		3.800	%		23-Jun-2020		23-Jun-2050		750,000,000		750,000,000
SNI0824		FIXED		3.550	%		09-Jun-2021		09-Jun-2051		750,000,000		750,000,000
SNI1128		FIXED		5.100	%		02-Jul-2024		02-Jul-2029		750,000,000		750,000,000
SNI1133		FIXED		5.200	%		02-Jul-2024		02-Jul-2034		1,000,000,000		1,000,000,000
SNI24		FIXED		5.500	%		02-Jul-2024		02-Jul-2054		600,000,000		600,000,000
SNI25		FIXED		5.400	%		15-Nov-2023		15-Nov-2028		1,000,000,000		1,000,000,000
SNI26		FIXED		5.600	%		15-Nov-2023		15-Nov-2033		1,000,000,000		1,000,000,000
SNI1133		FIXED		5.250	%		25-Nov-2024		25-Nov-2034		900,000,000		900,000,000
SNI24		FIXED		5.650	%		25-Nov-2024		25-Nov-2054		750,000,000		750,000,000
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											24,775,000,000		24,775,000,000

Assumed exchange rates for conversion

EUR/IDR	16,822.67
JPY/IDR	103.4280
USD/IDR	16,157.00

D-136

DOMESTIC CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA

As of December 31, 2024

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					18-Jan-2024		16-Jan-2025		1,100,000,000,000		68,081,946
SPN03240313	Zero Coupon					15-Feb-2024		13-Feb-2025		3,250,000,000,000		201,151,204
SPN12240104	Zero Coupon					15-Mar-2024		14-Mar-2025		3,400,000,000,000		210,435,106
SPN12240201	Zero Coupon					03-May-2024		02-May-2025		2,600,000,000,000		160,920,963
SPN12240229	Zero Coupon					30-May-2024		29-May-2025		400,000,000,000		24,757,071
SPN12240328	Zero Coupon					13-Jun-2024		12-Jun-2025		1,000,000,000,000		61,892,678
SPN12240411	Zero Coupon					11-Jul-2024		10-Jul-2025		1,000,000,000,000		61,892,678
SPN12240529	Zero Coupon					08-Aug-2024		07-Aug-2025		3,200,000,000,000		198,056,570
SPN12240628	Zero Coupon					03-Oct-2024		02-Oct-2025		4,000,000,000,000		247,570,712
SPN12240725	Zero Coupon					31-Oct-2024		30-Oct-2025		3,300,000,000,000		204,245,838
SPN12240822	Zero Coupon					29-Nov-2024		27-Nov-2025		3,150,000,000,000		194,961,936
TOTAL TREASURY BILLS										26,400,000,000,000		1,633,966,702
2. TREASURY NOTES
FR0037	Fixed		12.00000	%		18-May-2006		15-Sep-2026		2,417,000,000,000		149,594,603
FR0040	Fixed		11.00000	%		21-Sep-2006		15-Sep-2025		22,137,590,000,000		1,370,154,732
FR0042	Fixed		10.25000	%		25-Jan-2007		15-Jul-2027		14,252,100,000,000		882,100,637
FR0045	Fixed		9.75000	%		24-May-2007		15-May-2037		9,624,304,000,000		595,673,949
FR0047	Fixed		10.00000	%		30-Aug-2007		15-Feb-2028		20,021,000,000,000		1,239,153,308
FR0050	Fixed		10.50000	%		24-Jan-2008		15-Jul-2038		15,661,000,000,000		969,301,232
FR0052	Fixed		10.50000	%		20-Aug-2009		15-Aug-2030		23,500,000,000,000		1,454,477,935
FR0054	Fixed		9.50000	%		22-Jul-2010		15-Jul-2031		27,096,000,000,000		1,677,044,006
FR0056	Fixed		8.37500	%		23-Sep-2010		15-Sep-2026		119,707,000,000,000		7,408,986,817
FR0057	Fixed		9.50000	%		21-Apr-2011		15-May-2041		17,236,573,000,000		1,066,817,664
FR0058	Fixed		8.25000	%		21-Jul-2011		15-Jun-2032		42,798,000,000,000		2,648,882,837
FR0059	Fixed		7.00000	%		15-Sep-2011		15-May-2027		115,764,000,000,000		7,164,943,987
FR0062	Fixed		6.37500	%		09-Feb-2012		15-Apr-2042		14,692,000,000,000		909,327,227
FR0064	Fixed		6.12500	%		13-Aug-2012		15-May-2028		113,004,000,000,000		6,994,120,196
FR0065	Fixed		6.62500	%		30-Aug-2012		15-May-2033		101,392,304,000,000		6,275,441,233
FR0067	Fixed		8.75000	%		18-Jul-2013		15-Feb-2044		28,488,284,000,000		1,763,216,191
FR0068	Fixed		8.37500	%		01-Aug-2013		15-Mar-2034		137,758,000,000,000		8,526,211,549
FR0071	Fixed		9.00000	%		12-Sep-2013		15-Mar-2029		93,390,682,000,000		5,780,199,418
FR0072	Fixed		8.25000	%		09-Jul-2015		15-May-2036		90,910,000,000,000		5,626,663,366
FR0073	Fixed		8.75000	%		06-Aug-2015		15-May-2031		66,717,000,000,000		4,129,293,805
FR0074	Fixed		7.50000	%		10-Nov-2016		15-Aug-2032		50,831,140,000,000		3,146,075,385
FR0075	Fixed		7.50000	%		10-Aug-2017		15-May-2038		68,420,860,000,000		4,234,750,263
FR0076	Fixed		7.37500	%		22-Sep-2017		15-May-2048		71,589,000,000,000		4,430,834,932
FR0078	Fixed		8.25000	%		27-Sep-2018		15-May-2029		108,775,000,000,000		6,732,376,060
FR0079	Fixed		8.37500	%		07-Jan-2019		15-Apr-2039		57,180,000,000,000		3,539,023,334
FR0080	Fixed		7.50000	%		04-Jul-2019		15-Jun-2035		111,628,300,000,000		6,908,974,438
FR0081	Fixed		6.50000	%		01-Aug-2019		15-Jun-2025		142,281,400,000,000		8,806,176,889
FR0082	Fixed		7.00000	%		01-Aug-2019		15-Sep-2030		169,288,800,000,000		10,477,737,204
FR0083	Fixed		7.50000	%		07-Nov-2019		15-Apr-2040		128,999,500,000,000		7,984,124,528
FR0084	Fixed		7.25000	%		04-May-2020		15-Feb-2026		37,452,372,000,000		2,318,027,604
FR0085	Fixed		7.75000	%		04-May-2020		15-Apr-2031		21,177,940,000,000		1,310,759,423
FR0086	Fixed		5.50000	%		13-Aug-2020		15-Apr-2026		134,548,000,000,000		8,327,536,052
FR0087	Fixed		6.50000	%		13-Aug-2020		15-Feb-2031		182,911,300,000,000		11,320,870,211
FR0088	Fixed		6.25000	%		07-Jan-2021		15-Jun-2036		54,994,500,000,000		3,403,756,886
FR0089	Fixed		6.87500	%		07-Jan-2021		15-Aug-2051		73,674,385,000,000		4,559,904,995
FR0090	Fixed		5.12500	%		08-Jul-2021		15-Apr-2027		113,128,000,000,000		7,001,794,888
FR0091	Fixed		6.37500	%		08-Jul-2021		15-Apr-2032		179,978,300,000,000		11,139,338,986
FR0092	Fixed		7.12500	%		08-Jul-2021		15-Jun-2042		108,828,400,000,000		6,735,681,129

D-137

Series	Interest Rate Basis	Interest Rate			First Issue Date		Maturity Date		Outstanding Balance
									(in Original Currency (IDR))		(in US Dollar)
FR0093	Fixed		6.37500	%		06-Jan-2022		15-Jul-2037		19,193,000,000,000		1,187,906,171
FR0094	Fixed		5.60000	%		04-Mar-2022		15-Jan-2028		3,990,927,000,000		247,009,160
FR0095	Fixed		6.37500	%		19-Aug-2022		15-Aug-2028		98,673,000,000,000		6,107,136,226
FR0096	Fixed		7.00000	%		19-Aug-2022		15-Feb-2033		152,564,000,000,000		9,442,594,541
FR0097	Fixed		7.12500	%		19-Aug-2022		15-Jun-2043		107,004,300,000,000		6,622,782,695
FR0098	Fixed		7.12500	%		15-Sep-2022		15-Jun-2038		119,799,000,000,000		7,414,680,943
FR0099	Fixed		6.40000	%		27-Jan-2023		15-Jan-2029		2,871,531,000,000		177,726,744
FR0100	Fixed		6.62500	%		24-Aug-2023		15-Feb-2034		158,676,489,000,000		9,820,912,855
FR0101	Fixed		6.87500	%		02-Nov-2023		15-Apr-2029		155,368,877,000,000		9,616,195,890
FR0102	Fixed		6.87500	%		05-Jan-2024		15-Jul-2054		45,441,000,000,000		2,812,465,185
FR0103	Fixed		6.75000	%		08-Aug-2024		15-Jul-2035		89,091,000,000,000		5,514,080,584
FR0104	Fixed		6.50000	%		22-Aug-2024		15-Jul-2030		58,768,000,000,000		3,637,308,906
FR0105	Fixed		6.87500	%		27-Aug-2024		15-Jul-2064		7,850,000,000,000		485,857,523
FRSDG001	Fixed		7.37500	%		27-Oct-2022		15-Oct-2030		13,810,000,000,000		854,737,885
VR0033	3 month-Reserve Repo BI		6.04000	%		04-May-2020		25-Apr-2025		3,568,686,000,000		220,875,534
VR0034	3 month-Reserve Repo BI		6.56618	%		10-Aug-2020		10-Aug-2025		20,525,000,000,000		1,270,347,218
VR0035	3 month-Reserve Repo BI		6.56618	%		10-Aug-2020		10-Aug-2026		20,525,000,000,000		1,270,347,218
VR0036	3 month-Reserve Repo BI		6.56618	%		10-Aug-2020		10-Aug-2027		20,525,000,000,000		1,270,347,218
VR0037	3 month-Reserve Repo BI		6.56618	%		10-Aug-2020		10-Aug-2028		20,525,000,000,000		1,270,347,218
VR0038	3 month-Reserve Repo BI		6.56618	%		28-Aug-2020		28-Aug-2025		4,245,000,000,000		262,734,419
VR0039	3 month-Reserve Repo BI		6.56618	%		28-Aug-2020		28-Aug-2026		4,245,000,000,000		262,734,419
VR0040	3 month-Reserve Repo BI		6.56618	%		28-Aug-2020		28-Aug-2027		4,245,000,000,000		262,734,419
VR0041	3 month-Reserve Repo BI		6.56618	%		28-Aug-2020		28-Aug-2028		4,245,000,000,000		262,734,419
VR0042	3 month-Reserve Repo BI		6.70287	%		28-Sep-2020		28-Sep-2025		21,100,000,000,000		1,305,935,508
VR0043	3 month-Reserve Repo BI		6.70287	%		28-Sep-2020		28-Sep-2026		21,100,000,000,000		1,305,935,508
VR0044	3 month-Reserve Repo BI		6.70287	%		28-Sep-2020		28-Sep-2027		21,100,000,000,000		1,305,935,508
VR0045	3 month-Reserve Repo BI		6.70287	%		28-Sep-2020		28-Sep-2028		21,100,000,000,000		1,305,935,508
VR0046	3 month-Reserve Repo BI		6.55895	%		12-Oct-2020		12-Oct-2025		11,550,000,000,000		714,860,432
VR0047	3 month-Reserve Repo BI		6.55895	%		12-Oct-2020		12-Oct-2026		11,550,000,000,000		714,860,432
VR0048	3 month-Reserve Repo BI		6.55895	%		12-Oct-2020		12-Oct-2027		11,550,000,000,000		714,860,432
VR0049	3 month-Reserve Repo BI		6.55895	%		12-Oct-2020		12-Oct-2028		11,550,000,000,000		714,860,432
VR0050	3 month-Reserve Repo BI		6.56618	%		26-Oct-2020		26-Oct-2025		5,717,500,000,000		353,871,387
VR0051	3 month-Reserve Repo BI		6.56618	%		26-Oct-2020		26-Oct-2026		5,717,500,000,000		353,871,387
VR0052	3 month-Reserve Repo BI		6.56618	%		26-Oct-2020		26-Oct-2027		5,717,500,000,000		353,871,387
VR0053	3 month-Reserve Repo BI		6.56618	%		26-Oct-2020		26-Oct-2028		5,717,500,000,000		353,871,387
VR0054	3 month-Reserve Repo BI		6.56618	%		16-Nov-2020		16-Nov-2025		4,370,000,000,000		270,471,003
VR0055	3 month-Reserve Repo BI		6.56618	%		16-Nov-2020		16-Nov-2026		4,370,000,000,000		270,471,003
VR0056	3 month-Reserve Repo BI		6.56618	%		16-Nov-2020		16-Nov-2027		4,370,000,000,000		270,471,003
VR0057	3 month-Reserve Repo BI		6.56618	%		16-Nov-2020		16-Nov-2028		4,370,000,000,000		270,471,003
VR0058	3 month-Reserve Repo BI		6.56618	%		23-Nov-2020		23-Nov-2025		6,750,000,000,000		417,775,577
VR0059	3 month-Reserve Repo BI		6.56618	%		23-Nov-2020		23-Nov-2026		6,750,000,000,000		417,775,577
VR0060	3 month-Reserve Repo BI		6.56618	%		23-Nov-2020		23-Nov-2027		6,750,000,000,000		417,775,577
VR0061	3 month-Reserve Repo BI		6.56618	%		23-Nov-2020		23-Nov-2028		6,750,000,000,000		417,775,577
VR0062	3 month-Reserve Repo BI		6.70287	%		14-Dec-2020		14-Dec-2025		25,742,500,000,000		1,593,272,266
VR0063	3 month-Reserve Repo BI		6.70287	%		14-Dec-2020		14-Dec-2026		25,742,500,000,000		1,593,272,266
VR0064	3 month-Reserve Repo BI		6.70287	%		14-Dec-2020		14-Dec-2027		25,742,500,000,000		1,593,272,266
VR0065	3 month-Reserve Repo BI		6.70287	%		14-Dec-2020		14-Dec-2028		23,302,500,000,000		1,442,254,131
VR0066	3 month-Reserve Repo BI		6.70287	%		02-Dec-2021		02-Dec-2026		14,500,000,000,000		897,443,832
VR0067	3 month-Reserve Repo BI		6.70287	%		02-Dec-2021		02-Dec-2027		14,500,000,000,000		897,443,832
VR0068	3 month-Reserve Repo BI		6.70287	%		02-Dec-2021		02-Dec-2028		14,500,000,000,000		897,443,832
VR0069	3 month-Reserve Repo BI		6.70287	%		02-Dec-2021		02-Dec-2029		14,500,000,000,000		897,443,832
VR0070	3 month-Reserve Repo BI		6.72259	%		30-Dec-2021		30-Dec-2026		40,000,000,000,000		2,475,707,124
VR0071	3 month-Reserve Repo BI		6.72259	%		30-Dec-2021		30-Dec-2027		40,000,000,000,000		2,475,707,124
VR0072	3 month-Reserve Repo BI		6.72259	%		30-Dec-2021		30-Dec-2028		40,000,000,000,000		2,475,707,124
VR0073	3 month-Reserve Repo BI		6.72259	%		30-Dec-2021		30-Dec-2029		37,000,000,000,000		2,290,029,090
VR0074	3 month-Reserve Repo BI		6.55895	%		01-Jul-2022		01-Jul-2027		5,467,230,000,000		338,381,506
VR0075	3 month-Reserve Repo BI		6.55895	%		01-Jul-2022		01-Jul-2028		5,467,240,000,000		338,382,125
VR0076	3 month-Reserve Repo BI		6.55895	%		01-Jul-2022		01-Jul-2029		5,467,240,000,000		338,382,125
VR0077	3 month-Reserve Repo BI		6.55895	%		01-Jul-2022		01-Jul-2030		5,467,240,000,000		338,382,125

D-138

Series	Interest Rate Basis	Interest Rate			First Issue Date		Maturity Date		Outstanding Balance
									(in Original Currency (IDR))		(in US Dollar)
VR0078	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2027		2,198,565,000,000		136,075,076
VR0079	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2028		2,198,565,000,000		136,075,076
VR0080	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2029		2,198,565,000,000		136,075,076
VR0081	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2030		2,198,565,000,000		136,075,076
VR0082	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2027		7,901,435,000,000		489,040,973
VR0083	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2028		7,901,435,000,000		489,040,973
VR0084	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2029		7,901,435,000,000		489,040,973
VR0085	3 month-Reserve Repo BI		6.56618	%		26-Aug-2022		26-Aug-2030		7,901,435,000,000		489,040,973
VR0086	3 month-Reserve Repo BI		6.70287	%		27-Sep-2022		27-Sep-2028		8,288,330,000,000		512,986,941
VR0087	3 month-Reserve Repo BI		6.70287	%		27-Sep-2022		27-Sep-2030		8,288,330,000,000		512,986,941
VR0088	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2027		2,334,205,000,000		144,470,199
VR0089	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2028		2,334,195,000,000		144,469,580
VR0090	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2029		2,334,195,000,000		144,469,580
VR0091	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2030		2,334,195,000,000		144,469,580
VR0092	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2027		29,810,245,000,000		1,845,035,898
VR0093	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2028		29,810,235,000,000		1,845,035,279
VR0094	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2029		29,810,235,000,000		1,845,035,279
VR0095	3 month-Reserve Repo BI		6.70287	%		29-Dec-2022		29-Dec-2030		29,810,235,000,000		1,845,035,279
TOTAL TREASURY NOTES										4,748,907,194,000,000		293,922,584,267
3. RETAIL BONDS
ORI021	Fixed		4.90000	%		23-Feb-2022		15-Feb-2025		25,065,802,000,000		1,551,389,614
ORI022	Fixed		5.95000	%		26-Oct-2022		15-Oct-2025		13,017,714,000,000		805,701,182
ORI023T3	Fixed		5.90000	%		26-Jul-2023		15-Jul-2026		20,000,000,000,000		1,237,853,562
ORI023T6	Fixed		6.10000	%		26-Jul-2023		15-Jul-2029		8,900,050,000,000		550,847,930
ORI024T3	Fixed		6.10000	%		08-Nov-2023		15-Oct-2026		11,862,803,000,000		734,220,647
ORI024T6	Fixed		6.35000	%		08-Nov-2023		15-Oct-2029		2,644,853,000,000		163,697,035
ORI025T3	Fixed		6.25000	%		28-Feb-2024		15-Feb-2027		19,381,360,000,000		1,199,564,276
ORI025T6	Fixed		6.40000	%		28-Feb-2024		15-Feb-2030		4,539,342,000,000		280,952,033
ORI026T3	Fixed		6.30000	%		30-Oct-2024		15-Oct-2027		16,313,510,000,000		1,009,686,823
ORI026T6	Fixed		6.40000	%		30-Oct-2024		15-Oct-2030		3,042,834,000,000		188,329,145
TOTAL RETAIL BONDS										124,768,268,000,000		7,722,242,248
TOTAL TRADABLE GOVERNMENT DEBT SECURITIES										4,900,075,462,000,000		317,856,477,815
B. GOVERNMENT ISLAMIC DEBT SECURITIES
1. ISLAMIC TREASURY BILLS
SPNS01042025	Zero Coupon					04-Jul-2024		01-Apr-2025		4,834,000,000,000		299,189,206
SPNS01092025	Zero Coupon					05-Dec-2024		01-Sep-2025		6,200,000,000,000		383,734,604
SPNS02022025	Zero Coupon					08-May-2024		02-Feb-2025		4,075,600,000,000		252,249,799
SPNS03032025	Zero Coupon					06-Jun-2024		03-Mar-2025		3,450,000,000,000		213,529,739
SPNS04082025	Zero Coupon					07-Nov-2024		04-Aug-2025		6,750,000,000,000		417,775,577
SPNS07072025	Zero Coupon					10-Oct-2024		07-Jul-2025		5,850,000,000,000		362,072,167
SPNS09062025	Zero Coupon					12-Sep-2024		09-Jun-2025		3,600,000,000,000		222,813,641
SPNS20012025	Zero Coupon					25-Apr-2024		20-Jan-2025		3,708,700,000,000		229,541,375
SPNS29052025	Zero Coupon					01-Aug-2024		29-May-2025		5,750,000,000,000		355,882,899
TOTAL ISLAMIC TREASURY BILLS										44,218,300,000,000		2,736,789,008
2. ISLAMIC TREASURY NOTES
IFR0006	Fixed		10.25000	%		01-Apr-2010		15-Mar-2030		2,175,000,000,000		134,616,575
IFR0007	Fixed		10.25000	%		21-Jan-2010		15-Jan-2025		1,547,000,000,000		95,747,973
IFR0010	Fixed		10.00000	%		03-Mar-2011		15-Feb-2036		4,110,000,000,000		254,378,907
PBS003	Fixed		6.00000	%		02-Feb-2012		15-Jan-2027		57,139,700,000,000		3,536,529,059
PBS004	Fixed		6.10000	%		16-Feb-2012		15-Feb-2037		50,785,077,000,000		3,143,224,423
PBS005	Fixed		6.75000	%		02-May-2013		15-Apr-2043		34,324,000,000,000		2,124,404,283
PBS007	Fixed		9.00000	%		29-Sep-2014		15-Sep-2040		10,375,000,000,000		642,136,535
PBS012	Fixed		8.87500	%		28-Jan-2016		15-Nov-2031		47,680,694,000,000		2,951,085,845
PBS015	Fixed		8.00000	%		21-Jul-2017		15-Jul-2047		23,043,000,000,000		1,426,192,981
PBS017	Fixed		6.12500	%		11-Jan-2018		15-Oct-2025		63,086,476,000,000		3,904,590,951
PBS018	Fixed		7.62500	%		04-Jun-2018		15-May-2028		7,500,000,000,000		464,195,086
PBS020	Fixed		9.00000	%		22-Oct-2018		15-Oct-2027		2,250,000,000,000		139,258,526

D-139

Series	Interest Rate Basis	Interest Rate			First Issue Date		Maturity Date		Outstanding Balance
									(in Original Currency (IDR))		(in US Dollar)
PBS021	Fixed		8.50000	%		05-Dec-2018		15-Nov-2026		13,185,000,000,000		816,054,961
PBS022	Fixed		8.62500	%		24-Jan-2019		15-Apr-2034		16,330,000,000,000		1,010,707,433
PBS023	Fixed		8.12500	%		15-May-2019		15-May-2030		10,875,000,000,000		673,082,874
PBS024	Fixed		8.37500	%		28-May-2019		15-May-2032		3,000,000,000,000		185,678,034
PBS025	Fixed		8.37500	%		29-May-2019		15-May-2033		24,735,000,000,000		1,530,915,393
PBS028	Fixed		7.75000	%		23-Jul-2020		15-Oct-2046		75,503,418,000,000		4,673,108,745
PBS029	Fixed		6.37500	%		14-Jan-2021		15-Mar-2034		80,266,794,000,000		4,967,926,843
PBS030	Fixed		5.87500	%		04-Jun-2021		15-Jul-2028		43,615,000,000,000		2,699,449,155
PBS032	Fixed		4.87500	%		29-Jul-2021		15-Jul-2026		90,307,000,000,000		5,589,342,081
PBS033	Fixed		6.75000	%		13-Jan-2022		15-Jun-2047		52,427,000,000,000		3,244,847,435
PBS034	Fixed		6.50000	%		13-Jan-2022		15-Jun-2039		19,395,000,000,000		1,200,408,492
PBS035	Fixed		6.75000	%		30-Mar-2022		15-Mar-2042		1,908,862,000,000		118,144,581
PBS036	Fixed		5.37500	%		25-Aug-2022		15-Aug-2025		78,797,600,000,000		4,876,994,492
PBS037	Fixed		6.87500	%		12-Jan-2023		15-Mar-2036		33,350,000,000,000		2,064,120,815
PBS038	Fixed		6.87500	%		07-Dec-2023		15-Dec-2049		53,658,000,000,000		3,321,037,321
PBS039	Fixed		6.62500	%		11-Jan-2024		15-Jul-2041		8,315,500,000,000		514,668,565
PBSG001	Fixed		6.62500	%		22-Sep-2022		15-Sep-2029		31,170,000,000,000		1,929,194,776
FRS001	3 month-Reserve Repo BI		6.70287	%		27-Sep-2022		27-Sep-2027		8,288,320,000,000		512,986,322
FRS002	3 month-Reserve Repo BI		6.70287	%		27-Sep-2022		27-Sep-2029		8,288,330,000,000		512,986,941
TOTAL ISLAMIC TREASURY NOTES										957,431,771,000,000		59,258,016,402
3. RETAIL ISLAMIC DEBT SECURITIES
SR-016	Fixed		4.95000	%		23-Mar-2022		10-Mar-2025		18,409,546,000,000		1,139,416,104
SR-017	Fixed		5.90000	%		21-Sep-2022		10-Sep-2025		26,974,976,000,000		1,669,553,506
SR-018T3	Fixed		6.25000	%		05-Apr-2023		10-Mar-2026		16,949,759,000,000		1,049,065,978
SR-018T5	Fixed		6.40000	%		05-Apr-2023		10-Mar-2028		4,544,818,000,000		281,290,957
SR-019T3	Fixed		5.95000	%		27-Sep-2023		10-Sep-2026		17,543,813,000,000		1,085,833,571
SR-019T5	Fixed		6.10000	%		27-Sep-2023		10-Sep-2028		7,790,600,000,000		482,181,098
SR-020T3	Fixed		6.30000	%		03-Apr-2024		10-Mar-2027		17,784,237,000,000		1,100,714,056
SR-020T5	Fixed		6.40000	%		03-Apr-2024		10-Mar-2029		3,575,013,000,000		221,267,129
SR-021T3	Fixed		6.35000	%		25-Sep-2024		10-Sep-2027		19,276,188,000,000		1,193,054,899
SR-021T5	Fixed		6.45000	%		25-Sep-2024		10-Sep-2029		4,948,222,000,000		306,258,711
TOTAL RETAIL ISLAMIC DEBT SECURITIES										137,797,172,000,000		8,528,636,009
TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES										1,139,447,243,000,000		70,523,441,419
TOTAL TRADABLE SECURITIES										6,039,522,705,000,000		373,802,234,635
II. NON TRADABLE SECURITIES
A. GOVERNMENT DEBT SECURITIES
1. HELD BY BANK INDONESIA
SRBI01 (4)	Fixed		0.10000	%		07-Aug-2003		01-Aug-2043		46,266,009,479,819		2,863,527,232
SU002 (3)	Fixed		0.10000	%		23-Oct-1998		01-Apr-2025		1,221,564,197,515		75,605,880
SU004 (3)	Fixed		0.10000	%		28-May-1999		01-Dec-2025		6,327,925,664,988		391,652,266
SU007 (3)	Fixed		0.10000	%		01-Jan-2006		01-Aug-2025		6,047,658,490,845		374,305,780
TOTAL GOVERNMENT DEBT SECURITIES HELD BY BANK INDONESIA										59,863,157,833,167		3,705,091,158
2. RETAIL NON TRADABLE BONDS
SBR012T2	BI 7-Day Reverse Repo Rate		6.65000	%		15-Feb-2023		10-Feb-2025		16,554,919,000,000		1,024,628,273
SBR012T4	BI 7-Day Reverse Repo Rate		6.85000	%		15-Feb-2023		10-Feb-2027		5,452,395,000,000		337,463,329
SBR013T2	BI 7-Day Reverse Repo Rate		6.45000	%		10-Jul-2024		10-Jul-2026		14,493,384,000,000		897,034,350
SBR013T4	BI 7-Day Reverse Repo Rate		6.60000	%		10-Jul-2024		10-Jul-2028		4,961,110,000,000		307,056,384
TOTAL GOVERNMENT DEBT SECURITIES RETAIL NON-TRADABLE BONDS										41,461,808,000,000		2,566,182,336
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		123,785,356
PBSNTQ01	Fixed		6.37000	%		27-Aug-2020		27-Aug-2030		3,000,000,000,000		185,678,034
SDHI-2029A	Fixed		8.43000	%		25-Mar-2014		25-Mar-2029		1,000,000,000,000		61,892,678
SDHI-2029B	Fixed		8.62000	%		13-Aug-2014		13-Aug-2029		2,855,000,000,000		176,703,596

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Series	Interest Rate Basis	Interest Rate			First Issue Date		Maturity Date		Outstanding Balance
									(in Original Currency (IDR))		(in US Dollar)
SDHI2025A	Fixed		8.30000	%		08-Jul-2015		08-Jul-2025		2,000,000,000,000		123,785,356
SW001	Fixed		5.00000	%		10-Mar-2020		10-Mar-2025		50,849,000,000		3,147,181
SW002	Fixed		5.50000	%		30-Jun-2022		30-Jun-2027		50,000,000,000		3,094,634
SW004	Fixed		6.65000	%		06-Oct-2022		06-Oct-2027		100,000,000,000		6,189,268
SW005	Fixed		6.25000	%		13-Jan-2023		13-Jan-2025		300,000,000,000		18,567,803
SW006	Fixed		5.50000	%		03-Jul-2023		03-Jul-2028		50,000,000,000		3,094,634
SW007	Fixed		6.65000	%		25-Apr-2024		25-Apr-2029		150,000,000,000		9,283,902
SW008	Fixed		6.70000	%		02-May-2024		02-May-2029		21,200,000,000		1,312,125
TOTAL GOVERNMENT ISLAMIC DEBT SECURITIES HELD BY MINISTRY OF RELIGIOUS AFFAIR										11,577,049,000,000		716,534,567
2. RETAIL NON TRADABLE ISLAMIC DEBT SECURITIES
ST010T2	BI 7-Day Reverse Repo Rate		6.50000	%		14-Jun-2023		10-Jun-2025		11,593,770,000,000		717,569,475
ST010T4	BI 7-Day Reverse Repo Rate		6.65000	%		14-Jun-2023		10-Jun-2027		3,300,000,000,000		204,245,838
ST011T2	BI 7-Day Reverse Repo Rate		6.30000	%		13-Dec-2023		10-Nov-2025		14,402,626,000,000		891,417,095
ST011T4	BI 7-Day Reverse Repo Rate		6.50000	%		13-Dec-2023		10-Nov-2027		5,501,500,000,000		340,502,569
ST012T2	BI 7-Day Reverse Repo Rate		6.40000	%		05-Jun-2024		10-May-2026		14,569,758,000,000		901,761,342
ST012T4	Fixed		6.55000	%		05-Jun-2024		10-May-2028		5,076,671,000,000		314,208,764
ST013T2	BI 7-Day Reverse Repo Rate		6.40000	%		11-Dec-2024		10-Nov-2026		15,561,028,000,000		963,113,697
ST013T4	BI 7-Day Reverse Repo Rate		6.50000	%		11-Dec-2024		10-Nov-2028		4,840,968,000,000		299,620,474
SWR004	Fixed		6.35000	%		06-Sep-2023		10-Sep-2025		112,563,000,000		6,966,826
SWR005	BI 7-Day Reverse Repo Rate		12.75000	%		16-Oct-2024		10-Oct-2026		147,373,000,000		9,121,310
TOTAL RETAIL NON TRADABLE ISLAMIC DEBT SECURITIES										75,106,257,000,000		4,648,527,388
TOTAL NON-TRADABLE SECURITIES										188,008,271,833,167		11,636,335,448
TOTAL DOMESTIC CURRENCY DENOMINATED BONDS										6,227,530,976,833,170		385,438,570,083

Assumed exchange rates for conversion

USD/IDR 16,157.00

D-141