# EDGAR Filing Document

**Accession Number:** 0001719614
**File Stem:** 0001193125-26-229715
**Filing Date:** 2026-5
**Character Count:** 931019
**Document Hash:** 2742879435ac14385e391814e9f815d8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-229715.hdr.sgml**: 20260519

**ACCESSION NUMBER**: 0001193125-26-229715

**CONFORMED SUBMISSION TYPE**: 18-K

**PUBLIC DOCUMENT COUNT**: 104

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260519

**DATE AS OF CHANGE**: 20260519

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Republic of Indonesia
- **CENTRAL INDEX KEY:** 0001719614
- **STANDARD INDUSTRIAL CLASSIFICATION:** FOREIGN GOVERNMENTS [8888]
- **ORGANIZATION NAME:** International Corp Fin
- **EIN:** 000000000
- **STATE OF INCORPORATION:** K8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 18-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-221871
- **FILM NUMBER:** 26995936

**BUSINESS ADDRESS:**
- **STREET 1:** GEDUNG FRANS SEDA LANTAI 2
- **STREET 2:** JALAN DR. WAHIDIN RAYA NO. 1
- **CITY:** JAKARTA
- **STATE:** K8
- **ZIP:** 10710
- **BUSINESS PHONE:** 62213500841

**MAIL ADDRESS:**
- **STREET 1:** GEDUNG FRANS SEDA LANTAI 2
- **STREET 2:** JALAN DR. WAHIDIN RAYA NO. 1
- **CITY:** JAKARTA
- **STATE:** K8
- **ZIP:** 10710

##### [**Table of Contents**](#toc)
**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 18-K** 

**For Foreign Governments and Political Subdivisions Thereof** 

**ANNUAL REPORT** 

**OF** 

## REPUBLIC OF INDONESIA
**(Name of Registrant)** 

**Date of end of last fiscal year: December 31, 2025** 

**SECURITIES REGISTERED\*** 

**(As of the close of the fiscal year)** 

---

| | | |
|:---|:---|:---|
| **Title of Issue** | **Amount as to**<br> **Which Registration**<br> **is Effective** | **Names of**<br> **Exchanges on**<br> **Which Registered** |
|  N/A | N/A | N/A |

---

**Name and address of person authorized to receive notices** 

**and communications from the Securities and Exchange Commission:** 

**Chief Representative of Bank Indonesia New York** 

**Bank Indonesia New York** 

**25/F, 200 Vesey Street, New York, New York, 10285** 

***It is requested that copies of notices and communications from the Securities and Exchange Commission be sent to:***

**Felipe Duque, Esq.** 

**Allen Overy Shearman Sterling (Asia) Pte. Ltd.** 

**c/o 2 Central Boulevard** 

**#45-01 West Tower** 

**IOI Central Boulevard Towers** 

**Singapore 018916** 

\* The Registrant is filing this annual report on a voluntary basis.

------

##### [**Table of Contents**](#toc)
The information set forth below is to be furnished:

1. In respect of each issue of securities of the registrant registered, a brief statement as to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The general effect of any material modifications, not previously reported, of the rights of the holders of such
securities.

There have been no such modifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The title and the material provisions of any law, decree or administrative action, not previously reported, by
reason of which the security is not being serviced in accordance with the terms thereof.

There has been no such law, decree or administrative action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking
fund or amortization installment.

There has been no such failure.

2. A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal
funded debt is payable in foreign currency it should not be included under this paragraph (a), but under paragraph (b) of this item.)

See "Domestic Public Debt of the Central Government," on page D-122 of Exhibit 99.D, which is hereby incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No
statement need be furnished as to intergovernmental debt.)

See "Outstanding External Public Debt of the Republic by Major Currency," on page D-118 of Exhibit 99.D, which is hereby incorporated by reference herein.

3. A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together
with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.

See "Debt Tables of the Republic of Indonesia," on pages D-129 to D-162 of Exhibit 99.D, which is hereby incorporated by reference herein.

---

| | |
|:---|:---|
| 4. (a) | As to each issue of securities of the registrant which is registered, there should be furnished a break-down of the total amount outstanding, as shown in Item 3, into the following:  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Total amount held by or for the account of the registrant.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Total estimated amount held by nationals of the registrant (or if registrant is other than a national
government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.

Not practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Total amount otherwise outstanding.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed
by the registrant to reacquire such securities.

Not applicable.

5. A statement as of the close of the last fiscal year of the registrant giving the estimated total of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)

See "Debt Tables of the Republic of Indonesia," on pages D-129 to D-162 of Exhibit 99.D, which is hereby incorporated by reference herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which
payable.)

See "Debt Tables of the Republic of Indonesia," on pages D-129 to D-162 of Exhibit 99.D, which is hereby incorporated by reference herein.

------

##### [**Table of Contents**](#toc)
6. Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the
registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both
ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.

See "Government Budget—Government Finances," on pages D-103 to D-115 of Exhibit 99.D, which is hereby incorporated by reference herein.

7. (a) If any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe the effect of any such action, not previously reported.

Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any foreign exchange control previously reported has been discontinued or materially modified, briefly
describe the effect of any such action, not previously reported.

Not applicable.

8. Brief statements as of a date reasonably close to the date of the filing of this report (indicating such date),
in respect of the note issue and gold reserves of the central bank of issue of the registrant, and of any further gold stocks held by the registrant.

See "Foreign Exchange and Reserves—International Reserves," on page D-125 of Exhibit 99.D, which is hereby incorporated by reference herein.

9. Statements of imports and exports of merchandise for each year ended since the close of the latest year for
which such information was previously reported. The statements should be reasonably itemized so far as practicable as to commodities and as to countries. They should be set forth in items of value and of weight or quantity; if statistics have been
established in terms of value, such will suffice.

See "Foreign Trade and Balance of Payments," on pages D-60 to D-73 of Exhibit 99.D, which is hereby incorporated by reference herein.

10. The balances of international payments of the registrant for each year ended since the close of the latest year
for which such information was previously reported. The statements of such balances should conform, if possible, to the nomenclature and form used in the "Statistical Handbook of the League of Nations." (These statements need to be
furnished only if the registrant has published balances of international payments.)

See "Foreign Trade and Balance of Payments," on pages D-60 to D-73 of Exhibit 99.D, which is hereby incorporated by reference herein.

This annual report comprises:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Pages numbered 1 to 6 consecutively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The following exhibits:

Exhibit A — None.

Exhibit B — None.

Exhibit 99.C — The Law Number 17 of 2025 Regarding the State Budget for Fiscal Year 2026

Exhibit 99.D — Description of the Republic of Indonesia dated May 19, 2026

This annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

------

##### [**Table of Contents**](#toc)
**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  [SIGNATURE](#tx148290_1) | 5 |
|  [EXHIBIT INDEX](#tx148290_2) | 6 |

---

Exhibit 99.C [The Law Number 17 of 2025 Regarding the State Budget for Fiscal Year 2026](d105064dex99c.htm)

Exhibit 99.D [Description of the Republic of Indonesia dated May 19, 2026](d105064dex99d.htm)

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##### [**Table of Contents**](#toc)
**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Republic of Indonesia has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Jakarta, Indonesia on the 19th day of May 2026.

---

| | |
|:---|:---|
|  | REPUBLIC OF INDONESIA |
|  | acting for and on behalf of the Minister of Finance |
| By | /s/ Suminto |
|  | Suminto |
|  | *Director General of Budget Financing and Risk Management of the Ministry of Finance of the<br>Republic of Indonesia* |

---

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##### [**Table of Contents**](#toc)
**EXHIBIT INDEX** 

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.C: | [The Law Number 17 of 2025 Regarding the State Budget for Fiscal Year 2026](d105064dex99c.htm) |
| 99.D: | [Description of the Republic of Indonesia dated May 19, 2026](d105064dex99d.htm) |

---

## Ex-99.C

**EXHIBIT 99.C**![LOGO](g105064dsp001.jpg)

BHINNEKA TUNGGAL IKA <br>REPUBLIK INDONESIA <br>UNDANG-UNDANG <br>NOMOR 17 TAHUN 2025 <br>ANGGARAN PENDAPATAN DAN BELANJA NEGARA <br>BUKU I <br>TENTANG <br>TAHUN ANGGARAN 2026

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BUKU I <br>UNDANG-UNDANG <br>NOMOR 17 TAHUN 2025 <br>TENTANG <br>ANGGARAN PENDAPATAN DAN BELANJA NEGARA <br>TAHUN ANGGARAN 2026

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SALINAN <br>PRESIDEN REPUBLIK INDONESIA <br>UNDANG-UNDANG REPUBLIK INDONESIA NOMOR 17 TAHUN 2025 <br>TENTANG <br>ANGGARAN PENDAPATAN DAN BEI,ANJA NEGARA TAHUN ANGGARAN 2026 <br>DENGAN RAHMATTUHAN YANG MAHA ESA <br>PRESIDEN REPUBLIK INDONESIA, <br>Menimbang : <br>a, bahwa Anggaran Pendapatan dan Belanja Negara memegang peran:rn penting untuk menopang s€ndi-sendi kehidupan bernegara dan penyelenggaraan pemerintahan, sehingga harus dilaksanakan secara efisien, efektif, akuntabel, dan transparan guna <br>mewujudkan kesejahteraan ralgrat sesuai dengan cita-cita dan mandat yang tercantum dalam Undang- <br>Undang Dasar Negara Republik Indonesia Tahun 1945; <br>b bahwa untuk mewujudkan cita-cita dan mandat sebagaimana dimaksud dalam huruf a, dan seiring dengan meningkatnya tantangan baik yang berasal dari dalam negeri maupun faktor eksternal yang masih terus berlangsung, Anggaran Pendapatan dan Belanja <br>Negara melalui tiga fungsi utamanya yaitu alokasi, distribusi, dan stabilisasi bertujuan sekurang-kurangnya kebutuhan dasar masyarakat dan layanan dasar termasuk namun tidak <br>terbatas pada bidang pendidikan, kesehatan, <br>sosial, ketahanan pangan, ketahanan energi, dan pertahanan semesta; c. bahwa untuk mewujudkan Anggaran Pendapatan dan <br>Belanja Negara yang memenuhi kebutuhan dasar <br>masyarakat dan layanan dasar sebagaimana dimaksud dalam huruf b, Anggaran Pendapatan dan Belanja <br>Negara tahun anggaran 2026 dirancang agar memberikan fleksibilitas bagl Pemerintah untuk melakukan pergeseran anggaran baik belanja <br>Pemerintah Pusat maupun Tlansfer ke Daerah, dan pembiayaan investasi, untuk mendukung prrogram <br>prioritas Pemerintah yang ditqiukan untuk <br>pemenuhan kebutuhan masyarakat, dengan tetap menjaga tata kelola dan prinsip-prinsip pengelolaan <br>keuangan negara yang baik; d. bahwa. . . <br>SK No264934A

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Presiden <br>Republic Indonesia <br>Mengingat <br>d. bahwa berdasarkan pertimbangan sebagaimana <br>dimaksud dalam huruf a sampai dengan huruf c, serta melaksanakan ketentuan Pasal 23 ayat (l) Undang- <br>Undang Dasar Negara Republik Indonesia Tahun 1945, perlu membentuk Undang-Undang tentang Anggaran Pendapatan dan Belanja Negara Tahun Anggaran 2026. <br>1. Pasal 5 ayat (1), Pasal 20, Pasal 23 ayat (l) dan ayat (2), Pasal 31 ayat (4), dan Pasal 33 ayat (1), ayat (21, ayat (3), dan ayat (4) Undang-Undang Dasar Negara <br>Republik Indonesia Tahun 1945; <br>2. Undang-Undang Nomor 17 Tahun 2003 tentang <br>Keuangan Negara (Lembaran Negara Republik Indonesia Tahun 2003 Nomor 47, Tambahan <br>kmbaran Negara Republik Indonesia Nomor 4286); <br>3. Undang-Undang Nomor 25 Tahun 2004 tentang Sistem <br>Perencanaan Pembangunan Nasional (kmbaran <br>Negara Republik Indonesia Tahun 2OO4 Nomor 104, <br>Tambahan Lembaran Negara Republik Indonesia <br>Nomor 4421); <br>4. Undang-Undang Nomor 17 Tahun 2O14 tentang <br>Majelis Permusyawaratan Rakyat, Dewan Perwakilan <br>Rat<br>Perwakilan Rakyat Daerah (kmbaran Negara Republik <br>Indonesia Tahun 2OL4 Nomor L82, Tambahan <br>kmbaran Negara Republik Indonesia Nomor 5568) sebagaimana telah beberapa kali diubah terakhir dengan Undang-Undang Nomor 13 Tahun 2019 tentang Perubahan Ketiga atas Undang-Undang Nomor <br>17 Tahun 2Ol4 tentang Majelis Permusyawaratan Rakyat, Dewan Perwakilan Ralqfat, Dewan Perwakilan <br>Daerah, dan Dewan Perwakilan Rakyat Daerah <br>(Lembaran Negara Republik Indonesia Tahun 2O19 <br>Nomor 181, Tambahan Lembaran Negara Republik <br>Indonesia Nomor 6396); <br>5. Undang-Undang Nomor I Tahun 2022 tentang <br>Hubungan Keuangan antara Pemerintah Pusat dan <br>Pemerintahan Daerah (Lembaran Negara Republik <br>Indonesia Tahun 2022 Nomor 4, Tambahan kmbaran Negara Republik Indonesia Nomor 6757); <br>2 - <br>Dengan . . <br>SK No264570A

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PRESIDEN REPUBLIK INDONESIA <br>BUK INDONESIA <br>-3- <br>Dengan Persetqiuan Bersama <br>DEWAN PERWAKILAN RAKYAT REPUBLIK INDONESIA dan <br>PRESIDEN REPUBLIK INDONESIA <br>MEMUTUSKAN: <br>Menetapkan UNDANG-UNDANG TENTANG ANGGARAN PENDAPATAN <br>DAN BELANJA NEGARA TAHUN ANGGARAN 2026. <br>Pasal I <br>Dalam Undang-Undang ini yang dimaksud dengan: <br>1 Anggaran Pendapatan dan Belanja Negara yang selanjutnya disingkat APBN adalah rencana keuangan <br>tahunan pemerintahan negara yang disetqiui oleh <br>Dewan Perwakilan RalrYat. <br>2 Pendapatan Negara adalah hak Pemerintah Pusat yang diakuisebagai penambah kekayaan bersih yang terdiri atas Penerimaan Perpajakan, Penerimaan Negara <br>Bukan Pajak, dan Penerimaan Hibah. <br>3 Penerimaan Perpajakan adalah semua penerimaan negara yang terdiri atas pendapatan pajak dalam <br>negeri dan pendapatan pajak perdagzrngan internasional. <br>4 Pendapatan Pajak Dalam Negeri adalah semua <br>penerimaan negara yang berasal dari pendapatan pajak pengtrasilan, pendapatan pajak pertambahan nilai barang dan jasa dan pajak penjualan atas barang mewah, pendapatan pajak bumi dan bangunan, pendapatan cukai, dan pendapatan pajak lainnya. <br>5 Pendapatan Pajak Perdagangan Internasional adalah semua penerimaan negara yang berasal dari <br>pendapatan bea masuk dan pendapatan bea keluar. <br>6. Penerimaan . . . <br>SK No 264569 A

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PRESIDEN REPUBLIK INDONESIA <br>REPUEUK INDONESIA <br>-4- <br>6. Penerimaan Negara Bukan Pajak yang selanjutnya disingkat PNBP adalah pungutan yang dibayar oleh orang pribadi atau badan dengan memperoleh manfaat langsung maupun tidak langsung atas layanan atau p.\*anf"ata., sumber daya dan hak yang diperoleh <br>Negata, berdasarkan peraturan perundang-undangan yang menjadi penerimaan Pemerintah Pusat di luar <br>Penirimarn Perpajakan dan Hibah dan dikelola dalam mekanisme anggaran pendapatan dan belanja negara' <br>7. Penerimaan Hibah adalah semua penerimaan negara baik dalam bentuk devisa dan/ atau devisa yang dirupiahkan, rupiah, jasa, dan/ atau surat berharga yang diperoleh dari pemberi hibah yang tidak perlu dibayar kembali dan yang tidak mengikat, baik yang berasal dari datam negeri maupun dari luar negeri' <br>8. Belanja Negara adalah kewajiban Pemerintah Pusat yang g diakui sebagai pengurang nilai kekayaan bersih y.t te.ai.i atas belanja Pemerintah Pusat dan <br>Transfer ke Daerah. <br>9. Belanja Pemerintah Pusat Menurut Fungsi adalah behnja Pemerintah Pusat yang digunakan untuk <br>menjalankan fungsi kepemerintahan yang <br>dilaksanalan untuk mencapai tduan pembangunan <br>nasional sesuai dengan ketentuan peraturan <br>perundang-undangan di bidang keuangan negara' <br>10. Belanja Pemerintah Pusat Menurut Organisasi adalah behnja Pemerintah Pusat yang dialokasikan kepada kementerian/lembaga dan bendahara umum negara' <br>11. Belanja Pemerintah Pusat Menurut Program adalah belanja Pemerintah Pusat yang dialokasikan untuk mencapai hasil (outamel tertentu pada bagian anggaran kementerian/lembaga dan bagian anggaran bendahara umum negara. <br>12. Program Pengelolaan Subsidi adalah pemberian dukungan dalam bentuk pengalokasian anggaran kepada perusahaan negara, lembaga Pemerintah, atau <br>pihak ketiga berdasarkan peraturan Perundang- <br>undangan yang berlaku untuk barang atau jasa yang bersifat strategis atau menguasai hajat hidup orang banyak, dan/ atau disalurkan langsung kepada penerima manfaat, sesuai kemampuan keuangan negara. <br>13. Daerah. . . <br>SK No264568A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-5- <br>13. Daerah Otonom yang selanjutnya disebut Daerah adalah kesatuan masyarakat hukum yang mempunyai batas-batas wilayah yang berwenang mengatur dan mengurus Urusan Pemerintahan dan kepentingan masyarakat setempat menurut prakarsa sendiri <br>berdasarkan aspirasi masyarakat dalam sistem Negara <br>Kesatuan Republik Indonesia. <br>14. Urusan Pemerinta-han adalah kekuasaan <br>pemenntahan yang menjadi kewenangan Presiden yang pelaksanaannya dilakukan oleh kementerian dan <br>penyelenggara Pemerintahan Daerah untuk melindungi, melayani, memberdayakan dan <br>menyej ahterakan masyarakat. <br>15. Transfer ke Daerah yang selanjutnya disingkat TKD adalah dana yang bersumber dari APBN dan merupakan bagian dari Belanja Negara yang dialokasikan dan disalurkan kepada Daerah untuk <br>dikelola oleh Daerah dalam rangka mendanai <br>penyelenggaraan urusan pemerintahan yang menjadi kewenangan Daerah. <br>16. Dana Bagi Hasil yang selanjutnya disingkat DBH adalah bagran dari TKD yang dialokasikan berdasarkan persentase atas pendapatan tertentu dalam APBN dan kinerja tertentu, yang dibagikan kepada Daerah penghasil dengan tujuan untuk mengurangi ketimpangan fiskal antara Pemerintah dan baerah, serta kepada Daerah lain nonpenghasil dalam rangka menanggulangi eksternalitas negatif dan/atau meningkatkan pemerataan dalam satu wilayah. <br>L7. Dana Alokasi Umum yang selanjutnya disingkat DAU adalah bagian dari TKD yang dialokasikan dengan <br>tujuan mengurangi ketimpangan kemampuan <br>keuangan dan layanan publik antardaerah. <br>18. Dana Alokasi Khusus yang selanjutnya disingkat DAK adalah bagian dari TKD yang dialokasikan dengan tduan untuk mendanai program, kegiatan, dan/ atau kebijakan tertentu yang menjadi prioritas nasional dan membantu operasionalisasi layanan publik, yang penggunaannya telah ditentukan oleh Pemerintah. <br>19. Dana . . . <br>SK No264567A

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PRESIDEN REPUBLIK INDONESIA <br>INDONESIA <br>-6- <br>19. Dana Otonomi Khusus adalah bagian dari TKD yang dialokasikan kepada Daerah tertentu untuk mendanai pelaksanaan otonomi khusus sebagaimana ditetapkan dalam Undang-Undang mengenai otonomi khusus' <br>20. Dana Tambahan Infrastruktur dalam rangka Otonomi <br>Khusus bagi provinsi-provinsi di wilayah Papua yang selanjutnya disingkat DTI adalah dana tambahan dalam rangka pelaksanaan Otonomi Khusus yang besarannya ditetapkan antara Pemerintah dan Dewan <br>Perwakilan Rakyat yang diberikan berdasarkan usulan provinsi pada setiap tahun anggaran yang ditujukan untuk pendanaan pembangunan infrastruktur <br>perhubungan, energi listrik, air bersih, <br>telekomunikasi, dan sanitasi lingkungan. <br>2L. Dana Keistimewaan Daerah Istimewa Yoglakarta yang selanjutnya disebut Dana Keistimewaan adalah bagran dari TKD yang dialokasikan untuk mendukung urusan <br>keistimewaan Daerah Istimewa Yoryakarta' <br>sebagaimana ditetapkan dalam Undang-Undang mengenai keistimewaan Yoryakarta. <br>22. Darra Desa adalah bagian dari TKD yang <br>diperuntukkan bagr pendanaan desa dengan tujuan untuk <br>pemerintahan, mendukung penyelenggaraan pelaksanaan pembangunan' pemberdayaan masyaralat, dan kemasyarakatan. <br>23. Dana Insentif Fiskal adalah dana yang bersumber dari <br>APBN yang diberikan kepada Daerah atas pencapaian kinerja berdasarkan kriteria tertentu berupa perbaikan darr/ atau pencapaian kinerja pemerintah daerah dapat berupa pengelolaan keuangan Daerah, pelayanan umum pemerintahan, dan pelayanan dasar yang mendukung kebljakan strategis nasional dan/ atau pelaksanaan kebijakan fiskal nasional. <br>24. Pembiayaan Anggaran adalah setiap penerimaan yang <br>perlu dibayar kembali, penerimaan kembali atas pengeluaran pembiayaan tahun-tahun arlggaran sebelumnya, pengeluaran kembali atas penerimaan pembiayaan tahun-tahun anggaran sebelumnya, <br>penggunaan saldo anggaran lebih' dan/ atau <br>pengeluaran yang akan diterima kembali' baik pada iahun anggaran yang bersangkutan maupun tahun- <br>tahun anggaran berikutnya. <br>25. Satdo . . . <br>SK No264612A

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PRESIDEN REPUBLIK INDONESIA <br>ELIK INDONESIA <br>-7 - <br>25. Saldo Anggaran Lebih yang selanjutnya disingkat SAL adalah akumulasi neto dari sisa lebih pembiayaan anggaran dan sisa kurang pembiayaan anggaran tahun-tahun anggaran yang lalu dan tahun anggaran <br>yang bersangkutan setelah ditutup, <br>ditambah/ dikurangi dengan koreksi pembukuan. <br>26. Surat Berharga Negara yang selanjutnya disingkat SBN <br>meliputi surat utang negara dan Surat Berharga <br>Syariah Negara. <br>27. Surat Berharga Syariah Negara yang selanjutnya disingkat SBSN atau dapat disebut sukuk negara adalah SBN yang diterbitkan berdasarkan prinsip syariah, sebagai bukti atas bagian penyertaan <br>terhadap aset SBSN, baik dalam mata uang rupiah maupun valuta asing. <br>28. Barang Milik Negara yang selanjutnya disingkat BMN adalah semua barang yang dibeli atau diperoleh atas beban APBN atau berasal dari perolehan lainnya yang sah. <br>29. Penyertaan Modal Negara yang setanjutnya disingkat PMN adalah pemisahan kekayaan negEra dari APBN untuk dijadikan sebagai modal perusahaan negara <br>dan/ atau perseroan terbatas lainnya serta <br>lembaga/badan lainnya, yang pengelolaannya <br>dilakukan secara korPorasi. <br>30. Investasi Pemerintah adalah penempatan sejumlah dana dan/ atau aset keuangan dalam jangka panjang untuk investasi dalam bentuk saham, surat utang, dan/ atau investasi langsung guna memperoleh <br>manfaat ekonomi, dan/ atau sosial, dan / atau manfaat lainnya bagi sebesar-besarnya kemakmuran rakyat. <br>31. Pinjaman Dalam Negeri adalah setiap pinjaman oleh <br>Pemerintah yang diperoleh dari pemberi pinjaman dalam negeri yang harus dibayar kembali dengan persyaratan tertentu, sesuai dengan masa berlakunya. <br>32. Kewajiban . . . <br>SK No2646ll A

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PRESIDEN REPUBLIK INDONESIA <br>EUK INDONESIA <br>-8- <br>32. Kewajiban Penjaminan adalah kewajiban yang menjadi beban Pemerintah akibat pemberian jaminan kepada kementerian/lembaga, pemerintah daerah, badan usaha milik negara, badan usaha milik daerah, dan pelaku usaha dalam program pemulihan ekonomi <br>nasional, dalam hal kementerian/lembaga, pemerintah daerah, badan usaha milik negara, badan usaha milik daerah, dan pelaku usaha dalam program pemulihan ekonomi nasional, dimaksud tidak dapat memenuhi kewajibannya kepada kreditur dan/ atau badan usaha sesuai perjanjian pinjaman atau perjanjian kerja sama' <br>33. Pinjaman Tunai adalah pinjaman luar negeri dalam bentuk devisa dan/ atau rupiah yang digunakan untuk pembiayaan defisit APBN dan pengelolaan portofolio utang. <br>34. Pemberian Pinjaman adalah pinjaman Pemerintah <br>Pusat kepada pemerintah daerah, badan usaha milik negara, lembaga, dan/atau badan lainnya yang harus dibayar kembali dengan ketentuan dan persyaratan tertentu. <br>35. Anggaran Pendidikan adalah alokasi anggaran pendidikan termasuk sumber daya keuangan yang disediakan melalui Kementerian/Lembaga, nonKementerian/Lembaga, TKD, dan pengeluaran pembiayaan, untuk dan mengelola pendidikan dan Pelatihan yang menjadi tanggung jawab Pemerintah, termasuk gaji pendidik. <br>36. Persentase Anggaran Pendidikan adalah perbandingan atokasi anggaran pendidikan terhadap total anggaran belanja negara pada saat Undang-Undang mengenai <br>APBN ditetapkan. <br>37. Tahun Anggaran 2026 adala}:. masa 1 (satu) tahun terhitung mulai dari tanggal 1 Januari 2026 sampai <br>dengan tanggal 31 Desember 2026. <br>38. Pemerintah Pusat adalah Presiden Republik Indonesia yang memegang kekuasaan pemerintahan Negara <br>Republik Indonesia yang dibantu oleh Wakil Presiden dan Menteri sebagaimana dimaksud dalam Undang- <br>Undang Dasar Negara Republik Indonesia Tahun 1945. <br>39. Badan. . . <br>SK No264610A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN R,EPUBLIK INDONESIA <br>-9- <br>39. Badan Layanan Umum adalah instansi di lingkungan <br>Pemerintah yang dibentuk untuk memberikan pelayanan kepada masyarakat berupa penyediaan <br>barang dan/ atau jasa yang ddual, tanpa <br>mengutamakan mencari keuntungan, dan dalam melakukan kegiatannya didasarkan pada prinsip <br>efisiensi dan produktivitas. <br>40. Kementerian negara yar,g selanjutnya disebut <br>Kementerian adalah perangkat Pemerintah yang membidangi urusan tertentu dalam pemerintahan. <br>41. kmbaga adalah organisasi non-Kementerian Negara dan instansi lain pengguna anggaran yang dibentuk <br>untuk melaksanakan tugas tertentu berdasarkan <br>Undang-Undang Dasar Negara Republik Indonesia <br>Tahun 1945 atau peraturan perundang-undangan lainnya. <br>42. Menteri Keuangan adalah menteri yang <br>menyelenggarakan urusan pemerintahan di bidang keuangan. <br>Pasal 2 <br>APBN terdiri atas anggaran Pendapatan Negara' anggaran <br>Belanja Negara, dan Pembiayaan Anggaran. <br>Pasal 3 <br>Anggaran Pendapatan Negara Tahun Anggaran 2026 direncanakan sebesar Rp3. 1 53.580.466.863'000,00 (tiga <br>kuadriliun seratus lima puluh tiga triliun lima ratus <br>delapan puluh miliar empat ratus enam puluh enam juta <br>delapan ratus enam puluh tiga ribu rupiah), yang diperoleh dari sumber: a. PenerimaaaPerpajakan; b. PNBP; dan c. Penerimaan Hibah, <br>Pasal 4 <br>SK No 264609 A

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PRESIDEN REPUBLIK INDONESIA <br>REPIJBUK INDONESIA <br>- 10- <br>Pasal 4 <br>(1) Penerimaan Perpajakan sebagaimana dimaksud dalam <br>Pasal 3 huruf a direncanakan sebesar <br>Rp2.693.7 L4.25O.O00'00O,OO (dua kuadriliun enam <br>ratus sembilan puluh tiga triliun tujuh ratus empat belas miliar dua ratus lima puluh juta rupiah)' terdiri atas: a. Pendapatan Pajak Dalam Negeri; dan b. PendapatanPajakPerdaganganlnternasional. <br>(21 Pendapatan Pajak Dalam Negeri sebagaimana dimaksud pada ayat (1) huruf a direncanakan sebesar <br>Rp2.6O1.247.989.783.000,00 (dua kuadriliun enam ratus satu triliun dua ratus empat puluh tujuh miliar sembilan ratus delapan puluh sembilan juta tujuh ratus delapan puluh tiga ribu rupiah), terdiri atas: a. pendapatan pajak Penghasilan; b. pendapatan pajak pertambahan nilai barang dan jasa dan pajak penjualan atas barang mewah; c. pendapatan pajak bumi dan bangu.nan; d. pendapatan cukai; dan e. pendapatan Pajak lainnYa. <br>(3) Pendapatan pajak penghasilan sebagaimana dimaksud <br>pada ayat l2l huruf a direncanakan sebesar <br>Rp1.209.363.362.92O.000,00 (satu kuadriliun dua <br>ratus sembilan triliun tiga raftrs enam puluh tiga miliar tiga ratus enam puluh dua juta sembilan ratus dua puluh ribu rupiah) yang di dalamnya termasuk pajak penghasilan ditanggung Pemerintah atas: <br>a. komoditas panas bumi sebesar <br>Rp3.645.OO4.553.OOO,0O (tiga triliun enam ratus empat puluh lima miliar empat juta lima ratus <br>lima puluh tiga ribu rupiah) yang pelaksanaannya diatur dengan Peraturan Menteri Keuangan; dan <br>b. bunga. . . <br>SK No264608A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUBLIK INDONESIA <br>- 11- <br>b. bunga, imbal hasil, dan penghasilan pihak ketiga atas jasa yang diberikan kepada Pemerintah atau pihak lain yang mendapat penugasan sesuai <br>dengan ketentuan peraturan perundang- <br>undangan dalam rangka penerbitan dan/ atau pembelian kembali SBN di pasar internasional, tetapi tidak termasuk jasa konsultan hukum lokal, sebesar Rp7.O04.887.592.OO0'OO (tujuh triliun empat miliar delapan ratus delapan puluh tujuh juta lima ratus sembilan puluh dua ribu rupiah) yang pelaksanaannya diatur dengan <br>Peraturan Menteri Keuangan. <br>(4) Pendapatan pajak pertambahan nilai barang dan jasa dan pajak penjualan atas barang mewah sebagaimana dimaksud pada ayat (2) huruf b direncanakan sebesar <br>Rp995.277 .4O4. 8O3.O0O,OO (sembilan ratus sembilan puluh lima triliun dua ratus tujuh puluh tujuh miliar empat ratus empat juta delapan ratus tiga ribu rupiah). <br>(s) Pendapatan pajak bumi dan bangunan sebagaimana dimaksud pada ayat (2) huruf c direncanakan sebesar <br>Rp26. 13S.114.575.000,00 (dua puluh enam triliun <br>seratus tiga puluh delapan miliar seratus empat belas juta lima ratus tujuh puluh lima ribu rupiah). <br>(6) Pendapatan cukai sebagaimana dimaksud pada ayat (21 huruf d berasal dari pengenaan atas barang kena cukai yang meliputi: a. hasil tembakau; b. minuman yang mengandung etil alkohol; c. etil alkohol atau etanol; dan d. minuman berpemanis dalam kemasan, <br>yang jumlah besarannya direncanakan sebesar <br>Rp243.533.739.783.0OO,O0 (dua ratus empat puluh tiga triliun lima ratus tiga puluh tiga miliar tujuh ratus tiga puluh sembilan juta tujuh ratus delapan puluh tiga ribu rupiah). <br>(71 Pendapatan pajak lainnya sebagaimana dimaksud pada ayat (21 huruf e direncanakan sebesar <br>Rp 1 26.935.367 .7 O2.OOO,OO (seratus dua puluh enam triliun sembilan ratus tiga puluh lima miliar tiga ratus enam puluh tujuh juta tujuh ratus dua ribu rupiah). <br>(8) PendaPatan <br>SK No264607A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUEUK INDONESIA <br>-t2- <br>(8) Pendapatan Pajak Perdagangan Internasional sebagaimana dimaksud pada ayat (1) huruf b <br>direncanakan sebesar Rp92.466.26O.217.000,OO <br>(sembilan puluh dua triliun empat ratus enam puluh enam miliar dua ratus enam puluh juta dua ratus tujuh belas ribu rupiah), terdiri atas: a. pendapatan bea masuk; dan b. pendapatan bea keluar. <br>(9) Pendapatan bea masuk sebagaimana dimaksud pada <br>ayat (8) huruf a direncanakan sebesar <br>Rp49.9O1.699.242.OOO,OO (empat puluh sembilan triliun sembilan ratus satu miliar enam ratus sembilan puluh sembilan juta dua ratus empat puluh dua ribu rupiah). <br>(1O) Pendapatan bea keluar sebagaimana dimaksud pada <br>ayat (8) hunrf b direncanakan sebesar <br>Rp42.564.560.975.000,OO (empat puluh dua triliun lima ratus juta enam puluh empat miliar lima ratus enam puluh sembilan ratus tqiuh puluh lima ribu <br>rupiah). <br>(11) Ketentuan lebih lanjut mengenai rincian Penerimaan <br>Perpajakan Tahun Anggaran 2026 sebagaimana dimaksud pada ayat (2) dan ayat (8) diatur dalam <br>Peraturan Presiden. <br>Pasal 5 <br>(1) PNBP sebagaimana dimaksud dalam Pasal 3 huruf b <br>direncanakan sebesar Rp459.199.942.626.OOO,OO <br>(empat ratus lima puluh sembilan triliun seratus <br>sembilan puluh sembilan miliar sembilan ratus empat <br>puluh dua juta enam ratus dua puluh enam ribu <br>rupiah), terdiri atas: <br>_ a. pendaPatan sumber daYa alam; b. pendapatan dari kekayaan negara dipisahkan; c. pendapatan PNBP lainnYa; dan d. pendapatan Badan l,aYanan Umum. <br>(2) Pendapatan . . . <br>SK No264606A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN <br>REPUEUK INDONESIA <br>- 13- <br>(2t Pendapatan sumber daya alam sebagaimana dimaksud <br>pada ayat (1) huruf a direncanakan sebesar <br>Rp236.614.142.236.000,00 (dua ratus tiga puluh enam triliun enam ratus empat belas miliar seratus empat puluh dua juta dua ratus tiga puluh enam ribu rupiah), terdiri atas: a. pendapatan sumber daya alam minyak bumi dan gas bumi; dan b. pendapatan sumber daya alam nonminyak bumi dan gas bumi. <br>(3) Pendapatan dari kekayaan negara dipisahkan sebagaimana dimaksud pada ayat (1) huruf b direncanakan sebesar Rp i.8O0.000'OO0.0O0,00 (satu triliun delapan ratus miliar rupiah). <br>(4) Pendapatan PNBP lainnya sebagaimana dimaksud pada ayat (1) huruf c direncanakan sebesar <br>Rp122.a63.155.170.000,00 (seratus dua puluh dua triliun empat ratus enam puluh tiga miliar seratus lima puluh lima juta seratus tujuh puluh ribu rupiah). <br>(s) Pendapatan Badan Layanan Umum sebagaimana dimaksud pada ayat (1) huruf d direncanakan sebesar <br>Rp98.322.645.220.000,00 (sembilan puluh delapan triliun tiga ratus dua puluh dua miliar enam ratus empat puluh lima juta dua ratus dua puluh ribu <br>rupiah). <br>(6) Ketentuan lebih lanjut mengenai rincian PNBP Tahun <br>Anggaran 2026 sebagaimana dimaksud pada ayat (21' ayat (3), ayat (41, dan ayat (5) diatur dalam Peraturan <br>Presiden. <br>Pasal 6 <br>Penerimaan Hibah sebagaimana dimaksud dalam Pasal 3 huruf c direncanakan sebesar Rp666-274.237.000,O0 <br>(enam ratus enam puluh enam miliar dua ratus tujuh puluh empat juta dua ratus tiga puluh tujuh ribu rupiah). <br>Pasal 7 <br>SK No 264605 A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBLIK INDONESIA <br>-t4- <br>Pasal 7 <br>Anggaran Belanja Negara Tahun Anggaran 2026 <br>direncanakan sebesar Rp3.842.728.369.47 \|.OOO,O0 (tiga <br>kuadriliun delapan ratus empat puluh dua triliun tujuh ratus dua puluh delapan miliar tiga ratus enam puluh <br>sembilan juta empat ratus tujuh puluh satu ribu rupiah), terdiri atas: a. anggaran belanja Pemerintah Pusat; dan b. anggaran TKD. <br>Pasal 8 <br>(1) Anggaran belanja Pemerintah Pusat sebagaimana dimaksud dalam Pasal 7 huruf a direncanakan sebesar <br>Rp3. 1 49.733. 390. 760. 0OO,0O (tiga kuadriliun seratus <br>empat puluh sembilan triliun tujuh ratus tiga puluh tiga miliar tiga ratus sembilan puluh juta tujuh ratus enam puluh ribu rupiah). t2t Anggaran belanja Pemerintah Pusat sebagaimana dimaksud pada ayat (1) dikelompokkan atas: a. Belanja Pemerintah Pusat Menurut Fungsi; b. Belanja Pemerintah Pusat Menurut Organisasi; dan c. Belanja Pemerintah Pusat Menurut Program. <br>(3) Pelaksanaan belanja Pemerintah Pusat sebagaimana dimaksud pada ayat (1) dan ayat (21 berorientasi pada keluaran (output) dan hasil (outcome), untuk meningkatkan kesejahteraan rakyat. <br>(4) Pelaksanaan belanja Pemerintah Pusat sebagaimana dimaksud pada ayat (1) dan ayat (21 memprioritaskan dan memperkuat penggu.naan barang produksi dalam negeri dan mengandung tingkat komponen dalam negeri sesuai dengan ketentuan peraturan perundang-undangan. <br>(s) Rincian anggaran Belanja Pemerintah Pusat <br>Menurut Organisasi, Fungsi, dan Program <br>sebagaimana dimaksud pada ayat (2) tercantum dalam Lampiran I yang merupakan bagian tidak terpisahkan dari Undang-Undang ini sesuai dengan nota keuangan dan apabila ada perubahan diatur dengan Peraturan <br>Presiden' <br>Pasar9... <br>SK No264604A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUEUK INDONESIA <br>- 15- <br>Pasal 9 <br>(1) Anggaran TKD sebagaimana dimaksud dalam <br>Pasal 7 huruf b direncanakan sebesar <br>Rp692.994.978.711.0OO,0O (enam ratus sembilan prluh dua triliun sembilan ratus sembilan puluh empat miliar sembilan ratus tqjuh puluh delapan juta <br>tqjuh ratus sebelas ribu ruPiah). l2l TKD sebagaimana dimaksud pada ayat (1) terdiri atas: a. DBH; b. DAU; c. DAK; d. Dana Otonomi Khusus; e. Dana Keistimewaan; dan f. Dana Desa. <br>(3) Anggaran TKD sebagaimana dimaksud pada ayat (1) termasuk alokasi untuk Dana Insentif Fiskal. <br>(4) Ketentuan lebih lanjut mengenai rincian anggaran TKD sebagaimana dimaksud pada ayat (1) diatur dalam <br>Peraturan Presiden. <br>Pasal 10 <br>(1) DBH sebagaimana dimaksud dalam Pasal 9 aYat (21 huruf a direncanakan sebesar <br>Rp58. 5 I 5.OOO.OOO.OOO,OO (lima puluh delapan triliun lima ratus lima belas miliar rupiah), yang terdiri atas: a. DBH Pajak; b. DBH sumber daYa alam; c. DBH lainnya berupa DBH perkebunan sawit; dan d. kurang bayar DBH. <br>(21 DBH pajak sebagaimana dimaksud pada ayat (1) huruf a terdiri atas: a. pajak penghasilan; b. pajak bumi dan bangunan; dan c. cukai hasil tembakau. <br>(3)DBH . , . <br>SK No 264603 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUELIK INDONESTA <br>- 16- <br>(3) DBH sumber daya alam sebagaimana dimaksud pada ayat (1) huruf b terdiri atas: a. kehutanan; b. mineral dan batubara; c. minyak bumi dan gas bumi; d. panas bumi; dan e. perikanan. <br>(4) DBH pajak bumi dan bangunan sebagaimana <br>dimaksud pada ayat (2) huruf b dapat <br>memperhitungkan biaya operasional yang diatur dengan Peraturan Menteri Keuangan. <br>(s) Alokasi DBH ditetapkan berdasarkan realisasi <br>penerimaan negara tahun anggar an 2025 dan sesuai dengan ketentuan peraturan perundang-undangan <br>dengan memperhatikan kemampuan keuangan <br>negara. <br>(6) Alokasi DBH sebagaimana dimaksud pada ayat (5) terdiri atas alokasi formula dan alokasi kinerja. <br>17t Dalam rangka penyelesaian kurang bayar DBH' <br>Menteri Keuangan dapat menetapkan alokasi kurang bayar DBH sampai dengan tahun anggaran 2025 dan/ atau dapat menggunakan alokasi DBH tahun anggaran berjalan. <br>(8) DBH sumber daya alam kehutanan sebagaimana dimaksud pada ayat (3) hurufa, khusus dana reboisasi digunakan untuk membiayai kegiatan, terdiri atas: a. rehabilitasi di luar kawasan sesuai kewenangan provinsi; b. rehabilitasi hutan dan lahan sesuai kewenangan provinsi; c. pembangunan dan pengelolaan hasil hutan kayu, <br>hasil hutan bukan kayu dan/atau jasa <br>lingkungan dalam kawasan; d. pemberdayaan masyarakat dan perhutanan <br>sosial; e. operasionalisasi kesatuan pengelolaan hutan; f. pengendaliaa kebakaran hutan dan lahan; g. perlindungan . . ' <br>SK No264602A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUEUK INDONESIA <br>-L7- <br>c, perlindungan dan pengamanan hutan; h. pengembangan perbenihan tanaman hutan; i. penyuluhan kehutanan; dan/ atau j. kegiatan strategis lainnya yang ditetapkan oleh <br>Pemerintah. <br>(e) Penggunaan DBH cukai hasil tembakau sebagaimana dimaksud pada ayat (2) huruf c, DBH sumber daya alam minyak bumi dan gas bumi sebagaimana dimaksud pada ayat (3) huruf c dan DBH sumber daya alam kehutanan sebagaimana dimaksud pada ayat (3) huruf a, diatur sebagai berikut: a. Penerimaan DBH cukai hasil tembakau, baik bagran provinsi maupun bagian kabupaten / kota <br>dialokasikan untuk mendanai program <br>sebagaimana diatur dalam ketentuan peraturan perundang-undangan mengenai cukai, dengan prioritas bidang kesehatan untuk mendukung program jaminan kesehatan nasional terutama peningkatan kuantitas dan kualitas layanan <br>kesehatan; b, Penerimaan DBH sumber daya alam minyak bumi <br>dan gas bumi, baik bagian provinsi maupun bagian kabupaten/kota digunakan sesuai kebutuhan dan prioritas Daerah, kecuali <br>tambahan DBH minyak bumi dan gas bumi untuk provinsi Papua Barat, provinsi Papua Barat Daya, dan provinsi Aceh digunakan sesuai dengan ketentuan peraturan perundang-undangan; dan c. Sisa DBH sumber daya alam kehutanan dari dana <br>reboisasi kabupaten/kota, yang disalurkan <br>sebelum tahun 2Ol7 yang masih terdapat di kas <br>daerah dapat digunakan oleh organisasi <br>perangkat daerah yang ditunjuk oleh bupati/wali kota untuk: <br>1. pembangunan dan pengelolaan taman hutan raya; <br>2. pencegahan dan penanggulangan kebakaran hutan dan lahan; <br>3. penanganan pasca kebakaran hutan dan lahan di taman hutan raya; <br>4.penanaman <br>SK No 264601 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUEUK INDONESIA <br>- 18- <br>4. penanaman daerah aliran sungai kritis, penanaman pada kawasan perlindungan <br>setempat, dan Pembuatan bangunan <br>konservasi tanah dan air; <br>5. pembangunan dan pengelolaan ruang terbuka hijau; <br>6. penYuluhan lingkungan hiduP; <br>7. konservasi sumber daya alam hayati dan ekosistemnYa; <br>8. pengelolaan keanekaragaman hayati; dan/atau 9, kegiatan strategis lainnya yang ditetapkan oleh Pemerintah. <br>(10) Dalam hal realisasi penerimaan negara yang dibagihasilkan melebihi pagu penerimaan yang dianggarkan dalam tahun 2026, Pemetintah dapat menyalurkan DBH berdasarkan realisasi penerimaan tahun berjalan dan/atau menyelesaikan kurang bayar <br>DBH tahun-tahun sebelumnya sesuai dengan <br>kemampuan keuangan negara. <br>(11) Tata cara penyelesaian kurang bayar DBH <br>sebagaimana dimaksud pada ayat (7) dan ayat (10) dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan <br>' <br>(12) Ketentuan lebih lanjut mengenai pengelolaan dan/atau rincian alokasi DBH sebagaimana dimaksud <br>pada ayat (1) diatur dengan Peraturan Menteri <br>Keuangan. <br>Pasal 11 <br>(1) DAU sebagaimana dimaksud dalam Pasal 9 ayar l2l <br>huruf b, direncanakan sebesar <br>Rp4O0.019.370.460.00O,00 (empat ratus triliun <br>sembilan belas miliar tiga ratus tujuh puluh juta empat ratus enam puluh ribu ruPiah). t2l Dalam hal terdapat kebijakan Pemerintah yang berpengaruh pada perhitungan DAU, terhadap DAU sebagaimana dimaksud pada ayat (1) dapat dilakukan penyesuaian. <br>(3) Penyesuaian . . . <br>SK No264600A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>-19- <br>(3) Penyesuaian DAU sebagaimana dimaksud pada ayat (21 tidak mengubah pagu TKD lainnya dan/atau kewajiban yang timbul bagi Daerah. <br>(4) DAU untuk tiap-tiap Daerah dialokasikan berdasarkan celah fiskal. <br>(5) Alokasi DAU untuk setiap Daerah terdiri atas bagian <br>DAU yang tidak ditentukan penggunaannya dan <br>bagian DAU yang ditentukan penggunaannya. <br>(6) Sebagian alokasi DAU provinsi di wilayah Papua untuk bidang pendidikan dialihkan kepada kabupaten/kota di wilayahnya masing-masing sebagai tindak lanjut dari pengalihan kewenangan pengelolaan pendidikan menengah dari provinsi kepada kabupaten/kota sesuai dengan ketentuan peraturan perundang- <br>undangan yang mengatur mengenai kewenangan dan kelembagaan pelaksanaan kebijakan otonomi khusus provinsi Papua. <br>Pasal 12 <br>(1) DAK sebagaimana dimaksud dalam Pasal 9 ayat {21 <br>huruf c direncanakan sebesar <br>Rp I 57.089.978.7 1 1.OO0,OO (seratus lima puluh tujuh triliun delapan puluh sembilan miliar sembilan ratus <br>tujuh puluh delapan juta tujuh ratus sebelas ribu <br>rupiah), terdiri atas: a, DAK fisik; b. DAK nonlisik; dan c. Hibah kepada Daerah. <br>Pengalokasian DAK frsik sebagaimana dimaksud pada t2t berdasarkan usulan ayat (1) huruf a ditetapkan pemerintah daerah dan/atau aspirasi anggota Dewan Perwakilan Rakyat dalam mempeduangkan program pembangunan daerah dengan memperhatikan prioritas nasional, kemampuan keuangan negara, kapasitas fiskal daerah dan kinerja daerah, serta tata kelola keuangan negara yang baik. <br>(3) Pengelolaan DAK Fisik sebagaimana dimaksud pada <br>ayat (1) huruf a dilaksanakan dengan <br>mengimplementasikan kebijakan afirmatif. <br>(4)DAK. . . <br>SK No2645994

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUEUK INDONESIA <br>-20- <br>(4) DAK fisik sebagaimana dimaksud pada ayat (1) huruf <br>a direncanakan sebesar RpS.O0O.O0O.OOO'OO0'00 (lima <br>triliun rupiah). <br>(s) DAK nonfisik sebagaimana dimaksud pada ayat (1) <br>huruf b direncanakan sebesar <br>Rp149.343.290.901.0OO,00 (seratus empat puluh sembilan triliun tiga ratus empat putuh tiga miliar dua ratus sembilan puluh juta sembilan ratus satu ribu rupiah). <br>(6) Hibah kepada Daerah sebagaimana dimaksud pada <br>ayat (1) huruf c direncanakan sebesar <br>Rp2.746.687.810.000,00 (dua triliun tujuh ratus empat puluh enam miliar enam ratus delapan puluh tqiuh juta delapan ratus sepuluh ribu rupiah). <br>Pasal 13 <br>(1) Dana Otonomi Khusus sebagaimana dimaksud dalam <br>Pasal 9 ayat (21 huruf d direncanakan sebesar <br>Rp14.OOO.629.540.OOO,OO (empat belas triliun enam ratus dua puluh sembilan juta lima ratus empat puluh ribu rupiah), terdiri atas: a. Atokasi Dana Otonomi Khusus untuk provinsi <br>Papua, provinsi Papua Barat, provinsi Papua <br>Pegunungan, provinsi Papua Tengah, provinsi Papua Selatan, dan provinsi Papua Barat Daya sebesar Rp9.0O0.435.835.00O,0O (sembilan triliun empat ratus tiga puluh lima juta delapan ratus tiga puluh lima ribu ruPiah); b. Alokasi Dana Otonomi Khusus provinsi Aceh sebesar Rp4.000.193.705.000,00 (empat triliun seratus sembilan puluh tiga juta tujuh ratus lima ribu rrpiah); dan c. DTI untuk provinsi Papua, provinsi Papua Barat, <br>provinsi Papua Pegunungan, provinsi Papua <br>Tengah, provinsi Papua Selatan, dan provinsi <br>Papua Barat DaYa sebesar <br>Rp 1. 0OO.OO0.0OO.0OO,0O (satu triliun rupiah). <br>(2) Dalam . . ' <br>SK No2645984

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PRESIDEN REPUBLIK INDONESIA <br>REPUEUK INDONESIA <br>-21 - <br>Dalam hal pembagian alokasi Dana Otonomi Khusus <br>12\ pada (1) a dan DTI sebagaimana dimaksud ayat huruf sebagaimana dimaksud pada ayat (1) huruf c tidak dapat dilakukan sesuai dengan Undang-Undang mengenai Otonomi Khusus bagi provinsi Papua dan <br>peraturan pelaksanaannya sebagai akibat <br>ketidaktersediaan data, pembagran alokasi Dana <br>Otonomi Khusus dan DTI tersebut dilakukan berdasarkan perhitungan rata-rata atas data yang digunakan untuk kabupaten/kota di lingkup wilayah provinsi di wilayah PaPua. <br>(3) DTI sebagaimana dimaksud pada ayat (1) huruf c <br>untuk provinsi Daerah baru diprioritaskan <br>penggunaannya untuk pembangunan infrastruktur penunjang gedung perkantoran, meliputi infrastruktur jalan dan jembatan menuju lokasi perkantoran, infrastruktur instalasi listrik, infrastruktur jaringan air bersih, jaringan telekomunikasi, dan infrastruktur sanitasi lingkungan. <br>(4) Penggunaan Dana Otonomi Khusus diprioritaskan untuk mendukung program prioritas nasional, yang dapat berupa pendidikan, kesehatan, makan bergizi <br>gratis, ketahanan pangan, infrastruktur, dan <br>ketahanan energi. <br>(s) Pelaksanaan kegiatan yang didanai dari Dana Otonomi <br>Khusus dapat melibatkan Kementerian/lembaga sesuai ketentuan peraturan perundang-undangan. <br>(6) Dana Keistimewaan sebagaimana dimaksud dalam <br>Pasal 9 ayat (21 huruf e direncanakan sebesar <br>Rpl.O0O.OO0.O00.0O0,O0 (satu triliun rupiah) yang <br>digunakan untuk mendanai kewenangan <br>keistimewaan Daerah Istimewa Yoryakarta serta dapat mendanai kegiatan prioritas nasional sesuai dengan ketentuan peraturan perundang-undangan. <br>(71 Ketentuan lebih lanjut mengenai pengelolaan Dana Otonomi Khusus sebagaimana dimaksud pada ayat (1) dan Dana Keistimewaan sebagaimana dimaksud pada ayat (6) diatur dalam Peraturan Menteri Keuangan. <br>Pasal 14. . . <br>SK No264597A

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PRESIDEN REPUBLIK INDONESIA <br>PRES!DEN REPUEUK INDONESIA <br>-22- <br>Pasal 14 <br>(1) Dana Desa sebagaimana dimaksud dalam <br>Pasal 9 ayat {21 huruf f direncanakan sebesar <br>Rp6O.570.0O0.000.0O0,OO (enam puluh triliun lima ratus tqjuh puluh miliar rupiah), yang terdiri atas: a. sebesar Rp59.57O.000.O00.00O,OO (lima puluh <br>sembilan tritiun lima ratus tujuh puluh miliar <br>rupiah) pengalokasiannya dihitung pada tahun anggaran sebelum tahun anggaran berjalan <br>berdasarkan formula; dan b. sebesar Rp1.OO0.OO0.0OO.OO0,OO (satu triliun <br>rupiah) pengalokasiannya dihitung pada tahun anggaran berjalan sebagai insentif desa dan/ atau melaksanakan kebijakan Pemerintah Pusat. <br>(21 Dana Desa sebagaimana dimaksud pada ayat (1) huruf a dialokasikan kepada setiap desa dengan ketentuan: a. alokasi dasar sebesar 650/o (enam puluh lima <br>persen) dibagi secara proporsional kepada setiap desa; b. a.lokasi afirmasi sebesar 1% (satu persen) dibagi secara proporsional kepada desa tertinggal dan desa sangat tertinggal yang memiliki jumlah penduduk miskin terbanyak, dan/ atau kepada <br>desa yang memiliki risiko tinggi terhadap <br>perubahan iklim dan/ atau bencana; c. alokasi kinerja sebesar 4o/o (empat persen) dibagi kepada desa dengan kinerja terbaik; dan d. alokasi formula sebesar 30% (tiga puluh persen) <br>dihitung dengan memperhatikan jumlah <br>penduduk, angka kemiskinan, luas wilayah, dan tingkat kesulitan geografis. <br>(3) Berdasarkan hasil penghitungan alokasi Dana Desa setiap desa sebagaimana dimaksud pada ayat (2), Pemerintah menetapkan alokasi Dana Desa per kabupaten/kota. <br>(4) Dana . . . <br>SK No264596A

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PRESIDEN REPUBLIK INDONESIA <br>PTTESIDEN <br>REPUEUK INDONESIA <br>-23- <br>(4) Dana Desa diutamakan penggunaannya untuk mendukung pembangunan berkelanjutan: a. penangElnan kemiskinan ekstrem dengan <br>penggunaan Dana Desa untuk bantuan langsung tunai desa dengan target keluarga penerima manfaat dapat menggunakan data Pemerintah sebagai acuan; b. penguatan desa berketahanan iklim dan tangguh bencana; c. peningkatan promosi dan penyediaan layanan dasar kesehatan skala desa; <br>d. program ketahanan pang€rn atau lumbung pangan, energi, dan lembaga ekonomi desa lainnya; e. dukungan implementasi koperasi desa merah putih; f. pembangunan dan pemeliharaan infrastruktur desa melalui program padat karya tunai desa; g. pembangunan infrastruktur digital dan teknologi di desa; dan/ atau h. program sektor prioritas lainnya di desa termasuk pengembangan potensi dan keunggulan desa. <br>(s) Dana Desa dapat digunakan untuk dana operasional pemerintah desa paling banyak 3% (tiga persen) dari pagu Dana Desa setiap desa. <br>(6) Ketentuan lebih lanjut mengenai pengelolaan Dana Desa dan penetapan rincian Dana Desa setiap desa <br>berdasarkan hasil perhitungan sebagaimana <br>dimaksud pada ayat (2) diatur dengan Peraturan <br>Menteri Keuangan. <br>Pasal 15 <br>(l) Dana Insentif Fiskal sebagaimana dimaksud dalam <br>Pasal 9 ayat (3) direncanakan sebesar <br>Rp1.80O.OOO.OO0.00O,0O (satu triliun delapan ratus miliar rupiah). <br>(2) Dana . . <br>' <br>SK No 264595 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>-24- <br>(21 Dana Insentif Fiskal sebagaimana dimaksud pada ayat (l) dialokasikan berdasarkan penilaian kinerja pemerintah daerah. <br>(3) Dana Insentif Fiskal sebagaimana dimaksud pada ayat (1) dialokasikan per daerahnya pada tahun anggaran berjalan. l4l Ketentuan lebih lanjut mengenai pengelolaan Dana <br>Insentif Fiskal diatur dengan Peraturan Menteri <br>Keuangan. <br>Pasal 16 <br>(1) Ketentuan mengenai penyaluran anggaran TKD diatur sebagai berikut: <br>a. dapat dilakukan dalam bentuk tunai dan <br>nontunai; b. bagi Daerah yang memiliki uang kas dan/atau simpanan di bank dalam jumlah tidak wajar, dapat dilakukan konversi penyaluran DBH dan/atau DAU dalam bentuk nontunai; c. dilakukan berdasarkan kinerja pelaksanaan; dan <br>d. dapat dilakukan penundaan, pemotongan, <br>dan/ atau penghentian, dalam hal Daerah tidak memenuhi anggaran yang diwajibkan dalam peraturan perundang-undangan atau menunggak <br>membayar iuran yang diwajibkan dalam <br>peraturan perundang-undangan. <br>(21 Ketentuan mengenai pengelolaan TKD sebagaimana dimaksud pada ayat (1) dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan. <br>Pasal 17 <br>(1) Program Pengelolaan Subsidi dalam <br>Tahun Anggaran 2026 direncanakan sebesar <br>Rp3 18.886.235.607.000,00 (tiga ratus delapan belas triliun delapan ratus delapan puluh enam miliar dua <br>ratus tiga puluh lima juta enam ratus tujuh ribu <br>ruPiah)' <br>(2) Anggaran . ' . <br>SK No264594A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUEUK INDONESIA <br>-25- <br>(21 Anggaran untuk Program Pengelolaan Subsidi seb-agaimana dimaksud pada ayat (1) dilaksanakan <br>sesuii dengan ketentuan peraturan perundang- <br>undangan. <br>(3) Anggaran untuk Program Pengelolaan Subsidi seb-agaimana dimaksud pada ayat (1) dapat disesuaikan dengan kebutuhan realisasi pada tahun anggaran berjalan berdasarkan asumsi dasar ekonomi <br>\*at.o, perubahan parameter, perubahan kebijakan, dan/ atau pembayaran kekurangan subsidi tahun-tahun sebelumnYa. <br>(4) Ketentuan lebih lanjut mengenai rincian Program <br>Pengelolaan Subsidi dalam Tahun Anggaran 2026 sebagaimana dimaksud pada ayat (1) diatur dalam <br>Peraturan Presiden. <br>Pasal 18 <br>(1) Dalam hal perkiraan realisasi PNBP sumber daya alam yang dibagihasilkan melampaui target penerimaan dalam APBN yang diikuti dengan kebijakan <br>peningkatan belanja subsidi energi dan/ atau <br>i<br>(2t Ketentuan mengenai tata cara perhitungan persentase tertentu atas peningkatan belanja subsidi energi dan/ atau kompensasi terhadap kenaikan PNBP <br>sumber daya alam yang dibagihasilkan sebagaimana dimaksud pada ayat (1) dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan. <br>Pasal 19 <br>Dalam rangka efisiensi dan efektivitas anggaran <br>Kementerian/Lembaga, Pemerintah dapat memberikan penghargaan dan/ atau pengenaan sanksi berdasarkan: a. indikator kinerja anggaran; dan b. Pengelolaan . . . <br>SK No 264593 A

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-26- <br>PRESIDEN REPUBLIK INDONESIA <br>b. pengelolaananggaran, yang dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan. <br>Pasal 2O <br>(1) Perubahan anggaran Belanja Negara berupa: a. perubahan anggaran belanja yang bersumber dari <br>PNBP termasuk penggunaan saldo kas Badan Layanan Umum; b. perubahan anggaran belanja yang bersumber dari perhitungan PNBP tahun anggaran sebelumnya yang belum digunakan pada otorita ibu kota nusantara dan/ atau perhitungan sisa klaim <br>asuransi BMN tahun anggaran sebelumnya; c. perubahan anggaran belanja yang bersumber dari pinjaman termasuk Pinjaman baru; d. pergeseran anggaran antarprogram dalam 1 (satu) bagian anggaran untuk penanggulangan bencana; e. perubahan anggaran belanja yang bersumber dari hibah termasuk hibah yang diterushibahkan; f. perubahan anggaran belanja dalam rangka <br>penanggu.langan bencana; <br>g. perubahan anggaran cadangan kompensasi <br>dalam program pengelolaan belanja lainnya; <br>h. pergeseran dari Bagian Anggaran 999'08 (bendahara umum negara pengelolaan belanja <br>lainnya) ke bagian anggaran <br>Kementerian/ t embaga atau sebaliknya dan/ atau <br>pergeseran antarsubbagian anggaran dalam <br>Bagran Anggaran 999 (BA BUN); i. pergeseran anggaran belanja yang dibiayai dari <br>PNBP antarsatuan kerja dalam 1 (satu) program yang sama atau antarprogram dalam satu bagian anggaran; j. perubahan anggaran belanja yang bersumber dari <br>SBSN untuk pembiayaan kegiatan/proyek <br>Kementerian/ Lembaga; k. pergeseran . . . <br>SK No264592A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REFUBUK INDONESIA <br>-27 - <br>k. pergeseran anggaran antarprogram dalam 1 (satu) bagian anggaran yang bersumber dari rupiah <br>mumi untuk memenuhi kebutuhan belanja <br>operasional; <br>1. pergeseran anggaran antarprogram dalam 1 (satu) <br>Bagian Anggaran untuk memenuhi kebutuhan pengeluaran yang tidak diperkenankan (in eligible expendihrel atas kegiatan yang dibiayai dari pinjaman dan/ atau hibah luar negeri; m. pergeseran anggaran antarprogram dalam rangka penyelesaian restrukturisasi <br>Kementerian/Lembaga; n. pergeseran anggaran antarprogram dalam unit eselon I yang sama; dan <br>o. perubahan anggaran belanja dalam rangka <br>pembayaran tunggakan tahun <br>sebelumnya/ kewajiban Pemerintah, ditetapkan oleh Pemerintah. <br>(2) Pemerintah dapat melakukan pinjaman baru <br>sebagaimana dimaksud pada ayat (1) huruf c untuk penanggulangan bencana. <br>(3) Perubahan lebih lanjut Pembiayaan Anggaran berupa perubahan pagu Pemberian Pinjaman akibat dari lanjutan, percepatan penarikan Pemberian Pinjaman, dan pengesahan atas Pemberian Pinjaman yang telah closing date, ditetapkan oleh Pemerintah. <br>(4) Perubahan anggaran Belanja Negara berupa <br>perubahan pagu untuk pengesahan belanja dan penerimaan pembiayaan dan/ atau pendapatan hibah <br>yarrg bersumber dari pinjaman / hibah termasuk pinjaman/hibah yang diterushibahkan yang telah closing date, ditet:;pkan oleh Pemerintah. <br>(s) Perubahan anggaran Belanja Negara berupa penambahan pagu karena luncuran Rupiah Murni <br>Pendamping dalam Daftar Isian Pelaksanaan Anggaran <br>Tahun 2025 yang tidak terserap untuk pembayaran uang muka kontrak kegiatan yang dibiayai pinjaman luar negeri, ditetapkan oleh Pemerintah. <br>(6) Pencairan . . <br>' <br>SK No 264591 A

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PRESIDEN REPUBLIK INDONESIA <br>REPUELIK INDONESIA <br>-28 - <br>(6) Pencairan Rupiah Murni Pendamping sebagaimana dimaksud pada ayat (5) dilaksanakan paling lambat tanggal 3l Mxet2O26. <br>Pelaksanaan perubahan anggaran sebagaimana t7t (1) oleh dimaksud pada ayat huruf h disampaikan <br>Pemerintah kepada Dewan Perwakilan Ralryat melalui alat kelengkapan DPR RI yang khusus menangani urusan di bidang anggaran untuk mendapatkan rekomendasi, kecuali perubahan anggaran tertentu. <br>(8) Perubahan sebagaimana dimaksud pada ayat (1)' ayat l2l, ayat (3), ayat {41, dan ayat (5), dilaporkan <br>Pemerintah dalam APBN Perubahan Tahun Anggaran <br>2026 dan latau laporan keuangan Pemerintah Pusat tahun2026. <br>Pasal 2l <br>(1) Pemerintah dapat memberikan hibah kepada pemerintah asing/ lembaga asing dan menetapkan pemerintah asing/lembaga asing penerima untuk pencapaian kepentingan nasional Indonesia. l2l Pencapaian kePentingan nasional Indonesia sebagaimana dimaksud pada ayat (1) dilaksanakan dengan pemanfaatan barang/jasa <br>dan/ atau penyedia barang/jasa dalam negeri <br>Indonesia. <br>(3) Anggaran pemberian hibah sebagaimana dimaksud pada ayat (1) dapat bersumber dari PNBP lembaga dana kerja sama pembangunan internasional. <br>(4) Pemerintah dapat memberikan hibah kepada <br>pemerintah daerah yang pelaksanaannya dilaporkan <br>Pemerintah dalam APBN Perubahan Tahun Anggaran 2026 danlatau Laporan Keuangan Pemerintah Pusat <br>Tahun 2026. <br>Pasal22 . . . <br>SK No264590A

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PRESIDEN REPUBLIK INDONESIA <br>PRESTDEN <br>REPIIBUK INOONESTA <br>-29- <br>Pasal22 <br>(1) Anggaran Pendidikan direncanakan sebesar <br>Rp769.086.869.324.000,00 (tujuh ratus enam puluh sembilan triliun delapan puluh enam miliar delapan ratus enam puluh sembilan juta tiga ratus dua puluh empat ribu rupiah). <br>(21 Anggaran Pendidikan sebagaimana dimaksud pada ayat (1) sebesar 2O,Oo/o (dua puluh koma nol persen) <br>dari total anggaran Belanja Negara sebesar <br>Rp3.842.7 28.369. 47 I . 0OO, 0O (tiga kuadriliun delapan ratus empat puluh dua triliun tujuh ratus dua puluh delapan miliar tiga ratus enam puluh sembilan juta <br>empat ratus tujuh putuh satu ribu rupiah). <br>(3) Anggaran Pendidikan sebagaimana dimaksud pada ayat (1) termasuk untuk pendanaan operasional penyelenggaraan Pendidikan. <br>(4) Anggaran Pendidikan sebagaimana dimaksud pada ayat (1) termasuk Investasi Pemerintah pada pos pembiayaan. <br>(s) Hasil kelolaan dari dana abadi sebagaimana dimaksud pada ayat (4) digunakan oleh kementerian/lembaga terkait sesuai peruntukannYa. <br>(6) Ketentuan lebih lanjut mengenai rincian Anggaran <br>Pendidikan dan penggunaan hasil kelolaan dana abadi diatur dalam Peraturan Presiden. <br>Pasal 23 <br>(1) Jumlah anggaran Pendapatan Negara Tahun Anggaran <br>2026 sebagaimana jumlah dimaksud dalam Pasal 3, lebih kecil <br>dari pada anggaran Belanja Negara <br>sebagaimana dimaksud dalam Pasal 7 sehingga dalam <br>Tahun Anggaran 2026 tetdapat defisit anggaran sebesar Rp689.147.902.608.000,00 (enam ratus <br>delapan puluh sembilan triliun seratus empat puluh tqiuh miliar sembilan ratus dua juta enam ratus <br>delapan ribu rupiah) yang akan dibiayai dari <br>Pembiayaan Anggaran. <br>(2) PembiaYaan . . . <br>SK No254589A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-30- <br>(21 Pembiayaan Anggaran sebagaimana dimaksud pada ayat (1) sebesar Rp689.147.902.608.000,00 (enam ratus delapan puluh sembilan triliun seratus empat puluh tqiuh miliar sembilan ratus dua juta enam ratus delapan ribu rupiah), terdiri atas: <br>a. pembiayaan utang sebesar <br>Rp832.208.898.829.000,0O (delapan ratus tiga <br>puluh dua triliun dua ratus delapan miliar <br>delapan ratus sembilan puluh delapan juta delapan ratus dua puluh sembilan ribu rupiah); <br>b. pembiayaan investasi sebesar negatif <br>Rp2O3. 056.843.566.000,00 (dua ratus tiga triliun <br>lima puluh enam miliar delapan ratus empat <br>puluh tiga juta lima ratus enam puluh enam ribu ruPiah); <br>c. Pemberian Pinjaman sebesar negatif <br>Rp4O4. I 52.655.000,00 (empat ratus empat miliar seratus lima puluh dua juta enam ratus lima puluh lima ribu ruPiah); dan <br>d. pembiayaan lainnYa sebesar <br>Rp6O.4O0.OOO.00O.O0O,O0 (enam puluh triliun empat ratus miliar ruPiah). <br>(3) Ketentuan mengenai alokasi Pembiayaan Anggaran sebagaimana dimaksud pada ayat (1), tercantum dalam Lampiran I yang merupakan bagian tidak terpisahkan dari Undang-Undang ini. <br>(4) Ketentuan lebih lanjut mengenai rincian alokasi Pembiayaan Anggaran sebagaimana dimaksud pada ayat (3) diatur dalam Peraturan Presiden. <br>Pasal 24 <br>(1) Dalam hal anggaran diperkirakan defisit melampaui target yang ditetapkan dalam APBN, Pemerintah dapat menggunakan dana SAL, penarikan Pinjaman Tunai, penerbitan SBN, dan/ atau pemanfaatan saldo kas <br>Badan Layanan Umum sebagai tambahan <br>pembiayaan. <br>(2) Kewajiban . . . <br>SK No264588A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUBUK INDONESIA <br>-31 - <br>(2) Kewajiban yang timbul dari penggunaan dana SAL, penarikan Pinjaman T\rnai, penerbitan SBN, dan/ atau pemanfaatan saldo kas Badan Layanan Umum sebagai tambahan pembiayaan sebagaimana dimaksud pada ayat (1) dibebankan pada anggaran negara. <br>(3) Penggunaan dana SAL, penarikan Pinjaman T\rnai, penirbitan SBN, dan/ atau pemanfaatan saldo kas <br>Badan Layanan Umum sebagai tambahan pembiayaan sebagaimana dimaksud pada ayat (1) dilaporkan <br>Pemerintah dalam laporan keuangan Pemerintah <br>Pusat tahun 2026. <br>t4l Ketentuan lebih lanjut mengenai perkiraan defisit melampaui target serta penggu.naan dana SAL, <br>penarikan Pinjaman T\rnai, penerbitan SBN, dan/atau pemanfaatan saldo kas Badan Layanan Umum sebagai tamUatran pembiayaan sebagaimana dimaksud pada ayat (1) diatur dengan Peraturan Menteri Keuangan. <br>Pasal 25 <br>(1) Pemerintah dapat menggunakan program <br>Kementerian/Lembaga yang bersumber dari rupiah murni dan/ atau PNBP dalam alokasi anggaran belanja <br>Pemerintah Pusat dan/atau BMN untuk digunakan sebagai dasar penerbitan SBSN. <br>(21 Rincian atas program Kementerian/ kmbaga yang bersumber dari rupiah murni dan/ atau PNBP yang <br>digunakan sebagai dasar penerbitan SBSN <br>sebagaimana dimaksud pada ayat (1) ditetapkan oleh <br>Menteri Keuangan setelah pengesahan Undang- <br>Undang mengenai APBN Tahun Anggaran 2026 darr penetapan Peraturan Presiden mengenai Rincian APBN <br>Tahun Anggaran2026. <br>(3) Ketentuan lebih lanjut mengenai penggunaan program <br>Kementerian/ t embaga dan/ atau BMN sebagai dasar penerbitan SBSN sebagaimana dimaksud pada ayat (1) diatur dengan Peraturan Menteri Keuangan' <br>Pasal 26. . ' <br>SK No 264587 A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-32- <br>Pasal 26 <br>(1) Pemerintah dapat menggunakan sisa dana penerbitan <br>SBSN untuk pembiayaan kegiatan/proyek <br>Kementerian/Lembaga yang tidak terserap pada <br>Tahun Anggaran 2025 untuk membiayai pelaksanaan <br>lanjutan kegiatan/proyek tersebut pada Tahun <br>Anggaran 2O26. <br>(21 Penggunaan sisa dana penerbitan SBSN untuk pembiayaan kegiatan/proyek Kementerian/kmbaga sebagaimana dimaksud pada ayat (1) dilaporkan <br>Pemerintah dalam APBN Perubahan Tahun Anggaran <br>2026 danlatau laporan keuangan Pemerintah Pusat tahun2026. <br>(3) Ketenhran lebih lanjut mengenai penggunaan sisa <br>dana penerbitan SBSN untuk pembiayaan <br>kegiatan/proyek Kementerian f l\*mbaga sebagaimana dimaksud pada ayat (1) diatur dengan Peraturan <br>Menteri Keuangan. <br>Pasal27 <br>(1) Dalam hal terjadi krisis pasar SBN domestik, <br>Pemerintah dengan persetujuan Dewan Perwakilan Rakyat diberikan kewenangan menggunakan SAL untuk melakukan stabilisasi pasar SBN domestik <br>setelah memperhitungkan kebutuhan anggaran <br>sampai dengan akhir tahun anggaran berjalan dan awal tahun anggaran berikutnYa. <br>Persetqiuan Dewan Perwakilan Rakyat sebagaimana <br>t2t <br>dimaksud pada ayat (1) merupakan keputusan yang tertuang di dalam kesimpulan rapat kerja badan anggaran Dewan Perwakilan Rakyat dengan <br>Pemerintah, yang diberikan dalam waktu tidak lebih <br>dari lx24 (satu kali dua puluh empat) jam setelah usulan disampaikan Pemerintah kepada Dewan <br>Perwakilan Ralryat. <br>(3) Jumlah penggunaan SAL dalam rangka stabilisasi pasar SBN sebagaimana dimaksud pada ayat (1) <br>dilaporkan Pemerintah dalam APBN Perubahan Tahun Anggaran 2026 dan/ atau laporan keuangan Pemerintah Pusat tahun 2026. <br>(4) Ketentuan . . . <br>SK No264586A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN <br>IIEPUBUK INOONESIA <br>-33- <br>(4) Ketentuan lebih lanjut mengenai penggunaan SAL <br>dalam rangka stabilisasi pasar SBN domestik <br>sebagaimana dimaksud pada ayat (1) diatur dengal <br>Peraturan Menteri Keuangan. <br>Pasal 28 <br>(t) Dalam hal perkiraan realisasi penerimaan negara tidak sesuai dengan target, adanya perkiraan pengeluaran yang belum tersedia anggarannya, pengeluaran melebihi pagu yang ditetapkan dalam APBN Tahun <br>Anggaran 2026, kinerja anggaran telah tercapai, dan/atau untuk menjaga keberlanjutan fiskal' <br>Pemerintah dapat melakukan: a. penggunaan dana SAL; b. penarikan Pinjaman Tunai; c. penerbitan SBN; d. saldo kas Badan Layanan Umum; dan/ atau e. penyesuaian Belanja Negara setelah mendapat rekomendasi dari DPR. <br>(2t Penggunaan dana SAL sebagaimana dimaksud pada ayat (1) huruf a selain dalam rangka pengelolaan kas <br>dan untuk menutup pelebaran defisit, dan <br>penambahan penerbitan SBN sebagaimana dimaksud <br>pada ayat (U huruf c, dilaksanakan setelah <br>mendapatkan persetujuan Dewan Perwakilan Ralryat. (3) Pemerintah dapat melakukan pembelian kembali SBN jumlah untuk pengelolaan kas dengan tetap memerhatikan <br>kebutuhan penerbitan SBN neto untuk <br>memenuhi kebutuhan pembiayaan yang ditetapkan. <br>(4) Dalam hal terdapat instrumen pembiayaan dari utang <br>yang tebih menguntungkan dan/atau <br>ketidaktersediaan salah satu instrumen pembiayaan dari utang, Pemerintah dapat melakukan perubahan komposisi instrumen pembiayaan utang da-lam rangka menjaga ketahanan ekonomi dan fiskal. <br>(5) Dalam . . . <br>SK No264585A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUEUK INDONESIA <br>-34- <br>(s) Dalam hal diperlukan realokasi anggaran bunga utang sebagai dampak perubahan komposisi instrumen pembiayaan utang sebagaimana dimaksud pada ayat (a), Pemerintah dapat melakukan realokasi dari pembayaran bunga utang luar negeri ke pembayaran bunga utang dalam negeri atau sebaliknya. <br>(6) Untuk menurunkan biaya penerbitan SBN dan/ atau memastikan ketersediaan pembiayaan melalui utang, <br>Pemerintah dapat menerima jaminan penerbitan utang <br>dari lembaga yang dapat menjalankan fungsi penjaminan, dan/ atau menerima fasilitas dalam <br>bentuk dukungan PembiaYaan. <br>(7t Pelaksanaan ketentuan sebagaimana dimaksud pada ayat (1) sampai dengan ayat (6) dilaporkan dalam laporan keuangan Pemerintah Pusat tahun 2026. <br>Pasal 29 <br>(1) Pemerintah dapat menempuh langkah kebljakan yang berkaitan dengan Pendapatan Negara, Belanja Negara, dan/ atau Pembiayaan Anggaran untuk menghadapi ancaman yang membahayakan perekonomian nasional dan/ atau stabilitas sistem keuangan' <br>(2t Langkah kebijakan Pemerintah sebagaimana <br>dimaksud pada ayat (1) dilaporkan dalam laporan keuangan Pemerintah Pusat tahun 2026. <br>Pasal 30 <br>(1) Dalam rangka memenuhi pembiayaan APBN Tahun <br>Anggaran 2026, Pemerintah dapat melakukan <br>penerbitan SBN pada triwulan keempat Tahun 2O25. <br>(21 Penerbitan SBN sebagaimana dimaksud pada ayat (1) dilaporkan Pemerintah dalam APBN Perubahan Tahun <br>Anggaran 2026 dan/ atau laporan keuangan <br>Pemerintah Pusat tahun 2026' <br>Pasal 31 <br>SK No264584A

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PRESIDEN REPUBLIK INDONESIA <br>REFUBUK INDONESIA <br>-35- <br>Pasal 31 <br>(1) Dalam rangka pembayaran gaji, tunjangan, DAU, dan kewajiban Pemerintah lainnya bulan Januai 2026 yang dananya harus disediakan pada akhir Tahun <br>Anggaran 2025, Pemerintah dapat melakukan <br>pinjaman SAL dan/atau menggunakan dana dari hasil penerbitan SBN sebagaimana dimaksud dalam <br>Pasal 3O ayat (1) pada akhir Tahun 2025. <br>(21 Dalam rangka mendukung kebijakan Pemerintah, menjaga keberlanjutan fiskal, dan mitigasi risiko pasar dan ketidakpastian, bendahara umum negara dapat mengelola dan mengoptimalisasi dana SAL melalui penempatan dana SAL selain di Bank Indonesia serta melakukan rekomposisi mata uang Rupiah dan valuta asing. <br>(3) Pengelolaan dana SAL sebagaimana dimaksud pada ayat (21dapat dilakukan dalam bentuk pinjaman dana <br>SAL yang diberikan kepada badan usaha milik <br>negara/badan usaha milik daerah/ pemerintah daerah atau badan hukum lainnya yang mendapatkan penugasan Pemerintah dalam rangka melaksanakan kebijakan nasional. <br>(4) Ketentuan lebih lanjut mengenai penggunaan pinjaman SAL sebagaimana dimaksud pada ayat (1), ayar (21, dan ayat (3) diatur dalam Peraturan Menteri <br>Keuangan. <br>Pasal 32 <br>(1) Investasi pada organisasi/lembaga keuangan internasional/badan usaha internasiond yang akan dilakukan dan/ atau telah tercatat pada laporan keuangan Pemerintah Pusat sebagai investasi <br>permanen, ditetapkan untuk dijadikan investasi pada organisasi/lembaga keuangan intemasional/badan usaha intemasional tersebut. <br>(2) Pemerintah . . . <br>SK No 264583 A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-36- <br>(2t Pemerintah dapat melakukan pembayaran investasi pada organisasi/lembaga keuangan internasional/ badan usaha internasional melebihi pagu yang ditetapkan dalam Tahun Anggaran 2026 yang diakibatkan oleh selisih kurs, yang selanjutnya dilaporkan dalam APBN Perubahan Tahun Anggaran <br>2026 da.nlatau laporan keuangan Pemerintah Pusat lahun2026. <br>(3) Pelaksanaan investasi pada organisasi/lembaga keuangan internasional/badan usaha internasional sebagaimana dimaksud pada ayat (1) ditetapkan dengan Peraturan Menteri Keuangan. <br>Pasal 33 <br>(1) Saldo kas pada Badan Layanan Umum dan dana yang ditampung dalam rekening investasi bendahara umum rrega.i dapat menjadi tambahan investasi pada sub bagian anggaran bendahara umum negara investasi <br>Pemerintah (999.03). <br>(2t Ketentuan mengenai penambahan investasi <br>sebagaimana dimaksud pada ayat (1) dilaksanakan <br>sesuai dengan ketentuan peraturan perundang- <br>undangan. <br>Pasal 34 <br>(1) Pemerintah mengalokasikan pembiayaan investasi kepada: a. Badan Layanan Umum lembaga manajemen aset negara dengan tujuan pembentukan dana jangka panjang dan/ atau dana cadangan dalam rangka pengadaaa tanah untuk kepentingan proyek strategis nasional dan pengelolaan aset <br>Pemerintah lainnYa; b. Badan Layanan Umum badan pengelola dana lingkungan hidup dengan tujuan pembentukan <br>dana abadi, dana jangka panjang, dan/ atau dana cadangan dalam rangka percepatan rehabilitasi mangrove, pengembangan kegiatan sektor pariwisata, dan/atau kegiatan penanggulangan bencana; dan c. operator . . ' <br>SK No264582A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUEUK INDONESIA <br>-37- <br>c. operator Investasi Pemerintah sesuai dengan ketentuan peraturan perundang-undangan yang mengatur mengenai Investasi Pemerintah. <br>Tanah untuk kepentingan proyek strategis nasional t2l sebagaimana dimaksud pada ayat (l) huruf a dapat <br>ditetapkan status penggunaannya pada <br>Kementerian/Lembaga dengan menggunakan <br>mekanisme pengesahan belanja modal. <br>(3) Kegiatan rehabilitasi mangrove, pengembangan kegiatan sektor pariwisata, dan/atau kegiatan penanggulangan bencana sebagaimana dimaksud pada ayat (1) huruf b ditetaPkan dan dicatat sebagai kegiatan Kementerian/ Lembaga dengan mekanisme pengesahan belanja atau mekanisme pembiayaan. <br>(41 Dalam hal anggaran pengesahan belanja Yang dilaksanakan oleh Kementerian/Lembaga sebagaimana dimaksud pada ayat (2) dan ayat (3) belum tersedia, dapat dilakukan penyesuaian belanja negara. <br>(s) Pelaksanaan pengesahan belanja sebagaimana <br>dimaksud pada ayat (2) dan ayat (3), serta penyesuaian <br>Belanja Negara sebagaimana dimaksud pada ayat (4) <br>dilaporkan Pemerintah dalam laporan keuangan <br>Pemerintah Pusat tahun berkenaan. <br>(6) Penerimaan kembali dari pinjaman pemerintah daerah dalam rangka pemulihan ekonomi nasional digunakan sebagai dana Investasi Pemerintah untuk pemberian pinjaman kepada Badan Layanan Umum, badan usaha, dan atau pemerintah daerah sesuai dengan <br>/ <br>ketentuan peraturan perundang-undangan. <br>Investasi Pemerintah kepada operator Investasi <br>17) (1) <br>Pemerintah sebagaimana dimaksud pada ayat huruf c dapat dikenakan tingkat imbat hasil investasi lebih rendah dari tingkat bunga. yang ditetapkan oleh <br>Bank Indonesia. <br>Pasal 35. . . <br>SK No264581A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBLIK INOONESIA <br>-38- <br>Pasal 35 <br>(1) BMN yang dari awal pengadaannya direncanakan untuk disirtat<br>12t Ketentuan mengenai tatz- cara penetaPan PMN untuk <br>BMN yang dari awal pengadaannya direncanakan untuk disertakan menjadi tambahan modal badan usaha milik negara atau perseroan terbatas / badan hukum lainnya yang di dalamnya terdapat kepemilikan negara sebagaimana dimaksud pada ayat (1) dilaksanakan sesuai dengan ketentuan peraturan <br>perundang-undangan di bidang pengelolaan BMN' <br>(3) Pemerintah melakukan penambahan PMN yang berasal dari dana tunai dan piutang negara pada badan usaha milik negara llembaga lbadan hukum lainnya. <br>(4) Dalam rangka meningkatkan kapasitas usaha badan usaha milik negara dan badan hukum lainnya, <br>Pemerintah melakukan Penambahan PMN yang <br>berasal dari BMN melalui mekanisme <br>pemindahtanganan BMN sesuai dengan ketentuan peraturafl perundang-undangan. <br>(s) Dalam rangka pelaksanaan fungsi frskal, Menteri <br>Keuangan dapat mengusulkan PMN pada badan usaha <br>- yang milik negara tertentu dibentuk untuk <br>menjalankan fungsi dan tugas sebagai alat fiskal (.liscal tools) atau kendaraan misi khusus (special mi;ssion uehiclel kepada Komisi yang membidangi urusan keuangan negara pada Dewan Perwakilan Rakyat untuk mendapatlan Persetujuan. <br>(6) PMN sebagaimana dimaksud pada ayat (3), ayat (4) dan ayat (5) sebagaimana tercantum dalam Lampiran I <br>ylng merupakan bagian tidak terpisahkan dari <br>Undang-Undang ini. <br>Pasal 36. . ' <br>SK No264580A

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PRESIDEN REPUBLIK INDONESIA <br>I,RESIDEN REPUBLIK INDONESIA <br>-39- <br>Pasal 36 <br>(1) Pemerintah dalam mengurus kekayaan negara yang dipisahkan dan dikelola oleh badan usaha milik negara <br>atau badan lainnya, akan meningkatkan dan mengoptimalkan manfaat ekonomi, sosial, memperkuat rantai produksi dalam negeri, <br>meningkatkan daya saing, serta memperkuat <br>penguasaan pasar dalam negeri. l2t Pemerintah dalam menangani kekayaan negara yang <br>dipisahkan dan dikelola oleh badan usaha milik <br>negara, atau badan lainnya, agar menjaga aset yang bersumber dari cabang-cabang produksi yang penting dan mengu.asai hajat hidup orang banyak serta aset bumi, air, dan kekayaan di dalamnya, tetap dikuasai oleh negara sesuai dengan ketentuan peraturan <br>perundang-undangan. <br>(3) Untuk mengoptimalkan pendapatan dari kekayaan negara yang dipisahkan, penyelesaian piutang pada badan usaha milik negara dilakukan: a. sesuai dengan ketentuan peraturan perundang-undangan di bidang perseroan terbatas dan badan usaha milik negara; b. memperhatikan prinsip tata kelola pemerintahan yang baik; dan c. Pemerintahmelakukanpengawasanpenyelesaian piutang pada badan usaha milik negara tersebut. <br>Pasa1 37 <br>(1) Dalam rangka optimalisasi penerimaan negara' <br>Menteri Keuangan berwenang melakukan pemeriksaan dan/ atau audit penerimaan negara' l2t Ketentuan lebih lanjut mengenai pemeriksaan dan/ atau audit penerimaan negara sebagaimana dimaksud dalam ayat (1) diatur dengan Peraturan <br>Menteri Keuangan. <br>Pasal 38... <br>SK No 264638 A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN REPUBUK INDONESIA <br>-40_ <br>Pasal 38 <br>(1) Menteri Keuangan diberikan kewenangan untuk <br>mengelola anggaran Kewajiban Penjaminan <br>Pemerintah untuk pemberian dukungan yang dapat berupa: a. dukungan penjaminan dalam rangka penyediaan infrastruktur nasional; b. dukungan penjaminan dalam rangka kesinambungan program pemulihan ekonomi nasional; c. penugasan penyediaan pembiayaan infrastruktur daerah kepada badan usaha milik negara; d. pemberian jaminan Pemerintah dalam rangka cadangan pangan Pemerintah; dan/ atau <br>e. dukungan terhadap pembayaran kewajiban pinjaman pemerintah daerah dalam rangka <br>pelaksanaan kebijakan fiskal nasional yang telah melewati masa jatuh tempo. <br>Dukungan penjaminan dalam rangka Penyediaan <br>l2t <br>Infrastruktur Nasional sebagaimana dimaksud pada ayat (1) huruf a terdiri atas: a. pemberian jaminan Pemerintah Pusat untuk percepatan pelaksanaan proyek strategis <br>nasional; <br>b. pemberian jaminan Pemerintah untuk <br>pelaksanaan pembangunan infrastnrktur dalam proyek kerja sama Pemerintah dengan badan usaha; c, pemberian dan pelaksanaan jaminan Pemerintah atas pembiayaan infrastruktur melalui pinjaman langsung dari lembaga keuangan internasional kepada badan usaha milik negara; dan/ atau d. pemberian jaminan Pemerintah untuk percepatan pembangunan infrastruktur ketenagalistrikan, infrastruktur jalan tol, infrastruktur transportasi perkeretaapian, serta penyediaan air minum. <br>(3) Dukungan . . . <br>SK No 264637 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>-4t- <br>(3) Dukungan penjaminan pada program pemulihan ekonomi nasional sebagaimana dimaksud pada ayat (1) huruf b terdiri atas: a. Penjaminan Pemerintah yang dilakukan secara <br>langsung oleh Pemerintah dalam rangka pelaksanaan program pemulihan ekonomi <br>nasional; dan/ atau b. Penjaminan Pemerintah melalui badan usaha <br>penjaminan yang ditunjuk dalam rangka <br>pelaksanaan program pemulihan ekonomi <br>nasional. <br>(4) Anggaran Kewajiban Penjaminan Pemerintah <br>sebagaimana dimaksud pada ayat (1) huruf a, huruf b, dan huruf d, diakumutasikan ke dalam rekening dana cadangan penjaminan Pemerintah dan anggaran <br>Kewajiban Penjaminan Pemerintah sebagaimana dimaksud pada ayat (1) huruf c diakumulasikan ke dalam rekening dana jaminan penugasan pembiayaan infrastruktur daerah yang dibuka di Bank Indonesia dan/ atau bank milik negara sesuai dengan peraturan perundang-undangan. <br>(s) Dana yang telah diakumulasikan dalam rekening <br>sebagaimana dimaksud pada ayat (4) digunakan untuk <br>pembayaran Kewajiban Penjaminan Pemerintah sebagaimana dimaksud pada ayat (1) pada tahun <br>anggaran berjalan dan/ atau tahun anggaran <br>berikutnya. <br>(6) Dana dalam rekening dana cadangan penjaminan <br>Pemerintah sebagaimana dimaksud pada ayat (4) <br>digunakan untuk pembayaran Kewajiban Penjaminan <br>Pemerintah antarprogram pemberian penjaminan <br>sebagaimana dimaksud pada ayat (1) huruf d, ayat (21, dan ayat (3). <br>Dalam hal terjadi tagihan pembayaran Kewajiban <br>{7t <br>Penjaminan dan/ atau penggantian biaya yang timbul dari pelaksanaan Kewajiban Penjaminan untuk dukungan penjaminan program pemulihan ekonomi <br>nasional yang bersumber dari dana cadangan <br>penjaminan Pemerintah sebagaimana dimaksud pada ayat (6), Pemerintah melakukan pembayaran melalui sub bagian anggaran bendahara umum negara transaksi khusus (999.99). <br>(8) Pembayaran . . . <br>SK No264636A

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PRESIDEN REPUBLIK INDONESIA <br>REPUEUK INDONESIA <br>-42- <br>(S) Pembayaran melalui sub bagian anggaran bendahara umum negara transaksi khusus (999.99) sebagaimana <br>dimaksud pada ayat (7), merupakan pengeluaran belanja transaksi khusus yang belum dialokasikan dan/ atau melebihi alokasi yang telah ditetapkan dalam <br>APBN dan/atau APBN Perubahan pada tahun <br>anggaran berjalan. <br>(9) Dana dalam rekening dana jaminan penugasan pembiayaan infrastmktur daerah sebagaimana <br>dimaksud pada ayat (4) digunakan untuk pembayaran atas penugasan penjaminan sebagaimana dimaksud pada ayat (1) huruf c. <br>(10) Dana yang telah diakumulasikan ke dalam rekening sebagaimana dimaksud pada ayat (41, dapat <br>ditempatkan ke dalam instrumen Investasi <br>Pemerintah. <br>(11) Penggunaan anggaran Kewajiban Penjaminan dan penggunaan dana cadangan penjaminan Pemerintah <br>atau dana jaminan penugasan pembiayaan <br>infrastruktur daerah sebagaimana dimaksud pada ayat (2) sampai dengan ayat (10) dilaksanakan <br>berdasarkan ketentuan peraturan perundang- <br>undangan. <br>Pasal 39 <br>(1) Pembayaran bunga utang dan pengeluaran cicilan pokok utang dapat disesuaikan dengan kebutuhan <br>realisasi pada tahun anggaran bedalan, yang selanjutnya dilaporkan Pemerintah dalam APBN <br>Perubahan Tahun Anggaran 2026 danlatau laporan keuangan Pemerintah Pusat tahun 2026. <br>(21 Pemerintah dapat melakukan transaksi lindung nilai dalam rangka mengendalikan risiko fluktuasi beban pembayaran kewajiban utang, dan/ atau melindungi posisi nilai utang, dari risiko yang timbul maupun yang diperkirakan akan timbul akibat adanya volatilitas faktor-faktor pasar keuangan. <br>(3) Pemenuhan kewajiban yang timbul dari transaksi lindung nilai sebagaimana dimaksud pada ayat l2l dibebankan pada anggaran pembayaran bunga utang dan/atau pengeluaran cicilan pokok utang. <br>(4) Kewajiban . . . <br>SK No 264635 A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-43- <br>(4) Kewajiban yang timbul sebagaimana dimaksud pada ayat (3) bukan merupakan kemgian keuangan negara. <br>(5) Ketentuan mengenai pelaksanaan transaksi lindung nilai sebagaimana dimaksud pada ayat (21 dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan. <br>Pasal 4O <br>Pemerintah menyusun laporan: a. pelaksanaan APBN semester pertama Tahun Anggaran <br>2026; dan b. pertanggungiawaban atas pelaksanaan APBN Tahun Anggaran2026, sesuai dengan ketentuan peraturan perundang-undangan. <br>Pasal 41 <br>(1) Dalam keadaan tertentu yang membutuhkan <br>penanganan secara cepat, Pemerintah dapat melakukan langkah antisipasi dengan persetujuan <br>Dewan Perwakilan Rakyat. <br>(21 Persetujuan Dewan Perwakilan Rakyat sebagaimana dimaksud pada ayat (1) merupakan keputusan yang tertuang di datam kesimpulan rapat kerja badan anggaran Dewan Perwakilan Rakyat dengan <br>Pemerintah, yang diberikan dalam waktu tidak lebih dali 2x24 (dua kali dua puluh empat) jam setelah usulan disampaikan Pemerintah kepada Dewan <br>Perwakilan Rakyat. <br>(3) Dalam hal persetujuan Dewan Perwakilan Rakyat sebaga.imana dimaksud pada ayat (1) karena suatu dan lain hal belum dapat ditetapkan, Pemerintah dapat mengambil langkah antisipasi sebagaimana dimaksud pada ayat (1) sesuai dengan ketentuan peraturan perundang-undangan. <br>(41 Pemerintah melaporkan langkah kebijakan <br>sebagaimana dimaksud pada ayat (1) dalam laporan keuangan Pemerintah Pusat tahun 2026. <br>PasaJ42 <br>SK No264634A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN REPUBUK INDONESIA <br>-44- <br>Pasal 42 <br>(1) Pemerintah dapat melakukan penyesuaian APBN <br>Tahun Anggaran 2026 dengan perkembangan <br>dan/ atau perubahan keadaan, untuk dibahas <br>bersama Dewan Perwakilan Rakyat dengan Pemerintah dalam rangka penJrusunan perkiraan perubahan atas <br>APBN Tahun Anggaran 2026, jika terjadi: <br>a. perkembangan indikator ekonomi makro yang tidak sesuai dengan asumsi yang digunakan sebagai acuan dalam APBN Tahun Anggaran <br>2026:' b. perubahan pokok-pokok kebiiakan fiskal; c. keadaan yang menyebabkan harus dilakukan pergeseran anggaran antarunit organisasi <br>dan/ atau antarprogram; dan/ atau <br>d. keadaan yang menyebabkan SAL tahun <br>sebelumnya harus digunakan untuk pembiayaan anggaran tahun berjalan. <br>(21 Perkembangan indikator ekonomi makro sebagaimana dimaksud pada ayat (1) huruf a dan perubahan pokok-pokok kebijakan fiskal sebagaimana dimaksud pada ayat (1) huruf b berupa: a. penurunan pertumbuhan ekonomi paling sedikit l Oolo (sepuluh persen) di bawah asumsi yang telah ditetapkan; b. deviasi asumsi ekonomi makro lainnya paling sedikit 10% (sepuluh persen) dari asumsi yang telah ditetapkan; dan/atau c. penurunan Penerimaan Perpajakan paling sedikit <br>I Oolo (sepuluh persen) dari pagu yang telah ditetapkan. <br>(3) SAL sebagaimana dimaksud pada ayat (1) huruf d merupakan SAL yang ada di rekening Bank Indonesia yang penggunaannya ditetapkan oleh Menteri <br>Keuangan sesuai dengan ketentuan peraturan <br>perundang-undangan dan dilaporkan dalam laporan pertanggungiawaban pelaksanaan atas APBN. <br>(4) Dalam . . . <br>SK No 264633 A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN REFUBUK INDONESIA <br>-45- <br>(4) Dalam hal dilakukan penyesuaian APBN Tahun <br>Anggaran 2026 sebagaimana dimaksud pada ayat (1), <br>Pemerintah mengajukan Rancangan Undang-Undang mengenai Perubahan atas Undang-Undang APBN <br>Tahun Anggaran 2026 untuk mendapatkan <br>persetujuan Dewan Perwakilan Ralryat sebelum Tahun <br>Anggaran 2026 ber al<br>Pasal 43 <br>(1) Dalam hal lembaga penjamin simpanan mengalami kesulitan likuiditas, Pemerintah dapat memberikan pinjaman kepada lembaga penjamin simpanan. <br>(21 Sumber dana untuk Pemberian Pinjaman sebagaimana dimaksud pada ayat (1) sebagai berikut: a. penggunaan SAL untuk menutup kekurangan <br>pembiayaan APBN, dengan terlebih dahulu memperhitungkan ketersediaan SAL untuk <br>kebutuhan anggaran sampai dengan akhir tahun <br>anggaran berjalan dan awal tahun anggaran <br>berikutnya; dan/ atau b. penambahan utang. <br>(3) Dalam hal terjadi Pemberian Pinjaman kepada lembaga <br>penjamin simpanan sebagaimana dimaksud pada ayat (1), Pemerintah melaporkan dalam laporan keuangan Pemerintah Pusat Tahun 2026 termasuk sumber dana untuk Pemberian Pinjaman sebagaimana dimaksud pada ayat (2). <br>Pasal 44 <br>Pelaksanaan kegiatan persiapan, pembangunan, dan/ atau pemindahan ibu kota negara dilakukan oleh otorita ibu kota nusantara dan dapat dilakukan oleh Kementerian/Lembaga <br>sesuai tugas dan fungsinya dengan anggaran yang <br>bersumber dari APBN. <br>Pasal 45 <br>SK No264632A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN <br>REPUEUK INDONESIA <br>-46- <br>Pasal 45 <br>(u Dalam rangka mendukung kelancaran pelaksanaan persiapan, pembangunan dan pemindahan ibu kota negara, serta untuk menjaga keberlangsungan layanan kepada masyaralat, samPai dengan akhir tahun 2026 pemerintah provinsi <br>Kalimantan Timur, pemerintah daerah kabupaten <br>Kutai Kartanegara, dan pemerintah daerah kabupaten <br>Penajam Paser Utara, masih dapat menyelenggarakan <br>urusan pemerintahan daerah di wilayah ibu kota nusantara. <br>(21 Alokasi TKD untuk pemerintah daerah provinsi <br>Kalimantan Timur, pemerintah daerah kabupaten <br>Kutai Kartanegara, dan pemerintah daerah kabupaten <br>Penajam Paser Utara sebagaimana dimaksud pada ayat (1), dihitung sesuai dengan kondisi awal sebelum sebagian wilayahnya menjadi bagian dari wilayah ibu kota nusantara. <br>(3) Dalam rangka penyelenggaraan urusan pemerintahan daerah sebagaimana dimaksud pada ayat (1), pemerintah daerah provinsi Kalimantan Timur, <br>pemerintah daerah kabupaten Kutai Kartanegara, dan pemerintah daerah kabupaten Penajam Paser Utara, tetap dapat memungut pajak daerah dan retribusi <br>daerah sesuai dengan ketentuan peraturan <br>perundang-undangan. <br>Pasal 46 <br>Postur APBN Tahun Anggaran 2026 yarry memuat rincian <br>besaran Pendapatan Negara, Belanja Negara, <br>surplus/defrsit anggaran, dan Pembiayaan Anggaran <br>tercantum dalam Lampiran II yang merupakan bagian tidak terpisahkan dari Undang-Undang ini. <br>Pasal 47 <br>(1) Peraturan Presiden mengenai rincian APBN Tahun Anggaran 2O26 yang merupakan pelaksanaan dari Undang-Undang ini ditetapkan paling lambat tanggal <br>30 November 2025. (2)Rincian <br>SK No264631A

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PRESIDEN REPUBLIK INDONESIA <br>REPUEUK INDONESIA <br>-47- <br>(2t Rincian APBN, sebagaimana dimaksud pada ayat (1), antara lain berisikan rincian program, kegiatan, klasifikasi rincian keluaran (outputi, keluaran (orttputl, rincian jenis belanja, serta kerangka pengeluaran jangka menengah (KPJM) untuk belanja Pemerintah <br>Pusat, dan/ atau pengaturan earmarking belanja dalam rangka menghadapi ancaman terhadap dan/ atau instabilitas sistem keuangan. <br>(3) Menteri keuangan menetapkan standardisasi keluaran <br>(outpu\| dan hasil (outamel dari Belanja Negara serta <br>kriteria yang jelas terkait output/ outome, untuk <br>mewujudkan kinerja anggaran yang lebih tepat guna dan tepat sasaran dan meningkatkan kesejahteraan rakyat, serta menciptakan kemudahan akses atas <br>pelayanan kesehatan, pendidikan, perumahan, <br>pekerjaan, dan/ atau bantuan dari Pemerintah. <br>Pasal 48 <br>(1) Dalam rangka penanggulangan bencana, Pemerintah melalui Kementerian Keuangan mengelola dana <br>bersama penanggulangan bencana. l2l Dana bersama penanggulangan bencana sebagaimana dimaksud pada ayat (1) dikelola secara khusus. <br>(3) Dalam hal sumber dana bersama penanggulangan bencana sebagaimana dimaksud pada ayat (1) yang berasal dari pinjaman luar negeri, Pemerintah dapat mengadakan pinjaman siaga. <br>(4) Dalam rangka pengelolaan secara khusus dana bersama penanggulangan bencana sebagaimana <br>dimaksud pada ayat (2), dalam hal terdapat sisa dana cadangan bencana dapat diakumulasikan ke dalam dana bersama penanggulangan bencana pada tahun-tahun berikutnya. <br>Pasal 49 <br>Pemerintah dalam melaksanakan APBN Tahun Anggaran 2026 mengupayakan pemenuhan sasaran pembangunan yang berkualitas, dalam bentuk: a. gross . . . <br>SK No264630A

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PRESIDEN REPUBLIK INDONESIA <br>REPUEUK INDONESIA <br>-44- <br>a. gross national iname per kapita sebesar USD 5.520 <br>(lima ribu lima ratus dua puluh dolar Amerika Serikat); b. penurunan intensitas emisi gas rumah kaca sebesar <br>37,14o/o (tiga puluh tujuh koma satu empat persen); c. indeks kualitas lingkungan hidup mencapai 76,67 <br>(tujuh puluh enam koma enam tujuh); d. penurunan kemiskinan menjadi 6,50/o—7,5o/o lenam koma lima persen sampai dengan tqiuh koma lima persen); e. tingkat pengangguran terbuka menjadi 4,44o/o—4,960/o <br>(empat koma empat empat persen sampai dengan empat koma sembilan enam persen); f. penurun an gini ratio menjadi 0,377—0,380 (nol koma tiga tujuh tujuh sampai dengan nol koma tiga delapan nol); g. tingkat kemiskinan ekstrem menjadi O%—O,5% (nol persen sampai dengan nol koma lima persen); h. peningkatan indeks modal manusia menjadi O,57 (nol koma lima tujuh); i. indeks kesejahteraan petani 0, 7731 (nol koma tujuh tujuh tiga satu); dan j. proporsi penciptaan lapangan kerja formal sebesar <br>37,95o/o (tiga puluh tujuh koma sembilan lima persen). <br>Pasal 50 <br>Segala kebijakan yang telah dilakukan di bidang keuangan negara oleh Pemerintah Pusat dan/ atau pemerintah daerah untuk penanganan pandemi corona uirus disease 2019 dan pemulihan ekonomi nasional beserta hak dan kewajiban yang ditimbulkan sebelum berlakunya ketentuan mengenai penetapan berakhirnya status pandemi corona uirus diseose <br>2Ol9 di Indonesia, dinyatakan masih tetap berlaku sampai dengan terpenuhinya hak dan kewajiban tersebut sesuai dengan ketentuan peraturan perundang-undangan. <br>Pasal 51 <br>SK No264629A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPI.JBUK INDONESIA <br>-49- <br>Pasal 51 <br>(1) Dalam rangka meningkatkan penerimaan kepabeanan <br>dan cukai dan melindungi industri dalam negeri, penerimaan pajak rokok dapat digunakan oleh Pemerintah untuk penegakan hukum di bidang kepabeanan dan cukai sebesar 2,5Vo (dua koma lima persen). <br>(21 Ketentuan lebih lanjut mengenai penggunaan <br>penerimaan pajak rokok untuk penegakan hukum sebagaimana dimaksud pada ayat (1) diatur oleh <br>Menteri Keuangan. <br>Pasal 52 <br>(1) Dalam hal terdapat penyesuaian €rnggaran belanja yang mengakibatkan perubahan indikator dan target pembangunan, Pemerintah melakukan pemutakhiran dan/ atau perubahan Rencana Kerja Pemerintah tahun <br>2026 sesuai dengan ketentuan peraturan perundang-undangan. l2l Penyesuaian anggaran belanja yang mengakibatkan perubahan indikator dan target pembangunan sebagaimana dimaksud pada ayat (1) dilaporkan <br>Pemerintah dalam APBN Perubahan Tahun Anggaran 2026 dan/atau laporan keuangan Pemerintah Pusat. <br>Pasal 53 <br>Ketentuan sebagaimana dimaksud dalam Pasal 3O dan Pasal 31 mulai berlaku pada tanggal Undang-Undang ini diundangkan. <br>Pasal 54 <br>Undang-Undang ini mulai berlaku pada tanggal 1 Januari <br>2026. <br>Agar <br>SK No2546284

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INOONESIA <br>-50 <br>Agar setiap orang mengetahuinYa, memerintahkan <br>pengundangan Undang-Undang ini dengan <br>penempatannya dalam ltmbaran Negara Republik <br>Indonesia. <br>Disahkan di Jakarta pada tanggal 22 Oktober 2025 <br>PRESIDEN REPUBLIK INDONESIA, <br>ttd <br>PRABOWO SUBIANTO <br>Diundangkan di Jakarta pada tanggal 22 Oktober 2025 <br>MENTERI SEKRETARIS NEGARA <br>REPUBLIK INDONESIA, <br>ttd. <br>PRASETYO HADI <br>LEMBARAN NEGARA REPUBLIK INDONESIA TAHUN 2025 NOMOR 179 <br>Salinan sesuai dengan aslinYa KEMENTERIAN SEKRETARIAT NEGARA <br>REPUBLIK INDONESIA <br>Perundang-undangan dan strasi Huku'm <br>E <br>ut , <br>\* <br>tK vanna Djaman <br>SK No 264933 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUELIK INDONESIA <br>PENJEI,ASAN <br>ATAS <br>UNDANG-UNDANG REPUBLIK INDONESIA <br>NOMOR 17 TAHUN 2025 <br>TENTANG <br>ANGGARAN PENDAPATAN DAN BELANJA NEGARA <br>TAHUN ANGGARAN 2026 <br>I. UMUM <br>Berdasarkan Pembukaan Undang-Undang Dasar Negara Republik <br>Indonesia Tahun 1945 dan Pasal 33 Undang-Undang Dasar Negara Republik <br>Indonesia Tahun 1945, negara diberikan mandat untuk kesejahteraan dan kemakmuran rakJrat. untuk itu, peran penting Anggaran pendapatan dan Belanja Negara diperlukan untuk menopang sendi-sendi kehidupan bernegara dan penyelenggaraan pemerintahan' Mandat konstitusi tersebut menjadi pedoman dalam Rencana Pembangunan Jangka <br>Panjang Nasional 2Oa5-2O45 dan Rencana Pembangunan Jangka <br>Menengah Nasional Teknokratik 2025—2029 untuk menyusun sasaran pembaigunan dan arah kebijakan yang selaras dengan visi-misi Presiden <br>(Asta Cita): <br>1. memperkokoh ideologi Pancasila, demokrasi, dan hak asasi manusia; <br>2. memantapkan sistem pertahanan keamanan negara dan mendorong kemandirian bangsa melalui swasembada pangan' energi, air, ekonomi syariah, ekonomi digital, ekonomi hijau, dan ekonomi biru; <br>3. melanjutkan pengembangan infrastruktur dan meningkatkan lapangan kerja yang birkuatitas, mendorong kewirausahaan, mengembangkan industri kreatif, serta mengembangkan agromaritim industri di sentra produksi melalui peran aktif koperasi; <br>4. memperkuat pembangunan sumber daya manusia, sains, teknologi, pendidikan, liesehatan, prestasi olahraga, kesetaraan gender, serta penguatan Peran perempuan, pemuda (generasi milenial dan generasi Z) dan penyandang disabilitas; <br>5. melanjutkan hilirisasi dan mengembangkan industri berbasis sumber daya alam untuk meningkatkan nilai tambah di dalam negeri; <br>6. membangun . . . <br>SK No254932A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIOEN <br>ITEPUBUK INDONESIA <br>-2- <br>6. membangun dari desa dan dari bawah untuk pertumbuhan ekonomi, pemerataan ekonomi, dan pemberantasan kemiskinan; <br>7. memperkuat reformasi politik, hukum, dan birokrasi, serta memperkuat judi, pencegahan dan pemberantasan korupsi, narkoba, dan penyelundupan; serta <br>8. memperkuat penyelarasan kehidupan yang harmonis dengan lingkungan, alam, dan budaya, serta peningkatan toleransi antarumat beragama untuk mencapai masyarakat yang adil dan makmur. <br>Sejalan dengan hal tersebut, sasaran pembangunan dalam Rencana <br>Kerja Pemerintah Tahun 2026 diarahkan untuk: (i) meningkatlan <br>pertumbuhan ekonomi dan gross national income (GNI) per kapita' (ii) perbaikan indeks modal manusia, dan (iii) menurunkan tingkat <br>pengangguran terbuka, rasio gini, dan tingkat kemiskinan ekstrem, dan (iv) menurunkan intensitas emisi gas rumah kaca dan perbaikan indeks kualitas lingkungan hidup. <br>Rencana Kerja Pemerintah Tahun 2026 selaras dengan tema Kebijakan <br>Fiskal Tahun 2026 khususnya terkait akselerasi pertumbuhan ekonomi, kedaulatan pangan dan energi, serta ekonomi yang produktif dan inklusif. <br>Untuk mendukung kebijakan fiskal tahun 2O26, Pemeintah berkomitmen memperkuat kemandirian ekonomi dan sosial untuk mewujudkan kesejahteraan yang berkeadilan untuk mendukung agenda prioritas <br>pembangunan melalui 8 (delapan) strategi untuk program <br>prioritas unggulan Pemerintah, yaitu (i) ketahanan pangan; (ii) ketahanan / program energi; (iii) makan bergizi gratis (MBG); (iv) program pendidikan; (v) kesehatan; (vi) pembangunan desa, koperasi, dan UMKM; (vii) pertahanan semesta; serta (viii) akselerasi investasi dan perdagangan global. <br>Terjadinya perang tarif antara AS dan negara-negara mitra dagangnya, menimbulkan respons yang bervariasi dari berbagai negara, dan membuka peluang negosiasi bilateral hingga retaliasi tarif. Peran lembaga multilateral yang dibentuk untuk memberikan solusi bagi penyelesaian sengketa dagang <br>tidak berjalan secara efektif. Dinamika ini mencerminkan <br>Juga yang persaingan ekonomi, global terus berlanjut akibat <br>perdagangan, keuangan, hingga potensi konflik militer antarnegara. <br>Memburuknya perang dagang dan arah kebijakan ekonomi global semakin menekan perekonomian dunia yang sudah rapuh sejak awal tahun. Perang tarif antara dua kekuatan ekonomi terbesar dunia ini tidak hanya memengaruhi perdagangan bilateral mereka, tetapi juga memberikan efek rambatan (spillouer effects) ke seluruh dunia. <br>Gejolak . . . <br>SK No 264523 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUBLIK INDONESIA <br>-3- <br>Gejolak perekonomian global yang bergerak sangat dinamis berdampak <br>pada kinerja domestik yang dapat dilihat dari adanya perlambatan kinerja ekspor-impor, terganggunya investasi, tekanan terhadap nilai tukar dan suku bunga, serta perlambatan pertumbuhan ekonomi. Di sisi lain, Indonesia saat ini juga masih menghadapi tantangan struktural yang membutuhkan respons secara tepat, terukur dan konsisten <br>antara lain: (i) Bonus demografi yang semakin terbatas; (ii) Pergeseran aktivitas ekonomi ke ekonomi digital (seperti penggunaan arlificial <br>intelligencel AI) dan perkembangan teknologi yang sangat cepat; (iii) Kualitas Sumber Daya Manusia (SDM) dan optimalisasi pengelolaan Sumber Daya <br>Alam (SDA) yang masih perlu ditingkatkan; serta (iv) Perubahan iklim yang semakin ekstrem sehingga perlu diantisipasi dan dimitigasi. <br>Untuk itu, Indonesia perlu mengambil peluang di tengah kondisi ketidakpastian dengan membuka akses pasar ekspor baru antara lain dengan memperkuat kerja sama perdagangan dan investasi untuk relokasi industri, dan menjadikan momentum untuk memperkuat fondasi ekonomi nasional dengan mengakselerasi reformasi struktural, seperti peningkatan kualitas SDM, hilirisasi industri, deregulasi, dan transformasi digital. <br>Guna menghadapi meningkatnya tantangan baik yang berasal dari dalam negeri maupun faktor eksternal, APBN terus bekerja keras secara mandiri dan tangguh melalui pelaksanaan tiga fungsi utamanya yaitu alokasi, distribusi, dan stabilisasi untuk mewujudkan mandat kesejahteraan ralryat yang sekurang-kurangnya mencakup pemenuhan kebutuhan dasar masyarakat dan penyediaan layanan dasar termasuk namun tidak terbatas pada bidang pendidikan, kesehatan, Perlindungan sosial, ketahanan pangan, ketahanan energi, dan pertahanan semesta. <br>Dalam rangka kesejahteraan rakyat melalui pelaksanaan program prioritas /unggulan Pemerintah denga.n mempertimbangkan tantangan dan kondisi global dan domestik, menargetkan asumsi indikator ekonomi makro di tahun 2026 sebagai berikut: Pertumbuhan ekonomi tahr:n 2O26 diperkirakan mencapai 5,47o (lima koma empat persen). Pemerintah akan menempuh berbagai langkah, serta upaya kebijakan dan program, untuk mendorong pertumbuhan ekonomi baik dari <br>sisi pengeluaran maupun sisi produksi, termasuk dukungan melalui program pembangunan daerah. Faktor-faktor yang menjadi pendorong pertumbuhan ekonomi adalah kuatnya konsumsi domestik dengan berbagai program Pemerintah untuk menjaga beti masyarakat, meningkatkan iklim investasi yang lebih kondusif. Kebijakan investasi diarahkan untuk mengakselerasi investasi di sektor-sektor prioritas. Pemerintah mendorong akselerasi investasi berorientasi ekspor, mendiversifikasi produk dalam negeri untuk dapat menciptakan produk ekspor baru bernilai tambah tinggi, memperluas pasar ekspor yang diikuti peningkatan daya saing produk dari industri nasional, serta memperluas program hilirisasi. Sementara itu, impor ditujukan . . . <br>SK No264522A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN REPUEUK INOONESIA <br>-4- <br>ditqiukan untuk mendukung aktivitas produksi di dalam negeri dan <br>menciptakan nilai tambah. <br>Tingkat inflasi terus diupayakan berada pada sasaran inflasi yang diperkirakan mencapai 2,5o/o (dua koma lima persen) di tahun 2O26' <br>Perkiraan tersebut mencerminkan stabilitas harga dan ruang insentif bagi dunia usaha. Pemerintah terus berkomitmen untuk mengendalikan inflasi melalui strategi menciptakan keterjangkauan harga, menjamin ketersediaan <br>pasokan, dan menjaga kelancaran distribusi. Strategi kebijakan <br>pengendalian inflasi nasional terus diupayakan melalui koordinasi kebijakan pus"t dan daerah melalui sinergi tim pengendalian inflasi pusat dan tim pengendalian inflasi daerah (tingkat provinsi dan kabupaten/ kota). Nilai lukar Rupiah diperkirakan masih akan diwarnai volatilitas dari pergerakan faktor global terutama ketidakpastian kebijakan moneter negara maju, masih tingginya tensi geopolitik, serta keberlanjutan dari perang dageng. <br>Namun, perbaikan kondisi perekonomian domestik diperkirakan dapat meredam tekanan pada nilai tukar sehingga nilai tukar rupiah pada tahun <br>2026 diperkirakan akan mencapai Rp16.5OO,0O (enam belas ribu lima ratus rupiah) per dolar Amerika Serikat. <br>Suku bunga Surat Berharga Negara 1O tahun di tahun 2026 diperkirakan sebesar 6,9o/o (enamkoma sembilan persen), meskipun masih akan diwarnai ketidakpastian global khususnya dari perkembangan suku bunga acuan negara maju. Perbaikan kondisi domestik melalui berbagai kebijakan pro-growth dapat menarik minat investor untuk berinvestasi pada instrumen surat berharga Pemerintah. <br>Harga minyak mentah dunia di tah:.lr:, 2026 diproyeksikan mencapai USD 70 <br>(tqiuh puluh dolar Amerika Serikat) per barel. Faktor-faktor yang memengaruhi pergerakan harga minyak mentah dunia adalah geopolitik serta dinamiki pirang dagang antara Amerika Serikat dan Tiongkok' <br>Capaian lifiing migas pada tahun 2026 diproyeksikan sebesar 610'000 (enam ratus sepuluh ribu) barel per hari untuk minyak dan 984'OO0 <br>(sembilan ratus delapan puluh empat ribu) barel setara minyak per hari untuk gas. Di tengah berbagai tantangan yang dihadapi, Pemerintah terus mengupayakan pencapaian ffiing rl;rinyak dan gas tersebut. <br>Sejalan dengan kewenangan Presiden sebagai pemegang kekuasaan pengelolaan keuangan negara sesuai ketentuan Pasal 6 Undang-Undang ttomo. 17 Tahun 20O3 tentang Keuangan Negara, dalam Undang-Undang <br>APBN Pemerintah diberikan kewenangan untuk melakukan pergeseran anggaran belanja negara yang mencakup belanja Pemerintah Pusat dan Transfer ke Daerah serta pembiayaan investasi untuk mendukung program prioritas unggulan Pemerintah dengan tetap menjaga tata kelola dan <br>/ Program <br>prinsip-prinsip pengelolaan keuangan negara yang baik. <br>prioritaJ/unggulan Pemerintah yang dilaksanakan oleh <br>Kementerian/ . . <br>SK No264521A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN <br>REPUBLIK INDONESIA <br>-5- <br>Kementerian/Lembaga dengan pendanaan dari anggaran belanja negara dimaksudkan juga untuk memenuhi kebutuhan dan layanan dasar masyarakat serta pemberdayaan perekonomian daerah. <br>Harmonisasi dan sinergi kebdakan pusat-daerah juga menjadi salah satu pilar penting untuk mewujudkan belanja yang semakin elisien dan produktif, layanan publik yang semakin berkualitas, serta kesejahteraan rakyat yang semakin merata dan berkeadilan. <br>Pemerintah terus berkomitmen menjaga APBN agar tetap sehat, tangguh dan mandiri sebagai instrumen utama dalam memberikan stimulus perekonomian serta meningkatkan kesejahteraan rakyat. Untuk itu, diperlukan optimalisasi pendapatan untuk meningkatkan ruang fiskal, mindorong agar belanja semakin efisien dan produktif untuk mendukung program prioritas/ unggulan Pemerintah, serta terus mendorong inovasi pembiayaan yang produktif dan berkelanjutan. <br>Dari aspek prosedur, pembahasan Rancangan Undang-Undang tentang APBN Tahun Anggaran 2026 olelr, Pemerintah bersama-sama dengan Dewan Perwakilan Rat<br>Perwakilan Daerah Nomor S/DPD F.llll2O25-2O26 tanggal 8 September 2O25, dan memperhatikan Putusan Mahkamah Konstitusi Nomor 35/PUU- <br>XI I 20 13 tanggal 22 Mei 2014. <br>Dalam rangka mewujudkan agenda pembangunan secara optimal dan berkesinambungan, kebijakan fiskal tahun anggaran 2026 diupayakan untuk tetap ekspansif, terarah, dan terukur dengan pengelolaan defisit yang dilandasi oleh disiplin fiskal dan menjaga kredibilitas serta keberlanjutan <br>APBN. <br>II. PASAL DEMI PASAL <br>Pasal 1 <br>Cukup jelas. <br>Pasal 2 <br>Cukup jelas. <br>Pasal 3 <br>Cukup jelas. <br>Pasal 4 <br>Ayat (l) <br>Cukup jelas. <br>Ayat(2) <br>SK No264520A

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PRESIDEN REPUBLIK INDONESIA <br>BUK INDONESIA <br>-6- <br>Ayat (2) <br>Cukup jelas. Ayat (3) <br>Huruf a <br>Cukup jelas. <br>Hurufb <br>Pihak ketiga yang pajak penghasilannya ditanggung Pemerintah adalah pihak ketiga yang memberikan jasa kepada Pemerintah atau pihak lain yang mendapat penugasan sesuai dengan ketentuan peraturan perundang-undangan dalam rangka penerbitan dan/ atau pembelian kemba.li SBN di pasar <br>internasional, yang antara lain agen penjual' agen <br>pembeli/penukar, bursa efek di luar negeri, wali amanat, agen penata usaha, agen pembayar, lembaga rating, dan konsultan hukum internasional, tidak termasuk konsultan hukum lokal. <br>Ayat (4) <br>Cukup jelas. Ayat (5) Cukup jelas. Ayat (6) Cukup jelas. Ayat (7) Cukup jelas. Ayat (8) Cukup jelas. Ayat (9) Cukup jelas. Ayat (10) Cukup jelas. Ayat (11) Cukup jelas. <br>Pasal 5 <br>Ayat (t) <br>Cukup jelas. Ayat (2) <br>Hurufa <br>Cukup jelas. <br>Hurufb. . . <br>SK No264566A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>-7 - <br>Hurufb <br>Pendapatan sumber daya alam nonminyak bumi dan gas bumi <br>bersumber dari pendapatan mineral dan batubara, kehutanan, panas bumi, serta kelautan dan perikanan tidak hanya ditujukan sebagai target penerimaan negara melainkan juga ditqiukan untuk pengamanan kelestarian lingkungan. <br>Ayat (3) <br>Cukup jelas. Ayat (4) Cukup jelas. Ayat (5) Cukup jelas. Ayat (6) Cukup jelas. <br>Pasal 6 <br>Cukup jelas. <br>Pasal 7 <br>Cukup jelas. <br>Pasal 8 <br>Ayat (1) <br>Belanja Pemerintah Pusat termasuk belanja pegawai untuk <br>pembayaran hak keuangan dan/ atau fasilitas untuk penyelenggara <br>negara/pejabat negara yang dilakukan sesuai tata kelola <br>penganggaran dengan memperhatikan kesinambungan fiskal. Ayat (2) <br>Huruf a oBelanja Pusat Menurut Yang dimaksud dengan Pemerintah Fungsi" antara lain terdiri atas: <br>1. fungsi pelayanan umum yang merupakan belanja <br>Pemerintah Pusat yang berdaya guna dalam <br>penyelenggaraan kegiatan legislatif, yudikatif, dan eksekutif, termasuk pelayanan umum' pelayanan administratif, pelayanan barang, pelayanan jasa, pelayanan regulasi, dan pelayanan lainnya, dengan kualitas layanan Yang baik; 2. fungsi. . . <br>SK No264565A

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PRESIDEN REPUBLIK INDONESIA <br>PI1ESIDEN REPUBUK INDONESIA <br>-8- <br>2. fungsi pertahanan yang merupakan belanja Pemerintah Pusat yang berdaya guna dalam menegakkan kedaulatan negara, mem keutuhan wilayah Negara <br>Kesatuan Republik Indonesia serta ikut menjaga <br>ketertiban dunia; <br>3. fungsi ketertiban dan keamanan yang merupakan belanja Pemerintah Pusat yang berdaya guna ddam mewujudkan keamanan, ketertiban, tegaknya hukum, ketenteraman, meningkatnya kemampuan dan potensi masyarakat dalam menangkal, mencegah, dan menanggulangi segala bentuk pelanggaran hukum dan bentuk-bentuk gangguan lainnya <br>yang dapat meresahkan masyarakat serta <br>penanggulangan bencana; <br>4. fungsi ekonomi yang merupakan belanja Pemerintah Pusat yang berdaya guna dalam mendorong pertumbuhan ekonomi dan menjaga daya beli masyarakat di bidang perdagangan termasuk pengembangan usaha koperasi dan usaha mikro, kecil, dan menengah, ketenagakerjaan, pertanian, kehutanan, kelautan dan perikanan, bahan bakar dan energi, pertambangan, industri dan konstruksi, transportasi, serta telekomunikasi dan informatika; <br>5. fungsi perlindungan lingkungan hidup yang merupakan belanja Pemerintah Pusat yang berdaya guna dalam rangka peningkatan kualitas lingkungan hidup, menjaga pelestarian sumber daya alam dan ekosistem, tata ruang dan pertanahan, serta perlindungan lingkungan hidup lainnya; <br>6. fungsi perumahan dan fasilitas umum yang merupakan belanja Pemerintah Pusat yang berdaya guna dalam <br>menyediakan akses perumahan dan kawasan permukiman layak, aman, dan terjangkau, fasilitasi peningkatan kualitas rumah, penyedi4an sarana, <br>prasarana, utilitas perumahan dan kawasan permukiman, serta perumahan dan fasilitas umum lainnya; <br>7. fungsi kesehatan yang merupakan belanja Pemerintah <br>Pusat yang berdaya guna dalam menjaga dan <br>meningkatkan derajat kesehatan masyarakat; <br>8. fungsi. . . <br>SK No264564A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPI.JBUK INDONESIA <br>-9- <br>8. fungsi pariwisata yang merupakan belanja Pemerintah <br>Pusat yang berdaya guna dalam menyediakan fasilitas, <br>kegiatan, dan promosr termasuk standardisasi, penyebaran informasi, dan penyusunan data statistik Pariwisata; <br>9. fungsi agama yang merupakan belanja Pemerintah Pusat <br>yang berdaya guna dalam meningkatlan kualitas <br>kehidupan dan kerukunan hidup beragama, termasuk namun tidak terbatas pada urusan penyelenggaraan ibadah haji, serta pemahaman dan pengamalan ajaran agama; <br>10, fungsi pendidikan yang merupakan belanja Pemerintah <br>Pusat yang berdaya guna dalam meningkatkan kualitas <br>Sumber Daya Manusia di berbagai aspek yang berakhlak mulia, dalam rangka mencerdaskan kehidupan bangsa; dan ll.fungsi perlindungan sosial yang merupakan belanja Pemerintah Pusat yang berdaya guna dalam memberikan pelayanan sosial, jaminan sosial, pemberdayaan sosial, <br>penyuluhan sosial, dan bantuan sosial, serta perlindungan sosial lainnya, untuk melindungi <br>masyarakat dari kemungkinan terjadinya risiko sosial. <br>Huruf b <br>Cukup jelas. <br>Huruf c <br>Cukup jelas. Ayat (3) Cukup jelas. Ayat (4) Cukup jelas. Ayat (s) Cukup jelas. <br>Pasal 9 <br>Ayat (1) <br>Cukup jelas. Ayat (2) <br>DBH dan/ atau DAU melalui mekanisme interept, dapat digunakan untuk memberikan dukungan pengembalian pinjaman dari koperasi kelurahan merah putih dalam hal dari hasil usahanya tidak dapat memenuhi kewajiban membayar kembali pinjamannya. <br>Dana . . . <br>SK No 264563 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUELIK INDONESIA <br>-10- <br>Dana Desa melalui mekanisme interept, dapat digunakan untuk memberikan dukungan pengembalian pinjaman dari koperasi desa merah putih dalam hal dari hasil usahanya tidak dapat memenuhi kewajiban membayar kembali pinjamannya. <br>Pinjaman untuk koperasi desa/kelurahan merah putih tersebut diberikan oleh lembaga keuangan bank milik negara yang dapat memperoleh penempatan dana dari Pemerintah sesuai ketentuan peraturan penrndang-undangan dan mekanisme yang berlaku. <br>Ayat (3) <br>Cukup jelas. Ayat (a) Cukup jelas. <br>Pasal 1O Ayat (1) <br>DBH tahun anggar an 2026 ditetapkan sebesar 5oo/o (lima puluh persen) dari realisasi penerimaan negara yang dibagihasilkan tahun anggaran 2O26. <br>Pengalokasian DBH dapat dilakukan pada tahun anggaran berjalan dan/ atau untuk melaksanakan kebijakan Pemerintah. <br>Ayat (2) <br>Huruf a <br>DBH ini terdiri atas DBH pajak penghasilan Pasal 21, Pasal <br>25, dan Pasal 29 wajib pajak orang pribadi dalam negeri, termasuk DBH dari pajak penghasilan Pasal 25 dan Pasal 29 wajib pajak orang pribadi dalam negeri yang pemungutannya bersifat linal berdasarkan Peraturan Pemerintah mengenai penyesuaian pengaturan di bidang pajak penghasilan dan tidak termasuk pajak penghasilan ditanggung Pemerintah. <br>Huruf b <br>Cukup jelas. <br>Huruf c <br>Cukup jelas. Ayat (3) Cukup jelas. Ayat (4) Cukup jelas. <br>Ayat(S) <br>SK No264562A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>- 11- <br>Ayat (5) <br>Dalam hal realisasi penerimaan negara tahun anggaran 2025 belum tersedia, dapat digunakan perkiraan realisasi penerimaan negara. <br>Yang dimaksud dengan "ketentuan peraturan perundang-undangan" adalah ketentuan peraturan perundang-undangan <br>yang mengatur mengenai tata cara pengalokasian DBH. Ayat (6) <br>Alokasi kinerja diberikan kepada Daerah yang mencapai tingkat kinerja tertentu. <br>Ayat (7) <br>Cukup jelas. Ayat (8) <br>Dana reboisasi dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan serta dapat mempertimbangkan kinerja atas pengelolaan hutan. <br>Ayat (9) <br>Hurufa <br>Yang dimaksud dengan program sebagaimana diatur dalam ketentuan peraturan perundang-undangan mengenai cukai termasuk kegiatan penegakan hukum untuk penindakan dan penanganan hasil penindakan barang kena cukai ilegal. <br>Huruf b <br>Dengan ketentuan ini Daerah tidak lagi diwajibkan untuk menqalokasikan DBH minyak bumi dan gas bumi sebesar 0,5olo (nol koma lima persen) untuk tambahan anggaran pendidikan dasar. <br>Kebijakan penggunaan DBH minyak bumi dan gas bumi untuk provinsi Papua Barat, provinsi Papua Barat Daya, dan provinsi Aceh dilaksanakan sesuai dengan ketentuan Undang-Undang Nomor 21 Tahun 2OO1 tentang Otonomi Khusus Bagi Provinsi Papua sebagaimana telah beberapa kali diubah terakhir dengan Undang-Undang Nomor 2 Tahun <br>2021 tentang Perubahan Kedua atas Undang-Undang Nomor <br>21 Tahun 2001 tentang Otonomi Khusus Bagi Provinsi Papua, dan Undang-Undang Nomor 11 Tahun 2006 tentang Pemerintahan Aceh beserta peraturan turunannya. <br>Huruf c. . . <br>SK No264561A

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PRESIDEN REPUBLIK INDONESIA <br>BL\|K INDONESIA <br>-12- <br>Huruf c <br>Kebijakan ini merupakan konsekuensi dari perubahan kebijakan berupa pengalihan kewenangan di bidang <br>kehutanan dari kabupaten / kota menjadi kewenangan provinsi sebagaimana diatur dalam Undang-Undang Nomor <br>23 Tahun 2014 tentang Pemerintahan Daerah sebagaimana telah beberapa kali diubah terakhir dengan Undang-Undang Nomor 9 Tahun 2O 15 tentang Perubahan Kedua atas Undang-Undang Nomor 23 Tahun 2O14 tentang Pemerintahan Daerah. <br>Ayat (10) <br>Cukup jelas. Ayat (11) <br>Penyelesaian kurang bayar DBH disesuaikan dengan kemampuan keuangan negara. <br>Ayat (12) <br>Cukup jelas. <br>Pasal 1l Ayat (1) <br>Cukup jelas. Ayat (2) Cukup jelas. Ayat (3) Cukup jelas. Ayat (a) <br>Celah frskal dihitung sebagai selisih antara kebutuhan fiskal <br>Daerah dan potensi pendapatan Daerah. <br>Potensi pendapatan Daerah terdiri atas potensi PAD, perkiraan alokasi DBH, dan DAK Nonfisik tahun berkenaan. <br>Alokasi DAU tiap Daerah dapat mengalami kenaikan atau penurunan dibandingkan tahun sebelumnya. <br>Ayat (s) <br>Cukup jelas. Ayat (6) Cukup jelas. <br>Pasal 12 <br>Ayat (1) <br>Cukup jelas. <br>Ayat(2) <br>SK No264560A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEH REPUEUK INDONESIA <br>-13- <br>Ayat (2) <br>Cukup jelas. Ayat (3) <br>Yang dimaksud dengan 'kebdakan afirmatif" adalah kebijakan yang diarahkan untuk mempercepat dan memperkuat <br>pembangunan dan perekonomian daerah. Ayat (4) <br>DAK fi sik digunakan untuk mendukung pembangunan/ pengadaan <br>sarana dan prasarana layanan publik, serta mendorong <br>pertumbuhan ekonomi daerah, antara lain ketahanan pangan, dan infrastruktur daerah. <br>Ayat (5) <br>DAK nonfisik antara lain: <br>1. dana bantuan operasional satuan pendidikan terdiri atas dana bantuan operasional sekolah, dana bantuan operasional penyelenggaraan pendidikan anak usia dini, dan dana bantuan operasional pendidikan kesetaraan. <br>2. dana tunjangan guru aparatur sipil negara daerah terdiri atas dana tunjangan profesi guru aparatur sipil negara daerah, dana tambahan penghasilan guru aparatur sipil negara daerah, dan dana tunjangan khusus guru aparatur sipil negara daerah di daerah khusus. <br>3. dana bantuan operasional kesehatan meliputi dana <br>bantuan operasional kesehatan dinas, dana bantuan operasional kesehatan puskesmas, bantuan operasional kesehatan pengawasan obat dan makanan serta tunjangan khusus bagi dokter spesialis, dokter sub <br>spesialis, dokter gigi spesialis, dan dokter gigi sub spesialis <br>yang bertugas di daerah tertinggal, perbatasan, dan kepulauan. <br>4. dana bantuan operasional keluarga berencana. <br>5. dana bantuan operasional museum dan taman budaya. 6. dana pelayanan perlindungan perempuan dan anak. <br>7. dana bantuan pengembangan program perpustakaan <br>daerah. <br>Ayat (6) <br>Cukup jelas. <br>Pasal 13. . . <br>SK No 264559 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUEUK INDONESIA <br>-t4- <br>Pasal 13 Ayat (1) <br>Hurufa <br>Pembagian Dana Otonomi Khusus untuk provinsi-provinsi di wilayah Papua ditaksanakan sesuai dengan ketentuan <br>peraturan perundang-undangan. <br>Huruf b <br>Cukup jelas. <br>Huruf c <br>Cukup jelas. Ayat (2) <br>Yang dimaksud dengan "data" adalah data yang disediakan oleh <br>instansi yang berwenang antara lain berupa data indeks pembangunan manusia, indeks kemahalan konstruksi, indeks kesulitan geografis, dan indeks desa membangun pada level provinsi dan kabupaten/kota, terutama data untuk provinsi <br>daerah otonom baru. Ayat (3) <br>Yang dimaksud dengan "DTI untuk provinsi Daerah baru" adalah <br>DTI untuk provinsi Papua Selatan, provinsi Papua Tengah, provinsi Papua Pegunungan, dan provinsi Papua Barat Daya. <br>DTI yang digunakan untuk pembangunan infrastruktur penunjang gedung perkantoran dan sarana prasarana pada provinsi daerah baru, termasuk juga yang bersumber dari sisa lebih perhitungan anggaran DTI sampai dengan tahun anggaran 2025. <br>Ayat (4) <br>Cukup jelas. Ayat (5) Cukup jelas. Ayat (6) <br>Dana Keistimewaan difokuskan untuk penurunzrn tingkat kemiskinan, pemberdayaan ekonomi masyarakat dan UMKM, pariwisata, ekonomi kreatif, investasi, dan pengurangan <br>kesenjangan antarwilaYah di DIY. <br>Pemerintah Daerah Istimewa Yoryakarta dapat membentuk dana abadi daerah yang dananya bersumber dari Dana Keistimewaan dan/ atau sisa Dana Keistimewaan tahun sebelumnya yang merupakan kekhususan dari ketentuan peraturan perundang-undangan yang mengatur secara umum mengenai pembentukan dana abadi daerah. <br>Ayat(7) <br>SK No 264558 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>- 15- <br>Ayat (7) <br>Cukup jelas. <br>Pasal 14 <br>Ayat (1) <br>Huruf a <br>Cukup jelas. <br>Huruf b <br>Kebijakan Pemerintah Pusat antara lain berupa burden <br>s?nring pendanaan. Ayat (2) <br>Huruf a <br>Cukup jelas. <br>Huruf b <br>Yang dimaksud dengan "penduduk miskin" adalah penduduk yang dikategorikan miskin ekstrem atau berada pada <br>kelompok desil miskin terendah sesuai kriteria produsen data kemiskinan. <br>Yang dimaksud dengan "desa yang memiliki risiko tinggi terhadap perubahan iklim dan/ atau bencana' adalah desa dengan risiko perubahan iklim dan bencana tinggi yang dihitung berdasarkan dimensi sensitivitas, kapasitas <br>adaptasi, keterpaparan, dan bahaya. <br>Huruf c udesa <br>Yang dimaksud dengan dengan kinerja terbailC adalah desa yang memiliki hasil penilaian kinerja terbaik di masing-masing kabupaten/kota. Penilaian kinerja berdasarkan kriteria utama dan kriteria kinerja antara lain: <br>1. pengelolaan keuangan desa; 2. pengelolaan Dana Desa; <br>3. capaian keluaran loutptttl Dana Desa; dan 4. capaian hasil (outcome) pembangunan desa. <br>Hurufd <br>Data jumlah desa, jumlah penduduk, angka kemiskinan, luas wilayah, dan tingkat kesulitan geografis bersumber dari <br>Kementerian terkait dan/atau Lembaga yang <br>menyelenggarakan urusan pemerintahan di bidang statistik. Dalam hal data tidak tersedia, terdapat anomali data, atau data tidak memadai, penghitungan Dana Desa dilakukan <br>berdasarkan: <br>,. data <br>SK No 264557 A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPI.JBLIK INDONESIA <br>- 16- <br>1. data yang digunakan dalam penghitungan Dana Desa tahun anggaran sebelumnYa; <br>2. data yang dibagi secara proporsional antara desa <br>peme\aran dan desa induk dan/ atau menggunakan data desa induk; <br>3. rata-rata data desa dalam satu kecamatan dimana desa tersebut berada; <br>4. data hasil pembahasan dengan Kementerian/lembaga penyedia data; dan/ atau 5. data hasil penyesuaian atas data dengan menggunakan <br>data yang digunakan pada penghitungan Dana Desa tahun anggaran sebelumnya dan/atau data yang dirilis pada laman Kementerian/Lembaga penyedia data terkait. <br>Ayat (3) <br>Cukup jelas. Ayat (4) <br>Huruf a <br>Cukup jelas. <br>Hurufb <br>Cukup jelas. <br>Huruf c <br>Yang dimaksud dengan "penyediaan layanan dasar kesehatan <br>skala desa" antara lain revitalisasi pos kesehatan desa, pencegahan dan penurunan stunting, serta pengendalian penyakit menular dan tidak menular. <br>Hurufd <br>Yang dimaksud dengan "lembaga ekonomi desa lainnya" antara lain badan usaha milik desa, serta usaha mikro, kecil, dan menengah yang berada di desa. <br>Huruf e <br>Pinjaman kepada Koperasi Kelurahan Merah Putih diberikan setelah mendapat persetujuan dari bupati/walikota. <br>Pinjaman kepada Koperasi Desa Merah Putih diberikan setelah mendapat persetujuan dari kepala desa. <br>Huruff. . . <br>SK No2645564

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>-17- <br>Huruf f <br>Yang dimaksud dengan "pembangunan dan pemeliharaan infrastruktur desa melalui program padat karya tunai desa' adalah kegiatan pembangunan desa yang dilakukan oleh penduduk desa dalam rangka meningkatkan kesejahteraan, antara lain akses air bersih, sanitasi, dan revitalisasi rumah tidak layak huni. <br>Huruf g <br>Cukup jelas. <br>Huruf h <br>Yang dimaksud dengan "program sektor prioritas lainnya di <br>desa' adalah program yang merupakan kebutuhan <br>masyarakat desa dan kejadian mendesak yang diputuskan melalui musyawarah desa. <br>Ayat (5) <br>Cukup jelas. Ayat (6) <br>Peraturan Menteri Keuangan memuat antara lain penetapan rincian Dana Desa setiap desa, pengalokasian Dana Desa, penggunaan dan penyaluran Dana Desa. <br>Penetapan rincian Dana Desa setiap desa dimaksud merupakan dasar penetapan alokasi Dana Desa per kabupaten/kota yang ditetapkan dalam Peraturan Presiden mengenai rincian APBN. <br>Pasal 15 <br>Ayat (1) <br>Cukup je1as. Ayat (2) <br>Yang dimaksud dengan kinerja Pemerintah Daerah antara lain: kinerja peningkatan kesejahteraan masyarakat (penurunan peng€u"rgguran dan penurunan kemiskinan), penurunan prevalensi shtnting, iklim investasi daerah, pengendalian inflasi, dan/ atau kinerja pemda lainnya. <br>Ayat (3) <br>Cukup jelas. Ayat (4) Cukup jelas. <br>Pasal 16. . . <br>SK No264555A

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PRESIDEN REPUBLIK INDONESIA <br>REFUBUK INDONESTA <br>-18- <br>Pasal 16 <br>Ayat (1) <br>Hurufa <br>Cukup jelas. <br>Huruf b <br>Cukup jelas. <br>Huruf c <br>Cukup jelas. <br>Huruf d <br>Yang dimaksud dengan "angaran yang diwajibkan dalam peraturan perundang-undangan" antara lain kewajiban anggaran pendidikan, alokasi Dana Desa, dan iuran jaminan kesehatan. <br>Ayat (2) <br>Cukup jelas. <br>Pasal 17 <br>Ayat (1) <br>Cukup jelas. Ayat (2) <br>Program Pengelolaan Subsidi dilaksanakan secara efektif, efisien, dan tepat sasaran guna memberikan manfaat yang optimal bagi <br>pengentasan kemiskinan dan ketimpangan pendapatan <br>masyarakat. Ayat (3) <br>Yang dimaksud dengan "asumsi dasar ekonomi makro" adalah harga minyak mentah dan nilai tukar rupiah. <br>Yang dimaksud dengan "paramete/ adalah semua variabel yang memengaruhi perhitungan subsidi, antara lain: besaran subsidi harga, volume konsumsi bahan bakar minyak dan gas bersubsidi, harga indeks minyak dan gas bersubsidi, volume penjualan listrik bersubsidi, dan volume pupuk bersubsidi. <br>Dalam rangka melaksanakan program pengelolaan subsidi (jenis bahan bakar tertentu, listrik, LPG tabung 3 kg, pupuk, dan lain sebagainya) yang lebih tepat sasaran, Pemerintah akan <br>melaksanakan penguatan basis data dan pengawaszrn <br>implementasinya. Pelaksanaan penyaluran subsidi dengan berbasis data pengguna akan dilakukan secara bertahap dengan mempertimbangkan kesiapan teknis, kondisi ekonomi, dan/atau daya beli masyarakat. <br>Ayat(4) <br>SK No264554A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INOONESIA <br>-19- <br>Ayat (4) <br>Cukup jelas. <br>Pasal 18 Ayat (1) <br>Kenaikan PNBP sumber daya alam yang dibagihasilkan dan diperhitungkan dengan persentase tertentu atas peningkatan belanja subsidi energi dan/atau kompensasi, tidak dibagihasilkan ke Daerah dan tidak diperhitungkan sebagai kurang bayar DBH. <br>Ayat (2) <br>Cukup jelas. <br>Pasal 19 <br>Cukup jelas. <br>Pasal 20 <br>Ayat (1) <br>Huruf a <br>Perubahan anggaran belanja yang bersumber dari PNBP yang merupakan penggunaan PNBP melebihi target yang telah <br>ditetapkan, dilakukan analisis kebutuhan riil <br>Kementerian/ Lembaga oleh Kementerian Keuangan dengan <br>memperhatikan fleksibilitas instansi Pemerintah yang menerapkan pola pengelolaan keuangan Badan Layanan Umum. <br>Dalam hal realisasi PNBP yang melampaui target penerimaan <br>dalam APBN, dapat digunakan untuk belanja dengan ketentuan sebagai berikut: <br>1. digunakan untuk belanja Kementerian/ Lembaga tertentu paling tinggi sebesar 7,5% (tujuh koma lima persen) dari tambahan realisasi penerimaan PNBP dalam APBN; atau 2. digunakan untuk belanja Kementerian/ Lembaga tertentu lebih dari 7,5% (tujuh koma lima persen) dari tambahan <br>realisasi penerimaan PNBP dalam APBN, setelah <br>berkonsultasi dengan Dewan Perwakilan Rakyat dalam hal ini Badan Anggaran Dewan Perwakilan Rakyat. <br>Ketentuan tersebut di atas dikecualikan untuk PNBP yang diperoleh dari: <br>a. layanan . <br>SK No 264553 A

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PRESIDEN REPUBLIK INDONESIA <br>l,.J,FITEIiN <br>REPUEUK INDONESIA <br>-20- <br>a. layanan yang membutuhkan biaya untuk pelaksanaan layanan berkenaan, sehingga dapat diberikan sesuai <br>kebutuhan, antara lain: untuk penyelenggaraan pendidikan, kesehatan, penelitian, pengujian <br>laboratorium, pengujian dalam rangka sertifikasi, advis teknis, penilaian, pelatihan, dan diklat kepemimpinan; b. penggunaan dan pemanfaatan BMN; c. pengelolaan dana; d. satker dengan pengelolaan keuangan Badan Layanan Umum; e. putusan pro justitia yang telah berkekuatan hukum tetap; dan f. dana misi pemeliharaan perdamaian (MPP). <br>Realisasi penggunaan PNBP dilaporkan kepada Badan Anggaran secara triwulanan. <br>Hurrf b <br>Cukup jelas. <br>Huruf c <br>Perubahan anggaran belanja yang bersumber dari pinjaman karena: a. perubahan kurs; <br>b. sebab lain sepanjang perubahan tersebut tidak <br>mengakibatkan pelampauan pagu belanja <br>Kementerian/lrembaga; c. untuk penanggulangan bencana, merupakan kewenangan Pemerintah. <br>Perubahan anggaran belanja yang bersumber dari pinjaman <br>yang mengakibatkan pelampauan pagu belanja <br>Kementerian/ Lembaga selain huruf a dan huruf c di atas, <br>dilakukan dengan mempertimbangkan kemampuan <br>keuangan negara dan harus mendapat persetujuan dari alat <br>kelengkapan Dewan Perwakilan Ralryat yang khusus <br>menangani urusan Kementerian/ Lembaga dimaksud. <br>Persetujuan tersebut diberikan dalam jangka waktu paling <br>lama 30 (tiga puluh) hari kalender terhitung sejak <br>permohonan diterima oleh alat kelengkapan Dewan Perwakilan Rakyat yang khusus menangani urusan <br>Kementerian / Lembaga dimaksud. <br>Apabila. . . <br>SK No264552A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-2t - <br>Apabila karena satu dan lain hal persetqiuan belum dapat <br>diberikan dalam jangka waktu dimaksud, Pemerintah <br>melaksanakan perubahan anggaran belanja yang bersumber dari pinjaman yang mengakibatkan pelampauan pagu belanja Kementerian/Lembaga tersebut serta melaporkannya dalam Laporan Keuangan Pemerintah Pusat. <br>Huruf d <br>Cukup jelas. <br>Huruf e <br>Cukup jelas. <br>Huruf f <br>Perubahan anggaran dimaksud dapat bersumber dari: <br>1 rupiah murni; <br>2 pinjaman; <br>3 hibah; <br>4 sisa klaim asuransi BMN; <br>5. dana bersama penanggulangan bencana dan/ atau hasil pengembangannya; dan/ atau <br>6. penerimaan lain yang sah. <br>Huruf g <br>Perubahan anggaran cadangan kompensasi dalam program belanja dilakukan berdasarkan perubahan asumsi dasar ekonomi makro, perubahan parameter, perubahan kebijakan, dan/ atau pembayaran kewajiban kompensasi tahun-tahun sebelumnya. <br>Hurufh <br>Pemanfaatan belanja bendahara umum negara Pengelolaan <br>Belanja Lainnya diprioritaskan untuk pendanaan program prioritas Pemerintah yang berkaitan dengan perlindungan sosial, penanggr:.langan bencana, penguatan program penuntasan kemiskinan ekstrem, ketersediaan dan <br>keterjangkauan harga pangan, keperluan mendesak untuk ketertiban dan keamanan nasional, dan/atau pemenuhan kewajiban Pemerintah (subsidi dan/ atau kompensasi). <br>Huruf i <br>Cukup jelas. <br>Hurufj <br>cukuP ielas' <br>Huruf k. . . <br>SK No264551A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-22- <br>Huruf k <br>Cukup jelas. <br>Hurufl <br>Yang dimaksud dengan "ineligible expenditurd adalah <br>pengeluaran-pengeluaran yang tidak diperkenankan dibiayai dari dana pinjaman/hibah luar negeri karena tidak sesuai dengan kesepakatan dalam perjanjian pinjaman dan/ atau hibah luar negeri. <br>Huruf m <br>Cukup jelas. <br>Huruf n <br>Cukup jelas. <br>Huruf o <br>Cukup jelas. Ayat (2) upinjaman baru" adalah pinjaman yang <br>Yang disebut dengan dilakukan Pemerintah setelah Undang-Undang tentang APBN <br>Tahun Anggaran 2O26 diundangkan. <br>Pinjaman baru setelah penetapan Undang-Undang tentang APBN Tahun Anggaran 2026 dapat berupa pinjaman luar negeri kegiatan <br>dan pinjaman dalam negeri termasuk pinjaman yang <br>diteruspinjamkan dan/atau diterushibahkan. <br>Ayat (3) <br>Yang dimaksud dengan "perubahan pagu Pemberian Pinjaman' adatah peningkatan pagu Pemberian Pinjaman akibat adanya <br>tanjutan Pemberian Pinjaman yang bersifat tahun jamak, <br>percepatan penarikan Pemberian Pinjaman yang sudah disetujui dalam rangka mengoptimalkan pemanfaatan Pemberian Pinjaman <br>dan/ atau penambahan pagu Pemberian Pinjaman untuk <br>penerbitan Surat Perintah Pembukuan/ Pengesahan atas transaksi <br>dokumen bukti penarikan pinjaman dan/ atau hibah yang dikeluarkan oleh pemberi pinjaman dan/atau lribal: lnotie of dishtrsement-NODl. Perubahan pagu Pemberian Pinjaman tersebut tidak termasuk Pemberian Pinjaman banr yang belum dialokasikan dalam APBN Tahun Anggaran2026. <br>Yang dimaksud dengan " closirry datd adalalr tanggal batas akhir penarikan dana pinjaman/hibah luar negeri melalui penerbitan <br>Surat Perintah Pencairan Dana oleh Kantor Pelayanan <br>Perbendaharaan Negara. <br>Ayat(a) <br>SK No264550A

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PRESIDEN REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-23- <br>Ayat (4) <br>Perubahan pagu ini dipergunakan untuk penerbitan surat perintah pembukuan/pengesahan atas transaksi dokumen bukti penarikan pinjaman dan/ atau hibah yang dikeluarkan oleh pemberi pinjaman dan/ atau hibah (notioe of disbursemenf-NOD). <br>Ayat (5) <br>Yang dimaksud dengan "uang muka kontrak kegiatan yang dibiayai pinjaman luar negeri" adalah alokasi rupiah murni yang wajib disediakan Pemerintah dalam daftar isian pelaksanaan anggaran Kementerian/ Lembaga pengguna pinjaman luar negeri, untuk membayar sejumlah tertentu kepada penyedia barang danlatau jasa sebagai salah satu persyaratan pengefektifan kontrak' Tanpa pembayaran uang muka, pinjaman luar negeri yang perjanjian pinjamannya telah ditandatangani tidak dapat dicairkan. <br>Ayat (6) <br>Cukup jelas. Ayat (7) <br>Yang dimaksud dengan rekomendasi adalah pertimbangan yang harus ditindaklanjuti oleh Pemerintah termasuk apabila diperlukan <br>pendalaman oleh komisi terkait. Perubahan anggaran <br>Kementerian/l,embaga akumulasi penggunaannya dimintakan rekomendasi per triwulanan. <br>Yang dimaksud perubahan anggaran tertentu adalah program prioritas/direktif Presiden, kekurangan belanja pegawai, bansos dan/ atau kewajiban Pemerintah. <br>Rekomendasi Dewan Perwakilan Rakyat diberikan dalam jangka waktu 3x24 (tiga kali dua puluh empat) jam setelah permohonan persetqjuan disampaikan Pemerintah. <br>Apabila diperlukan pembahasan antara Pemerintah dan alat kelengkapan DPR RI yang khusus menangani urusan di bidang anggaran, Pemerintah dapat diwakili oleh Menteri atau pejabat yang ditunjuk. <br>Dalam hal jangka waktu pemberian rekomendasi tersebut di atas terlampaui dan Dewan Perwakilan Ralryat belum memberikan rekomendasi, Pemerintah dapat menyelesaikan proses sesuai <br>dengan ketentuan peraturan penrndang-undangan, serta <br>melaporkan perubahan tersebut dalam Laporan Semester dan/ atau Laporan Keuangan Pemerintah Pusat Tahun 2026. <br>Ayat (8) <br>cukuP ielas' <br>Pasar 2r . . . <br>SK No264549A

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PRESIDEN REPUBLIK INDONESIA <br>SIDEN INOONESIA <br>-24- <br>Pasal 2l <br>Ayat (1) <br>Pemberian hibah kepada pemerintah asing/ lembaga asing dilakukan dalam bentuk uang tunai dan/ atau uang untuk <br>membiayai kegiatan. Ayat (2) Cukup jelas. <br>Ayat (3) <br>Cukup je1as. Ayat (4) <br>Pemberian hibah kepada pemerintah daerah antara lain dalam rangka penanggulangan bencana. <br>Anggaran pemberian hibah dapat bersumber dari realokasi anggaran kegiatan Kementerian/ kmbaga yang sudah menjadi kewenangan pemerintah daerah. <br>Pasal22 <br>Ayat (l) <br>Cukup jelas. Ayat (2) Cukup jelas. Ayat (s) <br>Pendanaan operasional penyelenggaraan pendidikan termasuk program makan bergtrzi pada lembaga yang berkaitan dengan <br>penyelenggaraan pendidikan baik umum maupun keagamaan. <br>Ayat (4) <br>Pos pembiayaan untuk dana abadi di bidang pendidikan antara lain untuk: a. dana abadi pendidikan yang di dalamnya termasuk dana abadi <br>Pesantren; b. dana abadi penelitian; c. dana abadi kebudayaan; dan d. dana abadi perguruan tinggi. <br>Dana abadi pendidikan, dana abadi penelitian, dan dana abadi perguruan tinggi dikelola oleh lembaga pengelola dana pendidikan sebagai endowment fund. <br>Dana . . . <br>SK No264548A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>-25- <br>Dana abadi pendidikan yang di dalamnya termasuk dana abadi pesantren merupakan dana yang diakumulasikan dalam bentuk dana abadi yang berasal dari alokasi anggaran pendidikan tahun-tahun sebelumnya sebagai dana abadi pendidikan. <br>Hasil pengelolaan dana abadi pendidikan dimaksud digunakan untuk menjamin keberlangsungan program pendidikan bagi generasi berikutnya termasuk pendidikan pesantren dan pendidikan keagamaan sebagai bentuk pertanggungjawaban antargenerasi. <br>Bentuk, skema, dan cakupan bidang pendidikan yang di dalamnya termasuk dana abadi pesantren dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan. <br>Dana abadi penelitian merupakan dana yang diakumulasikan dalam bentuk dana abadi yang hasil kelolaannya digunakan dalam rangka penelitian, pengembangan, pengkajian, dan penerapan untuk menghasilkan invensi dan inovasi. <br>Bentuk, skema, dan cakupan bidang penelitian, pengembangan, pengkajian, dan penerapan untuk menghasilkan invensi dan inovasi dilaksanakan sesuai dengan ketentuan peraturan <br>perundang-undangan. <br>Dana abadi kebudayaan merupakan dana yang diakumulasikan dalam bentuk dana abadi yang hasil kelolaannya digunakan untuk mendukung kegiatan terkait pemajuan kebudayaan. <br>Bentuk, skema, dan cakupan bidang kebudayaan dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan. <br>Dana abadi perguruan tinggi merupakan dana yang <br>diakumulasikan dalam bentuk dana abadi yang hasil kelolaannya digunakan untuk mendukung pengembangan perguruan tinggi kelas dunia di perguruan tinggi terpilih. <br>Bentuk, skema, dan cakupan bidang pengembangan perguruan <br>tinggr dilaksanakan sesuai dengan ketentuan peraturan <br>perundang-undangan. Ayat (5) Cukup jelas. <br>Ayat— (6) <br>Rincian yang terkait dengan Anggaran Pendidikan juga mencakup <br>Kementerian/Lembaga yang menjalankan program' <br>nonKementeri an I l\*mbaga, dan Investasi Pemerintah. <br>Pasal 23 <br>SK No264547A

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PRESIDEN REPUBLIK INDONESIA <br>FRESIDEN REPUBUK INDONESIA <br>-26- <br>Pasal 23 <br>Ayat (1) <br>Cukup jelas. <br>Ayat (21 <br>Huruf a <br>Cukup jelas. <br>Huruf b <br>Dalam pelaksanaan PMN, komisi yang membidangi urusan keuangan negara pada Dewan Perwakilan Rakyat melakukan dan menuntaskan pendalaman dalam waktu paling lama 45 <br>(empat puluh lima) hari kerja sejak diajukan permohonan penjadwalan rapat kerja pendalaman oleh Pemerintah. <br>Dalam hal pendalaman sebagaimana dimaksud di atas, <br>karena satu darr lain hal belum dapat dituntaskan, <br>Pemerintah dapat mengambil langkah-langkah PMN sesuai dengan ketentuan peraturan perundang-undangan, serta melaporkan langkah{angkah tersebut dalam Laporan <br>Keuangan Pemerintah Pusat Tahun 2026. <br>Huruf c <br>Cukup jelas. <br>Huruf d <br>Dalam pelaksanaan PMN, komisi yang membidangi urusan keuangan negara pada Dewan Perwakilan Ralryat melakukan dan menuntaskan pendalaman dalam waktu paling lama 45 <br>(empat puluh lima) hari kerja sejak diajukal permohonan <br>penjadwalan rapat kerja pendalaman oleh Pemerintah. <br>Dalam hal pendalaman sebagaimana dimaksud di atas, <br>karena satu dan lain hal belum dapat dituntaskan, <br>Pemerintah dapat mengambil langkahJangkah PMN sesuai dengan ketentuan peraturan perundang-undangan, serta melaporkan langkah-langkah tersebut dalam Laporan <br>Keuangan Pemerintah Pusat Tahun 2026. <br>Ayat (3) <br>Cukup jelas. Ayat (4) Cukup jelas. <br>Pasal 24. . . <br>SK No 254546 A

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PRESIDEN REPUBLIK INDONESIA <br>BUK INDONESIA <br>-27 - <br>Pasal 24 <br>Ayat (1) <br>dengan udefisit" adatah defisit sebagaimana Yang dimaksud ditetapkan dan diatur dalam Undang-Undang Nomor 17 Tahun <br>2003 tentang Keuangan Negara. Ayat (2) Cukup jelas. <br>Ayat (3) <br>Cukup jelas. Ayat (4) Cukup jelas. <br>Pasal 25 <br>Cukup jelas. <br>Pasal 26 <br>Cukup jelas. <br>Pasal27 <br>Ayat (1) <br>Yang dimaksud dengan "krisis pasar SBN domestik' adalah kondisi krisG pasar SBN berdasarkan indikator protokol manajemen krisis management protocof pasar SBN yang ditetapkan oleh Menteri lcrisis Keuangan. <br>Penggunaan dana SAL untuk melakukan stabilisasi pasar SBN dapat dilakukan apabila kondisi pasar SBN telah ditetapkan oleh <br>Menteri Keuangan pada level krisis. <br>Krisis di pasar SBN tersebut dapat memicu krisis di pasar keuangan secara keseluruhan, mengingat sebagian besar lembaga keuangan memiliki SBN. Situasi tersebut juga dapat memicu krisis fiskal, apabila Pemerintah harus melakukan upaya penyelamatan lembaga keuangan nasional. <br>Stabilisasi pasar SBN domestik dilakukan melalui pembelian SBN di pasar sekunder oleh Menteri Keuangan. <br>Ayat (2) <br>Cukup jelas. Ayat (3) Cukup jelas. Ayat (4) Cukup jelas. <br>Pasal 28 <br>SK No264545A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPIIELTK INDONESIA <br>-28- <br>Pasal 28 <br>Ayat (1) <br>Huruf a <br>Penggunaan tambahan anggaran yang berasal dari dana SAL termasuk untuk memenuhi kebutuhan mendesak dan/ atau prioritas yang timbul pada tahun anggaran berjalan antara lain untuk menurunkan pembiayaan utang, cadangan belanja <br>ibu kota nusantara/sentra pertumbuhan ekonomi baru, cadangan kompensasi, cadangan kurang bayar DBH, <br>cadangan kurang bayar subsidi, dan/atau menambah pagu pembiayaan investasi. <br>Huruf b <br>Cukup jelas. <br>Huruf c <br>Cukup jelas. <br>Huruf d <br>Khusus untuk pemanfaatan saldo kas Badan Layanan Umum dilakukan dengan mempertimbangkan operasional dan manajemen kas Badan LaYanan Umum. <br>Huruf e <br>Yang dimaksud dengan "penyesuaian Belanja <br>Negara" termasuk melakukan pengutamaan penggunaan anggaran, penajaman anggaran Belanja Negara, dan/ atau penyesuaian Pagu. <br>Yang dimaksud dengan rekomendasi adalah pertimbangan yang harus ditindaklanjuti oleh Pemerintah termasuk apabila diperlukan pendalaman oleh komisi terkait. <br>Dalam pelaksanaan anggaran, jika Pemerintah melakukan penyesuaian terhadap Belanja KlLyang merupakan program baru, maka Pemerintah menyampaikan kepada DPR melalui AKD yang menangani UU APBN untuk mendapatkan rekomendasi. <br>Pemerintah dalam hal ini adalah K/L terkait. Ayat (2) opersetujuan Perwakilan Ra1ryat" Yang dimaksud dengan Dewan adalah kesepakatan Pemerintah dengan Badan Anggaran Dewan Perwakilan RakYat. <br>Persetujuan Dewan Perwakilan Rakyat diberikan dalam jangka waktu 3x24 (tiga kali dua puluh empat)jam setelah pemberitahuan disampaikan Pemerintah. <br>Dalam . . . <br>SK No264544A

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PRESIDEN REPUBLIK INDONESIA <br>REPUELTK INDONESIA <br>-29- <br>Dalam hal jangka waktu persetujuan tersebut di atas terlampaui dan Dewan Perwakilan Rat<br>Pemerintah dapat melaksanakan penggunaan dana SAL dan penerbitan SBN tersebut. <br>Ayat (3) <br>Cukup jelas. Ayat— (4) <br>Perubahan komposisi instrumen pembiayaan utang meliputi perubahan SBN neto, penarikan pinjaman dalam negeri, danlatau penarikan pinjaman luar negeri' Penarikan pinjaman luar negeri meliputi penarikan pinjaman tunai dan pinjaman Kegiatan' Dalam hal pinjaman luar negeri dan/atau pinjaman dalam negeri tidak tersedia dapat digantikan dengan penerbitan SBN atau sebaliknya dalam rangka menjaga ketahanan ekonomi dan fiskal' Ayat (5) Cukup jelas. <br>Ayat (6) <br>Cukup jelas. Ayat (7) Cukup jelas. <br>Pasal 29 <br>Ayat (l) <br>Ancaman yang membahayakan perekonomian nasional dan/atau <br>stabilitas sistem keuangan termasuk kondisi geopolitik yang <br>berdampak terhadap perekonomian global dan domestik. <br>Termasuk langkah kebijakan yang dapat ditempuh untuk menghadapi ancaman perekonomian dan/ atau stabilitas sistem keuangan tersebut antara lain melakukan penyesuaian besaran <br>Pendapatan Negara, Belanja Negara, dan/ atau Pembiayaan <br>Anggaran. <br>Ayat (2) <br>Cukup jelas. <br>Pasal 3O <br>Cukup jelas. <br>Pasal 31 <br>Cukup je1as. <br>Pasal 32 <br>SK No264543A

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PRESIDEN REPUBLIK INDONESIA <br>PRESIDEN <br>REPUBLIK INDONESIA <br>FRESIDEN REPUBUK INDONESIA <br>-30- <br>Pasal 32 <br>Cukup jelas. <br>Pasal 33 <br>Ayat (1) <br>Saldo kas pada Badan Iayanan Umum dan dana yang ditampung dalam rekening investasi bendahara umum negara dialokasikan sebagai penerimaan pembiayaan lainnya untuk dapat menjadi anggaran dan/ atau tambahan anggaran pengeluaran pembiayaan investasi pada sub bagian anggaran bendahara umum negara pengelolaan Investasi Pemerintah. <br>Ayat (2) <br>Cukup jelas. <br>Pasal 34 <br>Ayat (l) <br>Cukup je1as. Ayat (2) <br>Mekanisme pengesahan belanja modal merupakan <br>pertanggunglawaban penggunaan dana jangka panjang dan/ atau dana cadangan pada Badan Layanan Umum lembaga manajemen aset negara. <br>Ayat (3) <br>Mekanisme pengesahan belanja merupakan pertanggungiawaban penggunaan dana abadi, dana jangka panjang, dan/atau dana cadangan pada Badan Layanan Umum badan pengelola dana lingkungan hidup. <br>Ayat (4) <br>Cukup jelas. Ayat (5) Cukup jelas. Ayat (6) <br>Yang dimaksud dengan "ketentuan peraturan perundang- <br>undangan" antara lain peraturan perundang-undangan di bidang Investasi Pemerintah. <br>Pengelolaan selanjutnya dilakukan oleh PT. Sarana Multi Infrastruktur (Persero). <br>Ayat(7) <br>SK No264542A

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PRESIDEN <br>REPUBLIK INDONESIA <br>PRESIDEN <br>REPUEUK INDONESIA <br>-31 - <br>Ayat— (7) <br>iu.rg dimaksud dengan Investasi Pemerintah yang dapat dikeirakan tingkat imbal hasil investasi lebih rendah dari tingkat bunga yang diietapkan oleh Bank Indonesia adalah investasi yang <br>dilakufan untuk sektor strategis dan prioritas sesuai dengan kebijakan Pemerintah antara lain sektor ketahanan pangan' perumahan, pengembangan ekonomi melalui koperasi/usaha mikro, kecil, dan menengah (UMKM)' dan pengembangan <br>infrastruktur daerah sesuai dengan ketentuan peraturan <br>perundang-undangan di bidang Investasi Pemerintah' <br>Pasal 35 <br>Ayat (1) <br>Cukup jelas. Ayat (2) Cukup jelas. Ayat (3) Cukup jelas. Ayat (4) Cukup jelas. Ayat— (5) <br>Sesuai dengan ketentuan Undang-Undang di bidang keuangan negara, Menteri Keuangan merupakan bendahara umum negara <br>yang mempunyai— fungsi sebagai pengelola fiskal dan p"tt..ittt"t dalam -wakil <br>kepemilikan kekayaal rrega? dipi-sa6l't'' <br>Untukmenjalankanfungsitersebut,diperlukanbadanusahamilik yang <br>negara menjalankan fungsi dan tugas sebagai alat liskal (fscal tools) atau kendaraan misi khusus lspecial mission uehiclel ' <br>Penyertaan modal negara dapat diberikan kepada badan usaha milit negara tersebut yaitu pT sarana Multi Infrastruktur (Persero), <br>PT Sarana Multigriya Finansial (Persero), PT Penjaminan <br>Infrastrukturlndonesia(Persero),danPIGeoDipaEnergi(Persero) yang dibentuk sesuai dengan ketentuan peraturan perundang-undangan. <br>Ayat (6) <br>Cukup jelas. <br>Pasal 36 <br>Cukup jelas. <br>Pasal 37 <br>SK No 264579 A

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PRESIDEN <br>REPUBLIK INDONESIA <br>REPUEUK INDONESIA <br>-32- <br>Pasal 37 <br>Pemeriksaan dan/ atau audit penerimaan negara dapat dilakukan melalui program join audit. <br>Pasal 38 <br>Ayat— (l) <br>Penjaminan Pemerintah untuk masing-masing program dilaksanakan sesuai dengan ketentuan peraturan perundang-undangan. <br>Ayat l2l <br>Huruf a <br>Pemberian jaminan Pemerintah Pusat untuk percepatan pelaksanaan proyek strategis nasional dibatasi hanya pada jaminan proyek strategis nasional yang telah memperoleh surat oleh Pemerintah sebagaimana diatur dengan <br>Peraturan Menteri Keuangan mengenai tata cara pemberian jaminan Pemerintah Pusat untuk percepatan pelaksanaan proYek strategis nasional. <br>Huruf b jaminan <br>Pelaksanaan pemtrerian Pemerintah untuk pelaksanaan pembangu.nan infrastruktur dalam proyek kerja sama Pemerintah deng"n badan usaha yang dibatasi pada proyek kerja sama Pemerintah dengan badan usaha de.ngan penanggung jawab proyek kerja sama adalah pemerintah daerah, baaan usaha milik negara, dan badan usaha milik daerah. <br>Huruf c <br>CukuP jelas. <br>Huruf d <br>Pemberian Jaminan Pemerintah untuk percepatan pembangunan infrastruktur dibatasi hanya pada ProYek Yang telah memperoleh jaminan pinjaman oleh Pemerintah kepada kreditur sehubungan dengan pembayaran kembali pinjaman PT Perusahaan <br>Listrik Negara (Persero) selaku pelaksana penugasan pembangunan infrastruktur kelistrikan. <br>Ayat (3) <br>Cukup jelas. <br>Ayat(4) <br>SK No 264578 A

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PRESIDEN <br>REPUBLIK INDONESIA <br>REPUEUK INDONESIA <br>-33- <br>Ayat— (4) <br>Pembentukan rekening dana cadangan penjaminan Pemerintah ditu-iukan terutama untuk menghindari pengalokasian anggaran <br>Kewajiban Penjaminan Pemerintah dalam jumlah besar dalam satu tahun anggaran di masa yang akan datang, menjamin ketersediaan dana yang jumlahnya sesuai kebutuhan, menjamin pembayaran klaim secara tepat waktu dan memberikan kepastian kepada pemangku kepentingan (termasuk kreditur/ investor) . <br>Ayat (5) <br>Cukup jelas. Ayat (6) Cukup jelas. Ayat— (7) <br>Mekanisme pembayaran pengeluaran belanja transalsi khy9ul atas klaim kCwajiban dan/ atau penggantian biaya yang timbul dari pelaksanaan Kewajiban Penjaminan untuk program penjaminan <br>pemulihan ekonomi nasional dilaksanakan melalui <br>pemindahbukuan dana cadangan penjaminan ke rekening kas <br>,mu\* negara dan diperlakukan sebagai penerimaan pembiayaan' <br>Bukti pemindahbukuan dana cadangan penjaminan ddadikan sebagai dasar pagu belanja transaksi khusus dalam penlrrsunan daftar isian pelaksanaan anggaran. <br>Ayat (8) <br>Cukup jelas. Ayat (9) Cukup jelas. Ayat— (10) <br>f\*fa hasil dari akumulasi rekening Investasi Pemerintah <br>merupakan PNBP dan dapat dipergunakan untuk menambah dana dalam rekening sebagaimana dimaksud pada ayat (4)' <br>Ayat (11) <br>Cukup jelas. <br>Pasal 39 <br>Ayat— (1) <br>Penyesuaian pembayaran bunga utang dan pengeluaran cicilan pokok utang dengan kebutuhan realisasi pada tahun anggaran berjalan, antara lain dapat disebabkan oleh: <br>1. kondisi. . . <br>SK No264577A

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PRESIDEN <br>REPUBLIK INDONESIA <br>PRESIDEN REPI,JBLIK INDONESIA <br>-34- <br>1. kondisi ekonomi makro yang tidak sesuai dengan kondisi yang <br>diperkirakan pada saat penyusunan APBN perubahan dan/ atau laporan realisasi pelalsanaan APBN semester <br>pertama Tahun Anggaran 2026; <br>2. dampak dari restrukturisasi utang dalam rangka pengelolaan portofolio utang; <br>3. dampak dari percepatan penarikan pinjaman; <br>4. dampak dari transaksi lindung nilai atas pembayaran bunga utang dan pengeluaran cicilan pokok utang; dan/ atau <br>5. dampak dari perubahan komposisi instrumen pembiayaan utang. <br>Ayat (2) <br>PelaksanaantransaksilindungnilaidilaporkanPemerintahdalam Pusat 2O26' laporan keuangan Pemerintah tahun <br>Ayat (3) <br>Cukup jelas. Ayat— (a) <br>iewajiban yang timbul dari transaksi lindung nilai bukan meruiakan terugian keuangan negara karena ditqiukan untuk melindungi p.mbaya.art bunga utang dan pengeluaran cicilan pokok utang dari risiko fluktuasi mata uang dan tingkat blrle": behin itu, tLnsaksi lindung nilai tidak ditqiukan untuk spekulasi mendapatkan keuntungan. <br>Ayat (s) <br>Cukup jelas. <br>Pasal 4O <br>l,aporan paling sedikit memuat capaian sasaran program prioritas nasional yang mengaitkan indikator Kementerian/ lrmbaga, program' dan anggarannYa. <br>Pasal 41 <br>Ayat— (1) <br>Yang dimaksud dengan "keadaan tertentu yang membuluhkan penanganan secara cepat" adalah keadaan memburuknya kondisi ekonomi makro dan/ atau keuangan yang menyebabkan fungsi danperanAPBNtidakdapatberjalansecaraefektifdanefisien, antara lain: a. proyeksi pertumbuhan ekonomi di bawah asumsi dan deviasi isumsi dasar ekonomi makro lainnya secara signifikan; b. proyeksi. . ' <br>SK No264576A

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PRESIDEN <br>REPUBLIK INDONESIA <br>REFUBUK INDONESIA <br>35- <br>b. proyeksi penurunan pendapatan negara dan/ atau <br>meningkatnya belanja negara secara signifikan; dan/ atau c. kenaikan biaya utang, khususnya imbal hasil SBN secara signifikan. <br>Ayat (2) <br>Cukup jelas. Ayat— (3) <br>Yang dimaksud dengan "karena suatu dan lain hal belum dapat ditetapkan" adalah apabila badan anggaran belum {apat melakukan rapat kerja dan/ atau mengambil kesimpulan di dalam rapat kerja, dalam waktu 2x24 kali dua puluh empat) jam ldua selelah usulan disampaikan Pemerintah kepada Dewan Perwakilan Ralryat. <br>Yang dimaksud dengan "langkah antisipasi" adalah langkah yang diambil oleh Pemerintah dalam rangka penanganan keadaan tertentu yang membutuhkan Penanganan secara cepat' Ayat (4) Cukup jelas. <br>Pasal 42 <br>Cukup jelas. <br>Pasal 43 <br>Ayat— (1) <br>Vurrg dimaksud dengan "lembaga penjamin simpanan mengalami kesulitan likuiditas" adalah dalam hal perkiraan kas yang dapat diperoleh dari sumber daya keuangan lembaga penjamin simoanan tidak mencukupi pada saat kebutuhan dana harus dipenuhi oleh lembaga penjamin simPanan. <br>Ayat— (2) <br>Penambahan utang antara lain bersumber dari penerbitan SBN' <br>Ayat (3) <br>Cukup jelas. <br>Pasal 44 <br>Otorita ibu kota nusantara dan melakukan persiapan, pembangunan, dan/ atau pemindahan ibu kota negara, serta penyelenggaraan pemerintahan daerah khusus ibu kota nusantara' <br>Pelaksanaan . . . <br>SK No264575A

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PRESIDEN <br>REPUBLIK INDONESIA <br>FIIESIDEN <br>REPUBUK INDONESIA <br>-36- <br>Pelaksanaan persiapan, pelaksanaan pembangunan ibu kota nusantara, dan/ atau ibu kota negara tersebut juga daPat <br>dilakukan oleh Kementerian lI\*mbaga sesuai dengan tugas dan <br>fungsinya dengan anggaran yang bersumber dari APBN' <br>Dalam rangka menjaga kesinambungan pembangunan ibu kota <br>"Pemerintah nusantara, memberikan dukungan pendanaan melalui <br>APBN sesuai dengan peraturan perundang-undangan mengenai ibu kota negara dan dengan mempertimbangkan kemampuan keuangan negara. <br>Pasal 45 <br>Pengaturan ini dimaksudkan agar pemberian layanan dasar kepada maslarakat tidak terganggu dengan adanya pemindahan ibu <br>-kota <br>.,egara, sementara otorita ibu kota nusantara belum sepenuhnya dapat me-iaksanakan tugas dan fungsinya sebagai penyelenggara pemedntah <br>daerah khusus ibu kota nusantara khususnya dalam melakukan pengambilalihan tanggung jawab penyelenggaraan urusan <br>pemerintahan daerah. <br>Yang dimaksud dengan urusarl pemerintahan daerah" adalah pemberian layanan dasar kepada penduduk ibu kota nusantara antara lain pemberian layanan di bidang kependudukan, bidang pendidikan, bidang kesehatan dan/atau bidang lainnYa di luar kewenangan khusus dari otorita ibu kota nusantara' <br>Sebagai konsekuensinya, pemungutan pajak daerah dan retribusi daera=h sampai dengan akhir tahun 2026 masih menjadi kewenangan dari pemerintah daeiah provinsi Kalimantan Timur, pemerintah daerah kabupaten Kutai Kartanegara, dan pemerintah daerah kabupaten <br>Penajam Paser Utara sesuai ketentuan peraturan perundang-undangan <br>term-asuk peraturan perundang-undangan di bidang hubungan <br>keuangan pusat dan daerah dan pemerintahan daerah' <br>Pasal 46 <br>Cukup jelas. <br>Pasal 47 <br>Ayat (1) <br>Cukup jelas. <br>Ayat(2) <br>SK No264574A

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PRESIDEN <br>PRESIDEN <br>REPUBLIK INDONESIA <br>REPUBUK INDONESIA <br>-37- <br>Ayat (21 <br>Pemerintah menyampaikan Peraturan Presiden mengenai rincian APBN kepada badan anggaran Dewan Perwakilan Ralrryat. Selain penyampaian Peraturan Presiden mengenai rincian APBN' <br>Femerintah juga menyampaikan dokumen yang berisi kelompok penerima manfaat dari program dan kegiatan. <br>Selain itu juga disampaikan dokumen yang menjelaskan mengenai sasaran prioritas nasional dalam rencana kerja pemerintah yang disertai dengan saszlran indikator (ba.selinel tahun 2024, outlook <br>2025, serta target tahun 2026, program-program <br>Kementerian/Lembaga, dan alokasi €Lnggarannya. Dokumen tersebut disampaikan Pada bulan Desember tahun 2025. <br>Ayat (3) <br>Pelaksanaan dilakukan secara bertahap. <br>Pasal 48 Ayat (1) <br>Cukup jelas. <br>Ayat(21 <br>Yang dimaksud dengan "dikelola secara khusus" adalah dana bersama penanggulangan bencana dapat dikelola oleh unit pengelola dana bersama bencana dan <br>diperlakukan sebagai pendapatan/ penerimaan unlt pengelola Dana <br>Bersama Penanggulangan Bencana. <br>Ayat (3) <br>Cukup jelas. Ayat (4) Cukup jelas. <br>Pasal 49 <br>Huruf a <br>Cukup jelas. <br>Huruf b <br>Cukup jelas. <br>Huruf c <br>Cukup jelas. <br>penanggulangan <br>Hurufd <br>Penetapan tingkat kemiskinan sesuai dengan metodologi <br>penghitungan Garis Kemiskinan Nasional yang dilakukan oleh <br>Badan Pusat Statistik. <br>Hurufe . . . <br>SK No 264573 A

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PRESIDEN <br>REPUBLIK INDONESIA <br>-38- <br>Huruf e <br>Cukup jelas. <br>Huruf f <br>Cukup jelas. <br>Huruf g <br>Cukup jelas. <br>Huruf h <br>Cukup jelas. <br>Huruf i <br>Cukup jelas. <br>Hurufj <br>Cukup jelas. <br>Pasal 5O <br>Cukup jelas. <br>Pasal 51 <br>Cukup jelas. <br>Pasal 52 <br>Ayat (1) <br>Yang dimaksud dengan penyesuaEn anggaran belanja Yang mengakibatkan perubahan indikator dan target pembangunan' adalah penye suaian anggaran belanja antarprogram dalam rangka penyesuaian program, kegiatan, dan /atau proyek sesuai arahan dan/ atau direktif Presiden. <br>Ayat (2) <br>Cukup jelas. <br>Pasal 53 <br>Cukup jelas. <br>Pasal 54 <br>Cukup jelas. <br>TAMBAHAN LEMBARAN NEGARA REPUBLIK INDONES1A NOMOR 7144 <br>SK No264931A

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I-AMPIRAN I <br>UNDANG-UNDANG REPUBLIK INDONESIA NOMOR 17 TAHUN 2025 <br>TENTANG <br>ANGGARAN PENDAPATAN DAN BEI'./qNJA NEGARA TAHUN ANGGARAN 2026 <br>RJNCIANANGGARANBEI.ANJAPEMERINTAHPUSATMENURUTORGANISASI,FUNGSI,DAN <br>PROGRAM, DAN ALOKASI PEMBIAYAAN ANGGARAN DAI.AM ANGGARAN PENDAPATAN DAN BEI"ANJA NEGARA <br>TAHUN ANGGARAN 2026 <br>{Ribu Rupieh) l{'trGAt g.141r.7AO.ai,o.r@ RII(CTAI\| EET,A[.'A PDI,ATTIAE ?I'BAT IIT\|T'RUT <br>Umum 7943A1.705.632 l.l Pelayanen <br>337 .37 I .835.237 <br>1.2 Pertahanan <br>Ketertibsn dan Kcarnanan 242.57 4 .76a.579 <br>1.3 a23.723.1A4.554 t.4 Ekonomi <br>Perlindungen Lingkuntan Hidup 13.358.614.384 <br>1.5 dan Fasittas Umum 28.616.530.003 <br>1.6 Pcrumahan <br>153.100.068.262 t.7 Keg€hatan <br>2.965.144.492 <br>1.8 Pari{riseta <br>14.407.406.443 1.9 Agama <br>459.692.569.843 <br>1.10 Pendidikan <br>Pcrlindungan So.ial 279.54t.#2.531 <br>1.1 r <br>lI. NtTCtttr B'DATJA PUTRtrTAf, ?T'BAT II I'RT'T OnI f,IEAII I'AII s. r a9.738.390.760 PROORAf, 1.O60.Oqr.dxl <br>2.1 oot IArrI,tB PmUEIAWARATTT RAl(lAT (XPRI <br>3 r4.960.238 <br>1.1 ProSrsm Dukungen Manajemcn <br>Penyclentgaraa! LcmbaAa t dsi AIat Kclengkapan 735.O39.762 <br>2.r.2 Program dslatif 2.2 (x,2 DIg'T PIRWAXII.AT BAI(YAT <br>I .rlrDlRAD 3.418,910.765 2.2.t oo2,o BEA:RDrAi!A'I <br>3.415.910.765 <br>2.2.1.1 Program Dukungan Manajcmen <br>(x,1 (,l D!wl' PERSIAII.A! RAI'YAT 6.itt+.oa9.23s .2 <br>Dukungan Manajemcn 557.332.062 <br>I ProSram lJmbaga tc8islatif don AIat KelenSkapan 5.926.757.173 <br>ProgrEm Penyetcnggatasn <br>(lTEADAT P ARIAAA IIEI'ATGAT 6.ao4.960.dx, <br>2.8 <br>Dukungan Manajemen \| .409.956.447 <br>2.3.t Program <br>Progran Pcmcriks€an Keuangan Ncgara 5.425.003.513 2.3.2 d,6 IAAIiIIAII AGUIiG 14,?5E.7a2.1ir{' <br>2.4 <br>Dukungan Menajemen 14.554.852.819 2,4.1 Program dan Pelay'anan Hukum 198.899.32r <br>Program Penegal@n <br>q,6 I(IA'AIIEAI' REPUAIIX llf DOTEflA 20.250.ooo.qx, <br>2.4 <br>Dukungan Manajemen 1r .342.677 .7 55 2.5.1 Program hogram PenegaLan dan Pclayanan Hukum 8.907.322.245 <br>2.5.2 <br>,IWETIDRIAI TEOAAA 2.609.167 ,464 2.6 OC7 <br>Prog'am Dukungan Manajemcri 'EBRDTARIAT 2.599.412.635 <br>2.6.1 t yanen kepada Prcaiden dan wakil Pr€siden 9.974.A29 Prograrn Penyclcntgaraan <br>2.? <br>SK No264930A

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BUK IN <br>-2- <br>(Ribu Rupiah) <br>2.7 OTO I(EIEIIITRI T DAI,AU IGERI ?.aqr.qxr.qx, <br>2.7 .t Proglan Dukungan Mqnajemen 4.577.2o4.468 2.7.2 Protram P€mbinaan Politik dan Pemcrintahan Umum 306.819.299 <br>2.?.3 Prografi Pembinaan Kapasitas Pcmcrintahan Daarah dan Desa 852.731.523 <br>2.7.4 Plograrn Tata Kelola Kependudukan 2.063.244 .7 10 <br>2.4 OII XEIEITERIAT LUAR IfECtrRI 10.220.520.a1r <br>2.4.1 Program Dukungan Manajemeh 7.939.336.6s6 <br>2.4.2 Progrem Diplomasi da.rl Kelja sama Intemasional 2.015.016.039 <br>2.4.3 Program Pelindun8an wNI di Luar Netcri scrta Pelayanan Publik 266.t6A.776 <br>,.9 O12 IIIXEf,TERIAX PERTAE/IT^i 1A7. 1oo.dxr.qx, <br>2.9.1 Program Dukuntan Manajemen a1.402.ao5.552 2.9.2 Progra.tn Kebijakan dan ReSulasi Pertehanan 36.717.369 2.9.3 Program Modemisasi Alutsista, Non Alutsista, dan Salpras Pertahanan 83.494.394.091 2.9.4 Program Pembinaan Sumber Daya Pertahanan 355.318.806 2.9.5 Program Riset, Industri, dan Pendidikan Inggi Pcrtahanan 1.789.500.360 2.9.6 Program Petaksanaan Tugas TNI 5.537.983.587 2.9.7 Program Profesionalisme dan Kes€jahteraan Prajulit t4.4As.2aO .235 <br>2.10 O15 f,UETf TTRIAII I{EI'AITOAX 52.O16.OOO.(XX' <br>2.10.1 Program Dukungan Manajemen 49.615.259.817 2.1o.2 Program Pengelolaan Belanja Ncgara 24.406.799 2.10.3 Program PcnSclolaan Penerirnaan Negara r.997.064.442 2.1o,4 Program Kebijakan Fiskal Scktor Keuengan dan Ekonomi 90.032.330 2.10.5 Program Pengelolaan Perbendaharaan, Kekayaan Negara dan Rioiko 249.232.572 <br>2.11 O1t I'UE ERIAT PERIAIIIAT 4{t. 14s.qxr.qx, <br>2.11.1 Program Dukungan Manajemen 4.954.44? .716 2,11.2 Progam Nilai Tambah dan Daya Saing Industri 6,67 4.618.1 I I 2.1 1.3 Program Ketersediaan, Akses dan Konsumsi Pangan Berkualitas 23.781.600.434 2.t1.4 kogram Pendidikan dan Pclatihan Vokasi 729.933.339 <br>2.t2 O 19 IGf, ErIIRlrI\| PERIIIDUBTRIAI 2.5(,1.796.6t3 <br>2.12.r Program Dukungan Manajemen 1.655.O01.762 2.12.2 Pro$am Nilai Tambah dan Dalq Seint Industri 729.590.915 <br>2.12.3 Program Fendidikan dan Pelatihan Vokasi r 17.204.006 <br>2.LE (liIO XEIEf,TERIAT EIDRGI I'AII I'AYA UITERAL to.ttz.gt ?.491 <br>'I'UBER 3.564.037.256 <br>2.13.1 Program Dukungan Manajemefl <br>2.13.2 Progam FendidikEn dan Pelatjhan Vokasi 340.866.495 2.13.3 Progafir Eoergi dan Ketenagalistrikan 6.051.741.306 <br>2.13.4 Program Fertgnbangan Mineral dan Batubara 53.249.9?9 2.13.5 Program Mitigasi dan Pelayanen Ceologi r08.102.4s5 <br>2.r4 O22 ATE TERIAT PERIIUBUiOAII 2A,1A9.4o4.7t2 <br>Program Dukuntan Manajernen 9.777 .942 .539 2,14.2 Program Pendidikan dan PelatihaD vokasi 1.834.949.516 2.14.3 Program Infrastrulcur Koneldivitas 16 .A7 6.512.657 <br>2.t5 - <br>SK No264534A

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REPIJBUK INDONESIA <br>-3- <br>(Ribu Rupieh) <br>2.1S o24 trUlrT ERlAr XEaEHATAIT 114.qxr.qxr.qro <br>2.15,I Program DukunSan Manajemen 9.525-831.950 <br>2.15.2 Program Pendidikan dan Pelatihan Vokasi 2.97 6.47 t .427 2.15.3 Program Sumber Daya Kesehatan 59.4r3.883.231 2.15.4 Program Pelayanan Kcs€hatan Primer 2.925.361 .25r <br>2.15.5 Progam Siste& Ketahanan Kesehatan 9.201 .977 .7 A3 <br>2.15.6 Program Petayanan Kesehqtan Lanjutan 29.956.074.358 <br>2.16 (,l5 XUIf,TEAIAIf AGAIA t8.897.71' t.3aO <br>2.16.1 Program Dukungan Manajemc! 54.3a2.227.614 <br>2.16.2 Protrah Kerukunsn Umat dan Layanan Kehidupan Beragama 1 .476 .136.254 2.16.3 hogram Kua.litas Pengajaran dan Pembclajaran 9.254.268. r rs <br>2.16.4 kogrem Pendidikan TiaSd a.563.732.752 2.16.5 Prograrn Wajib Belajar 13 Tahun 15.221.363.645 <br>2.17 0'16 REITTERIAIf XETEIiAG'IIERJAIT 3.t6(l,457.O2t <br>2.1?.r Progam Dukuntan Manajemen 1.28E.736.520 2.t7.2 Program Pendidikan dsn Pelatihan Vokasi 968.113.824 2.17.3 Progam Pembinaan Ketcnagakeiaan 1 .604 .006.677 2.14 (yl? XAtrEfatruAIl AOAIAI 8\*.,+,1o.O56. 166 <br>2. r 8.1 ProEram Dukungan Monajemcn 6.578.794.O79 2.t4.2 Program Perlindung6n Sosial 77.461.262.O47 <br>2.19 (x'2 BUEtrTEAIAII IIIN.AUTAf, DAII PERIXAITAT l8.Odr.qxr.ooo <br>2.t9.1 Proglam Dukungan Manajemen 3.631.060.209 2.19.2 koglam Nilai Tambah dan Dal.a Saing Industri 384.600.000 <br>2.19.3 Program Pcndidikan dan Peletihan Vokasi 266.664.436 2.r9.4 Program Pengelolaan Perikanan dan Kelautan 8.673.13r.35s <br>2.19.5 Program Kualitas Lingkungan Hidup 44.540.000 <br>2.Xt OO5 XWEtrII,RI'I XOORDTTAIIOR BIDATO PEBII(OI\|OIIAJf 1eB-214.1 43 <br>2.20.1 Program Dukungan Manajemcn 267 .772.237 2.20.2 Program Koordinasi Pelaksanaan KebijaLan 2t7.442.204 <br>2.21 IiFTi 236.7o4.9t2 <br>XIEUDAYAAf, <br>2.21.1 Progam Dukungan Manajemen 171.113.372 <br>2.21.2 Program Koordinasi Pelaksanaan Kebijakan 65.595.620 <br>2.22 O4I XIUETTIRIAT BADIN I'EAIIA XTLIK IIEGARA 2AO.311.060 2.22.r Proglem Dukungan Manejemen 197.425.736 <br>2.22.2 Proglam Pcngembangan dan Pcogawssan BUMN a2.4a5.324 2.2E (r I\|EUETTARIAT IEXBIRI'AYAAIf PIREUPI''! DAIi PERLIXDUTGAf, 214.r.12.4r7 <br>/lirI(<br>2.23.1 Program Dukungan Manajemen 145.O42.4t7 2.23.2 Program K€setareafl G€nder, Perlindungan Perempuan dan Ana-k 69.070.000 <br>2.21 O4A XTTEMTERIAI\| PE DAYACI'TAAT APANAN'' TEGAAA DT.T d9r.9eo.t2, <br>2.24.1 kotrem Dukuntan Manajemen 253.460.r27 2.24.2 Program Kebijakan, Pembinasn Profesi, dsn Tata Kelola ASN 139.520.000 <br>2.25 <br>SK No 264533 A

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EUK INOO <br>-4- <br>{Ribu Rupiah) 2.25 O5O BAI)AT ltrrl&t.'E iEGARA 16.670.000.000 2.25.1 Progeln Dukuagan Manejemen 3.571.153.748 <br>2.25.2 ProSram Penyelidikan, Pengamanan, dan Pengga.langan Keamanan Netara r3.098.846.252 <br>2,26 O51 BAI'AT BIBER, IIAIf SAIDI IiEoARA 3.495.547.080 <br>2.26.1 Progam Dukrngan Manajemen 41s.966.889 <br>2.26.2 Progra& Keamanan dan Ketahanan Sibar dan Sandi NegaJa 3.079.580.191 <br>2.2? O54 BADAII PI'BAT &TATTSIIB 6.926.9t5.046 <br>2.27.1 Program Dukungan Manajemen 3.7 t7 .561 .70r <br>2.27.2 Progam Penyediaan dan Pelayanan Informasi Statistik 3.209.423.345 2.24 065 BADAI PERtfC/ttAAr P BArGrrrAr r,AEtOIt/tL / BAPPEIAA 2.!97.qxr.qx' <br>2.2E,1 Program Dukungan Manajemen \| .527 .7 13.403 2.24.2 Program Perencanaan Pembangunan Nasional 1 .069.286.597 2.29 036 xr;fEIrrtRIAr AoRARIA lxrlf TATA mrAlG/BPf, 9./+99.345.955 <br>2.29.1 Program Dukungan Manajemen 7.094.443.942 2.29.2 Program Pengelolqan dan Petayanan Pertanahan 2.122.445.06A 2.29.3 Program Penyelenggaraan Penataan Ruant 281.6r7.955 <br>2.30 O57 PEBPU TAXIAT TTAIOI\|AL NEPI'BLII(If,DOf,IAIA t'f1 -999-S3'.f <br>2.30.1 Program DukunSan Manajemen 302.925.449 <br>2.30.2 Progra$ Perpustal€an dan Utcrasi 75.074.088 <br>2.el O59 X,;XENITERIAIf KOIlrlllLAal ITA ITIGITAI 4.621.910.745 <br>2.31.1 Program Dukungan Manajcmen 2.142. tO9 .964 2.3r.2 ProSram Pengembenten dan Penguetan Ekosistem dsn Ruang Di$tal 9s0.390.860 2.31.3 Protram Pengernbangan dan Penguatan hfrastruLtur Digital 5.531.809.922 <br>2.32 06(, II}FOLI'IA' TECARA REPI'BLII(UDOI\|EAIA 145.O60.OOO.qX' <br>2.32.r Program Duku[gan Manajcmen 73.093.933.266 2.32.2 Program Profcsionalisme SDM Polri l.65s.816.744 2.32.3 Program Fenyelidikafl dan Penyidikan Tindak Pidana 3.644 .736.84 \| 2.32.4 Progrartr Modemisaoi Almataus dan Sarana Pras€.rana Polri 52.73?.056.520 2.32.5 Program Pemeliherasn Kesmanan dan Ketcrtibsn Masyarakat 14.9la.456.629 2.33 06II BADAT PEIOAWAI OBAT T'AT f,AIllIAT 2.247 .O4S.[3A 2.33.1 Program Dukuotan Manajemen r.776.835.E13 2.33.2 Program Pengawassn Obat dan Makanan 470.207.345 2.44 064 LEIBAOA I'IETAIIAITAI{ ITAAIOTAL 212.O29.744 2.34.1 Program Dukungan Manajemen 152.999_954 2.34.2 Program Pembinaan Ketahalan Nasional 59.O29.A26 <br>,.35 065 XAIEf,TERIAX llVEST'$ DAT EILIRIIASI / BAD'N 775.o42.249 <br>PET(ATAI/TII f,OD/IL <br>2.35.1 ProSram Dukungan Manajemen 476.543.647 2.35.2 Progrem Pcnensman Modal dan Hiliiisasi 294.494.642 <br>2.46 066 BATA ITARXOrIXA XAaIOTAL (E Iq 1.516.617.307 <br>2.36.1 Program Dukungan Manajcmen 1.349.294.494 2.36.2 Progrem Pcncegahan dan Pembemntasart Penyalehgunaan dan Peredaran Gelep 167.318.809 <br>Ne-rkobe IP4GN) <br>2.37 <br>SK No264532A

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PRESIDEN <br>REPUBLIK INDONESIA <br>PRESIDEN REPUEUK INDONESIA <br>-5- <br>(Ribu Rupiah) <br>2.97 06A I\|EUIf,TIRIAT XIPETDUIX'I'Af, DAT PEIBAf,OUIAf, KEI,U/iRGA / 9.5,i7 .978.2t9 <br>BAI'AT XIEDEIII'I'DI'XAT DAT EII'ATOA EEREf,OAIiA TAAIOIIAL <br>2.3?.r Proglam Dukungan Manajcmen 3.274.669.594 <br>2.37.2 Progam Fembantunan Keluarga, liependudukan dan Keluarga Berencana 359.305.641 <br>2.SC (y74 KOXTSI TAAIOf,AL IIAI(AIAAT UATI'AIA t61.624.?2' 2.38.1 Program Dukuntan M€najemen 137.443.942 2.34.2 Program Femajuan dan Penegskan HAM 30.180.783 <br>1.39 O75 BAI',AT trDIIOROI'OI, IILIIAIOI,('GI DAT CE T!8IT'A 2.6?5.4E4.903 <br>2.39.1 kogram DukunSan Manajcmen 1.305.544.368 2.39.2 kogrem Mcteorologi, Klimatologi, dan Geolisika 1.369.E94.s3s <br>2.40 o75 XOXrg PUlrEAi I,XUX 3.s39.5E7.941 <br>2.40.1 Pro8ram Dukungan Manajemen 3.452.2a3.939 <br>2.40.2 Prograrn PeayelengSaraan Pemilihan Umum 47.304.OO2 <br>2.4t dr"t fAErAIrR r(oramTrrat Rt a7ar3aJ.542 2.4t.1 Program Dukungan Manajemen 177.416.202 Program Penanganan Pcrkara Konstitusi 201.519.340 <br>2.42 o7a PITEAT PEt tP(tRAr DAIf Aml,lAra TRAI\|AAAfl BIUAII(}AI PPATXI o33.577.OaO <br>2.42.1 Program DukunSan Manajemen 251.4a1.E7a 2.42.2 Program Pencegahan dan Pembemntasan Tindak Pidana Pencucian Uant (IPPU) 42.o95.202 dan Pcndanaan Teroriame <br>2.44 063 BArrAt [tFORlAar GEOSFaATAI lErcl 2.2?t.253.562 <br>2.43.1 Program Dukungan Manajemen 152.521.690 2.43.2 Program Penyrelengtaraan Informasi ceospasial 2.tra.?31.472 <br>2.4 oa4 BArrAtr aTarrrARlaAar rAalof,Al, lBau Lgo.@s.227 <br>2.44.1 Progra$ Dukulgan Manajemen 145.819.627 2.44.2 Program Standsrdisasi Nasional 44. r83.600 <br>2.44 oa6 EArrtIr PEf,cAwra rttlrcA lflrBltR lB FE Efl 117.741.340 <br>2.45.1 Program Dukungsn Manajemen to4.t45.754 2.45.2 Progrsm Riset dan Inovasi Ilmu Pengetahuan dan Teknologi 13.59S.786 <br>2.16 0A6 LF.[D'GA ADf,ITTETRAAI IIEOTN,A 29d.A493A2 <br>2.46.1 Prograr! Dukungan Manajemen 246.127.607 <br>2.46.2 hogram Kebijakan, Pembinaan Profesi, dan Tata Kelola ASN 47.221.775 <br>2.47 067 TnlIE i'AIOIIAL nIFUBLTX IIIDOiE3IA ,79.835.3t3 <br>2,47,1 Prograrn Dukuntan Manajemen 186.066.945 2.47.2 kotram Penyelenggaraan Keqlsipan Na8ional 93.268.438 a.\*a OAt BAI'AI IIEPECATAI T XEGARA 659.467.42ll <br>2.48.1 Program Dukungan Manajemen 620.O54.50r 2.48.2 Progrem Kcbijeksn, Pembinaan Plofesi, dan thta Kelola ASN 19.413,322 <br>2.49 ot9 BADAI\| PEIOAVaAAT IrArArA/ii DAr IWBATCUTAT (BlllPl 2.37+.93a.s53 <br>2_49.1 Program Dukungan Manajemen 1,979.4A2.E97 2.49.2 Progrsm Peogawas€n Pembangunan 395.535.656 <br>2.50 O9O IIEUET(IInIAT PERI'AC/NGAT 1 +q1.354.230 <br>2.50.1 Program Dukungan Manajemeo 1.277.Ot7.142 2.50.2 Ploglam Perdagangen Lua.r Negeri 88.490.018 2.s0.3 kotraff Ferdaaangan Dalam Negcri 34.457.O30 <br>2.51 _ <br>SK No264531A

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PRESIDEN <br>REPUBLIK INDONESIA <br>FRESIDEN REPUBUK INDONESIA <br>-6- <br>(Ribu Rupiah) <br>2.Et O9iI I'IEUEf,I?RIAI{ PEII'DA DAT OI'IIRAGA 1.156.OOO.(xX' 2.51.1 Program Dukungan Manajemen 336.300.413 2.51.2 Keolahragaan 760.199.537 <br>2.51.3 Protram Kepcmudaan 59.500.0so 4.62 o93 KOXTBI pEUBEBAmtIAIf f,ORrrl6t lL rl 1.5t1.460.633 <br>2.52.1 Program Dukungan Manajcmen 1.059.248.436 2.52.2 Program Pencegahan dah Penindal6n Pelkara Korupsi 522.612.2t7 <br>2.t3 O9A DEPAT PERWASLAI(DAERAII IDPDI t.aoo.qro.qx, 2.53.1 Progra$ Dukungah Manajemen 717.759.ta3 <br>2.53.2 Pro8ram Penyelcnggaraan tembaga L€gislatil dan Alat Kelengkapan t .o42.240 .817 <br>2.34 IOO KOXI5I II'DIAIAL REPI'BLIT 193.2s3.1s4 <br>2.54.1 ProSram Dukungan Manajcmcn 156.020.913 2.54.2 ProSram Fenagakrn Integritas Hakim 39.232.241 2.58 I(x' BAI'AI ;AAIOIiAL PI ATOOULA'OAT EE c,AIlA 4t 0.962.957 2.55.1 Program Dukungan Msnajemer 240.962.957 2.5s.2 kogram Kctahanan Beocara 250.000.000 <br>2.56 ffi r-ITi:rrlr:rT'Tfil i46.486.164 <br>PELTTE' SAT PEIITR.'A TIGRAI(ITIX'IIAIA <br>2.56.1 Protram Dukungan Manajeruen 43A.612.72t 2.s6.2 Program Penempatan, Pelinduflgan dan Pemberdayaan Pekcrja Migran Indonesia ro7.723.447 <br>2.87 106 T BAGA S3Ar.rfi/NI EE OADAAT BaIAf,C/JAAA pulRlrTllt lt (:Pn ,16.256.9s4 <br>2.57.1 Program Dukung&n Manajemen 108.099.s94 2.57.2 Program Pengadsan Barang/Jasa Na8ional 108.167.360 <br>2.sa 1(}7 E Der aAR iAStOrA& 1.333.675.969 <br>2.58.1 Progrem Dukungan Manajemen 844.993.881 2.54.2 Prografi Pencarian dan Pertolontan pada Kccelakaan dan Bencana 708.682.088 <br>2.69 lot xofl.l PEfoAwra PERaalnorr rraAsA IBPPUI 163.49E.a93 <br>2.59.1 PlograItr Dukungan Manajemen ro7.182.OO0 2.59.2 Program Feagawasan Persaingan UBaha dan Kcmitraan 56.3r6.893 <br>2.@ IlO OIBI'IXXAIf RIPUELIK lrDOIIAlA 231.978.t73 <br>2.60.r Ploglarr! Dukuntan Manajemen 214.955.632 2.60.2 Program Pengawasan Pcnyelenggaiaan Pelayanan Publik 37.O22.54t <br>,.61 lrl BADar rf/tltoltAL PllfcEf,ot A EDRBATEAtr (trppl ,16t.610.4?5 <br>2.61.1 Progam Dukungan Manajemeu 222.449.467 <br>2.61.2 ProSram Pentelolasn Batas Wilajrsh Ncgara dan Kavasan Perbatasan 246.76t.OO4 <br>2.62 11' BADAI P! GUAAI AIf XATTATT PIRDAT iOAI EEBAA DAII 2.62r.9\*A.63,0 BEBAA BATAI (aPIEB IATAI} <br>2.62.1 Program Dukungan Manajemen 1.099.028.051 2.62.2 Program Pengembangan Kawasan Strategis t.428.920.479 2.69 113 BAITA TaAI(XAL EE AIf(rcIrLAtrCAr TERORIEII (Bf,m Lat9.777.4Ae <br>2.63.1 Pro8ra$ Dukuogan Manajemen 2A4.72a.360 <br>2.63.2 Program Fenanggulangan Terorisme 1.435.049.128 <br>2.64 <br>SK No264530A

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PRESIDEN <br>REPUBLIK INDONESIA <br>FRESIDEN BLIK INDONESIA <br>-7 - <br>{Ribu Rupiah) <br>2.61 11! BAI'AT PEIGAWAA PEILIHAI UXI'f, 2.472.9A4.469 <br>2.64.1 Protra.rn DukunSan Manajemen 2.430.276.632 2.64.2 Program Penlrclcog8alaan Pcmilihan Umum 42.657.437 <br>2.6t 116 LEIBAOA PEIrIIAR/rIi PI'ELII' BADIO iIPI'BLII' ITDOIiEAIA 997.705.955 <br>2.65.1 Prcgram Dukungan Manajemen 981.837.610 2.65.2 Program Penyiaran Publik 15.868.345 <br>2.66 117 rE[.EVtAt RtPlrDI,lr IIDOTEAIA 1.159.7G1.O5(l 2.66.1 Progam Dukuntan Manajemen 975.716.r?9 2.66.2 Program P@yiaran Publik 183.946.88r <br>2.67 11A BADAtr PE]rOUEAIIAAX XAW"AJI BIBAS tIAi g6-1't3.7tt3 <br>PEtAgtEa BEAAa aAAATO (aEBPB 'IRIIAGATGAIf <br>2.67.1 Program Dukungan Manajemen 31.216.198 2.67.2 Plogram Paogchbangan Kawasar! Strategis 5.259.545 <br>2.64 1I9 BAI'AT EEAX'IT I,,/IUT 1.?51.94?.493 <br>2.64.1 Plo8rarn Dukuntan Manajemen 247 .Oa4.959 2.6A.2 Program Keamanan dan Keselamatsr di WilalEh Perairan Indonesia den Wilayah 1.504.902.934 <br>Yurisdiksi Indonesia a.69 r22 BADAI\| P BIf,AAIf IDEOI.OCI PTTCABII.A 384.462.O22 2.69.r Program Dukungan Manajemen 151.142.022 <br>2.69.2 Program Pembinaan ldeoloSi Pencasila 233.720.000 <br>2.V0 12A L EAGA ?ENLIiI'I'f,OiI SAXAI I'AIT KORATN 269.222211 <br>2.70.r Plotrarn Dukuntan Manajehen 137.008.934 2.70.2 ProSram Penegakan da,r Pelayanan Hukum 122.2t3.277 <br>2.7t 12{ BADAI EIBET DAf IIOV/TBI f,T'IOTA.L 6.14+.562-191 <br>2.71.1 Program Dukunga! M€najemen 3.874.808.796 <br>2.7 r.2 Program Riset dan lflovasi Ilrnu Peatctahuan dan TEknologi 2.269.753.395 <br>,.72 125 BAI'AII PATOAtr TAEIOI\|AI, <br>^19.291.6@ <br>2.72.1 ProBram Dukungan Msnajemen 144.Oga.272 2.72.2 Program Ketersediasn, Akscs dan Konsumii Pangan Berkualita8 89.196.331 <br>2.7e 126 (,rloRrfA ll[, xorA lluaAftAlA 6.262.046.470 <br>2.73.1 Program Dukungan M€najehefl 552.974.O49 Progam Pcngcmbangan Kawassn Strategis 5.709 .O72.7A1 <br>2.74 127 BADAI ArRArfttA lrDortalA 1.796.065.911 <br>2.74.1 Program Dukungan Manajerncn 1.191.418.840 2.74.2 kogam Keters€diaan, Akscs dan Konsurnsi Pangan Berkualitas 604.647 .O7 t <br>2.?6 124 EAI'AT OI'A IAAIOIIAL l6a.qro.dxr.dx, <br>2.75.1 kotram Dukuntan Manajemen 12.419 .766.696 2.75.2 Program Pcmettuhan Oizi Nasioaal 255.sEO.233.304 u.76 129 XEIIrIERIAT I'(X'RI'IrAToR BIDAIIG FOLIIIX DAI I'EAX,IAT 367.99?.743 <br>2.76.1 Program Dukungan Manejcmen 224.997.743 <br>2.?6.2 Program Koordinasi Pelak3snean Kebijakan 133,O00.OOO <br>,.77 r3o xtxEfTEar^r rooRDIIIATot BtDArc EUf,UI' HAX, tfrcRA6t DAr 221.934.522 <br>PIIAAYAiIXA'TAtr <br>2.77.1 Progem Dukungan Marajehen 158.149.96s <br>2.7?.2 Plogram Koordinasi Pclaksanaan lGbijakan 63.744.557 <br>2.7A <br>SK No264529A

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PRESIDEN <br>REPUBLIK INDONESIA <br>PRESIDEN REPUBUK INDONESIA <br>-8- <br>(Ribu Rupiah) <br>2.79 131 T,f.5Iil'.-7rl J:iT;f5fr7.r, f;rIJ 206.94?.119 <br>2.7A.1 Progarn Dukungan Manajemen 156.987.149 2.74.2 ProSrarl Koordinasi PelalGana6r Kebijaken 50.000.000 <br>2.79 rFrl ffi 262.53?.;i71 ot i/lll ltEvlL\|YAHAI <br>2.79.1 Program "wBAf Dukungan Manajemen t79.6t2.441 2.79.2 Program Koordinasi Felaksanaan Kebijakan 82.944.890 <br>,.ao 19. XUIf,TBRIAT XOON.DIiA'IOR BIDTTC 33A.3A5.saO <br>2.80.1 ProSra.rn Dukuntan Manajemen 264.630.625 <br>2.80.2 Program Koordhasi Pclaksanaan Kebijakatl 68.954.955 2.81 1O3 MEIrlBlAX EUXUU 1.211.213.291 <br>2.Al.t Plo8ram Dukungan Manaj€men 3.198.015. r73 2.41.2 Program Penegakan dan Pelayanen Hukum 976.163.540 2.81.3 Prograrn Pembentukan Regulasi 4?.036.574 <br>2.42 135 talf,E TlRtAc Hlx AaAat IAIfuStA 714.129.474 <br>2.42.1 Prograr! Dukungan Manajcmen 583.O51.247 2.42.2 Prcgran Pemajusn dan Penetaken HAM r35.078.185 <br>2.ac 187 KWIITERIAtr IXICNAAT DAI\| l8.t+9.o74.5t1 <br>2.83.1 Program Dukungan Manajemen 12.302.!24.469 2.43.2 ProSram Penegal<br>2.41 13A MIrIDRIA.T DEIDIDIIIA DAAAR DII IEIEIOAII s6.6a2,1AO.(xto <br>2.44.1 Program Dukungan Manajemen 4.799 .553 .570 <br>2.A4.2 Program Pendidikan dan Pelatihsn vokasi 3.13E.205.667 2.44.3 ProtraIn Kualitaa PcnSajalan dan Pe&belajaran 20.454.627.435 <br>2.A4.4 Program Wajib BcLajar 13 Tahun 24.102.525.345 2.84.5 Pro$am Pembangunan Kebaha8ern dan Kesastraan r83.217.943 <br>2.43 139 Brfltf,tE Ar DEI ,I! tBAt rtrOct, aArtrB, DAr rBXrOLd]l 61.873.870.OOO <br>2.85.1 Prograh Dukungan Manajemcn t7.o47 .002.645 <br>2.85.2 Program Pendidikan TtnSd 43.199.367.315 2.8s.3 Program Ris€t dan Inovasi llmu PenSetahuan dan Tek[oloti 1.627.500.OOO <br>,.e6 14O IIEIEIIBBIAT IiEAUDAYAAI 1.so7.391.t21 <br>2.86.1 Progrem Dukungan Marajemen E52.698.093 2.46.2 Program Pemajuan dan Pelestarian Kcbudayaan 654.693.724 <br>2.47 141 BAD' PEf,YII,If,COAiA IIA.II 579.(xt1.71? 2.87.r Program Dukungan Manajcmen 94.067.388 <br>2.47.2 Program Kerukunan Umat dan l-ayanan Kehidupan Bcragama 444.964.329 <br>2.AA I42 BADAT PEIYEI,EIIGGANA .'Af,IIlAIf PNODU!3 HAIAL s51,444.230 <br>2.88.1 hogram Dukungan Manajemen 160.427.169 2.48.2 Program K€rukunan Umat dsn Layanan Kehidupan Beaagama 39r.021.061 2,49 1{I' XIIETTERIAf, IIEEITTAI\|AT 6.O89.286.254 2.49.1 Proglam DukunSan Marajerlcn 4.203.232.096 <br>2.A9.2 Program Pcndtdikan dan Pelatihan Vokasi 112.344.750 2.49.3 Program Fedgelolaan Hutan Berkelanjutan I .723.704.4t2 <br>2.90 <br>SK No 264528 A

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PRESIDEN <br>REPUBLIK INDONESIA <br>PRESIDEN REPI.JBLIK INDONESIA <br>-9- <br>Fr.n {Ribu Ruplah) <br>I.l/+ IlE ArIIRIAII UI(}XUXGA! I IruP / BAI,AT PEIOEI{DALIAX 1.t95.394.243 LIICXUTOAT IIITX'P <br>2.90.1 ProE am Dukunggn Manajemcn 461.162.376 2.90.2 hotram Kualitas Lingkungan Hidup 476.44t.690 <br>2.90.3 Program Ketahanan Bencana dan Perubaian Iklim 54.790.177 <br>2.rt l+lt BulmtRrAx PlfilR.rr/rlf uut l rla.soo.ooo.ooo <br>2.91.1 ProgralE Dukungan Manajemen 9.052.557.404 91.2 Program Pcndidik6n dan Pelatihan Vokasi 140.648.866 2.91.3 hotram Infrastruktur Konektrvitas 42.606.542.257 2.91.4 Program Ketahanan Sumb€r Daya Air 32.095.164.080 2.91.5 Progrsm Perumahan da't Kawasan P€rmukiman 10.694.320.539 <br>2.91.6 Prasarana Strate$s 23.910.? 26.454 <br>,.92 10.495.50?.244 <br>2.92.1 Dukungan Manajemen 977 .201.OO3 <br>2.92.2 Ferumahen dan Kawasan Pcrmukiman 9 .918.306.241 2.9e t1t izlrJr]rB:Fal 1.851.694.2rs <br>2.93.1 Dukungan Manajcmen 963.613.967 <br>2.93.2 Pcndidikan dan Pelatihan Vokasi 284.110.065 2.93.3 Periwiseta 603.970.253 <br>2.94 l.tt LUlf,TEBtAIf EIIOIiOII l{lRIA"If / EAIlAr EI(OIOUI KREAflI 52E.468.567 <br>2.94.1 Program Dukungan Manajemen 448.168.567 2.94.2 Prograra Ekonomi l&catif 80-300.ooo <br>2.95 149 IMtrtrfTA,RIAII XOPIRAE! 962.(,4it.51s <br>2.95.1 Dukungan Manajemen 313.254.340 2.95.2 Protraln Pcrkoperasian 64a.?A9.27 5 <br>2.96 1SO $\|l tIfIIt rn UBASA UtrtAO, XECtt DAr XIXEI\|OAH 545.69O 1Oi1 <br>2.96.1 Program Dukuntan Manajemen 264.447.O14 2.96.2 Usaha Miko, Kccil, Menengah, dan Kewirausahaan 278.103.388 <br>2.97 t5l ffi 2.5@.226.O52 2.9?.r Program Dukungan Manajcmcn 609.414.795 <br>2.97.2 Program Desa dan Pcmbangunan Dacrah Tertinggal 1.894.811.257 <br>2.94 152 l(Eul['ltRtttr TRAIlAf, rcRLl t.tto2.o4o,ra4 <br>2.94.1 Program Dukungan Manajemcn 564.405.656 2.9A.2 Program Tlansmigasi 1.337.635.128 <br>2.1' AAGTAT AiGGARAT BNTDA! TA UTUT ICEGIRA 1.639.1a6.613.qX' <br>2.99.1 Ptogram Pengelolaan UtaIS Ncgala 599.440.498.164 2.99.2 Protram Pengelolaan Hibah Negara 350.61O.OO0 <br>2.99.3 Program Pengelolaan Subsidi 314.886.235.607 <br>2_99.4 Program Pengelolaan Bclanja Lainnya 526.554.O14.932 <br>2.99.5 Fengelolaan Ttansaksi Khusus 193.954 .a54.297 <br>SK No264527A

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PRESIDEN <br>REPUBLIK INDONESIA <br>PRESIDEN <br>REPUBLIK INDONESIA <br>-10- <br>rTTFT. (Ribu Rupiah) IET.I! <br>lll -iz'i:17f;z fxr.a.rrirrl I <br>l.l Bcrherga Netara (Ncto) 799.534 .7 53.376 t.2 Prnjaman (Netol 32.67 4 .145.453 r.2.1 Pinjstn n Dalam Ncgen (Nctol 16.536.498.992) l.2.l.l penarikan Pinjem.n Dalem Nc8.ri (Brutol 7.334.804.848 <br>1.2.t.2 Pcmbayeran Cicilan Pokok Pinjanet Dala.rn Ncgeri (13.87 r.3O3.EE01 <br>1.2.2 Prnjeman lxar Ncgcri (Nctol 39.210.644.445 <br>1.2.2.t Fenarik4n Pinjaman Luar Ne8eri (Bruto) 144.543.404.779 <br>1.2.2.t.1 Tunai 41.929.930.OO0 <br>1.2.2.t.2 Kcdatan 1o2.613.47 4 .?79 t.2.2.t.2.t Ketiatan Pemcrintah Pusat 97.953.6?? .465 .1 .l Kcgiatrn Kcrncntcrian Nctata/L.mbega 95.2r2.989.655 <br>\| .2.2. t <br>Kcdatan Dit.rulhibehken 2.740.6A7.gto <br>1 .2.2.1.2.1 .2 r.2.2.t.2.2 KcEiatan k pada Badan Useha Mdik NeSeta/P.mcrintah Da6ah 4.659.79?.314 Cic an Pokok Pinjanatr Luar Ncteri (r0s.332.760.334) t.2.2.2 Pcmbayaran <br>2 P.duata.! Lr..trd <br>U.aha Milik Ncg.ta dan Badan LaJ.anen Umum (41.4s6.239.7361 2.t Investasi Kcpada Bada! <br>Inv6tali Kepade Oryanilasi/LKl/Badan Ulahr lntcme6ional (1.960.28 t.2441 <br>2.2 lnvcstali P.mcrintah olch BUN (Non-Perm6ncnl (51.795.700.O0O1 <br>2.3 <br>2.4 Lslnnya (I 1 1.839.303.9571 <br>2.4.1 Pcndidikan 19.00o.000.0oo1 <br>2.4.2 Pembiayae, Investasi 142.O? 4.3O3.95?l Pambiayaan lainnya (60.765.000.0001 Prncrinrean Kamba-ti lnvesta3i 3.994.641.371 <br>3 lxr.r13.616l <br>Pinj.man k pada Bad.n Ulaha Mitik Netara/Pcmfiintah Dacrah {404. rs2.6551 <br>3.1 lNctol <br>3.1.1 Bnjaman kcpada Badan Usaha Milik Netara/Pemcnntah Dacrah (Brutol 14.6s9.797.3141 <br>Pcncfimarn Cicilan Pc gcmba.ll6n PinJaEan d.ri Ba&n Usaha Mihk 4.255.644.659 <br>3.1.2 <br>Netare/ Pcmerlntah Dacrah <br>!] <br>4.1 Ssldo An!$mn lrbih 60.000.000.000 P.ntclolaan Arct 400.000.000 <br>PRESIDEN REruBUK INDONESIA, <br>ttd. <br>PRABOWO SUBIANTO <br>s€suai denSan aslinya SEKRETARIAT NEGARA <br>BUK INDONESIA dan <br>Hukum, <br>Djaman <br>SK No264929A

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PRESIDEN <br>REPUBLIK INDONESIA <br>FRESIDEN <br>REPUELIK INDONESIA <br>IAMPIRAN II <br>UNDANC.UNDANG REPUBLIK INDONESI.A <br>NOMOR 17 TAHUN 2025 <br>TENTANC <br>ANGGARAN PENDAPATAN DAN BELANJA NEGARA TAHUN ANGGARAN 2026 <br>POSTUR APtsN TAHUN ANGGARAN 2026 <br>(Ribu Rupiah) A. 3.113.r80..166.t53 <br>I. PENERIMAAN DAIAM NEOERI 3.152.914.L92.626 <br>I. PENERIMAANPERPA'AXA 2.693.7 14.250.OOO <br>2. PENERIMAAN NEGARA BUKAN PAJAK 459.L99.942.626 II. PENERIMAAN HIBAH 66.274.237 <br>-I 9.412.72E.3,,9.4?t <br>I. BELANJA PEMERIMAH PUSAT 3. r49.733.390.760 <br>II. TR.ANSFER KE DAERAH 692.994.978.7 tr <br>c. la9.7o7.w.a4l <br>D. tlrnPt rr3/ (Dlrrsn, AtooAnar lA—tl 1689, ra7.9O2.6Ot) % Defisil Aaggaran brhadop PDB (2,68t <br>E. 6t9. ra?.902.60t <br>I. PEMBI,AYAAN UTANG 832.20A.898.829 <br>II. PEMBIAYAAN I}WESTASI (203.Os6.843.5661 <br>III. PEMBERIAN PINJAMAN l4o4.l52.6ss) <br>TV. PEMBI,AYAAN IAINNYA 60.400.ooo.ooo <br>PRESIDEN REPUBLIK INDONESIA, <br>ttd <br>PRABOWO SUBIANTO <br>sesuai dengan aslinya SEKRETARIAT NEGARA <br>INDONESIA <br>lan <br>strasi <br>Djaman <br>SK No264927A

## Ex-99.D

**EXHIBIT 99.D** 

**DESCRIPTION OF THE REPUBLIC OF INDONESIA DATED May 19, 2026** 

**TABLE OF CONTENTS** 

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| | |
|:---|:---|
|  | **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 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overview | D-6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land and People | D-7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government and Political Developments | D-11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Relations and International and Regional Organizations | D-15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Government Securities Framework | D-19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Economy and Gross Domestic Product | D-20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; State-Owned Enterprises | D-38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Labor and Employment | D-42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infrastructure Development | D-46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Investment | D-51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Trade and Balance of Payments | D-60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial System | D-74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monetary Policy | D-86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Budget | D-97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Debt | D-116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Exchange and Reserves | D-124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt-to-GDP Ratios | D-128 |
|  DEBT TABLES OF THE REPUBLIC OF INDONESIA | D-129 |

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**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.<br>dollar** | **Rupiah per U.S.<br>dollar** |
|  | **End of<br>period** | **Period<br>average** |
| 2021 | 14253 | 14296 |
| 2022 | 15568 | 14873 |
| 2023 | 15397 | 15247 |
| 2024 | 16095 | 15841 |
| 2025 | 16675 | 16466 |
|  January 2026 | 16785 | 16816 |
|  February 2026 | 16765 | 16809 |
|  March 2026 | 16995 | 16918 |
|  April 2026 | 17310 | 17139 |
|  May 2026 (through May 12, 2026) | 17495 | 17396 |

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*Source:* Bank Indonesia

**Statistical Data** 

Unless otherwise indicated, all statistical data and figures for 2025 and 2026 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic's economic, business and political conditions and prospects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic's financial stability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depreciation or appreciation of the Rupiah;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates and inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental, statutory, regulatory or administrative initiatives; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Republic's fiscal policies, including the trajectory and sustainability of Government expenditure
programs

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 (including tariffs and other trade
restrictions) of, the Republic's trading partners could lead to fewer exports from the Republic and, indirectly, lower growth in the Republic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 287.2 million in 2025. It is a developing nation in Southeast Asia, spread across an archipelago of approximately 17,380 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** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended<br>March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  National account and prices: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real GDP growth (period-on-period) | 3.7% | 5.3% | 5.1% | 5.0% | 5.1% | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per capita GDP (in millions of Rupiah) | 62.2 | 71 | 75 | 78.6 | 83.7 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Per capita GDP (in U.S. dollars)<sup>(1)</sup> | 4350 | 4784 | 4856 | 4960 | 5083 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflation rate (year-on-year change in CPI) | 1.9% | 5.5% | 2.6% | 1.6% | 2.9% | 3.5% |
|  External sector: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current account (% of GDP) | 0.3% | 1.0% | (0.1)% | (0.6)% | (0.1)% | N/A |
|  Fiscal account: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Budget (deficit) / surplus (% of GDP) | (4.6)% | (2.4)% | (1.6)% | (2.3)% | (2.9)% | (0.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; External debt of the central Government (in trillions of Rupiah) | 2077.8 | 2302.7 | 2346 | 2330.7 | 2829.1 | 2782.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt service ratio (% of Government revenue) | 45.0% | 34.5% | 38.5% | 42.1% | 43.0% | N/A |

---

*Sources:* Statistics Indonesia (*Badan Pusat Statistik* ("BPS")), Bank Indonesia and Ministry of Finance

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>P</sup> Preliminary.

<sup>N/A</sup> Not available.

<sup>(1)</sup> 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: Rp14,309 per U.S. dollar for 2021, Rp14,848 per U.S. dollar for 2022, Rp15,439 per U.S. dollar for 2023, Rp15,849 per U.S. dollar for 2024 and Rp16,474.8 per U.S. dollar for 2025. 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. 

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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 17,380 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 Rp4.5 trillion in 2021, Rp2.5 trillion in 2022, Rp4.3 trillion in 2023, Rp5.3 trillion in 2024 and Rp5.0 in 2025. 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deforestation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• scarcity and quality of the water supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• land subsidence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• soil erosion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• air pollution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inadequate waste management in urban centers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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In October 2025, the Republic published its Second Nationally Determined Contribution ("SNDC"), maintaining the 2026 net zero GHG emission target, and revising its 2030 GHG emission target to 1,345,707 Gg CO<sub>2</sub>e under the low emission scenario and 1,491,474 Gg CO<sub>2</sub>e under the high emission scenario, representing additional 8.8% and 3.7% reductions on top of the 43.2% conditional target published in 2022. The SNDC is aligned with Indonesia's Long-Term Strategy for Low Carbon and Climate Resilience 2050, and the 2025-2045 National Long-Term Development Plan published by the Ministry of National Development Planning ("Bappenas"). This alignment reinforces Indonesia's commitment to achieving Net Zero Emissions by 2060 or sooner, while simultaneously supporting national economic goals.

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 CO<sup>2</sup> 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 of late 2025, approximately US$3.1 billion in funding has been mobilized under the JETP (primarily as concessional loans), with negotiations ongoing for an additional US$5.5 billion, while the total commitment has adjusted to around US$21.4 billion following the U.S. withdrawal from certain contributions; progress has been slower than anticipated amid challenges in policy alignment. The Government of Indonesia remains strongly committed to the energy transition agenda, including the implementation of coal phase-out strategies through repurposing for alternative uses that support sustainable development. In December 2025, a separate JETP report highlighted the need for US$92 billion by 2050 to decarbonize Indonesia's captive power sector, projecting renewable energy to reach 34% of captive generation by 2030.

As part of its efforts to achieve the climate goals, Indonesia has operationalized a hybrid carbon pricing framework centered on a mandatory, intensity-based emissions trading system ("ETS") for the power generation sector launched in February 2023, and supervised trading on the Indonesia Carbon Exchange ("IDX Carbon") since September 2023, with a legislated carbon tax designed to function as a backstop and to be aligned with domestic market prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ETS' coverage has focused on coal-fired power plants on the PLN
grid, including 99 and 146 plants in 2023 and 2024, representing 37.0% and 38.0% of Indonesia's power generation capacity, respectively. 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. The Government plans to expand the coverage to more coal-fired power plants, as well as gas-fired power
plants and diesel power plants, and eventually cover all fossil fuel power plants in the country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The IDX Carbon, operated by the Indonesia Stock Exchange under OJK supervision, facilitates trading in emission
allowance and emissions reduction certificates and has been open to international participants since January 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

In March 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. In March 2026, the President established a presidential acceleration task force to fast-track Indonesia's energy transition by expediting large-scale deployment of renewable energy and electrification initiatives, including nationwide solar programs and the conversion of motorcycles to electric models, in support of national energy sovereignty and net-zero objectives. The two task forces are complementary, with the 2025 inter-ministerial task force driving cross-sectoral strategy, regulatory harmonization, and financing coordination, and the 2026 presidential task force focusing on rapid execution of priority programs and on-the-ground delivery.

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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, the new capital city,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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. See "*Foreign Trade and Balance of Payments — Membership in International and Regional Free Trade Agreements*" for more
information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 to grow its economy, while steadfastly advancing towards its climate objectives.

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 launched in 2018 and managed by the OSS Institution (*Lembaga OSS*), which is managed by BKPM.

The Ministry of Environment and Forestry received a budget 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 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. The Ministry of Environment received a budget for 2025 of Rp1,079.8 billion, or approximately U.S.$67.1 million, and for 2026 of Rp1,396.4 billion, or approximately U.S.$83.7 million. The Ministry of Forestry received a budget for 2025 of Rp5,158.5 billion, or approximately U.S.$320.5 million, and for 2026 of Rp6,039.3 billion, or approximately U.S.$362.2 million. The budgets are focused on improving water quality, air quality, forest and land rehabilitation, mangrove rehabilitation, hazardous material and hazardous waste management, conservation forest management, domestic waste management, and environmental law enforcement.

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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 construction of the giant seawall, as part of the master plan, is expected to be completed in 2030, reflecting a two-year delay from the 2028 target driven by budget and logistics challenges.

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 287.2 million in 2025 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 159.2 million in 2025). In 2025, Jakarta, the capital, was estimated to have a population of approximately 10.7 million.

Indonesia's population is young and growing. In 2025, the Government estimated that approximately 23.7% of the population was under 15 years of age, approximately 68.7% was 15 to 64 years of age, and approximately 7.5% was 65 years of age or above. The annual population growth rate during the period of 2020 to 2025 was 1.3% per annum.

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

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

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

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**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 Audit Agency (*Badan Pemeriksa Keuangan*), 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.

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.

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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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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***Judicial System***

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

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

***Regional Governments and Regional Autonomy***

Indonesia has 38 provinces, including the special capital region of Jakarta. Each province is headed by a governor and consists of several subdivisions. There are two types of subdivisions, namely *kabupaten*, or regencies, and *kota*, or municipalities. Political and governmental arrangements in regencies and municipalities are generally similar, but municipalities tend to be more urban. Regencies and municipalities are divided into *kecamatan*, or districts, which in turn are further divided into *kelurahan*, or villages, or sub-districts. Indonesia consists of 416 regencies and 98 municipalities in 38 provinces. The latest regional elections were 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Southwest 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 Southwest 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.

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***Terrorism***

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

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

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

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**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, Timor-Leste and Vietnam), which have entered into various agreements on mutual assistance and cooperation in several areas.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United Nations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the IMF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the World Bank and certain World Bank-related organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Asian Development Bank ("ADB");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Chiang Mai Initiative Multilateralization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Credit Guarantee and Investment Facility ("CGIF");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Group of Twenty ("G20"), in which it is the only ASEAN member state that concurrently enjoys
membership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Islamic Development Bank;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• World Trade Organization;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Islamic Cooperation, the Group of 77 and China, the Developing 8, the Group of 15, and as observer at the G-24 Forum.

The Republic joined the Organization of Petroleum Exporting Countries (OPEC) in 1962, suspended its membership in 2009 after becoming a net oil importer, briefly reactivated its membership in 2016, and subsequently suspended participation again later that year.

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. Key completed cooperation projects under the Belt and Road Initiative include the Jakarta–Bandung High-Speed Railway ("Whoosh"), which entered commercial service in October 2023, and the operational nickel-processing industrial parks at Morowali and Weda Bay. The Republic plans to extend the Whoosh railway to Surabaya and potentially to Banyuwangi.

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.

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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, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **As of<br>December 31, 2025<br>Contributed capital** | **As of<br>December 31, 2025<br>Contributed capital** | **As of<br>December 31, 2025<br>Contributed capital** |
|  | **Year of<br>admission** | **Subscribed** | **Paid in** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Asian Development Bank<sup>(1)</sup> | 1966 | 7654.1 | 396.2 |
|  IMF<sup>(1)</sup> | 1966<sup>(2)</sup> | 6062.1 | 6062.1 |
|  World Bank Group |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction and Development | 1966<sup>(2)</sup> | 3481.8 | 249.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Development Association | 1968 | 168.2 | 140.4<sup>(4)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Finance Corporation | 1968<sup>(3)</sup> | 309.3 | 309.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral Investment and Guarantee Agency | 1986 | 20 | 3.8 |
|  Islamic Development Bank<sup>(4)</sup> | 1975 | 1643.1 | 315.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Islamic Trade Finance Corporation | 1992 | 2.1 | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Islamic Corporation for the Insurance of Investment and Export Credit<sup>(4)</sup> | 1992 | 0.6 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Islamic Corporation for the Development of the Private Sector | 1992 | 22.2 | 22.2 |
|  International Fund for Agricultural Development | 1977 | 94.9 | 94.9 |
|  Common Fund for Commodities | 1980 | 1 | 1 |
|  Credit Guarantee and Investment Facility | 2012 | 30.6 | 30.6 |
|  ASEAN Infrastructure Investment Bank | 2015 | 3360.7 | 672.1 |
|  ASEAN Infrastructure Fund | 2012 | 120 | 120 |
|  International Rubber Consortium Limited | 2002 | 4 | 4 |

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*Source:* Bank Indonesia and Ministry of Finance

<sup>(1)</sup> Denominated in Special Drawing Rights ("**SDR**") of the IMF. Converted to U.S. dollars using the exchange rate on December 31, 2025 of U.S.$1.37071 to SDR 1. 

<sup>(2)</sup> 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.)

<sup>(3)</sup> Indonesia rejoined the International Finance Corporation in 1968, it originally became a member in 1956 and resigned its membership in 1961.

<sup>(4)</sup> Denominated in Islamic Dinars (ID 1 = SDR 1).

***Foreign Relations***

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

Indonesia held the G20 Presidency from December 1, 2021 until November 30, 2022, during which Indonesia carried the theme "Recover Together, Recover Stronger" at the G20 Presidency. The Indonesian Presidency focused on three strategic issues: inclusive health management, digital-based economic transformation and the transition to sustainable energy use. Indonesia has continued 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.

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Indonesia continues to contribute to global climate action and environmental sustainability. The Government participates actively in international climate forums, including the United Nations Framework Convention on Climate Change (UNFCCC) process, and supports the implementation of the Paris Agreement. Indonesia has also advanced regional and global initiatives on energy transition, climate financing and sustainable resource management, including efforts to promote carbon markets and reduce emissions from deforestation and land use.

Indonesia is increasingly engaged in development cooperation through South–South and triangular cooperation frameworks. Through its Indonesian Aid (*Lembaga Dana Kerja Sama Pembangunan Internasional*), the Republic provides technical assistance, capacity building and targeted financing support to partner countries in areas such as infrastructure, public health, disaster risk management and economic development. These initiatives reflect Indonesia's commitment to sharing development experience and supporting sustainable growth in other developing nations.

Indonesia continues to support international cooperation in addressing global economic and financial challenges, including through its participation in multilateral development institutions and global policy forums. The Government remains committed to strengthening resilience, promoting sustainable development and fostering inclusive economic growth at both the regional and global levels.

In January 2026, Indonesia signed the Charter of the Board of Peace in Bad Ragaz, Switzerland, following President Prabowo Subianto's attendance at the World Economic Forum in Davos, and became a member of this international body. The Government reaffirmed its longstanding commitment to promoting peace in Palestine through participation in the Board of Peace, which is tasked with monitoring post-conflict stabilization and rehabilitation efforts in Gaza, while continuing to support Palestinian independence and the achievement of a two-state solution consistent with the Republic's independent and active foreign policy.

***Maritime Boundaries Delimitation***

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclusive Economic Zone, or EEZ, with the Philippines, Australia, Papua New Guinea and Vietnam (the relevant
agreement with Vietnam is pending ratification by Indonesia's parliament); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• remaining segments of territorial sea boundaries with Malaysia, Singapore and Timor-Leste;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exclusive Economic Zone with India, Thailand, Malaysia, Palau and Timor-Leste; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 have concluded its EEZ boundary negotiation. This significant achievement further signified Indonesia's commitment to promote peaceful boundary negotiation and contribution to international law, in accordance with UNCLOS. Indonesia is currently negotiating the territorial sea boundary and the EEZ boundary with Malaysia.

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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.

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**Sustainable Government Securities Framework** 

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 transportation, (v) waste management, waste to energy and pollution prevention and control, (vi) sustainable management of natural 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 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 an amount equal to the net 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.

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.

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**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.

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***Principal Sectors of the Economy***

Indonesia's principal economic sectors are manufacturing industry (including coal, oil and gas); agriculture, forestry and fishery; wholesale and retail trade, repair of motor vehicles and motorcycles; construction; and mining and quarrying.

The tables below show the composition of Indonesia's GDP by sector at current prices and constant prices, respectively, for the periods indicated.

**Gross Domestic Product by Industry** 

**(at current prices)** 

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| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2021** | **%** | **2022** | **%** | **2023** | **%** | **2024<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2026<sup>P</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** |
|  Manufacturing Industry |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal Industry and Oil and Gas Refining | 320009 | 1.9 | 363620 | 1.9 | 400447 | 1.9 | 403578 | 1.8 | 424185 | 1.8 | 98749 | 1.7 | 102584 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Coal, Oil and Gas Manufacturing Industries | 2946897 | 17.4 | 3228155 | 16.5 | 3499615 | 16.8 | 3799289 | 17.2 | 4117335 | 17.3 | 991785 | 17.5 | 1077040 | 17.4 |
|  **Total Manufacturing Industry** | **3266906** | **19.2** | **3591775** | **18.3** | **3900062** | **18.7** | **4202867** | **19** | **4541520** | **19.1** | **1090534** | **19.2** | **1179625** | **19.1** |
|  Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles | 2199935 | 13.0 | 2516779 | 12.8 | 2702606 | 12.9 | 2893315 | 13.1 | 3136600 | 13.2 | 749118 | 13.2 | 821404 | 13.3 |
|  Agriculture, Forestry, and Fishery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Livestock, Hunting & Agriculture Services | 1672938 | 9.9 | 1805454 | 9.2 | 1932533 | 9.2 | 2107419 | 9.5 | 2379116 | 10.0 | 558063 | 9.8 | 612853 | 9.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry and Logging | 112009 | 0.7 | 118386 | 0.6 | 130117 | 0.6 | 129570 | 0.6 | 130592 | 0.5 | 29402 | 0.5 | 29949 | 0.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 469594 | 2.8 | 505061 | 2.6 | 555041 | 2.7 | 554677 | 2.5 | 610748 | 2.6 | 129864 | 2.3 | 140823 | 2.3 |
|  **Total Agriculture, Forestry, and Fishery** | **2254541** | **13.3** | **2428901** | **12.4** | **2617690** | **12.5** | **2791665** | **12.6** | **3120457** | **13.1** | **717329** | **12.7** | **783624** | **12.7** |
|  Mining and Quarrying |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas and Geothermal Mining | 461703 | 2.7 | 587597 | 3.0 | 521070 | 2.5 | 526156 | 2.4 | 525436 | 2.2 | 132951 | 2.3 | 142371 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal and Lignite Mining | 603138 | 3.6 | 1296912 | 6.6 | 1116571 | 5.3 | 850454 | 3.8 | 827364 | 3.5 | 213512 | 3.8 | 204220 | 3.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Ore | 204590 | 1.2 | 242717 | 1.2 | 272022 | 1.3 | 343502 | 1.6 | 404306 | 1.7 | 85215 | 1.5 | 106672 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Mining and Quarrying | 254219 | 1.5 | 266165 | 1.4 | 288356 | 1.4 | 306478 | 1.4 | 327508 | 1.4 | 77552 | 1.4 | 84530 | 1.4 |
|  **Total Mining and Quarrying** | **1523650** | **9.0** | **2393391** | **12.2** | **2198018** | **10.5** | **2026589** | **9.2** | **2084613** | **8.8** | **509230** | **9.0** | **537793** | **8.7** |
|  Construction | 1771727 | 10.4 | 1912979 | 9.8 | 2072385 | 9.9 | 2233463 | 10.1 | 2340928 | 9.8 | 557337 | 9.8 | 607130 | 9.8 |
|  Government Administration, Defense, Compulsory Social Security | 586757 | 3.5 | 605341 | 3.1 | 616445 | 3.0 | 673476 | 3.0 | 715131 | 3.0 | 190362 | 3.4 | 208303 | 3.4 |
|  Information and Communication | 748803 | 4.4 | 812737 | 4.1 | 883637 | 4.2 | 960022 | 4.3 | 1048704 | 4.4 | 251539 | 4.4 | 273556 | 4.4 |
|  Transportation and Warehousing | 719610 | 4.2 | 983520 | 5.0 | 1231242 | 5.9 | 1358117 | 6.1 | 1466257 | 6.2 | 344827 | 6.1 | 378249 | 6.1 |
|  Financial and Insurance Service | 736187 | 4.3 | 809371 | 4.1 | 869168 | 4.2 | 922811 | 4.2 | 979736 | 4.1 | 240725 | 4.2 | 260020 | 4.2 |
|  Education Service | 557667 | 3.3 | 566378 | 2.9 | 583384 | 2.8 | 621395 | 2.8 | 666887 | 2.8 | 158217 | 2.8 | 170398 | 2.8 |
|  Other\* | 1923038 | 11.3 | 2109284 | 10.8 | 2303521 | 11.0 | 2503089 | 11.3 | 2707633 | 11.4 | 634917 | 11.2 | 710523 | 11.5 |
|  **Gross Value Added at Basic Prices** | **16288821** | **95.9** | **18730454** | **95.6** | **19978158** | **95.6** | **21186809** | **95.7** | **22808465** | **95.7** | **5444133** | **96.1** | **5930625** | **95.9** |
|  Taxes less Subsidies on Products | 687930 | 4.1 | 858006 | 4.4 | 914154 | 4.4 | 952182 | 4.3 | 1012638 | 4.3 | 221814 | 3.9 | 256538 | 4.1 |
|  **Total GDP** | **16976751** | **100.0** | **19588460** | **100.0** | **20892312** | **100.0** | **22138991** | **100.0** | **23821104** | **100.0** | **5665947** | **100.0** | **6187163** | **100.0** |

---

*Source:* BPS

<sup>P</sup> 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.

------

**Gross Domestic Product by Industry** 

**(at constant 2010 prices)** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2021** | **%** | **2022** | **%** | **2023** | **%** | **2024<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2026<sup>P</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** |
|  Manufacturing Industry |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Coal Industry and Oil and Gas Refining | 203766.9 | 1.8 | 211339.8 | 1.8 | 220139.6 | 1.8 | 222427 | 1.7 | 237826 | 1.8 | 55224 | 1.7 | 57366 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Non-Coal, Oil and Gas Manufacturing Industries | 2081054.8 | 18.7 | 2185263.2 | 18.7 | 2287660.2 | 18.6 | 2396428 | 18.5 | 2519761 | 18.6 | 612431 | 18.8 | 643917 | 18.7 |
|  **Total Manufacturing Industry** | **2284821.7** | **20.5** | **2396603.0** | **20.5** | **2507799.8** | **20.4** | **2618855** | **20.3** | **2757586** | **20.3** | **667655** | **20.5** | **701282** | **20.3** |
|  Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles | 1449831.4 | 13 | 1530003.7 | 13.1 | 1604211.3 | 13 | 1682612 | 13 | 1775025 | 13.1 | 428043 | 13.1 | 454859 | 13.2 |
|  Agriculture, Forestry, and Fishery |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture, Livestock, Hunting & Agriculture Services | 1072977.7 | 9.6 | 1097952.2 | 9.4 | 1099950.6 | 8.9 | 1109130 | 8.6 | 1172839 | 8.6 | 280363 | 8.6 | 296559 | 8.6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Forestry and Logging | 63246.6 | 0.6 | 62448.6 | 0.5 | 64076.2 | 0.5 | 62758 | 0.5 | 62577 | 0.5 | 14190 | 0.4 | 14098 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fishery | 267966.6 | 2.4 | 275452.4 | 2.4 | 290575.4 | 2.4 | 292559 | 2.3 | 307031 | 2.3 | 66972 | 2.1 | 68836 | 2 |
|  **Total Agriculture, Forestry, and Fishery** | **1404190.9** | **12.6** | **1435853.2** | **12.3** | **1454602.2** | **11.8** | **1464447** | **11.3** | **1542447** | **11.4** | **361525** | **11.1** | **379493** | **11.0** |
|  Mining and Quarrying |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas and Geothermal Mining | 260546.1 | 2.3 | 247985.8 | 2.1 | 249801.4 | 2 | 247850 | 1.9 | 250675 | 1.8 | 61549 | 1.9 | 59636 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal and Lignite Mining | 261709.8 | 2.4 | 282943.8 | 2.4 | 311291.2 | 2.5 | 332527 | 2.6 | 328349 | 2.4 | 80458 | 2.5 | 79527 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Ore | 129999.6 | 1.2 | 153412.8 | 1.3 | 166453.2 | 1.4 | 180275 | 1.4 | 165990 | 1.2 | 40558 | 1.2 | 35602 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Mining and Quarrying | 169844 | 1.5 | 173804.2 | 1.5 | 183133.6 | 1.5 | 194609 | 1.5 | 203934 | 1.5 | 48775 | 1.5 | 51627 | 1.5 |
|  **Total Mining and Quarrying** | **822099.5** | **7.4** | **858146.6** | **7.3** | **910679.4** | **7.4** | **955260** | **7.4** | **948948** | **7.0** | **231340** | **7.1** | **226392** | **6.6** |
|  Construction | 1102517.7 | 9.9 | 1124725.2 | 9.6 | 1179989.3 | 9.6 | 1262793 | 9.8 | 1310966 | 9.7 | 313849 | 9.6 | 331082 | 9.6 |
|  Government Administration, Defense, Compulsory Social Security | 364246.6 | 3.3 | 373424.4 | 3.2 | 379071.2 | 3.1 | 403446 | 3.1 | 419017 | 3.1 | 111084 | 3.4 | 118249 | 3.4 |
|  Information and Communication | 696506.1 | 6.3 | 750319 | 6.4 | 807304.6 | 6.6 | 868447 | 6.7 | 940947 | 6.9 | 227340 | 7 | 243566 | 7.1 |
|  Transportation and Warehousing | 406169.3 | 3.7 | 486873.8 | 4.2 | 554854.9 | 4.5 | 603051 | 4.7 | 655997 | 4.8 | 154724 | 4.7 | 167171 | 4.8 |
|  Financial and Insurance Service | 464637.7 | 4.2 | 473623.8 | 4 | 496236.8 | 4 | 519736 | 4 | 540302 | 4 | 134393 | 4.1 | 140677 | 4.1 |
|  Education Service | 350660 | 3.2 | 352578.2 | 3 | 358828.2 | 2.9 | 372319 | 2.9 | 390905 | 2.9 | 92837 | 2.8 | 97649 | 2.8 |
|  Other\* | 1323766.3 | 11.9 | 1415145.7 | 12.1 | 1509623.4 | 12.3 | 1613865 | 12.5 | 1721074 | 12.7 | 413943 | 12.7 | 444313 | 12.9 |
|  **Gross Value Added at Basic Prices** | **10669447.2** | **95.9** | **11197296.6** | **95.6** | **11763201.1** | **95.6** | **12364830** | **95.7** | **13003214** | **95.7** | **3136732** | **96.1** | **3304732** | **95.9** |
|  Taxes less Subsidies on Products | 450612.5 | 4.1 | 512926.6 | 4.4 | 538251.5 | 4.4 | 555703 | 4.3 | 577311 | 4.3 | 127858 | 3.9 | 142951 | 4.1 |
|  **Total GDP** | **11120059.7** | **100.0** | **11710223.2** | **100.0** | **12301452.6** | **100.0** | **12920532** | **100.0** | **13580525** | **100.0** | **3264590** | **100.0** | **3447683** | **100.0** |

---

*Source:* BPS

<sup>P</sup> 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.

------

***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 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 2025, the manufacturing sector grew by 5.3%, compared to 2024, driven by continued downstreaming activities and strong domestic demand. In 2025, the food and beverage subsector, which accounted for 34.7% of the manufacturing sector, grew by 6.4%, supported by an increase in domestic rice production and external demand for crude palm oil, dairy products, and frozen food products. Growth in the manufacturing sector was also bolstered by a growth of 15.7% in base metal industry, supported by rising export demand, particularly for iron and steel, nickel, and aluminum products. Additionally, the chemical, pharmaceutical and traditional medicine industry grew by 8.3% in line with the higher demand for health services and higher external demand for chemical materials.

In the first quarter of 2026, the manufacturing sector grew by 5.0%, compared to the first quarter of 2025, driven by continued downstreaming activities and strong domestic demand. In the first quarter of 2026, the food and beverage subsector, which accounted for 35.3% of the manufacturing sector, grew by 7.0%, supported by increased demand for food and beverage products during the Ramadan and Eid al-Fitr period, higher rice production, as well as export demand for crude palm oil and crude palm kernel oil. Growth in the manufacturing sector was also bolstered primarily by (i) a 10.3% increase in manufacturing of fabricated metal products, computer, optical products and electronic devices, supported by stronger external demand for electronic components and batteries, and (ii) a 7.4% increase in manufacturing of chemicals, pharmaceuticals and botanical products, supported by increased production in the chemical and pharmaceutical industries to meet both domestic and external demand.

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. In the first quarter of 2026, downstreaming-related investment reached approximately Rp147.5 trillion, representing about 29.6% of national investment realization and year-on-year growth of approximately 8.2%.

------

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. This policy direction is anchored in the 2025-2029 National Medium-Term Development Plan, with continued focus on domestic value addition and job creation. 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.

The Government has also implemented policies to increase 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, with the ban lifted in April 2025 upon the manufacturer's certain investment commitment in the country. To support implementation of the downstreaming and local content agenda, the Government continues regulatory harmonization across sectors and enhancement of risk-based business licensing to improve ease of doing business, legal certainty and investment sustainability for downstream projects. 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 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 2025, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.5%, compared to 2024. This was driven by a growth of 6.6% in wholesale and retail trade of goods other than cars and motorcycles.

In the first quarter of 2026, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 6.3%, compared to the first quarter of 2025, driven by a growth of 7.3% in wholesale and retail trade of goods other than cars and motorcycles.

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

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

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

In 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 2025, the agriculture, forestry and fishery sector grew by 5.3%, compared to 2024. This was primarily due to a growth of 9.9% in food crops, in line with supportive measures such as the provision of additional subsidized fertilizer and agricultural machinery, as well as the improvement of irrigation infrastructure. The growth in agriculture, forestry and fishery was also supported by a growth of 7.8% in livestock and a growth of 3.0% in plantation crops.

In the first quarter of 2026, the agriculture, forestry and fishery sector grew by 5.0%, compared to the first quarter of 2025. This was primarily due to (i) a 7.6% increase in food corps, in line with the increase in harvested area and rice production, and (ii) an 11.8% increase in livestock, supported by higher demand for eggs and chicken during the Eid al-Fitr holiday period, as well as the impact of the expansion of Free Nutritious Meal program.

------

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,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | **(in thousands of tons, except as otherwise indicated)** | **(in thousands of tons, except as otherwise indicated)** | **(in thousands of tons, except as otherwise indicated)** | **(in thousands of tons, except as otherwise indicated)** | **(in thousands of tons, except as otherwise indicated)** |
|  **Food crops** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rice<sup>(1)</sup> | 54415 | 54749 | 53981 | 53143 | 60207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cassava | 15731 | 18017 | 16764 | 15176 | 14648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corn | 18147 | 22357 | 19986 | 20479 | 21970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweet Potato | 1424 | 2011 | 1430 | 1386 | 1272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soybeans (shelled) | 213 | 243 | 349 | 218 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Peanuts (shelled) | 399 | 380 | 350 | 318 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mung beans | 211 | 122 | 166 | 129 | N/A |
|  **Estate cash crops** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dry Rubber | 3045 | 2717 | 2241 | 2132 | 2116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coffee | 786 | 775 | 759 | 813 | 833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cocoa | 688 | 651 | 632 | 617 | 616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tea | 138 | 125 | 117 | 119 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sugarcane | 2351 | 2406 | 2271 | 2466 | 2670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 245 | 222 | 287 | 351 | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm Oil | 45121 | 46819 | 47084 | 48164 | 51660 |
|  **Livestock** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meat | 4547 | 4947 | 4094 | 4219 | 4379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eggs | 5893 | 6339 | 6585 | 6876 | 6538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Milk | 903 | 824 | 787 | 808 | 821 |
|  **Fish products** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Captured Fish | 7225 | 7400 | 7846 | 7393 | 7850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Farmed Fish | 14648 | 14776 | 15361 | 15755 | 13216 |
|  **Forestry<sup>(1)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Logs | 54939 | 56665 | 59751 | 57473 | 56419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sawn Timber | 2660 | 2297 | 2118 | 2102 | 1905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plywood | 4461 | 4207 | 3470 | 3591 | 3508 |

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

<sup>P</sup> Preliminary.

<sup>(1)</sup> All units are in thousands of cubic meters.

------

***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 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 2025, the mining and quarrying sector contracted by 0.7%, compared to 2024. This was due to a contraction of 7.9% in metal ore mining and a contraction of 1.3% in coal and lignite mining, partially offset by a growth of 4.8% in other mining and quarrying and a growth of 1.1% in oil, gas and geothermal mining.

In the first quarter of 2026, the mining and quarrying sector contracted by 2.1%, compared to the first quarter of 2025. This was primarily due to a contraction of 12.2% in iron ore mining and a contraction of 3.1% in crude petroleum, natural gas and geothermal mining, partially offset by a growth of 5.8% in other mining and quarrying.

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 5.3%, 5.5%, 6.2%, 6.4% and 3.5% to total exports in 2021, 2022, 2023, 2024 and 2025, respectively. In 2021, 2022, 2023 and 2024, oil and gas revenues comprised 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 2025 contribution percentage is not comparable to prior years due to the Government's reorganization of its SOE equity and the transfer of Series B shares to BPI Danantara beginning in March 2025. See "*State-Owned Enterprise*" for more information. The fluctuations in exports and contribution to domestic revenue are due to the natural decline in the reservoir performance and lack of discovery and production of replacement reserves, fluctuating commodities pricing during the period and also the growth of other sectors in the economy.

------

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

**Crude Oil Production by Source<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024<sup>P</sup>** | **2025<sup>P</sup>** |
|  | *(in millions of barrels)* | *(in millions of barrels)* | *(in millions of barrels)* | *(in millions of barrels)* | *(in millions of barrels)* |
|  Pertamina | 26 | 26 | 25 | 24 | 25 |
|  Production sharing contracts<sup>(2)</sup> | 215 | 198 | 196 | 188 | 187 |
|  Total | 241 | 224 | 221 | 212 | 212 |

---

*Source*: Ministry of Energy and Mineral Resources

<sup>P</sup> Preliminary.

<sup>(1)</sup> Includes production of crude oil condensate.

<sup>(2)</sup> 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)** |
| 2021 |  | 2245.2 |
| 2022 |  | 2271.6 |
| 2023 |  | 2413.2 |
| 2024 |  | 2287.8 |
| 2025 | <sup>P</sup> | 2325.7 |

---

*Source*: Ministry of Energy and Mineral Resources

<sup>P</sup> Preliminary.

------

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

**Crude Oil Exports<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of barrels)** | **(in millions of barrels)** | **(in millions of barrels)** | **(in millions of barrels)** | **(in millions of barrels)** |
|  Production sharing contracts<sup>(2)</sup> | 44 | 15 | 21 | 27 | 23 |
|  Government and government-designated<sup>(3)</sup> | 0 | 0 | 0 | 0 | 0 |
|  Total | 44 | 15 | 21 | 27 | 23 |

---

*Source*: Ministry of Energy and Mineral Resources

<sup>P</sup> Preliminary.

<sup>(1)</sup> Includes exports of crude oil condensate.

<sup>(2)</sup> 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. 

<sup>(3)</sup> Exports by Pertamina and entities designated by SKK Migas are reported together.

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

**Average Price of Crude Oil** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br>March 31,** | **As of<br>March 31,** |
|  | **2021** | **2022** | **2023** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in U.S. dollars per barrel)** | **(in U.S. dollars per barrel)** | **(in U.S. dollars per barrel)** | **(in U.S. dollars per barrel)** | **(in U.S. dollars per barrel)** | | |
|  ICP<sup>(1)</sup> | 68.5 | 97.0 | 75.5 | 71.2 | 61.1 | 83.8 | 71.1 |

---

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

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of cubic feet)** | **(in millions of cubic feet)** | **(in millions of cubic feet)** | **(in millions of cubic feet)** | **(in millions of cubic feet)** |
|  Pertamina | 324 | 311 | 305 | 296 | 289 |
|  Production sharing contracts<sup>(2)</sup> | 2109 | 2058 | 2115 | 2193 | 2188 |
|  Total | 2433 | 2369 | 2420 | 2489 | 2478 |

---

*Source:* Ministry of Energy and Mineral Resources

<sup>P</sup> Preliminary.

<sup>(1)</sup> Includes LPG.

<sup>(2)</sup> 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)** |
| 2021 | 41.6 |
| 2022 | 36.3 |
| 2023 | 35.3 |
| 2024<sup>P</sup> | 33.8 |
| 2025<sup>P</sup> | 34.7 |

---

*Source:* Ministry of Energy and Mineral Resources

<sup>P</sup> Preliminary.

***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.

*<u>Grasberg Copper Mine</u>*

On September 27, 2018, the Indonesian state-owned enterprise PT Indonesia Asahan Aluminium (Persero) ("MIND ID"), entered into various agreements with Freeport McMoRan Inc ("FCX"), 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 MIND ID'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 Indonesia 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 MIND ID 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.

On February 18, 2026, the Government, Freeport Indonesia and FCX entered into a memorandum of understanding pursuant to which Freeport Indonesia's IUPK will be amended to grant a life-of-resource extension of operating rights, subject to evaluation every 10 years. Under the MOU, FCX will transfer a 12% share interest in Freeport Indonesia to the Government free of charge in 2041, provided the acquiring party will reimburses FCX for its pro-rata costs using book value for investments that benefit the post-2041 period; however, FCX will maintain control over operations for the life of the project.

In September 2025, Freeport Indonesia reported a mud-rush incident at the Grasberg Block Cave that resulted in fatalities and the temporary suspension of mining operations across the Grasberg minerals district, followed by force majeure notifications. The phased restart of activities at the mine is currently expected toward the end of 2027, with full operations resuming in early 2028.

------

*<u>Revocation of Mining Business Licenses</u>*

In January 2026, the Government revoked certain mining business licenses, including that of Agincourt Resources, ****the operator of the Martabe gold mine in North Sumatra, citing environmental and regulatory compliance issues related to flooding events. In March 2026, the Government restored Agincourt Resources' relevant licence, with mining operations at the Martabe gold mine scheduled to resume in May 2026. The Government continues to affirm its commitment to environmental stewardship, the rule of law, and fair treatment of investors consistent with applicable regulations.

***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 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 2025, the construction sector grew by 3.8%, compared to 2024, supported by infrastructure development, particularly national strategic projects such as public kitchens for free nutritious meals and public schools.

In the first quarter of 2026, the construction sector grew by 5.5%, compared to the first quarter of 2025, in line with higher realization of Government capital spending on buildings, road and irrigation, as well as increased construction activity supported by higher demand for construction materials.

***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 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 2025, the transportation and warehousing sector grew by 8.8%, compared to 2024. In particular, rail transportation grew by 9.1%, land transportation grew by 9.8%, warehousing and transportation support services and post and courier increased by 9.7% and sea transportation grew by 10.3%. The growth in the transportation and warehousing sector was primarily supported by three factors: increased passenger and freight volumes across modes, a rise in domestic and international tourist trips, and higher container traffic and throughput.

In the first quarter of 2026, the transportation and warehousing sector grew by 8.0%, compared to the first quarter of 2025, primarily due to a growth of 10.1% in land transportation and a growth of 8.5% in warehousing and support services for transportation, postal and courier. The growth in this sector is supported by increased public mobility during the holiday season, higher import shipment volume, and a rise in international tourist arrivals and domestic travel activity.

***Information and Communication***

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.

In 2025, the information and communication sector grew by 8.3%, compared to 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.

In the first quarter of 2026, the information and communication sector grew by 7.1%, compared to the first quarter of 2025, due to higher telecommunication data traffic during the Ramadan and Eid al-Fitr period and increased revenue of certain telecommunications companies.

***Financial and Insurance Service***

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 2025, the financial and insurance service sector grew by 4.0%, compared to 2024. This growth was driven by growths in all the subsectors, particularly a growth of 3.4% in financial intermediary services and a growth of 6.8% in other financial services.

------

In the first quarter of 2026, the financial and insurance service sector grew by 4.7%, compared to the first quarter of 2025, primarily owing to the increases of 3.8% in financial intermediary services, 5.9% in insurance and pension fund and 5.8% 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.

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***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,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2021** | **%** | **2022** | **%** | **2023** | **%** | **2024<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2026<sup>P</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** |
|  GDP | 16976751 | 100.0 | 19588460 | 100.0 | 20892312 | 100.0 | 22138991 | 100.0 | 23821104 | 100.0 | 5665947 | 100.0 | 6187163 | 100.0 |
|  Add: Imports of goods and services | 3189626 | 18.8 | 4106086 | 21.0 | 4105739 | 19.7 | 4538557 | 20.5 | 4893964 | 20.5 | 1120532 | 19.8 | 1255242 | 20.3 |
|  **Total supply of goods and services** | **20166378** | **118.8** | **23694546** | **121.0** | **24998051** | **119.7** | **26677548** | **120.5** | **28715068** | **120.5** | **6786479** | **119.8** | **7442405** | **120.3** |
|  Less: Exports of goods and services | 3635835 | 21.4 | 4799743 | 24.5 | 4556313 | 21.8 | 4939131 | 22.3 | 5442300 | 22.8 | 1258467 | 22.2 | 1312751 | 21.2 |
|  **Total domestic expenditure** | **16530542** | **97.4** | **18894803** | **96.5** | **20441738** | **97.8** | **21738417** | **98.2** | **23272768** | **97.7** | **5528012** | **97.6** | **6129654** | **99.1** |
|  Allocation of total domestic expenditure: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Household consumption expenditure | 9236049 | 54.4 | 10161713 | 51.9 | 11110509 | 53.2 | 11965431 | 54.0 | 12834795 | 53.9 | 3091225 | 54.6 | 3363069 | 54.4 |
|  NPISHs consumption expenditure | 207916 | 1.2 | 228999 | 1.2 | 261210 | 1.3 | 300080 | 1.4 | 321543 | 1.3 | 78588 | 1.4 | 86800 | 1.4 |
|  Government consumption expenditure | 1569830 | 9.2 | 1506285 | 7.7 | 1557496 | 7.5 | 1714580 | 7.7 | 1794298 | 7.5 | 333940 | 5.9 | 415612 | 6.7 |
|  **Total consumption** | **11013796** | **64.9** | **11896997** | **60.7** | **12929215** | **61.9** | **13980092** | **63.1** | **14950636** | **62.8** | **3503753** | **61.8** | **3865481** | **62.5** |
|  Gross domestic fixed capital formation | 5227854 | 30.8 | 5697279 | 29.1 | 6090677 | 29.2 | 6452531 | 29.1 | 6852618 | 28.8 | 1588440 | 28.0 | 1750541 | 28.3 |
|  Change in inventories (residual)<sup>(1)</sup> | 288893 | 1.7 | 1300526 | 6.6 | 1421847 | 6.8 | 1305794 | 5.9 | 1469514 | 6.2 | 435818 | 7.7 | 513631 | 8.3 |
|  **Total domestic expenditure** | **16530542** | **97.4** | **18894803** | **96.5** | **20441738** | **97.8** | **21738417** | **98.2** | **23272768** | **97.7** | **5528012** | **97.6** | **6129654** | **99.1** |

---

*Source*: BPS

<sup>P</sup> Preliminary.

<sup>(1)</sup> Includes statistical discrepancies.

------

**Gross Domestic Product by Expenditure** 

**(at constant 2010 prices)<sup>(1)</sup>** 

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
|  | **2021** | **%** | **2022** | **%** | **2023** | **%** | **2024<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2025<sup>P</sup>** | **%** | **2026<sup>P</sup>** | **%** |
|  | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** | **(in billions of Rupiah and percentage of GDP)** |
|  GDP | 11120060 | 100.0 | 11710223 | 100.0 | 12301453 | 100.0 | 12920532 | 100.0 | 13580525 | 100.0 | 3264590 | 57.6 | 3447683 | 55.7 |
|  Add: Imports of goods and services | 2105117 | 18.9 | 2420794 | 20.7 | 2390682 | 19.4 | 2585472 | 20.0 | 2708775 | 19.9 | 621287 | 11.0 | 665925 | 10.8 |
|  **Total supply of goods and services** | **13225177** | **118.9** | **14131017** | **120.7** | **14692135** | **119.4** | **15506004** | **120.0** | **16289299** | **119.9** | **3885877** | **68.6** | **4113608** | **66.5** |
|  Less: Exports of goods and services | 2458849 | 22.1 | 2857958 | 24.4 | 2907273 | 23.6 | 3106474 | 24.0 | 3324995 | 24.5 | 775886 | 13.7 | 782902 | 12.7 |
|  **Total domestic expenditure** | **10766328** | **96.8** | **11273059** | **96.3** | **11784862** | **95.8** | **12399530** | **96.0** | **12964304** | **95.5** | **4661763** | **82.3** | **4896510** | **79.1** |
|  Allocation of total domestic expenditure: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  Household consumption expenditure | 5896662 | 53.0 | 6187944 | 52.8 | 6486704 | 52.7 | 6806893 | 52.7 | 7145802 | 52.6 | 1742141 | 30.7 | 1838230 | 29.7 |
|  NPISHs consumption expenditure | 132412 | 1.2 | 139904 | 1.2 | 153938 | 1.3 | 173143 | 1.3 | 182024 | 1.3 | 45288 | 0.8 | 48131 | 0.8 |
|  Government consumption expenditure | 911320 | 8.2 | 871026 | 7.4 | 897299 | 7.3 | 957999 | 7.4 | 981991 | 7.2 | 188175 | 3.3 | 229223 | 3.7 |
|  **Total consumption** | **6940393** | **62.4** | **7198874** | **61.5** | **7537941** | **61.3** | **7938035** | **61.4** | **8309818** | **61.2** | **233463** | **4.1** | **277354** | **4.5** |
|  Gross domestic fixed capital formation | 3549219 | 31.9 | 3686574 | 31.5 | 3825222 | 31.1 | 4001693 | 31.0 | 4205397 | 31.0 | 4205397 | 74.2 | 4205397 | 68.0 |
|  Change in inventories (residual)<sup>(2)</sup> | 276715 | 2.5 | 387611 | 3.3 | 421699 | 3.4 | 459801 | 3.6 | 449090 | 3.3 | 155082 | 2.7 | 177456 | 2.9 |
|  **Total domestic expenditure** | **10766328** | **96.8** | **11273059** | **96.3** | **11784862** | **95.8** | **12399530** | **96.0** | **12964304** | **95.5** | **4593942** | **81.1** | **4660207** | **75.3** |

---

*Source*: BPS

<sup>P</sup> Preliminary.

<sup>(1)</sup> Calculated with calendar year 2010 as the Base Year.

<sup>(2)</sup> Includes statistical discrepancies.

------

***Inflation***

The Government sets inflation targets periodically and targeted an inflation rate of 3.0% (±1.0%) for 2021 to 2023 and 2.5% (±1.0%) for 2024 and 2025. The Government has also set the inflation target for 2026 and 2027 at 2.5% (±1.0%). Bank Indonesia enacts and implements policies to achieve the inflation target in coordination with the Government.

In addition, the Central Inflation Control Team (*Tim Pengendalian Inflasi Pusat* ("TPIP")) 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 TPIP also operates at the regional level through Regional Inflation Control Teams (*Tim Pengendalian Inflasi Daerah*) 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 December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of April 30,** |
|  | **2021<sup>(1)</sup>** | **2022<sup>(1)</sup>** | **2023<sup>(1)</sup>** | **2024<sup>(2)</sup>** | **2025<sup>(2)</sup>** | **2026<sup>(2)</sup>** |
|  CPI | 107.7 | 113.6 | 116.6 | 106.8 | 109.9 | 112.3 |
|  Annual percentage year-on-year | 1.9% | 5.5% | 2.6% | 1.6% | 2.9% | 2.4% |

---

*Source*: BPS

<sup>(1)</sup> 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.

<sup>(2)</sup> 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<sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of April 30,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** | **2026** |
|  Food, drinks, and tobacco | 3.1 | 5.8 | 6.2 | 1.9 | 4.6 | 3.1 |
|  Clothing and Footwear | 1.5 | 1.4 | 0.8 | 1.2 | 0.7 | 0.8 |
|  Housing, water, electricity, and household fuel | 0.8 | 3.8 | 0.5 | 0.6 | 1.6 | 0.7 |
|  Household equipment, tools, and routine maintenance | 2.7 | 4.9 | 1.6 | 1 | 0.2 | 0.6 |
|  Health | 1.7 | 2.9 | 1.9 | 1.9 | 1.8 | 1.5 |
|  Transportation | 1.6 | 15.3 | 1.3 | (0.3) | 1.2 | 1.6 |
|  Information, communication, and financial services | (0.1) | (0.4) | 0.2 | (0.3) | (0.3) | 0.8 |
|  Recreation, sports, and culture | 1.1 | 3 | 1.7 | 1.2 | 1.2 | 1.2 |
|  Education | 1.6 | 2.8 | 2 | 1.9 | 1.2 | 1.1 |
|  Food and beverage providers/restaurant | 2.7 | 4.5 | 2.1 | 2.5 | 1.5 | 1.9 |
|  Personal care and other services | 1.7 | 5.9 | 3.6 | 7 | 13.3 | 11.4 |

---

*Source*: BPS

<sup>(1)</sup> Annual percentage year-on-year. 

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

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 2025, annual inflation was 2.9%, which was higher than the annual inflation of 1.6% in 2024. This was primarily due to larger increases in the prices for sectors including annual inflation for food, drinks and tobacco; housing, water, electricity, and household fuel; transportation; and personal care and other services. Annual inflation for these sectors was 4.6%, 1.6%, 1.2% and 13.3% in 2025, respectively, compared to 1.9%, 0.6%, (0.3)% and 7.0% in 2024, respectively. These inflationary changes were partially offset by lower price increases in clothing and footwear; household equipment, tools, and routine maintenance; education; and food and beverage providers/restaurant. Annual inflation for these sectors was 0.7%, 0.2%, 1.2% and 1.5% in 2025, respectively, compared to 1.2%, 1.0%, 1.9% and 2.5% in 2024, respectively.

In April 2026, annual inflation was 2.4%, which was lower than the annual inflation of 3.5% in March 2026. This was primarily due to lower increases in the prices for sectors of housing, water, electricity, and household fuel; and personal care and other services. Annual inflation for these two sectors was 0.7% and 11.4% in April 2026, respectively, compared to 7.2% and 15.3% in March 2026, respectively. These deflationary changes were partially offset primarily by higher price increase in transportation and information, communication, and financial services: annual inflation was 1.6% and 0.8% in April 2026, respectively, compared to 0.6% and 0.0% in March 2026, respectively.

------

**State-Owned Enterprises** 

***Ownership and Management of State-Owned Enterprises***

In February and October 2025, following parliamentary approvals, the Government enacted Law No. 1 of 2025 and Law No. 16 of 2025, two amendments to Law No. 19 of 2003 on State-Owned Enterprises (as amended, the "SOE Law"), which collectively effected a fundamental restructuring of the ownership framework and institutional governance architecture applicable to state-owned enterprises ("SOEs"). As part of the framework to strengthen the role of SOEs, the SOE Law separates the supervisory and regulatory function from the SOE management function.

Under the SOE Law, a business entity is classified as an SOE if it meets at least one of the following criteria: (a) all or the majority of its capital is owned by the state through direct equity participation, or (b) the Republic of Indonesia holds special rights in such entity through Series A *Dwiwarna* (golden) shares. This definition replaced the prior requirement that an SOE be a business entity whose capital is at least 51% directly owned by the state.

In October 2025, under Law No. 16 of 2025, the Ministry of SOEs was dissolved and replaced by the SOE Regulatory Agency (*Badan Pengaturan Badan Usaha Milik Negara*, or "BP BUMN"), a government agency under and directly accountable to the President. BP BUMN serves as the regulator and supervisor of SOEs and is responsible for formulating, coordinating, and overseeing the implementation of SOE management policies.

Under the SOE Law, the state's ownership stake in each SOE is divided into two classes: Series A *Dwiwarna* shares, representing 1% of the state's ownership interest, and Series B shares, representing the remaining 99% of the state's ownership interest. The Series A *Dwiwarna* shares are held by the Head of BP BUMN on behalf of the Government, and confer strategic veto rights over matters including board appointments and dismissals, major corporate actions, and other rights that may be stipulated under the articles of association. The Series B shares are held by BPI Danantara (described in "— *BPI Danantara*" below), which carries the economic interest in the SOEs and is responsible for overseeing their management and operations. Under this framework, BP BUMN acts as the sector regulator, while Danantara functions as the investment and operational manager of the SOE portfolio.

***Privatization of State-Owned Enterprises***

Under the SOE Law, the sale by the Government of shares in SOEs to private investors may be carried out for the purpose of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• improving the efficiency and productivity of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broadening public ownership of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• establishing a sound financial structure and financial management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• creating a company that is competitive and globally oriented; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fostering a conducive business climate, macroeconomic conditions, and market capacity.

As of December 31, 2025, there were 60 SOEs, of which 13 were listed SOEs and 47 non-listed SOEs. The Government formed clusters based on supply-chain linkages and industry similarities to increase synergies that divided into 14 clusters. 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 31, 2025, these clusters comprise: SOEs in the form of special purpose and investment holding entities (17 SOEs), energy, oil and gas cluster (11 SOEs), infrastructure cluster (8 SOEs), food cluster (8 SOEs), insurance and pension cluster (8 SOEs), financial service cluster (7 SOEs), logistic cluster (7 SOEs), mining and coal cluster (7 SOEs), tourism cluster (6 SOEs), manufacture cluster (5 SOEs), plantation cluster (4 SOEs), healthcare cluster (4 SOEs), survey cluster (4 SOEs) and telco 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.

------

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<br>offering** | **Government<br>equity<br>interest after<br>offering\*** | **Proceeds to<br>the<br>Government** | **Proceeds<br>to SOE** |
|  | | **(percentages)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
|  PT Bank Tabungan Negara (Persero) Tbk | 2009 | 72.9 |  | 1819 |
|  | 2012<sup>(1)</sup> | 60.0 | 135.9 | 1870 |
|  | 2022<sup>(8)</sup> | 60.0 |  | 4130 |
|  PT Garuda Indonesia (Persero) Tbk | 2011 | 69.1 |  | 3187 |
|  | 2014<sup>(1)</sup> | 60.5 | 11.2 | 1449 |
|  | 2022<sup>(8)</sup> | 64.5 |  | 12860 |
|  | 2025<sup>(10)</sup> | 92.0 |  | 23671 |
|  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 |  | 1171 |
|  | 2015<sup>(4)</sup> | 68.0 |  | 5289 |
|  | 2021<sup>(6)</sup> | 75.4 |  | 9444 |
|  PT Semen Baturaja (Persero) Tbk | 2013 | 76.2 |  | 1309 |
|  PT Sarana Karya (Persero)<sup>(2)</sup> | 2013 |  | 48.2 |  |
|  PT Kertas Padalarang (Persero)<sup>(3)</sup> | 2013 |  | 12.1 |  |
|  PT Aneka Tambang (Persero) Tbk<sup>(4)</sup> | 2015 | 65.0 |  | 5381 |
|  PT Adhi Karya (Persero) Tbk | 2015<sup>(4)</sup> | 51.0 |  | 2727 |
|  | 2022<sup>(8)</sup> | 64.3 |  | 2670 |
|  PT Wijaya Karya (Persero) Tbk<sup>(4)</sup> | 2016 | 65.0 |  | 6149 |
|  | 2024<sup>(9)</sup> | 91.0 |  | 6080 |
|  PT Krakatau Steel (Persero) Tbk<sup>(4)</sup> | 2016 | 51.0 |  | 4412 |
|  PT Pembangunan Perumahan (Persero) Tbk<sup>(4)</sup> | 2016 | 75.4 |  | 9444 |
|  PT Jasa Marga (Persero) Tbk<sup>(4)</sup> | 2016 | 70.0 |  | 1786 |
|  PT Bank Rakyat Indonesia (Persero) Tbk<sup>(5)</sup> | 2021 | 56.8 |  | 95900 |
|  PT Semen Indonesia (Persero) Tbk<sup>(7)</sup> | 2022 | 51.2 |  | 5410 |

---

*Source*: BP BUMN.

<sup>\*</sup> Represent the equity interests held by the Government and BPI Danantara.

<sup>(1)</sup> Rights issue through the issuance of new shares.

<sup>(2)</sup> 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. 

<sup>(3)</sup> 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. 

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

<sup>(5)</sup> 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.

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

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

<sup>(8)</sup> 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.

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

<sup>(10)</sup> Private placement of PT Garuda Indonesia (Persero) Tbk to BPI Danantara.

***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 Indonesia Investment Authority is governed by a two-tier structure comprising a supervisory board and a board of directors. The supervisory board is chaired by the Minister of Finance with the Head of BP BUMN serving as a government representative and also with experts in investment, legal and regulatory issues, corporate governance and/or risk management as independent members. The board of directors comprises professionals with rich experience in leading institutions and corporations.

------

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.

***BPI Danantara***

BPI Danantara, officially known as *Daya Anagata Nusantara Investment Management Agency*, is Indonesia's second sovereign wealth fund. It is wholly owned by the Government and is directly accountable to and reports to the President. It is mandated to manage state-owned enterprises and optimize relevant investments. BPI Danantara's governance structure comprises an executive body and a supervisory board. It was established under President Prabowo Subianto's administration on February 24, 2025, following parliamentary approval through Law No. 1 of 2025, an amendment to the SOE Law, which was passed by the House of Representatives in February 2025.

Key reforms introduced in Law No. 1 of 2025 on State-Owned Enterprises include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the establishment of BPI Danantara as a specialized entity with the mandate to manage and optimize state assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the requirement of the minimum authorized capital of IDR1,000 trillion for BPI Danantara, which is to be sourced
from, among other sources, state funds such as the transfer of interests in SOEs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• empowering BPI Danantara to consolidate assets exceeding U.S.$900 billion from SOEs, aiming to streamline
operations, reduce inefficiencies, and maximize returns for reinvestment into national development priorities.

BPI Danantara serves in the dual roles of operational holding and investment holding of the assets of the state, through Danantara Asset Management, the operational holding entity, and Danantara Investment Management, the investment holding entity. The operational holding role involves managing and supervising the operation of SOEs, transforming them to create value and implementing risk management principles and good governance practices. The investment holding role involves promoting economic growth through investments in key sectors, seeking to achieve sustainable returns and expanding investment capacity. Following the enactment of Law No. 16 of 2025, which dissolved the Ministry of SOEs and established BP BUMN (see "*—*Ownership *and Management of State-Owned Enterprises*"), BPI Danantara operates under a dual-institution framework: BP BUMN holds Series A *Dwiwarna* shares that represent 1% of the state's ownership interest, and serves as the regulatory body, and BPI Danantara holds Series B shares that represent 99% of the state's ownership interest, and serves as the operational and investment manager of the SOE portfolio.

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) and Bappenas's 2025-2045 National Long-Term Development Plan, or RPJPN 2025-2045. 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. Since the launch of BPI Danantara, the fund and the Government have sought to allay concerns about transparency, governance, and potential political interference, and instead focused on establishing the credibility and intended benefits of BPI Danantara. BPI Danantara has attracted interest from international investors and aims to expand its assets to $982 billion by 2029, positioning Indonesia as a global investment player.

------

Since its launch, BPI Danantara has entered into a number of strategic partnerships with sovereign wealth funds, development finance institutions, and private sector partners. Examples include a joint investment fund agreement for U.S.$4 billion with the Qatar Investment Authority on April 15, 2025, a partnership with Australia's Future Fund on May 16, 2025, a partnership with the China Investment Corporation on May 25, 2025, an agreement with the Russian Direct Investment Fund on June 19, 2025 to launch a joint investment platform worth €2 billion, two memoranda of understanding with Saudi Arabia's ACWA Power on July 2, 2025 for partnerships worth up to U.S.$10 billion, and a framework agreement with Arm Limited of the United Kingdom on February 23, 2026 for semiconductor technology development and the training of 15,000 Indonesian engineers.

------

**Labor and Employment** 

BPS publishes employment data through the National Labor Force Survey (Sakernas) bi-annually, with data collection in February and August of each year and releases a few months later. The core methodologies and assumptions are largely consistent across both surveys, but the February survey uses a smaller sample size, at the provincial level, on the assumption that provincial strata capture broad trends without needing finer disaggregation. The August survey uses additional data at the district and city levels.

February occurs during the peak rainy season (November-April in much of Indonesia), which can lead to higher reported unemployment or underemployment in rural areas, as temporary weather-related inactivity is captured in the survey. The August survey often results in higher unemployment due to school graduates entering the job market or seasonal migrations. The surveys are not adjusted for any of these factors, and the employment data presented below should be interpreted with those seasonal variations taken account.

***Labor***

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

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| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** |
| **Sector** | **2021<sup>(1)</sup>** | **2021<sup>(1)</sup>** | **2021<sup>(1)</sup>** | **2021<sup>(1)</sup>** | **2022<sup>(1)</sup>** | **2022<sup>(1)</sup>** | **2022<sup>(1)</sup>** | **2022<sup>(1)</sup>** | **2023<sup>(1)</sup>** | **2023<sup>(1)</sup>** | **2023<sup>(1)</sup>** | **2023<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2024<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **2025<sup>(1)</sup>** | **2026<sup>(1)</sup>** | **2026<sup>(1)</sup>** |
|  | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** |
|  Agriculture, forestry and fishing | 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 | 41.3 | 28.2 | 42.5 | 28.8 |
|  Mining and quarrying | 1.4 | 1 | 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 | 1.7 | 1.2 | 1.7 | 1.2 |
|  Manufacturing | 17.8 | 13.6 | 18.7 | 14.3 | 18.7 | 20 | 13.8 | 20 | 13.8 | 13.4 | 19.4 | 13.8 | 18.9 | 13.3 | 20 | 13.8 | 19.6 | 13.5 | 20.3 | 13.9 | 20 | 13.6 |
|  Electricity, gas, steam and air conditioning supply | 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 | 0.4 | 0.3 | 0.4 | 0.2 |
|  Water supply, sewerage, waste management and remediation activities | 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 | 0.6 | 0.4 | 0.6 | 0.4 |
|  Construction | 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 | 9.5 | 6.5 | 9 | 6.1 |
|  Wholesale and retail trade, repair of motor vehicles and motorcycles | 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 | 27.5 | 18.7 | 26.5 | 18 |
|  Transportation and storage | 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 | 6.3 | 4.3 | 6.2 | 4.2 |
|  Accommodation and food service activities | 9.2 | 7 | 9.2 | 7 | 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 | 11.7 | 8 | 11.7 | 7.9 |
|  Information and communication | 1.1 | 0.8 | 1 | 0.8 | 1.1 | 1 | 0.7 | 1 | 0.7 | 0.9 | 1 | 0.7 | 1.2 | 0.9 | 1 | 0.7 | 1.3 | 0.9 | 1.1 | 0.7 | 1.2 | 0.8 |
|  Financial and insurance activities | 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 | 1.7 | 1.1 | 1.7 | 1.2 |
|  Real estate activities | 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 | 0.5 | 0.4 | 0.6 | 0.4 |
|  Professional, scientific and technical activities, Administrative and support service activities | 1.9 | 1.4 | 2 | 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 | 2.6 | 1.8 | 2.6 | 1.8 |
|  Public administration and defense, compulsory social security | 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 | 5.1 | 3.5 | 5.4 | 3.7 |
|  Education | 6.5 | 5 | 6.5 | 5 | 6.6 | 7.2 | 5 | 7.2 | 5 | 4.7 | 6.9 | 4.9 | 7.3 | 5.1 | 7.2 | 5 | 7.3 | 5 | 7.4 | 5.1 | 7.4 | 5 |
|  Human health and social work activities | 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 | 2.5 | 1.7 | 2.5 | 1.7 |
|  Other service <br>activities | 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 | 6.5 | 4.5 | 7.6 | 5.2 |
|  **Total** | **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** | **146.5** | **100.0** | **147.7** | **100.0** |

---

*Source*: BPS

<sup>(1)</sup> 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<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** |
|  | **2021** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** |
|  | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** | **(in<br>millions)** | **%<sup>(1)</sup>** |
|  Male | 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 | 88.1 | 60.1 |
|  Female | 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 | 58.4 | 39.9 |
|  **Total** | **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** | **146.5** | **100.0** |

---

*Source*: BPS

<sup>(1)</sup> 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.<sup>(1)</sup>

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| | | | | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** | **As of<br>August** | **As of<br>August** | **As of<br>February** | **As of<br>February** |
|  | **2021** | **2021** | **2021** | **2021** | **2022** | **2022** | **2022** | **2022** | **2023** | **2023** | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** | **2025** | **2026** | **2026** |
|  | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** | **(in<br>millions)** | **%** |
|  Employed | 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 | 146.5 | 95.2 | 147.7 | 95.3 |
|  Unemployed<sup>(2)</sup> | 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 | 7.5 | 4.8 | 7.2 | 4.7 |
|  **Total** | **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** | **154.0** | **100.0** | **154.9** | **100.0** |

---

*Source*: BPS

<sup>(1)</sup> 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.

<sup>(2)</sup> 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's unemployment rate was 4.9%, the lowest 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. Indonesia's unemployment rate reached 4.8% as of February 2024, lower than the pre-Covid level.

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 national average minimum wage by 1.1% for 2022, 7.3% for 2023, 6.5% for 2024, 6.5% for 2025 and 5.8% for 2026.

---

| | | |
|:---|:---|:---|
| **Year** | **National average<br>minimum wage** | **Increase in average<br>minimum wage** |
| 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% |
| 2026 | Rp3,508,714.4 | 5.8% |

---

*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 (Persero) 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. Law No. 24 of 2011 has since been amended, including by Law No. 11 of 2020 on Job Creation and, subsequently, by Government Regulation in Lieu of Law No. 2 of 2022 on Job Creation as ratified by Law No. 6 of 2023.

Following Constitutional Court decisions in 2021, the provisions of Law No. 24 of 2011 that mandated the transfer of programs administered by PT Taspen (Persero) and PT Asabri (Persero) to BPJS Ketenagakerjaan by 2029 were declared unconstitutional, and the 2029 transfer deadline no longer applies; as of the date hereof, PT Taspen (Persero) and PT Asabri (Persero) continue to administer their respective programs pending any future legislative changes.

------

The Law on Job Creation (as defined below) 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 2025, Indonesia had a Gini Index of 0.363. 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 23.36 million, or 8.25% of the population, as of September 2025.

***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 2025, Java contributed 56.9% of Indonesia's GDP, Sumatera contributed 22.2%, Kalimantan contributed 8.1%, Sulawesi contributed 7.2%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.7%.

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

Through the implementation of Law No. 1 of 2022 on the Financial Relations between the Central Government and the Regional government, with respect to, among other things, budget allocation and deficit provisions), the Government allocates a portion of the state budget for transfers to regions and village funds each year. Transfers to regions and village funds have become one of the funding instruments for accelerated development programs and is an instrument to achieve national priority goals carried out by the regional government. This allocation plays a strategic role to support the performance of all regions in improving the quality of and equalizing basic public services, creating employment, alleviating poverty and improving equity in capacity inter-regional finance.

From 2021 to 2025, transfers to regions and village funds on average increased by 2.0% 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 Indonesia Investment Authority, to attract foreign capital to invest in strategic sectors of the Indonesian economy, support sustainable development and boost economic growth, as further described in "*State-Owned Enterprises — Indonesia Investment Authority.*"

Law 11/2020 mandates the issuance of implementing government regulations and presidential regulations. 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. In December 2025, the BPS issued KBLI 2025, aligning with the International Standard Industrial Classification of All Economic Activities (ISIC) Revision 5, and licensing references have since transitioned to KBLI 2025.

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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 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. As of March 2026, such new labor law has not yet been enacted, while the related bill has been approved to enter the 2026 priority national legislation program.

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. Following GR 28/2025, BKPM issued Regulation No. 5 of 2025 on Guidelines and Procedures for the Implementation of Risk-Based Business Licensing and Investment Facilities Through the Electronically Integrated Business Licensing System, effective October 2, 2025, to implement refined licensing stages, enhanced supervision, and other improvements within the OSS system.

***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. The Government regularly reviews and updates the list of PSNs.

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. This group was initially established in September 2021 under the administration of President Joko Widodo, and the project list has since been amended eight times, with the most recent amendment enacted and taking effect in September 2025. As of the September 2025 amendment, this group comprises 226 projects and 24 programs with an estimated total investment value of Rp6,491 trillion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 226 projects span 14 sectors: roads (50 PSNs), dams and irrigation (57 PSNs), industrial estates (44 PSNs),
railways (13 PSNs), agriculture and plantations (2 PSNs), energy (18 PSNs), ports (15 PSNs), water and sanitation (9 PSNs), airports (7 PSNs), tourism (1 PSN), education (1 PSN), seawall (1 PSN), technology (6 PSNs) and housing (2 PSNs).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The 24 programs cover a variety of economic and social areas such as free nutritious meals, special economic
zones, food security, electricity, smelter and poverty alleviation.

As of July 2025, 116 out of the 226 projects had been completed with realized investment vale of Rp1,796.1 trillion, and the remaining 110 projects were ongoing with about Rp3,105.8 trillion investment still in the pipeline.

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:

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

***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 maintenance and construction of transportation-related infrastructure are insufficient, and the Government is encouraging private participation and investment in building toll roads, railways, ports and other infrastructure.

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The Government has set out in the RPJMN 2025-2029 certain targets that frame the country's future plan and development of transportation-related projects. The Government targets to reduce national logistics costs from 14.29% of GDP in 2022 to 12.50% in 2029, with supporting actions to strengthen the connectivity backbone, standardize and upgrade ports and airports, improve cold-chain and support facilities, and accelerate logistics digitalization and process integration. With respect to sectoral performance, the Government targets to, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) reduce travel time on main national road corridors from 1.9 hours per 100 kilometers in 2023 to 1.7 hours
in 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) raise container handling productivity at primary container ports from 21 box/ship/hour in 2023 to 50 in 2029
and cut the average port turnaround time from 1.8 days in 2023 to 1.2 days in 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) improve on-time performance in air transportation from 72.46% in 2023
to 85% in 2029;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) expand toll roads in operation from 751 kilometers in 2023 to 5,134 kilometers in 2029; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) increase the length of railway in operation from 6,880 kilometers in 2023 to 6,985 kilometers in 2029 and the
total number of trips of trains from 0.86 million in 2024 to 1.03 million in 2029.

As a result of the development of infrastructure projects, including transportation-related projects, the Government targets to raise the aggregate infrastructure stock from 43.0% of GDP in 2019 to 48.5% in 2029.

Out of the 226 projects designated as PSNs by the Coordinating Minister of Economic Affairs, 85 are transportation-related projects, including 50 for roads, 13 for railways, 15 for ports and 7 for airports. Out of the 24 programs designated as PSNs by the Coordinating Minister of Economic Affairs, four are primarily transportation-related, including development of cross-border roads and posts in Kalimantan, 58 exit toll locations in 10 provinces, superhub development in Bali, Nusa Tenggara, East Kalimantan and North Sulawesi, and toll road operation and modernization.

The RPJMN 2025-2029 has also identified 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.

Phase 1 of the Jakarta Mass Rapid Transit ("MRT") (16 kilometers, Lebak Bulus–Bundaran Hotel Indonesia) has been operational since March 2019, anchoring the city's rail-based mass transit network. Phase 2 is projected to be 11.8 kilometers, out of which Phase 2A (Bundaran Hotel Indonesia–Kota) is under construction, with announced average progress of 49% in June 2025. In parallel, Phase 1 of the Jakarta Metropolitan MRT East-West Corridor (Tomang–Medan Satria, approximately 24.5 kilometers) is in early works, with main construction expected to commence in 2026.

Indonesia's first high-speed railway, which connects Jakarta and Bandung, was constructed from 2016 to 2023 and commenced commercial operation in October 2023. The Government and state-owned rail stakeholders have publicly discussed potential extensions of the high-speed line toward East Java, including corridors in the direction of Semarang and/or Surabaya and further to Banyuwangi, while acknowledging that debt resolution and financing structures remain gating considerations.

***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. Under the RPJMN 2025-2029, the Government targets the total installed power generation capacity to be approximately 100 GW and the share of new and renewable energy in the national energy mix to reach 23% by 2029. 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.

Out of the 226 projects and 24 programs designated as PSNs by the Coordinating Minister of Economic Affairs, 18 energy-related projects and one energy-related program have been included. These energy-related projects primarily involve oil and gas extraction, refining, storage, and transportation, as well as coal gasification and the development of biofuels. The energy-related program concerns the development of solar power plants, hydropower plants, and other electricity infrastructure.

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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*."

***Telecommunications***

The Government continues to narrow the digital divide between rural and urban areas through the Universal Service Obligation administered by The Telecommunication and Information Accessibility Agency (*Badan Aksesibilitas Telekomunikasi dan Informasi*) under the Ministry of Communication and Digital, prioritizing broadband access for non-commercial areas via public facilities such as schools, community health centers, and village and local government offices.

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 fiber-optic reach to 90% of sub-districts, mobile-broadband population coverage of 98%, fixed-broadband service to 50% of households and internet user penetration of 87.5%, and average speeds of 100 Mbps on both fixed and mobile networks through new spectrum allocation and efficient infrastructure sharing models, alongside affordability improvements for fixed broadband. 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.

***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. As of February 2026, construction had been completed for the Vice President's Palace and ASN offices and residences in Phase I. ASN stands for *Aparatur Sipil Negara*, which refers to civil servants and government employees. ASN offices and residences refer to the government office complexes intended for central ministries and other state institutions, together with designated state housing for civil servants and security personnel, concentrated in the Core Government Area of Nusantara.

------

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.

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.

On January 12, 2026, President Prabowo Subianto made his first visit as president to Nusantara to personally inspect the progress of ongoing development.

*<u>Constitutional Court Clarifies Land-Rights Granting Mechanism in Nusantara</u>*

On November 13, 2025, Indonesia's Constitutional Court issued a decision concerning provisions in Law Number 3 of 2022 on the State Capital (as amended by Law Number 21 of 2023) relating to the mechanism for granting land rights in Nusantara. The Court clarified that land rights may not be granted upfront through consolidated multi-cycle tenures covering initial grants, extensions, and renewals in a single approval, as such an approach would limit periodic evaluation and state oversight.

Following the decision, land rights in Nusantara continue to be governed in accordance with staged granting mechanisms consistent with the national framework under the Basic Agrarian Law. In particular, the court affirmed that the right to cultivate (*Hak Guna Usaha*) may be granted for an aggregate period of up to 95 years and the right to build (*Hak Guna Bangunan*) and right to use (*Hak Pakai*) for up to 80 years. The court required that these rights be granted progressively, comprising an initial term followed by extensions and renewals subject to evaluation, consistent with prevailing national land-administration practices.

***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.

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**Foreign Investment** 

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

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 37 sectors. Sectors that are not listed are generally fully open for any investment (domestic or foreign investment) without any ownership restriction/limitation.

In June 2025, the Government issued GR 28/2025 to further refine the risk-based licensing architecture administered through the OSS system. As part of its ease of doing business initiative, the Government, among other things, consolidated supervision within 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 and implementing regulations provide 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. 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. During the period from 2020 to May 2025, the Government attracted realized investment of approximately Rp441 trillion through tax holiday and approximately Rp34 trillion through tax allowance. Tax expenditure for investment incentives (tax holiday and tax allowance) in 2025 is estimated to be Rp7.1 trillion.

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.

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***Foreign Investment in Indonesia***

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

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

**Foreign Investment in Indonesia** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Direct Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Capital | 20566 | 22873 | 20090 | 22595 | 19968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt instrument | 647 | 1829 | 1453 | 1681 | 2045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total direct investments | 21213 | 24702 | 21543 | 24275 | 22013 |
|  Portfolio investments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity securities | 3131 | 671 | 265 | (1032) | (1589) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities | 3732 | (7256) | 4840 | 13267 | (5233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total portfolio investments | 6863 | (6585) | 5104 | 12235 | (6822) |
|  Financial derivatives | (1143) | (1286) | (856) | (965) | (2101) |
|  Other investments | (726) | 242 | 4370 | 9518 | 7456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total foreign investment** | **26207** | **17073** | **30161** | **45063** | **20546** |

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*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

The January 2026 MSCI announcement (as described in "*Financial System—Capital Markets and Capital Markets Regulation*") and other events have contributed to volatility in foreign portfolio flows. The Government continues to welcome foreign investment and is advancing targeted reforms to enhance transparency and confidence in the equity market.

***Foreign Direct Investment***

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

**Foreign Direct Investment** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Equity capital<sup>(1)</sup> | 20566 | 22873 | 20090 | 22595 | 19968 |
|  Debt instruments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflow | 42607 | 47064 | 44407 | 48080 | 46523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outflow | (41960) | (45236) | (42954) | (46400) | (44477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt instruments | 647 | 1829 | 1453 | 1681 | 2045 |
|  **Total direct investments** | **21213** | **24702** | **21543** | **24275** | **22013** |
|  Memorandum |  |  |  |  |  |
|  Direct investment in Indonesia<sup>(2)</sup> | 21131 | 25390 | 21497 | 24819 | 21435 |

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*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Includes privatization and banking restructuring.

<sup>(2)</sup> Presents foreign direct investment in accordance with the directional principle prescribed by BPM5.

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**Foreign Direct Investment in Indonesia by Country of Origin<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  **North America** | **1751** | **2062** | **830** | **705** | **1699** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; USA | 1691 | 2060 | 747 | 639 | 1749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 38 | 2 | 81 | 64 | (51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America<sup>(2)</sup> | 22 | 1 | 2 | 2 | 2 |
|  **Central and South America** | **(70)** | **(606)** | **2075** | **699** | **1253** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 0 | 0 | 0 | 0 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 18 | (22) | 0 | 0 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1 | 2 | (3) | 3 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cayman Islands | (7) | (380) | (48) | (359) | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | (81) | (206) | 2127 | 1055 | 1181 |
|  **Europe** | **1037** | **1773** | **1923** | **1930** | **2456** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union | 279 | 433 | 2616 | 626 | 1070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | (40) | 135 | 101 | 364 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 96 | 3 | 56 | 302 | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | (15) | 2 | (6) | 0 | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland | 1 | 86 | (26) | (38) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 38 | 224 | 45 | 16 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 9 | 18 | 2144 | 75 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Greece | 0 | 0 | 0 | 0 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 38 | 16 | 35 | (29) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | (406) | (351) | (339) | (135) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Luxembourg | (1) | 24 | 380 | 133 | (93) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 397 | 272 | 194 | (69) | 588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portugal | 0 | 0 | 0 | 0 | 310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 20 | (7) | 2 | 6 | (13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sweden | 142 | 9 | 25 | (3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 0 | 2 | 5 | 5 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 719 | 1209 | (798) | 823 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 0 | 1 | 1 | 2 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 4 | 3 | 25 | 8 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 34 | 126 | 78 | 472 | 650 |
|  **Asia** | **18668** | **21733** | **15444** | **21150** | **14792** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1961 | 1795 | 1011 | 1628 | 199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 5076 | 3511 | 1530 | 2637 | 2715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 770 | 1829 | 1966 | 1154 | 1102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 227 | 521 | 85 | (5) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 3118 | 2395 | 3471 | 3217 | 4961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 109 | 796 | 5 | 104 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 2 | (0) | 2 | 1 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASEAN | 7404 | 10747 | 6592 | 12175 | 6043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunei Darussalam | 0 | 1 | 0 | 0 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 1 | 3 | 1 | 2 | (123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lao PDR |  |  | 0 | 0 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | (26) | 995 | 551 | (190) | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | 0 | (1) | 0 | 0 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 5 | 104 | 13 | 87 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 5343 | 9769 | 5412 | 11596 | 6285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 2077 | (127) | 611 | 653 | (397) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 3 | 2 | 3 | 27 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia | 3 | 139 | 782 | 239 | (456) |
|  **Australia and Oceania** | **119** | **356** | **572** | **109** | **380** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 118 | 353 | 572 | 107 | 284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 2 | 2 | (6) | 2 | (0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | (2) | 0 | 7 | 1 | 96 |
|  **Africa** | **(24)** | **(7)** | **606** | **12** | **666** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 0 | 1 | (1) | 1 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | (23) | (8) | 607 | 12 | 664 |
|  **Others** | **(351)** | **79** | **47** | **213** | **188** |
|  **Total** | **21131** | **25390** | **21497** | **24819** | **21435** |

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*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

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

<sup>(2)</sup> Includes Bermuda, Greenland and Saint Pierre & Miquelon.

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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 in part by foreign capital investment in domestic courier companies, mining, manufacturing and financial intermediaries. The manufacturing sector dominated foreign direct investment inflows in 2021, followed by transportation, storage and communication, and mining and quarrying sectors. Meanwhile, 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.$21.5 billion in 2023, primarily in the form of equity capital, representing a decrease of 12.8% 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.$24.3 billion in 2024, primarily in the form of equity capital, representing a 12.7% 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.$22.0 billion in 2025, primarily in the form of equity capital. This amount represents a 9.3% decrease from the U.S.$24.3 billion surplus recorded in 2024. The decline was primarily attributable to the sectors of health and social works; financial intermediation; and electricity, gas and water supply. By country of origin, the decrease in foreign direct investment was largely driven by lower investments from Singapore and Japan.

The sectors of manufacturing; wholesale and retail trade, repair of motor vehicles, motorcycles, and personal and household goods; and mining and quarrying were the main contributors to net foreign direct investment inflows in 2025. With respect to country of origin, investment from Singapore was the largest contributor to the net foreign direct investment inflows, followed by investments from Hong Kong SAR and People's Republic of China.

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***Foreign Portfolio Investment***

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

**Foreign Portfolio Investments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Equity securities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inflow | 59114 | 76604 | 60362 | 77752 | 91133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outflow | (55983) | (75933) | (60097) | (78784) | (92721) |
|  Net equity securities | 3131 | 671 | 265 | (1032) | (1589) |
|  Debt securities (net) | 3732 | (7256) | 4840 | 13267 | (5233) |
|  **Total portfolio investments** | **6863** | **(6585)** | **5104** | **12235** | **(6822)** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

In 2021, portfolio investment recorded a net inflow of U.S.$6.9 billion, higher than the net inflow of U.S.$4.6 billion in 2020, 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 2025, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$6.8 billion, reversing the net inflow of U.S.$12.2 billion in 2024. The net outflow was mainly driven by net foreign capital outflow in the form of SRBI and lower net foreign capital inflow in the form of government debt securities.

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***Other Foreign Investment***

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

**Other Foreign Investments** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Loans |  |  |  |  |  |
|  Bank sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements | 1409 | 3704 | 1526 | 5938 | 3108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt repayments | (4489) | (2844) | (5145) | (3651) | (5726) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total bank sector** | **(3080)** | **860** | **(3619)** | **2287** | **(2618)** |
|  Corporate sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Disbursements | 15141 | 19972 | 18435 | 15070 | 17208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt repayments | (20307) | (22628) | (17088) | (16194) | (16736) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total corporate sector** | **(5167)** | **(2656)** | **1347** | **(1124)** | **473** |
|  Other (net)<sup>(1)</sup> | 7521 | 2039 | 6642 | 8355 | 9601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total other investments** | **(726)** | **242** | **4370** | **9518** | **7456** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

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

In 2021, other foreign investments fell to a deficit of U.S.$0.7 billion from a surplus of U.S.$2.3 billion in 2020. 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 to a surplus of U.S.$0.2 billion from a deficit of U.S.$0.7 billion in 2021. 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 to a surplus of U.S.$4.4 billion from a surplus of U.S.$0.2 billion in 2022. The increase is primarily attributable to net drawings of foreign loans by the government and corporate sector.

In 2024, other foreign investments increased to a surplus of U.S.$9.5 billion from a surplus of U.S.$4.4 billion in 2023. The surplus is primarily due to net drawings of foreign loans by the Government and the banking sector.

In 2025, other foreign investments surplus decreased to U.S.$7.5 billion from U.S.$9.5 billion in 2024. The decrease was primarily attributable to higher net loan repayments in the banking sector.

------

***Direct Investment Realizations***

*<u>Foreign Direct Investment</u>* 

In 1973, the Republic established BKPM, an investment services agency of the Government, to accelerate economic growth by attracting foreign capital investment. In July 2021, the Government established the Ministry of Investment (*Kementerian Investasi*). In November 2024, the Government renamed and expanded it as the Ministry of Investment and Downstreaming (*Kementerian Investasi dan Hilirisasi*) and also re-organized BKPM and confirmed that the Head of BKPM is held by the Minister of Investment and Downstreaming, aligning the ministry and the non-ministerial agency under one leadership structure. BKPM's main function is to implement the Government's objectives for investment in the country.

Under Indonesian law, foreign direct investment licensing is administered through the OSS system, under which licensing requirements depend on the business activity's risk level and sectoral regulations; many activities require only a business identification number and fulfillment or verification of standards rather than a standalone prior "approval" from BKPM. Applications and licensing are processed in accordance with GR 28/2025 on risk-based business licensing and BKPM Regulation No. 5 of 2025, with additional technical criteria applied by the relevant sectoral ministry or agency.

BKPM and sectoral ministries consider the current Positive Investment List set out in Presidential Regulation No. 10 of 2021 on Investment Business Fields, as amended by Presidential Regulation No. 49 of 2021, which identifies business fields closed to investment and those open subject to conditions, including foreign ownership limits. Sector-specific criteria promulgated by competent ministries also apply. Upon securing a business identification number and any required business licenses, a foreign investor may complete the investment.

Due to the different concept and method of compiling investment statistics, "administrative" foreign direct investment statistical data published by 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.

------

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<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Primary Sector |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Crops, Plantation & Livestock | 951 | 1789 | 1946 | 1827 | 1083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 41 | 99 | 96 | 86 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 17 | 32 | 26 | 218 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining | 3817 | 5145 | 4715 | 5188 | 4743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary Sector** | **4826** | **7065** | **6782** | **7319** | **5967** |
|  Secondary sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Industry | 2337 | 2425 | 2263 | 3463 | 2274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textile Industry | 312 | 658 | 458 | 948 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leather Goods & Footwear Industry | 486 | 630 | 782 | 904 | 1512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wood Industry | 68 | 243 | 158 | 144 | 175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper and Printing Industry | 953 | 1630 | 3431 | 4777 | 3112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemical and Pharmaceutical Industry | 1657 | 4506 | 4805 | 4126 | 3849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubber and Plastic Industry | 262 | 363 | 576 | 927 | 1290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non Metallic Mineral Industry | 327 | 537 | 523 | 1142 | 998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal, Industry not Machinery & Electronic Industry | 6974 | 10961 | 11787 | 13557 | 14650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry | 679 | 789 | 1478 | 2089 | 2279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicles & Other Transport Equipment Industry | 1502 | 1522 | 2046 | 2503 | 2258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Industry | 246 | 415 | 382 | 552 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Sector** | **15804** | **24679** | **28690** | **35131** | **33825** |
|  Tertiary sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, Gas & Water Supply | 2939 | 3763 | 2742 | 2469 | 2778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 93 | 165 | 282 | 767 | 454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade & Repair | 464 | 737 | 944 | 2007 | 1981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Restaurant | 432 | 498 | 811 | 944 | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation, Storage & Communication | 3159 | 4125 | 5615 | 4654 | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing, Ind. Estate & Office Building | 2186 | 3015 | 2575 | 3090 | 2547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Services | 1190 | 1558 | 1827 | 3632 | 4496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Tertiary Sector** | **10463** | **13861** | **14795** | **17564** | **16511** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **31093** | **45605** | **50268** | **60014** | **56303** |

---

*Source*: BKPM, BPS

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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. 

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*<u>Domestic Direct Investment</u>* 

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<sup>(1)</sup>** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
|  Primary sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Crops, Plantation & Livestock | 29375 | 38879 | 42912 | 45502 | 49857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 6863 | 8603 | 23032 | 33464 | 17684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 1012 | 1214 | 2507 | 1816 | 2650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mining | 25517 | 62522 | 86689 | 106859 | 123765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Primary Sector** | **62767** | **111217** | **155140** | **187640** | **193955** |
|  Secondary sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Industry | 26518 | 54937 | 54828 | 65941 | 73659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textile Industry | 1972 | 5615 | 7950 | 7218 | 92061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leather Goods & Footwear Industry | 700 | 484 | 1641 | 1644 | 16464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wood Industry | 1144 | 3588 | 4611 | 4713 | 3610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper and Printing Industry | 7833 | 9508 | 9295 | 9003 | 22177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemical and Pharmaceutical Industry | 23364 | 28905 | 33870 | 35916 | 53287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubber and Plastic Industry | 7803 | 7370 | 9256 | 8693 | 11801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non Metallic Mineral Industry | 6522 | 6368 | 7770 | 8045 | 9053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metal Industry not Machinery & Electronic Industry | 15656 | 13950 | 25886 | 35088 | 27641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medical Precision & Optical Instruments, Watches & Clock, Machinery, and Electronic Industry | 535 | 3693 | 4263 | 4934 | 7133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor Vehicles & Other Transport Equipment Industry | 1459 | 2425 | 6173 | 8190 | 15597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Industry | 1192 | 6721 | 6114 | 4910 | 4858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Secondary Sector** | **94699** | **143564** | **171657** | **194293** | **239667** |
|  Tertiary sector: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity, Gas & Water Supply | 38728 | 32107 | 37585 | 46312 | 50561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction | 39569 | 33847 | 32813 | 33399 | 55302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade & Repair | 22432 | 31051 | 48558 | 65300 | 92907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Restaurant | 17819 | 21579 | 23363 | 24138 | 41147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transportation, Storage & Communication | 61242 | 75138 | 76659 | 120083 | 158575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Housing, Ind. Estate & Office Building | 85498 | 66168 | 77099 | 76517 | 99630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Services | 24310 | 38097 | 52048 | 66337 | 98569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Tertiary Sector** | **289598** | **297987** | **348126** | **432085** | **596692** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **447064** | **552769** | **674923** | **814018** | **1030314** |

---

*Source:* BKPM, BPS

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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. 

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**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.

Indonesia has entered into and implemented nine bilateral trade agreements and three 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, the Preferential Trade Agreement Among Developing Eight, and the Indonesia-European Free Trade Association Comprehensive Economic Partnership Agreement. These free trade agreements cover three core areas, namely: trade in goods, trade in services and investments.

In September 2025, Indonesia and Canada signed the Indonesia–Canada Comprehensive Economic Partnership Agreement, and the agreement will enter into force following completion of each party's internal procedures. Also in September 2025, Indonesia and the European Union concluded negotiation on the Comprehensive Economic Partnership Agreement, as described in "*Free Trade Agreement between Indonesia and the European Union*." In February 2026, Indonesia and the United States finalized a bilateral Agreement on Reciprocal Trade, as described in "*U.S.-Indonesia Agreement on Reciprocal Trade*."

Various regional and bilateral free trade agreements of which Indonesia is a party are currently in different stages of negotiations, namely, 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.

***U.S.-Indonesia Agreement on Reciprocal Trade***

On February 19, 2026, the United States and Indonesia finalized the Agreement on Reciprocal Trade. Under the agreement, the United States will apply a reciprocal tariff rate of 19% on most originating goods of Indonesia (in addition to the applicable MFN rate), except for certain identified products that will enter at a zero reciprocal tariff rate. The United States has committed to establish a mechanism that will allow a to-be-specified volume of certain textile and apparel goods from Indonesia to enter at a zero reciprocal tariff rate, with the volume determined in relation to the quantity of U.S. exports of textiles produced from American cotton and man-made fiber textile inputs.

------

Under the agreement, Indonesia has committed, among other things, to: (i) eliminate tariff barriers on over 99% of U.S.-origin goods across all sectors; (ii) address non-tariff barriers by exempting U.S. companies and U.S.-origin goods from local content requirements, accepting U.S. federal motor vehicle safety and emission standards, accepting FDA standards for medical devices and pharmaceuticals, removing burdensome certification and labeling requirements, eliminating pre-shipment inspection requirements, and resolving intellectual property issues; (iii) address and eliminate barriers affecting U.S. agricultural products (including by exempting U.S. food and agricultural products from all import licensing regimes) and digital trade; (iv) remove restrictions on exports to the United States for all industrial commodities, including critical minerals; and (v) adopt and implement a forced-labor import ban and remove provisions from its labor laws that restrict workers and unions from fully exercising freedom of association and collective bargaining rights.

Implementation of the agreement remains subject to the parties' completion of their respective domestic legal procedures. The agreement will enter into force 90 days after the exchange of written notifications certifying completion of those procedures, or on such other date as the parties may agree. On February 19, 2026, the Presidents of the United States and Indonesia signed a joint statement confirming their strong commitment to implementing the agreement and instructed their relevant ministers and secretaries to take further steps toward that end.

Separately, U.S. and Indonesian companies signed commercial agreements valued at approximately U.S.$33 billion, including purchases of approximately U.S.$15 billion in U.S. energy commodities, U.S.$13.5 billion in commercial aircraft and aviation-related goods and services (including from Boeing), and over U.S.$4.5 billion in U.S. agricultural products.

On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act does not authorize the U.S. President to impose tariffs. On the same day, the U.S. Trade Representative announced the imposition of a temporary 10% surcharge on imports pursuant to Section 122 of the Trade Act of 1974 and other measures under alternative statutory authorities. The implications of these developments for existing and prospective U.S. duties on goods of Indonesian origin, and for the entry into force and implementation of the Agreement on Reciprocal Trade, remain subject to subsequent developments.

The Government continues to monitor relevant developments. The evolving U.S. trade policy landscape, including shifts in the legal authorities under which tariffs may be imposed and the potential for further changes in applicable tariff rates, creates uncertainty for Indonesia's export-oriented sectors. The ultimate impact on Indonesia's trade flows will depend on subsequent regulatory and legislative actions in Indonesia and the United States and the timing and terms of implementation of the Agreement on Reciprocal Trade.

***Free Trade Agreement between Indonesia and the European Union***

On September 23, 2025, the Republic and the European Union concluded negotiations on a free trade agreement known as the Comprehensive Economic Partnership Agreement (the "CEPA"), and a parallel investment protection agreement known as the EU-Indonesia Investment Protection Agreement (the "IPA"). The CEPA is intended to eliminate tariffs on more than 98% of tariff lines and nearly 100% of trade value, to be liberalized over time. It is also intended to establish modern, comprehensive rules covering, among others, goods, services and investment, digital trade, government procurement, intellectual property, subsidies and state-owned enterprises, trade and sustainable development, and dispute settlement with institutional cooperation. The IPA is intended to provide modern and rules-based investor protections, including safeguards against unlawful expropriation, non-discrimination, and fair and equitable treatment, while affirming each side's right to regulate for legitimate public policy objectives.

------

***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,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Exports: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas exports (f.o.b.) | 13201 | 17039 | 14840 | 15029 | 11993 | 2090 | 1737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas exports (f.o.b.) | 219635 | 275499 | 242841 | 248062 | 268442 | 41054 | 42318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports (f.o.b.) | **232835** | **292538** | **257681** | **263091** | **280435** | **43144** | **44054** |
|  Total imports (c.i.f.) | (198800) | (241716) | (222292) | (235198) | (242500) | (37061) | (42199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Balance of trade** | **34035** | **50822** | **35389** | **27892** | **37935** | **6083** | **1856** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

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.$35.4 billion, which decreased by 30.4% from the U.S.$50.8 billion surplus in 2022. The lower trade surplus was mainly due to a 11.9% 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 8.0%, in line with export performance.

In 2024, Indonesia recorded a trade surplus of U.S.$27.9 billion, which decreased by 21.2% from the U.S.$35.4 billion surplus in 2023. The lower trade surplus was primarily driven by a 5.8% year-on-year increase in imports in line with solid domestic demand. Meanwhile, exports grew by 2.1% year-on-year, supported by higher international commodity prices.

In 2025, Indonesia recorded a trade surplus of U.S.$37.9 billion, which increased by 36.0% from the U.S.$27.9 billion surplus in 2024. The higher surplus was driven by a 6.6% year-on-year increase in exports, supported by strong demand for Indonesia's export commodities. This increase was partially offset by a 3.1% year-on-year increase in imports.

In the first two months of 2026, Indonesia recorded a trade surplus of U.S.$1.9 billion, which decreased by 69.5% from the U.S.$6.1 billion surplus in the first two months of 2025. The narrowing surplus was primarily driven by a 13.9% year-on-year increase in imports (c.i.f) in line with solid domestic demand. Meanwhile, exports grew modestly by 2.1% year-on-year, amid subdued global demand and ongoing disruptions in global supply chains.

------

*<u>Export-Import Data from the Central Statistics Agency</u>*

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,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022<sup>R</sup>** | **2023<sup>R</sup>** | **2024<sup>R</sup>** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  **Exports:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas exports | 219362 | 275906 | 242853 | 250652 | 269841 | 41188 | 42351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas exports | 12248 | 15998 | 15922 | 15877 | 13068 | 2185 | 1972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total exports** | **231610** | **291904** | **258774** | **266529** | **282909** | **43373** | **44323** |
|  **Imports:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas imports | 170661 | 197031 | 186056 | 198923 | 209088 | 31435 | 36932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas imports | 25529 | 40416 | 35830 | 36277 | 32769 | 5350 | 5163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total imports** | **196190** | **237447** | **221886** | **235200** | **241857** | **36785** | **42095** |

---

*Source*: BPS.

<sup>P</sup> Preliminary.

<sup>R</sup> Revised.

*<u>Government Regulation of Export Proceeds</u>*

The Government Regulation Number 36 Year 2023 on Foreign Exchange Export Earnings from the Business, Management and/or Processing of Natural Resources, effective August 1, 2023, was amended by Government Regulation Number 8 Year 2025, effective March 1, 2025 (together, "GR 36/2023, as amended"). Under GR 36/2023, as amended, all export proceeds from mining (excluding oil and gas), plantation, forestry, and fisheries products with export values of at least US$250,000 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.

*<u>Ban on Raw Material Exports</u>*

The Government has banned exports of bauxite ore since June 2023, as part of the downstreaming policy to encourage the domestic processing of raw materials and reduce its reliance on imports of processed materials, alongside the existing ban on nickel ore exports that has been in force since January 2020. The Government has also banned exports of copper concentrate since June 2023, with an exemption for Freeport Indonesia and Amman Mineral Nusa Tenggara to continue such exports until May 2024. The Government issued a six-month permit in March 2025 for Freeport Indonesia to export copper concentrate while its Gresik smelter was repaired and a six-month permit in October 2025 for Amman Mineral to export up to a specified volume of copper concentrate.

*<u>Temporary Ban on Palm Oil and Other Products</u>*

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.

------

***Exports***

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

**Exports by Sector** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **General merchandise** | **231316430** | **291510626** | **256832315** | **262028545** | **278252284** | **42934516** | **44052782** |
|  **Agricultural products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coffee bean | 848285 | 1137939 | 915636 | 1623533 | 2498935 | 353589 | 228514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medicinal herb, aromatic and spice plant | 759231 | 608628 | 467475 | 427439 | 647695 | 73827 | 81111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bird nest | 504261 | 590240 | 633094 | 551871 | 490305 | 93125 | 83068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seasonal fruit | 403175 | 307306 | 334262 | 582811 | 765974 | 178094 | 85715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-timber forest product | 417705 | 486813 | 620760 | 546823 | 628162 | 102386 | 110763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seaweed and other algae | 233454 | 402636 | 279744 | 188480 | 178362 | 26019 | 20732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fresh / chilled fish | 132366 | 127674 | 120682 | 143797 | 167418 | 27620 | 27829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clove | 94308 | 54624 | 95171 | 319431 | 217704 | 53272 | 25056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vegetables | 85664 | 98713 | 134958 | 218184 | 254706 | 14417 | 7372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; White pepper | 96736 | 80549 | 63953 | 123096 | 129728 | 28152 | 25688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 73901 | 106321 | 86675 | 104337 | 79279 | 7210 | 6396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cocoa bean | 55362 | 62865 | 46595 | 80605 | 71050 | 14570 | 7958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shrimp and prawn | 72453 | 43451 | 43236 | 104673 | 97291 | 22276 | 8695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rubber latex | 68490 | 68003 | 54726 | 56924 | 59925 | 8038 | 9112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crab | 62540 | 58564 | 62662 | 98760 | 111372 | 25523 | 22881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other agricultural products | 1058791 | 1130610 | 1142271 | 1251197 | 1210263 | 209716 | 204657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Agricultural products** | **4966721** | **5364936** | **5101900** | **6421960** | **7608169** | **1237832** | **955546** |
|  **Manufacturing products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Palm oils | 28474899 | 29628992 | 23965276 | 21528367 | 27053815 | 4025538 | 5207087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron/steel | 21471317 | 28465009 | 27599169 | 27147960 | 28648411 | 4292061 | 4319023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clothing and apparel of textile fabrics | 7029237 | 8074099 | 6801682 | 7136576 | 7320483 | 1273353 | 1249254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical equipment | 6439195 | 8329344 | 7706789 | 8636187 | 10068707 | 1488271 | 1495133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic chemicals derived from agricultural products | 7023263 | 8414275 | 6233256 | 6787146 | 9662318 | 1513382 | 1627503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Motor vehicle, four-wheel drive and more | 3806332 | 6183459 | 6843321 | 6690545 | 7154420 | 985522 | 1319440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sport shoes | 4233622 | 5062107 | 3858898 | 4081849 | 4206059 | 658306 | 649843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crumb rubber | 3844833 | 3452591 | 2416047 | 2816113 | 2892403 | 559624 | 380216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pulp | 3283505 | 3698451 | 3486523 | 3566604 | 3604089 | 599759 | 524795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jewellery and precious articles | 2585091 | 3819429 | 5606891 | 5530474 | 9135877 | 1548229 | 1171198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nickel | 1271688 | 5968877 | 6806140 | 7983095 | 9724936 | 1268112 | 1981618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper | 3049936 | 2787315 | 2285775 | 3470968 | 3984398 | 577407 | 551146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other papers | 2081467 | 2480548 | 2409737 | 2190766 | 2150026 | 356017 | 366555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spare parts for four or more wheeled vehicles | 2206414 | 2281060 | 2317038 | 2384534 | 2429191 | 381075 | 425709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machines for general purposes | 1999141 | 2183884 | 1887282 | 2148806 | 2258288 | 472627 | 449462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tin | 2448056 | 2387742 | 1783633 | 1432440 | 1783300 | 163017 | 308136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soap and household cleaning agents | 1958853 | 2216268 | 1925666 | 1988552 | 2459694 | 353123 | 435660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other telecommunications equipment | 1635724 | 2299968 | 3020326 | 2488947 | 2749132 | 349546 | 540877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Outer and inner tires | 1753688 | 1873655 | 1814950 | 1632083 | 1638757 | 268929 | 287493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wooden furniture | 1994280 | 1933083 | 1455492 | 1495017 | 1420180 | 268982 | 240437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fertilizers | 1761467 | 2843723 | 1426122 | 1169930 | 1402083 | 186381 | 140073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Computer equipment | 1705354 | 1831430 | 1576249 | 1591486 | 1939010 | 239405 | 317993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organic chemicals derived from oil | 2358458 | 1159584 | 762107 | 886262 | 1100243 | 132477 | 195347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plywood | 1927685 | 1813088 | 1291706 | 1342836 | 1355258 | 225372 | 169620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spun yarn | 1796310 | 1405893 | 1068095 | 922259 | 851914 | 147023 | 147922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tanks and other armoured fighting vehicles and parts of such vehicles | 1608379 | 1599826 | 1286171 | 1223092 | 1643903 | 244759 | 328050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Televisions and television equipment | 1920584 | 1891876 | 1362151 | 1440426 | 1444750 | 221731 | 211804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Frozen shrimp and prawn | 1535044 | 1459273 | 1115072 | 1085577 | 1215959 | 197494 | 200622 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors and other electronic components | 1425378 | 1735144 | 1870186 | 2246351 | 4973895 | 548832 | 786198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Margarine | 1635103 | 1968603 | 1773741 | 1949832 | 2751815 | 387346 | 464847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil-cake and solid residues | 1328493 | 2239044 | 2259348 | 1724298 | 678347 | 125731 | 139860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machines for special purposes | 1347494 | 1591423 | 1419386 | 1376251 | 1451289 | 207646 | 262717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artificial resin (synthetic resin) and raw materials | 1323366 | 1274782 | 1294712 | 1260701 | 1168989 | 197692 | 170134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other organic chemicals | 1238675 | 1659338 | 1233910 | 1239541 | 1598553 | 228537 | 292708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil products<sup>(1)</sup> | 1899971 | 4303720 | 3487770 | 3483682 | 2448399 | 481385 | 370518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquefied Petroleum Gas<sup>(1)</sup> | 4185 | 26092 | 143213 | 399 | 40312 | 67 | 14598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other manufacture products | 42118094 | 46454344 | 43669758 | 52056520 | 57054048 | 9394477 | 9171510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Manufacturing products** | **175524581** | **206797341** | **187263589** | **196136473** | **223463250** | **34569237** | **36915106** |
|  **Mining products** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Coal | 26538367 | 46671824 | 34590782 | 30478761 | 24481010 | 4254108 | 3474405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Copper ore | 5386226 | 9243991 | 8326477 | 7969176 | 4892334 | 0 | 18855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lignite | 4966852 | 7846348 | 8103053 | 7345259 | 5732852 | 976608 | 863382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other metal ore | 629184 | 623005 | 68121 | 18 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude Oil<sup>(1)</sup> | 2956045 | 1590215 | 1716572 | 2153385 | 1520869 | 287970 | 137035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas<sup>(1)</sup> | 7178270 | 9381892 | 8037106 | 7989263 | 6854367 | 1157181 | 1015285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Liquefied Natural Gas | 4294339 | 6361156 | 6225383 | 6245259 | 5215376 | 875243 | 736818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other mining products | 559675 | 659777 | 884314 | 1172490 | 1853142 | 176819 | 347380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Mining products** | **48214620** | **76017051** | **61726425** | **57108350** | **45334575** | **6852686** | **5856342** |
|  **Other merchandise<sup>(2)</sup>** | **2610508** | **3331299** | **2740401** | **2361761** | **1846290** | **274761** | **325788** |
|  **Other goods<sup>(3)</sup>** | **1518852** | **1027514** | **848317** | **1062178** | **2182535** | **209319** | **1628** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Exports** | **232835282** | **292538140** | **257680632** | **263090723** | **280434819** | **43143835** | **44054411** |
|  **Memorandum<sup>(4)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil & gas exports | 219634699 | 275498694 | 242840602 | 248061745 | 268441723 | 41054161 | 42317896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil & gas exports | 13200583 | 17039446 | 14840030 | 15028978 | 11993096 | 2089674 | 1736514 |

---

*Source*: Bank Indonesia

<sup>P</sup> Preliminary.

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

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

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

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

------

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

**Exports by Destination** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **America** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 25765002 | 28310297 | 23163130 | 26289050 | 30536095 | 4657443 | 4983594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1064214 | 1284783 | 1292084 | 1407848 | 1684754 | 273042 | 267000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America | 1620 | 1717 | 2869 | 4116 | 4591 | 825 | 1402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total North America** | **26830836** | **29596798** | **24458083** | **27701014** | **32225440** | **4931310** | **5251996** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central and South America |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 281227 | 311017 | 200319 | 217070 | 338743 | 56997 | 39905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 1504539 | 1483496 | 1278005 | 1715797 | 2203851 | 330429 | 359974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 1298970 | 1688739 | 2129927 | 2233794 | 2437940 | 343229 | 367159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 1910190 | 2333449 | 2387097 | 2398058 | 2745606 | 380125 | 396782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Central and South America | 4994925 | 5816701 | 5995347 | 6564720 | 7726139 | 1110780 | 1163820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total America** | **31825761** | **35413499** | **30453431** | **34265734** | **39951579** | **6042090** | **6415816** |
|  **Europe** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 4624534 | 5378926 | 3868396 | 4731193 | 5693737 | 811007 | 894981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 1635031 | 2139872 | 1586600 | 1552484 | 1903708 | 274058 | 248735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 2804545 | 3131432 | 2097717 | 2246495 | 2825990 | 427754 | 429594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2912856 | 3233288 | 2518779 | 2381860 | 2512511 | 372144 | 330215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 996178 | 1044079 | 903474 | 903408 | 1033504 | 159375 | 139381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 2347650 | 2293582 | 2194164 | 2104542 | 1800537 | 195653 | 317046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 2657501 | 3780308 | 3262361 | 3353092 | 3571283 | 573711 | 510434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total European Union** | **17978294** | **21001487** | **16431491** | **17273073** | **19341270** | **2813702** | **2870387** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1474290 | 1578289 | 1456782 | 1577303 | 1588305 | 246579 | 245620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 1492891 | 1386014 | 912270 | 1741000 | 1867097 | 315661 | 231272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 1599382 | 2071280 | 1531222 | 1849391 | 1701685 | 237700 | 283179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 2162096 | 2411475 | 3107016 | 1970748 | 5715280 | 310995 | 232979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Europe** | **24706953** | **28448545** | **23438781** | **24411514** | **30213636** | **3924638** | **3863437** |
|  **Asia and Middle East** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASEAN |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunei Darussalam | 211268 | 240628 | 196352 | 226415 | 186934 | 30117 | 30719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 8590823 | 12895188 | 11028339 | 10615047 | 10216905 | 1668917 | 1725188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 530909 | 720673 | 828316 | 832830 | 879427 | 151211 | 145171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDR Laos | 7578 | 26620 | 16650 | 15025 | 13318 | 4369 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 11954531 | 15148054 | 11815815 | 12185787 | 12599337 | 2140554 | 1950473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | 1117043 | 905561 | 728215 | 601229 | 787014 | 134268 | 151810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 12167500 | 14972580 | 11668197 | 11015329 | 12549661 | 1654532 | 1604807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 7110300 | 8154975 | 7151731 | 7599925 | 8724759 | 2096942 | 1679180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 6842952 | 8276540 | 7524281 | 9488148 | 10596829 | 1680521 | 1719940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total ASEAN** | **48532903** | **61340817** | **50957897** | **52579735** | **56554185** | **9561431** | **9009130** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 2001026 | 2812535 | 2636040 | 2611923 | 2298584 | 432993 | 355942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 13308709 | 23362674 | 20269352 | 20309149 | 18260791 | 2878053 | 3094211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq | 218389 | 348391 | 235746 | 349588 | 386101 | 56452 | 71152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 17595122 | 24356469 | 20654400 | 20521911 | 17406094 | 2703276 | 2605889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 9161223 | 12339146 | 10123823 | 10580373 | 10035236 | 1704525 | 1642417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | 3823688 | 4251636 | 3020780 | 3478649 | 4111467 | 711642 | 706213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 53278076 | 65814936 | 64769663 | 62191437 | 66785620 | 9157294 | 10727909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 1580531 | 2019038 | 2076180 | 2412781 | 2863935 | 903761 | 372304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 6726353 | 8385255 | 6663678 | 6653657 | 5504381 | 905061 | 736123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia and Middle East | 8676922 | 10458131 | 10381481 | 10536804 | 13177341 | 2043071 | 2425409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asia and Middle East** | **164902943** | **215489028** | **191789041** | **192226006** | **197383735** | **31057560** | **31746700** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **Australia and Oceania** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 3236357 | 3454173 | 3001010 | 4262039 | 3659692 | 652819 | 491869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 717463 | 730422 | 591665 | 681653 | 779545 | 113179 | 116892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 403551 | 486923 | 520265 | 573420 | 592400 | 83715 | 90291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Australia and Oceania** | **4357371** | **4671518** | **4112940** | **5517112** | **5031637** | **849713** | **699052** |
|  **Africa** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 965270 | 1092889 | 842579 | 787873 | 989772 | 173253 | 168122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 4388304 | 4588941 | 4646656 | 3950910 | 5505698 | 900933 | 934722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Africa** | **5353573** | **5681831** | **5489235** | **4738783** | **6495470** | **1074186** | **1102844** |
|  **Unclassified exports<sup>(1)</sup>** | **1688680** | **2833719** | **2397205** | **1931574** | **1358762** | **195648** | **226563** |
|  **Total (f.o.b.)** | **232835282** | **292538140** | **257680632** | **263090723** | **280434819** | **43143835** | **44054411** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Consists of goods procured in ports by carriers and merchanting goods.

------

***Imports***

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

**Imports by Sector<sup>(1)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **General Merchandise** | **196118688** | **238196580** | **219691365** | **230611434** | **237617062** | **36173977** | **40523213** |
|  **Consumption Goods** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, primary, mainly for household | 2778536 | 2900624 | 2883081 | 3011269 | 3208247 | 398635 | 521885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, processed, mainly for household | 3930449 | 4948999 | 6043813 | 6855609 | 4864836 | 676522 | 737784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger motor cars | 368733 | 620196 | 1044254 | 1316067 | 1797876 | 227963 | 167350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transport equipment, nonindustrial | 216419 | 288582 | 293186 | 236984 | 206791 | 33808 | 27541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Durable consumer goods | 2258482 | 2299231 | 2291875 | 2411584 | 2236519 | 335859 | 394527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semi-durable consumer goods | 3589078 | 4117226 | 4113141 | 4261601 | 4820506 | 705969 | 888880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-durable consumer goods | 6225145 | 3506568 | 3351800 | 3431645 | 3858239 | 575726 | 667960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, processed, oil products<sup>(2)</sup> | 7567201 | 13637777 | 10785334 | 12116558 | 9331233 | 1829919 | 1500942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods not elsewhere <br>specified | 359105 | 298341 | 621571 | 350833 | 530810 | 31685 | 52808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Consumption Goods** | **27293149** | **32617546** | **31428054** | **33992150** | **30855058** | **4816085** | **4959677** |
|  **Raw materials and auxiliary goods** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, primary, mainly for industry | 6651027 | 7062365 | 6883310 | 7315156 | 7329875 | 1407787 | 1449165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food and beverages, processed, mainly for industry | 4533242 | 5690242 | 5227898 | 5473984 | 4425346 | 751181 | 680840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial supplies, primary | 7419509 | 7828362 | 6756735 | 8365986 | 9732525 | 1232196 | 1554982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial supplies, processed | 68862733 | 78419327 | 66750868 | 70945694 | 71996772 | 11496457 | 12440477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parts and accessories for capital goods | 20862729 | 24094319 | 22607624 | 23679113 | 24310298 | 3748679 | 4255138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parts and accessories for transport equipment | 8032124 | 9596459 | 9522749 | 9087142 | 9447210 | 1361842 | 1462795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, primary | 10167716 | 17271332 | 15633539 | 14359260 | 13818167 | 2352106 | 2402064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Crude oil<sup>(2)</sup> | 7886555 | 13648439 | 12221871 | 10734952 | 10500508 | 1756588 | 1845728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fuels and lubricants, <br>processed | 12679881 | 17504885 | 14365208 | 14309116 | 14005567 | 1881267 | 1987599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Oil products<sup>(2)</sup> | 7367209 | 11095200 | 9128025 | 9109120 | 9072404 | 1286109 | 1355799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; o/w Liquefied Petroleum Gas<sup>(2)</sup> | 4713059 | 5563184 | 4386640 | 4459849 | 4190639 | 468012 | 486669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Raw materials and auxiliary goods** | **139208961** | **167467292** | **147747930** | **153535451** | **155065761** | **24231515** | **26233061** |
|  **Capital Goods** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital goods (except transport equipment) | 25734355 | 31825253 | 32915410 | 36299656 | 43326217 | 5723046 | 7731711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger motor cars | 368733 | 620196 | 1044254 | 1316067 | 1797876 | 227963 | 167350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other transport equipment, industrial | 2929100 | 4912986 | 5837492 | 4635408 | 5874062 | 976210 | 1336344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Capital Goods** | **29032188** | **37358435** | **39797156** | **42251130** | **50998155** | **6927219** | **9235406** |
|  **Other merchandise<sup>(3)</sup>** | **584389** | **753308** | **718226** | **832703** | **698089** | **199158** | **95069** |
|  **Other goods<sup>(4)</sup>** | **2681663** | **3519420** | **2600542** | **4586897** | **4882679** | **887210** | **1675652** |
|  **Total** | **198800351** | **241716000** | **222291907** | **235198332** | **242499741** | **37061187** | **42198864** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Data collected on a cost, insurance and freight basis.

<sup>(2)</sup> As a component of oil and gas imports.

<sup>(3)</sup> Consists of goods procured in ports by carriers.

<sup>(4)</sup> Consists of nonmonetary gold.

------

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

**Imports by Place of Origin<sup>(1)</sup>** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
|  **America** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States of America | 11607175 | 11715415 | 11483028 | 12350425 | 13298037 | 1903877 | 1751337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 2039320 | 2999835 | 2149299 | 2137168 | 2671986 | 408840 | 429666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other North America | 0 | 0 | 374 | 1 | 24501 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total North America** | **13646496** | **14715250** | **13632700** | **14487594** | **15994524** | **2312718** | **2181003** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central and South America |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Argentina | 2028162 | 2400666 | 1374093 | 1378270 | 1281666 | 237982 | 435467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 2357034 | 3679381 | 4796243 | 5408179 | 4926606 | 557787 | 684480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 251035 | 320300 | 359514 | 337462 | 1096969 | 49018 | 90474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Central and South America | 600554 | 690476 | 663101 | 766810 | 920387 | 261028 | 142773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Central and South America** | **5236784** | **7090823** | **7192951** | **7890721** | **8225629** | **1105816** | **1353194** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total America** | **18883280** | **21806073** | **20825651** | **22378315** | **24220153** | **3418534** | **3534197** |
|  **Europe** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Union |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 877900 | 923007 | 944430 | 978043 | 867549 | 133240 | 132964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Belgium | 763083 | 640671 | 686363 | 499019 | 507224 | 79643 | 85042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 1674996 | 1448006 | 1728666 | 1612486 | 1675122 | 285324 | 266140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3057219 | 3718454 | 4550687 | 3736343 | 3563036 | 575098 | 528868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 1316552 | 1384362 | 1681505 | 1489903 | 1636194 | 194360 | 687720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 676814 | 564556 | 579930 | 584346 | 827088 | 85911 | 103787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other European Union | 2413677 | 2952115 | 3557437 | 3879185 | 3194096 | 423896 | 555361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total European Union** | **10780240** | **11631170** | **13729018** | **12779326** | **12270309** | **1777473** | **2359882** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1116936 | 1038364 | 1103335 | 952554 | 1058204 | 140209 | 181154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russia | 1033735 | 1890871 | 2243473 | 2050875 | 2109220 | 330276 | 447607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Turkey | 353531 | 530585 | 648868 | 463213 | 566679 | 91650 | 60585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Europe | 2732492 | 2324377 | 1939516 | 2468632 | 1968546 | 266101 | 220182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Europe** | **16016934** | **17415366** | **19664209** | **18714600** | **17972959** | **2605709** | **3269410** |
|  **Asia and Middle East** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ASEAN |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brunei Darussalam | 156977 | 646007 | 300890 | 507944 | 215437 | 90943 | 73109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippines | 1169335 | 1423661 | 1373756 | 1790623 | 1802522 | 185267 | 178943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 50094 | 61077 | 103380 | 142858 | 110432 | 20430 | 18911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PDR Laos | 38976 | 170430 | 83239 | 64837 | 70442 | 9918 | 20496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 9634006 | 12686248 | 10347081 | 10689442 | 11130361 | 2045286 | 1751203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Myanmar | 164217 | 107536 | 149800 | 572907 | 171097 | 17536 | 16105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 18470973 | 22552422 | 20479833 | 21754793 | 19189657 | 2962665 | 3484318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thailand | 8920455 | 10677210 | 9970092 | 9658099 | 8981315 | 1660244 | 1456056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 3972949 | 4573019 | 5117178 | 6430064 | 6142478 | 938228 | 1040079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total ASEAN** | **42577980** | **52897611** | **47925250** | **51611567** | **47813740** | **7930517** | **8039220** |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Two Months Ended<br>February 28,** | **Two Months Ended<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** | **(in thousands of U.S. dollars)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hong Kong SAR | 5557561 | 4597011 | 3807494 | 3292622 | 3168587 | 475853 | 389725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 7057958 | 9025789 | 6407195 | 5664387 | 4841016 | 864021 | 822875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iraq | 110 | 704 | 209 | 985 | 393 | 10 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 15533193 | 17400251 | 16493891 | 14952002 | 14473981 | 2427282 | 2000888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 9773262 | 12240239 | 10744900 | 9353293 | 7871773 | 1406576 | 1302203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pakistan | 192770 | 189871 | 308149 | 619031 | 153365 | 32416 | 29255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; People's Republic of China | 53649120 | 65212072 | 60075752 | 73027640 | 87377584 | 12481743 | 15700710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Saudi Arabia | 4359067 | 5825001 | 4016022 | 4083927 | 3781274 | 385562 | 501864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 4293046 | 4292654 | 3855454 | 3909788 | 4413958 | 627005 | 709633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Asia and Middle East | 5166872 | 7642381 | 6845160 | 5350775 | 5909341 | 753881 | 1531347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Asia and Middle East** | **148160938** | **179323583** | **160479475** | **171866018** | **179805012** | **27384866** | **31027722** |
|  **Australia and Oceania** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | 9404535 | 9684791 | 9284037 | 10495869 | 9458164 | 1335289 | 2152658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Zealand | 954512 | 1381182 | 1134475 | 1234993 | 1119342 | 182842 | 176808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Australia and Oceania | 39107 | 113399 | 96187 | 80046 | 47498 | 12665 | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Australia and Oceania** | **10398154** | **11179372** | **10514699** | **11810908** | **10625005** | **1530795** | **2334424** |
|  **Africa** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 634585 | 2048231 | 1250184 | 1621629 | 1033439 | 130499 | 234506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Africa | 4122070 | 9190067 | 8839464 | 7974159 | 8145083 | 1791627 | 1703536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Africa** | **4756656** | **11238298** | **10089648** | **9595788** | **9178523** | **1922126** | **1938042** |
|  **Unclassified imports<sup>(2)</sup>** | **584389** | **753308** | **718226** | **832703** | **698089** | **199158** | **95069** |
|  **Total** | **198800351** | **241716000** | **222291907** | **235198332** | **242499741** | **37061187** | **42198864** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> Data collected on a cost, insurance and freight basis.

<sup>(2)</sup> Consists of goods procured in ports by carriers.

------

***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<sup>(1)</sup>** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Current account | **3511** | **13215** | **(2042)** | **(8583)** | **(1454)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goods<sup>(2)</sup> | 43806 | 62672 | 46269 | 39839 | 49822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total exports (f.o.b.) | 232835 | 292538 | 257681 | 263091 | 280435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas exports | 219635 | 275498 | 242841 | 248062 | 268442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas exports | 13201 | 17039 | 14840 | 15029 | 11993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total imports (f.o.b.) | (189029) | (229866) | (211411) | (223252) | (230613) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas imports | (162864) | (188049) | (176654) | (188577) | (199103) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas imports | (26166) | (41817) | (34757) | (34675) | (31510) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Services | (14599) | (19957) | (17676) | (18485) | (19823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primary income | (31961) | (35303) | (36015) | (35815) | (38171) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secondary income | 6264 | 5803 | 5380 | 5878 | 6719 |
|  Capital account | **80** | **476** | **28** | **280** | **352** |
|  Financial account | **12492** | **(9157)** | **9846** | **17701** | **(4545)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Public sector | 4317 | (4618) | 12915 | 24662 | 1941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | (616) | (6889) | 8916 | 16639 | (2702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (616) | (6889) | 8916 | 16639 | (2702) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | 4933 | 2271 | 3999 | 8023 | 4643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets |  | (133) | (1079) | (1904) | (3258) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | 4933 | 2405 | 5078 | 9927 | 7902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | (1377) | 1789 | 4902 | 5457 | 4912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Drawings | 4355 | 7130 | 10242 | 11000 | 10717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayments | (5732) | (5341) | (5341) | (5543) | (5805) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other liabilities | 6310 | 616 | 176 | 4469 | 2990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Private sector | 8175 | (4539) | (3069) | (6961) | (6486) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Direct investment | 17286 | 18067 | 14417 | 15882 | 14082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | (3927) | (6635) | (7126) | (8394) | (7931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | 21213 | 24702 | 21543 | 24275 | 22013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio investment | 5701 | (4741) | (6709) | (8403) | (6722) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | (1778) | (5045) | (2897) | (4000) | (2603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | 7479 | 304 | (3812) | (4403) | (4120) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial derivatives | 333 | 48 | 167 | 291 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other investment | (15145) | (17913) | (10945) | (14731) | (13792) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets | (9486) | (15751) | (10237) | (14322) | (13346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities | (5659) | (2162) | (708) | (409) | (446) |
|  Errors and omissions | (2622) | (535) | (1531) | (2188) | (2195) |
|  **Overall balance** | **13461** | **3999** | **6301** | **7210** | **(7842)** |
|  **Reserves and related items** | **(13461)** | **(3999)** | **(6301)** | **(7210)** | **7842** |
|  **Reserve asset position<sup>(3)</sup>** | **144905** | **137233** | **146384** | **155719** | **156471** |

---

*Source:* Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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.

<sup>(3)</sup> 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. 

------

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.$2.0 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.$9.9 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.

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.$18.0 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 2025, the current account recorded a deficit of U.S.$1.5 billion, compared to the U.S.$8.6 billion deficit in 2024. This was primarily due to an increase in the non-oil and gas trade balance surplus supported by higher exports in line with global demand for Indonesia's export commodities. In addition, the oil and gas trade balance deficit narrowed in line with lower international oil prices.

In 2025, the capital and financial account recorded a deficit of U.S.$4.2 billion, compared to the U.S.$18.0 billion surplus in 2024. This development was attributable to deficits in portfolio investment and other investments underpinned by persistently high global financial market uncertainty. Meanwhile, direct investment maintained a surplus, despite a year-on-year decrease in net direct investment, reflecting sustained investor confidence in Indonesia's economic outlook and conducive investment climate.

As a result of the foregoing, Indonesia's balance of payments in 2025 recorded a deficit of U.S.$7.8 billion, compared to the U.S.$7.2 billion surplus in 2024. The official reserve asset position as of December 31, 2025 was U.S.$156.5 billion, an increase from U.S.$155.7 billion as of December 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 Financial System Stability Committee (*Komite Stabilitas Sistem Keuangan*) ("KSSK") members 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.

The KSSK comprises four key institutions: the Ministry of Finance, Bank Indonesia, OJK and the Indonesia Deposit Insurance Corporation ("IDIC"). They contribute to safeguarding financial system stability, and in the event of a disruption, such as sudden reversals in capital flows, they will activate the Crisis Management Protocol to determine the policy response required to maintain market confidence and stability. Policy responses include, amongst others, activating 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, raising funds through issuing longer term securities to extend maturity profile, as well as debt switching to extend debt maturities and mitigate risks associated with refinancing.

***Indonesia Deposit Insurance Corporation and Liquidity Support***

Since September 2005, the 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.

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. KSSK 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 of 2023 on Development and Strengthening of the Financial Sectors ("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 KSSK. 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.

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***The Banking System***

Government policy continues to emphasize a strong, stable banking system.

Bank Indonesia is Indonesia's central bank. Bank Indonesia's governing statute (Law No. 23 of 1999, as amended) (the "Central Bank Law") provides that Bank Indonesia determines and implements monetary policy by referring to an inflation target as determined by the Government in consultation with Bank Indonesia. The Central Bank Law also establishes the Bank Indonesia Supervisory Board (the "Supervisory Board"), to assist the DPR in conducting oversight of Bank Indonesia's institutional performance and internal financial management. The Central Bank Law was amended in 2023 through the enactment of Law No. 4/2023 and further amended by Law No. 1 of 2026 on Criminal Adjustment ("Law No. 1/2026"). Under such 2023 amendment, the Supervisory Board comprises at least five members chosen by the DPR and appointed by the President, serving five-year terms with eligibility for one reappointment. The January 2004 amendment to the Central Bank Law 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 authorities implement risk mitigation by strengthening micro and macro-prudential surveillance. Micro-prudential surveillance by OJK focuses on an individual bank or financial institution in order to ensure the fulfillment of prudential regulations through on-site and off-site supervision. Macro-prudential surveillance by Bank Indonesia targets system-wide prudential adherence, risk build-ups, and market functioning to preserve financial stability.

Under a framework of strengthening risk-based supervision, a number of measures have been introduced by OJK, as Indonesia's integrated bank supervisor since 2014, and by Bank Indonesia in its macroprudential role, 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 in December 2013 and in force since January 2014, 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 6.0% and 4.5%, respectively, as well as a minimum capital requirement based on risk profile between 8.0% to 14.0%, and (iii) building-up of adequate buffers above the minimum capital requirement based on risk profile (including a capital conservation buffer, countercyclical buffer and capital surcharge for D-SIBs). The December 2022 amendments also cover the capital requirements for bank's exposure to central counterparties and margin requirements for non-centrally cleared derivatives.

As part of its Basel III implementation policies, OJK issued regulations for the Basel III Liquidity framework, Liquidity Coverage Ratio ("LCR"), Net Stable Funding Ratio ("NSFR"), and the risk weighted assets ("RWA"), calculation relating to derivative transactions. The LCR regulation was issued in December 2015 and requires banks to maintain short-term liquidity through high quality liquid assets that meet their liquidity needs for thirty days. The NSFR regulation was issued in July 2017 and uses NSFR as an indicator to evaluate a bank's long-term liquidity risk by comparing the amount of stable funding available to the bank with the amount of stable funding required by the bank. It aims to reduce long-term liquidity risk by requiring banks to fund activities from stable and adequate sources of funds. Regulations relating to the RWA calculation for derivative transactions were issued in September 2017, providing guidelines for calculating the risk exposure to derivative transactions due to counterparty credit risk. In November 2024, OJK amended the LCR and NSFR frameworks through OJK Regulation No. 19 of 2024 and OJK Regulation No. 20 of 2024 to extend coverage to all conventional commercial banks, including branches of foreign banks, and to refine monitoring, calculation, reporting, and disclosure requirements.

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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 consolidated 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, 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 December 31, 2025, total banking assets were Rp13,883.9 trillion, consisting of commercial bank assets of Rp13,641.9 trillion and rural bank assets (including assets of Sharia rural banks) of Rp242.6 trillion.

As of March 31, 2026, total banking assets were Rp14,141.3 trillion, consisting of commercial bank assets of Rp13,904.6 trillion and rural bank assets (including assets of Sharia rural banks) of Rp236.7 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 amended by Law No. 4/2023 and Law No. 1/2026, 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 determined in accordance with the underlying Sharia contract—for example, profit-sharing for mudarabah/musharakah and fixed mark-ups or rentals for murabahah/ijarah. 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's current strategic plan for Sharia banking is set out in the Roadmap for the Development and Strengthening of Indonesian Islamic Banking ("RP3SI") 2023–2027, launched May 8, 2025, which updates the earlier 2020–2025 roadmap and sets a vision to build a sound, efficient, high-integrity, and competitive Sharia banking industry that contributes to the national economy and the halal ecosystem. The RP3SI pillars include strengthening industry structure and resilience, accelerating digitalization, enhancing the distinct characteristics of Islamic banking, increasing the contribution of Islamic banking in the national economy, and strengthening regulation, licensing, and supervision.

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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 Sharia insurance companies, Sharia pension funds, Sharia financial institutions 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 an employee pension fund, or (iv) sale of Sharia investment package in financial institution pension fund.

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 December 31, 2025, out of the 84 underwriters licensed by OJK, 36 were involved in issuances of Sukuk; and out of the 90 investment managers licensed by OJK, there were 60 investment managers with Sharia investment management units.

As of March 31, 2026, out of the 84 underwriters licensed by OJK, 36 were involved in issuances of Sukuk; and out of the 90 investment managers licensed by OJK, there were 61 investment managers with Sharia investment management units.

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 December 31, 2025, assets of Sharia banks were Rp1,041.2 trillion, or 7.6% of Indonesia's total banking assets.

As of March 31, 2026, assets of Sharia banks were Rp1,061.6 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.

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

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

Since 2017, OJK has required any financial service provider to identify, assess and understand the risk of money laundering and/or terrorism financing crimes related to customers, countries, geographic areas, products, services, transaction or delivery channels. To perform these types of activities, the financial service provider must establish policies, supervision and maintenance procedures and mitigation of money laundering and terrorism financing risks and establish a special task force and/or appoint an officer to act as a person-in-charge for the implementation of anti-money laundering and anti-terrorism financing programs. The financial service provider is required to submit suspicious financial transaction reports, cash transaction reports and other reports to the PPATK. In September 2019, OJK began to require certain additional measures to prevent the funding and proliferation of weapons of mass destructions, namely the requirements for OJK to conduct data maintenance, identity and background checking of transaction parties and immediate blocking of suspected transactions. In 2023, OJK introduced additional requirements including mandatory annual training on anti-money laundering, countering the financing of terrorism and counter-proliferation financing, pre-employment and ongoing "know-your-employee" screening, risk assessment for simplified due diligence, enhanced governance and oversight by the board of directors and the board of commissioners, and strengthened counter-proliferation-financing controls.

Indonesia became a member of the Financial Action Task Force in October 2023.

***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 participate 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 are liabilities of Bank Indonesia.

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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** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of March 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  Base Money (M0) | 1351172 | 1715619 | 1690270 | 1774691 | 1976434 | 1967402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency in Circulation<sup>(1)</sup> | 959812 | 1026483 | 1101748 | 1204536 | 1359935 | 1346664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Banks Demand Deposits at Bank Indonesia | 389178 | 687245 | 585270 | 472592 | 588514 | 588536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Private sector Demand Deposits | 2183 | 1890 | 3253 | 7022 | 6354 | 5463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Indonesia Certificates ("SBI")<sup>(2)</sup> |  |  |  |  |  |  |
|  Factors Affecting Base Money (M0) | 1351172 | 1715619 | 1690270 | 1774691 | 1976434 | 1967402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Foreign Assets | 1942909 | 1999397 | 2058128 | 2077811 | 2207569 | 2058943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Non-Residents | 2151872 | 2227898 | 2354811 | 2687251 | 2845094 | 2764309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities to Non-Resident | (208964) | (228501) | (296683) | 609440 | 637525 | 705366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Depository Corporations | 56 | 56 | 56 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liquidity Credits | 56 | 56 | 56 | 56 | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Claims |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net claims on central Government | (167718) | (335849) | (378193) | (417471) | (170442) | (71623) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on central Government | 113358 | 101611 | 87814 | 77638 | 93304 | 78319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities to central Government | (281076) | (437460) | (466008) | (495109) | (263746) | (149941) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Sectors | 9782 | 9814 | 9767 | 9858 | 9981 | 9854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Other Financial Institutions |  |  |  | 40 | 56 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Claims on Private Sectors | 9782 | 9814 | 9767 | 9818 | 9925 | 9798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Open Market Operations<sup>(3)</sup> | 126293 | 465960 | 460247 | 664662 | 705959 | 757885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities to Commercial & Rural Banks | (87160) | (66386) | (65007) | (73286) | (79099) | (80322) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits included in Broad Money (M2) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits excluded from Broad Money (M2) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares and Other Equity | (412022) | (354640) | (398168) | (494934) | (706411) | (703101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Other Items | (60967) | (2734) | 3441 | 7996 | 8821 | (4290) |

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*Source: Bank Indonesia* 

<sup>(1)</sup> Currency outside banks plus cash in vault.

<sup>(2)</sup> 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. 

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

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***Banks and Other Financial Institutions***

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

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

**Indonesian Financial Institutions as of December 31, 2025** 

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| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>institutions** | **Assets\*** | **Percentage<br>of total<br>assets** |
|  | | **(in trillions<br>of Rupiah)** | **(%)** |
|  Banking: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks | 105 | 13641.3 | 98.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural credit banks<sup>(1)</sup> | 1487 | 242.6 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total banking** | **1592** | **13883.9** | **100.0** |
|  Insurance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 57 | 667.5 | 33.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General insurance & Reinsurance | 77 | 313.6 | 15.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social insurance<sup>(2)</sup> | 2 | 1002.5 | 50.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total insurance** | **136** | **1983.5** | **100.0** |
|  Pension funds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institution pension funds | 24 | 160.7 | 39.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer pension funds | 158 | 250.6 | 60.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total pension funds** | **183** | **411.3** | **100.0** |
|  Finance companies<sup>(3)</sup> | 145 | 588.9 | 36.3 |
|  Venture capital companies | 48 | 27.6 | 1.7 |
|  Securities companies<sup>(4)</sup> | 115 | 92.0 | 5.7 |
|  Mutual funds (collective investment schemes. not institutions) | 1521 | 675.3 | 41.6 |
|  Credit guarantee companies | 24 | 47.5 | 2.9 |
|  Pawn shops | 220 | 155.3 | 9.6 |
|  Fintech peer to peer lending<sup>(5)</sup> | 95 | 11.0 | 0.7 |
|  Micro financial institutions<sup>(6)</sup> | 242 | 1.6 | 0.1 |
|  Insurance and reinsurance brokers | 191 | 23.9 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **2601** | **1623.0** | **100.0** |

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*Source***:** *OJK* 

**\*** Unaudited. 

<sup>(1)</sup> Including Sharia rural banks.

<sup>(2)</sup> Social insurance encompasses traffic and public transportation. health social security programs. worker social security programs and insurance for civil servants and the armed forces.

<sup>(3)</sup> Finance companies provide investment financing, working capital financing, multipurpose financing, Sharia financing and other financing based on OJK approval.

<sup>(4)</sup> Includes 27 securities companies that are not members of a securities exchange but acting as broker-dealers and/or underwriters. The assets of these companies are as of June 2025 and are as declared in their semi-annual financial report or, if a company's semi-annual financial report is not yet available, in its report on net adjusted working capital. 

<sup>(5)</sup> Fintech peer to peer lending includes Sharia.

<sup>(6)</sup> Micro financial institutions include Sharia micro financial institutions.

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**Indonesian Financial Institutions as of March 31, 2026** 

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| | | | |
|:---|:---|:---|:---|
|  | **Number of<br>institutions** | **Assets\*** | **Percentage<br>of total<br>assets** |
|  | | **(in trillions<br>of Rupiah)** | **(%)** |
|  Banking: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial banks | 105 | 13904.6 | 98.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural credit banks<sup>(1)</sup> | 1463 | 236.7 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total banking** | **1568** | **14141.3** | **100.0** |
|  Insurance: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life insurance | 57 | 653.0 | 32.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General insurance & Reinsurance | 87 | 324.5 | 16.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social insurance<sup>(2)</sup> | 2 | 1013.0 | 50.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total insurance** | **136** | **1990.5** | **100.0** |
|  Pension funds: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial institution pension funds | 23 | 161.9 | 39.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employer pension funds | 150 | 247.0 | 60.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total pension funds** | **173** | **408.9** | **100.0** |
|  Finance companies<sup>(3)</sup> | 144 | 595.0 | 35.5 |
|  Venture capital companies | 48 | 28.1 | 1.7 |
|  Securities companies<sup>(4)</sup> | 115 | 90.3 | 5.4 |
|  Mutual funds (collective investment schemes. not institutions) | 1493 | 695.7 | 41.5 |
|  Credit guarantee companies | 24 | 47.5 | 2.9 |
|  Pawn shops | 220 | 181.4 | 10.8 |
|  Fintech peer to peer lending<sup>(5)</sup> | 95 | 12.0 | 0.7 |
|  Micro financial institutions<sup>(6)</sup> | 242 | 1.6 | 0.1 |
|  Insurance and reinsurance brokers | 191 | 23.9 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **2572** | **1675.5** | **100.0** |

---

*Source***:** *OJK* 

**\*** Unaudited. 

<sup>(1)</sup> Including Sharia rural banks.

<sup>(2)</sup> Social insurance encompasses traffic and public transportation. health social security programs. worker social security programs and insurance for civil servants and the armed forces.

<sup>(3)</sup> Finance companies provide investment financing, working capital financing, multipurpose financing, Sharia financing and other financing based on OJK approval.

<sup>(4)</sup> Includes 27 securities companies that are not members of a securities exchange but acting as broker- dealers and/or underwriters. The assets of these companies are as of December 2025 and are as declared in their annual financial report or, if a company's annual financial report is not yet available, in its report on net adjusted working capital. 

<sup>(5)</sup> Fintech peer to peer lending includes Sharia.

<sup>(6)</sup> Micro financial institutions include Sharia micro financial institutions.

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.

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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** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br>March 31,** |
|  | **2021** | **2022** | **2023** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  **Assets** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans | 5820.6 | 6497.6 | 7186.9 | 7942.9 | 8357.0 | 8768.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interbank Assets | 223.1 | 245.4 | 258.4 | 275.1 | 331.3 | 398.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Placements at Bank Indonesia | 1146.4 | 1293.6 | 1047.8 | 858.9 | 972.8 | 912.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities (including Government Bonds) | 1831.0 | 1863.5 | 1987.8 | 2222.6 | 2584.7 | 2689.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Participation | 96.5 | 111.1 | 116.7 | 126.1 | 126.2 | 127.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Claims | 623.6 | 667.6 | 661.6 | 478.6 | 364.7 | 392.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 371.1 | 434.5 | 506.7 | 556.8 | 724.6 | 616.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | **10112.3** | **11113.3** | **11765.8** | **12461.0** | **13641.3** | **13904.6** |
|  **Liabilities** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Third Party Funds | 7479.5 | 8153.6 | 8457.9 | 8837.2 | 10009.4 | 10230.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liabilities owed to Bank Indonesia | 1.7 | 2.1 | 17.6 | 23.6 | 1.2 | 13.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interbank Liabilities | 160.6 | 173.4 | 198.4 | 192.6 | 219.5 | 213.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities | 117.7 | 115.1 | 99.0 | 99.3 | 121.4 | 128.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Borrowing | 227.6 | 293.3 | 308.3 | 395.4 | 395.6 | 411.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Liabilities | 125.8 | 156.1 | 239.4 | 355.3 | 203.6 | 231.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guarantee Deposits | 4.6 | 4.3 | 4.9 | 5.2 | 5.4 | 7.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 523.5 | 606.0 | 680.7 | 699.8 | 771.8 | 738.9 |
|  **Capital:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in Capital | 261.7 | 282.9 | 312.8 | 313.8 | 316.0 | 324.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reserves | 81.2 | 88.9 | 97.7 | 104.9 | 110.2 | 113.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current Earnings/Loss | 140.2 | 201.8 | 243.3 | 255.2 | 262.0 | 68.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retained Earnings/Loss | 648.3 | 675.7 | 738.6 | 810.4 | 849.1 | 1049.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Estimates of Additional Paid in Capital | 274.0 | 282.0 | 288.2 | 300.4 | 314.8 | 316.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | 65.9 | 78.1 | 78.9 | 67.8 | 61.3 | 56.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | **10112.3** | **11113.3** | **11765.8** | **12461.0** | **13641.3** | **13904.6** |

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*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** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br>March 31,** |
|  | **2021** | **2022** | **2023** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(percentages)** | **(percentages)** | **(percentages)** | **(percentages)** | **(percentages)** | **(percentages)** |
|  CAR | 25.7 | 25.7 | 27.8 | 27.8 | 25.9 | 25.0 |

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*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** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br>March 31,** |
|  | **2021** | **2022** | **2023** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(percentages)** | **(percentages)** | **(percentages)** | **(percentages)** | **(percentages)** | **(percentages)** |
|  Gross NPL ratio\* | 3.0 | 2.4 | 2.2 | 2.1 | 2.1 | 2.1 |

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*Source:* OJK.

\* Interbank loans excluded.

<sup>P</sup> 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 effective 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.

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In January 2026, MSCI Inc. concluded its consultation on free-float assessment of Indonesian securities and announced interim measures, effective immediately, freezing certain index adjustments for Indonesian constituents in its global indices (including no increases to foreign inclusion factors or number of shares, no new additions to investable market indices, and no upward size-segment migrations). MSCI stated that it will reassess Indonesia's market accessibility status in May 2026, which could result in a reduction in weighting within emerging markets indices. In coordination with strategic stakeholders, the OJK has taken decisive action to accelerate the capital market reform agenda. This momentum culminated in the launch of the "Eight Action Plans for the Acceleration of Indonesian Capital Market Integrity Reforms" on February 1, 2026. Furthermore, OJK, IDX, and the Indonesia Central Securities Depository (*Kustodian Sentral Efek Indonesia*) and Indonesia Clearing and Guarantee Corporation (IDClear) have maintained constructive engagement with MSCI, including high-level consultations in early February 2026 to present proposed reforms. These include enhanced disclosure of significant shareholders, more granular investor classification, and revised minimum free-float requirements.

On March 31, 2026, the Indonesia Stock Exchange, with the approval of OJK, (i) raised the minimum free-float requirement for existing listed companies from 7.5% to 15%, with a three-year transition period, and (ii) revised the tiered minimum free-float requirements for initial public offerings from 20%, 15%, and 10% for market capitalizations below Rp500 billion, from Rp500 billion to Rp2 trillion, and above Rp2 trillion, respectively, to 25%, 20%, and 15% for market capitalizations below Rp5 trillion, from Rp5 trillion to Rp50 trillion, and above Rp50 trillion, respectively.

The Republic remains committed to elevating market transparency and preserving Indonesia's competitive appeal to global investors.

The following table sets forth key indicators regarding the IDX and any securities traded on the IDX as of and for the year ended December 31, 2025 and the three months ended March 31, 2026.

**Indonesian Stock Exchange** 

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| | | |
|:---|:---|:---|
|  | **As of and for the year<br>ended December 31, 2025** | **As of and for the three<br>months ended March 31,<br>2026** |
|  Market capitalization (in trillions of Rupiah) | 15848.59 | 12422.11 |
|  Listed shares (in billions of shares) | 12257.36 | 12295.80 |
|  Average daily transaction value (in billions of Rupiah)<sup>(1)</sup> | 18055.56 | 27696.21 |
|  Average daily transaction volume (in millions of shares)<sup>(1)</sup> | 30267.28 | 48506.76 |

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*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, 2025 and March 31, 2026, the market capitalization of the JII was Rp4,178.97 trillion and Rp3,306.43 trillion, respectively.

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The IDX launched the Indonesia Sharia Stock Index, or ISSI on May 12, 2011. As of December 31, 2025, the ISSI comprised of 631 Sharia stocks listed on the IDX and its market capitalization was Rp8,971.68 trillion. As of March 31, 2026, the ISSI comprised of 631 Sharia stocks listed on the IDX and its market capitalization was Rp7,152.48 trillion.

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**Monetary Policy** 

In order to ensure financial and macroeconomic stability, Bank Indonesia also deploys a variety of policy instruments (policy mix approach) which consist of (i) policy rate to anchor inflation expectation, (ii) exchange rate flexibility to lessen pressure on current account, (iii) capital flow management to dampen excessive short-term volatility of exchange rate, (iv) appropriate macroprudential measures, and (v) ensuring 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.

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. 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 Bank Indonesia 7-day reverse repo rate ("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,
domestic non-deliverable forwards ("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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 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) macroprudential intermediation ratio; 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"));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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*) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 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 basis points ("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.

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 ratio at 0%, the macroprudential intermediation
ratio 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 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. National Open API Payment Standard (*Standar Nasional Open API Pembayaran*) is a national standard established by
Bank Indonesia to create a unified framework for open API-based payment services across Indonesia's financial ecosystem. **  

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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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Monetary policy.</u> 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Macroprudential policy</u>. 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Payment system policy</u>. 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.

In 2025, Bank Indonesia lowered the BI-Rate, the deposit facility rate, and the lending facility rate on five occasions—January, May, July, August, and September—and kept them unchanged in the other months. Each cut was 25 basis points, except that the deposit facility rate was reduced by 50 basis points in September 2025. Over the year, the BI-Rate decreased from 6.00% to 4.75%, the deposit facility rate from 5.25% to 3.75%, and the lending facility rate from 6.75% to 5.50%.

Bank Indonesia's monetary policy in 2025 was implemented through BI-Rate reductions, Rupiah exchange rate stabilization, and monetary liquidity expansion. These measures were aimed at optimizing the monetary policy trilemma, namely, maintaining price stability, exchange rate stability, and adequate foreign exchange reserves. Consistent with the inflation outlook, which remains within the 2.5±1% target range for 2025–2026, the BI-Rate was reduced five times, totaling 125 bps in 2025, bringing the policy rate to 4.75% in December 2025. These interest rate decisions were forward-looking and pre-emptive, ensuring the inflation outlook to remain contained within the 2.5±1% target range. Bank Indonesia also continued to strengthen coordination with both central and regional Governments on inflation control. Meanwhile, Rupiah exchange rate stabilization was further reinforced through offshore market intervention via non-deliverable forward, domestic market intervention through the spot market and DNDF, and purchases of SBN in the secondary market. These measures were complemented by liquidity expansion through a pro-market monetary operations strategy aimed at strengthening interest rate transmission, increasing liquidity, and accelerating money and foreign exchange market deepening. This strategy included a reduction in the outstanding stock of SRBI and purchases of SBN, including secondary-market purchases and debt-switching operations. The three monetary instruments—BI-Rate policy, Rupiah exchange rate stabilization, and monetary liquidity expansion—were supported by adequate foreign exchange reserves. Bank Indonesia consistently ensured reserve adequacy in line with international standards to support Government external debt servicing and Rupiah exchange rate stabilization policies.

In 2025, macroprudential policy was implemented by strengthening liquidity incentives and easing all macroprudential instruments to promote credit and financing growth while safeguarding financial system stability. Macroprudential policy was further reinforced to achieve optimal credit growth, maintain financial system stability, and enhance financial inclusion. Macroprudential liquidity incentive was increased to encourage bank credit expansion towards priority sectors and in line with the Government's Asta Cita programs. The bank foreign funding ratio instrument was eased to broaden banks' alternative sources of external funding. In addition, the macroprudential liquidity buffer was relaxed to provide additional liquidity through a reduction in the required securities holdings relative to third-party funds. Other macroprudential policy instruments remained accommodative to further support credit expansion. Macroprudential and money market surveillance of the banking system was also strengthened to help safeguard financial system stability, supported by close coordination within the KSSK.

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Bank Indonesia continued in 2025 to accelerate payment system digitalization and ensure adequate Rupiah currency circulation to support smooth, efficient, and productive economic and financial transactions. Digital payment system transformation was implemented consistently in line with the Indonesia Payment System Blueprint (*Blueprint Sistem Pembayaran Indonesia*) 2030. Digitalization was accelerated through instrument innovation and expansion of digital payment services, strengthening of the structure and infrastructure stability of payment system industry, and integration of the national digital economy and financial ecosystem. In 2025, Bank Indonesia continued to broaden digital payment acceptance through more affordable QRIS pricing schemes for public service agencies and public service obligation merchants. In terms of innovation, QRIS features were expanded through the launch of QRIS Tap, based on near field communication (NFC) technology. Meanwhile, strengthening of the payment system industry structure was advanced through wider implementation of the National Open API Payment Standard. Institutional strengthening of the payment system industry was undertaken through enhanced surveillance and risk management, including measures to address illegal transactions and cyber threats. Payment system infrastructure stability was maintained through optimization of BI-FAST Phase I, Stage 2 features, including bulk transfers, request-for-payment services, and direct debit transfers. The digitalization of government financial transactions was also strengthened through the Regional Transaction Digitalization Acceleration and Expansion Program (*Percepatan dan Perluasan Digitalisasi Daerah*, or P2DD), a collaborative interministerial program aimed at accelerating and expanding the digitalization of regional government financial transactions across Indonesia, and improved acceptance of the Indonesia Credit Card (*Kartu Kredit Indonesia*), a domestic credit card specifically designed for non-cash procurement and operational spending by Indonesia's central and regional governments. Externally, international synergy was broadened through the implementation of Regional Payment Connectivity (an ASEAN-wide initiative to link national payment systems across Southeast Asia) and the establishment of a new cross-border QRIS corridor between Indonesia and Japan. In Rupiah currency management, Bank Indonesia consistently ensured the adequacy and quality of Rupiah currency, while strengthening synergy and collaboration with various stakeholders to guarantee the availability of Rupiah that is high-quality, reliable, and easily accessible to all segments of society.

From January to March 2026, Bank Indonesia maintained the BI-Rate at 4.75%, consistent with its policy focus on strengthening Rupiah exchange rate stabilization amid worsening global economic conditions due to the conflict in the Middle East. Meanwhile, macroprudential policy continued to be strengthened to promote economic growth through increased lending and financing to the real sector, while maintaining financial system stability. Payment system policy remained directed at supporting economic activity through expanding digital payment acceptance, strengthening the payment system industry structure, and enhancing the reliability and resilience of payment system infrastructure.

In April 2026, Bank Indonesia maintained the BI-Rate at 4.75%, while also keeping the deposit facility rate at 3.75% and the lending facility rate at 5.50%. The decision remains consistent with efforts to increase the effectiveness of the adjustment to the interest rate structure of monetary operation instruments. This adjustment aims to strengthen Rupiah exchange rate stabilization amid worsening global economic conditions due to the conflict in the Middle East. Going forward, Bank Indonesia stands is prepared to undertake further monetary policy measures as necessary to preserve Rupiah exchange rate stability and maintain inflation in 2026 and 2027 within the target corridor of 2.5±1%. Meanwhile, Bank Indonesia continues to strengthen macroprudential policy to promote economic growth through increased lending and financing to the real sector, while maintaining financial system stability. Payment system policy remains directed at supporting economic activity through expanding digital payment acceptance, strengthening the payment system industry structure, and enhancing the reliability and resilience of payment system infrastructure.

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The direction of the monetary, macroprudential, and payment system policy mix to maintain stability, while supporting sustainable economic growth, is also supported by the following policy measures:

*<u>Monetary Policy</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Strengthening the effectiveness of monetary policy implementation to maintain Rupiah exchange rate stability
and maintain inflation in 2026 and 2027 within the 2.5±1% target range, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. strengthening Rupiah exchange rate stabilization through intervention in offshore non-deliverable forward
transactions as well as spot and DNDF transactions in domestic market;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. strengthening the interest rate structure of pro-market monetary
instruments to continue attracting foreign portfolio investment inflows into domestic financial assets to support Rupiah stability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. maintaining base money growth above 10% in line with monetary expansion to ensure adequate liquidity in the
money market and banking system, including through measured transactions in SBN in the secondary market. Bank Indonesia purchased SBN as part of monetary and fiscal policy synergy, and the purchase amount in the first three months of 2026 was
Rp90.05 trillion, including Rp50.62 trillion purchased in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Strengthening foreign exchange market transaction policies, effective April 2026, to support Rupiah exchange
rate stability through: (i) adjustment of the cash threshold for foreign exchange purchases against Rupiah from USD100 thousand per customer per month to USD50 thousand per customer per month; (ii) increase in the DNDF/forward
selling threshold from USD5 million per transaction to USD10 million per transaction; and (iii) increase in the buy and sell threshold for foreign exchange swaps from USD5 million to USD10 million per transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Strengthening regulations on foreign exchange traffic reporting by lowering the threshold for supporting
documents required for outgoing foreign exchange fund transfers from USD 100,000 to USD 50,000, effective from April 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Strengthening measures to deepen the money and foreign exchange markets in accordance with the Money Market and
Foreign Exchange Market Development Blueprint ((*Blueprint Pendalaman Pasar Uang dan Pasar Valuta Asing*) 2030 to support stability as well as national economic financing through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. exemptions from restrictions on non-deliverable forward selling
transactions against Rupiah in offshore markets for selected primary dealers that meet Bank Indonesia's requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. the expansion of foreign exchange monetary operations instruments through spot and swap transactions in
offshore Chinese Renminbi (CNH) against Rupiah to support exchange rate stabilization and local currency transactions.

*<u>Macroprudential Policy</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Strengthening the effectiveness of accommodative macroprudential policy implementation to promote lending and
financing growth while maintaining financial system stability, by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. maintaining: (i) the countercyclical capital buffer (CCyB) at 0%; (ii) the macroprudential intermediation
ratio within the range of 84–94%; (iii) the foreign funding ratio below a maximum of 35% of bank capital; (iv) the macroprudential liquidity buffer at 4% with repo flexibility of 4%; and (v) the Sharia macroprudential liquidity
buffer at 2.5% with repo flexibility of 2.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. publishing the assessment of prime lending rate transparency, with a focus on interest rates based on priority
sectors in accordance with the scope of macroprudential liquidity incentive policy as well as strengthening synergy with the Government and other stakeholders to accelerate lending and financing through the Indonesian Intermediation Acceleration
Program (*Program Percepatan Intermediasi Indonesia*);

*<u>Payment System Policy</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Strengthening the implementation of payment system digitalization measures in accordance with the Indonesia
Payment System Blueprint (*Blueprint Sistem Pembayaran Indonesia*) 2030 to support the acceleration of national digital economy and finance, through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the launch of the Indonesia Digital Innovation Center (*Pusat Inovasi Digital Indonesia* ("PIDI")) in February 2026, including hosting of the PIDI-Hackathon-Digdaya program (Digdaya is a digital management platform) to generate solutions and develop impactful digital talent, and the launch of QRIS Cross-Border between Indonesia and China on April 30, 2026, and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. synergizing the Capacity Building and Literacy Synergy Program (*Peningkatan Kapasitas dan Literasi Sinergi*), which aims to accelerate and expand regional digitalization, with the PIDI-Hackathon-Digdaya program by expanding the latest payment system innovations to enhance the efficiency of local government transactions.

Bank Indonesia continues to strengthen policy coordination with the Government, including close synergy between monetary and fiscal policies to mitigate the impact of global uncertainty stemming from the Middle East conflict on the domestic economy, thereby maintaining stability and supporting economic growth. Policy synergy with the KSSK is also strengthened to maintain financial system stability and promote financing for the Government's Asta Cita programs. In addition, Bank Indonesia continues to strengthen and expand international cooperation in central banking areas, including payment system connectivity and local currency transactions, as well as facilitating investment and trade promotion in priority sectors in cooperation with relevant institutions.

***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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).*"

On September 4, 2025, the Ministry of Finance and Bank Indonesia announced the strengthening of policy coordination to support the Government's Asta Cita programs in promoting a "people-centered" economy, and specifically an agreement on interest cost sharing for the Government's affordable housing programs and *Koperasi Desa Merah Putih*, or Cooperatives, which are described in "*Infrastructure Development—Affordable Housing Program*" and "*Government Budget—Red and White Village Cooperatives*."

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Specifically, the corresponding budget allocations may be placed with government agencies and domestic financial institutions to support lending schemes under these programs. After accounting for returns on such placements, the remaining interest costs on SBN are shared equally between the Ministry of Finance and Bank Indonesia. Bank Indonesia provides its share in the form of additional interest credited to Government accounts maintained at Bank Indonesia, consistent with its State Treasury function under the Bank Indonesia Act. This arrangement, effective in 2025 and continuing until such period as has been agreed between the Government and Bank Indonesia, is implemented in accordance with prudent fiscal and monetary policy principles aimed at maintaining market discipline and safeguarding financial-system integrity.

In addition to the interest-sharing mechanism, Bank Indonesia has also resumed the purchase of SBN in the secondary market. As of December 31, 2025, Bank Indonesia had purchased SBN totaling Rp332.14 trillion since the beginning of 2025, including Rp246.68 trillion acquired through secondary market transactions and a debt-switching program with the Government. As of April 28, 2026, Bank Indonesia had purchased SBN totaling Rp114.60 trillion since the beginning of 2026, including Rp59.59 trillion acquired through secondary market transactions. These purchases reflect Bank Indonesia's expansionary monetary policy stance. A portion of the proceeds generated through Bank Indonesia's SBN purchases has been directed by the Government toward financing public-oriented economic programs, such as public housing and the Red and White Village Cooperatives.

Bank Indonesia's macroprudential policy stance has increasingly emphasized the use of regulatory incentives and directives to promote bank lending to priority sectors aligned with the Government's Asta Cita programs. These measures include macroprudential liquidity incentives, which provide Rupiah reserve requirement relief to banks that meet lending targets in designated sectors such as housing, downstream industries, MSMEs, tourism, and the green economy. In addition, Bank Indonesia's interest cost-sharing arrangement with the Ministry of Finance for the affordable housing and Cooperatives programs supports credit allocation to Government priority programs.

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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. Since September 2021, Rupiah saving deposits that can be withdrawn at any time have been reclassified from quasi-money to narrow money, due to their high liquidity.

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

**Money Supply** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Money** | **Money** | **Money** | **Money** | **Money** | **Money** | **Money** | **Money** |
| **End of period** | **Base<br>money** | **Currency** | **Demand<br>deposits** | **Rupiah<br>saving<br>deposits<sup>(1)</sup>** | **Total<sup>M1</sup> <sup>(1)</sup>** | **Quasi-<br>money** | **Securities other<br>than shares** | **Total<sup>M2</sup>** |
|  | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** | **(in billions of Rupiah)** |
| 2021 | 1351172 | 831234 | 1450967 | 2131756 | 4413956 | 3433822 | 22675 | 7870453 |
| 2022 | 1715619 | 897799 | 1710998 | 2225849 | 4834646 | 3668813 | 24563 | 8528022 |
| 2023 | 1690270 | 975928 | 1699406 | 2260192 | 4935525 | 3862393 | 28613 | 8826531 |
| 2024 | 1774691 | 1062795 | 1776745 | 2384441 | 5223981 | 3908462 | 114187 | 9246630 |
| 2025 | 1976434 | 1214763 | 2172153 | 2569025 | 5955942 | 4126243 | 52469 | 10134654 |
|  February 2026<sup>(2)</sup> | 1800256 | 1159871 | 2180872 | 2546222 | 5886965 | 4154689 | 48198 | 10089852 |

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*Source:* Bank Indonesia.

<sup>M1</sup> Narrow money.

<sup>M2</sup> Broad money.

<sup>(1)</sup> 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.

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Factors affecting money supply** | **Factors affecting money supply** | **Factors affecting money supply** | **Factors affecting money supply** |
| **End of period** | **Foreign<br>assets (net)** | **Claims on central<br>Government (net) <sup>(1)</sup>** | **Claims on<br>business sectors** | **Other<br>items (net)<sup>(2)</sup>** |
|  | | **(in billions of Rupiah)** | **(in billions of Rupiah)** | |
| 2021 | 1809680 | 1127267 | 5444160 | 1007279 |
| 2022 | 1898133 | 970957 | 5996010 | 1257016 |
| 2023 | 1967180 | 907964 | 6545841 | 1222684 |
| 2024 | 1982701 | 748934 | 7046941 | 1414908 |
| 2025 | 2158916 | 850923 | 7580895 | 1671465 |
|  February 2026<sup>(3)</sup> | 2093675 | 875756 | 7593885 | 1716378 |

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*Source:* Bank Indonesia.

<sup>(1)</sup> Claims on the Government include net of the Government's deposits with the banking system.

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

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

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.

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As of December 31, 2022, broad money grew by 8.4% (year-on-year) compared to 14.0% (year-on-year) as of December 31, 2021, due to a much slower growth of narrow money and quasi money. Narrow money grew slower by 9.5% (year-on-year) as of December 31, 2022, compared to 17.9% (year-on-year) as of December 31, 2021, due to slower growths of Rupiah demand deposits and Rupiah saving deposits. Quasi-money growth decreased to 6.8% (year-on-year) compared to 9.4% (year-on-year) as of December 31, 2021, due to a slower growth in Rupiah time deposits.

As of December 31, 2023, broad money grew by 3.5% (year-on-year), compared to a growth of 8.4% (year-on-year) as of December 31, 2022, due to slower growth of narrow money and quasi money. The much slower pace of broad money was primarily due to a growth of narrow money by 2.1% (year-on-year), compared to 9.5% (year-on-year) of robust growth as of December 31, 2022, due to decreasing Rupiah demand deposit. Quasi-money recorded a 5.3% growth (year-on-year) as of December 31, 2023, compared to a 6.8% increase (year-on-year) as of December 31, 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 December 31, 2025, broad money grew by 9.6% (year-on-year), compared to 4.8% (year-on-year) as of December 31, 2024, due to a higher increase in narrow money, which grew by 14.0% (year-on-year) as of December 31, 2025, compared to 5.8% (year-on-year) as of December 31, 2024, and a higher increase in quasi-money, which grew by 5.6% (year-on-year) as of December 31, 2025, compared to 1.2% (year-on-year) as of December 31, 2024.

As of February 28, 2026, broad money grew by 8.7% (year-on-year), compared to 6.2% (year-on-year) as of February 27, 2025, due to a higher increase in narrow money, which grew by 14.4% (year-on-year) as of February 28, 2026, compared to 7.4% (year-on-year) as of February 27, 2025.

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**Government Budget** 

***Fiscal Policy***

The Government's fiscal policy has been guided by the objective of promoting fiscal consolidation and reducing Government debt gradually in order to achieve fiscal sustainability. The Republic's budget deficit is mandated to remain below 3.0% of GDP. In recent years, the Government has sought to balance this objective with significant new expenditure commitments, including the Free Nutritious Meal Program, increased defense spending, energy subsidies and infrastructure development. As a result, the budget deficit widened from 1.6% of GDP in 2023 to 2.3% in 2024 and 2.9% in 2025, and the 2026 Budget targets a deficit of 2.7% of GDP. To respond to unforeseen pressures, including the surge in oil prices stemming from the Middle East conflict, the government has implemented several emergency measures, such as limiting subsidized fuel purchases to 50 liters per vehicle per month (excluding public vehicles), instituting work-from-home policies for civil servants, and reducing the Free Nutritious Meal program from six to five days per week. In addition, the Government also implemented budget efficiency directives and expenditure reprioritization, while seeking to maintain its commitment to fiscal sustainability.

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

**Government Revenues and Expenditures** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Three<br>Months<br>Ended<br>March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** | **2026<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  **Revenues and grants:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic revenues |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax revenues | 1547.8 | 2034.6 | 2154.2 | 2231.8 | 2490.9 | 2217.9 | 2693.7 | 462.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-tax revenue | 458.5 | 595.6 | 612.5 | 584.4 | 513.6 | 534.1 | 459.2 | 112.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total domestic revenues | 2006.3 | 2630.1 | 2766.7 | 2816.2 | 3004.5 | 2752.0 | 3152.9 | 574.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants | 5.0 | 5.7 | 17.2 | 34.4 | 0.6 | 4.3 | 0.7 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues and grants** | **2011.3** | **2635.8** | **2783.9** | **2850.6** | **3005.1** | **2756.3** | **3153.6** | **574.9** |
|  **Expenditures:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central government expenditures | 2000.7 | 2280.0 | 2239.8 | 2496.2 | 2701.4 | 2602.3 | 3149.7 | 610.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to regions and rural fund | 785.7 | 816.2 | 881.4 | 863.5 | 919.9 | 849.0 | 693.0 | 204.8 |
|  **Total expenditures** | **2786.4** | **3096.3** | **3121.2** | **3359.8** | **3621.3** | **3451.4** | **3842.7** | **815.0** |
|  Primary balance<sup>(1)</sup> | (431.6) | (74.1) | 102.6 | 20.7 | (63.3) | (180.7) | (89.7) | (95.8) |
|  Surplus/(deficit) | (775.1) | (460.4) | (337.3) | (509.2) | (616.2) | (695.1) | (689.1) | (240.1) |
|  **Financing:** |  |  |  |  |  |  |  |  |
|  **Debt Financing** | **870.5** | **696.0** | **404.0** | **558.1** | **775.9** | **736.3** | **832.2** | **258.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment Financing | (142.5) | (106.7) | (89.9) | (59.3) | (154.5) | (86.2) | (203.1) | (28.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; On-Lending | 1.9 | 2.2 | 4.5 | (0.2) | (5.4) | 0.0 | (0.4) | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Guarantee | (2.7) | (1.1) | (0.3) | (1.5) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Financing | 144.4 | 0.7 | 38.5 | 57.8 | 0.3 | 93.9 | 60.4 | 25.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Financing** | **871.7** | **591.0** | **356.7** | **554.9** | **616.2** | **744.0** | **689.1** | **257.4** |

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*Source*: Ministry of Finance

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Primary balance represents revenues minus expenditures excluding interest expenditures.

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***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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic growth rate of 5.2%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an inflation rate of 2.5%;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an ICP of U.S.$82 per barrel;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

Under the 2025 Budget, total expenditures for 2025 were 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.

Under the 2025 Budget, the Government would continue its commitment toward fiscal consolidation by maintaining a budget deficit below 3% of GDP. The primary deficit in the 2025 Budget was 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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.

***2026 Budget***

On September 23, 2025, the Parliament approved the State Budget for 2026 (the "2026 Budget"). The 2026 Budget sets a revenue target of Rp3,153.6 trillion, comprising tax revenues of Rp2,693.7 trillion, non-tax revenues of Rp459.2 trillion and grants of Rp0.7 trillion. The revenue target represents an increase of approximately 7.3% from the 2025 Budget revenue target of Rp2,937.9 trillion.

Expenditures under the 2026 Budget are targeted at Rp3,842.7 trillion, comprising Government expenditures of Rp3,149.7 trillion (including Rp1,510.6 trillion for ministries and agencies and Rp1,639.2 trillion for non-ministerial expenditures) and transfers to regions and villages of Rp693.0 trillion. The expenditure target represents an increase of approximately 11.1% from the 2025 State Budget expenditure target of Rp3,457.8 trillion.

The 2026 Budget sets a primary balance deficit target of Rp89.7 trillion and a budget deficit target of Rp689.2 trillion (or 2.7% of GDP). The budget deficit target represents an increase of approximately 32.5% from the 2025 Budget deficit target of Rp519.9 trillion (or 2.1% of GDP).

The 2026 Budget sets a financing need of Rp689.15 trillion to cover the budget deficit.

The key macroeconomic assumptions underlying the 2026 Budget are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an economic growth rate of 5.4%;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an inflation rate of 2.5%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an exchange rate of Rp16,500 to U.S.$1.00;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an average Government 10-year bond rate of 6.9%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an ICP of U.S.$70 per barrel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• oil production by the Republic of 610 thousand barrels of oil per day; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gas production by the Republic of 984 thousand barrels of oil equivalent of gas per day.

The philosophy underlying the 2026 Budget is centered on accelerating inclusive and sustainable economic growth while maintaining fiscal prudence, in alignment with the "Asta Cita" principles of the administration of President Prabowo Subianto, as described under "*Government and Political Developments—Asta Cita.*" This framework guides the budget's design to foster job creation, reduce inequality, and support long-term national resilience.

The 2026 Budget sets out expenditure for several priority sectors: Rp164.7 trillion for food security, Rp402.4 trillion for energy security, Rp335.0 trillion for the Free Nutritious Meal Program, Rp769.1 trillion for education, Rp244.0 trillion for health, Rp181.8 trillion for village development, cooperatives, and MSMEs, and Rp425.0 trillion for defense, order and security, and law enforcement. The principal priorities for budget allocation in 2026 include significant investments in human capital and social welfare, as reflected in the Free Nutritious Meal Program aimed at combating stunting and improving child nutrition, as well as funding for school renovations and health facilities, which are included in the education and health budgets, respectively. The 2026 Budget also aims to accelerate investment and trade by, among other measures, strengthening Danantara's role in accelerating productive investment, and investment in the Government's affordable housing program, water security, and waste management. Other key areas encompass infrastructure development to enhance connectivity and regional equity, downstreaming of natural resources to boost value-added industries, social protection programs to alleviate poverty, support for small and medium enterprises, and initiatives in education, health, and green economy transitions to align with sustainable growth objectives.

***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.

As of January 7, 2026, marking one year since the Government launched the Free Nutritious Meal Program, the program had reached 56.13 million beneficiaries through 19,343 operational SPPGs and had engaged 789,319 workers. In 2025, total budget utilization for the program amounted to Rp51.5 trillion.

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***Red and White Village Cooperatives***

Presidential Instruction (*Inpres*) No. 9 of 2025, issued in March, 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.

Presidential Instruction (*Inpres*) No. 17 of 2025 was issued on October 22, 2025, instructing various government departments on actions to accelerate the construction of cooperative shops, warehouses, and supporting facilities, and appointing the state-owned enterprise PT Agrinas Pangan Nusantara to lead construction.

***Economic Stimulus Packages***

*<u>Economic Stimulus Packages Launched in December 2024</u>*

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incentives for electric and hybrid vehicles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financing for labor-intensive industries; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

*<u>Economic Stimulus Packages Launched in June 2025</u>*

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.

*<u>Economic Stimulus Package Launched in September 2025</u>*

In September 2025, the Government launched an economic stimulus package, also known as the "8+4+5 program". The stimulus package, worth Rp 16.23 trillion (approximately $1 billion), groups measures into eight acceleration programs for 2025, four continuation programs for 2026, and five job-creation programs.

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The eight acceleration programs for 2025 comprise: (1) national internship program for 20,000 recent university graduates, launching in mid-October 2025, with a monthly stipend for each graduate equal to the minimum wage of the relevant province; (2) expansion of personal income tax relief to workers in the tourism, hotel, restaurant, and café sectors, whose monthly earnings are below Rp10 million, from October through December 2025; (3) food assistance for 18.3 million beneficiary families, providing 10 kilograms of rice per month to each beneficiary household; (4) a 50% subsidy on social security contributions for work accident and death insurance for informal workers, such as online motorcycle taxi drivers, couriers, and logistics personnel; (5) lower interest rates and enhanced benefits (such as more financing options and easier eligibility) for housing loans facilitated through the Employment Social Security Agency (*BPJS Ketenagakerjaan*); (6) a targeted "cash-for-work" (*padat karya*) initiative designed to create approximately 600,000 temporary jobs in labor-intensive infrastructure projects such as road repairs, flood control, and community facilities; (7) accelerating deregulation and licensing reforms to simplify and expedite the process of obtaining business permits through the Online Single Submission (OSS) system; and (8) pilot projects for new economic models, aimed at testing innovative economic frameworks to boost job creation and urban development, which involve launching pilot urban hubs to support the gig economy by providing dedicated platforms, infrastructure, and services for flexible workers (e.g., ride-hailing drivers and freelancers).

Four continuation programs are designed to extend the duration or beneficiary scope of certain benefits already in place or to be delivered under the 2025 programs: (1) the extension of a 0.5% income tax rate for MSMEs, which is already in place, through 2029; (2) continued income tax relief for low-income workers in the tourism, hotel, restaurant, and café sectors; (3) continued personal income tax relief for workers in labor-intensive industries such as textiles, footwear, garments, furniture, and leather goods; and (4) extending the 50% subsidy for work accident and death insurance to farmers, traders, fishermen, construction laborers, and domestic workers.

The five job-creation programs comprise: (1) the development of Merah Putih Village Cooperatives, which are community-owned businesses designed to support local enterprises and jobs ("Merah Putih" refers to Indonesia's national colors); (2) the Merah Putih Fishing Village program to strengthen coastal livelihoods, facilities, and local fisheries value chains; (3) revitalization of fish and shrimp farms on the northern coast of Java to raise productivity and farmers' incomes; (4) modernization of fishing vessels to improve safety, efficiency, and catch quality; and (5) the People's Plantations program to support smallholder plantations, expand rural employment, and increase incomes.

*<u>Economic Stimulus Package Launched in October 2025</u>*

On October 17, 2025, the Government announced a stimulus package allocating Rp46.2 trillion (approximately U.S.$2.8 billion) for disbursement in the fourth quarter of 2025. Of this amount, Rp30 trillion (approximately U.S.$1.8 billion) was distributed as direct cash assistance to approximately 35 million beneficiary households. The stimulus package also provided for an expansion of the National Internship Program, increasing available placements from the originally planned 20,000 to 100,000. The National Internship Program is a Government-funded initiative open to university graduates within one year of completing their studies, offering internship opportunities at SOEs and private organizations with the objective of reducing unemployment and strengthening talent pipelines.

*<u>Economic Stimulus Package Launched in February 2026</u>*

On February 10, 2026, the Government launched an economic stimulus package for the first quarter of, with an initial allocation of Rp12.83 trillion (approximately U.S.$765 million), designed to support household consumption during the Ramadan and Eid al-Fitr period. Key measures included: (1) subsidized transportation fares across trains, state-owned sea transport, and economy-class domestic airfares, together with government-borne value-added tax incentives on airline tickets; (2) toll road tariff reductions of up to 20%; (3) food assistance distributed to approximately 35 million beneficiary households, with the food assistance component later confirmed by the Minister of Finance at Rp14.09 trillion; (4) a work- from-anywhere scheme for designated dates in March 2026 to ease Eid travel congestion; and (5) holiday allowance disbursements totaling Rp55 trillion to approximately 10.5 million state employees.

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***Government Finances***

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

*<u>Government Revenues</u>* 

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

**Government Revenues** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Three<br>Months<br>Ended**<br>**March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** | **2026<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  **Domestic revenues:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax revenues |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic tax |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas | 52.8 | 77.8 | 68.8 | 65.1 | 62.8 | 34.1 | 1154.1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas | 643.8 | 920.4 | 992.5 | 996.8 | 1146.4 | 986.3 | 55.2 | 155.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax | 696.7 | 998.2 | 1061.2 | 1061.9 | 1209.3 | 1020.4 | 1209.4 | 158.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value added tax (VAT) | 551.9 | 687.6 | 763.6 | 828.4 | 945.1 | 790.1 | 995.3 | 117.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land and building tax | 18.9 | 23.3 | 33.3 | 32.5 | 27.1 | 29.2 | 26.1 | 2.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excises | 195.5 | 226.9 | 221.9 | 226.4 | 244.2 | 221.7 | 243.5 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other taxes | 11.1 | 7.7 | 9.7 | 8.7 | 7.8 | 77.9 | 126.9 | 116.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total domestic taxes | 1474.1 | 1943.7 | 2089.7 | 2158 | 2433.5 | 2139.3 | 2601.2 | 445.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International trade taxes: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Import duties | 39.1 | 51.1 | 50.9 | 53 | 52.9 | 50.2 | 49.9 | 11.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export tax | 34.6 | 39.8 | 13.6 | 20.9 | 4.5 | 28.4 | 42.6 | 5.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total international trade taxes | 73.7 | 90.9 | 64.5 | 73.9 | 57.4 | 78.6 | 92.5 | 16.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total tax revenues** | **1547.8** | **2034.6** | **2154.2** | **2231.8** | **2490.9** | **2217.9** | **2693.7** | **462.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-tax revenues: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural resources: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 65 | 112 | 87.4 | 78 | 89 | 73.9 | 80.2 | 18.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas | 31.6 | 36.7 | 28.8 | 32.7 | 32 | 26.4 | 32.9 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total oil and gas | 96.6 | 148.7 | 116.2 | 110.6 | 121 | 100.3 | 113.1 | 18.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General mining | 44.8 | 110.8 | 129.1 | 107.8 | 87.5 | 111.2 | 113.4 | 28.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 5.4 | 5.8 | 5.4 | 6.7 | 5.7 | 6.6 | 5.9 | 1.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 0.7 | 1.2 | 0.6 | 1 | 1.6 | 1 | 1.7 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geothermal | 1.9 | 2.3 | 2.8 | 2.8 | 2.2 | 2.5 | 2.6 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-oil and gas | 52.9 | 120.1 | 138 | 118.3 | 97 | 121.3 | 123.5 | 31.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total natural resources** | **149.5** | **268.8** | **254.2** | **228.9** | **218.0** | **221.6** | **236.6** | **49.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit transfer from SOEs | 30.5 | 40.6 | 82.1 | 86.4 | 90 | 12.7<sup>(1)</sup> | 1.8<sup>(1)</sup> | 0.1 <sup>(1)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-tax revenues | 152.5 | 196.3 | 180.4 | 164.3 | 127.7 | 196.2 | 122.5 | 40.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Public Service Agency (BLU) Income | 126 | 89.9 | 95.9 | 104.7 | 77.9 | 103.7 | 98.3 | 21.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-tax revenues** | **458.5** | **595.6** | **612.5** | **584.4** | **513.7** | **534.1** | **459.2** | **112.1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total domestic revenues** | **2006.3** | **2630.1** | **2766.7** | **2816.2** | **3004.6** | **2752.0** | **3152.9** | **574.8** |
|  Grants | 5 | 5.7 | 17.2 | 34.4 | 0.6 | 4.3 | 0.7 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total revenues and grants** | **2011.3** | **2635.8** | **2783.9** | **2850.6** | **3005.2** | **2756.3** | **3153.6** | **574.9** |

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*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

<sup>(1)</sup> Profits of the SOEs held by BPI Danantara are being transferred to BPI Danantara rather than the Government. See "*State-Owned Enterprises — BPI Danantara*."

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*<u>Sources of Government Revenues</u>*

The Government derives its revenues from both tax and non-tax sources. The main sources of tax revenues primarily consist of income tax, value-added tax ("VAT"), land and building tax, stamp duty, 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 7.6% and 54.4% of total income tax revenue and total non-tax revenues, respectively. In 2025, these ratios decreased to 1.5% and 18.8% respectively, primarily driven by a decrease in the average price of Indonesian crude oil, a decrease in oil and gas lifting, as well as an expansion of other sectors of the economy.

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% effective rate on events involving the delivery of VAT-able goods or the provision of VAT-able services in the Indonesian customs area. For export of taxable goods (tangible and intangible) and taxable services by a taxable enterprise, VAT is levied at 0% rate. The 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 clean water.

Customs duties consist of import duty and export duty. Import duty is applied on importation of goods and is payable at rates from 0% to 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).

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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%—95%. 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 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.

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 3.3% from Rp2,850.6 trillion in 2024 to Rp2,756.3 trillion in 2025, representing 91.7% of the 2025 budget Government revenues target. In 2025, tax revenues realization was Rp2,217.9 trillion or a decrease of 0.6% from Rp2,231.8 trillion in 2024, and non-tax revenues realization was Rp534.1 trillion or a decrease of 8.6% from Rp584.4 trillion in 2024, representing 89.0% and 104.0% of the 2025 budget figures, respectively. Additionally, following the creation of BPI Danantara, profit from SOEs is being transferred to BPI Danantara rather than the Government.

Government revenues realization increased by 10.5% from Rp520.4 trillion in the first quarter of 2025 to Rp574.9 trillion in the first quarter of 2026, representing 20.9% of the 2026 budget Government revenues target. In the first quarter of 2026, tax revenues realization was Rp462.7 trillion or an increase of 14.3% from Rp404.7 trillion in the first quarter of 2025, and non-tax revenues realization was Rp112.1 trillion or a decrease of 3.0% from Rp115.6 trillion in the first quarter of 2025, representing 20.9% and 21.0% of the 2026 budget figures, respectively.

The tax-to-GDP ratio was in a relatively moderate range from 2017 to 2019, being 9.9% in 2017, 10.2% in 2018 and 9.8% in 2019. The tax-to-GDP ratio declined in 2020 to 8.3% due to the reduction of economic activity as a result of the Covid-19 pandemic. The tax-to-GDP ratio increased to 9.1% in 2021 and 10.4% in 2022 as a result of the recovery of economic activity. The tax-to-GDP ratio remained relatively stable at 10.3% in 2023 and 10.1% in 2024. The tax-to-GDP ratio in 2025 was 9.3%, primarily attributable to moderation in commodity prices, increased tax refunds resulting from relaxation measures and accelerated audit processes, as well as fiscal policies aimed at maintaining purchasing power and supporting the sustainability of businesses and the broader economy.

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*<u>Tax Amnesty</u>*

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 84.0% in 2021, 83.2% in 2022, 88.0% in 2023 and 85.7% in 2024.

The Government has also been working to simplify administration tax system 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 and also increase the number of registered taxpayers.

*<u>Tax Incentive Policies</u>*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Super deduction for vocational activities conducted by industry, where government allows deduction to maximum
200% from eligible expenditure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Super deduction for research and development activities conducted in Indonesia, where government allows deduction
to maximum 300% from eligible expenditure for specific research and development activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• VAT exemption on the supply of goods and/or services within free trade and free port zones, special economic
zones and bonded zones (*kawasan berikat*); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 for certain sectors; (5) super tax deduction for
research and development activities up to 350% of the eligible expenditure; (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) a 0% final income tax rate for MSMEs in capital city of Nusantara; and
(9) exemption of income tax payable on the transfer of land and/or building rights.

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*<u>Reform and Deregulation of Customs Taxation</u>*

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation of the Core Tax Administration System ("CORETAX") starting from January 1, 2025,
a unified platform designed to integrate all the existing applications for tax filing, payment and administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 but with simple examination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acceleration of tax audits. Effective February 14, 2025, the maximum audit period has been reduced from a
maximum of 10 months to six months. For group taxpayers and transfer pricing cases, the maximum audit period has been shortened from 26 months to ten months;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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.

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*<u>Government Expenditures</u>*

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

**Government Expenditures** 

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Three<br>Months<br>Ended<br>March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** | **2026<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Central Government expenditures: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel expenditures | 387.8 | 402.1 | 412.7 | 464.9 | 521.5 | 501.1 | 582.2 | 161.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good and services expenditures | 530.1 | 426.1 | 432.7 | 523.4 | 486.9 | 566.5 | 707.5 | 111.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | 239.6 | 240.6 | 303 | 355.5 | 234.1 | 427.5 | 284.1 | 35.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payments: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic debt | 332.9 | 373.6 | 409.3 | 445.9 | 497.6 | 471.3 | 538.7 | 133.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign debt | 10.6 | 12.7 | 30.6 | 42.5 | 55.2 | 43.1 | 60.7 | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest payments | 343.5 | 386.3 | 439.9 | 488.4 | 552.9 | 514.4 | 599.4 | 144.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidies: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy subsidies | 140.4 | 171.9 | 164.3 | 177.6 | 203.4 | 185.2 | 210.1 | 24.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 101.7 | 81 | 105.3 | 115.1 | 104.5 | 96.4 | 108.8 | 27.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total subsidies | 242.1 | 252.8 | 269.6 | 292.7 | 307.9 | 281.6 | 318.9 | 52.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant expenditures | 4.3 | 5.8 | 0.2 | 0.3 | 0.2 | 0.3 | 0.4 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social assistance<sup>(1)</sup> | 173.7 | 161.5 | 156.9 | 154.9 | 140.1 | 186.6 | 167.5 | 37.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenditures | 79.7 | 404.4 | 225 | 216.1 | 458 | 124.3 | 489.8 | 67.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total central Government expenditures** | **2000.7** | **2280.0** | **2239.8** | **2496.2** | **2701.4** | **2602.3** | **3149.7** | **610.3** |
|  Transfers to Regions and Rural Fund |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Regions |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balanced funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General transfer funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue sharing funds | 117.2 | 168.4 | 205.7 | 153.2 | 192.3 | 168.9 | 58.5 | 11.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General allocation funds | 377.8 | 378 | 398 | 429.2 | 446.6 | 433.3 | 400 | 132.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general transfer funds | 494.9 | 546.4 | 603.7 | 582.4 | 638.9 | 602.2 | 458.5 | 144.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific allocation funds: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physical special allocation fund | 57.1 | 54.8 | 50.3 | 50.9 | 37 | 17.6 | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-physical special allocation fund | 127.6 | 118.4 | 128.1 | 130.4 | 146.7 | 145.1 | 149.3 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants to Regions<sup>(2)</sup> |  |  | 2.9 | 2.2 | 1.6 | 0.2 | 2.7 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total specific allocation funds | 184.6 | 173.2 | 181.4 | 183.5 | 185.2 | 162.9 | 157.1 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total balanced funds | 679.6 | 719.6 | 785 | 765.9 | 824.2 | 765.1 | 615.6 | 195.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regional incentive fund | 13.5 | 7 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific autonomy funds<sup>(3)</sup> | 19.5 | 20.4 | 17.2 | 18.3 | 17.5 | 17 | 14 | 5.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Fund for Special Region of Yogyakarta | 1.3 | 1.3 | 1.4 | 1.4 | 1.2 | 1 | 1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal Incentives<sup>(4)</sup> |  |  | 7.9 | 7 | 71 | 4.3 | 1.8 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Transfer to Regions | 713.9 | 748.3 | 811.5 | 792.9 | 913.9 | 787.4 | 632.4 | 200.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Fund | 71.9 | 67.9 | 69.9 | 70.9 | 6 | 61.6 | 60.6 | 3.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total transfers to regions and Rural Fund** | **785.7** | **816.2** | **881.4** | **863.5** | **919.9** | **849.0** | **693.0** | **204.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Government expenditures** | **2786.4** | **3096.3** | **3121.2** | **3359.8** | **3621.3** | **3451.4** | **3842.7** | **815.0** |

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*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

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

<sup>(2)</sup> Starting in 2023, became part of the Transfer to the Regions.

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

<sup>(4)</sup> It is the Regional Incentive Fund before 2023.

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

Total Government expenditures 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 trillion or an increase of 0.8% from Rp3,096.2 trillion in 2022, representing 100.1% of the revised 2023 budget Government expenditures. This was 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, representing 108.2% of the 2023 revised budget figure, partially offset by the decrease of 1.8% in central Government expenditures from Rp2,280.0 trillion to Rp2,239.8 trillion, representing 97.3% of the 2023 revised budget figure.

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 2025 reached Rp3,451.4 trillion or an increase of 2.7% from Rp3,359.8 trillion in 2024, representing 95.3% of the 2025 budget Government expenditures. In 2025, central Government expenditures were Rp2,602.3 trillion or an increase of 4.3% from Rp2,496.2 trillion in 2024, representing 96.3% of the 2025 budget figure. In 2025, transfer to regions and rural funds reached Rp849.0 trillion, or a decrease of 1.7% from Rp863.5 trillion in 2024, representing 92.3% of the 2025 budget figure.

Total Government expenditures in the first quarter of 2026 reached Rp815.0 trillion or an increase of 31.4% from Rp620.3 trillion in the first quarter of 2025, representing 23.6% of the 2026 budget Government expenditures. In the first quarter of 2026, central Government expenditures were Rp610.3 trillion or an increase of 47.7% from Rp413.2 trillion in the first quarter of 2025, representing 23.5% of the 2026 budget figure. In the first quarter of 2026, transfer to regions and rural funds reached Rp204.8 trillion, or a decrease of 1.1% from Rp207.1 trillion in the first quarter of 2025, representing 24.1% of the 2026 budget figure.

------

*<u>Fuel Prices and Subsidies</u>*

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. 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 reduce energy subsidies by controlling the consumption of subsidized fuel through regulations, increased supervision and distribution management.

With recent global and domestic economic challenges, greater emphasis has been placed on improving effectiveness of subsidies. 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, stimulus packages and social programs such as free nutritious meal program, as described in this "*Government Budget*" section.

Energy subsidy spending has risen in recent years, driven by higher global oil prices, a weaker rupiah, and growing domestic fuel demand. Energy subsidy spending was Rp140.4 trillion for 2021, Rp171.9 trillion for 2022, Rp164.3 trillion for 2023, Rp177.6 trillion for 2024 and Rp185.2 trillion for 2025. Budget energy subsidy for 2026 is Rp210.1 trillion.

In early 2026, the conflict involving Iran caused global oil prices to surge to approximately US$100 per barrel, significantly above the 2026 state budget assumption of US$70 per barrel. The depreciation of the Rupiah beyond the budgeted exchange rate assumption of Rp16,500 per US dollar has further increased the cost of dollar-denominated fuel procurement. The Government has implemented emergency measures including limiting subsidized fuel purchases to 50 liters per vehicle per month (excluding public vehicles), instituting work-from-home policies for civil servants, and reducing the free nutritious meal program from six to five days per week. These measures may not be sufficient to contain the fiscal impact of sustained higher oil prices, and further adjustments or different policy measures may be required.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Three<br>Months<br>Ended<br>March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** | **2026<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Subsidies: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy subsidies | 140.4 | 171.9 | 164.3 | 177.6 | 203.4 | 185.2 | 210.1 | 24.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 101.7 | 80.9 | 105.3 | 115.1 | 104.5 | 96.4 | 108.8 | 27.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total subsidies** | **242.1** | **252.8** | **269.6** | **292.7** | **307.9** | **281.6** | **318.9** | **52.2** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

------

*<u>Government Expenditure Allocation</u>*

The following table sets forth, by percentage, the allocation of central Government expenditures by function for the periods indicated.

**Allocation of Central Government Expenditures by Function** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Three<br>Months<br>Ended<br>March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** | **2026<sup>P</sup>** |
|  | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** | **(Percentages)** |
|  General public services | 27.5 | 39.9 | 36.2 | 35.9 | 31.2 | 27.4 | 25.2 | 28.5 |
|  Defense | 6.3 | 6.6 | 7.7 | 7.6 | 6.1 | 13.0 | 10.7 | 4.3 |
|  Public order and safety | 7.9 | 7.5 | 8.6 | 9.2 | 7.7 | 9.2 | 7.7 | 9.4 |
|  Economic affairs | 23.1 | 19.5 | 21.7 | 21.9 | 29.5 | 23.2 | 26.2 | 23.6 |
|  Environmental protection | 0.7 | 0.6 | 0.6 | 0.6 | 0.4 | 0.3 | 0.4 | 0.3 |
|  Housing and community amenities | 1.5 | 1.1 | 1.7 | 1.9 | 0.6 | 0.8 | 0.9 | 0.2 |
|  Health | 10.6 | 5.5 | 4.4 | 4.0 | 3.8 | 4.1 | 4.9 | 4.1 |
|  Tourism and culture | 0.2 | 0.2 | 0.2 | 0.2 | 0.1 | 0.1 | 0.1 | 0.2 |
|  Religion | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.5 | 0.6 |
|  Education | 8.1 | 7.0 | 7.7 | 7.9 | 10.1 | 10.1 | 14.6 | 15.0 |
|  Social protection | 13.6 | 11.7 | 10.8 | 10.3 | 10.0 | 11.2 | 8.9 | 13.8 |
|  **Total** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** | **100.0** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Three<br>Months<br>Ended<br>March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** | **2026<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Education | 479.5 | 480.3 | 503.8 | 569.1 | 724.3 | 645.1 | 769.1 | 186.3 |
|  Infrastructure | 403.3 | 372.8 | 389.3 | 395.1 | 402.9 | 343.7 | 434.8 | 28.6 |
|  Energy Subsidy | 140.4 | 171.9 | 164.3 | 177.6 | 203.4 | 185.2 | 210.1 | 24.5 |
|  Health | 312.4 | 188.1 | 183.2 | 194.4 | 218.5 | 208.5 | 247.3 | 49.5 |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

The Government has adjusted its budgetary priority sectors in recent years, with the current priority sectors including food security, energy security, the Free Nutritious Meal Program, education, health, village development together with cooperatives and MSMEs, defense, and acceleration of investment and trade. For more information, see " — *2026 Budget."* The priority sectors align with the Government's objectives of delivering public benefits, advancing national economy and enhancing national security. These expenditure commitments represent a structural increase in the fiscal baseline that the Government will need to finance on a recurring basis.

------

*<u>Deficit Financing</u>* 

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

**Deficit Financing** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Year ended December 31** | **Three Months<br>Ended**<br>**March 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>B</sup>** | **2025<sup>P</sup>** | **2026<sup>B</sup>** | **2026<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Debt financing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government securities (net) | 877.5 | 658.8 | 308.2 | 450.7 | 642.6 | 639.3 | 799.5 | 275.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic loans (net) | 0.9 | 8.2 | 14.6 | 15 | 5.2 | 8.2 | (6.5) | (2.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign loans: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross drawings: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Program loan | 41.6 | 65.6 | 83 | 60 | 80 | 59.3 | 41.9 | 9.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project loan | 32.6 | 42.7 | 79.7 | 119.7 | 136.5 | 125.2 | 102.6 | 3.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross drawing | 74.2 | 108.3 | 162.7 | 179.8 | 216.5 | 184.5 | 144.5 | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (82.1) | (79.3) | (81.5) | (87.5) | (88.4) | (95.7) | (105.3) | (27.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total foreign loan (net) | (7.9) | 29 | 81.2 | 92.3 | 128.1 | 88.9 | 39.2 | (14.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans (net) | (7.0) | 37.2 | 95.8 | 107.3 | 133.3 | 97 | 32.7 | (16.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total debt financing** | **870.5** | **696.0** | **404.0** | **558.1** | **775.9** | **736.3** | **832.2** | **258.7** |
|  Investment financing |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to SOEs | (71.2) | (59.2) | (42.1) | (35.2) | (22.7) | (11.5) | (5.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to other institutions | (21.0) | (0.5) |  | (5.0) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to public service agencies | (39.4) | (52.8) | (52.5) | (23.1) | (36.8) | (34.2) | (35.6) | (6.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in financial organizations/institutions | (0.9) | (1.0) | (1.6) | (2.0) | (1.8) | (1.9) | (2.0) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue of investment |  | 27.1 | 26.8 | 22.9 |  | 14.2 | 4 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government's Investments | (10.0) | (20.3) | (20.5) | (17.0) | (18.8) | (52.8) | (51.8) | (22.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others investment financing | 0 |  |  |  | (55.0) |  | (111.8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment financing reserves | (142.5) |  |  |  | (19.4) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total investment financing** | **(71.2)** | **(106.7)** | **(89.9)** | **(59.3)** | **(154.5)** | **(86.2)** | **(203.1)** | **(28.3)** |
|  Lending | 1.9 | 2.1 | 4.5 | (0.2) | (5.4) | 0 | (0.4) | 1.8 |
|  Government guarantee | (2.7) | (1.1) | (0.3) | (1.5) |  |  |  |  |
|  Other financing | 144.4 | 0.7 | 38.5 | 57.8 | 0.3 | 93.9 | 60.4 | 25.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total financing (net)** | **871.7** | **591.0** | **356.7** | **554.9** | **616.2** | **744.0** | **689.1** | **257.4** |

---

*Source:* Ministry of Finance.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>B</sup> Budget.

<sup>P</sup> Preliminary.

------

*<u>Government Revenues</u>*

The following table sets forth the revenues of the Government as (i) audited 2024 revenue as a percentage of the 2024 GDP at current prices and (ii) preliminary 2025 revenue figures as a percentage of the preliminary 2025 GDP at current prices, respectively.

**Government Revenues** 

---

| | | |
|:---|:---|:---|
|  | **2024 LKPP<br>Audited** | **2025<br>Preliminary** |
|  | **(percentage<br>of 2024 GDP)** | **(percentage<br>of 2025 GDP)** |
|  Total revenues and grants (in trillions of Rupiah) | 2850.6 | 2756.3 |
|  Domestic revenue: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic tax |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil and gas | 0.29 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-oil and gas | 4.50 | 4.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income tax | 4.80 | 4.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value added tax (VAT) | 3.74 | 3.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Land and building tax | 0.15 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excises | 1.02 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other taxes | 0.04 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total domestic taxes | 9.75 | 8.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International trade taxes: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Import duties | 0.24 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export tax | 0.09 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total international trade taxes | 0.33 | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total tax revenue** | **10.08** | **9.31** |
|  Non-tax revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural resources: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil | 0.35 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas | 0.15 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total oil and gas | 0.50 | 0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Mining | 0.49 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forestry | 0.03 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fishery | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Geothermal | 0.01 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total non-oil and gas | 0.53 | 0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total natural resources | 1.03 | 0.93 |
|  Profit transfer from SOEs | 0.39 | 0.05 |
|  Other non-tax revenues | 0.74 | 0.82 |
|  Public Service Agency (BLU) Income | 0.47 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-tax revenues** | **2.64** | **2.24** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total domestic revenues** | **12.72** | **11.55** |
|  Grants | 0.16 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Revenues and Grants** | **12.88** | **11.57** |

---

*Source:* Ministry of Finance

------

*<u>Government Expenditures</u>*

The following table sets forth the expenditures of the Government as (i) audited 2024 expenditures as a percentage of the 2024 GDP at current prices and (ii) preliminary expenditure figures for 2025 as a percentage of the preliminary 2025 GDP at current prices, respectively.

**Government Expenditure** 

---

| | | |
|:---|:---|:---|
|  | **2024 LKPP<br>Audited** | **2025<br>Preliminary** |
|  | **(percentages<br>of 2024 GDP)** | **(percentages**<br> **of 2025 GDP)** |
|  **Total expenditures (in trillions of Rupiah)** | 3359.8 | 3451.4 |
|  Central Government expenditures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personnel expenditures | 2.10 | 2.10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Good and services expenditures | 2.36 | 2.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital expenditures | 1.61 | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic debt | 2.01 | 1.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign debt | 0.19 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total interest payments | 2.21 | 2.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subsidies: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy subsidies | 0.80 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-energy subsidies | 0.52 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total subsidies | 1.32 | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grant expenditures | 0.00 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Social assistance<sup>(1)</sup> | 0.70 | 0.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenditures | 0.98 | 0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total central Government expenditures** | **11.28** | **10.92** |
|  Transfers to Regions and Rural Fund: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer to Regions |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General transfer funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue sharing funds | 0.69 | 0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General allocation funds | 1.94 | 1.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total general transfer funds | 2.63 | 2.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific allocation funds: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physical special allocation fund | 0.23 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-physical special allocation fund | 0.59 | 0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grants to region | 0.01 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total specific allocation funds | 0.83 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total balanced funds | 3.46 | 3.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiscal incentives | 0.08 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific autonomy funds<sup>(2)</sup> | 0.01 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specific Fund for Special Region of Yogyakarta | 0.03 | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total transfer to Regions | 3.90 | 3.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rural Fund | 0.32 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total transfer to regions and rural fund** | **4.22** | **3.56** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total Government expenditures** | **15.18** | **14.49** |

---

*Source:* Ministry of Finance

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

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

------

*<u>Government Deficit Financing</u>*

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2024 deficit financing as a percentage of the 2024 GDP at current prices and (ii) preliminary 2025 deficit financing figures as a percentage of the preliminary 2025 GDP at current prices, respectively.

***Government Deficit Financing***

---

| | | |
|:---|:---|:---|
|  | **2024<br>LKPP<br>Audited** | **2025<br>Preliminary** |
|  | **(percentages**<br> **of 2024 GDP)** | **(percentages**<br> **of 2025 GDP)** |
|  Total financing (net) (in trillions of Rupiah) | 554.9 | 744.0 |
|  Debt financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government securities (net) | 2.04 | 2.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Domestic loans (net) | 0.07 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign loans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross drawings: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Program loan | 0.27 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Project loan | 0.54 | 0.53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total gross drawing | 0.81 | 0.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization | (0.40) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total foreign loan (net) | 0.42 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loans (net) | 0.48 | 0.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total debt financing | 2.52 | 3.09 |
|  Investment financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to SOEs | (0.16) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to other institutions | (0.02) | 0.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment to public service agencies | (0.10) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment in financial organizations/institutions | (0.01) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue of investment | 0.10 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government's investments | (0.08) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others investment financing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment financing reserves |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment financing | (0.27) | (0.36) |
|  Lending | (0.00) | 0.00 |
|  Government guarantee | (0.01) | 0.00 |
|  Other financing | 0.26 | 0.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financing (net) | 2.51 | 3.12 |

---

*Source:* Ministry of Finance

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**Public Debt** 

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

As of December 31, 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 December 31, 2025, the central Government's foreign debt-to-GDP ratio was 11.9%, with foreign debt to total debt ratio of 29.4%.

On February 5, 2026, Moody's Investors Service revised its outlook on the Republic's Baa2 foreign-currency sovereign rating to negative while affirming the rating, citing factors including fiscal policy execution risks, policy predictability, and recent institutional and governance developments. The Republic remains committed to fiscal prudence, revenue-enhancing reforms, and maintaining debt sustainability within its statutory deficit ceiling.

On March 4, 2026, Fitch Ratings affirmed the Republic of Indonesia's BBB long-term sovereign rating and revised the outlook to negative, citing rising policy uncertainty, potential loosening of fiscal constraints amid sustained spending pressures and subdued revenue performance, and broader risks including a more complex central bank mandate.

***External Public Debt of the Republic***

External public debt of the Republic consists of central Government debt (other than public domestic debt) and debt of Bank Indonesia owed to creditors outside Indonesia. The discussion below treats the external debt of Bank Indonesia as part of the Republic's external debt. However, SBI and SRBI, which are issued by Bank Indonesia in its role as formulator and implementer of the Republic's monetary policy, are not considered liabilities of the Republic. Accordingly, SBI and SRBI are not reflected in the Government debt discussions herein. See "*— Financial System — Bank Indonesia*." The discussion of debt of the Republic in this section differs from the discussion of "Government debt" elsewhere in this report, in which Bank Indonesia debt is excluded and only central Government debt, which depends on Government revenue for its repayment, is included. See "*— Government Budget — Government Finances*."

The following table sets forth information on the outstanding external public debt of the Republic in terms of creditor type as of the dates indicated.

**Outstanding External Public Debt of the Republic by Source<sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br>March 31,** |
|  | **2021** | **2022** | **2023** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** |
|  Concessional Loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral creditors | 32.8 | 34.0 | 36.8 | 37.3 | 39.4 | 39.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bilateral creditors | 20.8 | 20.7 | 20.3 | 16.8 | 17.2 | 16.4 |
|  Commercial<sup>(2)</sup> | 92.0 | 93.0 | 94.8 | 102.9 | 112.7 | 116.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **145.5** | **147.7** | **152.0** | **156.9** | **169.2** | **172.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total external public debt of the Republic, as a percentage of GDP for the period indicated<sup>(3)(4)</sup>** | **12.2%** | **11.2%** | **11.2%** | **11.4%** | **11.9%** | **12.3%** |

---

*Source*: Ministry of Finance.

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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.

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

<sup>(3)</sup> 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. 

<sup>(4)</sup> The ratio as of December 31 of any given year is calculated by dividing total external debt as of that date by GDP at current price for the corresponding year. The ratio as of February 28, 2026 is calculated by dividing total external debt as of that date by GDP at current price for 2025. 

------

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 of December 31, 2025, 66.6% and 33.4% 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, 2025 was U.S.$169.2 billion.

As if March 31, 2026, 67.8% and 32.2% 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, 2026 was U.S.$172.0 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 2021, the Republic drew down program loans of U.S.$1,052.8 million from the World Bank, U.S.$1,000 million from the ADB, U.S.$37.5 million from the Asian Infrastructure Development Bank, €200 million from KfW, €100 million from AFD, and JPY50,000 million from JICA.

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

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

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.

In 2025, the Republic drew down program loans of U.S.$145.0 million and €1,386.6 million from the World Bank, JPY146,19 billion and €459.6 million from the ADB, €150.0 million from AFD, and €200.0 million from KfW.

------

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

**International Development Assistance<sup>(1)(2)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of**<br>**March 31,** |
|  | **2021** | **2022** | **2023<sup>P</sup>** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** |
|  Bilateral loans | 20782 | 20687 | 20310 | 16756 | 17156 | 16422 |
|  Multilateral loans: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Monetary Fund |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; World Bank Group | 19091 | 20277 | 21894 | 21247 | 22093 | 21677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank | 10818 | 10194 | 11273 | 11417 | 12650 | 12749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Islamic Development Bank | 1345 | 1365 | 1340 | 1366 | 1371 | 1348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordic Investment Bank | 8 | 7 | 6 | 5 | 5 | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Fund for Agricultural Development | 202 | 252 | 283 | 289 | 306 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Infrastructure Investment Bank | 1307 | 1935 | 2013 | 2926 | 2952 | 2923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral Investment Guarantee Agency |  |  |  |  |  |  |
|  Total multilateral loans | 32772 | 34030 | 36809 | 37250 | 39378 | 39002 |
|  **Total loans** | **53554** | **54716** | **57119** | **54006** | **56534** | **55425** |

---

*Source:* Ministry of Finance.

<sup>P</sup> Preliminary.

<sup>(1)</sup> The term international development assistance includes any concessionary loans provided by international financial institutions or foreign governments, excluding grants.

<sup>(2)</sup> 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 December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of March 31,** | **As of March 31,** |
|  | **2021** | **2021** | **2022** | **2022** | **2023** | **2023** | **2024<sup>P</sup>** | **2024<sup>P</sup>** | **2025<sup>P</sup>** | **2025<sup>P</sup>** | **2026<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in millions<br>of original<br>currency)** | **(in millions<br>of U.S.<br>dollars<sup>(1)</sup>)** | **(in millions<br>of original<br>currency)** | **(in millions<br>of U.S.<br>dollars<sup>(1)</sup>)** | **(in millions<br>of original<br>currency)** | **(in millions<br>of U.S.<br>dollars<sup>(1)</sup>)** | **(in millions<br>of original<br>currency)** | **(in millions<br>of U.S.<br>dollars<sup>(1)</sup>)** | **(in millions<br>of original<br>currency)** | **(in<br>millions<br>of U.S.<br>dollars)<sup>(1)</sup>** | **(in millions<br>of original<br>currency)** | **(in<br>millions<br>of U.S.<br>dollars)<sup>(1)</sup>** |
|  U.S. dollars | 99263 | 99263 | 103948 | 103948 | 107885 | 107885 | 111575 | 111575 | 113833 | 113833 | 112798 | 112798 |
|  Japanese yen | 2392620 | 20786 | 2451372 | 18545 | 2531210 | 17904 | 2599685 | 16642 | 2440033 | 15584 | 2414358 | 15123 |
|  Euros | 19843 | 22453 | 21358 | 22751 | 21746 | 24067 | 25180 | 26217 | 28929 | 33954 | 32206 | 36948 |
|  SDR | 701 | 981 | 516 | 687 | 342 | 458 | 185 | 241 | 107 | 146 | 99 | 135 |
|  CNY | 543 | 85 | 388 | 56 | 233 | 33 | 78 | 11 | 6000 | 858 | 15250 | 2207 |
|  AUD | 1840 | 1337 | 1730 | 1173 | 1620 | 1107 | 1510 | 940 | 2201 | 1472 | 2196 | 1508 |
|  Others | Multiple<br>currencies | 615 | Multiple<br>currencies | 525 | Multiple<br>currencies | 499 | Multiple<br>currencies | 1234 | Multiple<br>Currencies | 3358 | Multiple<br>Currencies | 3294 |
|  **Total** | **N/A** | **145521** | **N/A** | **147685** | **N/A** | **151953** | **N/A** | **156859** | **N/A** | **169206** | **N/A** | **172013** |

---

*Source:* Ministry of Finance.

<sup>P</sup> Preliminary.

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

------

As of December 31, 2024, 71.1%, 10.6%, 16.7% and 1.5% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including AUD, CNY and SDR), respectively.

As of December 31, 2025, 67.3%, 9.2%, 20.1% and 3.4% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including AUD, CNY and SDR), respectively.

As of March 31, 2026, 65.6%, 8.8%, 21.5% and 4.2% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including AUD, CNY and SDR), respectively.

*<u>Establishment of AMTN Program and Issuance of CNY-denominated Bonds</u>*

The Republic established an Australian Dollar Medium-Term Note ("AMTN") program in July 2025 and completed the first drawdown that raised AUD800 million across two tranches in August 2025.

The Republic also completed two issuances of offshore CNY-denominated bonds, in November 2025 and March 2026, through drawdowns from its SEC-registered shelf established in August 2024. The bonds were issued across five tranches and in an aggregate principal amount of CNY15.25 billion.

By tapping into the Australian dollar market and the CNY market, the Government aims to broaden its investor base, enhance its presence in global capital markets, and reduce reliance on any single currency or investor group to strengthen fiscal resilience and manage refinancing risks more effectively. The Government regards the AMTN program and the CNY-denominated bonds as important milestones in Indonesia's ongoing efforts to optimize its sovereign debt portfolio, promote financial innovation, and reinforce the country's standing in the international financial community.

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<br>repayment** | **Interest<br>repayment** | **Total** |
|  | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** | **(in billions of U.S. dollars)** |
| 2023<sup>R</sup> | 11.8 | 5.6 | 17.5 |
| 2024<sup>R</sup> | 11.8 | 6.4 | 18.2 |
| 2025<sup>R</sup> | 14.3 | 6.5 | 20.8 |
| 2026<sup>\*</sup> | 13.2 | 6.2 | 19.5 |
| 2027<sup>\*</sup><sup>\*</sup> | 17.1 | 5.8 | 22.9 |
| 2028<sup>\*</sup><sup>\*</sup> | 17.5 | 5.3 | 22.8 |

---

*Source:* Ministry of Finance

<sup>R</sup> Realization.

\* Calculated based on (i) actual principal and interest payments made from January 1, 2026 to March 31, 2026 and (ii) projected principal and interest payments to be made from April 1, 2026 to December 31, 2026 based on external debt outstanding as of March 31, 2026.

\*\* Projected based on external debt outstanding as of March 31, 2026.

------

***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 25 years.

***External Debt of Bank Indonesia***

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

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

**Outstanding Multilateral and Commercial External Debt of Bank Indonesia<sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of<br>February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multilateral | 9007 | 8565 | 8635 | 8393 | 8822 | 8853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial<sup>(2)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **9007** | **8565** | **8635** | **8393** | **8822** | **8853** |

---

*Source*: Bank Indonesia

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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.

<sup>(2)</sup> 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, December 31, 2023, December 31, 2024, December 31, 2025 and February 28, 2026, the external debt of Bank Indonesia amounted to U.S.$9,007 million, U.S.$8,565 million, U.S.$8,635 million, U.S.$8,393 million, U.S.$8,822 million and U.S.$8,853 million, respectively. As of each of these dates, the external debt of Bank Indonesia comprised entirely of SDR allocation, 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<sup>(1)(2)</sup>** 

---

| | | | |
|:---|:---|:---|:---|
| **Period** | **Principal<br>repayment** | **Interest<br>repayment** | **Total** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  | **(in millions of U.S. dollars)** |  |  |
| 2021 | 0.0 | 3 | 3 |
| 2022 | 0.0 | 41 | 41 |
| 2023 | 0.0 | 174 | 174 |
| 2024 | 0.0 | 196 | 196 |
| 2025<sup>P</sup> | 0.0 | 265 | 265 |
|  2026\* | 0.0 | 236 | 236 |

---

*Source:* Bank Indonesia.

<sup>P</sup> Preliminary

\* Calculated based on (i) actual principal and interest payments made from January 1, 2026 to February 28, 2026 and (ii) projected principal and interest payments to be made from March 1, 2026 to December 31, 2026 based on external debt outstanding as of February 28, 2026.

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

<sup>(2)</sup> 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 2026, as of February 28, 2026.

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

***External Debt of State-Owned Enterprises***

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

**Outstanding Direct External Debt of State-Owned Enterprises<sup>(1)</sup>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of**<br>**February 28,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** | **(in millions of U.S. dollars)** |
|  Financial institutions: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank | 9280 | 8231 | 6847 | 7326 | 5456 | 5508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-bank | 2895 | 2297 | 1881 | 1271 | 1597 | 1496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial institutions | 12175 | 10528 | 8728 | 8596 | 7052 | 7004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-financial institutions | 43743 | 41062 | 36501 | 35806 | 33608 | 33986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** | **55917** | **51590** | **45228** | **44402** | **40660** | **40990** |

---

*Source:* Bank Indonesia.

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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.

<sup>(2)</sup> 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*."

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 December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of**<br>**March 31,** |
|  | **2021** | **2022** | **2023** | **2024** | **2025<sup>P</sup>** | **2026<sup>P</sup>** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
|  Total domestic public debt<sup>(1)</sup> | 5474.0 | 5844.4 | 6276.0 | 6278.8 | 6808.8 | 6996.4 |

---

*Source*: Ministry of Finance.

<sup>P</sup> Preliminary.

<sup>(1)</sup> 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<br>repayment and<br>redemption** | **Interest<br>repayment** | **Total** |
|  | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** | **(in trillions of Rupiah)** |
| 2023<sup>R</sup> | 444.5 | 354.5 | 799.0 |
| 2024<sup>R</sup> | 531.6 | 387.7 | 919.3 |
| 2025 | 676.9 | 407.9 | 1084.8 |
|  2026\* | 838.4 | 429.7 | 1268.2 |
|  2027\*\* | 718.0 | 393.7 | 1111.7 |
|  2028\*\* | 679.5 | 366.9 | 1046.4 |

---

Source: Ministry of Finance

<sup>R</sup> Realization.

\* Calculated based on (i) actual principal and interest payments made from January 1, 2026 to March 31, 2026 and (ii) projected principal and interest payments to be made from April 1, 2026 to December 31, 2026 based on external debt outstanding as of March 31, 2026.

\*\* Projected based on external debt outstanding as of March 31, 2026.

***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 2025 have accumulated to Rp518.6 trillion, of which Rp122.8 trillion have expired, leaving active guarantees of Rp395.8 trillion as of December 31, 2025. No guarantee claim has materialized since the introduction of the Government's guarantee programs. The Government has set a maximum guarantee limit of 0.6% 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, 2025, the total outstanding amount of guarantees provided by the Government was Rp407.4 trillion, comprising infrastructure guarantees and national economic recovery guarantees, an increase from guarantees of Rp391.9 trillion as of December 31, 2024.

As of December 31, 2025, the Government had accumulated Rp13.67 trillion in the guarantee reserve fund account.

The guarantees that the Government provided to infrastructure projects comprised:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Rp66.9 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Rp93.3 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Rp59.1 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 123.5 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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 Rp22.1 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of the Jabodebek LRT
system in Greater Jakarta. Outstanding guarantees for this program amounted to Rp21.4 trillion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• guarantee for local infrastructure financing through PT SMI. Outstanding guarantees for this program amounted to
Rp0.08 trillion; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of high-speed rail
Jakarta-Bandung. Outstanding guarantees for this program amounted to Rp9.1 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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

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

As of September 30, 2025, based on Bank Indonesia's assessment of corporate issuers' compliance with the regulations above:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 87.8% of corporate issuers are compliant with the liquidity ratio requirement for liabilities due under three
months.

------

***International Reserves***

The following table sets forth the Republic's total official international reserves, expressed in (i) U.S. dollar equivalents and (ii) the number of months of imports and Government external debt repayments, in each case at the end of the periods indicated. These reserves consist of foreign exchange, gold, SDRs and a reserve position with the IMF. Indonesia complies with the IMF's Special Data Dissemination Standard requirement on international reserves and foreign exchange currency liquidity. ****

**Official International Reserves of the Republic<sup>(1)</sup>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |  | **As of<br>April 30,** |  |
|  | **2021** | **2022** | **2023** | **2024** | **2025** |  | **2026** |  |
|  | **(in millions of U.S. dollars, except for months)** | **(in millions of U.S. dollars, except for months)** | **(in millions of U.S. dollars, except for months)** | **(in millions of U.S. dollars, except for months)** | **(in millions of U.S. dollars, except for months)** | **(in millions of U.S. dollars, except for months)** | **(in millions of U.S. dollars, except for months)** |  |
|  Gold | 4595 | 4589 | 5234 | 6602 | 11932 |  | 12873 |  |
|  SDRs | 7795 | 7411 | 7464 | 7236 | 7598 |  | 7593 |  |
|  Reserve position with the IMF | 1110 | 1055 | 1064 | 1034 | 1087 |  | 1086 |  |
|  Foreign exchange and others | 131405 | 124178 | 132621 | 140848 | 135853 |  | 124650 |  |
|  **Total** | **144905** | **137233** | **146384** | **155719** | **156471** |  | **146202** |  |
|  Total as number of months of imports and Government external debt repayments | 7.8 | 5.9 | 6.5 | 6.5 | 6.3 | <sup>P</sup> | 5.6 | <sup>P</sup> |

---

*Source:* Bank Indonesia.

<sup>P</sup> Preliminary.

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

Foreign reserves totaled U.S.$144.9 billion, U.S.$137.2 billion, U.S.$146.4 billion and U.S.$155.7 billion as of December 31, 2021, 2022, 2023 and 2024, respectively.

As of December 31, 2025 and April 30, 2026, official international reserves position was U.S.$156.5 billion and U.S.$146.2 billion, respectively, equivalent to 6.3 and 5.6 months of imports and servicing government's external debt, respectively. The decline in reserves over this period was primarily attributable to Bank Indonesia's Rupiah stabilization policy in response to the heightened global financial market uncertainty, as well as the Government's external debt servicing obligations. Although the reserve position remains well above the international adequacy standard of approximately three months of imports, the continued pace of reserve drawdown could influence the buffer available to absorb future external shocks. Nevertheless, official reserve assets are expected to remain adequate, supported by the strong policy synergy between Bank Indonesia and the Government in maintaining macroeconomic and financial system stability, as well as enhancing the resilience of the external sector amid heightened global uncertainty.

------

***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 bilateral swap arrangements ("BSAs") among ASEAN+3 countries. The objectives of these bilateral swap arrangements are to address short-term liquidity difficulties in the region and to supplement existing international financial arrangements.

Since CMI's inception in 2000, ASEAN+3 member countries undertook a review to explore ways of enhancing its effectiveness. On 2010, ASEAN+3 member countries entered into a multilateral currency swap contract which covers all ASEAN+3 member countries with a total size of U.S.$120 billion (the CMI Multilateralization or CMIM). CMIM was developed from the CMI-BSA network to facilitate prompt and simultaneous currency swap transactions through establishing a common decision-making mechanism under a single contract. The CMIM objectives are the same as the BSAs. In May 2012 and in response to the global and regional economic developments, the ASEAN+3 Finance Ministers and Central Bank Governors agreed to strengthen the CMIM as a regional financial safety net by doubling the total size to U.S.$240 billion and launching a crisis prevention program called the CMIM Precautionary Line ("CMIM-PL"). This arrangement became effective on July 17, 2014. On May 4, 2025, the ASEAN+3 Finance Ministers and Central Bank Governors approved the amended CMIM Agreement, which introduced the Rapid Financing Facility with the incorporation of eligible freely usable currencies as its currencies of choice under the CMIM. The amended CMIM Agreement 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, 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.

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. In December 2022, Bank Indonesia and Bank Negara Malaysia exercised the drawing of the local currency bilateral swap arrangement amounting to U.S.$500 million (equivalent) as part of the efforts to strengthen the cooperation in the area of liquidity management between the two institutions, which is still continuing. Up to December 2023, there is no actual usage from the above drawing.

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

In January 2022, Bank Indonesia renewed a three-year Bilateral Currency Swap Agreement ("BCSA") with People's Bank of China. The agreement allows exchanges of local currencies between the two central banks of up to CNY250 billion or Rp550 trillion (about 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 KRW10.7 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.

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.

On February 5, 2026, Bank Indonesia and the Bank of Korea renewed their BCSA. The renewed arrangement provides a framework for the exchange of local currencies between the two central banks of up to KRW10.7 trillion or Rp115 trillion, effective for five years from March 6, 2026 to March 5, 2031.

------

**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 December 31,** | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2021<sup>L</sup>** | **2022<sup>L</sup>** | **2023<sup>L</sup>** | **2024<sup>L</sup>** | **2025<sup>P</sup>** |
|  | **(percentages, unless indicated otherwise)** | **(percentages, unless indicated otherwise)** | **(percentages, unless indicated otherwise)** | **(percentages, unless indicated otherwise)** | **(percentages, unless indicated otherwise)** |
|  Debt-to-GDP ratio<sup>(1)</sup> | 40.7 | 39.7 | 39.2 | 39.8 | 40.5 |
|  Debt service to GDP ratio<sup>(2)</sup> | 5.3 | 4.5 | 5.1 | 5.4<sup>(1)</sup> | 5.0<sup>(2)</sup> |
|  Total public debt of the central Government (in billions of U.S.$) <sup>(3)</sup> | 484.1 | 498.8 | 530.5 | 545.5 | 576.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% in Loans | 11.9 | 12.0 | 12.3 | 12.3 | 13.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —% in Bonds | 88.1 | 88.0 | 87.7 | 87.7 | 87.0 |

---

*Source:* Ministry of Finance, Bank Indonesia.

<sup>L</sup> LKPP (Financial Report of Central Government/Audited).

<sup>P</sup> Preliminary.

<sup>(1)</sup> The debt-to-GDP ratio as of December 31 of any given year is calculated by dividing total debt as of that date by GDP at current price for the corresponding year. 

<sup>(2)</sup> The debt service-to-GDP ratio as of December 31 of any given year is calculated by dividing total debt service for the corresponding year by GDP at current price for that year. 

<sup>(3)</sup> 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, 2024, the central Government's debt-to-GDP ratio was 39.8%, with U.S.$545.5 billion of total public debt of the central Government, of which 12.2% was in loans and 87.8% was in bonds.

As of December 31, 2025, the central Government's debt-to-GDP ratio was 40.5%, with U.S.$576.4 billion of total public debt of the central Government, of which 13.0% was in loans and 87.0% was in bonds.

------

**DEBT TABLES OF THE REPUBLIC OF INDONESIA** 

---

| | |
|:---|:---|
|  External Loans of the Republic of Indonesia as of December 31, 2025 | D-130 |
|  Domestic Loans of the Republic of Indonesia as of December 31, 2025 | D-146 |
|  Guaranteed External Loans of the Republic of Indonesia as of December 31, 2025 | D-153 |
|  Guaranteed Domestic Loans of the Republic of Indonesia as of December 31, 2025 | D-154 |
|  Foreign Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2025 | D-155 |
|  Domestic Currency-Denominated Bonds of the Republic of Indonesia as of December 31, 2025 | D-158 |

---

------

**EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA** 

**AS OF 31 DECEMBER 2025** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |  |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |  |
|  ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | ***BILATERAL*** | **** |
|  AUD | AUSTRALIA PRIME RATE | 1.49% | 0.00% | 2020 | 2035 | 1500000000 | 1003200359 | 1000000000 | 668800239 |  |
|  AUD | NO INTEREST RATE | 0.00% | 0.00% | 2006 | 2046 | 197505719 | 132091872 | 159979632 | 106994416 |  |
|  AUD | NO INTEREST RATE | 0.00% | 0.00% | 2007 | 2047 | 290024929 | 193968742 | 240720691 | 160994056 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1976 | 2026 | 9951252 | 7261567 | 124326 | 90719 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1977 | 2027 | 3797864 | 2771354 | 187864 | 137082 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1978 | 2027 | 18482976 | 13487285 | 892686 | 651382 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1978 | 2027 | 19479946 | 14214789 | 729946 | 532633 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1979 | 2029 | 12847054 | 9374674 | 1284706 | 937433 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1981 | 2030 | 21059866 | 15367678 | 2632484 | 1920890 |  |
|  CAD | NO INTEREST RATE | 0.00% | 0.00% | 1982 | 2030 | 31544124 | 23018188 | 3943016 | 2877168 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1983 | 2033 | 14999732 | 10945514 | 2777557 | 2026748 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1984 | 2034 | 855778 | 624473 | 181854 | 132696 |  |
|  CAD | FIXED | 0.00% | 0.00% | 1984 | 2035 | 19977500 | 14577860 | 11727499 | 8557406 |  |
|  EUR | FIXED | 2.00% | 0.00% | 1982 | 2016 | 3988077 | 4680805 | 134981 | 158427 |  |
|  EUR | FIXED | 2.00% | 0.00% | 1984 | 2014 | 24695398 | 28984983 | 602302 | 706921 |  |
|  EUR | FIXED | 0.75% | 0.00% | 1984 | 2014 | 2556459 | 3000516 | 602302 | 706921 |  |
|  EUR | FIXED | 0.75% | 0.00% | 1991 | 2031 | 79311597 | 93088002 | 17627299 | 20689157 |  |
|  EUR | FIXED | 0.75% | 0.00% | 1989 | 2029 | 20451675 | 24004126 | 3018667 | 3543009 |  |
|  EUR | FIXED | 2.00% | 0.00% | 1991 | 2021 | 13804881 | 16202785 | 717854 | 842545 |  |
|  EUR | FIXED | 0.75% | 0.00% | 1991 | 2033 | 58747437 | 68951853 | 15461466 | 18147119 |  |
|  EUR | FIXED | 0.75% | 0.00% | 1992 | 2022 | 15850048 | 18603198 | 3700731 | 4343547 |  |
|  EUR | FIXED | 2.00% | 0.00% | 1992 | 2022 | 9816804 | 11521981 | 2147426 | 2520433 |  |
|  EUR | FIXED | 0.75% | 0.00% | 1993 | 2033 | 10839388 | 12722187 | 3076955 | 3611421 |  |
|  EUR | FIXED | 2.00% | 0.00% | 1993 | 2023 | 34256556 | 40206912 | 670815 | 787336 |  |
|  EUR | FIXED | 2.00% | 0.00% | 1993 | 2023 | 20298288 | 23824095 | 556286 | 652912 |  |
|  EUR | FIXED | 0.75% | 0.25% | 1994 | 2024 | 4644847 | 5451656 | 1482847 | 1740417 |  |
|  EUR | FIXED | 2.00% | 0.25% | 1995 | 2025 | 6902440 | 8101393 | 1124842 | 1320227 |  |
|  EUR | FIXED | 0.75% | 0.25% | 1995 | 2035 | 8513009 | 9991717 | 2840010 | 3333319 |  |
|  EUR | FIXED | 0.75% | 0.25% | 1995 | 2035 | 14902735 | 17491337 | 5229735 | 6138139 |  |
|  EUR | FIXED | 0.75% | 0.00% | 1995 | 2035 | 11654155 | 13678479 | 4082526 | 4791660 |  |
|  EUR | FIXED | 0.75% | 0.25% | 1995 | 2025 | 20721224 | 24320495 | 7290069 | 8556352 |  |
|  EUR | FIXED | 0.75% | 0.25% | 1999 | 2039 | 76609992 | 89917129 | 35165226 | 41273417 |  |
|  EUR | FIXED | 0.75% | 0.24% | 1998 | 2038 | 12271005 | 14402476 | 5521952 | 6481114 |  |
|  EUR | FIXED | 0.75% | 0.25% | 1998 | 2038 | 10946906 | 12848381 | 4872758 | 5719155 |  |
|  EUR | FIXED | 2.00% | 0.40% | 2014 | 2029 | 15312037 | 17971735 | 5298197 | 6218493 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2000 | 2040 | 14622948 | 17162950 | 7316587 | 8587476 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2000 | 2040 | 8087557 | 9492364 | 4050557 | 4754138 |  |
|  EUR | FIXED | 0.75% | 0.25% | 1999 | 2039 | 11759713 | 13802373 | 5591488 | 6562728 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2001 | 2041 | 19186859 | 22519611 | 10065287 | 11813625 |  |
|  EUR | FIXED | 2.00% | 0.25% | 2001 | 2031 | 9428222 | 11065902 | 2760976 | 3240557 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2001 | 2041 | 20221795 | 23734316 | 11121890 | 13053759 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2002 | 2014 | 37349000 | 43836512 | 20825000 | 24442298 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2001 | 2035 | 2652707 | 3113482 | 1115707 | 1309505 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2002 | 2015 | 7500000 | 8802748 | 4375000 | 5134936 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2003 | 2043 | 10500383 | 12324297 | 6249021 | 7334475 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2004 | 2044 | 9000000 | 10563298 | 5619000 | 6595019 |  |
|  EUR | FIXED | 0.75% | 0.00% | 2004 | 2018 | 39000000 | 45774291 | 26688000 | 31323699 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2006 | 2045 | 6000000 | 7042199 | 4100000 | 4812169 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2006 | 2046 | 8821144 | 10353375 | 6322144 | 7420299 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2009 | 2024 | 17887392 | 20994428 | 14609392 | 17147040 |  |
|  EUR | FIXED | 0.75% | 0.25% | 2011 | 2051 | 19000000 | 22300295 | 16626731 | 19514790 |  |
|  EUR | FIXED | 2.30% | 0.25% | 2013 | 2028 | 71585136 | 84019457 | 15335136 | 17998845 |  |
|  EUR | FIXED | 1.30% | 0.25% | 2017 | 2028 | 200000000 | 234739952 | 70590000 | 82851466 |  |
|  EUR | EURIBOR 6 MTH | 2.80% | 0.25% | 2021 | 2036 | 85700000 | 100586069 | 80448021 | 94421822 |  |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  EUR | FIXED | 1.50% | 0.00% | 1985 | 2027 | 1045718 | 1227359 | 23187 | 27214 |
|  EUR | FIXED | 2.00% | 0.00% | 1988 | 2026 | 918209 | 1077702 | 4755 | 5581 |
|  EUR | FIXED | 2.00% | 0.00% | 1989 | 2027 | 3184452 | 3737590 | 120503 | 141434 |
|  EUR | FIXED | 2.00% | 0.00% | 1991 | 2026 | 1530186 | 1795979 | 7273 | 8536 |
|  EUR | FIXED | 2.00% | 0.00% | 1989 | 2027 | 4755678 | 5581738 | 83950 | 98532 |
|  EUR | FIXED | 1.50% | 0.00% | 1988 | 2027 | 2705131 | 3175012 | 26397 | 30982 |
|  EUR | FIXED | 2.00% | 0.00% | 1991 | 2026 | 3114921 | 3655982 | 36137 | 42414 |
|  EUR | FIXED | 2.00% | 0.00% | 1989 | 2029 | 7870830 | 9237991 | 1123731 | 1318923 |
|  EUR | FIXED | 2.00% | 0.00% | 1990 | 2029 | 37767403 | 44327591 | 1381346 | 1621285 |
|  EUR | FIXED | 0.50% | 0.00% | 1993 | 2038 | 63683736 | 74745586 | 20843645 | 24464181 |
|  EUR | FIXED | 0.50% | 0.00% | 1993 | 2045 | 47838742 | 56148320 | 18137074 | 21287480 |
|  EUR | FIXED | 0.50% | 0.00% | 1993 | 2036 | 5823552 | 6835102 | 4103449 | 4816217 |
|  EUR | FIXED | 0.25% | 0.00% | 1995 | 2028 | 40998276 | 48119667 | 8254697 | 9688535 |
|  EUR | FIXED | 0.25% | 0.00% | 1996 | 2029 | 45463607 | 53360625 | 6334257 | 7434516 |
|  EUR | FIXED | 0.25% | 0.00% | 1997 | 2029 | 15683500 | 18407720 | 4056777 | 4761439 |
|  EUR | FIXED | 0.25% | 0.00% | 1997 | 2029 | 12337977 | 14481080 | 3555908 | 4173568 |
|  EUR | FIXED | 0.63% | 0.00% | 1998 | 2031 | 899449 | 1055683 | 592167 | 695026 |
|  EUR | FIXED | 2.20% | 0.00% | 1999 | 2028 | 764997 | 897877 | 689394 | 809142 |
|  EUR | FIXED | 2.35% | 0.00% | 2004 | 2028 | 627097 | 736023 | 97357 | 114268 |
|  EUR | FIXED | 1.00% | 0.00% | 2008 | 2028 | 36312283 | 42619717 | 9078071 | 10654929 |
|  EUR | FIXED | 1.00% | 0.00% | 2011 | 2034 | 30299373 | 35562367 | 15122785 | 17749609 |
|  EUR | FIXED | 2.06% | 0.00% | 2015 | 2033 | 140000000 | 164317967 | 86153846 | 101118749 |
|  EUR | FIXED | 2.08% | 0.00% | 2016 | 2034 | 100000000 | 117369976 | 69230769 | 81256137 |
|  EUR | FIXED | 1.41% | 0.50% | 2017 | 2032 | 150000000 | 176054964 | 97500000 | 114435727 |
|  EUR | FIXED | 1.90% | 0.00% | 2017 | 2032 | 100000000 | 117369976 | 70000000 | 82158983 |
|  EUR | FIXED | 0.00% | 0.00% | 2018 | 2058 | 42782878 | 50214254 | 42782877 | 50214253 |
|  EUR | FIXED | 1.62% | 0.00% | 2018 | 2028 | 150000000 | 176054964 | 64285714 | 75452128 |
|  EUR | FIXED | 1.62% | 0.00% | 2018 | 2028 | 150000000 | 176054964 | 64285714 | 75452128 |
|  EUR | FIXED | 0.33% | 0.50% | 2019 | 2031 | 20779100 | 24388425 | 14285631 | 16767042 |
|  EUR | EURIBOR 6 MTH | 1.48% | 0.40% | 2019 | 2034 | 36426578 | 42753866 | 27291663 | 32032218 |
|  EUR | FIXED | 1.23% | 0.00% | 2020 | 2030 | 100000000 | 117369976 | 56250000 | 66020612 |
|  EUR | FIXED | 0.99% | 0.00% | 2020 | 2030 | 100000000 | 117369976 | 83333333 | 97808313 |
|  EUR | EURIBOR 6 MTH | 3.50% | 0.20% | 2021 | 2039 | 89008005 | 104468675 | 1074969 | 1261691 |
|  EUR | FIXED | 1.36% | 0.00% | 2021 | 2031 | 100000000 | 117369976 | 91666667 | 107589145 |
|  EUR | FIXED | 0.78% | 0.50% | 2021 | 2034 | 80000000 | 93895981 | 71999930 | 84506300 |
|  EUR | EURIBOR 6 MTH | 3.34% | 0.00% | 2022 | 2034 | 50000000 | 58684988 | 50000000 | 58684988 |
|  EUR | EURIBOR 6 MTH | 3.06% | 0.00% | 2023 | 2034 | 150000000 | 176054964 | 150000000 | 176054964 |
|  EUR | EURIBOR 6 MTH | 3.41% | 0.00% | 2024 | 2036 | 200000000 | 234739952 | 200000000 | 234739952 |
|  EUR | EURIBOR 6 MTH | 3.26% | 0.20% | 2022 | 2040 | 98674936 | 115814749 | 2767143 | 3247795 |
|  EUR | EURIBOR 6 MTH | 3.30% | 0.00% | 2025 | 2037 | 150000000 | 176054964 | 150000000 | 176054964 |
|  EUR | FIXED | 3.09% | 0.00% | 2013 | 2031 | 74700000 | 87675372 | 32014286 | 37575160 |
|  EUR | FIXED | 0.22% | 0.00% | 2014 | 2037 | 47677098 | 55958599 | 41500502 | 48709129 |
|  EUR | NO INTEREST RATE | 0.00% | 0.00% | 1996 | 2033 | 1801799 | 2114771 | 720720 | 845908 |
|  EUR | FIXED | 0.75% | 0.25% | 2005 | 2021 | 26497261 | 31099829 | 17223199 | 20214864 |
|  EUR | FIXED | 1.25% | 0.00% | 2017 | 2028 | 200000000 | 234739952 | 70590000 | 82851466 |
|  EUR | FIXED | 2.55% | 0.25% | 2017 | 2032 | 29367573 | 34468714 | 19367573 | 22731716 |
|  EUR | EURIBOR 6 MTH | 2.99% | 0.25% | 2018 | 2029 | 200000000 | 234739952 | 94120000 | 110468621 |
|  EUR | EURIBOR 6 MTH | 2.99% | 0.25% | 2018 | 2029 | 200000000 | 234739952 | 94120000 | 110468621 |
|  EUR | EURIBOR 6 MTH | 2.94% | 0.25% | 2018 | 2029 | 300000000 | 352109928 | 141177000 | 165699411 |
|  EUR | EURIBOR 6 MTH | 2.89% | 0.25% | 2019 | 2031 | 500000000 | 586849880 | 323532000 | 379729431 |
|  EUR | EURIBOR 6 MTH | 2.90% | 0.25% | 2020 | 2032 | 250000000 | 293424940 | 191178000 | 224385573 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  EUR | EURIBOR 6 MTH | 2.88% | 0.25% | 2020 | 2032 | 300000000 | 352109928 | 229412000 | 269260810 |
|  EUR | EURIBOR 6 MTH | 2.88% | 0.25% | 2021 | 2032 | 200000000 | 234739952 | 152944000 | 179510336 |
|  EUR | EURIBOR 6 MTH | 2.70% | 0.25% | 2021 | 2036 | 200000000 | 234739952 | 200000000 | 234739952 |
|  EUR | EURIBOR 6 MTH | 2.83% | 0.25% | 2021 | 2033 | 400000000 | 469479904 | 352942000 | 414247941 |
|  EUR | EURIBOR 6 MTH | 2.62% | 0.25% | 2022 | 2034 | 300000000 | 352109928 | 300000000 | 352109928 |
|  EUR | EURIBOR 6 MTH | 3.59% | 0.25% | 2021 | 2037 | 37000000 | 43426891 | 402960 | 472954 |
|  EUR | EURIBOR 6 MTH | 2.88% | 0.25% | 2024 | 2035 | 400000000 | 469479904 | 400000000 | 469479904 |
|  EUR | EURIBOR 6 MTH | 0.71% | 0.25% | 2025 | 2036 | 200000000 | 234739952 | 200000000 | 234739952 |
|  EUR | FIXED | 1.50% | 0.10% | 2024 | 2054 | 150800000 | 176993924 | 29676946 | 34831825 |
|  EUR | FIXED | 0.20% | 0.00% | 2003 | 2038 | 10840484 | 12723474 | 5530859 | 6491568 |
|  EUR | FIXED | 0.15% | 0.00% | 2007 | 2037 | 13594264 | 15955584 | 10875411 | 12764468 |
|  EUR | FIXED | 0.15% | 0.00% | 2008 | 2038 | 10198683 | 11970192 | 8498903 | 9975160 |
|  EUR | FIXED | 0.15% | 0.00% | 2008 | 2038 | 8554233 | 10040101 | 7128527 | 8366751 |
|  EUR | FIXED | 0.15% | 0.00% | 2008 | 2039 | 6888832 | 8085420 | 6199948 | 7276878 |
|  EUR | FIXED | 0.15% | 0.00% | 2010 | 2040 | 3695046 | 4336875 | 3695046 | 4336875 |
|  EUR | FIXED | 0.15% | 0.00% | 2011 | 2046 | 7349159 | 8625706 | 7349159 | 8625706 |
|  EUR | FIXED | 0.15% | 0.00% | 2013 | 2051 | 12430001 | 14589089 | 12430001 | 14589089 |
|  EUR | FIXED | 0.15% | 0.00% | 2016 | 2054 | 6979739 | 8192118 | 6979739 | 8192118 |
|  EUR | EURIBOR 6 MTH | 3.17% | 0.50% | 2023 | 2029 | 26956350 | 31638662 | 23586806 | 27683829 |
|  EUR | EURIBOR 6 MTH | 1.30% | 0.50% | 2025 | 2033 | 51300000 | 60210798 | 7695000 | 9031620 |
|  EUR | FIXED | 0.00% | 0.00% | 2024 | 2027 | 68523387 | 80425883 | 35492258 | 41657254 |
|  EUR | FIXED | 0.00% | 0.00% | 2024 | 2027 | 68523387 | 80425883 | 35492258 | 41657254 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 1609436167 | 10279339 | 79940000 | 510570 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 6760714022 | 43180137 | 329790000 | 2106342 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 3516933637 | 22462372 | 194544000 | 1242537 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 4897893000 | 31282449 | 207434000 | 1324864 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 8795749654 | 56177746 | 496496000 | 3171080 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 5198504068 | 33202427 | 275054000 | 1756748 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 12503243247 | 79857209 | 571014000 | 3647021 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 4226153944 | 26992105 | 292138000 | 1865862 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 826743670 | 5280345 | 47386000 | 302651 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 4242645996 | 27097439 | 243768000 | 1556927 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 11467999512 | 73245191 | 627648000 | 4008737 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 8949878147 | 57162152 | 496870000 | 3173469 |
|  JPY | FIXED | 2.50% | 0.00% | 1996 | 2026 | 2810949132 | 17953306 | 137116000 | 875749 |
|  JPY | FIXED | 2.50% | 0.00% | 1996 | 2026 | 7407014010 | 47308003 | 422766000 | 2700173 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 9247387960 | 59062323 | 468624000 | 2993064 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 3612654889 | 23073736 | 212618000 | 1357974 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 5168573200 | 33011261 | 293840000 | 1876733 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 3888995861 | 24838704 | 263600000 | 1683592 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 436583101 | 2788421 | 21042000 | 134394 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 705870681 | 4508339 | 62020000 | 396117 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 4104340742 | 26214094 | 225296000 | 1438947 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 1866014417 | 11918084 | 325050000 | 2076068 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 25682112519 | 164029588 | 3220955000 | 20571981 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 4052359893 | 25882097 | 580830000 | 3709715 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 6658300059 | 42526027 | 949975000 | 6067414 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 7771763938 | 49637631 | 1065855000 | 6807530 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 6251618249 | 39928583 | 848355000 | 5418375 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 7000375811 | 44710837 | 987030000 | 6304082 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 1803664267 | 11519859 | 306020000 | 1954525 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 2267637114 | 14483216 | 347235000 | 2217762 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 5583687451 | 35662563 | 780375000 | 4984193 |
|  JPY | FIXED | 2.50% | 0.00% | 1998 | 2028 | 7923532474 | 50606965 | 1133385000 | 7238839 |
|  JPY | FIXED | 2.10% | 0.00% | 1998 | 2028 | 411741033 | 2629757 | 50210000 | 320687 |
|  JPY | FIXED | 2.50% | 0.00% | 1998 | 2028 | 3853515605 | 24612094 | 556525000 | 3554481 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 8063156977 | 51498735 | 1115615000 | 7125344 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 12795198345 | 81721903 | 1952250000 | 12468864 |
|  JPY | FIXED | 2.70% | 0.00% | 1998 | 2028 | 27687999999 | 176841030 | 3070680000 | 19612187 |
|  JPY | FIXED | 2.30% | 0.00% | 1998 | 2028 | 902092741 | 5761594 | 110005000 | 702593 |
|  JPY | FIXED | 2.30% | 0.00% | 1998 | 2028 | 428467622 | 2736588 | 52245000 | 333685 |
|  JPY | FIXED | 2.70% | 0.00% | 1996 | 2026 | 16005000000 | 102222648 | 780730000 | 4986460 |
|  JPY | FIXED | 2.20% | 0.00% | 1998 | 2028 | 20000000000 | 127738392 | 2439020000 | 15577825 |
|  JPY | FIXED | 1.00% | 0.00% | 1998 | 2028 | 48500000000 | 309765600 | 7097556000 | 45331521 |
|  JPY | FIXED | 1.00% | 0.00% | 1998 | 2028 | 98524758827 | 629269712 | 14418252000 | 92088220 |
|  JPY | FIXED | 1.30% | 0.00% | 2005 | 2035 | 10794000000 | 68940410 | 5002092000 | 31947961 |
|  JPY | FIXED | 1.50% | 0.00% | 2006 | 2036 | 11729000000 | 74912180 | 6007533000 | 38369632 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2037 | 11777000000 | 75218752 | 6606589000 | 42195754 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2037 | 11777000000 | 75218752 | 6606589000 | 42195754 |
|  JPY | FIXED | 0.80% | 0.10% | 2011 | 2026 | 8291000000 | 52953950 | 394809000 | 2521613 |
|  JPY | FIXED | 0.80% | 0.10% | 2013 | 2028 | 15490000000 | 98933384 | 3688095000 | 23555567 |
|  JPY | FIXED | 0.80% | 0.00% | 2013 | 2028 | 19848000000 | 126767580 | 5670852000 | 36219277 |
|  JPY | FIXED | 0.40% | 0.00% | 2020 | 2035 | 31800000000 | 203104043 | 28771415000 | 183760722 |
|  JPY | FIXED | 0.30% | 0.00% | 1998 | 2028 | 15171500000 | 96899151 | 124925000 | 797886 |
|  JPY | FIXED | 3.00% | 0.00% | 1998 | 2028 | 6068600000 | 38759660 | 49970000 | 319154 |
|  JPY | FIXED | 0.01% | 0.00% | 2020 | 2035 | 50000000000 | 319345979 | 43478260000 | 277692162 |
|  JPY | FIXED | 0.45% | 0.00% | 2021 | 2036 | 50000000000 | 319345979 | 50000000000 | 319345993 |
|  JPY | FIXED | 0.01% | 0.00% | 2023 | 2038 | 30000000000 | 191607588 | 30000000000 | 191607596 |
|  JPY | FIXED | 0.50% | 0.00% | 2023 | 2038 | 30000000000 | 191607588 | 30000000000 | 191607596 |
|  JPY | FIXED | 1.00% | 0.00% | 1999 | 2029 | 45200000000 | 288688765 | 7717073000 | 49288327 |
|  JPY | FIXED | 1.00% | 0.00% | 1999 | 2029 | 35280000000 | 225330523 | 6023409000 | 38471031 |
|  JPY | FIXED | 1.00% | 0.00% | 2000 | 2030 | 35964000000 | 229699176 | 7894530000 | 50421730 |
|  JPY | FIXED | 1.80% | 0.00% | 2001 | 2041 | 5032553649 | 32142515 | 2164480000 | 13824360 |
|  JPY | FIXED | 1.80% | 0.00% | 2001 | 2041 | 15478418867 | 98859417 | 6098780000 | 38952419 |
|  JPY | FIXED | 1.80% | 0.00% | 2001 | 2041 | 18664464188 | 119208432 | 6114440000 | 39052438 |
|  JPY | FIXED | 0.75% | 0.00% | 2001 | 2041 | 5705511965 | 36440646 | 2993024000 | 19116204 |
|  JPY | FIXED | 0.95% | 0.00% | 2001 | 2041 | 21556651657 | 137680601 | 11443712000 | 73090071 |
|  JPY | FIXED | 1.80% | 0.00% | 2002 | 2042 | 20205166776 | 129048775 | 9873802000 | 63063182 |
|  JPY | FIXED | 1.80% | 0.00% | 2002 | 2042 | 10985231568 | 70161791 | 5311240000 | 33922464 |
|  JPY | FIXED | 0.95% | 0.00% | 2003 | 2043 | 45335142633 | 289551911 | 27844565000 | 177841005 |
|  JPY | FIXED | 1.80% | 0.00% | 2003 | 2033 | 54150511998 | 345854966 | 21131904000 | 134967777 |
|  JPY | FIXED | 1.80% | 0.00% | 2003 | 2033 | 16526621188 | 105554201 | 6449392000 | 41191750 |
|  JPY | FIXED | 1.80% | 0.00% | 2004 | 2034 | 14542600396 | 92882419 | 6029849000 | 38512162 |
|  JPY | FIXED | 1.30% | 0.00% | 2004 | 2034 | 56647456984 | 361802753 | 23466902000 | 149881222 |
|  JPY | FIXED | 0.75% | 0.00% | 2004 | 2044 | 558369285 | 3566260 | 338661000 | 2163001 |
|  JPY | FIXED | 0.75% | 0.00% | 2004 | 2044 | 4517356107 | 28851990 | 2932287000 | 18728282 |
|  JPY | FIXED | 1.30% | 0.00% | 2004 | 2034 | 9093144720 | 58077184 | 3770311000 | 24080674 |
|  JPY | FIXED | 1.30% | 0.00% | 2004 | 2034 | 3382052096 | 21600895 | 1402296000 | 8956352 |
|  JPY | FIXED | 1.30% | 0.00% | 2004 | 2034 | 5382263817 | 34376086 | 2231658000 | 14253421 |
|  JPY | FIXED | 1.30% | 0.00% | 2004 | 2034 | 10551284688 | 67390207 | 4288488000 | 27390229 |
|  JPY | FIXED | 1.30% | 0.00% | 2005 | 2035 | 8515235486 | 54386124 | 3880142000 | 24782156 |
|  JPY | FIXED | 1.30% | 0.00% | 2005 | 2035 | 13690981879 | 87443200 | 6342238000 | 40507366 |
|  JPY | FIXED | 1.30% | 0.00% | 2005 | 2035 | 16401023543 | 104752019 | 7600456000 | 48543503 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  JPY | FIXED | 0.75% | 0.00% | 2005 | 2045 | 16068683783 | 102629391 | 10273380000 | 65615255 |
|  JPY | FIXED | 0.75% | 0.00% | 2005 | 2045 | 677399208 | 4326494 | 433017000 | 2765645 |
|  JPY | FIXED | 1.30% | 0.00% | 2005 | 2035 | 9677262639 | 61807898 | 4483164000 | 28633609 |
|  JPY | FIXED | 0.40% | 0.00% | 2005 | 2045 | 2880815148 | 18399535 | 1841775000 | 11763269 |
|  JPY | FIXED | 0.40% | 0.00% | 2005 | 2045 | 17911070347 | 114396566 | 10865751000 | 69398681 |
|  JPY | FIXED | 1.30% | 0.00% | 2005 | 2045 | 2098768755 | 13404667 | 1290422000 | 8241822 |
|  JPY | FIXED | 0.40% | 0.00% | 2006 | 2046 | 23125703144 | 147702006 | 15463847000 | 98766351 |
|  JPY | FIXED | 0.75% | 0.00% | 2006 | 2046 | 27598117698 | 176266959 | 23132159000 | 147743246 |
|  JPY | FIXED | 1.50% | 0.00% | 2006 | 2036 | 15671499292 | 100092606 | 8018766000 | 51215216 |
|  JPY | FIXED | 0.75% | 0.00% | 2006 | 2046 | 8040654742 | 51355015 | 5404333000 | 34517042 |
|  JPY | FIXED | 0.40% | 0.00% | 2006 | 2046 | 1550354185 | 9901988 | 1067430000 | 6817590 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2037 | 284232810 | 1815372 | 38203000 | 243999 |
|  JPY | FIXED | 0.75% | 0.00% | 2007 | 2047 | 25927805569 | 165598809 | 18267518000 | 116673173 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2037 | 10046900990 | 64168749 | 5636058000 | 35997051 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2037 | 833233056 | 5321793 | 467383000 | 2985138 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2047 | 7214477269 | 46078286 | 4423376000 | 28251748 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2037 | 1520108426 | 9708810 | 852725000 | 5446286 |
|  JPY | FIXED | 1.50% | 0.00% | 2007 | 2037 | 23183574406 | 148071626 | 13005396000 | 83064422 |
|  JPY | FIXED | 0.40% | 0.00% | 2007 | 2047 | 6210886208 | 39668431 | 4376239000 | 27950688 |
|  JPY | FIXED | 0.75% | 0.00% | 2007 | 2047 | 8619294974 | 55050744 | 6040941000 | 38583006 |
|  JPY | FIXED | 1.40% | 0.10% | 2008 | 2038 | 9067000000 | 57910200 | 7475650000 | 47746377 |
|  JPY | FIXED | 1.40% | 0.10% | 2008 | 2038 | 6755903896 | 43149415 | 5238875000 | 33460275 |
|  JPY | FIXED | 0.01% | 0.10% | 2008 | 2038 | 646301237 | 4127874 | 394075000 | 2516925 |
|  JPY | FIXED | 1.40% | 0.10% | 2008 | 2038 | 12711427167 | 81186863 | 8631775000 | 55130455 |
|  JPY | FIXED | 0.65% | 0.10% | 2008 | 2048 | 5015741090 | 32035135 | 4312980000 | 27546658 |
|  JPY | FIXED | 1.40% | 0.10% | 2009 | 2039 | 4777890048 | 30516000 | 4219830000 | 26951716 |
|  JPY | FIXED | 1.40% | 0.10% | 2009 | 2039 | 4556211292 | 29100155 | 3565566000 | 22772984 |
|  JPY | FIXED | 1.40% | 0.10% | 2009 | 2039 | 4158057169 | 26557177 | 3169476000 | 20243189 |
|  JPY | FIXED | 0.20% | 0.10% | 2009 | 2049 | 46323768359 | 295866184 | 37084410000 | 236855155 |
|  JPY | FIXED | 0.01% | 0.10% | 2009 | 2039 | 1572911089 | 10046057 | 957690000 | 6116689 |
|  JPY | FIXED | 0.30% | 0.10% | 2011 | 2051 | 25327000000 | 161761512 | 22268289249 | 142225779 |
|  JPY | FIXED | 1.40% | 0.10% | 2013 | 2038 | 2592654683 | 16559077 | 2065750000 | 13193780 |
|  JPY | FIXED | 0.30% | 0.10% | 2013 | 2053 | 3403793167 | 21739753 | 3302750000 | 21094400 |
|  JPY | FIXED | 0.01% | 0.10% | 2013 | 2053 | 721915649 | 4610817 | 564135000 | 3603085 |
|  JPY | FIXED | 1.40% | 0.00% | 2014 | 2044 | 13125000000 | 83828320 | 68672713 | 438607 |
|  JPY | FIXED | 1.40% | 0.00% | 2014 | 2039 | 9046000000 | 57776075 | 6964731000 | 44483179 |
|  JPY | FIXED | 0.01% | 0.00% | 2014 | 2054 | 1411006769 | 9011987 | 1318410000 | 8420579 |
|  JPY | FIXED | 0.01% | 0.00% | 2014 | 2054 | 5000975715 | 31940830 | 4668186000 | 29815330 |
|  JPY | FIXED | 1.40% | 0.00% | 2014 | 2039 | 3926000000 | 25075046 | 3379517211 | 21584706 |
|  JPY | FIXED | 0.30% | 0.00% | 2014 | 2054 | 7075000000 | 45187456 | 6587781273 | 42075631 |
|  JPY | FIXED | 0.01% | 0.00% | 2015 | 2040 | 1911026019 | 12205570 | 1548420000 | 9889634 |
|  JPY | FIXED | 0.10% | 0.00% | 2015 | 2055 | 68305676917 | 436262866 | 67111800000 | 428637688 |
|  JPY | FIXED | 0.01% | 0.10% | 2015 | 2055 | 657000000 | 4196206 | 404136752 | 2581189 |
|  JPY | TORF 6 MONTHS | 0.76% | 0.00% | 2017 | 2047 | 48237000000 | 308085840 | 41864187389 | 267383210 |
|  JPY | TORF 6 MONTHS | 0.76% | 0.00% | 2017 | 2047 | 13851000000 | 88465223 | 7309344176 | 46684195 |
|  JPY | TORF 6 MONTHS | 0.76% | 0.00% | 2017 | 2047 | 8565000000 | 54703966 | 2918988998 | 18643349 |
|  JPY | TORF 6 MONTHS | 0.70% | 0.00% | 2017 | 2042 | 8042507966 | 51366852 | 7375620000 | 47107494 |
|  JPY | FIXED | 0.10% | 0.00% | 2017 | 2057 | 111710517548 | 713486093 | 103068016205 | 658287159 |
|  JPY | FIXED | 0.10% | 0.00% | 2018 | 2058 | 70021000000 | 447218497 | 69809205024 | 445865798 |
|  JPY | FIXED | 1.30% | 0.00% | 2019 | 2044 | 27520000000 | 175768027 | 4221727133 | 26963833 |
|  JPY | FIXED | 0.01% | 0.00% | 2020 | 2060 | 27970000000 | 178642141 | 26813913406 | 171258316 |
|  JPY | FIXED | 1.20% | 0.00% | 2020 | 2045 | 54203000000 | 346190202 | 28754504262 | 183652714 |
|  JPY | FIXED | 0.80% | 0.00% | 2020 | 2040 | 6348000000 | 40544166 | 4928035624 | 31474969 |
|  JPY | FIXED | 0.10% | 0.00% | 2022 | 2062 | 70195000000 | 448329821 | 48129154908 | 307397055 |
|  JPY | FIXED | 0.10% | 0.00% | 2023 | 2063 | 83344000000 | 532311426 | 62703802972 | 400484164 |
|  JPY | FIXED | 1.05% | 0.00% | 2023 | 2038 | 39900000000 | 254838092 | 24745877019 | 158049933 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  JPY | FIXED | 1.60% | 0.00% | 2024 | 2054 | 20305000000 | 129686402 | 186964288 | 1194126 |
|  JPY | FIXED | 0.30% | 0.00% | 2024 | 2064 | 120236000000 | 767937664 | 424340019 | 2710226 |
|  KRW | FIXED | 2.50% | 0.00% | 1998 | 2027 | 27366962730 | 18970912 | 2736696000 | 1897028 |
|  KRW | FIXED | 2.50% | 0.00% | 2000 | 2030 | 44912981250 | 31133897 | 11228240000 | 7783212 |
|  KRW | FIXED | 2.00% | 0.00% | 2000 | 2030 | 32899947110 | 22806403 | 8224980000 | 5701407 |
|  KRW | FIXED | 2.00% | 0.00% | 2005 | 2035 | 19312358510 | 13387421 | 9656160000 | 6693475 |
|  KRW | FIXED | 1.50% | 0.00% | 2007 | 2037 | 14124233500 | 9790987 | 8474520000 | 5874383 |
|  KRW | FIXED | 1.50% | 0.00% | 2007 | 2037 | 19102895130 | 13242220 | 11461728000 | 7945061 |
|  KRW | FIXED | 1.50% | 0.00% | 2007 | 2037 | 23717066770 | 16440786 | 14230224000 | 9864133 |
|  KRW | FIXED | 1.50% | 0.00% | 2009 | 2039 | 32354707860 | 22428441 | 21839409000 | 15138681 |
|  KRW | FIXED | 0.20% | 0.00% | 2011 | 2041 | 39845706280 | 27621237 | 30880402000 | 21405733 |
|  KRW | FIXED | 0.15% | 0.00% | 2011 | 2051 | 108360383700 | 75115945 | 94202056000 | 65299152 |
|  KRW | FIXED | 0.15% | 0.00% | 2014 | 2054 | 57397000000 | 39787879 | 49916131780 | 34600955 |
|  KRW | FIXED | 0.15% | 0.00% | 2014 | 2054 | 40720146500 | 28227403 | 38684076000 | 26815098 |
|  KRW | NO INTEREST RATE | 0.00% | 0.00% | 2019 | 2059 | 17485030680 | 12120708 | 17485030680 | 12120305 |
|  KRW | FIXED | 0.15% | 0.00% | 2021 | 2061 | 4901626240 | 3397831 | 4901626240 | 3397718 |
|  KRW | FIXED | 0.15% | 0.00% | 2023 | 2062 | 48010000000 | 33280765 | 36369818450 | 25210897 |
|  SAR | FIXED | 2.00% | 0.00% | 2010 | 2035 | 107294934 | 28609694 | 47139000 | 12569564 |
|  SAR | FIXED | 2.00% | 0.00% | 2014 | 2038 | 111198680 | 29650609 | 67912000 | 18108662 |
|  SAR | FIXED | 2.00% | 0.00% | 2019 | 2038 | 208500000 | 55595552 | 137609134 | 36693327 |
|  SAR | FIXED | 2.00% | 0.00% | 2019 | 2038 | 122625000 | 32697384 | 84870695 | 22630680 |
|  SAR | FIXED | 2.00% | 0.00% | 2019 | 2039 | 83625000 | 22298216 | 32906743 | 8774548 |
|  USD | FIXED | 3.40% | 0.25% | 2015 | 2026 | 45000000 | 45000000 | 2647059 | 2647059 |
|  USD | FIXED | 3.40% | 0.25% | 2015 | 2026 | 200000000 | 200000000 | 23530000 | 23530000 |
|  USD | FIXED | 2.85% | 0.25% | 2016 | 2027 | 220000000 | 220000000 | 51767000 | 51767000 |
|  USD | FIXED | 3.47% | 0.25% | 2016 | 2028 | 220000000 | 220000000 | 64708000 | 64708000 |
|  USD | FIXED | 3.24% | 0.00% | 2012 | 2032 | 29999128 | 29999128 | 12999622 | 12999622 |
|  USD | SOFR 6 MONTHS | 5.91% | 0.25% | 2023 | 2040 | 39999391 | 39999391 | 646000 | 646000 |
|  USD | FIXED | 3.85% | 0.00% | 2013 | 2028 | 38758055 | 38758055 | 9689514 | 9689514 |
|  USD | FIXED | 5.00% | 0.30% | 2014 | 2028 | 9481270 | 9481270 | 2370317 | 2370317 |
|  USD | FIXED | 0.00% | 0.00% | 2018 | 2058 | 31705000 | 31705000 | 14298062 | 14298062 |
|  USD | FIXED | 1.00% | 0.00% | 2022 | 2033 | 100000000 | 100000000 | 100000000 | 100000000 |
|  USD | FIXED | 1.30% | 0.00% | 2023 | 2039 | 207725000 | 207725000 | 24503395 | 24503395 |
|  USD | FIXED | 1.00% | 0.00% | 2023 | 2043 | 60000000 | 60000000 | 60000000 | 60000000 |
|  USD | FIXED | 2.60% | 0.00% | 2017 | 2030 | 101660000 | 101660000 | 50830000 | 50830000 |
|  USD | FIXED | 5.30% | 0.00% | 2009 | 2024 | 42500000 | 42500000 | 8500000 | 8500000 |
|  USD | FIXED | 5.30% | 0.00% | 2009 | 2024 | 47685000 | 47685000 | 11921250 | 11921250 |
|  USD | FIXED | 5.30% | 0.00% | 2010 | 2025 | 47600000 | 47600000 | 14280000 | 14280000 |
|  USD | FIXED | 5.30% | 0.00% | 2010 | 2025 | 2550000 | 2550000 | 765000 | 765000 |
|  USD | FIXED | 5.30% | 0.00% | 2011 | 2026 | 45900000 | 45900000 | 18360000 | 18360000 |
|  USD | FIXED | 5.30% | 0.00% | 2011 | 2026 | 4242605 | 4242605 | 1697042 | 1697042 |
|  USD | FIXED | 5.30% | 0.00% | 2012 | 2027 | 96900000 | 96900000 | 53295000 | 53295000 |
|  USD | FIXED | 3.47% | 0.00% | 2002 | 2028 | 49578504 | 49578504 | 6885903 | 6885903 |
|  USD | FIXED | 3.47% | 0.00% | 2002 | 2032 | 3693809 | 3693809 | 1333875 | 1333875 |
|  USD | FIXED | 7.44% | 0.00% | 1994 | 2026 | 15000000 | 15000000 | 1375895 | 1375895 |
|  USD | FIXED | 7.44% | 0.00% | 1994 | 2026 | 10000000 | 10000000 | 917263 | 917263 |
|  USD | FIXED | 6.65% | 0.00% | 1999 | 2029 | 11000000 | 11000000 | 3470575 | 3470575 |
|  USD | FIXED | 6.65% | 0.00% | 1999 | 2029 | 14000000 | 14000000 | 4417095 | 4417095 |
|  USD | FIXED | 0.30% | 0.00% | 1995 | 2026 | 7138645 | 7138645 | 174113 | 174113 |
|  USD | FIXED | 1.25% | 0.00% | 1996 | 2027 | 8000000 | 8000000 | 585366 | 585366 |
|  USD | FIXED | 3.50% | 0.00% | 2003 | 2028 | 10199208 | 10199208 | 1653926 | 1653926 |
|  USD | FIXED | 0.70% | 0.00% | 2003 | 2034 | 9189325 | 9189325 | 3810208 | 3810208 |
|  USD | FIXED | 0.70% | 0.00% | 2004 | 2034 | 9996353 | 9996353 | 4388643 | 4388643 |
|  USD | FIXED | 3.00% | 0.00% | 2011 | 2027 | 68724795 | 68724795 | 7929792 | 7929792 |
|  USD | FIXED | 3.00% | 0.00% | 2012 | 2027 | 56251832 | 56251832 | 11719132 | 11719132 |
|  USD | FIXED | 3.00% | 0.20% | 2014 | 2030 | 230300260 | 230300260 | 103635117 | 103635117 |
|  USD | FIXED | 3.00% | 0.20% | 2012 | 2028 | 101793291 | 101793291 | 25448323 | 25448323 |
|  USD | FIXED | 3.00% | 0.00% | 2012 | 2028 | 99531602 | 99531602 | 24882900 | 24882900 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  USD | FIXED | 3.00% | 0.00% | 2012 | 2028 | 92761947 | 92761947 | 22086178 | 22086178 |
|  USD | FIXED | 3.00% | 0.20% | 2014 | 2030 | 316153519 | 316153519 | 142269083 | 142269083 |
|  USD | FIXED | 3.00% | 0.20% | 2013 | 2026 | 116999053 | 116999053 | 11699905 | 11699905 |
|  USD | FIXED | 3.00% | 0.20% | 2015 | 2031 | 195111421 | 195111421 | 117066852 | 117066852 |
|  USD | FIXED | 3.00% | 0.20% | 2015 | 2031 | 52453797 | 52453797 | 31472278 | 31472278 |
|  USD | FIXED | 3.00% | 0.20% | 2016 | 2031 | 206765453 | 206765453 | 124059272 | 124059272 |
|  USD | FIXED | 3.00% | 0.20% | 2016 | 2031 | 77050253 | 77050253 | 46230152 | 46230152 |
|  USD | FIXED | 3.00% | 0.25% | 2016 | 2032 | 175056018 | 175056018 | 94822010 | 94822010 |
|  USD | FIXED | 3.00% | 0.00% | 2018 | 2033 | 130285575 | 130285575 | 104228460 | 104228460 |
|  USD | SOFR 6 MONTHS | 5.41% | 0.50% | 2021 | 2027 | 8492109 | 8492109 | 3184541 | 3184541 |
|  USD | FIXED | 2.80% | 0.25% | 2022 | 2032 | 251275159 | 251275159 | 211581235 | 211581235 |
|  USD | FIXED | 2.80% | 0.25% | 2022 | 2037 | 108129795 | 108129795 | 72417960 | 72417960 |
|  USD | FIXED | 2.80% | 0.25% | 2022 | 2037 | 112733944 | 112733944 | 40952138 | 40952138 |
|  USD | FIXED | 2.80% | 0.25% | 2022 | 2037 | 365150734 | 365150734 | 160315539 | 160315539 |
|  USD | FIXED | 3.00% | 0.25% | 2023 | 2040 | 237862427 | 237862427 | 68721090 | 68721090 |
|  USD | SOFR 6 MONTHS | 6.24% | 0.50% | 2024 | 2030 | 184988201 | 184988201 | 170381353 | 170381353 |
|  USD | FIXED | 3.98% | 0.50% | 2012 | 2028 | 297500000 | 297500000 | 190151554 | 190151554 |
|  USD | SOFR 6 MONTHS | 5.37% | 0.50% | 2019 | 2029 | 20400000 | 20400000 | 10200000 | 10200000 |
|  USD | SOFR 6 MONTHS | 5.24% | 0.50% | 2019 | 2029 | 53125000 | 53125000 | 26562500 | 26562500 |
|  USD | FIXED | 0.00% | 0.00% | 2024 | 2029 | 33242741 | 33242741 | 19737619 | 19737619 |
|  ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** |  |  |  |  |  |  |  |  |
|  CHF | SARON COMPOUNDED | 0.85% | 0.25% | 2019 | 2028 | 25390381 | 32014097 | 9585412 | 12086768 |
|  EUR | EURIBOR 6 MTH | 2.56% | 0.40% | 2019 | 2033 | 152721115 | 179248736 | 114540836 | 134436552 |
|  EUR | EURIBOR 6 MTH | 2.52% | 0.00% | 2022 | 2036 | 108728081 | 127614123 | 83145003 | 97587270 |
|  EUR | EURIBOR 6 MTH | 4.06% | 0.35% | 2022 | 2027 | 9593654 | 11260070 | 3837462 | 4504028 |
|  EUR | EURIBOR 6 MTH | 4.06% | 0.00% | 2023 | 2031 | 20983699 | 24628562 | 14178175 | 16640920 |
|  EUR | FIXED | 3.12% | 0.39% | 2024 | 2036 | 157889696 | 185315098 | 78625651 | 92282907 |
|  EUR | EURIBOR 6 MTH | 2.14% | 0.00% | 2024 | 2031 | 8309984 | 9753426 | 8309984 | 9753426 |
|  EUR | FIXED | 3.50% | 0.00% | 1998 | 2026 | 20481742 | 24039416 | 1137874 | 1335523 |
|  EUR | FIXED | 3.50% | 0.00% | 1998 | 2026 | 15647789 | 18365806 | 434661 | 510161 |
|  EUR | FIXED | 3.50% | 0.00% | 1998 | 2026 | 34193032 | 40132354 | 1899613 | 2229575 |
|  EUR | FIXED | 3.50% | 0.00% | 1999 | 2027 | 68632225 | 80553626 | 5719352 | 6712802 |
|  EUR | FIXED | 3.50% | 0.00% | 1999 | 2026 | 21667405 | 25431029 | 1203745 | 1412835 |
|  EUR | FIXED | 3.50% | 0.00% | 1998 | 2029 | 24898896 | 29223828 | 4841452 | 5682411 |
|  EUR | FIXED | 0.88% | 0.26% | 2022 | 2034 | 59977728 | 70395845 | 53979955 | 63356261 |
|  EUR | EURIBOR 6 MTH | 2.95% | 0.00% | 2025 | 2035 | 157250000 | 184564287 | 12750000 | 14964672 |
|  EUR | EURIBOR 6 MTH | 3.16% | 0.27% | 2016 | 2028 | 166961250 | 195962379 | 52175391 | 61238243 |
|  EUR | EURIBOR 6 MTH | 2.41% | 0.00% | 2023 | 2025 | 297368504 | 349021342 | 83584661 | 98103296 |
|  EUR | FIXED | 1.28% | 0.30% | 2018 | 2027 | 35214565 | 41331327 | 11807237 | 13858151 |
|  EUR | FIXED | 0.49% | 0.25% | 2019 | 2027 | 26264490 | 30826626 | 13132245 | 15413313 |
|  EUR | EURIBOR 6 MTH | 3.72% | 0.65% | 2019 | 2028 | 243908151 | 286274938 | 152442594 | 178921836 |
|  EUR | EURIBOR 6 MTH | 3.08% | 0.37% | 2020 | 2027 | 32895000 | 38608854 | 10590500 | 12430067 |
|  EUR | EURIBOR 6 MTH | 2.79% | 0.00% | 2022 | 2036 | 411400000 | 482860082 | 329120000 | 386288065 |
|  EUR | EURIBOR 6 MTH | 3.25% | 0.00% | 2022 | 2036 | 793333050 | 931134811 | 610184648 | 716173575 |
|  EUR | EURIBOR 6 MTH | 3.35% | 0.00% | 2022 | 2029 | 69999975 | 82158954 | 69999975 | 82158954 |
|  EUR | FIXED | 3.25% | 0.38% | 2022 | 2035 | 166600000 | 195538380 | 92581176 | 108662505 |
|  EUR | EURIBOR 6 MTH | 3.12% | 0.40% | 2024 | 2035 | 1090797000 | 1280268178 | 1085330000 | 1273851561 |
|  EUR | EURIBOR 6 MTH | 3.98% | 0.00% | 2025 | 2036 | 150950429 | 177170482 | 140168255 | 164515448 |
|  EUR | EURIBOR 6 MTH | 3.04% | 0.00% | 2023 | 2036 | 2264005558 | 2657262781 | 1382981899 | 1623205523 |
|  EUR | EURIBOR 6 MTH | 4.04% | 0.00% | 2023 | 2030 | 199765196 | 234464363 | 199765196 | 234464363 |
|  EUR | EURIBOR 6 MTH | 3.11% | 0.35% | 2023 | 2039 | 3007554218 | 3529965666 | 1617027073 | 1897904289 |
|  EUR | EURIBOR 6 MTH | 4.02% | 0.00% | 2023 | 2030 | 265372431 | 311467559 | 265372431 | 311467559 |
|  EUR | EURIBOR 6 MTH | 3.04% | 0.35% | 2024 | 2033 | 87548456 | 102755601 | 61798910 | 72533366 |
|  EUR | EURIBOR 6 MTH | 3.97% | 0.35% | 2024 | 2029 | 7724864 | 9066671 | 7724864 | 9066671 |
|  EUR | EURIBOR 6 MTH | 3.00% | 0.35% | 2024 | 2035 | 144646437 | 169771489 | 25525842 | 29959675 |
|  EUR | EURIBOR 6 MTH | 4.01% | 0.00% | 2024 | 2031 | 12762921 | 14979837 | 12762921 | 14979837 |
|  EUR | EURIBOR 6 MTH | 2.81% | 0.50% | 2017 | 2027 | 21335000 | 25040884 | 5020000 | 5891973 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  EUR | FIXED | 3.50% | 0.00% | 1997 | 2026 | 29601112 | 34742818 | 1644506 | 1930157 |
|  EUR | FIXED | 3.50% | 0.00% | 1998 | 2027 | 11118944 | 13050301 | 1235438 | 1450033 |
|  EUR | EURIBOR 6 MTH | 5.00% | 0.00% | 2016 | 2027 | 6979739 | 8192118 | 1405022 | 1649074 |
|  EUR | EURIBOR 6 MTH | 4.32% | 0.92% | 2024 | 2034 | 224642845 | 263663254 | 69214282 | 81236787 |
|  EUR | EURIBOR 6 MTH | 2.40% | 0.50% | 2024 | 2031 | 189082010 | 221925510 | 16357543 | 19198845 |
|  EUR | NO INTEREST RATE | 0.00% | 0.25% | 2012 | 2027 | 8000000 | 9389598 | 1600000 | 1877920 |
|  EUR | NO INTEREST RATE | 0.00% | 0.25% | 2012 | 2027 | 8000000 | 9389598 | 1600000 | 1877920 |
|  EUR | FIXED | 0.40% | 0.40% | 2014 | 2034 | 11523700 | 13525364 | 7836116 | 9197247 |
|  EUR | FIXED | 0.40% | 0.40% | 2015 | 2034 | 7730000 | 9072699 | 5256400 | 6169435 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2018 | 2043 | 12500000 | 14671247 | 12500000 | 14671247 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2018 | 2043 | 12000000 | 14084397 | 12000000 | 14084397 |
|  EUR | FIXED | 0.40% | 0.40% | 2019 | 2033 | 114750000 | 134682048 | 90308305 | 105994835 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2019 | 2047 | 12400000 | 14553877 | 12400000 | 14553877 |
|  EUR | FIXED | 0.00% | 0.40% | 2020 | 2046 | 8000000 | 9389598 | 8000000 | 9389598 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2020 | 2048 | 14883000 | 17468174 | 14883000 | 17468174 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2020 | 2047 | 12000000 | 14084397 | 12000000 | 14084397 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2020 | 2048 | 10000000 | 11736998 | 10000000 | 11736998 |
|  EUR | NO INTEREST RATE | 0.00% | 0.45% | 2021 | 2049 | 12599493 | 14788022 | 12599493 | 14788022 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2022 | 2048 | 8000000 | 9389598 | 8000000 | 9389598 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2022 | 2049 | 10000000 | 11736998 | 10000000 | 11736998 |
|  EUR | NO INTEREST RATE | 0.00% | 0.40% | 2022 | 2048 | 9950000 | 11678313 | 9950000 | 11678313 |
|  EUR | FIXED | 0.15% | 0.40% | 2023 | 2038 | 53460000 | 62745989 | 37672208 | 44215861 |
|  EUR | FIXED | 0.00% | 0.40% | 2023 | 2055 | 10800000 | 12675957 | 10800000 | 12675957 |
|  EUR | EURIBOR 6 MTH | 3.16% | 0.40% | 2025 | 2032 | 38329881 | 44987772 | 4034724 | 4735555 |
|  EUR | EURIBOR 6 MTH | 4.22% | 0.00% | 2025 | 2032 | 2017362 | 2367777 | 2017362 | 2367777 |
|  EUR | EURIBOR 6 MTH | 3.75% | 0.00% | 2020 | 2027 | 12526875 | 14702790 | 10368250 | 12169213 |
|  EUR | EURIBOR 6 MTH | 3.73% | 0.00% | 2020 | 2028 | 17791988 | 20882451 | 13605638 | 15968933 |
|  EUR | EURIBOR 6 MTH | 3.73% | 0.00% | 2020 | 2028 | 10639960 | 12488119 | 10639960 | 12488119 |
|  EUR | EURIBOR 6 MTH | 3.11% | 0.00% | 2022 | 2029 | 36300000 | 42605301 | 21175000 | 24853092 |
|  EUR | EURIBOR 6 MTH | 5.46% | 0.00% | 2022 | 2035 | 160960160 | 188918901 | 77099547 | 90491720 |
|  EUR | EURIBOR 6 MTH | 4.86% | 0.00% | 2022 | 2030 | 148181235 | 173920280 | 112137151 | 131615347 |
|  EUR | EURIBOR 6 MTH | 3.76% | 0.00% | 2023 | 2025 | 361757852 | 424595105 | 117326871 | 137706520 |
|  EUR | EURIBOR 6 MTH | 4.66% | 0.00% | 2023 | 2029 | 13537144 | 15888542 | 13537144 | 15888542 |
|  EUR | EURIBOR 6 MTH | 1.66% | 0.60% | 2025 | 2034 | 374175000 | 439169108 | 56126250 | 65875366 |
|  EUR | EURIBOR 6 MTH | 2.93% | 0.15% | 2021 | 2030 | 80403817 | 94369941 | 74935147 | 87951364 |
|  EUR | EURIBOR 6 MTH | 3.04% | 0.00% | 2022 | 2028 | 10059338 | 11806643 | 7185242 | 8433316 |
|  EUR | EURIBOR 6 MTH | 1.80% | 0.72% | 2025 | 2034 | 283585002 | 332843648 | 53651217 | 62970420 |
|  EUR | EURIBOR 6 MTH | 6.99% | 0.00% | 2025 | 2032 | 33039500 | 38778453 | 4268700 | 5010172 |
|  USD | SOFR 6 MONTHS | 5.15% | 0.31% | 2022 | 2031 | 32375000 | 32375000 | 23025112 | 23025112 |
|  USD | SOFR 6 MONTHS | 5.07% | 0.00% | 2022 | 2031 | 32375000 | 32375000 | 23025112 | 23025112 |
|  USD | SOFR 6 MONTHS | 5.66% | 0.00% | 2023 | 2029 | 64543725 | 64543725 | 64543725 | 64543725 |
|  USD | SOFR 6 MONTHS | 5.66% | 0.00% | 2023 | 2029 | 110676250 | 110676250 | 86081528 | 86081528 |
|  USD | SOFR 6 MONTHS | 6.13% | 0.00% | 2023 | 2030 | 32046329 | 32046329 | 25111615 | 25111615 |
|  USD | SOFR 6 MONTHS | 6.17% | 0.00% | 2023 | 2030 | 56994486 | 56994486 | 56994486 | 56994486 |
|  USD | SOFR 6 MONTHS | 5.79% | 0.00% | 2023 | 2030 | 138696655 | 138696655 | 124929790 | 124929790 |
|  USD | SOFR 6 MONTHS | 5.90% | 0.00% | 2023 | 2030 | 147917028 | 147917028 | 147917028 | 147917028 |
|  USD | SOFR 3 MONTHS | 6.16% | 0.50% | 2017 | 2030 | 130474830 | 130474830 | 65237415 | 65237415 |
|  USD | FIXED | 0.05% | 0.00% | 2016 | 2040 | 36440994 | 36440994 | 30193967 | 30193967 |
|  USD | SOFR 6 MONTHS | 5.20% | 0.35% | 2017 | 2026 | 170000000 | 170000000 | 14166667 | 14166667 |
|  USD | SOFR 6 MONTHS | 5.19% | 0.25% | 2020 | 2028 | 94267785 | 94267785 | 58917366 | 58917366 |
|  USD | SOFR 6 MONTHS | 4.88% | 0.25% | 2020 | 2029 | 36975000 | 36975000 | 21568750 | 21568750 |
|  USD | SOFR 6 MONTHS | 5.60% | 0.00% | 2020 | 2028 | 114747564 | 114747564 | 81962546 | 81962546 |
|  USD | SOFR 6 MONTHS | 5.32% | 0.00% | 2020 | 2028 | 330732215 | 330732215 | 330732215 | 330732215 |
|  USD | SOFR 6 MONTHS | 5.57% | 0.00% | 2020 | 2029 | 68000000 | 68000000 | 40786406 | 40786406 |
|  USD | SOFR 6 MONTHS | 6.34% | 0.00% | 2020 | 2031 | 612000000 | 612000000 | 259920000 | 259920000 |
|  USD | SOFR 6 MONTHS | 5.56% | 0.00% | 2021 | 2028 | 33947129 | 33947129 | 24247949 | 24247949 |
|  USD | SOFR 6 MONTHS | 5.61% | 0.00% | 2021 | 2028 | 110500000 | 110500000 | 82875000 | 82875000 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  USD | SOFR 6 MONTHS | 5.46% | 0.00% | 2021 | 2027 | 12730051 | 12730051 | 4773769 | 4773769 |
|  USD | SOFR 6 MONTHS | 5.58% | 0.00% | 2021 | 2027 | 9350000 | 9350000 | 3506250 | 3506250 |
|  USD | SOFR 6 MONTHS | 5.47% | 0.00% | 2021 | 2026 | 8493650 | 8493650 | 3640136 | 3640136 |
|  USD | SOFR 6 MONTHS | 4.89% | 0.00% | 2021 | 2028 | 11050000 | 11050000 | 6906250 | 6906250 |
|  USD | SOFR 6 MONTHS | 4.89% | 0.00% | 2021 | 2027 | 8489970 | 8489970 | 4244985 | 4244985 |
|  USD | SOFR 6 MONTHS | 4.89% | 0.00% | 2021 | 2027 | 12748895 | 12748895 | 6374447 | 6374447 |
|  USD | SOFR 6 MONTHS | 4.89% | 0.00% | 2021 | 2027 | 25491500 | 25491500 | 12745750 | 12745750 |
|  USD | SOFR 6 MONTHS | 5.14% | 0.00% | 2022 | 2028 | 36996457 | 36996457 | 27747343 | 27747343 |
|  USD | SOFR 6 MONTHS | 5.14% | 0.00% | 2022 | 2028 | 12733323 | 12733323 | 7958327 | 7958327 |
|  USD | SOFR 6 MONTHS | 4.39% | 0.35% | 2022 | 2028 | 46240245 | 46240245 | 28900153 | 28900153 |
|  USD | SOFR 6 MONTHS | 4.91% | 0.35% | 2022 | 2028 | 46210001 | 46210001 | 34657501 | 34657501 |
|  USD | SOFR 6 MONTHS | 4.92% | 0.35% | 2022 | 2028 | 55470400 | 55470400 | 34669000 | 34669000 |
|  USD | SOFR 6 MONTHS | 5.10% | 0.00% | 2022 | 2028 | 18496961 | 18496961 | 11560601 | 11560601 |
|  USD | SOFR 6 MONTHS | 5.62% | 0.00% | 2022 | 2029 | 184970400 | 184970400 | 148201977 | 148201977 |
|  USD | SOFR 6 MONTHS | 6.24% | 0.00% | 2022 | 2030 | 259000000 | 259000000 | 140336000 | 140336000 |
|  USD | SOFR 6 MONTHS | 5.83% | 0.00% | 2022 | 2030 | 27750000 | 27750000 | 11547931 | 11547931 |
|  USD | SOFR 6 MONTHS | 5.53% | 0.00% | 2022 | 2029 | 184977597 | 184977597 | 161855397 | 161855397 |
|  USD | SOFR 6 MONTHS | 5.10% | 0.00% | 2022 | 2029 | 18490334 | 18490334 | 18490334 | 18490334 |
|  USD | SOFR 6 MONTHS | 5.96% | 0.00% | 2022 | 2029 | 92488501 | 92488501 | 80927439 | 80927439 |
|  USD | SOFR 6 MONTHS | 5.70% | 0.00% | 2022 | 2028 | 55460154 | 55460154 | 55460154 | 55460154 |
|  USD | SOFR 6 MONTHS | 6.27% | 0.00% | 2022 | 2029 | 161875000 | 161875000 | 81157202 | 81157202 |
|  USD | SOFR 6 MONTHS | 5.51% | 0.00% | 2022 | 2028 | 25890750 | 25890750 | 21575625 | 21575625 |
|  USD | SOFR 6 MONTHS | 6.17% | 0.00% | 2022 | 2028 | 97125000 | 97125000 | 80644200 | 80644200 |
|  USD | SOFR 6 MONTHS | 5.97% | 0.00% | 2022 | 2029 | 58737500 | 58737500 | 44191072 | 44191072 |
|  USD | SOFR 6 MONTHS | 5.69% | 0.00% | 2023 | 2028 | 84922650 | 84922650 | 63691988 | 63691988 |
|  USD | SOFR 6 MONTHS | 5.66% | 0.00% | 2023 | 2029 | 147937100 | 147937100 | 129444963 | 129444963 |
|  USD | SOFR 6 MONTHS | 5.33% | 0.35% | 2023 | 2028 | 21054850 | 21054850 | 18422994 | 18422994 |
|  USD | SOFR 6 MONTHS | 5.55% | 0.35% | 2023 | 2029 | 36981500 | 36981500 | 32358813 | 32358813 |
|  USD | SOFR 6 MONTHS | 5.93% | 0.00% | 2023 | 2029 | 78732901 | 78732901 | 23407079 | 23407079 |
|  USD | SOFR 6 MONTHS | 6.06% | 0.00% | 2023 | 2029 | 36982425 | 36982425 | 36982425 | 36982425 |
|  USD | SOFR 6 MONTHS | 5.65% | 0.00% | 2024 | 2029 | 18497225 | 18497225 | 18497225 | 18497225 |
|  USD | SOFR 6 MONTHS | 5.74% | 0.00% | 2025 | 2031 | 27740750 | 27740750 | 2249250 | 2249250 |
|  USD | SOFR 6 MONTHS | 6.18% | 0.00% | 2025 | 2033 | 277500000 | 277500000 | 22500000 | 22500000 |
|  USD | SOFR 6 MONTHS | 5.98% | 0.00% | 2025 | 2032 | 9243312 | 9243312 | 2248373 | 2248373 |
|  USD | SOFR 6 MONTHS | 5.98% | 0.00% | 2025 | 2032 | 7395838 | 7395838 | 1798988 | 1798988 |
|  USD | SOFR 6 MONTHS | 5.45% | 0.00% | 2025 | 2032 | 231213000 | 231213000 | 44242920 | 44242920 |
|  USD | SOFR 6 MONTHS | 5.16% | 0.00% | 2025 | 2030 | 32226445 | 32226445 | 15242238 | 15242238 |
|  USD | SOFR 6 MONTHS | 5.92% | 0.90% | 2017 | 2026 | 5939237 | 5939237 | 1484809 | 1484809 |
|  USD | SOFR 6 MONTHS | 5.14% | 0.00% | 2022 | 2028 | 36998890 | 36998890 | 27749168 | 27749168 |
|  USD | SOFR 6 MONTHS | 5.14% | 0.00% | 2022 | 2027 | 41625000 | 41625000 | 23785714 | 23785714 |
|  USD | SOFR 6 MONTHS | 5.14% | 0.00% | 2022 | 2028 | 22157087 | 22157087 | 13848180 | 13848180 |
|  USD | SOFR 6 MONTHS | 5.78% | 0.00% | 2022 | 2029 | 481924170 | 481924170 | 481924115 | 481924115 |
|  USD | SOFR 6 MONTHS | 5.53% | 0.00% | 2022 | 2029 | 78616459 | 78616459 | 78616459 | 78616459 |
|  USD | SOFR 6 MONTHS | 5.51% | 0.00% | 2022 | 2028 | 127461750 | 127461750 | 79663594 | 79663594 |
|  USD | SOFR 6 MONTHS | 5.68% | 0.00% | 2023 | 2030 | 123088906 | 123088906 | 27293643 | 27293643 |
|  USD | SOFR 6 MONTHS | 6.00% | 0.00% | 2023 | 2030 | 184980665 | 184980665 | 184980665 | 184980665 |
|  USD | SOFR 6 MONTHS | 6.11% | 0.00% | 2023 | 2030 | 92482529 | 92482529 | 92482529 | 92482529 |
|  USD | SOFR 6 MONTHS | 6.04% | 0.00% | 2023 | 2030 | 116509521 | 116509521 | 116509521 | 116509521 |
|  USD | SOFR 6 MONTHS | 5.01% | 0.00% | 2023 | 2029 | 27746763 | 27746763 | 24278417 | 24278417 |
|  USD | SOFR 6 MONTHS | 5.42% | 0.00% | 2023 | 2030 | 46229743 | 46229743 | 46229743 | 46229743 |
|  USD | SOFR 6 MONTHS | 5.23% | 0.00% | 2023 | 2029 | 18491467 | 18491467 | 18491467 | 18491467 |
|  USD | SOFR 6 MONTHS | 5.76% | 0.00% | 2023 | 2028 | 36963000 | 36963000 | 27722250 | 27722250 |
|  USD | SOFR 6 MONTHS | 5.17% | 0.25% | 2024 | 2031 | 138615413 | 138615413 | 40825139 | 40825139 |
|  USD | SOFR 6 MONTHS | 2.10% | 0.00% | 2025 | 2032 | 100466081 | 100466081 | 5750364 | 5750364 |
|  USD | SOFR 6 MONTHS | 2.10% | 0.00% | 2025 | 2032 | 264924579 | 264924579 | 43872837 | 43872837 |
|  USD | SOFR 6 MONTHS | 4.97% | 0.30% | 2025 | 2031 | 22195382 | 22195382 | 14437898 | 14437898 |
|  USD | SOFR 6 MONTHS | 1.35% | 0.25% | 2025 | 2031 | 92468990 | 92468990 | 7497486 | 7497486 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  USD | SOFR 6 MONTHS | 5.41% | 0.10% | 2025 | 2031 | 27712908 | 27712908 | 8861993 | 8861993 |
|  USD | SOFR 6 MONTHS | 4.81% | 0.50% | 2025 | 2031 | 27714156 | 27714156 | 2247094 | 2247094 |
|  USD | SOFR 6 MONTHS | 1.50% | 0.25% | 2025 | 2033 | 397822368 | 397822368 | 2995962 | 2995962 |
|  USD | SOFR 6 MONTHS | 5.54% | 0.00% | 2019 | 2026 | 156398376 | 156398376 | 19549797 | 19549797 |
|  USD | SOFR 6 MONTHS | 5.88% | 0.15% | 2020 | 2027 | 25498916 | 25498916 | 9562094 | 9562094 |
|  USD | SOFR 6 MONTHS | 6.08% | 0.15% | 2020 | 2028 | 41565000 | 41565000 | 25978125 | 25978125 |
|  USD | SOFR 6 MONTHS | 5.66% | 0.39% | 2021 | 2027 | 26349657 | 26349657 | 9881122 | 9881122 |
|  USD | SOFR 6 MONTHS | 5.36% | 0.15% | 2021 | 2027 | 2712002 | 2712002 | 2125000 | 2125000 |
|  USD | SOFR 6 MONTHS | 4.84% | 0.00% | 2021 | 2027 | 16998725 | 16998725 | 8499362 | 8499362 |
|  USD | SOFR 6 MONTHS | 5.02% | 0.00% | 2019 | 2026 | 104296971 | 104296971 | 42498997 | 42498997 |
|  USD | SOFR 6 MONTHS | 5.62% | 0.00% | 2020 | 2027 | 69699840 | 69699840 | 34849920 | 34849920 |
|  USD | SOFR 6 MONTHS | 5.96% | 0.00% | 2020 | 2026 | 12737684 | 12737684 | 1816394 | 1816394 |
|  USD | SOFR 6 MONTHS | 5.74% | 0.00% | 2020 | 2026 | 8490650 | 8490650 | 1061331 | 1061331 |
|  USD | SOFR 6 MONTHS | 6.36% | 0.00% | 2020 | 2026 | 12728750 | 12728750 | 3182188 | 3182188 |
|  USD | SOFR 6 MONTHS | 5.23% | 0.00% | 2022 | 2029 | 222000000 | 222000000 | 210000000 | 210000000 |
|  USD | SOFR 6 MONTHS | 5.37% | 0.35% | 2022 | 2029 | 56425000 | 56425000 | 49371873 | 49371873 |
|  USD | SOFR 6 MONTHS | 4.97% | 0.50% | 2022 | 2028 | 70254953 | 70254953 | 61862258 | 61862258 |
|  USD | SOFR 6 MONTHS | 5.23% | 0.00% | 2022 | 2027 | 42487250 | 42487250 | 21243625 | 21243625 |
|  USD | SOFR 6 MONTHS | 6.68% | 0.00% | 2022 | 2029 | 97125000 | 97125000 | 48300000 | 48300000 |
|  USD | SOFR 6 MONTHS | 6.17% | 0.50% | 2023 | 2031 | 185000000 | 185000000 | 86875000 | 86875000 |
|  USD | SOFR 6 MONTHS | 1.50% | 0.50% | 2023 | 2030 | 4107436 | 4107436 | 4107436 | 4107436 |
|  USD | SOFR 6 MONTHS | 1.50% | 0.50% | 2023 | 2030 | 436271 | 436271 | 436271 | 436271 |
|  USD | SOFR 6 MONTHS | 5.59% | 0.50% | 2023 | 2029 | 60125000 | 60125000 | 60125000 | 60125000 |
|  USD | SOFR 6 MONTHS | 5.78% | 0.50% | 2023 | 2028 | 246558750 | 246558750 | 184919063 | 184919063 |
|  USD | SOFR 6 MONTHS | 5.51% | 0.50% | 2023 | 2030 | 77182336 | 77182336 | 77182336 | 77182336 |
|  USD | SOFR 6 MONTHS | 5.77% | 0.50% | 2023 | 2028 | 96274000 | 96274000 | 72205500 | 72205500 |
|  USD | SOFR 6 MONTHS | 5.61% | 0.50% | 2023 | 2030 | 165745246 | 165745246 | 165745246 | 165745246 |
|  USD | SOFR 6 MONTHS | 5.61% | 0.50% | 2023 | 2030 | 63816943 | 63816943 | 63573520 | 63573520 |
|  USD | SOFR 6 MONTHS | 5.87% | 0.00% | 2023 | 2031 | 51098956 | 51098956 | 49717903 | 49717903 |
|  USD | SOFR 6 MONTHS | 6.37% | 0.00% | 2023 | 2033 | 138745863 | 138745863 | 62137892 | 62137892 |
|  USD | SOFR 6 MONTHS | 5.95% | 0.00% | 2024 | 2030 | 284900000 | 284900000 | 272580000 | 272580000 |
|  USD | SOFR 6 MONTHS | 6.48% | 0.00% | 2024 | 2030 | 140115300 | 140115300 | 11360700 | 11360700 |
|  USD | SOFR 6 MONTHS | 6.73% | 0.00% | 2024 | 2032 | 194250000 | 194250000 | 15750000 | 15750000 |
|  USD | SOFR 6 MONTHS | 6.66% | 0.00% | 2024 | 2031 | 231250000 | 231250000 | 121250000 | 121250000 |
|  USD | SOFR 6 MONTHS | 6.54% | 0.00% | 2024 | 2031 | 277500000 | 277500000 | 142500000 | 142500000 |
|  USD | SOFR 6 MONTHS | 1.25% | 0.25% | 2025 | 2031 | 41622225 | 41622225 | 37720093 | 37720093 |
|  USD | SOFR 6 MONTHS | 6.13% | 0.00% | 2025 | 2031 | 29600000 | 29600000 | 16800000 | 16800000 |
|  USD | SOFR 6 MONTHS | 1.25% | 0.25% | 2025 | 2031 | 83221325 | 83221325 | 6747675 | 6747675 |
|  USD | SOFR 6 MONTHS | 1.20% | 0.25% | 2025 | 2031 | 92481014 | 92481014 | 35536761 | 35536761 |
|  USD | SOFR 6 MONTHS | 2.00% | 0.00% | 2025 | 2031 | 11846000 | 11846000 | 5923000 | 5923000 |
|  USD | SOFR 6 MONTHS | 5.98% | 0.00% | 2025 | 2031 | 15400250 | 15400250 | 6930113 | 6930113 |
|  USD | SOFR 6 MONTHS | 2.45% | 0.00% | 2025 | 2032 | 120000000 | 120000000 | 30000000 | 30000000 |
|  USD | SOFR 6 MONTHS | 2.50% | 0.00% | 2025 | 2033 | 133516720 | 133516720 | 20027508 | 20027508 |
|  USD | SOFR 6 MONTHS | 1.78% | 0.00% | 2025 | 2031 | 36997225 | 36997225 | 2999775 | 2999775 |
|  USD | SOFR 6 MONTHS | 2.25% | 0.00% | 2025 | 2031 | 60000000 | 60000000 | 21000000 | 21000000 |
|  USD | SOFR 6 MONTHS | 2.10% | 0.00% | 2025 | 2031 | 12308666 | 12308666 | 3692600 | 3692600 |
|  USD | SOFR 6 MONTHS | 2.25% | 0.00% | 2025 | 2031 | 53088000 | 53088000 | 7963200 | 7963200 |
|  USD | SOFR 6 MONTHS | 6.10% | 0.00% | 2025 | 2034 | 675000000 | 675000000 | 101250000 | 101250000 |
|  USD | SOFR 6 MONTHS | 2.35% | 0.00% | 2025 | 2032 | 300000000 | 300000000 | 75000000 | 75000000 |
|  USD | SOFR 6 MONTHS | 1.85% | 0.00% | 2025 | 2031 | 36992323 | 36992323 | 25906418 | 25906418 |
|  USD | SOFR 6 MONTHS | 5.90% | 0.00% | 2025 | 2032 | 140304550 | 140304550 | 21045683 | 21045683 |
|  USD | SOFR 6 MONTHS | 2.15% | 0.00% | 2025 | 2031 | 48390000 | 48390000 | 7258500 | 7258500 |
|  USD | SOFR 6 MONTHS | 2.10% | 0.00% | 2025 | 2031 | 23100000 | 23100000 | 3465000 | 3465000 |
|  USD | SOFR 6 MONTHS | 1.85% | 0.00% | 2025 | 2031 | 92498749 | 92498749 | 7499899 | 7499899 |
|  USD | SOFR 6 MONTHS | 5.24% | 0.10% | 2019 | 2026 | 25499717 | 25499717 | 3187465 | 3187465 |
|  USD | SOFR 6 MONTHS | 5.67% | 0.00% | 2025 | 2030 | 70163100 | 70163100 | 21617820 | 21617820 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  ***MULTILATERAL*** | ***MULTILATERAL*** |  |  |  |  |  |  |  |  |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2003 | 2027 | 3880448 | 5318969 | 563925 | 772978 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2006 | 2027 | 4218086 | 5781772 | 421910 | 578316 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2006 | 2028 | 17154923 | 23514423 | 2859154 | 3919070 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2006 | 2033 | 2468697 | 3383868 | 1234349 | 1691934 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2006 | 2027 | 13769421 | 18873881 | 1353080 | 1854680 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2006 | 2029 | 6677108 | 9152378 | 1557998 | 2135563 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2007 | 2031 | 8864502 | 12150661 | 2954834 | 4050220 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2008 | 2032 | 6325743 | 8670758 | 2460011 | 3371962 |
|  ACU | FIXED | 0.00% | 0.00% | 2008 | 2029 | 3750773 | 5141222 | 1050970 | 1440575 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2009 | 2033 | 912816 | 1251206 | 405696 | 556092 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2009 | 2027 | 40329934 | 55280641 | 4032994 | 5528064 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2009 | 2033 | 9172817 | 12573271 | 4076808 | 5588121 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2030 | 2683610 | 3678451 | 1205929 | 1652979 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2031 | 1746424 | 2393841 | 640355 | 877742 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2031 | 3140000 | 4304029 | 1255982 | 1721587 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2013 | 2033 | 1459473 | 2000514 | 729736 | 1000257 |
|  ACU | NO INTEREST RATE | 0.00% | 0.00% | 2013 | 2033 | 3625695 | 4969777 | 1812848 | 2484888 |
|  EUR | EURIBOR 6 MTH | 2.66% | 0.25% | 2022 | 2032 | 709900000 | 833209460 | 709900000 | 833209460 |
|  EUR | EURIBOR 6 MTH | 2.66% | 0.25% | 2022 | 2032 | 331300000 | 388846731 | 331300000 | 388846731 |
|  EUR | EURIBOR 6 MTH | 2.68% | 0.25% | 2023 | 2036 | 367900000 | 431804142 | 107849885 | 126583384 |
|  EUR | EURIBOR 6 MTH | 2.76% | 0.25% | 2023 | 2038 | 937700000 | 1100578266 | 937700000 | 1100578266 |
|  EUR | EURIBOR 6 MTH | 2.91% | 0.25% | 2023 | 2040 | 1391600000 | 1633320587 | 20031882 | 23511415 |
|  EUR | EURIBOR 6 MTH | 2.68% | 0.25% | 2024 | 2038 | 132200000 | 155163108 | 4185735 | 4912796 |
|  EUR | EURIBOR 6 MTH | 2.67% | 0.25% | 2025 | 2039 | 1386600000 | 1627452088 | 1386600000 | 1627452088 |
|  EUR | EURIBOR 6 MTH | 2.90% | 0.25% | 2023 | 2040 | 936600000 | 1099287196 | 7335422 | 8609584 |
|  EUR | EURIBOR 6 MTH | 2.77% | 0.25% | 2024 | 2037 | 471000000 | 552812587 | 471000000 | 552812587 |
|  EUR | EURIBOR 6 MTH | 2.80% | 0.25% | 2024 | 2040 | 468800000 | 550230448 | 468800000 | 550230448 |
|  EUR | FIXED | 3.46% | 0.00% | 2012 | 2030 | 5695647 | 6684980 | 2106688 | 2472619 |
|  EUR | FIXED | 3.46% | 0.00% | 2017 | 2035 | 39711400 | 46609261 | 24515598 | 28773952 |
|  EUR | FIXED | 3.06% | 0.00% | 2019 | 2033 | 44850000 | 52640434 | 39919622 | 46853651 |
|  EUR | COMMERCIAL INTEREST REFERENCE RATE | 3.06% | 0.00% | 2019 | 2032 | 55000000 | 64553487 | 41217001 | 48376385 |
|  EUR | COMMERCIAL INTEREST REFERENCE RATE | 3.32% | 0.00% | 2023 | 2036 | 36934440 | 43349943 | 830528 | 974790 |
|  EUR | EURIBOR 6 MTH | 4.07% | 0.00% | 2023 | 2043 | 205002000 | 240610798 | 88246462 | 103574851 |
|  EUR | EURIBOR 6 MTH | 4.09% | 0.00% | 2023 | 2044 | 100000000 | 117369976 | 2269109 | 2663253 |
|  EUR | NO INTEREST RATE | 0.00% | 0.00% | 2024 | 2045 | 803300000 | 942833018 | 12972331 | 15225621 |
|  EUR | EURIBOR 6 MTH | 2.85% | 0.15% | 2020 | 2030 | 462920000 | 543329093 | 297591429 | 349282988 |
|  EUR | EURIBOR 6 MTH | 2.80% | 0.15% | 2023 | 2042 | 78486000 | 92118999 | 1826501 | 2143764 |
|  EUR | EURIBOR 6 MTH | 2.75% | 0.15% | 2023 | 2042 | 331251000 | 388789219 | 119250000 | 139963696 |
|  EUR | EURIBOR 6 MTH | 2.80% | 0.15% | 2023 | 2042 | 597665000 | 701479268 | 609116 | 714919 |
|  EUR | EURIBOR 6 MTH | 2.75% | 0.15% | 2024 | 2039 | 459475000 | 539285698 | 459475000 | 539285698 |
|  EUR | EURIBOR 6 MTH | 2.80% | 0.15% | 2024 | 2039 | 461383000 | 541525117 | 461383000 | 541525117 |
|  EUR | EURIBOR 6 MTH | 2.75% | 0.15% | 2024 | 2039 | 459644000 | 539484053 | 459644000 | 539484053 |
|  EUR | FIXED | 0.83% | 0.00% | 2013 | 2033 | 337952011 | 396654194 | 263197026 | 308914286 |
|  EUR | FIXED | 0.82% | 0.00% | 2013 | 2033 | 253356980 | 297365027 | 197314416 | 231587883 |
|  EUR | ADB FLOATING RATE | 0.00% | 0.00% | 2011 | 2026 | 102989447 | 120878689 | 23054432 | 27058981 |
|  EUR | ADB FLOATING RATE | 0.00% | 0.00% | 2012 | 2027 | 139007699 | 163153303 | 32078700 | 37650762 |
|  EUR | ADB FLOATING RATE | 0.00% | 0.00% | 2012 | 2027 | 149700599 | 175703557 | 42771600 | 50201016 |
|  EUR | ADB FLOATING RATE | 0.00% | 0.00% | 2013 | 2028 | 228115198 | 267738753 | 85543199 | 100402032 |
|  EUR | ADB FLOATING RATE | 0.00% | 0.00% | 2014 | 2029 | 242372398 | 284472426 | 114057599 | 133869377 |
|  EUR | ADB FLOATING RATE | 0.00% | 0.00% | 2018 | 2033 | 452867785 | 531530811 | 283042366 | 332206757 |
|  EUR | ADB FLOATING RATE | 0.00% | 0.00% | 2018 | 2033 | 452867785 | 531530811 | 283042366 | 332206757 |
|  EUR | FIXED | 0.75% | 0.00% | 1990 | 2029 | 2584961 | 3033968 | 795373 | 933529 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  EUR | FIXED | 0.75% | 0.00% | 1993 | 2031 | 2900308 | 3404091 | 1160123 | 1361636 |
|  EUR | FIXED | 0.75% | 0.00% | 1995 | 2035 | 4731712 | 5553609 | 2429798 | 2851853 |
|  IDR | FIXED | 0.00% | 0.00% | 2003 | 2027 | 669945780979 | 40068528 | 548547994391 | 32807894 |
|  IDR | FIXED | 0.00% | 0.00% | 2003 | 2027 | 454682075523 | 27193904 | 372291231407 | 22266222 |
|  IDR | FIXED | 0.00% | 0.00% | 2004 | 2028 | 294285527948 | 17600809 | 258185816905 | 15441735 |
|  IDR | FIXED | 0.00% | 0.00% | 2004 | 2028 | 265364354458 | 15871074 | 232774368275 | 13921912 |
|  IDR | FIXED | 0.00% | 0.00% | 2005 | 2030 | 123030759374 | 7358299 | 123030759374 | 7358299 |
|  IDR | FIXED | 0.00% | 0.00% | 2006 | 2030 | 1060482196624 | 63425969 | 976096194345 | 58378959 |
|  IDR | FIXED | 0.06% | 0.00% | 2011 | 2036 | 1204354849085 | 72030792 | 1173077145040 | 70160116 |
|  IDR | FIXED | 0.06% | 0.00% | 2012 | 2036 | 2048774052852 | 122534333 | 1995566355673 | 119352055 |
|  IDR | FIXED | 0.00% | 0.00% | 2012 | 2030 | 595427194366 | 35611674 | 508026561347 | 30384364 |
|  IDR | FIXED | 0.00% | 0.00% | 2012 | 2030 | 497265716756 | 29740773 | 424273857682 | 25375231 |
|  IDR | FIXED | 0.00% | 0.02% | 2013 | 2033 | 485106297402 | 29013535 | 460075307605 | 27516466 |
|  IDR | FIXED | 0.00% | 0.00% | 2013 | 2031 | 118343362049 | 7077952 | 103836068896 | 6210291 |
|  IDR | FIXED | 0.00% | 0.00% | 2013 | 2033 | 187805249091 | 11232371 | 178804162079 | 10694029 |
|  IDR | FIXED | 0.00% | 0.00% | 2014 | 2032 | 724641767080 | 43339819 | 724641767080 | 43339819 |
|  IDR | FIXED | 0.00% | 0.00% | 2014 | 2031 | 902505946564 | 53977628 | 902505946564 | 53977628 |
|  IDR | FIXED | 0.00% | 0.00% | 2015 | 2030 | 2843866665994 | 170087719 | 2585333332609 | 154625199 |
|  IDR | FIXED | 0.00% | 0.00% | 2015 | 2030 | 2815266666001 | 168377193 | 2559333332616 | 153070175 |
|  IDR | FIXED | 0.06% | 0.00% | 2016 | 2031 | 4126250000660 | 246785287 | 3782395834048 | 226219847 |
|  IDR | FIXED | 0.00% | 0.00% | 2016 | 2031 | 4497791667181 | 269006679 | 3855250000617 | 230577153 |
|  IDR | ADB FLOATING RATE | 0.00% | 0.00% | 2016 | 2031 | 1339343871609 | 80104299 | 1339343871609 | 80104299 |
|  IDR | FIXED | 0.06% | 0.00% | 2017 | 2032 | 3851166666117 | 230332935 | 3576083332729 | 213880582 |
|  IDR | FIXED | 0.00% | 0.00% | 2017 | 2032 | 3872500000929 | 231608852 | 3614333334366 | 216168262 |
|  IDR | FIXED | 0.00% | 0.00% | 2018 | 2038 | 7244066666563 | 433257576 | 6726633333127 | 402310606 |
|  IDR | FIXED | 0.06% | 0.00% | 2019 | 2034 | 6163125000329 | 368607955 | 5820729167050 | 348129735 |
|  IDR | FIXED | 0.06% | 0.00% | 2019 | 2034 | 6510666666941 | 389393939 | 6168000000329 | 368899522 |
|  IDR | FIXED | 0.21% | 0.02% | 2009 | 2033 | 191983807188 | 11482285 | 184554198806 | 11037931 |
|  IDR | FIXED | 0.06% | 0.00% | 2009 | 2034 | 962194133357 | 57547496 | 930687087735 | 55663103 |
|  IDR | FIXED | 0.00% | 0.00% | 2010 | 2035 | 456924049345 | 27327993 | 456924049345 | 27327993 |
|  JPY | TONAR/TONA 6 MONTHS | 1.04% | 0.00% | 2019 | 2033 | 110795000000 | 707638756 | 92314394000 | 589604636 |
|  JPY | TONA COMPOUNDED | 0.92% | 0.25% | 2020 | 2034 | 31975600000 | 204225586 | 30197756640 | 192870652 |
|  JPY | TONA COMPOUNDED | 0.99% | 0.25% | 2023 | 2035 | 81645000000 | 521460050 | 20411250000 | 130365018 |
|  JPY | TONA COMPOUNDED | 1.12% | 0.25% | 2024 | 2037 | 94877700000 | 605976241 | 4045000000 | 25835091 |
|  JPY | TONA COMPOUNDED | 0.73% | 0.15% | 2022 | 2040 | 13940700000 | 89038130 | 2185544522 | 13958898 |
|  JPY | TONA COMPOUNDED | 0.87% | 0.15% | 2022 | 2041 | 20487108000 | 130849511 | 3263418437 | 20843192 |
|  JPY | TONA COMPOUNDED | 0.87% | 0.15% | 2023 | 2038 | 71865000000 | 458995976 | 71865000000 | 458995995 |
|  JPY | TONA COMPOUNDED | 0.87% | 0.15% | 2023 | 2038 | 74930000000 | 478571885 | 74930000000 | 478571905 |
|  JPY | TONA COMPOUNDED | 0.73% | 0.00% | 2023 | 2038 | 1496600000 | 9558664 | 93850043 | 599413 |
|  JPY | TONA COMPOUNDED | 0.87% | 0.15% | 2023 | 2042 | 36055200000 | 230281663 | 6603670814 | 42177116 |
|  JPY | TONA 6 MONTHS | 1.13% | 0.15% | 2024 | 2042 | 61882608000 | 395239241 | 959666838 | 6129315 |
|  JPY | TONA 6 MONTHS | 0.50% | 0.15% | 2025 | 2040 | 72725000000 | 464488727 | 72725000000 | 464488747 |
|  JPY | TONA 6 MONTHS | 0.50% | 0.15% | 2025 | 2040 | 73465000000 | 469215048 | 73465000000 | 469215067 |
|  JPY | ADB FLOATING RATE | 0.53% | 0.00% | 2020 | 2036 | 63750000000 | 407166124 | 58437500000 | 373235629 |
|  JPY | ADB FLOATING RATE | 0.39% | 0.00% | 2020 | 2035 | 63560000000 | 405952609 | 52966666668 | 338293855 |
|  JPY | ADB FLOATING RATE | 0.40% | 0.00% | 2021 | 2036 | 63530000000 | 405761001 | 58235833334 | 371947600 |
|  JPY | ADB FLOATING RATE | 0.52% | 0.00% | 2021 | 2036 | 64685000000 | 413137894 | 59294583334 | 378709752 |
|  SDR | FIXED | 0.75% | 0.00% | 1999 | 2024 | 11685983 | 16018093 | 11298 | 15486 |
|  SDR | FIXED | 0.75% | 0.00% | 1999 | 2024 | 71023332 | 97352386 | 68663 | 94117 |
|  SDR | FIXED | 0.75% | 0.50% | 2001 | 2025 | 87499973 | 119937082 | 108663 | 148946 |
|  SDR | FIXED | 0.75% | 0.30% | 2005 | 2025 | 51647003 | 70793060 | 50067 | 68628 |
|  SDR | FIXED | 0.75% | 0.30% | 2005 | 2026 | 47003494 | 64428156 | 32939 | 45150 |
|  SDR | FIXED | 0.75% | 0.00% | 1999 | 2024 | 14782027 | 20261871 | 14291 | 19589 |
|  SDR | FIXED | 1.00% | 0.00% | 1982 | 2031 | 23677607 | 32455130 | 3551647 | 4868277 |
|  SDR | FIXED | 0.75% | 0.00% | 1995 | 2035 | 5443537 | 7461510 | 1814497 | 2487149 |
|  SDR | FIXED | 0.75% | 0.00% | 1998 | 2037 | 15352987 | 21044492 | 4884555 | 6695308 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  SDR | FIXED | 0.75% | 0.00% | 2000 | 2040 | 17500000 | 23987424 | 8458323 | 11593907 |
|  SDR | FIXED | 0.75% | 0.00% | 2006 | 2044 | 13638602 | 18694567 | 8623335 | 11820092 |
|  SDR | FIXED | 0.75% | 0.00% | 2008 | 2048 | 41696408 | 57153680 | 31953188 | 43798552 |
|  SDR | FIXED | 2.35% | 0.00% | 2011 | 2032 | 29022733 | 39781748 | 12438142 | 17049084 |
|  SDR | FIXED | 4.69% | 0.00% | 2012 | 2030 | 11727046 | 16074379 | 3923336 | 5377756 |
|  SDR | FIXED | 1.50% | 0.00% | 2006 | 2026 | 14588899 | 19997149 | 1174831 | 1610353 |
|  SDR | FIXED | 1.50% | 0.00% | 2007 | 2026 | 20457033 | 28040658 | 1704761 | 2336733 |
|  SDR | FIXED | 1.50% | 0.00% | 2007 | 2026 | 32326766 | 44310619 | 2693866 | 3692509 |
|  SDR | FIXED | 1.50% | 0.00% | 2007 | 2027 | 31155525 | 42705188 | 5192585 | 7117528 |
|  SDR | FIXED | 1.50% | 0.00% | 2008 | 2027 | 49323506 | 67608219 | 8220586 | 11268038 |
|  SDR | FIXED | 1.50% | 0.00% | 2008 | 2028 | 31335613 | 42952036 | 7833913 | 10738022 |
|  SDR | FIXED | 1.50% | 0.00% | 2009 | 2028 | 16502377 | 22619972 | 4069278 | 5577800 |
|  USD | FIXED | 0.75% | 0.00% | 1979 | 2029 | 5500000 | 5500000 | 868771 | 868771 |
|  USD | SOFR COMPOUNDED | 5.27% | 0.25% | 2007 | 2026 | 25729880 | 25729880 | 2749097 | 2749097 |
|  USD | LIBOR 6 MONTHS DEPOSIT | 3.02% | 0.00% | 2007 | 2026 | 174107152 | 174107152 | 8722771 | 8722771 |
|  USD | SOFR COMPOUNDED | 4.82% | 0.00% | 2007 | 2027 | 18060078 | 18060078 | 2835043 | 2835043 |
|  USD | FIXED | 4.22% | 0.00% | 2007 | 2027 | 600000000 | 600000000 | 121680000 | 121680000 |
|  USD | FIXED | 4.25% | 0.00% | 2008 | 2027 | 200000000 | 200000000 | 40560000 | 40560000 |
|  USD | SOFR COMPOUNDED | 4.82% | 0.00% | 2008 | 2030 | 44836455 | 44836455 | 25587684 | 25587684 |
|  USD | SOFR COMPOUNDED | 4.82% | 0.00% | 2008 | 2030 | 41190000 | 41190000 | 20281956 | 20281956 |
|  USD | FIXED | 4.41% | 0.00% | 2008 | 2033 | 600000000 | 600000000 | 344700000 | 344700000 |
|  USD | FIXED | 4.69% | 0.00% | 2008 | 2033 | 200000000 | 200000000 | 115860000 | 115860000 |
|  USD | FIXED | 4.69% | 0.00% | 2008 | 2033 | 750000000 | 750000000 | 434475000 | 434475000 |
|  USD | SOFR COMPOUNDED | 5.52% | 0.00% | 2009 | 2033 | 275000 | 275000 | 159308 | 159308 |
|  USD | SOFR COMPOUNDED | 5.77% | 0.00% | 2009 | 2034 | 5000000 | 5000000 | 2930000 | 2930000 |
|  USD | SOFR COMPOUNDED | 5.18% | 0.00% | 2009 | 2033 | 47365385 | 47365385 | 28825445 | 28825445 |
|  USD | SOFR COMPOUNDED | 6.22% | 0.00% | 2009 | 2033 | 114946690 | 114946690 | 66588617 | 66588617 |
|  USD | SOFR COMPOUNDED | 6.22% | 0.00% | 2009 | 2033 | 296075411 | 296075411 | 171516485 | 171516485 |
|  USD | SOFR COMPOUNDED | 5.09% | 0.00% | 2009 | 2033 | 20487156 | 20487156 | 12511506 | 12511506 |
|  USD | SOFR COMPOUNDED | 4.73% | 0.00% | 2009 | 2034 | 66954247 | 66954247 | 42910586 | 42910586 |
|  USD | SOFR COMPOUNDED | 4.88% | 0.00% | 2009 | 2034 | 750000000 | 750000000 | 481050000 | 481050000 |
|  USD | SOFR COMPOUNDED | 4.88% | 0.00% | 2009 | 2034 | 250000000 | 250000000 | 160350000 | 160350000 |
|  USD | SOFR COMPOUNDED | 5.09% | 0.00% | 2010 | 2033 | 99880000 | 99880000 | 60996716 | 60996716 |
|  USD | SOFR COMPOUNDED | 5.28% | 0.00% | 2010 | 2034 | 149826594 | 149826594 | 96098778 | 96098778 |
|  USD | SOFR COMPOUNDED | 5.28% | 0.00% | 2010 | 2034 | 779674925 | 779674925 | 500083497 | 500083497 |
|  USD | SOFR COMPOUNDED | 5.28% | 0.00% | 2010 | 2034 | 200000000 | 200000000 | 134260000 | 134260000 |
|  USD | SOFR COMPOUNDED | 5.28% | 0.00% | 2010 | 2034 | 500000000 | 500000000 | 335650000 | 335650000 |
|  USD | SOFR COMPOUNDED | 5.28% | 0.00% | 2010 | 2034 | 219770855 | 219770855 | 147532175 | 147532175 |
|  USD | SOFR COMPOUNDED | 4.94% | 0.00% | 2010 | 2034 | 18718505 | 18718505 | 12565733 | 12565733 |
|  USD | SOFR COMPOUNDED | 4.73% | 0.00% | 2010 | 2034 | 182064708 | 182064708 | 122408565 | 122408565 |
|  USD | SOFR COMPOUNDED | 5.48% | 0.00% | 2010 | 2035 | 200000000 | 200000000 | 140100000 | 140100000 |
|  USD | SOFR COMPOUNDED | 5.48% | 0.00% | 2010 | 2035 | 600000000 | 600000000 | 420300000 | 420300000 |
|  USD | SOFR COMPOUNDED | 5.76% | 0.00% | 2011 | 2035 | 110618216 | 110618216 | 77488061 | 77488061 |
|  USD | SOFR COMPOUNDED | 4.93% | 0.00% | 2011 | 2035 | 8455448 | 8455448 | 6164022 | 6164022 |
|  USD | SOFR COMPOUNDED | 5.27% | 0.00% | 2011 | 2035 | 525373016 | 525373016 | 382996928 | 382996928 |
|  USD | SOFR COMPOUNDED | 5.52% | 0.00% | 2011 | 2035 | 119319612 | 119319612 | 83529720 | 83529720 |
|  USD | SOFR COMPOUNDED | 5.76% | 0.00% | 2011 | 2036 | 400000000 | 400000000 | 302720000 | 302720000 |
|  USD | SOFR COMPOUNDED | 5.48% | 0.00% | 2011 | 2035 | 36091438 | 36091438 | 26324211 | 26324211 |
|  USD | SOFR COMPOUNDED | 5.48% | 0.00% | 2011 | 2035 | 129044476 | 129044476 | 94073423 | 94073423 |
|  USD | FIXED | 0.25% | 0.25% | 2011 | 2051 | 124311085 | 124311085 | 113123087 | 113123087 |
|  USD | SOFR COMPOUNDED | 5.48% | 0.00% | 2011 | 2035 | 223752199 | 223752199 | 163379628 | 163379628 |
|  USD | SOFR COMPOUNDED | 4.93% | 0.00% | 2012 | 2036 | 91089216 | 91089216 | 68914217 | 68914217 |
|  USD | SOFR COMPOUNDED | 4.93% | 0.00% | 2012 | 2036 | 77093168 | 77093168 | 60433334 | 60433334 |
|  USD | SOFR COMPOUNDED | 5.48% | 0.00% | 2012 | 2034 | 4114072 | 4114072 | 3932661 | 3932661 |
|  USD | SOFR COMPOUNDED | 5.14% | 0.00% | 2012 | 2037 | 300000000 | 300000000 | 243090000 | 243090000 |
|  USD | SOFR COMPOUNDED | 5.14% | 0.00% | 2012 | 2037 | 100000000 | 100000000 | 81030000 | 81030000 |
|  USD | SOFR 6 MONTHS | 5.14% | 0.00% | 2012 | 2037 | 100000000 | 100000000 | 81030000 | 81030000 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  USD | SOFR COMPOUNDED | 5.48% | 0.00% | 2012 | 2037 | 260609548 | 260609548 | 211171917 | 211171917 |
|  USD | SOFR COMPOUNDED | 5.44% | 0.00% | 2013 | 2037 | 632570760 | 632570760 | 512545375 | 512545375 |
|  USD | SOFR COMPOUNDED | 5.76% | 0.00% | 2013 | 2037 | 70075171 | 70075171 | 56350281 | 56350281 |
|  USD | SOFR COMPOUNDED | 5.07% | 0.00% | 2013 | 2029 | 95419264 | 95419264 | 42184857 | 42184857 |
|  USD | SOFR COMPOUNDED | 5.38% | 0.00% | 2013 | 2034 | 105364546 | 105364546 | 74197713 | 74197713 |
|  USD | SOFR COMPOUNDED | 5.34% | 0.00% | 2014 | 2033 | 44786405 | 44786405 | 34228722 | 34228722 |
|  USD | SOFR COMPOUNDED | 5.07% | 0.00% | 2014 | 2030 | 500000000 | 500000000 | 281000000 | 281000000 |
|  USD | SOFR COMPOUNDED | 5.24% | 0.00% | 2014 | 2030 | 500000000 | 500000000 | 290750000 | 290750000 |
|  USD | SOFR COMPOUNDED | 5.54% | 0.25% | 2015 | 2035 | 500000000 | 500000000 | 372200000 | 372200000 |
|  USD | SOFR COMPOUNDED | 5.54% | 0.25% | 2016 | 2037 | 400000000 | 400000000 | 327320000 | 327320000 |
|  USD | SOFR COMPOUNDED | 5.44% | 0.25% | 2016 | 2036 | 297979759 | 297979759 | 254444803 | 254444803 |
|  USD | SOFR COMPOUNDED | 5.76% | 0.25% | 2016 | 2032 | 206161574 | 206161574 | 160919436 | 160919436 |
|  USD | SOFR COMPOUNDED | 5.59% | 0.25% | 2016 | 2036 | 400000000 | 400000000 | 374960000 | 374960000 |
|  USD | SOFR COMPOUNDED | 5.87% | 0.25% | 2017 | 2032 | 124548530 | 124548530 | 110474546 | 110474546 |
|  USD | SOFR COMPOUNDED | 5.52% | 0.25% | 2017 | 2026 | 43347009 | 43347009 | 9125860 | 9125860 |
|  USD | SOFR COMPOUNDED | 6.34% | 0.25% | 2017 | 2036 | 198600179 | 198600179 | 198600179 | 198600179 |
|  USD | SOFR COMPOUNDED | 5.78% | 0.25% | 2017 | 2030 | 186600000 | 186600000 | 127242540 | 127242540 |
|  USD | SOFR COMPOUNDED | 5.97% | 0.25% | 2017 | 2037 | 300000000 | 300000000 | 240060000 | 240060000 |
|  USD | SOFR COMPOUNDED | 5.67% | 0.25% | 2017 | 2031 | 400259836 | 400259836 | 257582163 | 257582163 |
|  USD | SOFR COMPOUNDED | 5.76% | 0.25% | 2018 | 2038 | 300000000 | 300000000 | 250050000 | 250050000 |
|  USD | SOFR COMPOUNDED | 5.17% | 0.25% | 2018 | 2031 | 150000000 | 150000000 | 130140000 | 130140000 |
|  USD | SOFR COMPOUNDED | 5.27% | 0.25% | 2018 | 2034 | 243529145 | 243529145 | 243476907 | 243476907 |
|  USD | SOFR COMPOUNDED | 5.17% | 0.25% | 2018 | 2032 | 400000000 | 400000000 | 332040000 | 332040000 |
|  USD | SOFR COMPOUNDED | 5.17% | 0.25% | 2018 | 2031 | 95497719 | 95497719 | 81918375 | 81918375 |
|  USD | SOFR COMPOUNDED | 5.17% | 0.25% | 2018 | 2031 | 272515000 | 272515000 | 233384307 | 233384307 |
|  USD | SOFR COMPOUNDED | 5.04% | 0.25% | 2018 | 2031 | 197146025 | 197146025 | 182825824 | 182825824 |
|  USD | SOFR COMPOUNDED | 5.41% | 0.25% | 2019 | 2032 | 35054719 | 35054719 | 34103700 | 34103700 |
|  USD | SOFR COMPOUNDED | 5.62% | 0.25% | 2019 | 2032 | 227500000 | 227500000 | 224619529 | 224619529 |
|  USD | SOFR COMPOUNDED | 5.28% | 0.25% | 2020 | 2032 | 100000000 | 100000000 | 59083095 | 59083095 |
|  USD | SOFR COMPOUNDED | 5.62% | 0.25% | 2020 | 2032 | 250020000 | 250020000 | 208827695 | 208827695 |
|  USD | SOFR COMPOUNDED | 5.04% | 0.25% | 2020 | 2034 | 300000000 | 300000000 | 283320000 | 283320000 |
|  USD | SOFR COMPOUNDED | 5.62% | 0.25% | 2020 | 2032 | 145945406 | 145945406 | 145661860 | 145661860 |
|  USD | SOFR 6 MONTHS | 5.38% | 0.25% | 2020 | 2033 | 250000000 | 250000000 | 250000000 | 250000000 |
|  USD | SOFR COMPOUNDED | 5.38% | 0.25% | 2020 | 2034 | 121000000 | 121000000 | 121000000 | 121000000 |
|  USD | SOFR COMPOUNDED | 5.38% | 0.25% | 2020 | 2033 | 133267000 | 133267000 | 133267000 | 133267000 |
|  USD | SOFR COMPOUNDED | 5.57% | 0.25% | 2021 | 2031 | 500000000 | 500000000 | 460000000 | 460000000 |
|  USD | SOFR COMPOUNDED | 5.04% | 0.25% | 2021 | 2034 | 500000000 | 500000000 | 500000000 | 500000000 |
|  USD | SOFR COMPOUNDED | 5.04% | 0.25% | 2021 | 2033 | 800000000 | 800000000 | 800000000 | 800000000 |
|  USD | SOFR COMPOUNDED | 5.04% | 0.25% | 2021 | 2034 | 400000000 | 400000000 | 400000000 | 400000000 |
|  USD | SOFR COMPOUNDED | 5.49% | 0.25% | 2021 | 2046 | 380000000 | 380000000 | 15670047 | 15670047 |
|  USD | SOFR COMPOUNDED | 5.04% | 0.25% | 2022 | 2033 | 400000000 | 400000000 | 233640000 | 233640000 |
|  USD | SOFR COMPOUNDED | 5.24% | 0.25% | 2022 | 2035 | 223996591 | 223996591 | 20417000 | 20417000 |
|  USD | SOFR COMPOUNDED | 5.24% | 0.25% | 2022 | 2035 | 100000000 | 100000000 | 10973506 | 10973506 |
|  USD | SOFR COMPOUNDED | 4.83% | 0.25% | 2022 | 2036 | 171000000 | 171000000 | 43880000 | 43880000 |
|  USD | SOFR COMPOUNDED | 4.88% | 0.25% | 2023 | 2033 | 300000000 | 300000000 | 166815190 | 166815190 |
|  USD | SOFR COMPOUNDED | 4.98% | 0.25% | 2023 | 2036 | 400000000 | 400000000 | 56836000 | 56836000 |
|  USD | SOFR COMPOUNDED | 5.42% | 0.25% | 2023 | 2036 | 200000000 | 200000000 | 11720000 | 11720000 |
|  USD | SOFR COMPOUNDED | 6.47% | 0.25% | 2023 | 2035 | 250000000 | 250000000 | 34083930 | 34083930 |
|  USD | SOFR COMPOUNDED | 5.32% | 0.25% | 2023 | 2033 | 1000000000 | 1000000000 | 1000000000 | 1000000000 |
|  USD | SOFR COMPOUNDED | 5.80% | 0.25% | 2006 | 2026 | 20055983 | 20055983 | 2803989 | 2803989 |
|  USD | SOFR COMPOUNDED | 5.56% | 0.25% | 2016 | 2032 | 206188974 | 206188974 | 160942796 | 160942796 |
|  USD | SOFR COMPOUNDED | 5.81% | 0.25% | 2017 | 2032 | 124548590 | 124548590 | 110474599 | 110474599 |
|  USD | SOFR COMPOUNDED | 5.19% | 0.25% | 2017 | 2027 | 43031795 | 43031795 | 13670057 | 13670057 |
|  USD | SOFR COMPOUNDED | 5.56% | 0.25% | 2018 | 2034 | 243529200 | 243529200 | 243490702 | 243490702 |
|  USD | SOFR COMPOUNDED | 4.77% | 0.25% | 2020 | 2033 | 250000000 | 250000000 | 250000000 | 250000000 |
|  USD | SOFR COMPOUNDED | 5.32% | 0.25% | 2020 | 2032 | 750000000 | 750000000 | 552750000 | 552750000 |
|  USD | SOFR COMPOUNDED | 5.00% | 0.25% | 2021 | 2036 | 500000000 | 500000000 | 500000000 | 500000000 |
|  USD | SOFR COMPOUNDED | 5.67% | 0.25% | 2022 | 2046 | 230000000 | 230000000 | 9422640 | 9422640 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  USD | FIXED | 1.72% | 0.00% | 2018 | 2036 | 39885000 | 39885000 | 30146358 | 30146358 |
|  USD | FIXED | 1.72% | 0.00% | 2019 | 2037 | 55300000 | 55300000 | 54265000 | 54265000 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2008 | 2026 | 13585521 | 13585521 | 622060 | 622060 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2008 | 2027 | 4584236 | 4584236 | 624335 | 624335 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2009 | 2030 | 51484813 | 51484813 | 21061969 | 21061969 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2028 | 19632981 | 19632981 | 4462053 | 4462053 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2028 | 28794548 | 28794548 | 9472147 | 9472147 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2030 | 23569859 | 23569859 | 9642215 | 9642215 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2027 | 7304212 | 7304212 | 1328039 | 1328039 |
|  USD | FIXED | 0.00% | 0.00% | 2011 | 2026 | 133605200 | 133605200 | 11930346 | 11930346 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2030 | 9000832 | 9000832 | 2942810 | 2942810 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2030 | 6071773 | 6071773 | 2101970 | 2101970 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2028 | 21198322 | 21198322 | 4800028 | 4800028 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2027 | 5619569 | 5619569 | 1020351 | 1020351 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2032 | 20359477 | 20359477 | 9501089 | 9501089 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2027 | 22918836 | 22918836 | 3124761 | 3124761 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2011 | 2027 | 3997338 | 3997338 | 726789 | 726789 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2012 | 2035 | 36468095 | 36468095 | 21652931 | 21652931 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2013 | 2030 | 102735040 | 102735040 | 51367520 | 51367520 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2013 | 2029 | 26323881 | 26323881 | 7179240 | 7179240 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2013 | 2028 | 161565869 | 161565869 | 48469761 | 48469761 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2013 | 2033 | 8302857 | 8302857 | 4151429 | 4151429 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2014 | 2031 | 160956898 | 160956898 | 88526294 | 88526294 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2014 | 2029 | 69924759 | 69924759 | 27498709 | 27498709 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2016 | 2033 | 7336800 | 7336800 | 5502991 | 5502991 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2016 | 2033 | 292617602 | 292617602 | 219721134 | 219721134 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2016 | 2035 | 9722782 | 9722782 | 6544936 | 6544936 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2016 | 2032 | 10853209 | 10853209 | 7597246 | 7597246 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2016 | 2032 | 122468065 | 122468065 | 85727646 | 85727646 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2017 | 2034 | 10821649 | 10821649 | 9198402 | 9198402 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2017 | 2034 | 198325650 | 198325650 | 168576802 | 168576802 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2020 | 2035 | 4000000 | 4000000 | 1728219 | 1728219 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2020 | 2040 | 66000000 | 66000000 | 47191860 | 47191860 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2020 | 2035 | 12153000 | 12153000 | 4372091 | 4372091 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2020 | 2036 | 154239000 | 154239000 | 151566276 | 151566276 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2020 | 2041 | 95326000 | 95326000 | 81392807 | 81392807 |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2022 | 2043 | 150000000 | 150000000 | 88333591 | 88333591 |
|  USD | SOFR COMPOUNDED | 4.36% | 0.15% | 2010 | 2034 | 99481861 | 99481861 | 65389503 | 65389503 |
|  USD | SOFR COMPOUNDED | 4.56% | 0.15% | 2010 | 2035 | 31425843 | 31425843 | 22855793 | 22855793 |
|  USD | SOFR COMPOUNDED | 6.15% | 0.00% | 2013 | 2033 | 1920255 | 1920255 | 1204617 | 1204617 |
|  USD | SOFR COMPOUNDED | 5.69% | 0.15% | 2014 | 2031 | 33449634 | 33449634 | 24108984 | 24108984 |
|  USD | SOFR COMPOUNDED | 6.05% | 0.15% | 2015 | 2030 | 100000000 | 100000000 | 41666667 | 41666667 |
|  USD | SOFR COMPOUNDED | 4.86% | 0.15% | 2016 | 2033 | 105973719 | 105973719 | 94162260 | 94162260 |
|  USD | SOFR COMPOUNDED | 5.17% | 0.15% | 2017 | 2034 | 459487908 | 459487908 | 411120760 | 411120760 |
|  USD | SOFR COMPOUNDED | 6.00% | 0.00% | 2017 | 2034 | 92110284 | 92110284 | 82414464 | 82414464 |
|  USD | SOFR COMPOUNDED | 5.63% | 0.15% | 2017 | 2032 | 100000000 | 100000000 | 58333333 | 58333333 |
|  USD | SOFR COMPOUNDED | 5.26% | 0.15% | 2018 | 2037 | 192500000 | 192500000 | 177018130 | 177018130 |
|  USD | SOFR COMPOUNDED | 5.05% | 0.15% | 2019 | 2039 | 181311946 | 181311946 | 163745490 | 163745490 |
|  USD | SOFR COMPOUNDED | 5.05% | 0.15% | 2019 | 2039 | 85041865 | 85041865 | 76812009 | 76812009 |
|  USD | SOFR COMPOUNDED | 5.17% | 0.15% | 2019 | 2037 | 90000000 | 90000000 | 62755782 | 62755782 |
|  USD | SOFR COMPOUNDED | 4.66% | 0.15% | 2019 | 2039 | 50000000 | 50000000 | 49457929 | 49457929 |
|  USD | SOFR COMPOUNDED | 4.66% | 0.15% | 2021 | 2039 | 79475000 | 79475000 | 35625718 | 35625718 |
|  USD | SOFR COMPOUNDED | 5.26% | 0.15% | 2022 | 2041 | 150000000 | 150000000 | 108466383 | 108466383 |
|  USD | SOFR COMPOUNDED | 4.80% | 0.15% | 2022 | 2037 | 500000000 | 500000000 | 500000000 | 500000000 |
|  USD | SOFR COMPOUNDED | 4.80% | 0.15% | 2022 | 2037 | 500000000 | 500000000 | 500000000 | 500000000 |
|  USD | SOFR COMPOUNDED | 4.80% | 0.15% | 2022 | 2037 | 500000000 | 500000000 | 500000000 | 500000000 |
|  USD | SOFR COMPOUNDED | 1.70% | 0.15% | 2022 | 2037 | 15000000 | 15000000 | 15000000 | 15000000 |

---

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>RATE** | **COMMITMENT<br>CHARGE** | **ISSUE<br>YEAR** | **MATURITY<br>YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | | **(In Original<br>Currency)** | **(In US Dollar)** | **(In Original<br>Currency)** | **(In US Dollar)** |
|  USD | NO INTEREST RATE | 0.00% | 0.00% | 2023 | 2038 | 10000000 | 10000000 | 9229209 | 9229209 |
|  USD | FIXED | 4.73% | 0.00% | 2006 | 2026 | 530000000 | 530000000 | 56551000 | 56551000 |
|  USD | SOFR COMPOUNDED | 5.94% | 0.15% | 2017 | 2034 | 36507543 | 36507543 | 32664644 | 32664644 |
|  USD | SOFR COMPOUNDED | 6.84% | 0.15% | 2017 | 2034 | 7314980 | 7314980 | 6544982 | 6544982 |
|  **TOTAL BILATERAL** | **TOTAL BILATERAL** | **TOTAL BILATERAL** | **TOTAL BILATERAL** | **TOTAL BILATERAL** | **TOTAL BILATERAL** | **USD** | **31479132486** | **USD** | **17289802143** |
|  **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **USD** | **27616877691** | **USD** | **15662929803** |
|  **TOTAL MULTILATERAL** | **TOTAL MULTILATERAL** | **TOTAL MULTILATERAL** | **TOTAL MULTILATERAL** | **TOTAL MULTILATERAL** | **TOTAL MULTILATERAL** | **USD** | **58831987271** | **USD** | **39383250372** |

---

Assumed exchange rates for conversion

---

| | |
|:---|:---|
|  ACU/IDR | 22918.27 |
|  AUD/IDR | 11182.34 |
|  CAD/IDR | 12200.37 |
|  CHF/IDR | 21083.16 |
|  CNY/IDR | 2391.71 |
|  EUR/IDR | 19624.26 |
|  JPY/IDR | 106.7893 |
|  KRW/IDR | 11.59 |
|  SAR/IDR | 4458.37 |
|  SDR/IDR | 22918.27 |
|  USD/IDR | 16720.0 |

---

------

**DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA** 

**AS OF 31 DECEMBER 2025** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **BASE** | **INTEREST RATE**<br> **BASIS** | **INTEREST<br>RATE** | **ISSUE<br>YEAR** | **MATURITY**<br>**YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |  |
|  |  | | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |  |
|  ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | ***COMMERCIAL CREDIT*** | **** |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2018 | 2026 | 249950000000 | 14949163 | 93731250000 | 5605936 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2018 | 2026 | 29828780000 | 1784018 | 11185842500 | 669010 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2018 | 2026 | 50000000000 | 2990431 | 18750000000 | 1121411 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2018 | 2026 | 19896283000 | 1189969 | 7461106125 | 446238 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2018 | 2026 | 99803391600 | 5969102 | 37426271850 | 2238413 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2018 | 2026 | 19906920000 | 1190605 | 7465095000 | 446477 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 536084300 | 32062 | 201031610 | 12023 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 131155000000 | 7844199 | 49183125000 | 2941574 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 23808895000 | 1423977 | 8928335625 | 533991 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 147500000000 | 8821770 | 55312500000 | 3308164 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 158460004000 | 9477273 | 59422501500 | 3553977 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 115000000000 | 6877990 | 43125000000 | 2579246 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 383499973000 | 22936601 | 143812473000 | 8601224 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 40768100000 | 2438283 | 15288037500 | 914356 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 1662500000000 | 99431818 | 623437500000 | 37286932 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 24984320000 | 1494278 | 9369120000 | 560354 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 59962260000 | 3586260 | 22485847500 | 1344847 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 19996367000 | 1195955 | 7498637625 | 448483 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 19000440000 | 1136390 | 7125165000 | 426146 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 60000000000 | 3588517 | 22500000000 | 1345694 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 20000000000 | 1196172 | 7500000000 | 448565 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 49998833220 | 2990361 | 18749562455 | 1121385 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 30000000000 | 1794258 | 11250000000 | 672847 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 29989014000 | 1793601 | 11245880250 | 672600 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 55000000000 | 3289474 | 20625000000 | 1233553 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 17998251200 | 1076450 | 6749344200 | 403669 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 49999985750 | 2990430 | 18749994655 | 1121411 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 170000000000 | 10167464 | 63750000000 | 3812799 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 185000000000 | 11064593 | 69375000000 | 4149222 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 35000000000 | 2093301 | 13125000000 | 784988 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 175000000000 | 10466507 | 65625000000 | 3924940 |  |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 39987475000 | 2391595 | 14995303125 | 896848 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2027 | 54100000000 | 3235646 | 16230000000 | 970694 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 339999200000 | 20334880 | 67999840000 | 4066976 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2028 | 170000000000 | 10167464 | 85000000000 | 5083732 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 236987660000 | 14173903 | 47397532000 | 2834781 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 38999348873 | 2332497 | 7799869777 | 466499 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 147500000000 | 8821770 | 29500000000 | 1764354 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 27600000000 | 1650718 | 2760000000 | 165072 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2026 | 9999998800 | 598086 | 999999880 | 59809 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 20000000000 | 1196172 | 2000000000 | 119617 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 8595966810 | 514113 | 859596690 | 51411 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2026 | 49998866500 | 2990363 | 4999886650 | 299036 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2028 | 1222500000000 | 73116029 | 611250000000 | 36558014 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2028 | 99795000000 | 5968600 | 49897500000 | 2984300 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2028 | 174956278000 | 10463892 | 87478139000 | 5231946 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 77998697749 | 4664994 | 15599739552 | 932999 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2027 | 180000000000 | 10765550 | 54000000000 | 3229665 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 17000000000 | 1016746 | 1700000000 | 101675 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 115000000000 | 6877990 | 11500000000 | 687799 |  |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2027 | 185000000000 | 11064593 | 55500000000 | 3319378 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2026 | 39883379000 | 2385370 | 3988337900 | 238537 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2026 | 24969500000 | 1493391 | 2496950000 | 149339 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2026 | 40768100000 | 2438283 | 4076810000 | 243828 |  |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2026 | 185499994438 | 11094497 | 37099998894 | 2218899 |  |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **BASE** | **INTEREST RATE**<br> **BASIS** | **INTEREST<br>RATE** | **ISSUE<br>YEAR** | **MATURITY**<br>**YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2028 | 374999960000 | 22428227 | 187499980000 | 11214114 |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2028 | 131000000000 | 7834928 | 65500000000 | 3917464 |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2019 | 2026 | 41400000000 | 2476077 | 8280000000 | 495215 |
|  IDR | JIBOR 6 MONTHS | 5.70% | 2019 | 2026 | 84442466900 | 5050387 | 31665925085 | 1893895 |
|  IDR | JIBOR 6 MONTHS | 5.09% | 2019 | 2026 | 19581000000 | 1171112 | 3916200000 | 234222 |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2020 | 2027 | 383500000000 | 22936603 | 115050000000 | 6880981 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2020 | 2026 | 750000000000 | 44856459 | 375000000000 | 22428230 |
|  IDR | JIBOR 6 MONTHS | 6.29% | 2020 | 2028 | 880000000000 | 52631579 | 429550000000 | 25690789 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 262800000000 | 15717703 | 262800000000 | 15717703 |
|  IDR | JIBOR 6 MONTHS | 5.06% | 2021 | 2031 | 335000000000 | 20035885 | 335000000000 | 20035885 |
|  IDR | JIBOR 6 MONTHS | 5.94% | 2021 | 2031 | 220000000000 | 13157895 | 220000000000 | 13157895 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 138230000000 | 8267344 | 138230000000 | 8267344 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 140783000000 | 8420036 | 140783000000 | 8420036 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 116564700000 | 6971573 | 116564700000 | 6971573 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 129600000000 | 7751196 | 129600000000 | 7751196 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 23619474000 | 1412648 | 23619474000 | 1412648 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 144397845708 | 8636235 | 144397845708 | 8636235 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 215999994000 | 12918660 | 215999994000 | 12918660 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 194499650000 | 11632754 | 194499650000 | 11632754 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 91857096285 | 5493845 | 91857096285 | 5493845 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 36000000000 | 2153110 | 36000000000 | 2153110 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 54150000000 | 3238636 | 54150000000 | 3238636 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 120000000000 | 7177033 | 120000000000 | 7177033 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 75100000000 | 4491627 | 75100000000 | 4491627 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 200000000000 | 11961722 | 170000000000 | 10167464 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 32500000000 | 1943780 | 32500000000 | 1943780 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 79146000000 | 4733612 | 79146000000 | 4733612 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 175011000000 | 10467165 | 175011000000 | 10467165 |
|  IDR | JIBOR 6 MONTHS | 4.85% | 2021 | 2029 | 1054125000000 | 63045754 | 1054125000000 | 63045754 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 25978000000 | 1553708 | 25978000000 | 1553708 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 87310000000 | 5221890 | 87310000000 | 5221890 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 59837908200 | 3578822 | 59837908200 | 3578822 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 67589863334 | 4042456 | 67589863334 | 4042456 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 76343863175 | 4566021 | 76343863175 | 4566021 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 9135972600 | 546410 | 9135972600 | 546410 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 84000000000 | 5023923 | 84000000000 | 5023923 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 66000000000 | 3947368 | 66000000000 | 3947368 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 12236000000 | 731818 | 12236000000 | 731818 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 45664000000 | 2731100 | 45664000000 | 2731100 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 380557975892 | 22760644 | 380557975892 | 22760644 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2021 | 2029 | 29829000000 | 1784031 | 29829000000 | 1784031 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2028 | 80000000000 | 4784689 | 40000000000 | 2392344 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2029 | 84000000000 | 5023923 | 74666666667 | 4465710 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 37500000000 | 2242823 | 30000000000 | 1794258 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2029 | 15375000000 | 919557 | 12300000000 | 735646 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2029 | 98129000000 | 5868959 | 78503200000 | 4695167 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2029 | 200000000000 | 11961722 | 140000000000 | 8373206 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2029 | 582998000000 | 34868301 | 408098600000 | 24407811 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2029 | 900517971720 | 53858730 | 720414377376 | 43086984 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 42770000000 | 2558014 | 25662000000 | 1534809 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 42770000000 | 2558014 | 29939000000 | 1790610 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2028 | 43579000000 | 2606400 | 26147400000 | 1563840 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2028 | 68445000000 | 4093600 | 34222500000 | 2046800 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2027 | 162000000000 | 9688995 | 64800000000 | 3875598 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2028 | 37500000000 | 2242823 | 22500000000 | 1345694 |
|  IDR | JIBOR 6 MONTHS | 4.39% | 2022 | 2029 | 135000000000 | 8074163 | 121500000000 | 7266746 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 350000000000 | 20933014 | 315000000000 | 18839713 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 102000000000 | 6100478 | 51000000000 | 3050239 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **BASE** | **INTEREST RATE**<br> **BASIS** | **INTEREST<br>RATE** | **ISSUE<br>YEAR** | **MATURITY**<br>**YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 38364000000 | 2294498 | 19182000000 | 1147249 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 4162655477 | 248963 | 3330124381 | 199170 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 2814000749 | 168301 | 1969800524 | 117811 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 17086352907 | 1021911 | 13669082327 | 817529 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 4045506388 | 241956 | 2831854471 | 169369 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 10737032678 | 642167 | 8589626142 | 513734 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 35017898474 | 2094372 | 24512528933 | 1466060 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 27218703224 | 1627913 | 21774962580 | 1302330 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 123782915805 | 7403284 | 86648041062 | 5182299 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 127953000000 | 7652691 | 89567100000 | 5356884 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 196226000000 | 11736005 | 137358200000 | 8215203 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 86225715000 | 5157040 | 60358000500 | 3609928 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 256246700000 | 15325760 | 204997360000 | 12260608 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 124965300000 | 7474001 | 99972240000 | 5979201 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 28336007850 | 1694737 | 14168003925 | 847369 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 1856600000 | 111041 | 928300000 | 55520 |
|  IDR | JIBOR 6 MONTHS | 4.99% | 2022 | 2029 | 51999051300 | 3109991 | 51999051300 | 3109991 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 35655450000 | 2132503 | 28524360000 | 1706002 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 71306739000 | 4264757 | 42784043400 | 2558854 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 75300067200 | 4503593 | 37650033600 | 2251796 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2027 | 77840000000 | 4655502 | 31136000000 | 1862201 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 409000000000 | 24461722 | 409000000000 | 24461722 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 74987442600 | 4484895 | 37493721300 | 2242447 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2029 | 80212900000 | 4797422 | 64170320000 | 3837938 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 202395509662 | 12104995 | 101197754831 | 6052497 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 23966700000 | 1433415 | 11983350000 | 716708 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2027 | 20983412000 | 1254989 | 8393364800 | 501996 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 40499407300 | 2422213 | 20249703650 | 1211107 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 179807539000 | 10754039 | 89903769500 | 5377020 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 74054875000 | 4429119 | 37027437500 | 2214560 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 54739949200 | 3273920 | 27369974600 | 1636960 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 26993276000 | 1614430 | 13496638000 | 807215 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 59999993546 | 3588516 | 29999996775 | 1794258 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 98934088000 | 5917111 | 49467044000 | 2958555 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 154916550000 | 9265344 | 92949930000 | 5559206 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 186035878000 | 11126548 | 111621526800 | 6675929 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 62937660000 | 3764214 | 37762596000 | 2258528 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 25495793178 | 1524868 | 12747896588 | 762434 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 149960098381 | 8968905 | 74980049191 | 4484453 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 38996110397 | 2332303 | 19498055197 | 1166152 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 599446869000 | 35852085 | 359668121400 | 21511251 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 107887248000 | 6452587 | 64732348800 | 3871552 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2022 | 2028 | 59873209000 | 3580934 | 35923925400 | 2148560 |
|  IDR | JIBOR 6 MONTHS | 4.97% | 2022 | 2029 | 264625000000 | 15826854 | 264625000000 | 15826854 |
|  IDR | JIBOR 6 MONTHS | 4.24% | 2022 | 2030 | 67228704850 | 4020856 | 67228704850 | 4020856 |
|  IDR | JIBOR 6 MONTHS | 4.24% | 2022 | 2030 | 350000000000 | 20933014 | 350000000000 | 20933014 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 6113083548 | 365615 | 4890466838 | 292492 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 53859495368 | 3221262 | 48473545831 | 2899136 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 44121000000 | 2638816 | 39708900000 | 2374934 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 112500000000 | 6728469 | 101250000000 | 6055622 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 298447000000 | 17849701 | 238757600000 | 14279761 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 1305000000000 | 78050239 | 1044000000000 | 62440191 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 205500000000 | 12290670 | 184950000000 | 11061603 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 68700000000 | 4108852 | 61830000000 | 3697967 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2028 | 68695300000 | 4108571 | 34347650000 | 2054285 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 30000000000 | 1794258 | 12000000000 | 717703 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 52500000000 | 3139952 | 36750000000 | 2197967 |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **BASE** | **INTEREST RATE**<br> **BASIS** | **INTEREST<br>RATE** | **ISSUE<br>YEAR** | **MATURITY**<br>**YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 411917000000 | 24636184 | 370725300000 | 22172566 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 709225000000 | 42417763 | 638302500000 | 38175987 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 35975800000 | 2151663 | 25183060000 | 1506164 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 29916000000 | 1789234 | 20941200000 | 1252464 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 55931281660 | 3345172 | 44745025328 | 2676138 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2028 | 22470000000 | 1343900 | 11235000000 | 671950 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 76000000000 | 4545455 | 68400000000 | 4090909 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 28440000000 | 1700957 | 19908000000 | 1190670 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 114999962000 | 6877988 | 91999969600 | 5502391 |
|  IDR | JIBOR 6 MONTHS | 4.24% | 2022 | 2030 | 144985000000 | 8671352 | 144985000000 | 8671352 |
|  IDR | JIBOR 6 MONTHS | 4.24% | 2022 | 2030 | 161938583430 | 9685322 | 121453937573 | 7263991 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2028 | 45063674700 | 2695196 | 22531837350 | 1347598 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2028 | 48123472680 | 2878198 | 24061736340 | 1439099 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 318397000000 | 19042883 | 286549200000 | 17138110 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 225915000000 | 13511663 | 158140500000 | 9458164 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2028 | 79500000000 | 4754785 | 47700000000 | 2852871 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2028 | 197760000000 | 11827751 | 118656000000 | 7096651 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2030 | 273926000000 | 16383134 | 246533400000 | 14744821 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2028 | 87709000000 | 5245754 | 52625400000 | 3147452 |
|  IDR | JIBOR 6 MONTHS | 4.64% | 2022 | 2029 | 135000000000 | 8074163 | 94500000000 | 5651914 |
|  IDR | JIBOR 6 MONTHS | 6.42% | 2023 | 2030 | 87707787200 | 5245681 | 78907787200 | 4719365 |
|  IDR | JIBOR 6 MONTHS | 6.42% | 2023 | 2030 | 110260500000 | 6594528 | 99260500000 | 5936633 |
|  IDR | JIBOR 6 MONTHS | 5.88% | 2023 | 2030 | 135000000000 | 8074163 | 135000000000 | 8074163 |
|  IDR | JIBOR 6 MONTHS | 6.42% | 2023 | 2030 | 105148574300 | 6288790 | 94648574300 | 5660800 |
|  IDR | JIBOR 6 MONTHS | 6.42% | 2023 | 2030 | 112288102921 | 6715796 | 101088102921 | 6045939 |
|  IDR | JIBOR 6 MONTHS | 5.88% | 2023 | 2031 | 174970699400 | 10464755 | 174970699400 | 10464755 |
|  IDR | JIBOR 6 MONTHS | 6.42% | 2023 | 2030 | 363000000000 | 21710526 | 326700000000 | 19539474 |
|  IDR | JIBOR 6 MONTHS | 6.42% | 2023 | 2030 | 175700156800 | 10508383 | 158100156800 | 9455751 |
|  IDR | JIBOR 6 MONTHS | 5.88% | 2023 | 2031 | 121331119700 | 7256646 | 121331119700 | 7256646 |
|  IDR | JIBOR 6 MONTHS | 6.65% | 2023 | 2029 | 26989920000 | 1614230 | 21591936000 | 1291384 |
|  IDR | JIBOR 6 MONTHS | 6.65% | 2023 | 2029 | 48893880000 | 2924275 | 34225716000 | 2046993 |
|  IDR | JIBOR 6 MONTHS | 6.65% | 2023 | 2029 | 202239996000 | 12095694 | 141567997200 | 8466985 |
|  IDR | JIBOR 6 MONTHS | 6.65% | 2023 | 2029 | 74200090000 | 4437804 | 51940063000 | 3106463 |
|  IDR | JIBOR 6 MONTHS | 6.59% | 2023 | 2030 | 202484510000 | 12110318 | 182236059000 | 10899286 |
|  IDR | JIBOR 6 MONTHS | 6.59% | 2023 | 2029 | 209886367000 | 12553012 | 146886367000 | 8785070 |
|  IDR | JIBOR 6 MONTHS | 6.59% | 2023 | 2029 | 90998922000 | 5442519 | 63698922000 | 3809744 |
|  IDR | JIBOR 6 MONTHS | 6.59% | 2023 | 2029 | 47248790469 | 2825885 | 32848790469 | 1964641 |
|  IDR | JIBOR 6 MONTHS | 6.59% | 2023 | 2029 | 59495762500 | 3558359 | 41495762500 | 2481804 |
|  IDR | JIBOR 6 MONTHS | 6.59% | 2023 | 2029 | 55992500000 | 3348834 | 39192500000 | 2344049 |
|  IDR | JIBOR 6 MONTHS | 6.45% | 2023 | 2029 | 1807735267000 | 108118138 | 1265414686900 | 75682697 |
|  IDR | JIBOR 6 MONTHS | 6.45% | 2023 | 2029 | 692508634000 | 41417981 | 484756043800 | 28992586 |
|  IDR | JIBOR 6 MONTHS | 6.45% | 2023 | 2029 | 1144276443800 | 68437586 | 915421155040 | 54750069 |
|  IDR | JIBOR 6 MONTHS | 6.10% | 2023 | 2031 | 37500000000 | 2242823 | 18750000000 | 1121411 |
|  IDR | JIBOR 6 MONTHS | 7.28% | 2023 | 2031 | 576000000000 | 34449761 | 345600000000 | 20669856 |
|  IDR | JIBOR 6 MONTHS | 6.78% | 2023 | 2030 | 379248750000 | 22682342 | 379248750000 | 22682342 |
|  IDR | JIBOR 6 MONTHS | 7.28% | 2023 | 2031 | 94131250000 | 5629859 | 94131250000 | 5629859 |
|  IDR | JIBOR 6 MONTHS | 7.28% | 2023 | 2031 | 195226600000 | 11676232 | 195226600000 | 11676232 |
|  IDR | JIBOR 6 MONTHS | 7.28% | 2023 | 2031 | 82400000000 | 4928230 | 82400000000 | 4928230 |
|  IDR | JIBOR 6 MONTHS | 7.05% | 2023 | 2031 | 122500000000 | 7326555 | 122500000000 | 7326555 |
|  IDR | JIBOR 6 MONTHS | 7.28% | 2023 | 2031 | 33125000000 | 1981160 | 33125000000 | 1981160 |
|  IDR | JIBOR 6 MONTHS | 7.28% | 2023 | 2031 | 162000000000 | 9688995 | 162000000000 | 9688995 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 281000000000 | 16806220 | 252900000000 | 15125598 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 65000000000 | 3887560 | 58500000000 | 3498804 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 162868045000 | 9740912 | 146568045000 | 8766031 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 60000000000 | 3588517 | 54000000000 | 3229665 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 60000000000 | 3588517 | 54000000000 | 3229665 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 74970417000 | 4483877 | 67470417000 | 4035312 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **BASE** | **INTEREST RATE**<br> **BASIS** | **INTEREST<br>RATE** | **ISSUE<br>YEAR** | **MATURITY**<br>**YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 53116133000 | 3176802 | 47716133000 | 2853836 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 50572916000 | 3024696 | 45472916000 | 2719672 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 157365000000 | 9411782 | 141565000000 | 8466806 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 35000000000 | 2093301 | 31500000000 | 1883971 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 38000000000 | 2272727 | 34200000000 | 2045455 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 35000000000 | 2093301 | 31500000000 | 1883971 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 40000000000 | 2392344 | 36000000000 | 2153110 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 52000000000 | 3110048 | 46800000000 | 2799043 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 40000000000 | 2392344 | 36000000000 | 2153110 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 39500000000 | 2362440 | 35550000000 | 2126196 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 50000000000 | 2990431 | 45000000000 | 2691388 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 30000000000 | 1794258 | 27000000000 | 1614833 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 47656524000 | 2850271 | 42856524000 | 2563189 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 44178000000 | 2642225 | 39678000000 | 2373086 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 22300000000 | 1333732 | 20000000000 | 1196172 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 26934084000 | 1610890 | 24234084000 | 1449407 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 128686869000 | 7696583 | 115786869000 | 6925052 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 151377360000 | 9053670 | 136177360000 | 8144579 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 349105000000 | 20879486 | 314105000000 | 18786184 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 50000000000 | 2990431 | 45000000000 | 2691388 |
|  IDR | JIBOR 6 MONTHS | 6.70% | 2023 | 2031 | 2646128000000 | 158261244 | 2646128000000 | 158261244 |
|  IDR | JIBOR 6 MONTHS | 7.00% | 2023 | 2028 | 1191872000000 | 71284211 | 715123200000 | 42770526 |
|  IDR | JIBOR 6 MONTHS | 7.52% | 2023 | 2029 | 180000000000 | 10765550 | 144000000000 | 8612440 |
|  IDR | JIBOR 6 MONTHS | 6.28% | 2023 | 2030 | 76344248427 | 4566044 | 76344248427 | 4566044 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2031 | 1288147705000 | 77042327 | 906855984320 | 54237798 |
|  IDR | JIBOR 6 MONTHS | 6.57% | 2023 | 2030 | 67452302100 | 4034229 | 67452302100 | 4034229 |
|  IDR | JIBOR 6 MONTHS | 6.58% | 2023 | 2030 | 158398482648 | 9473593 | 158398482648 | 9473593 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2029 | 107879589000 | 6452129 | 86303671200 | 5161703 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2029 | 599784938000 | 35872305 | 479827950400 | 28697844 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2029 | 222510000000 | 13308014 | 178008000000 | 10646411 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2029 | 98950200000 | 5918074 | 69265140000 | 4142652 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2029 | 68700000000 | 4108852 | 48090000000 | 2876196 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2030 | 58659380000 | 3508336 | 52793442000 | 3157503 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2031 | 242915630000 | 14528447 | 242915630000 | 14528447 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2031 | 85601980000 | 5119736 | 85601980000 | 5119736 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2030 | 53942900000 | 3226250 | 53942900000 | 3226250 |
|  IDR | JIBOR 6 MONTHS | 6.28% | 2023 | 2030 | 17466910000 | 1044672 | 17466910000 | 1044672 |
|  IDR | JIBOR 6 MONTHS | 6.82% | 2023 | 2029 | 132500000000 | 7924641 | 106000000000 | 6339713 |
|  IDR | JIBOR 6 MONTHS | 6.28% | 2023 | 2030 | 89999998984 | 5382775 | 89999998984 | 5382775 |
|  IDR | JIBOR 6 MONTHS | 6.62% | 2023 | 2030 | 143500000000 | 8582536 | 129150000000 | 7724282 |
|  IDR | JIBOR 6 MONTHS | 5.50% | 2023 | 2030 | 1725991880000 | 103229179 | 1725991880000 | 103229179 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 104004980000 | 6220394 | 104004980000 | 6220394 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 129600000000 | 7751196 | 129600000000 | 7751196 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 375215630000 | 22441126 | 375215630000 | 22441126 |
|  IDR | JIBOR 6 MONTHS | 6.08% | 2023 | 2029 | 68700000000 | 4108852 | 54960000000 | 3287081 |
|  IDR | JIBOR 6 MONTHS | 5.59% | 2023 | 2031 | 56708910000 | 3391681 | 56708910000 | 3391681 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 195991430000 | 11721975 | 195991430000 | 11721975 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 181016690000 | 10826357 | 181016690000 | 10826357 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 140712620000 | 8415827 | 140712620000 | 8415827 |
|  IDR | JIBOR 6 MONTHS | 6.08% | 2023 | 2030 | 271989380000 | 16267307 | 271989380000 | 16267307 |
|  IDR | JIBOR 6 MONTHS | 6.08% | 2023 | 2030 | 104000000000 | 6220096 | 104000000000 | 6220096 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 52886580000 | 3163073 | 52886580000 | 3163073 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2030 | 256550630000 | 15343937 | 256550630000 | 15343937 |
|  IDR | JIBOR 6 MONTHS | 6.08% | 2023 | 2030 | 318370950000 | 19041325 | 286533855000 | 17137192 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 296992100000 | 17762685 | 296992100000 | 17762685 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 222149750000 | 13286468 | 222149750000 | 13286468 |
|  IDR | JIBOR 6 MONTHS | 6.08% | 2023 | 2029 | 216000000000 | 12918660 | 172800000000 | 10334928 |
|  IDR | JIBOR 6 MONTHS | 5.48% | 2023 | 2030 | 152375000000 | 9113337 | 152375000000 | 9113337 |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **BASE** | **INTEREST RATE**<br> **BASIS** | **INTEREST<br>RATE** | **ISSUE<br>YEAR** | **MATURITY**<br>**YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 156896441104 | 9383758 | 47068932331 | 2815128 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 55000000000 | 3289474 | 49500000000 | 2960526 |
|  IDR | JIBOR 6 MONTHS | 5.55% | 2023 | 2031 | 46875000000 | 2803529 | 46875000000 | 2803529 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 59689400000 | 3569940 | 59689400000 | 3569940 |
|  IDR | JIBOR 6 MONTHS | 5.57% | 2023 | 2031 | 269833130000 | 16138345 | 269833130000 | 16138345 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2031 | 202421280000 | 12106536 | 202421280000 | 12106536 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 13176161900 | 788048 | 13176161900 | 788048 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 7640204100 | 456950 | 7640204100 | 456950 |
|  IDR | JIBOR 6 MONTHS | 6.15% | 2023 | 2031 | 748590870000 | 44772181 | 469654816500 | 28089403 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2031 | 729201193000 | 43612512 | 255220417550 | 15264379 |
|  IDR | JIBOR 6 MONTHS | 5.49% | 2023 | 2031 | 89970188941 | 5380992 | 80973170046 | 4842893 |
|  IDR | JIBOR 6 MONTHS | 5.53% | 2023 | 2031 | 101624973120 | 6078049 | 86381227152 | 5166341 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 98500000000 | 5891148 | 98500000000 | 5891148 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 100000000000 | 5980861 | 90000000000 | 5382775 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 75120000000 | 4492823 | 67608000000 | 4043541 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 180000000000 | 10765550 | 162000000000 | 9688995 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 135000000000 | 8074163 | 135000000000 | 8074163 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 87600000000 | 5239234 | 87600000000 | 5239234 |
|  IDR | JIBOR 6 MONTHS | 5.50% | 2023 | 2031 | 16575000000 | 991328 | 16575000000 | 991328 |
|  IDR | JIBOR 6 MONTHS | 5.49% | 2023 | 2031 | 146250000000 | 8747010 | 146250000000 | 8747010 |
|  IDR | JIBOR 6 MONTHS | 5.49% | 2023 | 2031 | 32500000000 | 1943780 | 32500000000 | 1943780 |
|  IDR | JIBOR 6 MONTHS | 5.49% | 2023 | 2031 | 75453170000 | 4512749 | 75453170000 | 4512749 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 253599150000 | 15167413 | 228239235000 | 13650672 |
|  IDR | JIBOR 6 MONTHS | 5.50% | 2023 | 2031 | 249310224200 | 14910899 | 88452307897 | 5290210 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2023 | 2030 | 116944524800 | 6994290 | 105250072320 | 6294861 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 98860380000 | 5912702 | 98860380000 | 5912702 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 35995800000 | 2152859 | 35995800000 | 2152859 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 209887574000 | 12553085 | 209887574000 | 12553085 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 47247280000 | 2825794 | 42522552000 | 2543215 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 301201000000 | 18014414 | 301201000000 | 18014414 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 131909400000 | 7889318 | 118718460000 | 7100386 |
|  IDR | JIBOR 6 MONTHS | 6.23% | 2023 | 2030 | 134980836000 | 8073017 | 134980836000 | 8073017 |
|  IDR | JIBOR 6 MONTHS | 6.03% | 2023 | 2030 | 1548607980000 | 92620094 | 1393747182000 | 83358085 |
|  IDR | JIBOR 6 MONTHS | 6.03% | 2023 | 2030 | 2446741429000 | 146336210 | 2202067286100 | 131702589 |
|  IDR | JIBOR 6 MONTHS | 5.40% | 2023 | 2031 | 76658310000 | 4584827 | 76658310000 | 4584827 |
|  IDR | JIBOR 6 MONTHS | 5.44% | 2024 | 2031 | 1499619768000 | 89690178 | 1499619768000 | 89690178 |
|  IDR | JIBOR 6 MONTHS | 5.43% | 2024 | 2030 | 999743704000 | 59793284 | 999743704000 | 59793284 |
|  IDR | JIBOR 6 MONTHS | 5.43% | 2024 | 2030 | 2499347891000 | 149482529 | 2499347891000 | 149482529 |
|  IDR | JIBOR 6 MONTHS | 5.75% | 2024 | 2030 | 2271905909000 | 135879540 | 2271905909000 | 135879540 |
|  IDR | JIBOR 6 MONTHS | 5.57% | 2024 | 2032 | 143852562000 | 8603622 | 135078060300 | 8078831 |
|  IDR | JIBOR 6 MONTHS | 5.53% | 2024 | 2030 | 399856276000 | 23914849 | 399856276000 | 23914849 |
|  IDR | JIBOR 6 MONTHS | 5.34% | 2024 | 2031 | 1683581014000 | 100692644 | 998373946000 | 59711360 |
|  IDR | JIBOR 6 MONTHS | 5.35% | 2024 | 2031 | 2125858440000 | 127144644 | 1007581668000 | 60262061 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2025 | 2031 | 120000000000 | 7177033 | 120000000000 | 7177033 |
|  IDR | JIBOR 6 MONTHS | 6.55% | 2025 | 2030 | 880000000000 | 52631579 | 792000000000 | 47368421 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2025 | 2030 | 44000000000 | 2631579 | 44000000000 | 2631579 |
|  IDR | JIBOR 6 MONTHS | 5.68% | 2025 | 2032 | 1357535000000 | 81192285 | 271507000000 | 16238457 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2025 | 2032 | 215625000000 | 12896232 | 43125000000 | 2579246 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2025 | 2032 | 88410100000 | 5287685 | 66307575000 | 3965764 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2025 | 2032 | 89534100000 | 5354910 | 17906820000 | 1070982 |
|  IDR | JIBOR 6 MONTHS | 5.60% | 2025 | 2032 | 172800000000 | 10334928 | 34560000000 | 2066986 |
|  IDR | JIBOR 6 MONTHS | 6.78% | 2025 | 2033 | 297840000000 | 17813397 | 59568000000 | 3562679 |
|  IDR | JIBOR 6 MONTHS | 6.39% | 2025 | 2032 | 24989000000 | 1494557 | 4997800000 | 298911 |
|  IDR | JIBOR 6 MONTHS | 5.85% | 2025 | 2032 | 30651600000 | 1833230 | 6130320000 | 366646 |
|  IDR | JIBOR 6 MONTHS | 5.85% | 2025 | 2032 | 10791200000 | 645407 | 2158240000 | 129081 |
|  IDR | JIBOR 6 MONTHS | 6.65% | 2025 | 2031 | 90000000000 | 5382775 | 90000000000 | 5382775 |
|  IDR | JIBOR 6 MONTHS | 5.55% | 2025 | 2032 | 414000000000 | 24760766 | 82800000000 | 4952153 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2031 | 125913428000 | 7530707 | 125913428000 | 7530707 |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **BASE** | **INTEREST RATE**<br> **BASIS** | **INTEREST<br>RATE** | **ISSUE<br>YEAR** | **MATURITY**<br>**YEAR** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **OUTSTANDING BALANCE** | **OUTSTANDING BALANCE** |
|  |  | | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  IDR | JIBOR 6 MONTHS | 5.62% | 2025 | 2030 | 123181932000 | 7367340 | 123181932000 | 7367340 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2031 | 244758470000 | 14638664 | 244758470000 | 14638664 |
|  IDR | JIBOR 6 MONTHS | 5.85% | 2025 | 2030 | 253599150000 | 15167413 | 253599150000 | 15167413 |
|  IDR | JIBOR 6 MONTHS | 6.64% | 2025 | 2033 | 32635000000 | 1951854 | 6527000000 | 390371 |
|  IDR | JIBOR 6 MONTHS | 5.48% | 2025 | 2030 | 59000000000 | 3528708 | 59000000000 | 3528708 |
|  IDR | JIBOR 6 MONTHS | 6.64% | 2025 | 2030 | 53462000000 | 3197488 | 53462000000 | 3197488 |
|  IDR | JIBOR 6 MONTHS | 5.51% | 2025 | 2033 | 204750000000 | 12245813 | 143325000000 | 8572069 |
|  IDR | JIBOR 6 MONTHS | 5.46% | 2025 | 2030 | 216966500000 | 12976465 | 216966500000 | 12976465 |
|  IDR | JIBOR 6 MONTHS | 5.46% | 2025 | 2033 | 23769500000 | 1421621 | 4753900000 | 284324 |
|  IDR | JIBOR 6 MONTHS | 6.60% | 2025 | 2033 | 74495000000 | 4455443 | 11174250000 | 668316 |
|  IDR | JIBOR 6 MONTHS | 5.46% | 2025 | 2030 | 1000478350000 | 59837222 | 1000478350000 | 59837222 |
|  IDR | JIBOR 6 MONTHS | 5.48% | 2025 | 2030 | 405494250000 | 24252048 | 405494250000 | 24252048 |
|  IDR | JIBOR 6 MONTHS | 6.64% | 2025 | 2030 | 24620000000 | 1472488 | 24620000000 | 1472488 |
|  IDR | JIBOR 6 MONTHS | 6.64% | 2025 | 2030 | 16690000000 | 998206 | 16690000000 | 998206 |
|  IDR | JIBOR 6 MONTHS | 5.53% | 2025 | 2032 | 96666250000 | 5781474 | 19333250000 | 1156295 |
|  IDR | JIBOR 6 MONTHS | 5.53% | 2025 | 2032 | 26973000000 | 1613218 | 5394600000 | 322644 |
|  IDR | JIBOR 6 MONTHS | 5.53% | 2025 | 2032 | 76108670000 | 4551954 | 15221734000 | 910391 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2032 | 357899700000 | 21405484 | 322109730000 | 19264936 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2030 | 136000300000 | 8133989 | 136000300000 | 8133989 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2025 | 2032 | 29945425000 | 1790994 | 29945425000 | 1790994 |
|  IDR | JIBOR 6 MONTHS | 5.55% | 2025 | 2030 | 88302060000 | 5281224 | 88302060000 | 5281224 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2032 | 89934976000 | 5378886 | 17986995200 | 1075777 |
|  IDR | JIBOR 6 MONTHS | 5.62% | 2025 | 2030 | 212892281000 | 12732792 | 212892281000 | 12732792 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2032 | 39964650000 | 2390230 | 39964650000 | 2390230 |
|  IDR | JIBOR 6 MONTHS | 5.58% | 2025 | 2030 | 38974000000 | 2330981 | 38974000000 | 2330981 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2031 | 84200000000 | 5035885 | 33680000000 | 2014354 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2031 | 57700000000 | 3450957 | 57700000000 | 3450957 |
|  IDR | JIBOR 6 MONTHS | 5.92% | 2025 | 2031 | 353565850000 | 21146283 | 353565850000 | 21146283 |
|  IDR | JIBOR 6 MONTHS | 5.52% | 2025 | 2030 | 32197000000 | 1925658 | 32197000000 | 1925658 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2025 | 2032 | 134991000000 | 8073624 | 120028500000 | 7178738 |
|  IDR | JIBOR 6 MONTHS | 6.18% | 2025 | 2032 | 399872375000 | 23915812 | 258882002000 | 15483373 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2025 | 2032 | 995594831500 | 59545145 | 80428562000 | 4810321 |
|  IDR | JIBOR 6 MONTHS | 6.00% | 2025 | 2032 | 311791641000 | 18647825 | 25187910000 | 1506454 |
|  **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **TOTAL COMMERCIAL CREDIT** | **USD** | **4878655711** | **USD** | **3677574319** |

---

Assumed exchange rates for conversion

USD/IDR 16,720.00

------

**GUARANTEED EXTERNAL LOANS OF THE REPUBLIC OF INDONESIA** 

**AS OF DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>MARGIN<br>(%)** | **YEAR OF<br>CONTRACT** | **YEAR OF<br>MATURITY** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **BALANCE Q4 2025** | **BALANCE Q4 2025** |
|  |  |  | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  **EXTERNAL CREDIT** | **EXTERNAL CREDIT** | **EXTERNAL CREDIT** | **EXTERNAL CREDIT** | **EXTERNAL CREDIT** | **EXTERNAL CREDIT** | **EXTERNAL CREDIT** | **EXTERNAL CREDIT** | **EXTERNAL CREDIT** |
|  USD | LIBOR 6 MONTHS | 0.84 | 2008 | 2023 | 284288744 | 284288744 |  |  |
|  USD | LIBOR 6 MONTHS | 0.84 | 2008 | 2023 | 330825515 | 330825515 |  |  |
|  USD | LIBOR 6 MONTHS | 3.85 | 2009 | 2024 | 625256803 | 625256803 |  |  |
|  USD | Fixed 3.75% | 0 | 2020 | 2030 | 600000000 | 600000000 | 600000000 | 600000000 |
|  EUR | EURIBOR 6 MONTHS | 0 | 2019 | 2034 | 294700000 | 346876668 | 1295401 | 1524752 |
|  EUR | EURIBOR 6 MONTHS | 0.47 | 2020 | 2035 | 255165034 | 300342032 | 250820061 | 295227781 |
|  EUR | LIBOR 6 MONTHS | 0.50 | 2015 | 2035 | 36277710 | 42700683 | 17237941 | 20289920 |
|  EUR | LIBOR 6 MONTHS | 0.50 | 2015 | 2035 | 489881140 | 576614651 | 326587427 | 384409768 |
|  USD | LIBOR 6 MONTHS | 0.50 | 2015 | 2035 | 25000000 | 25000000 | 16451936 | 16451936 |
|  EUR | Reference Rate for Loan Curr. + Var. Spread |  | 2016 | 2036 | 500000000 | 500000000 | 349240315 | 411073352 |
|  JPY | LIBOR 6 MONTHS | 0.50 | 2017 | 2037 | 600000000 | 600000000 | 67030885707 | 439134183 |
|  USD | LIBOR + 0.5% |  | 2020 | 2040 | 300000000 | 300000000 | 187999617 | 187999617 |
|  USD | fixed 0.75% |  | 2020 | 2040 | 35000000 | 35000000 | 17161537 | 17161537 |
|  USD | LIBOR 6 MONTHS | 0.50 | 2020 | 2040 | 600000000 | 600000000 | 54892605 | 54892605 |
|  JPY |  |  |  |  |  |  | 70495150260 | 461829347 |
|  USD | LIBOR 6 MONTHS | 1.4 | 2018 | 2053 | 248400000 | 248400000 | 73851841 | 73851841 |
|  USD | SWAP Rate (LIBOR-6mo) | 1.30 | 2017 | Tentative | 330000000 | 330000000 | 214777259 | 214777259 |
|  USD | LIBOR 6 MONTHS | 0.8 | 2021 | 2041 | 310000000 | 310000000 | 238306620 | 238306620 |
|  **Total** | **Total** | **Total** | **Total** | **Total** |  | **6055305096** |  | **3416930519** |

---

Assumed exchange rates for conversion

---

| | |
|:---|:---|
|  EUR/IDR | 19624.26 |
|  JPY/IDR | 106.7893 |
|  USD/IDR | 16720.0 |

---

------

**GUARANTEED DOMESTIC LOANS OF THE REPUBLIC OF INDONESIA** 

**AS OF DECEMBER 31, 2025** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY<br>BASE** | **INTEREST RATE<br>BASIS** | **INTEREST<br>MARGIN<br>(%)** | **YEAR OF<br>CONTRACT** | **YEAR OF<br>MATURITY** | **ORIGINAL AMOUNT** | **ORIGINAL AMOUNT** | **BALANCE Q4 2025** | **BALANCE Q4 2025** |
|  |  |  | | | **(In Original Currency)** | **(In US Dollar)** | **(In Original Currency)** | **(In US Dollar)** |
|  **DOMESTIC CREDIT** | **DOMESTIC CREDIT** | **DOMESTIC CREDIT** | **DOMESTIC CREDIT** | **DOMESTIC CREDIT** | **DOMESTIC CREDIT** | **DOMESTIC CREDIT** | **DOMESTIC CREDIT** | **DOMESTIC CREDIT** |
|  IDR | SBI 12 Bulan | 4.5 | 2016 | 2026 | 7984000000 | 475748 | 1305445969 | 77788 |
|  IDR |  |  | 2023 | 2033 | 118872373000 | 7083326 | 92265566364 | 5497889 |
|  IDR |  |  | 2023 | 2033 | 54700000000 | 3259445 | 37700509844 | 2246485 |
|  IDR |  |  | 2023 | 2033 | 123000000000 | 7329281 | 111764758281 | 6659800 |
|  IDR | JIBOR 3 MONTHS | 1.2 | 2015 | 2025 | 2449962746818 | 145987531 |  |  |
|  IDR | JIBOR 3 MONTHS | 1.5 | 2015 | 2025 | 2225000000000 | 132582529 |  |  |
|  IDR | BI Rate | 2 | 2016 | 2041 | 481000000000 | 28661661 |  |  |
|  IDR | BI Rate | 1.5-4% | 2016 | 2041 | 1240335000000 | 73908652 |  |  |
|  IDR | Average Time Deposit | 2.77<br>(CDS<br>2.77% +<br>2%) | 2017 | 2032 | 15592413000000 | 929115302 |  |  |
|  IDR | Fixed 8.4 | 0 | 2017 | 2022 | 3532000000000 | 210463592 | 2367000000000 | 141043976 |
|  IDR | Fixed 8.55 | 0 | 2016 | 2026 | 1000000000000 | 59587653 | 1000000000000 | 59587653 |
|  IDR | Fixed 8.01 | 0 | 2017 | 2027 | 1968000000000 | 117268502 | 1968000000000 | 117268502 |
|  IDR | JIBOR 3 bln | 1.87% | 2018 | 2028 | 4500000000000 | 268144440 |  |  |
|  IDR | SUN Y15 / SUN Y20 | 1% / 2% | 2018 | 2033 | 12264000000000 | 730782982 |  |  |
|  IDR | ATD 3 Bln | 3.69% | 2018 | 2033 | 14366000000000 | 856036229 | 6685091184926 | 398348897 |
|  IDR | JIBOR 6 Months | 1.25 | 2019 | 2029 | 4506787490000 | 268548891 | 2458675007357 | 146506674 |
|  IDR | JIBOR 6 Months | 1.25 | 2020 | 2030 | 5071000000000 | 302168991 | 2520599611499 | 150196616 |
|  IDR | JIBOR 6 Months | 1.25 | 2020 | 2030 | 2846000000000 | 169586462 | 1221195478770 | 72768173 |
|  IDR | JIBOR 6 Months | 1.25 | 2022 | 2032 | 2750000000000 | 163866047 | 2481853911346 | 147887851 |
|  IDR | JIBOR 3 Bulan | 2.5 | 2017 | 2032 | 23419128801423 | 1395490931 | 21379126000000 | 1273931951 |
|  **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **TOTAL** | **98516183411241** | **5870348195** | **42324577474356** | **2522022254** |

---

Assumed exchange rates for conversion

USD/IDR 16,720.00

------

**FOREIGN CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA** 

**As of December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
| **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** |
| **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  |
|  **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | RI0035 | 8.500% | 12-Oct-2005 | 12-Oct-2035 | USD | 1562661000 | 1562661000 |
| 2 | RI0037 | 6.625% | 14-Feb-2007 | 17-Feb-2037 | USD | 1427762000 | 1427762000 |
| 3 | RI0038 | 7.750% | 17-Jan-2008 | 17-Jan-2038 | USD | 1945398000 | 1945398000 |
| 4 | RI0126 | 4.750% | 08-Dec-2015 | 08-Jan-2026 | USD | 2070963000 | 2070963000 |
| 5 | RI0127 | 4.350% | 08-Dec-2016 | 08-Jan-2027 | USD | 1250000000 | 1250000000 |
| 6 | RI0128 | 3.500% | 11-Dec-2017 | 11-Jan-2028 | USD | 1250000000 | 1250000000 |
| 7 | RI0128A | 4.550% | 11-Jan-2023 | 11-Jan-2028 | USD | 1000000000 | 1000000000 |
| 8 | RI0130 | 5.250% | 15-Jan-2025 | 15-Jan-2030 | USD | 900000000 | 900000000 |
| 9 | RI0133 | 4.850% | 11-Jan-2023 | 11-Jan-2033 | USD | 1250000000 | 1250000000 |
| 10 | RI0135 | 5.600% | 15-Jan-2025 | 15-Jan-2035 | USD | 1100000000 | 1100000000 |
| 11 | RI0142 | 5.250% | 17-Jan-2012 | 17-Jan-2042 | USD | 2250000000 | 2250000000 |
| 12 | RI0144 | 6.750% | 15-Jan-2014 | 15-Jan-2044 | USD | 2000000000 | 2000000000 |
| 13 | RI0145 | 5.125% | 15-Jan-2015 | 15-Jan-2045 | USD | 2000000000 | 2000000000 |
| 14 | RI0146 | 5.950% | 08-Dec-2015 | 08-Jan-2046 | USD | 1250000000 | 1250000000 |
| 15 | RI0147 | 5.250% | 08-Dec-2016 | 08-Jan-2047 | USD | 1500000000 | 1500000000 |
| 16 | RI0148 | 4.350% | 11-Dec-2017 | 11-Jan-2048 | USD | 1750000000 | 1750000000 |
| 17 | RI0153 | 5.650% | 11-Jan-2023 | 11-Jan-2053 | USD | 750000000 | 750000000 |
| 18 | RI0229 | 4.750% | 11-Dec-2018 | 11-Feb-2029 | USD | 1250000000 | 1250000000 |
| 19 | RI0230 | 2.850% | 14-Jan-2020 | 14-Feb-2030 | USD | 1200000000 | 1200000000 |
| 20 | RI0234 | 4.700% | 10-Jan-2024 | 10-Feb-2034 | USD | 650000000 | 650000000 |
| 21 | RI0249 | 5.350% | 11-Dec-2018 | 11-Feb-2049 | USD | 1000000000 | 1000000000 |
| 22 | RI0250 | 3.500% | 14-Jan-2020 | 14-Feb-2050 | USD | 800000000 | 800000000 |
| 23 | RI0254 | 5.100% | 10-Jan-2024 | 10-Feb-2054 | USD | 900000000 | 900000000 |
| 24 | RI0329 | 4.400% | 10-Jan-2024 | 10-Mar-2029 | USD | 500000000 | 500000000 |
| 25 | RI0331 | 1.850% | 12-Jan-2021 | 12-Mar-2031 | USD | 1250000000 | 1250000000 |
| 26 | RI0332 | 3.550% | 31-Mar-2022 | 31-Mar-2032 | USD | 1000000000 | 1000000000 |
| 27 | RI0351 | 3.050% | 12-Jan-2021 | 12-Mar-2051 | USD | 2000000000 | 2000000000 |
| 28 | RI0352 | 4.300% | 31-Mar-2022 | 31-Mar-2052 | USD | 750000000 | 750000000 |
| 29 | RI0371 | 3.350% | 12-Jan-2021 | 12-Mar-2071 | USD | 800000000 | 800000000 |
| 30 | RI0428 | 4.100% | 24-Apr-2018 | 24-Apr-2028 | USD | 1000000000 | 1000000000 |
| 31 | RI0431 | 4.300% | 16-Oct-2025 | 16-Apr-2031 | USD | 600000000 | 600000000 |
| 32 | RI0436 | 4.900% | 16-Oct-2025 | 16-Apr-2036 | USD | 1250000000 | 1250000000 |
| 33 | RI0443 | 4.625% | 15-Apr-2013 | 15-Apr-2043 | USD | 1500000000 | 1500000000 |
| 34 | RI0470 | 4.450% | 15-Apr-2020 | 15-Apr-2070 | USD | 1000000000 | 1000000000 |
| 35 | RI0727 | 3.850% | 18-Jul-2017 | 18-Jul-2027 | USD | 1000000000 | 1000000000 |
| 36 | RI0731 | 2.150% | 28-Jul-2021 | 28-Jul-2031 | USD | 1200000000 | 1200000000 |
| 37 | RI0747 | 4.750% | 18-Jul-2017 | 18-Jul-2047 | USD | 1000000000 | 1000000000 |
| 38 | RI0927 | 4.150% | 20-Sep-2022 | 20-Sep-2027 | USD | 750000000 | 750000000 |
| 39 | RI0929 | 3.400% | 18-Jun-2019 | 18-Sep-2029 | USD | 750000000 | 750000000 |
| 40 | RI0932 | 4.650% | 20-Sep-2022 | 20-Sep-2032 | USD | 1400000000 | 1400000000 |
| 41 | RI0934 | 4.750% | 10-Sep-2024 | 10-Sep-2034 | USD | 1150000000 | 1150000000 |
| 42 | RI0952 | 5.450% | 20-Sep-2022 | 20-Sep-2052 | USD | 500000000 | 500000000 |
| 43 | RI0954 | 5.150% | 10-Sep-2024 | 10-Sep-2054 | USD | 650000000 | 650000000 |
| 44 | RI0961 | 3.200% | 23-Sep-2021 | 23-Sep-2061 | USD | 650000000 | 650000000 |
| 45 | RI1030 | 3.850% | 15-Apr-2020 | 15-Oct-2030 | USD | 1650000000 | 1650000000 |
| 46 | RI1049 | 3.700% | 30-Oct-2019 | 30-Oct-2049 | USD | 1000000000 | 1000000000 |
| 47 | RI1050 | 4.200% | 15-Apr-2020 | 15-Oct-2050 | USD | 1650000000 | 1650000000 |
| 48 | USDFR0002 | 4.050% | 24-Jun-2016 | 24-Jun-2026 | USD | 200000000 | 200000000 |
| 49 | USDFR0003 | 3.000% | 04-Mar-2022 | 15-Jan-2032 | USD | 127099000 | 127099000 |
|  | ***Total US Dollar Denominated*** | ***Total US Dollar Denominated*** | ***Total US Dollar Denominated*** |  | **USD** | **56383883000** | **56383883000** |
|  |  |  |  |  | **IDR** | **942738523760000** |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
|  **Japan Yen Denominated** | **Japan Yen Denominated** | **Japan Yen Denominated** | **Japan Yen Denominated** | **Japan Yen Denominated** | **Japan Yen Denominated** | **Japan Yen Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | RIJPY0526 | 0.960% | 22-May-2019 | 22-May-2026 | JPY | 4500000000 | 28741139 |
| 2 | RIJPY0526A | 0.570% | 27-May-2021 | 27-May-2026 | JPY | 46800000000 | 298907849 |
| 3 | RIJPY0526B | 0.740% | 26-May-2023 | 26-May-2026 | JPY | 46900000000 | 299546541 |
| 4 | RIJPY0527 | 0.990% | 27-May-2024 | 27-May-2027 | JPY | 50000000000 | 319345993 |
| 5 | RIJPY0528 | 1.270% | 31-May-2018 | 31-May-2028 | JPY | 8500000000 | 54288819 |
| 6 | RIJPY0528A | 0.700% | 27-May-2021 | 26-May-2028 | JPY | 1200000000 | 7664304 |
| 7 | RIJPY0528B | 0.980% | 26-May-2023 | 26-May-2028 | JPY | 37200000000 | 237593419 |
| 8 | RIJPY0529 | 1.170% | 22-May-2019 | 22-May-2029 | JPY | 7600000000 | 48540591 |
| 9 | RIJPY0529A | 1.330% | 27-May-2024 | 25-May-2029 | JPY | 88000000000 | 562048947 |
| 10 | RIJPY0530 | 1.200% | 26-May-2023 | 24-May-2030 | JPY | 14700000000 | 93887722 |
| 11 | RIJPY0531 | 0.890% | 27-May-2021 | 27-May-2031 | JPY | 18200000000 | 116241941 |
| 12 | RIJPY0531A | 1.570% | 27-May-2024 | 27-May-2031 | JPY | 17700000000 | 113048481 |
| 13 | RIJPY0531B | 1.570% | 27-May-2024 | 27-May-2031 | JPY | 2000000000 | 12773840 |
| 14 | RIJPY0533 | 1.430% | 26-May-2023 | 26-May-2033 | JPY | 6000000000 | 38321519 |
| 15 | RIJPY0534 | 1.550% | 22-May-2019 | 22-May-2034 | JPY | 4000000000 | 25547679 |
| 16 | RIJPY0534A | 1.910% | 27-May-2024 | 26-May-2034 | JPY | 19300000000 | 123267553 |
| 17 | RIJPY0534B | 1.910% | 27-May-2024 | 26-May-2034 | JPY | 6800000000 | 43431055 |
| 18 | RIJPY0536 | 1.170% | 27-May-2021 | 27-May-2036 | JPY | 2500000000 | 15967300 |
| 19 | RIJPY0539 | 1.790% | 22-May-2019 | 20-May-2039 | JPY | 5000000000 | 31934599 |
| 20 | RIJPY0541 | 1.440% | 27-May-2021 | 27-May-2041 | JPY | 2300000000 | 14689916 |
| 21 | RIJPY0544 | 2.550% | 27-May-2024 | 27-May-2044 | JPY | 16200000000 | 103468102 |
| 22 | RIJPY0627 | 1.130% | 09-Jun-2022 | 09-Jun-2027 | JPY | 5100000000 | 32573291 |
| 23 | RIJPY0629 | 1.270% | 09-Jun-2022 | 08-Jun-2029 | JPY | 1700000000 | 10857764 |
| 24 | RIJPY0632 | 1.450% | 09-Jun-2022 | 09-Jun-2032 | JPY | 6000000000 | 38321519 |
| 25 | RIJPY0632A | 2.050% | 02-Jun-2025 | 02-Jun-2032 | JPY | 3700000000 | 23631603 |
| 26 | RIJPY0635 | 2.350% | 02-Jun-2025 | 01-Jun-2035 | JPY | 6600000000 | 42153671 |
| 27 | RIJPY0645 | 3.260% | 02-Jun-2025 | 02-Jun-2045 | JPY | 3700000000 | 23631603 |
| 28 | RIJPY0727 | 1.480% | 08-Jul-2020 | 08-Jul-2027 | JPY | 10100000000 | 64507891 |
| 29 | RIJPY0728 | 1.560% | 02-Jun-2025 | 03-Jul-2028 | JPY | 54900000000 | 350641900 |
| 30 | RIJPY0730 | 1.590% | 08-Jul-2020 | 08-Jul-2030 | JPY | 13400000000 | 85584726 |
| 31 | RIJPY0730A | 1.870% | 02-Jun-2025 | 02-Jul-2030 | JPY | 34300000000 | 219071351 |
| 32 | RIJPY0740 | 1.800% | 08-Jul-2020 | 06-Jul-2040 | JPY | 1500000000 | 9580380 |
|  | ***Total Japan Yen Denominated*** | ***Total Japan Yen Denominated*** | ***Total Japan Yen Denominated*** |  | **JPY** | **546400000000** | **3489813010** |
|  |  |  |  |  | **IDR** | **58349673520000** |  |
|  **Euro Denominated** | **Euro Denominated** | **Euro Denominated** | **Euro Denominated** | **Euro Denominated** | **Euro Denominated** | **Euro Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | RIEUR0133 | 3.87500% | 15-Jan-2025 | 15-Jan-2033 | EUR | 700000000 | 821589833 |
| 2 | RIEUR0137 | 4.12500% | 15-Jan-2025 | 15-Jan-2037 | EUR | 700000000 | 821589833 |
| 3 | RIEUR0227 | 0.90000% | 14-Jan-2020 | 14-Feb-2027 | EUR | 1000000000 | 1173699761 |
| 4 | RIEUR0333 | 1.10000% | 12-Jan-2021 | 12-Mar-2033 | EUR | 1000000000 | 1173699761 |
| 5 | RIEUR0334 | 1.30000% | 23-Sep-2021 | 23-Mar-2034 | EUR | 500000000 | 586849880 |
| 6 | RIEUR0628 | 3.75000% | 14-Jun-2016 | 14-Jun-2028 | EUR | 1500000000 | 1760549641 |
| 7 | RIEUR0729 | 1.00000% | 28-Jul-2021 | 28-Jul-2029 | EUR | 500000000 | 586849880 |
| 8 | RIEUR0926 | 1.45000% | 18-Jun-2019 | 18-Sep-2026 | EUR | 750000000 | 880274821 |
| 9 | RIEUR0932 | 3.65000% | 10-Sep-2024 | 10-Sep-2032 | EUR | 750000000 | 880274821 |
| 10 | RIEUR1031 | 1.40000% | 30-Oct-2019 | 30-Oct-2031 | EUR | 1000000000 | 1173699761 |
| 11 | RIEUR1033 | 3.75000% | 16-Oct-2025 | 16-Oct-2033 | EUR | 600000000 | 704219856 |
|  | ***Total Euro Denominated*** | ***Total Euro Denominated*** | ***Total Euro Denominated*** |  | **EUR** | **9000000000** | **10563297847** |
|  |  |  |  |  | **IDR** | **176618340000000** |  |
|  **Australian Dollar Denominated** | **Australian Dollar Denominated** | **Australian Dollar Denominated** | **Australian Dollar Denominated** | **Australian Dollar Denominated** | **Australian Dollar Denominated** | **Australian Dollar Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | RIAUD0830 | 4.40000% | 14-Aug-2025 | 14-Aug-2030 | AUD | 500000000 | 334400120 |
| 2 | RIAUD0835 | 5.30000% | 14-Aug-2025 | 14-Aug-2035 | AUD | 300000000 | 200640072 |
|  | ***Total Australian Dollar Denominated*** | ***Total Australian Dollar Denominated*** | ***Total Australian Dollar Denominated*** | ***Total Australian Dollar Denominated*** | **AUD** | **800000000** | **535040191** |
|  |  |  |  |  | **IDR** | **8945872000000** |  |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
|  **Chinese Yuan Hong Kong Denominated** | **Chinese Yuan Hong Kong Denominated** | **Chinese Yuan Hong Kong Denominated** | **Chinese Yuan Hong Kong Denominated** | **Chinese Yuan Hong Kong Denominated** | **Chinese Yuan Hong Kong Denominated** | **Chinese Yuan Hong Kong Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | RICNH1030 | 2.50000% | 31-Oct-2025 | 31-Oct-2030 | CNH | 3500000000 | 500656998 |
| 2 | RICNH1035 | 2.90000% | 31-Oct-2025 | 31-Oct-2035 | CNH | 2500000000 | 357612141 |
|  | ***Total Chinese Yuan Hong Kong Denominated*** | ***Total Chinese Yuan Hong Kong Denominated*** | ***Total Chinese Yuan Hong Kong Denominated*** | ***Total Chinese Yuan Hong Kong Denominated*** | **CNH** | **6000000000** | **858269139** |
|  |  |  |  |  | **IDR** | **14350260000000** |  |
| **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  |  |
|  **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** | **US Dollar Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | SNI0229 | 4.45000% | 20-Feb-2019 | 20-Feb-2029 | USD | 1250000000 | 1250000000 |
| 2 | SNI0327 | 4.15000% | 29-Mar-2017 | 29-Mar-2027 | USD | 2000000000 | 2000000000 |
| 3 | SNI0328 | 4.40000% | 01-Mar-2018 | 01-Mar-2028 | USD | 1750000000 | 1750000000 |
| 4 | SNI0530 | 5.00000% | 25-Nov-2024 | 25-May-2030 | USD | 1100000000 | 1100000000 |
| 5 | SNI0626 | 1.50000% | 09-Jun-2021 | 09-Jun-2026 | USD | 1250000000 | 1250000000 |
| 6 | SNI0627 | 4.40000% | 06-Jun-2022 | 06-Jun-2027 | USD | 1750000000 | 1750000000 |
| 7 | SNI0630 | 2.80000% | 23-Jun-2020 | 23-Jun-2030 | USD | 1000000000 | 1000000000 |
| 8 | SNI0631 | 2.55000% | 09-Jun-2021 | 09-Jun-2031 | USD | 1000000000 | 1000000000 |
| 9 | SNI0632 | 4.70000% | 06-Jun-2022 | 06-Jun-2032 | USD | 1500000000 | 1500000000 |
| 10 | SNI0650 | 3.80000% | 23-Jun-2020 | 23-Jun-2050 | USD | 750000000 | 750000000 |
| 11 | SNI0651 | 3.55000% | 09-Jun-2021 | 09-Jun-2051 | USD | 750000000 | 750000000 |
| 12 | SNI0729 | 5.10000% | 02-Jul-2024 | 02-Jul-2029 | USD | 750000000 | 750000000 |
| 13 | SNI0730 | 4.55000% | 23-Jul-2025 | 23-Jul-2030 | USD | 1100000000 | 1100000000 |
| 14 | SNI0734 | 5.20000% | 02-Jul-2024 | 02-Jul-2034 | USD | 1000000000 | 1000000000 |
| 15 | SNI0735 | 5.20000% | 23-Jul-2025 | 23-Jul-2035 | USD | 1100000000 | 1100000000 |
| 16 | SNI0754 | 5.50000% | 02-Jul-2024 | 02-Jul-2054 | USD | 600000000 | 600000000 |
| 17 | SNI1128 | 5.40000% | 15-Nov-2023 | 15-Nov-2028 | USD | 1000000000 | 1000000000 |
| 18 | SNI1133 | 5.60000% | 15-Nov-2023 | 15-Nov-2033 | USD | 1000000000 | 1000000000 |
| 19 | SNI1134 | 5.25000% | 25-Nov-2024 | 25-Nov-2034 | USD | 900000000 | 900000000 |
| 20 | SNI1154 | 5.65000% | 25-Nov-2024 | 25-Nov-2054 | USD | 750000000 | 750000000 |
| 21 | SNI1230 | 4.50000% | 01-Dec-2025 | 01-Dec-2030 | USD | 1100000000 | 1100000000 |
| 22 | SNI1235 | 5.00000% | 01-Dec-2025 | 01-Dec-2035 | USD | 900000000 | 900000000 |
| 23 | SNI26 | 4.55000% | 29-Mar-2016 | 29-Mar-2026 | USD | 1750000000 | 1750000000 |
| 24 | USDPBS004 | 3.90000% | 02-Sep-2022 | 02-Sep-2027 | USD | 25000000 | 25000000 |
|  | ***Total US Dollar Denominated*** | ***Total US Dollar Denominated*** | ***Total US Dollar Denominated*** |  | **USD** | **26075000000** | **26075000000** |
|  |  |  |  |  | **IDR** | **435974000000000** |  |

---

Assumed exchange rates for conversion

---

| | |
|:---|:---|
|  AUD/IDR | 11182.34 |
|  CNY/IDR | 2391.71 |
|  EUR/IDR | 19624.26 |
|  JPY/IDR | 106.7893 |
|  USD/IDR | 16720.0 |

---

------

**DOMESTIC CURRENCY-DENOMINATED BONDS OF THE REPUBLIC OF INDONESIA** 

**As of December 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
| **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** | **I. TRADABLE SECURITIES** |
| **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  |
|  **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** |
|  **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** |
| 1 | SPN01260103 |  | 04-Dec-2025 | 03-Jan-2026 | IDR | 2000000000000 | 119617225 |
| 2 | SPN01260117 |  | 18-Dec-2025 | 17-Jan-2026 | IDR | 850000000000 | 50837321 |
| 3 | SPN03260218 |  | 20-Nov-2025 | 18-Feb-2026 | IDR | 1750000000000 | 104665072 |
| 4 | SPN12260108 |  | 09-Jan-2025 | 08-Jan-2026 | IDR | 4350000000000 | 260167464 |
| 5 | SPN12260205 |  | 06-Feb-2025 | 05-Feb-2026 | IDR | 5000000000000 | 299043062 |
| 6 | SPN12260305 |  | 06-Mar-2025 | 05-Mar-2026 | IDR | 5000000000000 | 299043062 |
| 7 | SPN12260423 |  | 24-Apr-2025 | 23-Apr-2026 | IDR | 2000000000000 | 119617225 |
| 8 | SPN12260507 |  | 08-May-2025 | 07-May-2026 | IDR | 4000000000000 | 239234450 |
| 9 | SPN12260604 |  | 05-Jun-2025 | 04-Jun-2026 | IDR | 4000000000000 | 239234450 |
| 10 | SPN12260702 |  | 03-Jul-2025 | 02-Jul-2026 | IDR | 4000000000000 | 239234450 |
| 11 | SPN12260730 |  | 31-Jul-2025 | 30-Jul-2026 | IDR | 2000000000000 | 119617225 |
| 12 | SPN12260813 |  | 14-Aug-2025 | 13-Aug-2026 | IDR | 4500000000000 | 269138756 |
| 13 | SPN12260910 |  | 11-Sep-2025 | 10-Sep-2026 | IDR | 12100000000000 | 723684211 |
| 14 | SPN12261008 |  | 09-Oct-2025 | 08-Oct-2026 | IDR | 8000000000000 | 478468900 |
| 15 | SPN12261105 |  | 06-Nov-2025 | 05-Nov-2026 | IDR | 7250000000000 | 433612440 |
| 16 | SPN12261203 |  | 04-Dec-2025 | 03-Dec-2026 | IDR | 5000000000000 | 299043062 |
|  | ***Total Zero Coupon*** | ***Total Zero Coupon*** | ***Total Zero Coupon*** |  | **IDR** | **71800000000000** | **4294258373** |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | FR0037 | 12.000% | 18-May-2006 | 15-Sep-2026 | IDR | 2417000000000 | 144557416 |
| 2 | FR0042 | 10.250% | 25-Jan-2007 | 15-Jul-2027 | IDR | 14252100000000 | 852398325 |
| 3 | FR0045 | 9.750% | 24-May-2007 | 15-May-2037 | IDR | 9624304000000 | 575616268 |
| 4 | FR0047 | 10.000% | 30-Aug-2007 | 15-Feb-2028 | IDR | 20021000000000 | 1197428230 |
| 5 | FR0050 | 10.500% | 24-Jan-2008 | 15-Jul-2038 | IDR | 15661000000000 | 936662679 |
| 6 | FR0052 | 10.500% | 20-Aug-2009 | 15-Aug-2030 | IDR | 23500000000000 | 1405502392 |
| 7 | FR0054 | 9.500% | 22-Jul-2010 | 15-Jul-2031 | IDR | 27096000000000 | 1620574163 |
| 8 | FR0056 | 8.375% | 23-Sep-2010 | 15-Sep-2026 | IDR | 119699000000000 | 7159031100 |
| 9 | FR0057 | 9.500% | 21-Apr-2011 | 15-May-2041 | IDR | 17236573000000 | 1030895514 |
| 10 | FR0058 | 8.250% | 21-Jul-2011 | 15-Jun-2032 | IDR | 42798000000000 | 2559688995 |
| 11 | FR0059 | 7.000% | 15-Sep-2011 | 15-May-2027 | IDR | 115764000000000 | 6923684211 |
| 12 | FR0062 | 6.375% | 09-Feb-2012 | 15-Apr-2042 | IDR | 14692000000000 | 878708134 |
| 13 | FR0064 | 6.125% | 13-Aug-2012 | 15-May-2028 | IDR | 112914000000000 | 6753229665 |
| 14 | FR0065 | 6.625% | 30-Aug-2012 | 15-May-2033 | IDR | 101392304000000 | 6064133014 |
| 15 | FR0067 | 8.750% | 18-Jul-2013 | 15-Feb-2044 | IDR | 28488284000000 | 1703844737 |
| 16 | FR0068 | 8.375% | 01-Aug-2013 | 15-Mar-2034 | IDR | 137758000000000 | 8239114833 |
| 17 | FR0071 | 9.000% | 12-Sep-2013 | 15-Mar-2029 | IDR | 93390682000000 | 5585567105 |
| 18 | FR0072 | 8.250% | 09-Jul-2015 | 15-May-2036 | IDR | 90910000000000 | 5437200957 |
| 19 | FR0073 | 8.750% | 06-Aug-2015 | 15-May-2031 | IDR | 66717000000000 | 3990251196 |
| 20 | FR0074 | 7.500% | 10-Nov-2016 | 15-Aug-2032 | IDR | 50831140000000 | 3040139952 |
| 21 | FR0075 | 7.500% | 10-Aug-2017 | 15-May-2038 | IDR | 68420860000000 | 4092156699 |
| 22 | FR0076 | 7.375% | 22-Sep-2017 | 15-May-2048 | IDR | 90601400000000 | 5418744019 |
| 23 | FR0078 | 8.250% | 27-Sep-2018 | 15-May-2029 | IDR | 108730000000000 | 6502990431 |
| 24 | FR0079 | 8.375% | 07-Jan-2019 | 15-Apr-2039 | IDR | 57180000000000 | 3419856459 |
| 25 | FR0080 | 7.500% | 04-Jul-2019 | 15-Jun-2035 | IDR | 111628300000000 | 6676333732 |
| 26 | FR0082 | 7.000% | 01-Aug-2019 | 15-Sep-2030 | IDR | 169288800000000 | 10124928230 |
| 27 | FR0083 | 7.500% | 07-Nov-2019 | 15-Apr-2040 | IDR | 128999500000000 | 7715281100 |
| 28 | FR0084 | 7.250% | 04-May-2020 | 15-Feb-2026 | IDR | 37452372000000 | 2239974402 |
| 29 | FR0085 | 7.750% | 04-May-2020 | 15-Apr-2031 | IDR | 21177940000000 | 1266623206 |
| 30 | FR0086 | 5.500% | 13-Aug-2020 | 15-Apr-2026 | IDR | 134525000000000 | 8045753589 |
| 31 | FR0087 | 6.500% | 13-Aug-2020 | 15-Feb-2031 | IDR | 182911300000000 | 10939671053 |
| 32 | FR0088 | 6.250% | 07-Jan-2021 | 15-Jun-2036 | IDR | 54994500000000 | 3289144737 |
| 33 | FR0089 | 6.875% | 07-Jan-2021 | 15-Aug-2051 | IDR | 91166110000000 | 5452518541 |
| 34 | FR0090 | 5.125% | 08-Jul-2021 | 15-Apr-2027 | IDR | 112976000000000 | 6756937799 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
| 35 | FR0091 | 6.375% | 08-Jul-2021 | 15-Apr-2032 | IDR | 179978300000000 | 10764252392 |
| 36 | FR0092 | 7.125% | 08-Jul-2021 | 15-Jun-2042 | IDR | 108828400000000 | 6508875598 |
| 37 | FR0093 | 6.375% | 06-Jan-2022 | 15-Jul-2037 | IDR | 19193000000000 | 1147906699 |
| 38 | FR0094 | 5.600% | 04-Mar-2022 | 15-Jan-2028 | IDR | 3990927000000 | 238691806 |
| 39 | FR0095 | 6.375% | 19-Aug-2022 | 15-Aug-2028 | IDR | 98663000000000 | 5900897129 |
| 40 | FR0096 | 7.000% | 19-Aug-2022 | 15-Feb-2033 | IDR | 152564000000000 | 9124641148 |
| 41 | FR0097 | 7.125% | 19-Aug-2022 | 15-Jun-2043 | IDR | 107004300000000 | 6399778708 |
| 42 | FR0098 | 7.125% | 15-Sep-2022 | 15-Jun-2038 | IDR | 119799000000000 | 7165011962 |
| 43 | FR0099 | 6.400% | 27-Jan-2023 | 15-Jan-2029 | IDR | 2871531000000 | 171742285 |
| 44 | FR0100 | 6.625% | 24-Aug-2023 | 15-Feb-2034 | IDR | 158676489000000 | 9490220634 |
| 45 | FR0101 | 6.875% | 02-Nov-2023 | 15-Apr-2029 | IDR | 155288877000000 | 9287612261 |
| 46 | FR0102 | 6.875% | 05-Jan-2024 | 15-Jul-2054 | IDR | 99712725000000 | 5963679725 |
| 47 | FR0103 | 6.750% | 08-Aug-2024 | 15-Jul-2035 | IDR | 204041000000000 | 12203409091 |
| 48 | FR0104 | 6.500% | 22-Aug-2024 | 15-Jul-2030 | IDR | 171998000000000 | 10286961722 |
| 49 | FR0105 | 6.875% | 27-Aug-2024 | 15-Jul-2064 | IDR | 89797225000000 | 5370647428 |
| 50 | FR0106 | 7.125% | 09-Jan-2025 | 15-Aug-2040 | IDR | 112903000000000 | 6752571770 |
| 51 | FR0107 | 7.125% | 09-Jan-2025 | 15-Aug-2045 | IDR | 94148000000000 | 5630861244 |
| 52 | FR0108 | 6.500% | 31-Jul-2025 | 15-Apr-2036 | IDR | 55800000000000 | 3337320574 |
| 53 | FR0109 | 5.875% | 14-Aug-2025 | 15-Mar-2031 | IDR | 42050000000000 | 2514952153 |
| 54 | FRSDG001 | 7.375% | 27-Oct-2022 | 15-Oct-2030 | IDR | 13810000000000 | 825956938 |
| 55 | ORI023T3 | 5.900% | 26-Jul-2023 | 15-Jul-2026 | IDR | 20000000000000 | 1196172249 |
| 56 | ORI023T6 | 6.100% | 26-Jul-2023 | 15-Jul-2029 | IDR | 8900050000000 | 532299641 |
| 57 | ORI024T3 | 6.100% | 08-Nov-2023 | 15-Oct-2026 | IDR | 11862803000000 | 709497787 |
| 58 | ORI024T6 | 6.350% | 08-Nov-2023 | 15-Oct-2029 | IDR | 2644853000000 | 158184988 |
| 59 | ORI025T3 | 6.250% | 28-Feb-2024 | 15-Feb-2027 | IDR | 19381360000000 | 1159172249 |
| 60 | ORI025T6 | 6.400% | 28-Feb-2024 | 15-Feb-2030 | IDR | 4539342000000 | 271491746 |
| 61 | ORI026T3 | 6.300% | 30-Oct-2024 | 15-Oct-2027 | IDR | 16313510000000 | 975688397 |
| 62 | ORI026T6 | 6.400% | 30-Oct-2024 | 15-Oct-2030 | IDR | 3042834000000 | 181987679 |
| 63 | ORI027T3 | 6.650% | 26-Feb-2025 | 15-Feb-2028 | IDR | 32965005000000 | 1971591208 |
| 64 | ORI027T6 | 6.750% | 26-Feb-2025 | 15-Feb-2031 | IDR | 4393882000000 | 262791986 |
| 65 | ORI028T3 | 5.350% | 29-Oct-2025 | 15-Oct-2028 | IDR | 12000000000000 | 717703349 |
| 66 | ORI028T6 | 5.650% | 29-Oct-2025 | 15-Oct-2031 | IDR | 3500000000000 | 209330144 |
|  | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** |  | **IDR** | **4605875882000000** | **275471045574** |
|  **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** |  |
| 1 | VR0035 | 5.45986% | 10-Aug-2020 | 10-Aug-2026 | IDR | 20525000000000 | 1227571770 |
| 2 | VR0036 | 5.45986% | 10-Aug-2020 | 10-Aug-2027 | IDR | 20525000000000 | 1227571770 |
| 3 | VR0037 | 5.45986% | 10-Aug-2020 | 10-Aug-2028 | IDR | 20525000000000 | 1227571770 |
| 4 | VR0039 | 5.35912% | 28-Aug-2020 | 28-Aug-2026 | IDR | 4245000000000 | 253887560 |
| 5 | VR0040 | 5.35912% | 28-Aug-2020 | 28-Aug-2027 | IDR | 4245000000000 | 253887560 |
| 6 | VR0041 | 5.35912% | 28-Aug-2020 | 28-Aug-2028 | IDR | 4245000000000 | 253887560 |
| 7 | VR0043 | 4.70000% | 28-Sep-2020 | 28-Sep-2026 | IDR | 21100000000000 | 1261961722 |
| 8 | VR0044 | 4.70000% | 28-Sep-2020 | 28-Sep-2027 | IDR | 21100000000000 | 1261961722 |
| 9 | VR0045 | 4.70000% | 28-Sep-2020 | 28-Sep-2028 | IDR | 21100000000000 | 1261961722 |
| 10 | VR0047 | 5.88917% | 12-Oct-2020 | 12-Oct-2026 | IDR | 11550000000000 | 690789474 |
| 11 | VR0048 | 5.88917% | 12-Oct-2020 | 12-Oct-2027 | IDR | 11550000000000 | 690789474 |
| 12 | VR0049 | 5.88917% | 12-Oct-2020 | 12-Oct-2028 | IDR | 11550000000000 | 690789474 |
| 13 | VR0051 | 5.88917% | 26-Oct-2020 | 26-Oct-2026 | IDR | 5717500000000 | 341955742 |
| 14 | VR0052 | 5.88917% | 26-Oct-2020 | 26-Oct-2027 | IDR | 5717500000000 | 341955742 |
| 15 | VR0053 | 5.88917% | 26-Oct-2020 | 26-Oct-2028 | IDR | 5717500000000 | 341955742 |
| 16 | VR0055 | 5.35912% | 16-Nov-2020 | 16-Nov-2026 | IDR | 4370000000000 | 261363636 |
| 17 | VR0056 | 5.35912% | 16-Nov-2020 | 16-Nov-2027 | IDR | 4370000000000 | 261363636 |
| 18 | VR0057 | 5.35912% | 16-Nov-2020 | 16-Nov-2028 | IDR | 4370000000000 | 261363636 |
| 19 | VR0059 | 5.35912% | 23-Nov-2020 | 23-Nov-2026 | IDR | 6750000000000 | 403708134 |
| 20 | VR0060 | 5.35912% | 23-Nov-2020 | 23-Nov-2027 | IDR | 6750000000000 | 403708134 |
| 21 | VR0061 | 5.35912% | 23-Nov-2020 | 23-Nov-2028 | IDR | 6750000000000 | 403708134 |
| 22 | VR0063 | 5.05417% | 14-Dec-2020 | 14-Dec-2026 | IDR | 25742500000000 | 1539623206 |
| 23 | VR0064 | 5.05417% | 14-Dec-2020 | 14-Dec-2027 | IDR | 25742500000000 | 1539623206 |
| 24 | VR0065 | 5.05417% | 14-Dec-2020 | 14-Dec-2028 | IDR | 23302500000000 | 1393690191 |
| 25 | VR0066 | 4.99556% | 02-Dec-2021 | 02-Dec-2026 | IDR | 14500000000000 | 867224880 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
| 26 | VR0067 | 4.99556% | 02-Dec-2021 | 02-Dec-2027 | IDR | 14500000000000 | 867224880 |
| 27 | VR0068 | 4.99556% | 02-Dec-2021 | 02-Dec-2028 | IDR | 14500000000000 | 867224880 |
| 28 | VR0069 | 4.99556% | 02-Dec-2021 | 02-Dec-2029 | IDR | 14500000000000 | 867224880 |
| 29 | VR0070 | 4.70000% | 30-Dec-2021 | 30-Dec-2026 | IDR | 40000000000000 | 2392344498 |
| 30 | VR0071 | 4.70000% | 30-Dec-2021 | 30-Dec-2027 | IDR | 40000000000000 | 2392344498 |
| 31 | VR0072 | 4.70000% | 30-Dec-2021 | 30-Dec-2028 | IDR | 40000000000000 | 2392344498 |
| 32 | VR0073 | 4.70000% | 30-Dec-2021 | 30-Dec-2029 | IDR | 37000000000000 | 2212918660 |
| 33 | VR0074 | 4.70000% | 01-Jul-2022 | 01-Jul-2027 | IDR | 5467230000000 | 326987440 |
| 34 | VR0075 | 4.70000% | 01-Jul-2022 | 01-Jul-2028 | IDR | 5467240000000 | 326988038 |
| 35 | VR0076 | 4.70000% | 01-Jul-2022 | 01-Jul-2029 | IDR | 5467240000000 | 326988038 |
| 36 | VR0077 | 4.70000% | 01-Jul-2022 | 01-Jul-2030 | IDR | 5467240000000 | 326988038 |
| 37 | VR0078 | 5.35912% | 26-Aug-2022 | 26-Aug-2027 | IDR | 2198565000000 | 131493122 |
| 38 | VR0079 | 5.35912% | 26-Aug-2022 | 26-Aug-2028 | IDR | 2198565000000 | 131493122 |
| 39 | VR0080 | 5.35912% | 26-Aug-2022 | 26-Aug-2029 | IDR | 2198565000000 | 131493122 |
| 40 | VR0081 | 5.35912% | 26-Aug-2022 | 26-Aug-2030 | IDR | 2198565000000 | 131493122 |
| 41 | VR0082 | 5.35912% | 26-Aug-2022 | 26-Aug-2027 | IDR | 7901435000000 | 472573864 |
| 42 | VR0083 | 5.35912% | 26-Aug-2022 | 26-Aug-2028 | IDR | 7901435000000 | 472573864 |
| 43 | VR0084 | 5.35912% | 26-Aug-2022 | 26-Aug-2029 | IDR | 7901435000000 | 472573864 |
| 44 | VR0085 | 5.35912% | 26-Aug-2022 | 26-Aug-2030 | IDR | 7901435000000 | 472573864 |
| 45 | VR0086 | 4.70000% | 27-Sep-2022 | 27-Sep-2028 | IDR | 8288330000000 | 495713517 |
| 46 | VR0087 | 4.70000% | 27-Sep-2022 | 27-Sep-2030 | IDR | 8288330000000 | 495713517 |
| 47 | VR0088 | 4.70000% | 29-Dec-2022 | 29-Dec-2027 | IDR | 2334205000000 | 139605562 |
| 48 | VR0089 | 4.70000% | 29-Dec-2022 | 29-Dec-2028 | IDR | 2334195000000 | 139604964 |
| 49 | VR0090 | 4.70000% | 29-Dec-2022 | 29-Dec-2029 | IDR | 2334195000000 | 139604964 |
| 50 | VR0091 | 4.70000% | 29-Dec-2022 | 29-Dec-2030 | IDR | 2334195000000 | 139604964 |
| 51 | VR0092 | 4.70000% | 29-Dec-2022 | 29-Dec-2027 | IDR | 29810245000000 | 1782909390 |
| 52 | VR0093 | 4.70000% | 29-Dec-2022 | 29-Dec-2028 | IDR | 29810235000000 | 1782908792 |
| 53 | VR0094 | 4.70000% | 29-Dec-2022 | 29-Dec-2029 | IDR | 29810235000000 | 1782908792 |
| 54 | VR0095 | 4.70000% | 29-Dec-2022 | 29-Dec-2030 | IDR | 29810235000000 | 1782908792 |
|  | ***Total Variable Coupon*** | ***Total Variable Coupon*** | ***Total Variable Coupon*** |  | **IDR** | **719983350000000** | **43061205144** |
|  | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** |  | **IDR** | **5397659232000000** | **322826509091** |
| **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  |  |
|  **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** |  |
|  **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** | **Zero Coupon** |  |
| 1 | SPNS01062026 |  | 04-Sep-2025 | 01-Jun-2026 | IDR | 3450000000000 | 206339713 |
| 2 | SPNS04052026 |  | 07-Aug-2025 | 04-May-2026 | IDR | 2500000000000 | 149521531 |
| 3 | SPNS06042026 |  | 10-Jul-2025 | 06-Apr-2026 | IDR | 2725000000000 | 162978469 |
| 4 | SPNS09032026 |  | 12-Jun-2025 | 09-Mar-2026 | IDR | 3400000000000 | 203349282 |
| 5 | SPNS10022026 |  | 16-May-2025 | 10-Feb-2026 | IDR | 2650000000000 | 158492823 |
| 6 | SPNS10082026 |  | 13-Nov-2025 | 10-Aug-2026 | IDR | 4550000000000 | 272129187 |
| 7 | SPNS12012026 |  | 17-Apr-2025 | 12-Jan-2026 | IDR | 4650000000000 | 278110048 |
| 8 | SPNS13072026 |  | 16-Oct-2025 | 13-Jul-2026 | IDR | 2000000000000 | 119617225 |
|  | ***Total Zero Coupon*** | ***Total Zero Coupon*** | ***Total Zero Coupon*** |  | **IDR** | **25925000000000** | **1550538278** |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | IFR0006 | 10.250% | 01-Apr-2010 | 15-Mar-2030 | IDR | 2175000000000 | 130083732 |
| 2 | IFR0010 | 10.000% | 03-Mar-2011 | 15-Feb-2036 | IDR | 4110000000000 | 245813397 |
| 3 | PBS003 | 6.000% | 02-Feb-2012 | 15-Jan-2027 | IDR | 94439700000000 | 5648307416 |
| 4 | PBS004 | 6.100% | 16-Feb-2012 | 15-Feb-2037 | IDR | 51950038000000 | 3107059689 |
| 5 | PBS005 | 6.750% | 02-May-2013 | 15-Apr-2043 | IDR | 34324000000000 | 2052870813 |
| 6 | PBS007 | 9.000% | 29-Sep-2014 | 15-Sep-2040 | IDR | 10375000000000 | 620514354 |
| 7 | PBS012 | 8.875% | 28-Jan-2016 | 15-Nov-2031 | IDR | 47680694000000 | 2851716148 |
| 8 | PBS015 | 8.000% | 21-Jul-2017 | 15-Jul-2047 | IDR | 23243000000000 | 1390131579 |
| 9 | PBS018 | 7.625% | 04-Jun-2018 | 15-May-2028 | IDR | 7500000000000 | 448564593 |
| 10 | PBS020 | 9.000% | 22-Oct-2018 | 15-Oct-2027 | IDR | 2250000000000 | 134569378 |
| 11 | PBS021 | 8.500% | 05-Dec-2018 | 15-Nov-2026 | IDR | 13185000000000 | 788576555 |
| 12 | PBS022 | 8.625% | 24-Jan-2019 | 15-Apr-2034 | IDR | 16330000000000 | 976674641 |
| 13 | PBS023 | 8.125% | 15-May-2019 | 15-May-2030 | IDR | 10875000000000 | 650418660 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
| 14 | PBS024 | 8.375% | 28-May-2019 | 15-May-2032 | IDR | 3000000000000 | 179425837 |
| 15 | PBS025 | 8.375% | 29-May-2019 | 15-May-2033 | IDR | 24735000000000 | 1479366029 |
| 16 | PBS028 | 7.750% | 23-Jul-2020 | 15-Oct-2046 | IDR | 75503418000000 | 4515754665 |
| 17 | PBS029 | 6.375% | 14-Jan-2021 | 15-Mar-2034 | IDR | 80266794000000 | 4800645574 |
| 18 | PBS030 | 5.875% | 04-Jun-2021 | 15-Jul-2028 | IDR | 93465000000000 | 5590011962 |
| 19 | PBS032 | 4.875% | 29-Jul-2021 | 15-Jul-2026 | IDR | 90307000000000 | 5401136364 |
| 20 | PBS033 | 6.750% | 13-Jan-2022 | 15-Jun-2047 | IDR | 52427000000000 | 3135586124 |
| 21 | PBS034 | 6.500% | 13-Jan-2022 | 15-Jun-2039 | IDR | 41845000000000 | 2502691388 |
| 22 | PBS035 | 6.750% | 30-Mar-2022 | 15-Mar-2042 | IDR | 1908862000000 | 114166388 |
| 23 | PBS037 | 6.875% | 12-Jan-2023 | 15-Mar-2036 | IDR | 33350000000000 | 1994617225 |
| 24 | PBS038 | 6.875% | 07-Dec-2023 | 15-Dec-2049 | IDR | 99333000000000 | 5940968900 |
| 25 | PBS039 | 6.625% | 11-Jan-2024 | 15-Jul-2041 | IDR | 21965500000000 | 1313726077 |
| 26 | PBS040 | 5.000% | 30-Oct-2025 | 15-Nov-2030 | IDR | 8100000000000 | 484449761 |
| 27 | PBSG001 | 6.625% | 22-Sep-2022 | 15-Sep-2029 | IDR | 42670000000000 | 2552033493 |
| 28 | PBSG002 | 5.625% | 30-Oct-2025 | 15-Oct-2033 | IDR | 2350000000000 | 140550239 |
| 29 | SR-018T3 | 6.250% | 05-Apr-2023 | 10-Mar-2026 | IDR | 16949759000000 | 1013741567 |
| 30 | SR-018T5 | 6.400% | 05-Apr-2023 | 10-Mar-2028 | IDR | 4544818000000 | 271819258 |
| 31 | SR-019T3 | 5.950% | 27-Sep-2023 | 10-Sep-2026 | IDR | 17543813000000 | 1049271112 |
| 32 | SR-019T5 | 6.100% | 27-Sep-2023 | 10-Sep-2028 | IDR | 7790600000000 | 465944976 |
| 33 | SR-020T3 | 6.300% | 03-Apr-2024 | 10-Mar-2027 | IDR | 17784237000000 | 1063650538 |
| 34 | SR-020T5 | 6.400% | 03-Apr-2024 | 10-Mar-2029 | IDR | 3575013000000 | 213816567 |
| 35 | SR-021T3 | 6.350% | 25-Sep-2024 | 10-Sep-2027 | IDR | 19276188000000 | 1152882057 |
| 36 | SR-021T5 | 6.450% | 25-Sep-2024 | 10-Sep-2029 | IDR | 4948222000000 | 295946292 |
| 37 | SR-022T3 | 6.450% | 25-Jun-2025 | 10-Jun-2028 | IDR | 20986154000000 | 1255152751 |
| 38 | SR-022T5 | 6.550% | 25-Jun-2025 | 10-Jun-2030 | IDR | 6857263000000 | 410123385 |
| 39 | SR-023T3 | 5.800% | 22-Sep-2025 | 10-Oct-2028 | IDR | 12143218000000 | 726269019 |
| 40 | SR-023T5 | 5.950% | 22-Sep-2025 | 10-Oct-2030 | IDR | 6585143000000 | 393848266 |
|  | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** |  | **IDR** | **1128648434000000** | **67502896770** |
|  **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** |  |
| 1 | FRS001 | 4.700% | 27-Sep-2022 | 27-Sep-2027 | IDR | 8288320000000 | 495712919 |
| 2 | FRS002 | 4.700% | 27-Sep-2022 | 27-Sep-2029 | IDR | 8288330000000 | 495713517 |
|  | ***Total Variable Coupon*** | ***Total Variable Coupon*** | ***Total Variable Coupon*** |  | **IDR** | **16576650000000** | **991426435** |
|  | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** |  | **IDR** | **1171150084000000** | **70044861483** |
| **II. NON TRADABLE SECURITIES** | **II. NON TRADABLE SECURITIES** | **II. NON TRADABLE SECURITIES** | **II. NON TRADABLE SECURITIES** | **II. NON TRADABLE SECURITIES** | **II. NON TRADABLE SECURITIES** | **II. NON TRADABLE SECURITIES** |  |
| **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  | **A. GOVERNMENT DEBT SECURITIES**  |  |
|  **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | SRBI01 (4) | 0.100% | 07-Aug-2003 | 01-Aug-2043 | IDR | 45385443892705 | 2714440424 |
|  | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** |  | **IDR** | **45385443892705** | **2714440424** |
|  **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** |  |
| 1 | SBR012T4 | 6.350% | 15-Feb-2023 | 10-Feb-2027 | IDR | 5345542000000 | 319709450 |
| 2 | SBR013T2 | 6.450% | 10-Jul-2024 | 10-Jul-2026 | IDR | 14357325000000 | 858691687 |
| 3 | SBR013T4 | 6.600% | 10-Jul-2024 | 10-Jul-2028 | IDR | 4961110000000 | 296717105 |
| 4 | SBR014T2 | 6.000% | 13-Aug-2025 | 10-Aug-2027 | IDR | 11598776000000 | 693706699 |
| 5 | SBR014T4 | 6.100% | 13-Aug-2025 | 10-Aug-2029 | IDR | 3318578000000 | 198479545 |
|  | ***Total Variable Coupon*** | ***Total Variable Coupon*** | ***Total Variable Coupon*** |  | **IDR** | **39581331000000** | **2367304486** |
|  | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** |  | **IDR** | **84966774892705** | **5081744910** |
| **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  | **B. GOVERNMENT ISLAMIC DEBT SECURITIES**  |  |
|  **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** | **Rupiah Denominated** |  |
|  **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** | **Fixed Coupon** |  |
| 1 | PBSNT002 | 6.510% | 23-Jun-2021 | 23-Jun-2036 | IDR | 2000000000000 | 119617225 |
| 2 | PBSNTQ01 | 6.370% | 27-Aug-2020 | 27-Aug-2030 | IDR | 3000000000000 | 179425837 |
| 3 | SDHI-2029A | 8.430% | 25-Mar-2014 | 25-Mar-2029 | IDR | 1000000000000 | 59808612 |
| 4 | SDHI-2029B | 8.620% | 13-Aug-2014 | 13-Aug-2029 | IDR | 2855000000000 | 170753589 |

---

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **No** | **Series** | **Interest Rate** | **First Issue Date** | **Maturity Date** | **Outstanding** | **Outstanding** | **Outstanding (USD)** |
| 5 | SW002 | 5.500% | 30-Jun-2022 | 30-Jun-2027 | IDR | 50000000000 | 2990431 |
| 6 | SW004 | 6.650% | 06-Oct-2022 | 06-Oct-2027 | IDR | 100000000000 | 5980861 |
| 7 | SW006 | 5.500% | 03-Jul-2023 | 03-Jul-2028 | IDR | 50000000000 | 2990431 |
| 8 | SW007 | 6.650% | 25-Apr-2024 | 25-Apr-2029 | IDR | 150000000000 | 8971292 |
| 9 | SW008 | 6.700% | 02-May-2024 | 02-May-2029 | IDR | 21200000000 | 1267943 |
| 10 | SW009 | 6.200% | 08-Aug-2025 | 08-Aug-2030 | IDR | 10000000000 | 598086 |
|  | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** | ***Total Fixed Coupon*** |  | **IDR** | **9236200000000** | **552404306** |
|  **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** | **Variable Coupon** |  |
| 1 | ST010T4 | 6.400% | 14-Jun-2023 | 10-Jun-2027 | IDR | 3230344000000 | 193202392 |
| 2 | ST011T4 | 6.500% | 13-Dec-2023 | 10-Nov-2027 | IDR | 5428401000000 | 324665132 |
| 3 | ST012T2 | 6.400% | 05-Jun-2024 | 10-May-2026 | IDR | 14420966000000 | 862497967 |
| 4 | ST012T4 | 6.550% | 05-Jun-2024 | 10-May-2028 | IDR | 5076671000000 | 303628648 |
| 5 | ST013T2 | 6.400% | 11-Dec-2024 | 10-Nov-2026 | IDR | 15434816000000 | 923134928 |
| 6 | ST013T4 | 6.500% | 11-Dec-2024 | 10-Nov-2028 | IDR | 4840968000000 | 289531579 |
| 7 | ST014T2 | 6.500% | 23-Apr-2025 | 10-Apr-2027 | IDR | 19358398000000 | 1157798923 |
| 8 | ST014T4 | 6.600% | 23-Apr-2025 | 10-Apr-2029 | IDR | 3999990000000 | 239233852 |
| 9 | ST015T2 | 5.200% | 10-Dec-2025 | 10-Nov-2027 | IDR | 11000000000000 | 657894737 |
| 10 | ST015T4 | 5.450% | 10-Dec-2025 | 10-Nov-2029 | IDR | 4000000000000 | 239234450 |
| 11 | SWR005 | 6.500% | 16-Oct-2024 | 10-Oct-2026 | IDR | 147373000000 | 8814175 |
| 12 | SWR006 | 5.700% | 22-Oct-2025 | 10-Oct-2027 | IDR | 306281000000 | 18318242 |
|  | ***Total Variable Coupon*** | ***Total Variable Coupon*** | ***Total Variable Coupon*** |  | **IDR** | **87244208000000** | **5217955024** |
|  | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** | ***Total Rupiah Denominated*** |  | **IDR** | **96480408000000** | **5770359330** |

---

Assumed exchange rates for conversion

USD/IDR 16,720.00