Indonesia’s State Revenue Reaches USD 69.5 Billion during First Eight Months of 2020; Debt-to-GDP Increases

Indonesia’s Finance Ministry announced that state revenue earned in the first eight months of 2020, reached IDR 1.028 quadrillion (approximately USD 69.5 billion) in August 2020, reflecting 60.2% of the amended state budget.

According to the Deputy Finance Minister, Suahasil Nazara, this was lower than the IDR 1.189 quadrillion recorded during the same period of 2019, which represented 54.9% of the target for 2019.

Nazara stated that Indonesia’s debt-to-gross domestic product (debt-to-GDP) ratio stood at 34.53% at the end of August 2020, a notable increase from 29.8% in August 2019. Nazara added that the Government of Indonesia was anticipating this ratio to go up to 37...