Loto S.

Ginting
Director of Government Debt Securities
Directorate General of Budget Financing and Risk Management, Ministry of Finance
Presented at the 20th ADBI Annual Conference
“Managing Private and Local Government Debt”
Tokyo, 1 December 2017
The views expressed in this presentation are the views of the author and do not necessarily reflect the views or policies of the Asian Development Bank Institute (ADBI), the
Asian Development Bank (ADB), its Board of Directors, or the governments they represent. ADBI does not guarantee the accuracy of the data included in this paper and
accepts no responsibility for any consequences of their use. Terminology used may not necessarily be consistent with ADB official terms.
 Comment on the presented papers
 Debt strategy and government securities market
development
 Debt profile
 Lessons learned from the government securities
market development

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 2

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
“Subnational Government Debt Governance: Lessons from Non-
Asian Emerging Economies”
(Jorge Martinez-Vazquez and Yasin Civelek)

“Sub-National Debt in OECD Countries”

(Jon Ragnar Blondal)
 The presenters put more emphasis on investigating risks and the
mitigation of over borrowing behaviour. There is less discussion on
initiatives to develop local government securities market which we
believe might create another risk if the local governments fail to
manage prudently.

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 4

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 General Objectives
• Procurement of
• Consider timing, Keep Debt to loan activities
market condition, and GDP ratio • Project-based
cash needs sukuk issuance
below the
threshold
Debt
Fulfill the Manage cash utilisation for
financing needs Support the flow productive
at efficient costs development spending
and of financial
controllable market
risks DEBT
MANAGEMENT
STRATEGY
Broaden the
investor base and
Improve transparency Non-debt enhance the
and accountability financing participation of
domestic
Direct: investors
• Subsidiary loan Manage the
Indirect: government
• Government
debt portfolio
guarantee
• Fiscal risk reserve
• Public investment • Refinancing
• Shortening duration
and/or PMN • Reprofiling (through
• Optimise cash
issuance, switching,
borrowings
and buyback)

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 6

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 DEEP, ACTIVE, AND LIQUID MARKET
Sufficient market capacity to absorb and efficient price/yield

DEMAND MARKET INFRASTRUCTURE SUPPLY

PRIMARY MARKET

Bank • Activities: Regular issuance (auction, book building), private placement

Foreign Investors • Infrastructure: Auction system for domestic and global issuance, settlement
Central Banks system for retail bonds
Insurance
Pension Funds
GOVERNMENT
Mutual Funds BOND:
SECONDARY MARKET
Corporates
Securities Houses Local Currency
• Activities: Buyback, debt switch, securities lending facility
Retail Investors Bonds
• Infrastructure:
LPS (Indonesia Deposit
Insurance Corporation) - Primary dealers quotation system
Foreign Currency
OJK (Financial Services - Trading system through IDX
Denominated Bonds
Authority) - INDOBeX
BLU (Public Service - Electronic Trading Platform (ETP): for retail bonds (under development)
Treasury Bills
Agency) • Price Discovery Mechanism:
SOE under MOF - IBPA (Indonesia Bond Pricing Agency)
Local Governments - PLTE (Securities Transaction Report Receiver System)
Others - Yield curve for benchmark series.
• Repo Instruments and Derivatives: MRA, GMRA & Indonesia Government
Bond Futures

REGULATION, SUPERVISION, INSTITUTIONAL SUPPORT, AND MARKET

COMMUNICATION

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 7

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 2017 Indicative Target (USD bn)* Domestic Issuance
Instruments
Description (IDR tn) Budget R-Budget
R-Budget Outlook Net  Weekly Auction:
Government 29.5 31.9  Conventional Securities: 24x
A. Revenues and grants 1,736.1 1,736.1 Islamic Securities: 24x
Securities 
I. Domestic revenue 1,733.0 1,733.0  Non-Auction:
Composition
1. Tax revenue 1,472.7 1,472.7  Retail bonds
Domestic 80%  Private Placements: Based on
2. Non tax revenue 260.2 260.2
Auction 93% request
II. Grants 3.1 3.1
Non-Auction 7%
B. Expenditure 2,133.3 2,098.9 International Bonds Issuance (USD, EUR,
International Bond 20% JPY-denominated)
I. Total Central government
1,367.0 1,343.1
expenditure
 Issuance of International Bonds as
1. Ministerial spending 773.1 769.2 Front loading issuance for budget complement to avoid crowding out in
2. Non ministerial financing domestic market consists of USD, YEN
593.9 573.9
spending or EURO global bonds;
 Government Securities issuance in
II. Transfer to region and YEN issuance scheme improves from
766.3 755.9 semester I 2017: 
village Fund private placement to public offering
• Target: 57.4% from gross
1. Regional transfer 706.3 697.7 issuance target format
2. Village fund 60.0 58.2 • Realization: 57.7% from gross  Dual-currency (EUR/USD) global bonds
C. Primary balance (178.0) (144.3) issuance target in a concurrent issuance
D. Surplus (deficit) (397.2) (362.9)  Rupiah Government Securities
 International bond issuance can be
issuance in semester I 2017: maximized up to 25% from gross
% of GDP (2.92) (2.67)
• Target: 42.7% from gross target, depends on financing need.
E. Financing 397.2 362.9 issuance target
I. Debt (Net) 461.3 427.0 • Realization: 43.1% from gross Issuance targets for GDS, Sukuk and
issuance target ATM target
Government Securities (Net) 467.3 433.0
 Government Debt Securities (SUN):
Loan (Net) (6.0) (6.0) Issuance of Shorter Maturity SPN (T-Bills) 71 %;
II. Non Debt (64.1) (64.1) for Cash Mismatch  Sukuk : 29%
*Using JISDOR as of Oct. 31, 2017 : IDR13,572/USD  ATM for Government Securities
(SBN): 6-8 years.
DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 8
MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 as of October 31, 2017
Composition of Government Securities Issuance
Instruments
(in USD bn)*
Sukuk, USD13.27 Total Gross Issuance
bn, 27% International Bonds,
USD10.46 bn, 21% Government Debt Securities (GDS) 36.62
IDR Denominated GDS 29.11
• Coupon GDS 15.41
• Conventional T-Bills 13.00
• Private Placement 0.03
Domestic Bonds, • Retail Bonds 0.66
USD39.43 bn, 79%
GDS, USD36.62 bn, 73% Foreign Denominated Bonds 7.52
• USD GMTN 5.44
Domestic Government
Government Debt Securities • Euro GMTN 1.13
Islamic Debt Securities
• Samurai Bonds 0.89
Private Placement,
USD0.03 bn • USD Onshore Bonds 0.05
Global Foreign
Sukuk, Denominated Government Islamic Debt Securities 13.27
USD2.94 T-Bills, USD13.00 bn Bonds,
SDHI, bn
USD0.18 USD7.52 bnOthers,
USD0.69 bn Domestic Government Islamic Debt Securities
bn 10.32
Retail
Sukuk, Retail Bonds, • IFR/PBS/T-Bills Sukuk (Islamic Fixed
USD1.03 IFR/PBS/SPNS/PBS, Coupon GDS, USD0.66 bn Rated Bond/Project Based Sukuk) 9.10
bn USD9.10 bn USD15.41 bn
• Retail Sukuk 1.03
• Indonesia Hajj Fund Sukuk (SDHI) 0.18
Global Sukuk 2.94
DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 9
MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA * Using JISDOR as of Oct. 31, 2017 : IDR13,572/USD
By Instrument

Sept 2017
Description 2012 2013 2014 2015 2016
Nominal %
a. Foreign Loan (in billion USD) 63.6 58.4 54.2 54.4 54.0 54.3 18.9%
Bilateral 37.2 31.5 26.9 24.7 23.2 23.1 8.1%
Multilateral 23.8 23.7 23.5 26.1 27.5 27.8 9.7%
Commercial 2.5 3.3 3.8 3.6 3.3 3.3 1.2%
Suppliers 0.0 0.0 0.0 0.0 0.0 0.1 0.0%
b. Domestic Loan (in billion USD) 0.19 0.2 0.3 0.3 0.4 0.4 0.1%
c. Government Securities (in billion USD) 140.8 136.3 155.2 174.7 207.0 231.9 80.9%
Foreign Currency Denominated 27.4 32.8 36.7 47.8 57.1 62.9 22.0%
Rupiah Denominated 113.4 103.5 118.5 126.9 149.9 169.0 59.0%
Total Central Government Debt
204.5 194.9 209.7 229.4 261.3 286.6
(in billion USD)
Total Central Government Debt
1,977.7 2,375.5 2,608.8 3,165.1 3,511.0 3,866.4
(in trilion IDR)
Exchange Rate Assumption (IDR/USD1) 9,670.0 12,189.0 12,440.0 13,795.0 13,436.0 13,492.0
GDP (in trillion IDR) 8,615.7 9,524.7 10,542.7 11,540.8 12,406.8
Debt to GDP Ratio 23.0% 24.9% 24.7% 27.4% 28.3%

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 11

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Indicator 2016 Realization 2017 Revised Budget 2017 Outlook

Outstanding (IDR bn)

Government Securities 2,780.9 3,192.8 3,168.3
Loans 734.4 738.5 728.7
Total Debt 3,515.3 3,931.3 3,896.9
Interest Rate Risks
% Floating Interest Rate 12.1% 11.6% 11.4%
Refinancing Risks
ATM (years) 8.9 8.6 8.6
% of Debt maturity in 1 year 6.5% 10.6% 10.4%
Exchange Rate Risks
% Total Debt in Foreign Currency 42.6% 39.8% 39.9%
GDP (IDR tn) 12,406.8 13,613.2 13,613.2
Debt to GDP Ratio 28.3% 28.9% 28.6%
Realization / Exchange rate assumption 13,300 13,400 13,400

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 12

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Interest Rate Risk Exchange Rate Risk

Variable Rate Ratio (%) Refixing Rate (%) FX Debt to GDP Ratio (%)** FX Debt to Total Debt Ratio (%)
22.5 23.2
21.0 44.4 46.7 44.5
20.7 43.4
19.2 41.8 40.9
17.8
16.2 16.0
14.8
13.7
12.3
10.8

10.2 11.7 10.7 12.2 11.7 11.6

2012 2013 2014 2015 2016 Sep-17 2012 2013 2014 2015 2016 Sep-17

Debt Average Time to Maturity Debt Maturing

ATM (in years) In < 1 year In < 3 year In < 5 year

9.7 9.7
9.6 39.7
9.4 34.7 36.5
32.4 33.4 33.9
9.0 23.0 25.2
8.9 21.5 21.8 20.1 21.4

8.6 7.7 8.4 9.7

7.2 6.6

2012 2013 2014 2015 2016 Sep-17 2012 2013 2014 2015 2016 Sep-17

*) Using GDP assumption in 2017 Budget

-Risk indicators are improving amidst pressure from rupiah depreciation
DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT
-Risk indicators show improvements in interest rate risk and stability in exchange and refinancing risks 13
MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Debt to GDP Ratio some peer countries and BRICS

Malaysia
57%
40%

2006 2016
South Africa Vietnam
52% 62%
31% 38%

Indonesia 2006 2016

2006 2016 36
% 28
%

Philippines
2006 2016
Turkey
52% 47%
33% 32%

2006 2016 2006 2016

Brazil
78%
66%

2006 2016

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 14

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
Source: http://www.visualcapitalist.com
Medium term-risks target is important to establish the stronger and more prudent debt management

Lower currency risk Lower debt ratio to the economy

FX debt portion (%) Debt to GDP ratio (%)
38.04 29.09 29.03
28.84

36.97
36.69
36.53
28.25

2018 2019 2020 2021 2018 2019 2020 2021

Lower maturity risk profile Lower interest payment

Average Time to Maturity (ATM) (years) Interest payment to GDP ratio (%)
1.64
8.00 1.63
1.61
7.67

7.34
7.13 1.57

2018 2019 2020 2021 2018 2019 2020 2021

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 15

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Govt. Debt Securities
Re-profiling on Recap Banks
amounting IDR180 trillion 1st Govt. Debt Securities
issuance for budget
financing
Govt. Debt Securities Regular monthly
Debt Management Office Law enacted issuance 1st Global
established 1st Primary Auction Bond
Issuance

1st issuance
Bond of Samurai
2001 2002 2003 2004
Stabilization Bond 1st Private Placement Issued
Framework Issuance T-Bills for 1st time
2009 2008 2006 2005
2007
2010 Crisis Management Primary 1st Debt Switching Auction
Protocol
- 1st Direct Transaction
Dealer System 1st issuance of 1st Retail Bond
Through Dealing Room Establishment Zero Coupon issuance
Establishment
- PLTE ((Securities Transaction Bond
of IBPA
2013 Report Receiver System)*
2015

2011 2014 2016 2017

1st issuance 1st issuance 1st issuance Pre-
of Savings Bonds 1st issuance
of Samurai funding
Ritel of Euro - Go live ETP (Electronic Trading Platform)*
Unguaranteed
1 issuance
st Bonds - Govt bond futures*
Bonds
of domestic - Debt Switch Many to Many - Investor SID*
Launching
USD Bond - Launching Govt Bonds - Staple bonds
Indonesia GMRA*
Index (INDOBeX)*

* Through coordination with OJK and/or Bank Indonesia

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 17
MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Ownership of Tradable Domestic Government Securities (in IDR Trillions)
900.00 100.00%
% Bank Indonesia**
810.90 ; 38.71%
800.00 % Individual 90.00%
% Pension Fund
% Mutual Funds
80.00%
700.00 % Others

70.00%
600.00
% Insurance Company 599.66 ; 28.63%

60.00%
500.00
461.35 ; 38.13%
% Banks* 50.00%

400.00
375.55 ; 31.04%
40.00%

300.00
% Foreign Holders
30.00%

200.00
20.00%

100.00 10.00%

- 0.00%
Dec 2014 Dec 2015 Dec 2016 June 2017 Oct 2017 15 Nov 2017
% Foreign Holders % Banks* % Insurance Company % Others % Mutual Funds % Pension Fund
% Individual % Bank Indonesia** Foreign Holders Banks* Insurance Company Others
Mutual Funds Pension Fund Individual Bank Indonesia**

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT *) Including the Government Securities used in monetary operation with Bank Indonesia.
**) net, excluding Government Securities used in monetary operation with Banks. 18
MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
Ownership of Tradable Domestic Government Securities by Region (in IDR Trillions)

Others
South Korea; 0.71%
4.99
1% China; 6.19%
Japan; 10.76%
Others; 14.64%

Asia
North America 258.42
190.41 32%
24% ASEAN; 67.70%

Europe
342.37
43%

Ownership of Tradable Domestic Government Securities by Region

(IDR trillions; %)

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 19

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Net buy (year-to-date) of tradable Government Securities
IDR(0.10) ; USD(0.01)
Pension Funds IDR33.43 ; USD2.46
IDR5.03 ; USD0.37
IDR5.01 ; USD0.37
Individuals IDR19.14 ; USD1.41
IDR21.91 ; USD1.61
IDR14.76 ; USD1.09
Mutual Funds IDR19.43 ; USD1.43
IDR16.38 ; USD1.21
IDR25.49 ; USD1.88
Insurance Companies IDR62.58 ; USD4.61
IDR18.66 ; USD1.38

IDR(0.73) ; USD(0.05) IDR27.06 ; USD1.99

Bank Indonesia
IDR18.87 ; USD1.39
IDR86.88 ; USD6.40
Banks IDR24.27 ; USD1.79
IDR50.94 ; USD3.75
IDR13.20 ; USD0.97
Others IDR22.17 ; USD1.63
IDR16.02 ; USD1.18
IDR130.39 ; USD9.61

Non-Resident IDR117.11 ; USD8.63

IDR67.41 ; USD4.97

IDR trillion ; USD billion*

YTD Oct 2017 YTD Oct 2016 YTD Oct 2015 *Using JISDOR as of Oct. 31, 2017 : IDR13,572/USD

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 20

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
Providing a wide range of instruments and tenors

GOVERNMENT SECURITIES

GOVT DEBT SECURITIES GOVT SHARIA SECURITIES

GOVERNMENT BONDS TREASURY BILLS

RUPIAH DENOMINATED VARIABLE RATE VR Reguler, Savings Bond Ritel

FR Reguler, Zero Coupon Bonds,
FIXED RATE
Retail Bonds

USD GLOBAL BONDS

FOREIGN CURRENCY
EURO GLOBAL BONDS
DENOMINATED
SAMURAI BONDS

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 21

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
Providing flexible issuance methods

AUCTION PRIVATE PLACEMENT BOOK BUILDING

DOMESTIC MARKET

IDR Denominated Bonds – Benchmark Series Retail Bonds:

ORI
IDR Denominated Bonds Seri – Non-benchmark Series SBR

Foreign Currency Denominated Bonds

INTERNATIONAL MARKET
Foreign Currency
Denominated Bonds:
Foreign Currency
Global Bonds (USD)
Denominated Bonds
Global Euro (EUR)
Samurai Bond (JPY)

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 22

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 UNDER DEVELOPMENT

ETP (Electronic Trading Platform)

for secondary market

MARKET MECHANISM Developing IGBF (Indonesia

Government Bond Futures)
Establishment of primary dealers
system for govt debt securities

PRICE DISCOVERY MECHANISM Development of INDOBeX (Indonesia

Government Bond Index)

Establishment of IBPA (Indonesia Debt switch through many-to-many

Bond Pricing Agency) and staple bonds mechanism

Centralised transaction report GMRA as a standard master

through PLTE agreement for repo transactions

Yield curve for benchmark series Implementation of SID (Single

and all tenors Investor Identification)

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 23

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 LAW
Law No. 24 Year 2004 concerning Government Debt Securities
Law No. 19 Year 2008 concerning Government Sharia Securities

GOVERNMENT REGULATIONS
Government Regulations No. 76 Year 2005 concerning Management, Responsibility, and
Information Publication of Government Debt Securities Management

REGULATIONS OF FINANCE MINISTER

--- Issuance through auction ---

--- Issuance through private placement mechanism ---
--- Securities buyback ---
--- Issuance of foreign currency denominated bonds ---
--- Issuance of retail bonds ---

REGULATIONS OF DIRECTOR GENERAL

--- Administrative requirements and registration for resident ---
--- Guidance of the use of PDs trading infrastructure ---

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 24

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Firm and adaptive law and regulatory frameworks
 Fiscal deficit limit = max. 3% of GDP
 Debt ratio limit = max. 60% of GDP
 Regulatory framework have various forms to ensure robust operation
• Laws
• Government regulations
• Ministerial regulations
• Directorate general regulations
• SOP
 Better arrangement on institutional framework
 Dedicated units for managing government debt
 Front office, deals with transactions, portfolio management, and investor relations
 Middle office, deals with debt strategy and stakeholders relations
 Back office, deals with settlement, accounting, and statistics

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 25

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Directorate General of Budget Financing and Risk Management

DIRECTORATE
GENERAL OF BUDGET
FINANCING AND RISK
MANAGEMENT

Executive
Secretariat

Directorate of
Infrastructure Directorate of
Directorate of Directorate of State Directorate of
Directorate of Loan Directorate of Financing and Evaluation,
Government Debt Fiscal Risk Financing Strategy
and Grant Syariah Financing Government Accounting, and
Securities Management and Portfolio
Support Settlement
Management

Front Office Middle Office Back Office

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 26

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
Strong coordination framework among regulators and stakeholders

Ministry of Ministry of
Finance Finance

Indonesia FINANCIAL FINANCIAL

Deposit SYSTEM
Insurance Bank MARKET
Corporation STABILITY Indonesia DEVELOPMENT
(LPS) COMMITTEE FORUM
Indonesia
Financial
Bank
Services
Indonesia Authority Indonesia
Financial (OJK)
Services
Authority
(OJK)

Bank CONSULTATIVE Ministry ASSETS-LIABILITIES BOND PRIMARY DEALERS MEETING

Indonesia MEETING of Finance MANAGEMENT STABILIZATION ANALYSTS MEETING
COMMITTEE FRAMEWORK (BSF) INVESTORS GATHERING

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 27

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
 Calendar of issuances
 Summary results of government securities issuance
 Public sector debt statistic
 External debt statistic of Indonesia
 Disclosure of fiscal risks in financial note
 Financing management strategy
 Debt portfolio review
 Profile of government debt and guarantee
 Fiscal risk information (semiannually bulletin)
 Management of contingent liabilities
 Government accountability report
 Annual report

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 28

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
Maintaining existing investors and exploring potential investors

 Domestic
 Non-bank financial institution associations
 Local government officers
 Colleges
 Overseas
 Roadshows: investors update
 Investor visits at office

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 29

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
Directorate of Government Debt Securities

Not Satisfied
Least Satisfied
OK
Satisfied

Very Satisfied

DIRECTORATE GENERAL OF BUDGET FINANCING AND RISK MANAGEMENT 30

MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA
“Anyone who stops learning is
old, whether at twenty or eighty.
Anyone who keeps learning
stays young.“
(Henry Ford)

Directorate of Government Debt Securities

Directorate General of Budget Financing and Risk
Management
Frans Seda Building, 4th Floor
Jl. Dr. Wahidin Raya No. 1
Jakarta Pusat, 10710
Phone: +6221 3810175 Fax. : +6221 3846516
Website: www.djppr.kemenkeu.go.id
Email: surat.utang.negara@kemenkeu.go.id