WB: Indonesia may lose market confidence due to debts
The World Bank (WB) has called on the Indonesian government to formulate a sound fiscal strategy to “flatten the debt curve” and maintain financial market confidence as debt mounts amid the COVID-19 pandemic.
Spraying disinfectant to prevent the spread of COVID-19 in Jakarta (Photo: AFP/VNA)
Jakarta (VNA) - The World Bank (WB)has called on the Indonesian government to formulate a sound fiscal strategy to“flatten the debt curve” and maintain financial market confidence as debtmounts amid the COVID-19 pandemic.
Indonesia’s debt-to-gross domestic product (GDP) ratio would rise to 37 percent this year from 29.8 percent last year, drivenby an increase in borrowings to cover for the widening budget deficit and tocope with the economic slowdown and rupiah exchange rate depreciation, accordingto WB senior economist for Indonesia Ralph van Doorn.
The Indonesian government should provide assurancesover its fiscal strategy to raise revenues back to at least the 2018 level toflatten the debt curve, he said, adding the country risked losing marketconfidence over its mounting debts.
He also suggested Indonesia show a crediblepath fo🧸r the𝕴 economy to unwind exceptional measures taken by the government tobattle the pandemic.
Indonesia’s budget deficit is expected to increaseto 6.27 percent of its GDP this year, more than double theinitial ceiling of 3 percent,
The WB has projected zero percent growth for the Indonesian economy under theꦕ baselinescenario. However, the economy may contract 3.5 percent under the worst-casescenario./.
Indonesia posted a net inflow of 4.1 billion USD from April to May 14, after recording a net outflow of 5.7 billion USD in the first quarter of 2020, said Bank Indonesia (BI) Governor Perry Warjiyo on May 19.
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Indonesia’s central bank (BI) has bought 1.6 billion USD worth of government bonds in the primary market, underlining its commitment to remain active in it as the country faces a burgeoning state budget deficit due to the rising cost of COVID-19 mitigation efforts.
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Spraying disinfectant to prevent the spread of COVID-19 in Jakarta (Photo: AFP/VNA) 
