Obligation Indonesia 3.85% ( US455780CS32 ) en USD

Indonesia

100 % ▲

Indonesie

US455780CS32 ( en USD )

3.85% par an ( paiement semestriel )

14/10/2030

Prospectus brochure de l'obligation Indonesia US455780CS32 en USD 3.85%, échéance 14/10/2030

200 000 USD

1 650 000 000 USD

455780CS3

15/10/2025 ( Dans 179 jours )

L'Indonésie est un archipel d'Asie du Sud-Est composé de plus de 17 000 îles, possédant une biodiversité exceptionnelle et une riche culture influencée par des siècles d'histoire et d'interactions entre différentes populations.

L'Obligation émise par Indonesia ( Indonesie ) , en USD, avec le code ISIN US455780CS32, paye un coupon de 3.85% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 14/10/2030

424B5
424B5 1 d912392d424b5.htm 424B5
Table of Contents
Filed Pursuant to Rule 424(b)(5)
Registration No. 333-223441

PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED MARCH 16, 2018

Republic of Indonesia
US$1,650,000,000 3.85% Bonds Due 2030
US$1,650,000,000 4.20% Bonds Due 2050
US$1,000,000,000 4.45% Bonds Due 2070
The Republic of Indonesia (the "Republic") is offering US$1,650,000,000 in aggregate principal amount of its 3.85% bonds due 2030 (the "2030 Bonds"), US$1,650,000,000 in aggregate principal
amount of its 4.20% bonds due 2050 (the "2050 Bonds") and US$1,000,000,000 in aggregate principal amount of its 4.45% bonds due 2070 (the "2070 Bonds," and, together with the 2030 Bonds
and the 2050 Bonds, the "Bonds"). Interest on the Bonds will accrue from April 15, 2020 and be payable semi-annually in arrears on April 15 and October 15 of each year, beginning on
October 15, 2020 until redemption or maturity.
The Bonds contain "collective action clauses." Under these provisions, which differ from the terms of the Republic's public external indebtedness issued prior to January 8, 2015, modifications
affecting the reserve matters listed in the indenture, including modifications to payment and other important terms, may be made to a single series of debt securities issued under the indenture
(including the Bonds) with the consent of the holders of 75% of the aggregate principal amount outstanding of that series, and to two or more series of debt securities issued under the indenture
either (x) with the consent of holders of 75% of the aggregate principal amount of the outstanding debt securities of all the series affected by the proposed modification (taken in aggregate) if the
modification is uniformly applicable; or (y) with the consent of the holders of 662/3% of the aggregate principal amount outstanding of all series of debt securities that would be affected and 50%
in aggregate principal amount outstanding of each affected series of debt securities.
Application will be made for the listing of the Bonds on the Singapore Exchange Securities Trading Limited ("SGX-ST"). The SGX -ST assumes no responsibility for the correctness of any of the
statements made or opinions or reports contained in this prospectus supplement and the accompanying prospectus. Admission of the Bonds to the official list of the SGX -ST is not to be taken as
an indication of the merits of the Republic or the Bonds.
You should read this prospectus supplement and the accompanying prospectus carefully. You should not assume that the information in this prospectus supplement and the accompanying
prospectus is accurate as of any date other than the date on the front of these documents.
The Bonds will be represented by one or more global Bonds registered in the name of a nominee of The Depository Trust Company ("DTC"), as depositary. The Republic expects to deliver the
Bonds to investors in registered book-entry form only through the facilities of DTC on or about April 15, 2020.

2030 Bonds

2050 Bonds

2070 Bonds

Per
Per
Per

Bond

Total

Bond

Total

Bond

Total

Price to investors

99.573%
US$ 1,642,954,500
99.150%
US$1,635,975,000
99.009%
US$990,090,000
Underwriting discounts and commissions

0.040%
US$
657,181.8
0.040%
US$
654,390
0.040%
US$
396,036
Proceeds, before expenses, to the Republic

99.533%
US$1,642,297,318.2
99.110%
US$1,635,320,610
98.969%
US$989,693,964
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Joint Lead Managers and Joint Bookrunners

Citigroup

Deutsche Bank

Goldman Sachs

HSBC
Standard Chartered Bank
Co-Managers

PT Danareksa Sekuritas

PT Trimegah Sekuritas Indonesia Tbk

The date of this prospectus supplement is April 6, 2020.
Table of Contents
TABLE OF CONTENTS

Prospectus Supplement
Page
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INTRODUCTORY STATEMENTS
S-1
SUMMARY OF THE OFFERING
S-3
USE OF PROCEEDS
S-6
RECENT DEVELOPMENTS
S-7
DESCRIPTION OF THE BONDS
S-13
TAXATION
S-17
UNDERWRITING
S-18
LEGAL MATTERS
S-24
GENERAL INFORMATION
S-25
WHERE YOU CAN FIND MORE INFORMATION
S-26
TABLE OF CONTENTS

Prospectus

Page
ABOUT THIS PROSPECTUS

i
ENFORCEMENT

ii
FORWARD-LOOKING STATEMENTS

iii
DATA DISSEMINATION

iv
USE OF PROCEEDS

1
DESCRIPTION OF THE SECURITIES

2
TAXATION

18
PLAN OF DISTRIBUTION

28
VALIDITY OF THE SECURITIES

30
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES

31
EXPERTS AND OFFICIAL STATEMENTS AND DOCUMENTS

32
FURTHER INFORMATION

33
Table of Contents
You should read this prospectus supplement along with the prospectus that accompanies it. You should rely only on the information contained or
incorporated by reference in this document and the accompanying prospectus or to which we have referred you. We have not authorized anyone
to provide you with information that is different. This document may only be used where it is legal to sell these securities. This document and the
accompanying prospectus may only be used for the purposes for which they have been published. The information in this prospectus supplement
and the accompanying prospectus may only be accurate as of the date of this prospectus supplement or the accompanying prospectus, as
applicable. Terms used herein but not otherwise defined shall have the meaning given to them in the prospectus that accompanies this prospectus
supplement.
INTRODUCTORY STATEMENTS
This prospectus supplement supplements the accompanying prospectus dated March 16, 2018, relating to the Republic's debt securities and warrants. If the
information in this prospectus supplement differs from the information contained in the accompanying prospectus, you should rely on the updated
information in this prospectus supplement.
The Republic accepts responsibility for the information that is contained in this prospectus supplement and the prospectus that accompanies it. To the best
of the knowledge and belief of the Republic (which has taken all reasonable care to ensure that such is the case), the information contained in this
prospectus supplement and the accompanying prospectus is in accordance with the facts and does not omit anything likely to affect the import of such
information.
The Republic is a foreign sovereign state. Consequently, it may be difficult for you to obtain or realize upon judgments of courts in the United States
against the Republic. See "Description of the Securities -- Debt Securities -- Enforcement" in the accompanying prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the Bonds may be legally restricted in some countries.
If you wish to distribute this prospectus supplement or the accompanying prospectus, you should observe any applicable restrictions. This prospectus
supplement and the accompanying prospectus should not be considered an offer, and it is prohibited to use them to make an offer, in any state or country in
which the making of the offering of the Bonds is prohibited. For a description of some restrictions on the offering and sale of the Bonds and the distribution
of this prospectus supplement and the accompanying prospectus, see "Underwriting" on page S-13.
MIFID II product governance / Professional investors and ECPs only target market -- Solely for the purposes of each manufacturer's product
approval process, the target market assessment in respect of the Bonds has led to the conclusion that: (i) the target market for the Bonds is eligible
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counterparties and professional clients only, each as defined in Directive 2014/65/EU (as amended, "MiFID II"); and (ii) all channels for distribution of the
Bonds to eligible counterparties and professional clients are appropriate. Any person subsequently offering, selling or recommending the Bonds (a
"distributor") should take into consideration the manufacturers' target market assessment; however, a distributor subject to MiFID II is responsible for
undertaking its own target market assessment in respect of the Bonds (by either adopting or refining the manufacturers' target market assessment) and
determining appropriate distribution channels.
This document is only being distributed to and is only directed at (i) persons who are outside the United Kingdom and (ii) to investment professionals
falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities,
and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to
as "relevant persons"). The Bonds are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such Bonds will
be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.
Notification under Section 309B(1)(c) of the Securities and Futures Act, Chapter 289 of Singapore -- The Bonds are prescribed capital markets
products (as defined in the Securities and Futures (Capital Markets Products) Regulations 2018) and Excluded Investment Products (as defined in MAS
Notices SFA 04-N12: Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on Investment Products).

S-1
Table of Contents
Unless otherwise indicated, all references in this prospectus to "Rupiah" or "Rp" are to the currency of Indonesia, those to "dollars," "U.S. dollars," "U.S.$
" or "US$" 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
in this document to "Indonesia" or the "Republic" are to the Republic of Indonesia and references to the "Government" are to the Government of Indonesia.

S-2
Table of Contents
SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the accompanying prospectus. You should read the entire
prospectus supplement and the accompanying prospectus carefully.

Issuer
Republic of Indonesia.

Bonds
The US$1,650,000,000 3.85% Bonds due 2030 (the "2030 Bonds"), the US$1,650,000,000
4.20% Bonds due 2050 (the "2050 Bonds") and the US$1,000,0000,000 4.45% Bonds due 2070
(the "2070 Bonds," together with the 2030 Bonds and the 2050 Bonds, the Bonds). The Bonds
are being issued under the Indenture dated as of December 11, 2017 (the "Indenture").

Issue Price
For the 2030 Bonds, 99.573% of the principal amount of the 2030 Bonds.

For the 2050 Bonds, 99.150% of the principal amount of the 2050 Bonds.

For the 2070 Bonds, 99.009% of the principal amount of the 2070 Bonds.

Maturity
The 2030 Bonds: October 15, 2030

The 2050 Bonds: October 15, 2050

The 2070 Bonds: April 15, 2070

Interest
The 2030 Bonds will bear interest from April 15, 2020 at a rate of 3.85% per annum. Interest
will be paid on April 15 and October 15 of each year, commencing on October 15, 2020.

The 2050 Bonds will bear interest from April 15, 2020 at a rate of 4.20% per annum. Interest

will be paid on April 15 and October 15 of each year, commencing on October 15, 2020.
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The 2070 Bonds will bear interest from April 15, 2020 at a rate of 4.45% per annum. Interest

will be paid on April 15 and October 15 of each year, commencing on October 15, 2020.

Withholding Tax and Additional Amounts
The Republic will make all payments of principal, premium (if any) and interest on the Bonds
without withholding or deduction on account of any present or future taxes, duties, assessments
or other government charges withheld or assessed by the Republic or any political subdivision or
authority thereof or therein having power to tax, unless the deduction or withholding is required
by law. If the Republic is required to make any deduction or withholding, it will pay the
holders, subject to specified exceptions, the additional amounts required to ensure that the net
amount they receive after such withholding or deduction shall equal the amount they would have
received without this withholding or deduction. See "Description of the Securities -- Additional
Amounts" in the accompanying prospectus.

Further Issues
The Republic may, from time to time, without the consent of holders of the debt securities of a
series, create and issue additional debt securities having the same terms and conditions as the
debt securities of such series in all respects, except for issue date, issue price and the first
payment on the debt securities; provided, however, that any

S-3
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additional debt securities subsequently issued shall be issued, for U.S. federal income tax
purposes, either (a) as part of the "same issue" as the debt securities, (b) in a "qualified
reopening" of the debt securities; or (c) with no greater amount of original issue discount than
the previously outstanding debt securities as of the date of the issue of such additional debt

securities, unless such additional debt securities have a separate CUSIP, ISIN or other
identifying number from the previously outstanding debt securities. Such additional debt
securities will be consolidated with and will form a single series with the previously outstanding
debt securities. See "Description of the Securities -- Further Issues" in the accompanying
prospectus.

Form and Settlement
The Bonds to be delivered to investors will be issued in global form and registered in the name
of the clearing system or its nominee or custodian. Clearing systems include DTC in the United
States and Euroclear and Clearstream, Luxembourg in Europe. See "Description of the Bonds
-- Global Bonds."

Denominations
The Republic will issue the Bonds only in minimum denominations of US$200,000 and integral
multiples of US$1,000 in excess thereof.

Status of the Bonds
The Bonds will constitute direct, general, unconditional and unsubordinated obligations of the
Republic for which the full faith and credit of the Republic is pledged. The Bonds rank and will
rank without any preference among themselves and equally with all other unsubordinated public
external indebtedness of the Republic. It is understood that this provision will not be construed
so as to require the Republic to make payments under any series of the Bonds ratably with
payments being made under any other public external indebtedness. See "Description of the
Securities -- Status" in the accompanying prospectus.

Negative Pledge
The Bonds will contain certain covenants, including a negative covenant that will restrict the
Republic from creating or permitting to exist (subject to certain exceptions) any security interest
on any of its present or future revenues or assets. See "Description of the Securities -- Negative
Pledge" in the accompanying prospectus.

Use of Proceeds
The Republic will use the net proceeds from the sale of the Bonds offered by this prospectus
supplement for the general purposes of the Republic and to partially fund Covid-19 relief and
recovery efforts. For more information, see "Use of Proceeds."

Collective Action
The Bonds contain "collective action clauses." Under these provisions, which differ from the
terms of the Republic's public external indebtedness issued prior to January 8, 2015,
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modifications affecting the reserve matters listed in the Indenture, including modifications to
payment and other important terms, may be made to a single series of debt securities issued
under the Indenture (including the Bonds) with the consent of the holders of 75% of the
aggregate principal amount outstanding of that series, and to two or more series of debt
securities issued under the indenture either (x) with the consent of holders of 75% of the
aggregate principal amount of the outstanding debt securities of all the series affected by the
proposed modification (taken in aggregate) if the modification is uniformly applicable; or
(y) with the consent of the holders of 662/3% of the aggregate principal amount outstanding of
all series of debt securities that would be affected and 50% in aggregate principal amount
outstanding of each affected series of debt securities. See "Description of the Securities --
Meeting, Amendments and Waivers -- Collective Action" in the accompanying prospectus.

S-4
Table of Contents
Governing Law
New York; provided, however, that all matters governing the Republic's authorization and
execution of the Indenture and the Bonds will be governed by, and construed in accordance
with, the laws of Indonesia.

Listing
Application will be made for listing on the Singapore Exchange Securities Trading Limited (the
"SGX-ST") and application will be made for listing on the Frankfurt Stock Exchange.

Taxation
See "Taxation" in this prospectus supplement and the accompanying prospectus for a discussion
of the U.S. federal and Indonesian tax consequences associated with an investment in the
Bonds. Investors should consult their own tax advisors in determining the tax consequences of
the purchase, ownership and disposition of the Bonds.

Trustee
The Bank of New York Mellon.

Registrar and Transfer Agent
With respect to the Bonds of any series to be held through Euroclear and/or Clearstream,
Luxembourg, The Bank of New York Mellon SA/NV, Luxembourg Branch (previously known
as The Bank of New York Mellon (Luxembourg) S.A.) will act as Registrar and Transfer Agent.
With respect to the Bonds of any series to be held through DTC, The Bank of New York Mellon
will act as Registrar and Transfer Agent.

Paying Agent
With respect to the Bonds of any series to be held through DTC, The Bank of New York Mellon
will act as paying agent in The City of New York, USA. The Bank of New York Mellon,
London Branch will act as paying agent in the City of London, England for any Bonds held
through Euroclear and Clearstream.

S-5
Table of Contents
USE OF PROCEEDS
The Republic will use the net proceeds from the sale of the Bonds offered by this prospectus supplement for the general purposes of the Republic,
including to partially fund its Covid-19 relief and recovery efforts. See "Recent Developments -- Fiscal and Monetary Responses to the Outbreak of
Covid-19" in the Republic's annual report on Form 18-K for the year ended December 31, 2019, incorporated by reference herein.
To the extent the net proceeds from the sale of the Bonds offered by this prospectus supplement are used to fund the Government's Covid-19 relief and
recovery efforts, they will represent an attempt to address or mitigate a specific social issue and/or seek to achieve positive social outcomes for a target
population, in this case the general population of Indonesia being affected by adverse effects of Covid-19 on the country. For the avoidance of doubt,
despite the important role that the Bonds offered by this prospectus supplement play in helping Indonesia respond to the Covid-19 crisis, the Bonds are not
compliant with the International Capital Market Association's Social Bond Principles, nor has the Republic obtained a second-party opinion or any other
type of external verification of the Bonds.

S-6
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Table of Contents
RECENT DEVELOPMENTS
The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in Exhibit
99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2019. To the extent the information in this section differs from
the information contained in such annual report, you should rely on the information in this section. Capitalized terms not defined in this section have the
meanings ascribed to them in the annual report.
REPUBLIC OF INDONESIA
Recent Developments
Amendment of 2020 Budget
In December 2019, the emergence of a new strain of the coronavirus ("Covid-19") was reported in Wuhan, Hubei Province, China, that has subsequently
spread throughout the world, including Indonesia. On January 30, 2020, the World Health Organization declared Covid-19 a public health emergency of
international concern and on March 11, 2020, the World Health Organization declared the outbreak a pandemic. The Covid-19 outbreak is currently having
an adverse impact on the global economy, the severity and duration of which is difficult to predict.
On March 31, 2020, by virtue of Presidential Decree No. 11 of 2020, the President of Indonesia declared Covid-19 a Public Health Emergency (Darurat
Kesehatan Masyarakat). On the same day, the President also issued Government Regulation In Lieu of Law No. 1 of 2020 on Policies on State Finance and
Financial System Stability to Deal with Covid-19 Pandemic and/or Threat to the National Economy and/or Financial System Stability. Through
Presidential Regulation No. 54 of 2020 dated April 3, 2020 on Amendment to Posture and Details of the State Revenue and Expenditure Budget of 2020
Budget Year, which was published on April 6, 2020 ("Presidential Regulation No. 54 of 2020"), the President authorized an increase of the 2020 budget by
Rp405.1 trillion for purposes of fighting the spread of Covid-19, as follows: (i) Rp75 trillion for the health care sector, including medical personnel;
(ii) Rp110 trillion for the expansion of the social safety net; (iii) Rp70.1 trillion to support manufacturers, small and medium-sized enterprises and certain
other companies, including support with regards to taxes, import duties and business credits; and (iv) Rp150 trillion to support a national economic
recovery program.
In addition to authorizing these additional amounts for the 2020 budget, Presidential Regulation No. 54 of 2020 also reallocated the budgeted revenues and
expenditures for the fiscal year 2020. Accordingly, the revenues and expenditures that had originally been budgeted by the Government pursuant to Law
No. 20 of 2019 on the State Budget for Fiscal Year 2020, (which was signed into law on October 18, 2019) were revised.
Fiscal and Monetary Responses to the Outbreak of Covid-19
As a result of these additional budgeted expenditures, the Government estimates the 2020 budget deficit to reach 5.07% of GDP. Government Regulation in
Lieu of Law No. 1 of 2020 also allows the budget deficit gap to temporarily exceed the statutory limit of 3% of GDP until the fiscal year 2022.

S-7
Table of Contents
Government Budget
Fiscal Policy
The following table sets out the Government revenues and expenditures for the periods indicated, including the original and reallocated budgeted revenues
and expenditures for fiscal year 2020.
Government Revenues and Expenditures

Year Ended December 31,

2020-
2020-

2015L
2016L
2017L
2018L

2019B

2019P
InitialB RevisedB

(in trillions of Rupiah)

Revenues and grants:

Domestic revenues

Tax revenues
1,240.4 1,285.0 1,343.5 1,518.8 1,786.4 1,545.3 1,865.7 1,462.6
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Non-tax revenues

255.6
262.0
311.2
409.3
378.3
405.0
367.0
297.8
Total domestic revenues
1,496.0 1,546.9 1,654.7 1,928.1 2,164.7 1,950.4 2,232.7 1,760.4
Grants

12.0
9.0
11.6
15.6
0.4
6.8
0.5
0.5

Total revenues and grants
1,508.0 1,555.9 1,666.4 1,943.7 2,165.1 1,957.2 2,233.2 1,760.9
Expenditures:

Central government expenditures
1,183.3 1,154.0 1,265.4 1,455.3 1,634.3 1,498.9 1,683.5 1,851.1
Transfer to regions and rural fund(1)

623.1
710.3
742.0
757.8
826.8
811.3
856.9
762.7
Total central and transfer expenditures
1,806.4 1,864.3 2,007.4 2,213.1 2,461.1 2,310.2 2,540.4 2,613.8
Suspend(2)

0.1
--
--
--
--
--
--
--

Total expenditures
1,806.5 1,864.3 2,007.4 2,213.1 2,461.1 2,310.2 2,540.4 2,613.8
Primary balance(3)
(142.5) (125.6)
124.4
(11.5)
(20.1)
(77.5)
(12.0)
(517.8)
Surplus/(deficit)
(298.5) (308.3) (341.0) (269.4) (296.0) (353.0) (307.2)
(852.9)
Financing:(4)(5)

Debt Financing

380.9
403.0
429.1
372.0
359.3
435.4
351.9 1,006.4
Investment Financing

(59.7)
(89.1)
(59.8)
(61.1)
(75.9)
(49.4)
(74.2)
(229.3)
On-Lending

1.5
1.7
(2.1)
(4.3)
(2.4)
(1.7)
5.2
5.8
Government Guarantee

--
(0.7)
(1.0)
(1.1)
--
--
(0.6)
(0.6)
Other Financing

0.3
19.6
0.4
0.2
15.0
15.2
25.0
70.6

Total Financing

323.1
334.5
366.6
305.7
296.0
399.5
307.2
852.9

Source: Ministry of Finance
L
LKPP (Government Financial Report/Audited).
P
Preliminary.
B
Budget. Initial" refers to amounts authorized by the original budget, which was signed into law on October 18, 2019. "Revised" refers to revised
amounts pursuant to Presidential Regulation No. 54 of 2020, which was signed into law on April 3, 2020 as part of the Government's ongoing efforts
to address the Covid-19 crisis in Indonesia.
(1)
Starting from the fiscal year, or FY, 2015, Government allocates rural fund based on law number 6/2014.
(2)
Realized expenditures calculated by the Ministry of Finance differed from the figures calculated by line ministries and such discrepancies have been
subtracted and added, respectively, to totals for such years after the fiscal year is over. "Suspend" is not reported in the current year.
(3)
Primary balance represents revenues minus expenditures excluding interest expenditures.
(4)
In 2015, total financing of Rp323.1 trillion exceeded the budget deficit of Rp298.5 trillion and the Government added the difference of Rp24.6
trillion to its reserves. In 2016, total financing of Rp334.5 trillion exceeded the budget deficit of Rp308.3 trillion and the Government added the
difference of Rp26.2 trillion to its reserves. In 2017, total financing of Rp366.6 trillion exceeded the 2017 deficit of Rp341.0 trillion and the
Government added the difference of Rp25.6 trillion to its reserves. In 2018, total financing of Rp300.4 trillion exceeded the budget deficit of
Rp259.9 trillion and the Government added the difference of Rp40.5 trillion to its reserves. In 2019, total financing of Rp399.5 trillion exceeded the
2019 deficit of Rp353.1 trillion and the Government added the difference of Rp46.4 trillion to its reserves.

S-8
Table of Contents
(5)
As of FY 2017, the financing line items have been reclassified and the previously reported data has been restated across the periods shown.
Revised 2020 Budget
Through Presidential Regulation No. 54 of 2020, the President authorized an increase of the 2020 budget by Rp405.1 trillion for purposes of fighting the
spread of Covid-19, as follows: (i) Rp75 trillion for the health care sector, including medical personnel; (ii) Rp110 trillion for the expansion of the social
safety net; (iii) Rp70.1 trillion to support manufacturers, small and medium-sized enterprises and certain other companies, including support with regards
to taxes, import duties and business credits; and (iv) Rp150 trillion to support a national economic recovery program.
In addition to authorizing these additional amounts for the 2020 budget, Presidential Regulation No. 54 of 2020 also reallocated the budgeted revenues and
expenditures for the fiscal year 2020. Accordingly, the revenues and expenditures that had originally been budgeted by the Government pursuant to Law
No. 20 of 2019 on the State Budget for Fiscal Year 2020, (which was signed into law on October 18, 2019) were revised, as set forth under
As a result of these additional budgeted expenditures, the Government estimates the 2020 budget deficit to reach 5.07% of GDP. Government Regulation in
Lieu of Law No. 1 of 2020 also allows the budget deficit gap to temporarily exceed the statutory limit of 3% of GDP until the fiscal year 2022.
Government Finances
Government Revenues
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The following table sets forth Government revenues by category for the periods indicated, including the original and reallocated budgeted revenues for
fiscal year 2020.
Government Revenues

Year Ended December 31,

2020-
2020-

2015L
2016L
2017L
2018L
2019B
2019P InitialB RevisedB

(in trillions of Rupiah)

Domestic revenues:

Tax revenues:

Domestic tax

Income tax:

Oil and gas

49.7
36.1
50.3
64.7
66.2
59.1
57.4
43.7
Non-oil and gas

552.6
630.1
596.5
685.3
828.3
711.2
872.5
659.6
Total income tax

602.3
666.2
646.8
750.0
894.4
770.3
929.9
703.3
Value added tax (VAT)

423.7
412.2
480.7
537.3
655.4
533.0
685.9
529.7
Land and building tax

29.3
19.4
16.8
19.4
19.1
21.2
18.9
13.4
Excises

144.6
143.5
153.2
159.6
165.5
172.3
180.5
172.9
Other taxes

5.6
8.1
6.7
6.6
8.6
7.7
7.9
7.7
Total domestic taxes
1,205.5 1,249.5 1,304.3 1,472.9 1,743.1 1,504.4 1,823.1
1,427.0
International trade taxes:

Import duties

31.2
32.5
35.1
39.1
38.9
37.5
40.0
33.9
Export tax

3.7
3.0
4.1
6.8
4.4
3.5
2.6
1.8
Total international trade taxes

34.9
35.5
39.2
45.9
43.3
41.0
42.6
35.6
Total tax revenues
1,240.4 1,285.0 1,343.5 1,518.8 1,786.4 1,545.3 1,865.7
1,462.6
Non-tax revenues:

Natural resources:

Oil

48.0
31.4
58.2
101.5
118.6
90.1
96.8
40.4
Gas

30.2
12.6
23.6
41.3
41.2
30.3
30.5
12.9
Total oil and gas

78.2
44.1
81.8
142.8
159.8
120.4
127.3
53.3
General mining

17.7
15.8
23.8
30.3
25.0
26.2
26.2
22.1
Forestry

4.2
3.8
4.1
4.8
4.5
5.0
4.7
4.4
Fishery

0.1
0.4
0.5
0.4
0.6
0.5
0.9
0.9
Geothermal

0.9
0.9
0.9
2.3
0.9
1.9
1.2
1.5
Total non-oil and gas

22.8
20.8
29.3
37.8
31.0
33.6
33.0
28.9

S-9
Table of Contents

Year Ended December 31,

2020-
2020-

2015L
2016L
2017L
2018L
2019B
2019P InitialB RevisedB

(in trillions of Rupiah)

Total natural resources

101.0
64.9
111.1
180.6
190.8
154.1
160.4
82.2
Profit transfer from SOEs

37.6
37.1
43.9
45.1
45.6
80.7
49.0
65.0
Other non-tax revenues

81.7
118.0
108.8
128.6
94.1
122.1
100.9
94.7
Public Service Agency (BLU) Income(1)

35.3
41.9
47.3
55.1
47.9
48.1
56.7
55.8
Total non-tax revenues

255.6
262.0
311.2
409.3
378.3
405.0
367.0
297.8
Total domestic revenues
1,496.0 1,546.9 1,654.7 1,928.1 2,164.7 1,950.4 2,232.7
1,760.4
Grants

12.0
9.0
11.6
15.6
0.4
6.8
0.5
0.5
Total revenues and grants
1,508.0 1,555.9 1,666.4 1,943.7 2,165.1 1,957.2 2,233.2
1,760.9

Source: Ministry of Finance
L
LKPP (Government Financial Report/Audited).
P
Preliminary.
B
Budget. Initial" refers to amounts authorized by the original budget, which was signed into law on October 18, 2019. "Revised" refers to revised
amounts pursuant to Presidential Regulation No. 54 of 2020, which was signed into law on April 3, 2020 as part of the Government's ongoing efforts
to address the Covid-19 crisis in Indonesia.
(1)
Includes Government's share of Bank Indonesia's profits representing amounts in excess of Bank Indonesia's capital ratio requirements, which
excess amounts are transferred to the central Government to be used for repayments of certain central Government obligations to Bank Indonesia.
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424B5
Government Expenditures
The following table sets forth the expenditures of the Government for the periods indicated, including the original and reallocated budgeted expenditures
for fiscal year 2020.
Government Expenditures

Year Ended December 31,

2020-
2020-

2015L

2016L

2017L

2018L

2019B

InitialB

RevisedB

(in trillions of Rupiah)

Central Government expenditures:

Personnel expenditures

281.1
305.1
312.7
346.9
381.6
416.2
N/A
Good and services expenditures

233.3
259.6
291.5
347.5
345.2
337.2
N/A
Capital expenditures

215.4
169.5
208.7
184.1
189.3
209.4
N/A
Interest payments:

Domestic debt

141.9
167.8
200.0
238.4
255.8
273.8
N/A
Foreign debt

14.1
15.0
16.6
19.5
20.0
21.4
N/A
Total interest payments

156.0
182.8
216.6
258.0
275.9
295.2
N/A
Subsidies:

Energy subsidies

119.1
106.8
97.6
153.5
160.0
125.3
N/A
Non-energy subsidies

66.9
67.4
68.8
63.4
64.3
62.3
N/A
Total subsidies

186.0
174.2
166.4
216.9
224.3
187.6
N/A
Grant expenditures

4.3
7.1
5.4
1.5
1.9
2.2
N/A
Social assistance(1)

97.2
49.6
55.3
84.3
102.1
107.7
N/A
Other expenditures

10.1
6.0
8.8
16.2
114.0
128.0
N/A
Total central Government expenditures
1,183.3 1,154.0 1,265.4 1,455.3 1,634.3
1,683.5
1,851.1
Transfers to Regions and Rural Fund

Transfer to Regions

Balanced funds:

General transfer funds:

Revenue sharing funds

78.1
90.5
88.2
93.7
106.4
117.6
89.8
General allocation funds

352.9
385.4
398.6
401.5
417.9
427.1
384.4
Total general transfer funds

430.9
475.9
486.8
495.2
524.2
544.7
474.2

S-10
Table of Contents

Year Ended December 31,

2020-
2020-

2015L

2016L

2017L

2018L

2019B

InitialB

RevisedB

(in trillions of Rupiah)

Specific allocation funds:

Physical special allocation fund

54.9
75.2
62.1
58.1
69.3
72.2
54.2
Non-physical special allocation fund(2)

97.2
88.8
105.6
115.3
131.0
130.3
128.8
Total specific allocation funds

152.1
163.9
167.7
173.4
200.4
202.5
183.0
Total balanced funds

583.0
639.8
654.5
668.6
724.6
747.2
657.2
Regional incentive fund(3)

1.7
5.0
7.5
8.2
10.0
15.0
13.5
Specific autonomy funds(4)

17.1
18.3
19.4
20.1
21.0
21.4
19.6
Specific Fund for Special Region of Yogyakarta(5)

0.5
0.5
0.8
1.0
1.2
1.3
1.3
Total Transfer to Regions

602.4
663.6
682.2
697.9
756.8
784.9
691.5
Rural Fund(6)

20.8
46.7
59.8
59.9
70.0
72.0
71.2
Total transfers to regions and Rural Fund

623.1
710.3
742.0
757.8
826.8
856.9
762.7
Suspend(7)

0.1
--
--
--
--
--
--
Total Government expenditures
1,806.5 1,864.3 2,007.4 2,213.1 2,461.1
2,540.4
2,613.8

Source: Ministry of Finance
L
LKPP (Government Financial Report/Audited).
P
Preliminary.
B
Budget. Initial" refers to amounts authorized by the original budget, which was signed into law on October 18, 2019. "Revised" refers to revised
amounts pursuant to Presidential Regulation No. 54 of 2020, which was signed into law on April 3, 2020 as part of the Government's ongoing efforts
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424B5
to address the Covid-19 crisis in Indonesia. N/A indicates that Presidential Regulation No. 54 of 2020 stipulated only the total amount of revised
total central Government expenditures but did not provide for its subcomponents.
(1)
As of FY 2017, the deficit financing line items have been reclassified and the data previously reported has been restated across the periods shown.
(2)
Consists of Social Assistance from Ministries/Agencies Spending and Social Assistance for Disaster Relief.
(3)
Included under "Others" before FY 2016 except the regional incentive fund.
(4)
Included under "Others" before FY 2016.
(5)
Consists of specific autonomy fund and additional specific infrastructure autonomy fund for Papua and West Papua Provinces.
(6)
Starting from FY 2013, Government allocates a specific fund for Yogyakarta's privilege in other expenditures.
(7)
Starting from FY 2015, Government allocates to the rural fund based on law number 6/2014.
(8)
Realized expenditures calculated by the Ministry of Finance differed from the figures calculated by line ministries and such discrepancies have been
subtracted and added, respectively, to totals for such years after the fiscal year is over. "Suspend" is not reported in the current year.

S-11
Table of Contents
Deficit Financing
The following table sets forth, by amount, information on deficit financing for the periods indicated, including the original and reallocated budgeted deficit
financing for fiscal year 2020.
Deficit Financing (1)

Year Ended December 31,

2020-
2020-

2015L 2016L 2017L 2018L 2019B InitialB RevisedB

(in trillions of Rupiah)

Debt financing

Government securities (net)
362.3 407.3 441.8 358.4 389.0 389.3 549.6
Loans

Domestic loans (net)

0.8
1.1
0.6
1.4
0.5
1.3
1.3
Foreign loans:

Gross drawings:

Program loan
55.1 35.3 20.9 50.6 30.0 21.6
82.0
Project loan
28.7 28.1 30.8 38.0 30.3 26.8
29.5
Total gross drawing
83.8 63.4 51.7 88.6 60.3 48.4 111.5
Amortization
(66.0) (68.7) (65.1) (76.3) (90.5) (87.1) (105.9)
Total foreign loan (net)
17.8 (5.3) (13.4) 12.3 (30.2) (38.8)
5.7
Total loans (net)
18.7 (4.3) (12.7) 13.6 (29.7) (37.5)
7.0
Pandemic Bond

--
--
--
--
--
-- 449.9
Total debt financing
380.9 403.0 429.1 372.0 359.3 351.9 1,006.4
Investment financing

Investment to SOEs
(64.5) (50.5) (6.4) (3.6) (17.8) (17.7 )
(16.0)
Investment to other institutions
(7.1) (10.8) (3.2) (2.5) (2.5)
(5.0)
(5.0)
Investment to public service agencies
(6.9) (25.3) (48.2) (52.7) (53.2) (52.5)
(41.0)
Investment in financial organizations/institutions
(0.3) (3.8) (2.0) (2.3) (2.4)
(1.0)
(0.8)
Revenue of investment
19.1
1.4
--
--
--
2.0
2.0
Others investment financing

--
--
--
--
--
-- (168.7)
Total investment financing
(59.7) (89.1) (59.8) (61.1) (75.9) (74.2) (229.3)
Lending

On-lending to SOEs/local government/institutions/other agencies:

2.3
1.7 (2.1) (4.3) (2.4)
5.2
5.8
Lending reserves
(0.8)
--
--
--
--
--
--
Total lending

1.5
1.7 (2.1) (4.3) (2.4)
5.2
5.8
Mandatory guarantee

-- (0.7) (1.0) (1.1)
--
(0.6)
(0.6)
Other financing

0.3 19.6
0.4
0.2 15.0 25.0
70.6
Total financing (net)
323.1 334.5 366.6 305.7 296.0 307.2 852.9

Source: Ministry of Finance
L
LKPP (Government Financial Report/Audited).
P
Preliminary.
B
Budget. Initial" refers to amounts authorized by the original budget, which was signed into law on October 18, 2019. "Revised" refers to revised
amounts pursuant to Presidential Regulation No. 54 of 2020, which was signed into law on April 3, 2020 as part of the Government's ongoing efforts
https://www.sec.gov/Archives/edgar/data/1719614/000119312520100159/d912392d424b5.htm[4/7/2020 11:33:57 AM]

Document Outline

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