Central bank announces lower foreign debt

JAKARTA (JP): Indonesia's foreign debt as of the end of 1997 amounted to US$136.1 billion, lower than the $137.4 billion figure previously announced, Bank Indonesia (BI) has said.

According to the central bank's figures updated on Feb. 23, foreign debts owed by private domestic companies totaled $30.12 billion, much higher than the $23.07 billion announced earlier.

BI said the country's total external obligations consisted of $67.77 billion in public sector debts and $68.31 billion in private sector debts.

The public sector debt included $54.1 billion in long-term government obligations and $13.66 billion owed by state-owned enterprises.

Private sector debts included $10.5 billion in short-term loans and $10.3 billion in domestic commercial papers held by foreign investors, of which $8.3 billion were short term.

The previous foreign debt figure of $137.4 billion was announced Feb. 6 by Radius Prawiro, chairman of the Corporate Foreign Debt Settlement Team set up by President Soeharto in January.

The smaller figure is mainly due to lower domestic debt notes held by foreigners, which were initially announced at $11.9 billion but revised to $10.3 billion, the central bank said.

The total foreign debts owed by the country's private sector was also lower than the earlier figure of $73.9 billion. (08)

Table: Indonesian External Debt (As of Dec. 31, 1997, up dated on Feb. 23, 1998, in billion US$)

Total external debt 136.09

I. Public sector 67.77

A. Government

IMF credit: US$3 billion 54.11

B. State-owned enterprises 13.66

1. State banks 7.28

i. Bank credits 5.91

ii. CP/MTN/FRN 1.37

2. Non-bank enterprises 6.38

i. Bank credit 3.99

ii. CP/MTN/FRN 2.39

II. Private sector 68.31

1. Private banks 9.41

i. Bank credit 8.45

a. Foreign banks 0.53

b. Joint venture banks 3.80

c. Domestic-owned banks 4.12

ii. CP/MTN/FRN 0.95

2. Non-bank corporations 58.91

i. Bank credit 53.59

a. Foreign, foreign joint ventures 23.47

b. Private national firms 30.12

ii. CP/MTN/FRN 5.31

Source: Bank Indonesia

Notes: CP : Commercial papers MTN: Medium term notes FRN: Floating rate notes