Indonesia Halves 2023 Bond Issuance Plans on Ample Cash, Taxes

Indonesia plans to reduce its net bond issuance this year to 362.9t rupiah, from the initial target of 712.9t rupiah, Finance Minister Sri Mulyani Indrawati says in parliament hearing Monday.

• Net bond issuance stood at 157.9t rupiah as of 1H
• Govt will instead use more of its cash reserves, known as SAL, to fund its budget balance this year
• Tax revenue estimated to hit 1,818.2t rupiah by year-end, higher than its initial target of 1,718t rupiah
• NOTE: Indonesia End-June State Budget Surplus at IDR152.3t
• NOTE: Indonesia Sees 2023 Budget Deficit Lower at 2.28% of GDP

(Updates with more details from ...