| Mayoritas utang Indonesia adalah utang jangka menengah. Perbandingan data internasional menunjukkan, bahwa mayoritas utang di negara sedang berkembang adalah utang jangka panjang. Selain itu, mayoritas utang berasal dari pinjaman resmi (official) dan bank. Dornbusch (1993) mencatat bahwa dalam hal pinjaman luar negeri, kebanyakan kreditur tidak dalam posisi meng-amortisasi utang, karena itu pembedaan utang dalam jangka pendek-menengah-panjang menjadi tidak relevan. Namun, pendapat Dornbusch (1993) tidak seluruhnya benar untuk kasus Indonesia, karena utang tidak otomatis bisa roll-over. Karena itu, usaha serius untuk reprofiling utang perlu dilakukan. Reprofiling akan berhasil jika kredibilitas pemerintah dinilai baik oleh pelaku pasar. Pemerintah bekerja sama dengan DPR telah mengeluarkan Undang-Undang Nomor 17 Tahun 2003 tentang Keuangan Negara. Pemerintah juga telah mengeluarkan PP Nomor 23 Tahun tentang “Pengendalian Jumlah Kumulatif Defisit Anggaran Pendapatan dan Belanja Negara, dan Anggaran Pendapatan dan Belanja Daerah, Serta Jumlah Kumulatif Pinjaman Pemerintah Pusat Dan Pemerintah Daerah”. Undang-undang dan PP tersebut diantaranya mengatur bahwa besarnya defisit dari General Governments maksimal 3 persen dari PDB dan besarnya rasio utang dari General Governments terhadap PDB maksimal 60 persen. |
| Recently, the importance of debt management emerges as the impact of Global Financial Crisis. In 2010, several European countries were at the brink of sovereign debt crisis. These countries are Portugal, Ireland, Greece, Spain, and Belgium. This debt crisis raises the concern on rising government deficit and debt levels across the globe. Many European government debts were downgraded and created alarm in financial markets. The recent development shows that International Monetary Fund (IMF) agreed to provide loan for Greece and Europe’s Finance Ministers approved a comprehensive rescue package worth almost a trillion dollars that aimed at ensuring financial stability across Europe by creating the European Financial Stability Facility. From the above explanations, it can be seen the importance of a sound debt management. GoI aware on the importance of this and continue to carefully manage its external debt. The debt management is intended to minimize the cost of borrowing that is expected will lead to ease the pressure of external debt burden to budget over the long run. In order to achieve such objective Government put priority on the following direction: gradually reduce budget deficit, reduce public sector debt to GDP ratio to the save level, tax policies reform, improve government spending efficiency, and develop effective public debt management. By applying those policies, GoI is successful in reducing its debt to GDP ratio, reaching 28.3 percent in 2009. Although the GoI has manage to decrease its debt to GDP level, continues studies and researches in the topic of debt management are still important. |
Penelitian tentang Pengelolaan Utang
