The Indonesia government announced that they would be raising financing through their State Sharia Securities (SBSN) to finance the development of their country. The initiative was announced by Bappenas J. Rizal Primana, Deputy for Facilities and Infrastructure of the Ministry of PPN at the Infrastructure Project Financing Policy Forum through SBSN Year 2021.
A total of Rp27.58 trillion has been allocated for financing infrastructure projects, a reduced target of about -15% compared to what was committed in 2020. The reduced target was indicative of their cautious approach to the persisting effects from the Covid19 pandemic
It is expected that the government would be able to hit their targets for 2021 despite the Covid19 pandemic. Based on their performance in 2020, their Ministry of Finance claimed that they were able to achieve 90.96% of the project financing target thereby reaching their initial target value of Rp32.48 Trillion, However, due to the Covid19 pandemic, allocation for the 2020 SBSN projects were shaved down to Rp18.16 Trillion which is about 44% of the initial figure.
The breakdown of the allocation for the projects is as follow:
Achieving 90.96% of the project financing initial target through the SBSN, is a strong vote to the confidence in the SBSN instruments. In 2020, the Indonesia central bank lowered the borrowing cost five times, cutting the main rate by a cumulative 125bps, in an attempt to support the economy after Covid19 hit, as such it is estimated that the interest rates of the SBSN instruments could be priced the same or lower as compared to previous years.
Apart from this, the government has also confirmed that they are in the final stage of the plan to relocate the capital city to Penajam Paser Utara Regency and Kutai Kartanegara Regency in East Kalimantan.
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