IDXChannel - Minister of Finance Sri Mulyani Indrawati finally opened her voice regarding fiscal savings in line with the burden sharing between the government and Bank Indonesia (BI).
Sri Mulyani calculated that the government's fiscal budget savings reached Rp29 trillion to Rp 30 trillion from the total burden sharing of Rp1,104.85 trillion implemented during the pandemic emergency status. This figure includes burden sharing from the Joint Decree (SKB) scheme I-III.
"But this is moving with the policy rate increasing yes per year between Rp29-30 trillion. The range really depends on the movement conveyed by the Governor because these securities are entirely tradeable and the period is 5-8 years that we issue for Covid," said Sri Mulyani.
Meanwhile, in SKB I, the SBN interest rate purchased by BI refers to the market. In SKB II, the prevailing yield is 7 percent and all of them are borne by BI, which is Rp397.56 trillion.
For SKB III which is valid in 2021 and 2022, the interest set is equal to the cost of monetary operations. The value borne by BI is IDR 439 trillion throughout 2021-2022.
"In the past, when (BI interest rate) was 3.5 percent, fiscal costs were 3.5 percent compared to market interest rates so fiscal savings of 7-3 percent," said BI Governor Perry Warjiyo on the same occasion.
"Watch our show IDX Channel Official Youtube on the Market Headlines Program, Friday (3/2/2023) with the theme The Burden Sharing Program Saves IDR 30 Trillion Per Year.