• widjanarko nu nu Ministry of Finance
Keywords: Fiscal Sustainability, Debt Dynamic, Debt to GDP ratio, Primary Balance, Stock Flow Adjustment


This study aimsĀ  to analyze the consistency of the application of the theory of debt dynamic (decomposition) variables contributing to changes in the ratio of debt to Gross Domestic Product (GDP), during the extraordinary pandemic Covid 19 period in the case in Indonesia in 2020. These variables are: a) economic growth; b) debt interest rates; c) exchange rate movements; d) primary balance of GDP; e) stoc flow adjustment (SFA). Easing discipline to not adhere to budget deficit commitments according to ruled based fiscal policy and not obeying discipline to maintain balance in a positive position according to debt dynamic theory, is acceptable to many countries including Indonesia because of the covid pandemic 19. However, debt procurement policies that exceed the budget deficit for investment Investment in State-Owned Enterprises (SOEs) contributed to an increase in the ratio of debt to GDP or stock flow adjustment (positive SFA). This positive SFA policy is recommended not to be continued because it is not in line with efforts to achieve medium-term fiscal sustainability.

How to Cite
nu, widjanarko. (2020). MENJAGA RASIO UTANG DARI PANDEMI COVID-19. Simposium Nasional Keuangan Negara, 2(1), 379-401. Retrieved from