Indonesia's Debt-for-Development Swaps: Past, Present, and Future

Danny Cassimon, Dennis Essers and Achmad Fauzi

Bulletin of Indonesian Economic Studies, 2014, vol. 50, issue 1, 75-100

Abstract: This article systematically reviews recent debt-for-development swaps in Indonesia, the only debtor country where the number of such swaps warrants their being considered as a deliberate government debt-relief policy and development finance strategy. We show that the 11 swaps Indonesia has signed with its bilateral creditors since 2002 have performed rather erratically across four criteria: an increase in resources at the debtor country or government budget level or both; an increase in resources for intended sector purposes; whether, taken together, these swaps ease debt burdens; and the extent of their alignment with government policy and systems. We find little evidence of learning on the Indonesian side. We believe that Indonesia can take a more proactive stance in negotiating the economic terms underlying its debt swaps, and we suggest concrete ways for it to do so.

Date: 2014
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Working Paper: Indonesia’s Debt-for-Development Swap Experience: Past, Present and Future (2013)
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DOI: 10.1080/00074918.2014.896238

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