Deficit, debt, Danantara

研报英文原文证据摘录

Deficit, debt, Danantara

FICC Research

Credit & Macro Research

23 July 2026

Indonesia

Increased below-the-line fiscal maneuvering could decouple

the official fiscal deficit from net government debt issuance.

Reduced H2 supply headwinds should ease some pressure on Economics

local rates term premia into year-end. Robust onshore Brian+65 6308Tan5798

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Economics: The recently established Danantara Development Management Fund (DDMF) will

likely be less focused on commercial returns and become a key conduit through which the

government channels “below the line” development expenditures to be spent off balance sheet

without widening the fiscal deficit, in our view. Increased fiscal maneuvering below the line in

the realm of budget financing – instead of state expenditure – would imply a decoupling

between the size of the official fiscal deficit and the pace of accumulation of public debt, ie, the

net issuance of government debt securities.

Rates strategy: We would expect reduced headwinds from supply to ease some pressure on