Bilateral Debt Switching dalam Pengelolaan Risiko Refinancing Utang Pemerintah Indonesia
DOI:
https://doi.org/10.58812/jakws.v5i03.3926Kata Kunci:
Bilateral Debt Switching, Pengelolaan Utang Pemerintah, Risiko Refinancing, Keberlanjutan Fiskal, IndonesiaAbstrak
Peningkatan kebutuhan pembiayaan pemerintah Indonesia menyebabkan pengelolaan utang menjadi aspek penting dalam menjaga keberlanjutan fiskal. Tantangan utama dalam pengelolaan utang tidak hanya berkaitan dengan besarnya jumlah utang, tetapi juga kemampuan pemerintah dalam mengendalikan risiko portofolio, khususnya risiko pembiayaan kembali (refinancing risk) akibat konsentrasi jatuh tempo Surat Berharga Negara (SBN). Penelitian ini bertujuan untuk menganalisis peran bilateral debt switching sebagai strategi pengelolaan risiko refinancing utang pemerintah Indonesia serta kaitannya dengan keberlanjutan fiskal. Penelitian ini menggunakan metode kajian literatur (literature review) dengan pendekatan deskriptif kualitatif melalui analisis isi (content analysis) terhadap berbagai sumber berupa artikel ilmiah, laporan pemerintah, dan publikasi lembaga internasional yang relevan. Hasil penelitian menunjukkan bahwa bilateral debt switching merupakan instrumen liability management yang dapat membantu memperbaiki struktur jatuh tempo utang dan mengurangi tekanan pembiayaan kembali tanpa mengurangi nilai nominal utang secara langsung. Kebaruan penelitian ini terletak pada analisis integratif mengenai hubungan antara bilateral debt switching, risiko portofolio utang, dan kesinambungan fiskal Indonesia. Penelitian ini memberikan implikasi bahwa strategi pengelolaan utang perlu diarahkan pada pendekatan berbasis risiko portofolio dengan tetap menjaga transparansi, kredibilitas kebijakan fiskal, dan koordinasi antara pemerintah serta Bank Indonesia.
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Hak Cipta (c) 2026 Dewinta Iga Wardani, Christine Agapeni Bangun, Muhammad Afwandi, Gilang Wahyu Wicaksono, Zalfa Ayeisha Syahniar
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