Analisis Komparatif Indikator Penerapan Utang Luar Negeri Indonesia Ditinjau dari Perspektif Ekonomi Islam

Abstract

Efforts made by the Indonesian government to meet the budget deficit by issuing stimulus policy packages from within the country and abroad. An overseas stimulus package is financing through foreign debt. Indonesia has been practicing foreign debt since before the pre-independence period, the Soekarno government regime, Suharto until the Jokowi regime. The amount of foreign debt until October 2018, USD 310.839 billion. If the state does not have the ability to repay debt, the country's economy will be disrupted. The amount of installments on loan principal and interest has an impact on the burden of the state budget, which will be borne by the community through tax collection. This study aims to compare indicators of the application of foreign debt based on Islamic economic perspectives and the results of field research. This study uses a type of qualitative approach to explain the phenomena that occur. The results of the study show that there are deviations between indicators of foreign debt based on economic perspectives and field research.

An Alternative for the External Debt with the Implementation of Islamic Financial Instrument: Study on Indonesia Deficit Budget Policy

“…So the modern government uses economic growth as a reference in preparing the state budget, by adhering to the principle of a deficit budget policy. There are three ways to fulfill the shortage of receipts, namely doing debt Islamically, controlling part of public property, and applying dharibah (Subagiyo & Budiman, 2020).…”

“…Economic development is an absolute process stage carried out by the state to improve the standard of living and welfare of all the community. For the government to carry out economic development, the availability of economic resources such as human resources, natural resources, and capital resources must be met (Subagiyo & Budiman, 2020). Without the support of these resources, the economic development pursued by the government will be hampered.…”