摘要:AbstractThe impact on the lives of the national economy, budget and economic future of Indonesiacame from foreign debt policy. The existence of both principal repayment and interest, causinghlangnya economic welfare as measured by the amount of utility lost from the state as a result ofvarious payments. Foreign debt in its implementation does not add to the improvement of productivityand economic efficiency as well as contrary to the philosophy of the debt policy that is acting as acomplement to the main pillar supporting the budget.Indonesia is a large debtor. Developed countries as the creditors are always working topreserve the superior position in the constellation of the global political economy. Government ofIndonesia to the conversion of debt in the third period. However, the additional debt also generateadditional GDP, so the debt ratio to decline. Even at the end of 2011 Indonesia was back ininvestment grade ratings from one rating agency International.Keywords : debt trap, debt swap, investment grade