No.28/137/DKom
Indonesia's external debt position was maintained in May 2026. Indonesia's external debt in May 2026 was recorded at USD444.4 billion, with annual growth accelerating slightly to 2.1% (yoy) from 2.0% (yoy) in April 2026. Such development was influenced by continued growth of public external debt, comprising the government and central bank, amid a shallower contraction of private external debt.
Public external debt experienced moderation. The position of government external debt in May 2026 stood at USD217.3 billion, representing annual growth of 3.7% (yoy), relatively stable compared with the growth recorded in April 2026. This was primarily influenced by inflows to international Government Securities (SBN), reflecting investor confidence in Indonesia's maintained economic outlook, amid net repayments of maturing government foreign loans. The Government remains committed to maintaining credibility by fulfilling principal and interest payment obligations on time, while managing external debt prudently, measurably and flexibly to achieve efficient and optimal financing. As one of the financing instruments of the State Revenue and Expenditure Budget (APBN), the government's external debt remained geared towards financing productive sectors, while maintaining sustainable external debt management. By economic sector, the utilisation of government external debt focused, among others, on supporting human health and social activities (22.0% of total government external debt); public administration, defence and compulsory social security (20.6%); education (16.2%); construction (11.5%); as well as transportation and storage (8.5%). Nearly all government external debt had a long-term maturity profile. Meanwhile, the increase in Bank Indonesia external debt was driven by higher non-resident holdings of monetary instruments, namely Bank Indonesia Rupiah Securities (SRBI), in line with pro-market monetary operations and efforts to maintain Rupiah exchange rate stability amid persistently high global uncertainty.
Private external debt continued to decline. The position of private external debt in May 2026 was recorded at USD195.9 billion, with annual contraction narrowing to 0.1% (yoy) from 0.5% (yoy) in the previous month. This was mainly attributable to external debt at financial corporations, which recorded an annual contraction of 0.8% (yoy), shallower than the 5.0% (yoy) contraction recorded in April 2026. By economic sectors, the main contributors to private external debt were the manufacturing industry; financial and insurance activities; electricity and gas supply; as well as mining and quarrying, collectively accounting for 79.9% of total private external debt. Moreover, private external debt remained dominated by long-term maturities, accounting for 74.9% of total private external debt.
The structure of Indonesia's external debt remained sound, supported by prudent management. This was reflected in the ratio of external debt to gross domestic product (GDP), which was recorded at 29.9% in May 2026, while long-term debt continued to dominate with an 83.9% share of total external debt. Seeking to maintain a healthy external debt structure, Bank Indonesia and the Government will continue strengthening coordination to monitor external debt developments. Furthermore, the role of external debt will continue to be optimised to support financing for development and promote sustainable national economic growth. Such efforts are undertaken by minimising the risks posed to economic stability.
The latest external debt data and metadata are presented in the publication of Indonesia's External Debt Statistics (SULNI) July 2026 edition, covering data through May 2026, and are available on the Bank Indonesia website. This publication is also accessible through the Ministry of Finance website.
Jakarta, 15th July 2026
Communication Department
Ramdan Denny Prakoso
Executive Director
