No. 27/108/DKom
External debt in Indonesia remained well-managed in April 2025. The position of Indonesia's external debt in April 2025 was recorded at 431.5 billion US dollars, as growth accelerated to 8.2% (yoy) from 6.4% (yoy) in March 2025. The external debt position in April 2025 was influenced by the public sector. Furthermore, the higher external debt position was also impacted by broad-based US dollar depreciation against most global currencies.
Government external debt also remained under control. The government's external debt position in April 2025 stood at 208.8 billion US dollars, with annual growth accelerating to 10.4% (yoy) from 7.6% (yoy) in March 2025. The recent changes in government external debt were affected by an increase in loan withdrawals and a surge in foreign capital inflows to domestic government securities (SBN) given investor confidence in the promising domestic economic outlook amid high global financial market uncertainty. The Government remains firmly committed to maintaining credibility through prudent, measured, and accountable external debt management to bolster priority expenditures. External debt, as a component of the State Revenue and Expenditure Budget (APBN) financing instruments, is consistently geared towards supporting economic growth momentum while maintaining sustainable external debt management. By economic sector, government external debt was used to support various sectors, including human health and social activities (22.3% of total government external debt); public administration, defense, and compulsory social security (18.7%); education (16.4%); construction (12.0%); and also transportation and storage (8.7%). The current state of government external debt remains manageable considering nearly all, or 99.9% of total government external debt, is dominated by long-term maturities.
Private external debt registered a slower rate of contraction. In April 2025, the position of private external debt was recorded at 194.8 billion US dollars, experiencing a shallower 0.6% (yoy) contraction after declining 1.0% (yoy) the month earlier. The latest developments were primarily driven by financial corporations, where external debt grew by 2.9% (yoy), following a 2.2% (yoy) contraction in March 2025. By sector, the main contributors to private external debt were the manufacturing industry; insurance and financial services; electricity and gas supply; as well as mining and quarrying, collectively contributing 80.0% of total private external debt. Furthermore, 76.9% of total private external debt was dominated by long-term tenors.
The structure of external debt in Indonesia remains sound, supported by prudent management. Such developments are reflected in a lower external debt to gross domestic product (GDP) ratio of 30.3% in April 2025, down from 30.6% in March 2025, with long-term debt dominating 85.1% of total external debt. Seeking to maintain a healthy structure, Bank Indonesia and the Government will continue strengthening coordination to monitor external debt developments. Furthermore, the role of external debt will also continue to be optimized to support financing for development and promote sustainable national economic growth. Such efforts are undertaken by minimizing 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), June 2025 edition, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta 16th June 2025
Communication Department
Ramdan Denny Prakoso
Executive Director
