Indonesia's external debt was recorded at USD417.5 billion at Q4/20, consisting of public debt (Government and Central Bank) of USD209.2 billion and private debt (including state-owned enterprises) of USD208.3 billion. Indonesia's external debt at the end of Q4/20 grew by 3.5% (yoy), lower than  3.9% (yoy) in the previous quarter, mainly stemming from the slowed growth of private's external debt.

The government's external debt growth increased compared to the previous quarter. At the end of Q4/20, the government's external debt was registered at USD206.4 billion or grew by 3.3% (yoy), higher compared with 1.6% (yoy) in Q3/20. Such development was supported by maintained investor confidence, which prompted the foreign capital inflow in the Government Securities (SBN) market, as well as the partial withdrawal of the foreign loan commitment to support the handling of the Covid-19 pandemic and the National Economic Recovery program. The management of government's external debt is conducted in a prudent and accountable manner to support government spending towards priority sectors, among others, human health & social work activities sector (share 23,9% of external debt), construction sector (16.7%), education sector (16.7%), public administration, defense, & compulsory social security sector (11.9%), and financial & insurance sector (11.1%).

Private's external debt growth decelerated from the previous quarter. At the end of Q4/20, the private sector's external debt grew by 3.8% (yoy), declining from 6.2% (yoy) in the previous quarter. Such development was driven by a slowed growth of nonfinancial corporation external debt coupled with a deeper contraction of financial corporation external debt. The growth of nonfinancial corporation external debt was decelerated from  8.4% (yoy) in Q3/20 to 6.4% (yoy) in Q4/20. In addition, the financial corporation's external debt recorded a higher 4.7% (yoy) contraction compared with 0.9% (yoy) contraction in the previous quarter. Several sectors with the most significant external debt share amounted to 77.1% of total private external debt, including the financial & insurance sector; electricity, gas, steam & air conditioning supply sector; manufacturing sector; and mining & drilling sector. 

Indonesia's external debt maintained a healthy structure supported by the prudential principle application in its management.  The resilient structure of external debt was reflected in the maintained ratio of Indonesia's external debt to Gross Domestic Product (GDP) in Q4/2020 at 39.4%, albeit increasing from 38,1% in the last quarter. Furthermore, the external debt was dominated by long-term debt, which accounted for  89.1% of the total external debt. In close coordination with the government, Bank Indonesia continues to monitor external debt by promoting the prudential principle application in its management to maintain a solid external debt structure. External debt's role will also be optimized to support development financing and stimulate economic recovery by minimizing the risks that may affect macroeconomic stability.

The complete data on the latest Indonesia's external debt and its metadata can be obtained in the publication of Indonesia's External Debt Statistics (SULNI) February 2021 edition on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website.