External debt in Indonesia remained maintained in January 2026. The position of external debt stood at USD434.7 billion in the reporting period, with annual growth decelerating to 1.7% (yoy) from 1.8% (yoy) in December 2025. This was primarily influenced by public sector external debt.

Government external debt was maintained. The position of government external debt in January 2026 was recorded at USD216.3 billion, with annual growth accelerating slightly to 5.6% (yoy) from 5.5% (yoy) in December 2025. In January 2026, external debt developments were influenced by the government's withdrawal of foreign loans to support government programs and projects, as well as foreign capital inflows into international government securities (SBN), in line with sustained investor confidence in Indonesia's economic outlook amid heightened uncertainty in global financial markets. External debt, as a financing instrument of the State Revenue and Expenditure Budget (APBN), is managed prudently, measurably, and accountably, while consistently directed towards priority programs aimed at maintaining fiscal sustainability and bolstering the national economy. The utilisation of government external debt was focused on supporting human health and social activities (22.0% of total government external debt); public administration, defence, and compulsory social security (20.3%); education (16.2%); construction (11.6%); as well as transportation and storage (8.5%). The current state of government external debt is dominated by long-term maturities, accounting for 99.98% of total government external debt.

Private external debt declined. The position of private external debt in January 2026 decreased to USD193.0 billion from USD194.0 billion in December 2025. Annually, private external debt experienced a deeper 0.7% (yoy) contraction in January 2026, after declining by 0.2% (yoy) the month earlier. The decline in private external debt was primarily driven by non-financial corporations. By economic 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 accounting for 80.1% of total private external debt, with long-term tenors dominating 76.2% of the total.

The structure of external debt in Indonesia remains sound, supported by prudent management. This was reflected in the ratio of external debt to gross domestic product (GDP), which decreased to 29.6% in January 2026 from 29.9% in December 2025, with long-term debt dominating 85.6% of total external debt. 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 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), March 2026 edition​, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.