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​Communication Department​

3/14/2023 12:00 AM
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Indonesia’s External Debt Remains Manageable in January 2023

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The position of external debt in Indonesia remained manageable in January 2023. At the end of January 2023, the position of external debt in Indonesia amassed a USD USD404.9 billion, thus experiencing a shallower 1.9% (yoy) contraction after declining 4.1% (yoy) the month earlier. The contraction stemmed from government and private sector external debt developments. In addition, the external debt position in January 2023 was also influenced by change factors driven by broad-based US dollar depreciation against most global currencies, including the Rupiah.

Government external debt maintained a contractionary phase. In January 2023, government external debt recorded a shallower 2.5% (yoy) contraction to reach a position of USD194.3 billion after contracting 6.8% (yoy) one month earlier. This was explained by an influx of portfolio investment in the domestic and international government securities (SBN) markets in line with positive sentiment given growing global market confidence. The Government remains firmly committed to maintaining prudential, credible and accountable external debt management, which includes preserve credibility in servicing principal and interest payments promptly. As one of the component of State Budget (APBN) financing instruments, external debt plays an important role in supporting government efforts to fund productive sectors and priority expenditures, including ongoing efforts to bolster and maintain solid economic growth in Indonesia amid global economic uncertainty. Such support encompasses human health and social activities (24.0% of total government external debt), public administration, defence and compulsory social security (17.8%), education (16.7%), construction (14.3%) as well as insurance and financial services (11.4%), amongst others. The current position of government external debt is considered relatively safe and manageable, with nearly all, or 99.7%, dominated by long-term maturities.

Private external debt also maintained a contractionary trend.  The position of private external debt recorded a 1.5% (yoy) contraction to USD201.2 billion in January 2023, after shrinking 1.8% (yoy) in the previous period. External debt at non-financial corporations experienced a shallower 1.1% (yoy) contraction in the reporting period compared with a 1.5% (yoy) decline in December 2022.  Meanwhile, external debt at financial corporations recorded a deeper 3.1% (yoy) contraction in January 2023 after decreasing 2.7% (yoy) in the previous period. By sector, the main contributors to private external debt in the reporting period were insurance and financial services; the manufacturing industry; electricity, gas, steam and air conditioning supply; as well as mining and quarrying, accounting collectively for 77.6% of total private external debt.  Furthermore, 75.2% of total private external debt was dominated by long-term tenors.

The structure of external debt in Indonesia remains sound, supported by prudential management.  External debt was still manageable in January 2023, as reflected by a ratio of external debt to gross domestic product (GDP) maintained at 30.3% in the reporting period, up slightly from 30.1% one month earlier.  In addition, the sound structure of external debt in Indonesia is dominated by long-term debt, accounting for 87.4% of total external debt. Seeking to maintain a healthy structure, Bank Indonesia and the Government continued to strengthen coordination in terms of monitoring external debt, supported by the application of prudential principles, while optimising the role of external debt to support development financing and accelerate the national economic recovery, as well as minimise the risks that could impact economic stability.

Further information and metadata are presented in the publication of Indonesia's External Debt Statistics (SULNI) March 2023 edition on the Bank Indonesia website. This publication can also be accessed through the Ministry of Finance website.


Jakarta, 14th March 2023 

Communication Department

Erwin Haryono

Executive Director


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Tel. 021-131, email:


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Halaman ini terakhir diperbarui 3/14/2023 10:11 AM
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