No. 26/272/DKom
Indonesia's external debt declined in October 2024. The external debt position of Indonesia was recorded at USD 423.4 billion in October 2024, down from USD 428.5 billion in September 2024. On an annual basis, external debt growth in Indonesia decelerated to 7.7% (yoy) in the reporting period, compared to 8.5% in September 2024. The lower external debt position was driven by both the public and private sectors.
Government external debt decreased. The position of government external debt in October 2024 was recorded at USD201.1 billion, down from USD204.1 billion in September 2024. On an annual basis, government external debt posted an 8.6% (yoy) growth. The lower government external debt position was attributable to lower positions of loans and debt securities. The government remains firmly committed to preserving credibility in servicing principal and interest payments promptly, as well as managing external debt prudently and accountably to secure the most efficient and optimal financing. External debt, as a component of State Revenue and Expenditure Budget (APBN) financing instruments, is consistently geared towards supporting government efforts to finance priority sectors based on sustainable management. By sector, external debt support was primarily oriented towards human health and social activities (21.0% of total government external debt); public administration, defence and compulsory social security (19.1%); education (16.8%); construction (13.5%); as well as insurance and financial services (9.1%). 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 also declined. The position of private external debt in October 2024 was recorded at USD195.1 billion, down from USD196.7 billion in September 2024. On an annual basis, private external debt experienced a 1.4% (yoy) contraction duringthe reporting period. Both financial corporations and non-financial corporations contributed to the contraction with respective declines of 3.1% (yoy) and 0.9% (yoy). 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 accounting for 79.3% of total private external debt. Furthermore, 76.0% of total private external debt was dominated by long-term tenors.
The structure of external debt in Indonesia remains sound, supported by prudent management. These developments are reflected in a lower ratio of external debt to gross domestic product (GDP), which retreated from 31.1% in September 2024 to 30.4% in October 2024, with long-term debt dominating 84.5% of total external debt. In efforts to maintain a healthy structure, Bank Indonesia and the Government will continue strengthening coordination to monitor external debt developments. The role of external debt will also continue to be optimised to support financing for development and promote sustainable national economic growth. These efforts are being made 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) December 2024 edition on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta 16th December 2024
Communication Department
Ramdan Denny Prakoso
Executive Director
