No. 27/152/DKom
Indonesia's external debt grew at a slower pace in May 2025. The position of external debt in Indonesia was recorded at 435.6 billion US dollars, with annual growth decelerating to 6.8% (yoy) from 8.2% (yoy) in April 2025. The external debt position in May 2025 was influenced by slower external debt growth in the public sector, accompanied by a contraction of private external debt.
Government external debt experienced a moderated growth. The government's external debt position in May 2025 stood at 209.6 billion US dollars, with annual growth decelerating to 9.8% (yoy) from 10.4% (yoy) in April 2025. The recent developments in government external debt were influenced by repayments of maturing international government securities (SBN), amid foreign capital inflows into domestic SBN, in line with maintained global investor confidence in the promising domestic economic outlook despite global financial market uncertainty. As a component of financing within the State Revenue and Expenditure Budget (APBN), external debt remains consistently directed towards priority programs aimed at supporting stability and economic growth momentum, while ensuring 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 (16.5%); construction (12.0%); as well as 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 maintained a downward trend. In May 2025, the position of private external debt was recorded at 196.4 billion US dollars, experiencing a deeper 0.9% (yoy) contraction after declining 0.4% (yoy) the month earlier. The latest developments were driven by financial corporations, where external debt growth moderated to 1.2% in May 2025 from 2.8% (yoy) in previous month, and non-financial corporations that recorded a deeper 1.4% (yoy) contraction compared with a 1.2% (yoy) contraction in April 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 80.2% of total private external debt. Furthermore, 76.5% 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 the ratio of external debt to gross domestic product (GDP), which was maintained at 30.6%, with long-term debt dominating 84.6% 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), July 2025 edition, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta 14th July 2025
Communication Department
Ramdan Denny Prakoso
Executive Director
