No. 27/189/DKom ​​

Indonesia's external debt grew at a slower pace in the second quarter of 2025. The position of external debt in Indonesia was recorded at 433.3 billion US dollars, with annual growth slightly decelerating to 6.1% (yoy) from 6.4% (yoy) in the first quarter of 2025. The external debt position in the second quarter of 2025 was influenced by the continued contraction of private external debt growth from the previous quarter.

Government external debt remained manageable. The Government's external debt position in the second quarter of 2025 was 210.1 billion US dollars, with annual growth increasing to 10.0% (yoy) from 7.6% (yoy) in the first quarter of 2025. The recent developments in government external debt were primarily influenced by an influx of foreign capital inflows to domestic government securities (SBN), which reflected  investor confidence in the positive domestic economic outlook despite heightened global financial market uncertainty. The Government remains firmly committed to prudent, measured, and accountable external debt management in order to achieve efficient and optimal financing. External debt, as a financing component of the State Revenue and Expenditure Budget (APBN), is consistently geared towards priority programs aimed at strengthening the foundations of the national economy, 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 (19.0%); education (16.4%); construction (11.9%); as well as transportation and storage (8.6%). 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 continued to track a contractionary trend. In the second quarter of 2025, the position of private external debt was recorded at 194.9 billion US dollars, experiencing a shallower 0.7% (yoy) contraction following a 1.0% (yoy) declined in the previous period. Non-financial corporations (NFC) drove the latest developments, contracting by 1.4% (yoy), in contrast to the 2.3% (yoy) growth of external debt at financial corporations. 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 80.5% of total private external debt. Furthermore, 76.7% 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 recorded at 30.5% in the second quarter of 2025, down from 30.7% in the first quarter of 2025, with long-term debt dominating 85.0% 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, Bank Indonesia will continue optimizing the role of external debt 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), August 2025 edition​ , on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.