No. 27/80/DKom
Indonesia's external debt position decreased in February 2025. In February 2025, the position of Indonesia's external debt was recorded at USD427.2 billion, down from USD427.9 billion in January 2025. On an annual basis, external debt growth moderated to 4.7% (yoy) in the reporting period from 5.3% (yoy) in January 2025. The latest external debt developments were influenced by moderation in the public sector, coupled with a contraction observed in the private sector. The position of external debt in February 2025 was also influenced by broad-based US dollar appreciation against most global currencies, including the rupiah.
Government external debt decreased. The government's external debt position in February 2025 stood at USD 204.7 billion, retreating from USD 204.8 in January 2025. Annually, growth of government external debt slightly decelerated to 5.1% (yoy) from 5.3% (yoy) in January 2025. The latest external debt developments were primarily influenced by a rebalancing of non-resident investor funds from domestic government securities (SBN) to other investment instruments in response to persistently high global financial market uncertainty. The Government remains firmly committed to maintaining credibility by fulfilling principal and interest payments promptly, accompanied by prudent and measured external debt management, to ensure efficient and optimal financing. External debt, as a component of the State Revenue and Expenditure Budget (APBN) financing instruments, is consistently geared towards supporting government expenditures and sustaining economic growth momentum. By economic sector, government external debt was used to support various sectors, including human health and social activities (22.6% of total government external debt); public administration, defence and compulsory social security (17.8%); education (16.6%); construction (12.1%); transportation and storage (8.7%); as well as insurance and financial services (8.2%). 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.
The growth of private external debt experienced a contraction. In February 2025, the position of private external debt remained stable at USD 194.8 billion, with growth sliding into a deeper 1.6% (yoy) contraction after declining 1.3% (yoy) in January 2025. Such developments were driven by financial corporations and non-financial corporations, which recorded 2.2% (yoy) and 1.5% (yoy) contractions, respectively. 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 79.6% 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 a lower external debt to gross domestic product (GDP) ratio of 30.2% in February 2025, down from 30.3% in January 2025, with long-term debt dominating 84.7% of total external debt. Seeking 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 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), April 2025 edition, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta 17th April 2025
Communication Department
Ramdan Denny Prakoso
Executive Director
