No. 28/9/DKom
External debt in Indonesia decreased in November 2025. The position of external debt stood at 423.8 billion US dollars in the reporting period, declining from 424.9 billion US dollars in October 2025. Annually, external debt recorded 0.2% (yoy) growth in November 2025, moderating from 0.5% (yoy) the month earlier, influenced by slower growth of external debt in the public sector.
Government external debt has decreased. The position of government external debt in November 2025 was recorded at 209.8 billion US dollars, retreating from 210.5 billion US dollars the month earlier. Annually, government external debt growth moderated from 4.7% (yoy) in October 2025 to 3.3% (yoy) in November 2025. The latest external debt developments primarily stemmed from government's securities ownership rebalancing in response to persistently high global financial market uncertainty. External debt, as a financing instrument of the State Revenue and Expenditure Budget (APBN), is managed prudently, measurably, and accountably, while remaining consistently geared towards supporting priority programs aimed at maintaining fiscal sustainability and strengthening the national economy. By economic sector, government external debt was used to support various sectors, including human health and social activities (22.2% of total government external debt); public administration, defence, and compulsory social security (19.7%); education (16.4%); construction (11.7%); as well as transportation and storage (8.6%). The current state of government external debt remains manageable, considering 99.99% of total government external debt is long-term maturities.
Private external debt also declined. In November 2025, the position of private external debt decreased to 191.2 billion US dollars from 191.7 billion US dollars in October 2025. Annually, private external debt experienced a 1.3% (yoy) contraction in the reporting period, lower than previous month which recorded at 1.5% (yoy). The latest developments were influenced by a shallower contraction of external debt at non-financial corporations (NFC), recorded at 0.4% (yoy). By economic 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 80.5% of total private external debt.
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 decreased to 29.3% in November 2025 from 29.4% in October 2025, with long-term debt dominating 86.1% 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 continue to be optimised to support financing for development and foster sustainable national economic growth. Such efforts are undertaken 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), January 2026 edition, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta 15th January 2026
Communication Department
Ramdan Denny Prakoso
Executive Director
