No.28/161/DKom
Indonesia's external debt position was maintained in the second quarter of 2026. The position of external debt in Indonesia in the second quarter of 2026 was recorded at USD453.4 billion, with annual growth of 4.4% (yoy). The development was influenced by higher public external debt, comprising the Government and central bank, amid a shallower contraction of private external debt.
Public external debt remained under control. The government's external debt position in the second quarter of 2026 stood at USD216.3 billion, with annual growth moderating to 2.9% (yoy) from 3.8% (yoy) in the first quarter of 2026. This was primarily affected by capital inflows to Government Securities (SBN), reflecting maintained investor confidence in Indonesia's promising economic outlook. The Government remains committed to maintaining credibility by fulfilling principal and interest payment obligations on time, while managing external debt prudently, measurably, and flexibly to achieve efficient and optimal financing. As one of the financing instruments of the State Revenue and Expenditure Budget (APBN), the utilisation of external debt remains geared towards financing productive sectors, while maintaining sustainable external debt management. By economic sector, government's external debt was focused, among others, on supporting human health and social activities (22.0% of total government external debt); public administration, defence, and compulsory social security (20.6%); education (16.2%); construction (11.5%); as well as transportation and storage (8.5%). The government's external debt position remained prudent and manageable, with nearly all government external debt had a long-term maturity profile. Meanwhile, the increase in central bank external debt was mainly driven by higher non-resident holdings of Bank Indonesia Rupiah Securities (SRBI), in line with pro-market monetary operations and efforts to maintain Rupiah exchange rate stability against the impact of heightened global uncertainty.
Private external debt continued to decline. The position of private external debt in the second quarter of 2026 was recorded at USD194.6 billion, with annual contraction narrowing to 0.6% (yoy) from 1.3% (yoy) contraction recorded in the first quarter of 2026. This was mainly attributable to external debt at financial corporations, which recorded an annual contraction of 3.4% (yoy), lower than the 6.3% (yoy) decline recorded in the first quarter of 2026. By economic sectors, the main contributors to private external debt were the manufacturing industry; financial and insurance services; electricity and gas supply; as well as mining and quarrying, collectively accounting for 79.4% of total private external debt. Moreover, private external debt remained dominated by long-term maturities, accounting for 75.7% of total private external debt.
The structure of Indonesia's external debt remains sound, supported by prudent management. This was reflected in the ratio of external debt to gross domestic product (GDP), which was recorded at 30.6% in the second quarter of 2026, while long-term debt continued to dominate with a share of 82.1% of total external debt. Seeking to maintain a healthy external debt 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 promote 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), August 2026 edition, covering data for the second quarter of 2026, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta, 18th August 2026
Communication Department
Ramdan Denny Prakoso
Executive Director
