No. 28/42/DKom
Indonesia's external debt remained manageable in the fourth quarter of 2025. The position of external debt in Indonesia was recorded at 431.7 billion US dollars in the reporting period, increasing from 427.6 billion US dollars in the third quarter of 2025. The latest developments were primarily influenced by external debt in the public sector.
Government external debt was maintained. The position of government external debt in the fourth quarter of 2025 was recorded at 214.3 billion US dollars, up from 210.1 billion US dollars in the third quarter of 2025. Recent developments in the government external debt were influenced by foreign capital inflows to international government securities (SBN) in line with maintained investor confidence upon Indonesia's promising economic outlook amid increasing global financial market uncertainty. External debt, as a financing component of the State Revenue and Expenditure Budget (APBN), is managed prudently, measurably, and accountably, while consistently directed towards priority programs aimed at maintaining fiscal sustainability and to bolster the national economy. The utilisation of government external debt was focused on supporting human health and social activities (22.1% of total government external debt); public administration, defence, and compulsory social security (19.8%); education (16.2%); 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 declined. In the fourth quarter of 2025, the position of private external debt stood at 192.8 billion US dollars, down from 194.5 billion US dollars in the third quarter of 2025. The decline in private external debt was mainly driven by lower external borrowing by nonfinancial corporations. 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 around 79.9% of total private external debt. Meanwhile, private external debt remains dominated by long-term maturities, accounting for 76.3% of total private external debt.
The structure of external debt in Indonesia remains sound, supported by prudent management. This was reflected in the ratio of external debt to gross domestic product (GDP) at 29.9% in the fourth quarter of 2025, with long-term debt dominating 85.7 % of total external debt. Seeking to maintain a healthy structure, Bank Indonesia and the Government will continue strengthening coordination to monitor external debt developments. Furthermore, the role of external debt will continue to be optimised to support financing for development and stimulate 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), February 2026 edition, on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta, 18th February 2026
Communication Department
Ramdan Denny Prakoso
Executive Director
