No. 27/108/DKom
Indonesia's external debt remained manageable in the first quarter of 2025. The position of Indonesia's external debt in the first quarter of 2025 was recorded at 430.4 billion US dollars, with annual growth accelerated to 6.4% (yoy) from 4.3% (yoy) in the fourth quarter of 2024. The latest developments were attributable to external debt in the public sector.
Government external debt remained manageable. As of the first quarter of 2025, the government's external debt stood at 206.9 billion US dollars, with year-on-year growth increasing to 7.6% (yoy) from 3.3% (yoy) in the fourth quarter of 2024. The recent external debt developments were influenced by loan withdrawals coupled with foreign capital inflows into international government securities (SBN), reflecting sustained investor confidence in Indonesia's promising domestic economic outlook, despite heightened global financial market uncertainty. The Government remains firmly committed to maintaining credibility through prudent, measured, and accountable external debt management to ensure efficient and optimal financing. As a component of the State Revenue and Expenditure Budget (APBN) financing instruments, external debt is aimed at supporting economic growth while upholding the principles of sustainable debt management. By sector, government external debt was allocated to support various sectors, including human health and social activities (22.4% of total government external debt); public administration, defense, and compulsory social security (18.5%); education (16.5%); construction (12.0%); and also transportation and storage (8.7%). The current position of the government's external debt remains manageable, supported by the dominance of long-term maturities debt, which accounts for 99.9% of the total.
Private external debt continued to track a contractionary trend. In the first quarter of 2025, the position of private external debt was recorded at 195.5 billion US dollars, experiencing a shallower 1.2% (yoy) contraction following a 1.6% (yoy) contraction in the previous quarter. Such developments were primarily driven by non-financial corporations (NFC), which recorded a 0.9% (yoy) contraction compared with 1.7% (yoy) in the fourth quarter of 2024. By sector, the main contributors to private external debt were the manufacturing industry; insurance and financial services; electricity and gas supply; and mining and quarrying, collectively accounting for 79.6% of total private external debt. Furthermore, 76.4% of total private external debt was dominated by long-term tenors.
The structure of Indonesia's external debt remains sound, supported by prudential management. Such developments were reflected in an external debt-to-gross domestic product (GDP) ratio of 30.6% in the first quarter of 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) May 2025 edition on the Bank Indonesia website. This publication is also accessible via the Ministry of Finance website.
Jakarta 15h May 2025
Communication Department
Ramdan Denny Prakoso
Executive Director
