February 19, 2026 | 10:22 am
TEMPO.CO, Jakarta – Bank Indonesia (BI) reported that Indonesia’s external debt reached US$431.7 billion in the fourth quarter of 2025, equivalent to approximately Rp7,318.6 trillion at an exchange rate of Rp16,950 per US dollar.
The figure marked an increase from US$427.6 billion (Rp7,249.1 trillion) in the third quarter of 2025, reflecting a quarterly rise of US$4.1 billion or Rp69.5 trillion.
“The development of Indonesia’s external debt position in the fourth quarter of 2025 was mainly influenced by public sector debt,” BI Executive Director of Communication Ramdan Denny Prakoso said in a press release on Wednesday, February 18, 2026.
Government Debt Drives Increase
Government external debt stood at US$214.3 billion in the fourth quarter, up from US$210.1 billion in the previous quarter.
Denny explained that the increase was largely driven by foreign capital inflows into international government bonds (Surat Berharga Negara/SBN), reflecting sustained investor confidence in Indonesia’s economic prospects despite heightened uncertainty in global financial markets.
He added that the government continues to manage its external debt prudently, in a measured and accountable manner.
Government external borrowing was primarily allocated to key sectors, including:
Health and social services (22.1 percent)
Government administration, defense, and mandatory social security (19.8 percent)
Education services (16.2 percent)
Construction (11.7 percent)
Transportation and warehousing (8.6 percent)
Long-term liabilities dominated government external debt, accounting for 99.99 percent of the total.
Private Sector Debt Declines
In contrast, private external debt declined to US$192.8 billion in the fourth quarter from US$194.5 billion in the third quarter.
“This development was influenced by a decline in debt among non-financial corporations,” Denny said.
By sector, the largest shares of private external debt were held by manufacturing; financial and insurance services; electricity and gas; and mining and quarrying, which together accounted for 79.9 percent of total private external debt. Long-term borrowing represented 76.3 percent of private external debt.
Debt Ratio Remains Stable
Overall, Indonesia’s external debt-to-GDP ratio stood at 29.9 percent in the fourth quarter of 2025. Long-term debt continued to dominate the country’s external liabilities, accounting for 85.7 percent of total external debt.
“To maintain a healthy external debt structure, Bank Indonesia and the government will continue strengthening coordination in monitoring external debt developments,” Denny said.
Read: Finance Minister: Indonesia's Debt Still Within Safe Limits
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