Indonesia's Public and Private External Debt Increased Through May 2025

Based on data from the Ministry of Finance, the combined value of Indonesia's external debt (ULN) from the private sector and the government-central bank reached US$435.59 billion in May 2025.

This figure grew by 6.8% year-on-year (yoy) and represents a new high in the last ten years.

The following details the value of Indonesia's ULN in May 2025 by borrower group:

• Government-central bank: US$239.17 billion
• Private sector: US$196.42 billion

"The development of the ULN is influenced by the maturity payments of international State Bonds (SBN), amidst the inflow of foreign capital into domestic SBN, as global investor confidence in Indonesia's economic prospects remains intact amid global economic uncertainty," stated the Ministry of Finance in its report.

"As one of the financing instruments for the State Budget (APBN), the utilization of ULN continues to be directed towards priority programs in supporting economic stability and growth momentum while paying attention to the sustainability aspects of ULN management," it continued.

The Ministry of Finance also stated that Indonesia's ULN structure remains healthy because it is managed with a cautious principle.

"This is reflected in the ratio of Indonesia's ULN to Gross Domestic Product (GDP), which is maintained at 30.6%, and is dominated by long-term ULN with a share reaching 84.6% of the total ULN," said the Ministry of Finance.