Indonesia's External Debt Reaches US$444.4 Billion in May 2026
Bank Indonesia (BI) reported that Indonesia's foreign debt position (ULN) in May 2026 was recorded at US$444.4 billion.
The Executive Director of the Communication Department, Ramdan Denny Prakoso, said that Indonesia's foreign debt position (ULN) in May 2026 remained stable.
However, on an annual basis, ULN Indonesia in May 2026 grew by 2.1 percent (yoy), slightly higher than the growth in April 2026 of 2.0 percent (yoy).
"This development is influenced by the growth of public ULN, both the government and the central bank, amid the contraction of lower private ULN growth," he said in a statement, Wednesday, July 15.
Denny added that the government's ULN position in May 2026 was US$ 217.3 billion, or grew annually by 3.7 percent (yoy), which was relatively stable compared to the growth in April 2026.
"The government's ULN development is mainly influenced by the inflow of international government securities (SBN), which reflects investor confidence in Indonesia's maintained economic prospects, amid the government's net foreign loan repayments that are due," he said.
He added that the government remained committed to maintaining its credibility by meeting its obligations to pay principal and interest on debt on time, as well as managing the ULN prudently, measuredly, and flexibly to realize efficient and optimal financing.
Denny said that as one of the components of the State Budget (APBN) financing instrument, the utilization of ULN continues to be directed to support the financing of the productive sector while paying attention to the aspect of sustainability of ULN management.
Based on the economic sector, the government's ULN is used to support the Health Services and Social Activities Sector (22.0 percent of the total government ULN); Government Administration, Defense, and Mandatory Social Security (20.6 percent); Education Services (16.2 percent); Construction (11.5 percent); and Transportation and Warehousing (8.5 percent).
"Almost all of the government's ULN is long-term debt," he said.
Meanwhile, the increase in the Bank Indonesia's ULN was driven by an increase in non-residents' ownership of Bank Indonesia's Rupiah Securities (SRBI) monetary instruments, in line with pro-market monetary operations and efforts to maintain the stability of the Rupiah exchange rate from the impact of still high global uncertainty.
In addition, the private ULN position in May 2026 was recorded at US$ 195.9 billion, or contracted by 0.1 percent on an annual basis and the contraction was more limited than the contraction of 0.5 percent in April 2026.
He added that this development was mainly driven by the ULN of the borrower group of financial institutions (financial corporations) which recorded a contraction of 0.8 percent (yoy), lower than the contraction in April 2026 of 5.0 percent (yoy).
Based on the economic sector, the largest private ULN comes from the Processing Industry Sector; Financial Services and Insurance; Electricity and Gas Procurement; and Mining and Quarrying, with a share of 79.9 percent of the total private ULN.
"Private ULNs are still dominated by long-term debt with a share of 74.9 percent of total private ULNs," he said.
However, Denny said that the structure of ULN Indonesia remained healthy, supported by the application of the principle of prudence in its management.
According to him, this is reflected in the ratio of Indonesia's ULN to Gross Domestic Product (GDP) which was recorded at 29.9 percent in May 2026 and was dominated by long-term ULNs with a share of 83.9 percent of the total ULN.
He said that in order to keep the ULN structure healthy, Bank Indonesia and the Government continue to strengthen coordination in monitoring the development of ULN.
"Indonesia will continue to optimize the role of ULN to support financing for development and encourage sustainable national economic growth. These efforts are carried out by minimizing risks that can affect economic stability," he explained.