JAKARTA - The government's debt position as of December 31, 2025 was recorded at Rp. 9,637.90 trillion or equivalent to 40.46 percent of Gross Domestic Product (GDP).
This figure increased by Rp229.26 trillion compared to the position as of September 30, 2025 which was Rp9,408.64 trillion.
Based on data on the official website of the Directorate General of Financing and Risk Management (DJPPR) of the Ministry of Finance, Friday, February 13, the composition of government debt is divided into two main instruments, namely State Securities (SBN) and loans.
Until the end of December 2025, government debt is dominated by SBN which reaches Rp8,387.23 trillion or around 87.02 percent of total debt.
Meanwhile, loans were recorded at Rp1,250.67 trillion or equivalent to 12.98 percent of the total government debt.
Previously, Bright Institute Economist Awalil Rizky assessed the government's debt condition at the end of 2025 should be watched, even though the government stated that the debt ratio was still below the maximum limit of the law.
According to Awalil, the Ministry of Finance has not presented in detail the government's debt position as of December 31, 2025 in the 2025 State Budget interim realization press conference on January 8, 2026.
The government reasoned that the figure would be announced after the release of the Gross Domestic Product (GDP) by the Central Statistics Agency (BPS) so that the debt-to-GDP ratio could be presented more accurately.
However, Awalil assessed that the government actually had an estimate of GDP, considering that the 2025 State Budget deficit of IDR 695.1 trillion had been delivered equivalent to 2.92 percent of GDP and based on this calculation, the 2025 GDP is estimated to reach around IDR 23,805 trillion.
"If the urgency is related to a limit that should not be exceeded, then both are determined as a ratio to GDP," he explained in his statement, Monday, January 12.
Awalil estimated that the government's debt position at the end of 2025 reached Rp9,645 trillion or equivalent to a debt-to-GDP ratio of around 40.52 percent.
This refers to the position of debt at the end of 2024 of IDR 8,813 trillion, net debt financing in 2025 of IDR 736.3 trillion, and factors weakening the exchange rate.
"It hasn't exceeded the limits set by law, and it will be the reason for the government that the condition is still safe. Even though the 60 percent ratio is a limit, not a safe or not safe measure," he said.
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