The Directorate General of Financing and Risk Management (DJPPR) of the Ministry of Finance recorded that the government’s outstanding debt position as of the end of March 2026 had nearly reached Rp10,000 trillion, standing precisely at Rp9,920.42 trillion. This figure increased by around Rp282.52 trillion compared to the end of December 2025, when the debt stood at Rp9,637.9 trillion. At the end of last year, the government debt ratio was recorded at 40.46%.

The debt amount is equivalent to 40.75% of gross domestic product (GDP), which remains well below the limit stipulated under the State Finance Law.

Finance Minister Purbaya Yudhi Sadewa emphasized that the government debt position remains safe, as the debt-to-GDP ratio is still far below the statutory ceiling of 60%, currently standing at around 40.75% of GDP.

“Government debt as of March rose 2.9% compared to December. If we refer to the 60% debt-to-GDP benchmark, our position is still far below that threshold and remains safe at around 40%. Singapore is above 120%, while Malaysia is around 60%. Indonesia is among the most cautious countries compared to our regional peers,” he explained.

Of the total government debt of Rp9,920.42 trillion as of March 31, 2026, the majority came from the issuance of Government Securities (SBN), amounting to Rp8,652.89 trillion. This represented an increase of Rp265.66 trillion compared to the position on December 31, 2025.

Meanwhile, debt originating from loans reached Rp1,267.52 trillion, rising by Rp16.85 trillion over the past three months from Rp1,250.67 trillion at the end of last year.

According to CNBC Indonesia’s research team, the government has indeed been aggressively raising funds through the bond market, causing the accumulation of debt to continue increasing on a quarterly basis.

This trend is reflected in the higher ratio of funds absorbed by the government from Government Securities (SBN) auctions in early 2026 compared with the entirety of 2025.

Data from the Ministry of Finance’s DJPPR showed that total incoming bids in SUN and SBSN auctions throughout 2025 reached approximately Rp2,974.65 trillion. Of that amount, the government absorbed around Rp917.55 trillion.

As a result, the ratio of funds absorbed by the government to total bids during 2025 stood at around 30.85%.