Bank Indonesia (BI) reported that Indonesia’s External Debt (ED) position in the fourth quarter of 2025 reached US$431.7 billion, higher than the US$427.6 billion recorded in the previous quarter. In a press release issued on Thursday (February 19, 2026), BI stated that the increase in external debt during Q4 2025 was primarily driven by developments in the public sector’s debt.

Government external debt stood at US$214.3 billion, up from US$210.1 billion previously. This growth was influenced by foreign capital inflows into international government securities (SBN), reflecting sustained investor confidence in Indonesia’s economic outlook amid heightened uncertainty in global financial markets.

The government’s external debt structure was overwhelmingly dominated by long-term debt, accounting for 99.99% of total government external debt.

Meanwhile, private sector external debt declined to US$192.8 billion from US$194.5 billion in the third quarter of 2025. The decrease was mainly due to reduced external debt among nonfinancial corporations. By economic sector, the largest shares of private external debt originated from Manufacturing; Financial and Insurance Services; Electricity and Gas Supply; as well as Mining and Quarrying, which together accounted for 79.9% of total private external debt. Private external debt also continued to be dominated by long-term obligations, representing 76.3% of the total.

Overall, Indonesia’s external debt-to-GDP ratio stood at 29.9%, with long-term debt comprising 85.7% of total external debt.

To maintain a sound external debt structure, Bank Indonesia and the Government will continue strengthening coordination in monitoring external debt developments. The role of external debt will also be further optimized to support development financing and promote sustainable national economic growth, while minimizing risks that could affect economic stability.