JAKARTA – Indonesia’s external debt (ULN) reached US$435.6 billion in May 2025, marking a 6.75% year-on-year increase from US$408.22 billion in May 2024.

Ramdan Denny Prakoso, Executive Director of Bank Indonesia’s Communications Department, stated that the rise in ULN was driven by slower growth in government debt and a contraction in private sector debt.

“The government’s foreign debt stood at US$209.6 billion in May 2025, up 9.8% from US$190.96 billion in May 2024,” he said in a press release on Monday (14 July).

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This growth was slightly lower than the 10.4% increase in April 2025, when government ULN reached US$208.76 billion.

According to Ramdan, the May 2025 figure was influenced by repayments of international government bonds (SBNs), which declined to US$85.36 billion, compared to US$87.27 billion in April.

Meanwhile, private sector ULN edged down 0.9% to US$196.4 billion, from US$198.26 billion a year earlier.

Private ULN from financial institutions fell 3.97% to US$107.48 billion, down from US$111.92 billion in May 2024, but saw a slight 0.12% increase from April’s US$107.34 billion.

By contrast, foreign debt held by non-financial corporations rose 3.82%, from US$67.86 billion in May 2024 to US$70.42 billion in May 2025.

Ramdan also noted that Indonesia’s ULN structure remains healthy, as reflected by a debt-to-GDP ratio of 30.6% and 84.6% of total foreign debt classified as long-term. (LK/KR/LM)

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