Airlangga on Indonesia's Debt Following Prabowo's Remarks: Still Lowest in the World

Jakarta – Coordinating Minister for Economic Affairs Airlangga Hartarto presented Indonesia’s macroeconomic conditions to President Prabowo Subianto during a full cabinet session at the State Palace on Friday (13 March 2026).

Airlangga noted that Indonesia’s external debt ratio remains at a low level, standing at approximately 29.9 percent of GDP.

“From a macroeconomic perspective, domestic consumption is strong at 54 percent of GDP, with the independent spending index at 360.7. External debt remains low at 29.9 percent of GDP as of today,” Airlangga stated.

“Pardon me, is it 29 percent or 39 percent? It has decreased, hasn’t it?” Prabowo asked.

Airlangga clarified that the 29.9 percent figure refers specifically to external debt alone.

“External debt only, sir. External debt. Excluding borrowing sourced domestically, sir,” Airlangga explained.

The total government debt ratio would differ if combined with domestic debt, standing at approximately 40 percent of GDP.

Prabowo assessed the figure to be relatively low compared with other nations.

“One of the lowest in the world, then?” Prabowo said.

“Still the lowest,” Airlangga replied.

The reserve is equivalent to financing approximately six months of imports. This figure represents an increase compared with the previous year, which stood at around 140 billion US dollars.

The Ministry of Finance also recorded that government debt drawdowns through February 2026 reached Rp185.3 trillion.

This amount is equivalent to 22.3 percent of the debt financing target under the 2026 National Revenue and Expenditure Budget (APBN) set at Rp832.2 trillion.

The realised debt drawdown is lower compared with the same period last year, which reached Rp249.9 trillion. Budget financing this year remains under control.