China and the US Lose Out! This Small Country is the Most Active in Lending to Indonesia

Jakarta, CNBC Indonesia - Indonesia’s position of external debt (ULN) in February 2026 was recorded at US$437.9 billion, an increase compared to the external debt position in the previous month of US$434.9 billion. This was revealed in the latest data from Bank Indonesia (BI), released on Wednesday (15/4/2026).

From this increase in external debt, Singapore, the United States (US), and China remain Indonesia’s top creditors. The neighbouring country of Singapore holds the first position, the US in second place, and China in third.

Quoting BI’s SULNI data, Indonesia’s debt from Singapore reached US$53.95 billion, down from US$54.88 billion in February 2026. Meanwhile, debt from the US reached US$27.80 billion in February 2026, up from US$27.06 billion in January 2026. Furthermore, Indonesia’s debt from China reached US$25.57 billion, up from US$25.12 billion.

In addition to Singapore, which remains firmly as Indonesia’s largest creditor, and the United States and China occupying the next positions, several other countries also continue to be major lenders to Indonesia, albeit with varying trends in recent years. Japan has re-entered the top four with US$20.58 billion.

Looking at the trends, Indonesia’s debt from China has risen more rapidly in recent times compared to that from the United States. In July 2024, the figure was still around US$22.78 billion.

The amount continued to rise, briefly surpassing US$25 billion in August 2025. Meanwhile, debt from the US to Indonesia has been increasing since 2022. Debt from Singapore has been steadily declining since 2021.