Fitch Revises Indonesia's Debt Outlook, Finance Ministry: Fundamentals Remain Strong
Jakarta, CNBC Indonesia – The international rating agency Fitch Ratings has cut Indonesia’s debt rating outlook from stable to negative on Wednesday (4 March 2026).
In its projection, Fitch notes that Indonesia has a track record of maintaining macroeconomic stability, inflation under control, and a relatively moderate public debt structure compared with peers.
Fitch adjusted the outlook from stable to negative in light of several observations. It notes that the outlook would revert to stable if macroeconomic stability is achieved through consistent policy discipline.
Responding to the projection in its official statement, the Head of the Finance Ministry’s Bureau of Communications and Information Services, Deni Surjantoro, explained that with a strong economic foundation, maintained fiscal discipline, and ongoing structural reforms, Indonesia remains on a positive path to strengthen medium-term growth and economic resilience.
“The Government of Indonesia reiterates its commitment to maintaining macroeconomic stability, continuing fiscal discipline as mandated by law, improving the business climate through measures such as debottlenecking and deregulation to boost investment and accelerate growth, and strengthening structural reforms to enhance economic resilience,” wrote Deni in the official statement, quoted on Wednesday (4 March 2026).
Deni also explained that various improvement steps have shown results. After achieving high growth of 5.39% in Q4 2025, a range of leading indicators of economic activity at the start of 2026, such as the consumer confidence index, the Purchasing Managers’ Index, electricity consumption (business and industry), and vehicle sales (cars and motorcycles), continued to show improving momentum.
“The Government continues to enhance cross-sector coordination so that the momentum of economic growth can be maintained in the medium term while preserving stability,” he added.
On the other hand, collaboration with Danantara is being strengthened, through strategic investments outside the APBN but still focused on sustainable profits, including ongoing mobilisation of high value-added private investment.
“The governance and operations of Danantara are maintained with measurable risk, making Danantara a credible, well-managed strategic investment instrument aligned with long-term macrofiscal stability,” he said.