Government Debt Reaches Rp 9,920.4 Trillion in March 2026
The Directorate General of Financing and Risk Management of the Ministry of Finance has released the latest position of government debt. As of 31 March 2026, the total government debt has reached Rp 9,920.42 trillion, an increase compared to the end of December 2025, which was recorded at Rp 9,637.90 trillion.
The composition of government debt is dominated by government securities instruments (SBN), which account for 87.22% of the total. “The government manages debt prudently and in a measured manner to achieve an optimal debt portfolio and support the development of the domestic financial market,” as quoted from the official DJPPR website, Saturday, 9 May 2026.
Of the total current government loans, the portion from SBN is Rp 8,652.89 trillion. The remainder consists of domestic and foreign loans amounting to Rp 1,267.52 trillion.
The debt-to-GDP ratio as of 31 March 2026 is recorded at 40.75%. This figure has also increased compared to the first half of last year, which was 39.86% of GDP. Based on the State Finance Law, the debt ratio is limited to a maximum of 60% of GDP.
Although the debt-to-GDP ratio remains below the safe threshold, the increase in the debt interest ratio to revenue has drawn attention from international institutions. One of them is the international rating agency, S&P Global Ratings, during a meeting with Finance Minister Purbaya Yudhi Sadewa in Washington DC, United States, on Tuesday, 14 April 2026.
S&P highlighted the level of the government’s debt interest payment ratio to income, which has already exceeded 15%. This year, the state budget must pay debt interest amounting to Rp 599.5 trillion. Compared to the 2026 state revenue target of Rp 3,153.9 trillion, the ratio has reached 19%.
This means that 19% of the total state revenue this year is used solely for paying debt interest. This does not yet include the government’s principal debt payments. Compared to the tax revenue target of Rp 2,357.7 trillion, the ratio has reached 25.4%.
Debt withdrawals are carried out to finance the budget deficit. Up to the first quarter of 2026, the state budget deficit has reached Rp 240.1 trillion. In the first quarter of this year, the government has drawn new debt amounting to Rp 258.7 trillion, or 31.1% of the total withdrawal target of Rp 832.2 trillion in this year’s state revenue and expenditure budget (APBN).