Government Debt Reaches Rp 9,920 Trillion, Accounting for 40.75% of GDP

JAKARTA, KOMPAS.com - The Ministry of Finance (Kemenkeu) records that Indonesia’s government debt reached Rp 9,920.42 trillion at the end of March 2026. This figure is equivalent to 40.75% of the Gross Domestic Product (GDP). The data is listed on the official website of the Directorate General of Financing and Risk Management (DJPPR) of the Ministry of Finance. “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,” states DJPPR Kemenkeu, quoted on Sunday (10/5/2026). Meanwhile, loans are recorded at Rp 1,267.52 trillion or around 12.98% of total debt. “The composition of government debt is predominantly in the form of Government Securities (SBN),” writes DJPPR Kemenkeu. Although the debt ratio has breached 40% of GDP, the figure is still below the maximum limit of 60% as per the State Finance Law. The Ministry of Finance assesses that debt management continues to be conducted in a measured way to maintain fiscal balance and support the domestic financial market. Purbaya compares Indonesia’s position with several other Southeast Asian countries that have higher debt ratios against GDP. Thailand is recorded at 63.5%. Malaysia reaches 64%. Singapore is in the range of 165% to 170% of GDP. “By that standard, we (Indonesia) are still safe. It’s fine, what’s the problem? Singapore is how much? 100%, Malaysia is how much? More than 60%. Thailand is how much? If by that standard, we are still safe,” said Purbaya to the media at the Parliamentary Complex, Central Jakarta, on Wednesday (18/2/2026). Purbaya explained that the government’s current strategy is focused on driving economic growth through state expenditure. The government is also utilising fiscal deficit space to maintain the pace of national economic growth.