Government Debt Reaches Rp9,638 Trillion by End of 2025, Majority in Rupiah
Jakarta, CNBC Indonesia - The total nominal central government debt as of the end of December 2025, amounting to Rp9,637.9 trillion, is predominantly derived from the issuance of rupiah-denominated government securities (SBN). This debt figure represents an increase compared to the 2024 record of Rp8,813.16 trillion.
According to the 2025 Performance Report of the Directorate General of Financing and Risk Management (DJPPR), the majority of the debt throughout the previous year came from SBN issuance valued at Rp8,387.23 trillion, up from Rp7,725.99 trillion in 2024. The remainder originated from loans totalling Rp1,250.67 trillion, also rising from the previous year’s position of Rp1,087.17 trillion.
“Debt management is conducted in an accountable and productive manner with controlled risks, while still considering fiscal sustainability,” as stated in the 2025 DJPPR Performance Report, quoted on Thursday (26/3/2026).
The SBN issued up to 31 December 2025 were predominantly in rupiah, valued at Rp6,750.26 trillion, an increase from the 2024 figure of Rp6,227.53 trillion. Meanwhile, those in foreign currencies (valas) amounted to Rp1,636.98 trillion, up from Rp1,498.46 trillion in 2024.
Regarding loans, the largest portion came from abroad, totalling Rp1,192.15 trillion, an increase from the end-of-2024 data of Rp1,035.91 trillion. Bilateral loans reached Rp658.40 trillion, multilateral Rp246.91 trillion, and commercial Rp246.91 trillion. Domestic loans, by contrast, were only Rp58.52 trillion, up from Rp51.25 trillion in 2024.
The government assures that debt management, carried out professionally, accountably, and transparently, has been implemented to achieve a healthy state of national finances and to sustain the country’s capacity for ongoing financing.
If debt management is not professional, the government acknowledges it would have negative impacts on fiscal conditions, reflected in, among other things, the government’s inability to pay debt obligations on time, in the correct amount, and to the right targets; additional debt obligations beyond expectations; and hindered government activities due to unsecured funding sources.
Furthermore, subsequent impacts could include declining investor and creditor confidence, a drop in sovereign credit rating, impeded development of the domestic financial market, and a high-cost economy.
“To that end, APBN financing through debt must be supported by managing various risks, including through: debt securities buyback, loan prepayment, debt-switch/reprofiling, debt swap, loan restructuring, and hedging,” quoted from the 2025 DJPPR Performance Report.