Government Debt Totals Rp9,920 Trillion by End of March 2026, Equivalent to 40.75% of GDP

The Directorate General of Financing and Risk Management (DJPPR) of the Ministry of Finance has announced the latest government debt position of Rp9,920.42 trillion as of the end of March 2026. This debt level equates to 40.75% of gross domestic product (GDP), still far below the safe limit set by the State Finance Law of 60% of GDP. Nevertheless, this figure reflects an increase, with an addition of approximately Rp282.52 trillion compared to the end of December 2025 figure of Rp9,637.9 trillion. At the end of last year, the government debt was equivalent to 40.46%. “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,” quoted from the DJPPR Ministry of Finance report, Friday (8/5/2026). The composition of government debt as of 31 March 2026, totalling Rp9,920.42 trillion, is predominantly from the issuance of Government Securities (SBN) worth Rp8,652.89 trillion. This increased by Rp265.66 trillion from the 31 December 2025 figure of Rp9,637.9 trillion. Additionally, loans amounted to Rp1,267.52 trillion, up by Rp16.85 trillion over the past three months, compared to Rp1,250.67 trillion at the end of last year. For context, based on CNBC Indonesia’s research team notes, the government is indeed aggressively raising debt in the bond market, leading to quarterly accumulations. This is reflected in the increased ratio of funds absorbed by the government from auctions of Government Securities (SBN) in early 2026 compared to throughout 2025. According to data from the DJPPR Ministry of Finance, throughout 2025, total bids in auctions for SUN and SBSN reached approximately Rp2,974.65 trillion. From this amount, the government took around Rp917.55 trillion. This means the ratio of funds taken by the government to total bids throughout 2025 was around 30.85%. However, in 2026, the portion has increased sharply. Up to 5 May 2026, total bids in auctions for SUN and SBSN reached approximately Rp865.66 trillion. From this, the government took around Rp421.10 trillion. Thus, the ratio of funds taken by the government to total bids rose to around 48.65%. If in 2025 the government took about Rp31 from every Rp100 in offers or only a third, in 2026 the portion has risen to nearly Rp49 from every Rp100 in offers or approaching half of the total offers received.