Private Sector External Debt Rises to Rp3,500 Trillion, Financial Services Lead the Pack

The position of private external debt (ULN) in Indonesia increased slightly during the first five months of 2026, though the growth was concentrated in a handful of sectors. According to Statistics Indonesia’s ULN data for May 2026, the private ULN position reached US$195.92 billion, equivalent to approximately Rp3,526 trillion, marking a 0.64% rise from the end of 2025. The financial services and insurance sector recorded the largest nominal increase, while the corporate services sector saw the highest percentage growth, surging 17.22% to US$4.45 billion. However, this uptick was counterbalanced by deleveraging in other major sectors. The mining and quarrying sector posted the steepest decline, reducing its obligations by US$1.94 billion or 6.39%. Reductions were also observed in the processing industry, transportation, real estate, and agriculture sectors. This pattern suggests that while some industries are actively seeking foreign financing, others are prioritising debt repayment amid ongoing economic uncertainty and exchange rate volatility. The overall 0.64% year-to-date increase therefore reflects concentrated financing needs rather than a widespread expansion of private external borrowing. In the real sector, several listed companies announced significant US dollar debt facilities. Bumi Resources Minerals (BRMS) and its subsidiaries drew down a combined US$66 million in March 2026. Chandra Asri Pacific (TPIA) reportedly secured a US$250 million facility to fund an equity portion of an acquisition in Singapore, while Cakra Buana Resources Energi (CBRE) obtained a US$45 million term loan from Maybank Indonesia for vessel purchases. Despite being denominated in US dollars, loans from Indonesia-domiciled banks are not automatically classified as external debt in Bank Indonesia statistics, which are based on creditor residency, though they still expose the borrowers to currency risk.