Purbaya Responds to Fitch Report: Perhaps They Think the Finance Minister Cannot Count

JAKARTA, KOMPAS.com — Finance Minister Purbaya Yudhi Sadewa has responded to Fitch Ratings’ decision to cut the outlook on Indonesia’s debt rating from stable to negative. The report was released on 4 March 2026.

Mr Purbaya said the assessment was likely influenced by the new administration and the new Finance Minister. ‘Perhaps they think the Finance Minister cannot count. So it’s my fault as well because I never went abroad,’ he told reporters during a breakfast meeting at his office in Central Jakarta on Friday, 6 March 2026.

‘Initially I thought I wouldn’t have to travel abroad before Indonesia grows six per cent. But now that must change because I also need to market our situation,’ he added.

Purbaya said he would begin overseas visits in April 2026. The schedule coincides with the IMF and World Bank meetings in Washington, DC, United States.

‘So in April I will go abroad to ensure that our Finance Minister understands what is being done,’ he said.

Purbaya admitted he did not fully understand the reasons Fitch revised Indonesia’s outlook to negative. He suspects the rating agency sees potential structural weaknesses in the State Budget (APBN).

‘Because if we look at the debt-to-GDP ratio, we are safe. If we look at the deficit-to-GDP ratio, we are safe. Our economy’s growth is even the highest in the G20. Our neighbours, Thailand, are growing less than us and have deficits above 4 per cent. Vietnam above 4 per cent too, but why Indonesia is being targeted,’ he said.

Nevertheless, Fitch maintained Indonesia’s Long-Term Foreign-Currency Issuer Default Rating (IDR) at BBB or investment grade.

The change in the outlook reflects rising policy uncertainty and concerns about the consistency of Indonesia’s economic policy framework.

Fitch said Indonesia still retains several fundamental strengths. Macroeconomic stability remains intact. The debt-to-GDP ratio is relatively low. Growth prospects are still strong relative to other countries with similar ratings.

‘The strengths of this rating are constrained by weak government revenue, high debt-servicing costs, and structural factors such as governance indicators that lag behind other BBB-rated countries,’ Fitch Ratings said in its official report.