Reply to Fitch, Purbaya: They Think The Finance Minister Might Not Be Able to Do the Maths

Jakarta, CNBC Indonesia—Finance Minister Purbaya Yudhi Sadewa has responded to Fitch Ratings’ assessment of Indonesia published a few days earlier. According to Purbaya, the outlook for Indonesia’s debt rating was trimmed to negative because the government’s programme had not been communicated effectively. ‘Maybe because there is a new administration and a new Finance Minister, they might be sceptical. Perhaps the Finance Minister cannot count. So perhaps it is my fault for not having gone abroad,’ he told a press conference on Friday, 6 March 2026. ‘I thought that if growth hadn’t reached 6% I wouldn’t go abroad, but I was wrong; it seems I must go abroad in April.’ April is the IMF-World Bank meetings in Washington, DC, USA. Indonesia is one of the members expected to attend alongside other delegations.

In Fitch’s latest assessment, Indonesia’s debt rating is still BBB, or investment grade. Their assessment notes that the change in outlook reflects rising policy uncertainty and a reduced consistency and credibility of Indonesia’s policy mix. Their focus highlights risks of policy loosening being too aggressive amid high growth ambitions, potential fiscal pressures, investor sentiment, and external reserves.

‘Their note also points to tax and customs revenue, among others, as a risk because last year was lower than the previous year, but we are confident this will improve this year,’ he said.

State revenue reached Rp358 trillion (up 12.8%), with taxes as the main driver, growing 30.4% to Rp245.1 trillion. Meanwhile, state expenditure reached Rp493.8 trillion, up 41.9%, with the largest share – central government spending – Rp346.1 trillion, up 63.7%. Accordingly, the deficit in the State Budget (APBN) as of February 2026 stood at Rp135.7 trillion or 0.53% of GDP. Financing was recorded at Rp164.2 trillion.