Singapore is Indonesia's Largest Debt Creditor, Not the United States or China!
Indonesia’s foreign debt in January 2026 increased to US$434.71 billion from US$432.96 billion recorded in December 2025.
The majority of Indonesia’s foreign debt continues to originate from Singapore, as it has in previous years. In January 2026, Singapore’s share stood at US$54.73 billion, down slightly from US$55.26 billion in December 2025.
The second-largest creditor is the United States with US$27.45 billion, up from US$27.30 billion at the end of last year. China ranks third with US$24.95 billion, marginally lower than the previous figure of US$24.97 billion.
Beyond these three countries, Japan is the next dominant creditor with US$20.36 billion, up from US$20.34 billion previously. Hong Kong follows with an increase to US$18.97 billion from US$18.51 billion, whilst other Asian countries account for US$11.39 billion, up from US$11.22 billion.
Foreign debt from international organisations totals US$48.29 billion, up from US$48.19 billion, comprised of:
Asian Development Bank (ADB): US$12.75 billion
The International Bank for Reconstruction and Development (IBRD): US$21.99 billion
International Development Association (IDA): US$1 million
Islamic Development Bank (IDB): US$1.36 billion
International Fund for Agricultural Development (IFAD): US$319 million
International Monetary Fund (IMF): US$8.89 billion
The Nordic Investment Bank (NIB): US$5 million
Other International Organisations: US$2.96 billion
Bank Indonesia affirms that Indonesia’s foreign debt structure remains healthy, supported by the application of prudent principles in its management.
This is reflected in the ratio of Indonesia’s foreign debt to gross domestic product (GDP), which declined to 29.6% in January 2026 from 29.9% in December 2025, and the dominance of long-term foreign debt, which comprises 85.6% of total foreign debt.
To maintain a healthy foreign debt structure, Bank Indonesia and the Government continue to strengthen coordination in monitoring foreign debt developments. The role of foreign debt will also continue to be optimised to support development financing and promote sustainable national economic growth.
“These efforts are undertaken by minimising risks that could affect economic stability,” according to Bank Indonesia’s statement.