Bank of Indonesia has published updated external debt statistics showing Indonesia’s external debt stood at USD424.1 billion in November 2024, with annual growth slowing to 5.4% from 7.7% in October. The moderation reflected slower growth in public-sector external debt alongside a larger contraction in private external debt. Government external debt was USD203.0 billion and grew 5.4% year on year (8.6% in October), influenced by foreign capital inflows into international government securities (SBN) and drawdowns of foreign loans to finance government programmes and projects. Nearly all government external debt (99.9%) was long term, with the largest allocations to human health and social activities (20.9%), public administration, defence and compulsory social security (19.4%), education (16.8%), construction (13.5%) and insurance and financial services (9.0%). Private external debt fell 1.6% year on year to USD194.6 billion, driven mainly by non-financial corporations (-1.7%); manufacturing, insurance and financial services, electricity and gas supply, and mining and quarrying accounted for 79.4% of private external debt, and 76.1% was long term. The external debt-to-GDP ratio was maintained at 30.5% in November 2024, and long-term debt represented 84.7% of total external debt. Bank of Indonesia and the Government stated they will continue coordinating to monitor external debt developments, with the latest data and metadata published in the January 2025 edition of Indonesia’s External Debt Statistics (SULNI).

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