Jakarta. Indonesia’s external debt climbed to $431.7 billion in the fourth quarter of 2025, up from $427.6 billion in the previous quarter, according to data released Wednesday by Bank Indonesia.

The increase was driven mainly by higher public sector borrowing, Bank Indonesia spokesperson Ramdan Denny Prakoso said in a statement.

Indonesia’s external debt-to-GDP ratio stood at 29.9%, remaining within the safety threshold agreed by the government and parliament, Ramdan added.

Long-term liabilities continued to dominate the country’s external debt profile, accounting for 85.7% of the total. To maintain a healthy debt structure, Bank Indonesia said it is strengthening coordination with the government to closely monitor external debt developments.

“External debt will continue to be optimized to support development financing and promote sustainable economic growth, while minimizing risks that could affect economic stability,” Ramdan said.

Government external debt reached $214.3 billion in Q4, rising from $210.1 billion in the previous quarter. The increase was largely driven by the issuance of international government bonds, reflecting sustained investor confidence in Indonesia’s economic outlook despite heightened uncertainty in global financial markets.

Government external borrowing was primarily allocated to health services and social activities, which accounted for 22.1% of total government external debt, followed by public administration, defense, and mandatory social security (19.8%), education services (16.2%), construction (11.7%), and transportation and warehousing (8.6%).

Nearly all government external debt — 99.99% — was long term, Ramdan said.

Meanwhile, private sector external debt edged down to $192.8 billion in the fourth quarter from $194.5 billion in the previous period. Most private borrowing originated from the manufacturing sector, financial services and insurance, electricity and gas procurement, and mining.