Jakarta. Indonesia’s government debt approached Rp 10,000 trillion in the first quarter of 2026, with the vast majority financed through state securities issuance, according to Finance Ministry data.

Total government debt stood at Rp 9,920.42 trillion ($571 billion) as of March 31, 2026, the Finance Ministry said in a statement on Friday.

Of that amount, Rp 8,652.89 trillion -- or 87.22% of total debt -- consisted of state securities, while direct loans accounted for the remaining Rp 1,267.52 trillion.

The figures underscore Indonesia’s heavy reliance on domestic financial market instruments, particularly government bonds, to finance state spending.

Despite the increase in nominal debt, the government said the debt-to-gross domestic product (GDP) ratio remained at a manageable 40.75%, well below the legal ceiling of 60% set under Indonesia’s State Finance Law.

“The government manages debt carefully and prudently in order to achieve an optimal debt portfolio while supporting the development of domestic financial markets,” the ministry's Directorate General of Financing and Risk Management said in a statement.

Authorities also stressed that debt management continues to follow prudent fiscal principles aimed at preserving macroeconomic stability.

Beyond financing the state budget deficit, the issuance of government securities is intended to deepen Indonesia’s financial markets and provide safe investment alternatives for domestic investors, the ministry added.