JAKARTA — Indonesia’s government debt-to-GDP ratio rose again in the second quarter of 2026, reaching 41.26% of gross domestic product (GDP), according to data from the Directorate General of Budget Financing and Risk Management (DJPPR) of the Ministry of Finance.
The figure represents the highest level recorded in the data through the second quarter of 2026. At the same time, the government’s outstanding debt reached Rp10,293.69 trillion as of June 30, 2026.
The debt ratio is calculated based on the government’s outstanding debt and the latest nominal GDP, which stood at Rp6,552.1 trillion in the second quarter of 2026, along with the preceding three quarters.
Compared with the first quarter of 2026, government debt increased by Rp373.27 trillion. At the end of March 2026, outstanding government debt stood at Rp9,920.42 trillion.
The increase continues the upward trend in Indonesia’s government debt ratio over recent quarters. In 2024, the ratio remained below 40%, standing at 38.79% in the first quarter, 39.13% in the second quarter, 38.55% in the third quarter, and 39.70% in the fourth quarter.
In 2025, the ratio rose to 40.91% in the first quarter before declining to 39.86% in the second quarter. It then increased again to 40.30% in the third quarter and 40.46% in the fourth quarter.
In the first quarter of 2026, the government debt ratio stood at 40.75%, before climbing further to 41.26% in the second quarter.
Despite the increase, the government maintains that the debt level remains within the legally permitted range. Finance Minister Purbaya Yudhi Sadewa previously said the government’s debt ratio remained safe because it was still below the maximum limit of 60% of GDP stipulated under Law No. 17 of 2003 on State Finance.
“Regarding the 2025 debt ratio, which reached 40.54%, the government emphasizes that although the debt ratio has increased, it remains well below the maximum limit of 60% of GDP stipulated by law, meaning the state budget remains safe and under control,” Purbaya said during the 25th Plenary Meeting of the House of Representatives during the Fifth Session of the 2025–2026 Legislative Year on Tuesday (July 14, 2026).
The Ministry of Finance said government debt management is carried out by taking fiscal needs into account while maintaining an optimal debt portfolio.
“The government manages debt carefully and in a measured manner to achieve an optimal debt portfolio and support the development of the domestic financial market. Government debt is predominantly composed of government securities, which account for 87.11%,” the DJPPR said on Wednesday (August 12, 2026).
As of the first half of 2026, government debt in the form of government securities (SBN) reached Rp8,966.79 trillion. Meanwhile, loans stood at Rp1,326.90 trillion.
Compared with the first quarter of 2026, outstanding SBN increased by around Rp313.9 trillion from Rp8,652.89 trillion. Government loans also rose by approximately Rp59.3 trillion from Rp1,267.52 trillion.
Meanwhile, the government recorded Rp452 trillion in fiscal financing realization through the end of June 2026, equivalent to around 59.4% of the target set in the state budget.
Purbaya said the realization was also supported by financing policies backed by measured government debt management.
