🇮🇩 Indonesia
Public Sector Debt · 2026
Total Debt
45.8%
of GDP
Global Rank
#130
of 192
S&P Rating
BBB
Credit rating
SOE Debt
+4.7%
1 categories
Where the Debt Sits
Central Government
Central Government: 40.1%Subnational: 1.0%Energy SOEs: 4.7%
Who Holds This Debt
Holder Breakdown
Domestic 72%
Foreign 28%
Domestic: 72%Foreign: 28%
Currency Denomination
Local 72%
Foreign 28%
Local currency: 72%Foreign currency: 28%
Full Debt Breakdown
Central Government40.1% of GDP
Central GovernmentIMF WEO — General Government Debt
40.1%Subnational / Regional1.0% of GDP
SubnationalIMF WEO — General Government Debt
1.0%Energy SOEs4.7% of GDP
PLN (electricity)PLN Annual ReportState electricity monopoly. ~$40B in debt. Receives large government subsidies.
2.9%Pertamina (oil & gas)Pertamina Annual ReportState oil company. Subsidizes domestic fuel prices. ~$25B in debt.
1.8%Total Corporate Debt24.1% of GDP
Nonfinancial corporate debt (total)BIS Credit Statistics Q3 2025SOE assets ~55% GDP. Pertamina, PLN, construction SOEs.
24.1%Household Debt15.7% of GDP
Household debtBIS Credit Statistics Q3 2025Very low. Limited financial inclusion.
15.7%Unfunded Pension Liabilities20.0% of GDP
Civil service pension unfunded (Taspen)World Bank WP 1677; AMRO 2023 Indonesia ReviewTaspen PAYG DB; contribution rates far below actuarial levels.
20.0%State Bank Liabilities3.6% of GDP
State-owned banks (Bank Mandiri, BRI, BNI, BTN)Bank annual reports / OJK dataFour major state banks. Government holds majority. Combined assets significant share of banking system.
3.6%All Layers Total109.2%
Credit Ratings
S&P
BBB
Moody's
Baa2
Fitch
BBB
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202641.1% GDP
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