Government of the Republic of Indonesia

02/24/2026 | Press release | Distributed by Public on 02/24/2026 05:07

Amendment to Annual Report by Foreign Governmen/Political Subdivision (Form 18-K/A)

EXHIBIT 99.E

RECENT DEVELOPMENTS

The information contained in this section supplements the information about the Republic corresponding to the headings below that is contained in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024, as it may be amended from time to time. To the extent the information in this section differs from the information contained in that annual report, you should rely on the information in this section. Capitalized terms not defined in this section have the meanings ascribed to them in the annual report, as amended.

Recent Developments

U.S.-Indonesia Agreement on Reciprocal Trade

On February 19, 2026, the United States and Indonesia finalized the Agreement on Reciprocal Trade. Under the agreement, the United States will apply a reciprocal tariff rate of 19% on most originating goods of Indonesia (in addition to the applicable MFN rate), except for certain identified products that will enter at a zero reciprocal tariff rate. The United States has committed to establish a mechanism that will allow a to-be-specified volume of certain textile and apparel goods from Indonesia to enter at a zero reciprocal tariff rate, with the volume determined in relation to the quantity of U.S. exports of textiles produced from American cotton and man-made fiber textile inputs.

Under the agreement, Indonesia has committed, among other things, to: (i) eliminate tariff barriers on over 99% of U.S.-origin goods across all sectors; (ii) address non-tariff barriers by exempting U.S. companies and U.S.-origin goods from local content requirements, accepting U.S. federal motor vehicle safety and emission standards, accepting FDA standards for medical devices and pharmaceuticals, removing burdensome certification and labeling requirements, eliminating pre-shipment inspection requirements, and resolving intellectual property issues; (iii) address and eliminate barriers affecting U.S. agricultural products (including by exempting U.S. food and agricultural products from all import licensing regimes) and digital trade; (iv) remove restrictions on exports to the United States for all industrial commodities, including critical minerals; and (v) adopt and implement a forced-labor import ban and remove provisions from its labor laws that restrict workers and unions from fully exercising freedom of association and collective bargaining rights.

Implementation of the agreement remains subject to the parties' completion of their respective domestic legal procedures. The agreement will enter into force 90 days after the exchange of written notifications certifying completion of those procedures, or on such other date as the parties may agree. On February 19, 2026, the Presidents of the United States and Indonesia signed a joint statement confirming their strong commitment to implementing the agreement and instructed their relevant ministers and secretaries to take further steps toward that end.

Separately, U.S. and Indonesian companies signed commercial agreements valued at approximately U.S.$33 billion, including purchases of approximately U.S.$15 billion in U.S. energy commodities, U.S.$13.5 billion in commercial aircraft and aviation-related goods and services (including from Boeing), and over U.S.$4.5 billion in U.S. agricultural products.

On February 20, 2026, the U.S. Supreme Court held that the International Emergency Economic Powers Act does not authorize the U.S. President to impose tariffs. On the same day, the U.S. Trade Representative announced the imposition of a temporary 10% surcharge on imports pursuant to Section 122 of the Trade Act of 1974 and other measures under alternative statutory authorities. The implications of these developments for existing and prospective U.S. duties on goods of Indonesian origin, and for the entry into force and implementation of the Agreement on Reciprocal Trade, remain subject to subsequent developments. The Government will closely monitor relevant developments.

E-1

Preliminary Budget Realization Results for January 2026

On February 23, 2026, the Ministry of Finance announced the preliminary budget realization results for January 2026. Government revenues are expected to be Rp172.7 trillion, a 9.5% increase from Rp157.8 trillion in January 2025. Out of government revenues, tax revenues are expected to be Rp138.9 trillion, a 20.5% increase from Rp116.2 trillion, and non-tax revenues are expected to be Rp33.9 trillion, a 20.4% decrease from Rp42.5 trillion in January 2025.

Government expenditures for January 2026 are expected to be Rp227.3 trillion, a 25.7% increase from Rp180.8 trillion in January 2025. Out of government expenditures, central government expenditures are expected to be for Rp131.9 trillion, a 53.3% increase from Rp86.0 trillion the previous year, and transfers to regions and rural funds are expected to be Rp95.3 trillion, a 0.6% increase from Rp94.7 trillion in January 2025.

As a result, the government expects to realize a primary balance of Rp4.2 trillion deficit for January 2026, compared to the Rp11.1 trillion surplus in January 2025. The total deficit is expected to be Rp54.6 trillion for January 2026.

The preliminary January 2026 budget realization results described above are preliminary and subject to finalization and audit by the Government in the ordinary course. The actual January 2026 budget realization results may differ materially from what are described herein and, as such, undue reliance should not be placed on these preliminary results. See "Forward-Looking Statements."

Selected Key Economic Indicators

The following table sets forth certain of the Republic's principal economic indicators as of and for the specified dates and periods.

Selected Key Economic Indicators

Year Ended December 31,
2021L 2022L 2023L 2024L 2025P

National account and prices:

Real GDP growth (period-on-period)

3.7 % 5.3 % 5.1 % 5.0 % 5.1 %

Per capita GDP (in millions of Rupiah)

62.2 71.0 75.0 78.6 83.7

Per capita GDP (in U.S. dollars)(1)

4,350 4,784 4,856 4,960 5,083

Inflation rate (year-on-year change in CPI)

1.9 % 5.5 % 2.6 % 1.6 % 2.9 %

External sector:

Current account (% of GDP)

0.3 % 1.0 % (0.2 )% (0.6 )% (0.1 )%

Fiscal account:

Budget (deficit) / surplus (% of GDP)

(4.6 )% (2.4 )% (1.6 )% (2.3 )% (2.9 )%

External debt of the central Government (in trillions of Rupiah)

2,077.8 2,302.7 2,346.0 2,330.7 2,829.1

Debt service ratio (% of Government revenue)

45.0 % 34.5 % 38.5 % 42.1 % 43.0 %

Sources: Statistics Indonesia (Badan Pusat Statistik ("BPS")), Bank Indonesia and Ministry of Finance

L

LKPP (Financial Report of Central Government/Audited).

P

Preliminary.

N/A

Not available.

(1)

Per capita GDP in U.S. dollars has been converted from Rupiah into U.S. dollars and the U.S. dollar amounts of external debt of the central Government have been converted into Rupiah at the following exchange rates per U.S. dollar: Rp14,309 per U.S. dollar for 2021, Rp14,848 per U.S. dollar for 2022,

E-2

Rp15,439 per U.S. dollar for 2023, Rp15,849 per U.S. dollar for 2024 and Rp16,474.8 per U.S. dollar for 2025. These exchange rates are calculated by BPS with reference to the weighted average monthly exchange rates applicable to export and import transactions for each month in a given period.

Government and Political Developments

In January 2026, Indonesian authorities revoked certain mining business licenses, including that of the operator of the Martabe gold mine in North Sumatra, citing environmental and regulatory compliance issues related to flooding events. As of mid-February 2026, the Government is reviewing these revocations, and any potential transfer of operations to a state-owned entity under BPI Danantara remains subject to ongoing legal and administrative processes. The Government continues to affirm its commitment to environmental stewardship, the rule of law, and fair treatment of investors consistent with applicable regulations.

Foreign Relations and International and Regional Organizations

In January 2026, Indonesia signed the Charter of the Board of Peace in Bad Ragaz, Switzerland, following President Prabowo Subianto's attendance at the World Economic Forum in Davos, and became a member of this international body. The Government reaffirmed its longstanding commitment to promoting peace in Palestine through participation in the Board of Peace, which is tasked with monitoring post-conflict stabilization and rehabilitation efforts in Gaza, while continuing to support Palestinian independence and the achievement of a two-state solution consistent with the Republic's independent and active foreign policy.

E-3

Economy and Gross Domestic Product

Principal Sectors of the Economy

The tables below show the composition of Indonesia's GDP by sector at current prices and constant prices, respectively, for the periods indicated.

Gross Domestic Product by Industry

(at current prices)

Year Ended December 31,
2024P % 2025P %
(in billions of Rupiah and percentage of GDP)

Manufacturing Industry

Coal Industry and Oil and Gas Refining

403,578 1.8 424,185 1.8

Non-Coal, Oil and Gas Manufacturing Industries

3,799,289 17.2 4,117,335 17.3

Total Manufacturing Industry

4,202,867 19.0 4,541,520 19.1

Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles

2,893,315 13.1 3,136,600 13.2

Agriculture, Forestry, and Fishery

Agriculture, Livestock, Hunting & Agriculture Services

2,107,419 9.5 2,379,116 10.0

Forestry and Logging

129,570 0.6 130,592 0.5

Fishery

554,677 2.5 610,748 2.6

Total Agriculture, Forestry, and Fishery

2,791,665 12.6 3,120,457 13.1

Mining and Quarrying

Oil, Gas and Geothermal Mining

526,156 2.4 525,436 2.2

Coal and Lignite Mining

850,454 3.8 827,364 3.5

Metal Ore

343,502 1.6 404,306 1.7

Other Mining and Quarrying

306,478 1.4 327,508 1.4

Total Mining and Quarrying

2,026,589 9.2 2,084,613 8.8

Construction

2,233,463 10.1 2,340,928 9.8

Government Administration, Defense, Compulsory Social Security

673,476 3.0 715,131 3.0

Information and Communication

960,022 4.3 1,048,704 4.4

Transportation and Warehousing

1,358,117 6.1 1,466,257 6.2

Financial and Insurance Service

922,811 4.2 979,736 4.1

Education Service

621,395 2.8 666,887 2.8

Other*

2,503,089 11.3 2,707,633 11.4

Gross Value Added at Basic Prices

21,186,809 95.7 22,808,465 95.7

Taxes less Subsidies on Products

952,182 4.3 1,012,638 4.3

Total GDP

22,138,991 100.0 23,821,104 100.0

Source:  BPS

P

Preliminary.

*

Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.

E-4

Gross Domestic Product by Industry

(at constant 2010 prices)

Year Ended December 31,
2024P % 2025P %
(in billions of Rupiah and percentage of GDP)

Manufacturing Industry

Coal Industry and Oil and Gas Refining

222,427 1.7 237,826 1.8

Non-Coal, Oil and Gas Manufacturing Industries

2,396,428 18.5 2,519,761 18.6

Total Manufacturing Industry

2,618,855 20.3 2,757,586 20.3

Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles

1,682,612 13.0 1,775,025 13.1

Agriculture, Forestry, and Fishery

Agriculture, Livestock, Hunting & Agriculture Services

1,109,130 8.6 1,172,839 8.6

Forestry and Logging

62,758 0.5 62,577 0.5

Fishery

292,559 2.3 307,031 2.3

Total Agriculture, Forestry, and Fishery

1,464,447 11.3 1,542,447 11.4

Mining and Quarrying

Oil, Gas and Geothermal Mining

247,850 1.9 250,675 1.8

Coal and Lignite Mining

332,527 2.6 328,349 2.4

Metal Ore

180,275 1.4 165,990 1.2

Other Mining and Quarrying

194,609 1.5 203,934 1.5

Total Mining and Quarrying

955,260 7.4 948,948 7.0

Construction

1,262,793 9.8 1,310,966 9.7

Government Administration, Defense, Compulsory Social Security

403,446 3.1 419,017 3.1

Information and Communication

868,447 6.7 940,947 6.9

Transportation and Warehousing

603,051 4.7 655,997 4.8

Financial and Insurance Service

519,736 4.0 540,302 4.0

Education Service

372,319 2.9 390,905 2.9

Other*

1,613,865 12.5 1,721,074 12.7

Gross Value Added at Basic Prices

12,364,830 95.7 13,003,214 95.7

Taxes less Subsidies on Products

555,703 4.3 577,311 4.3

Total GDP

12,920,532 100.0 13,580,525 100.0

Source: BPS

P

Preliminary.

*

Includes the Procurement of Electricity and Gas; Procurement of Water, Management of Trash, Waste and Recycle; Accommodation and Food Beverages Supply; Real Estate; Corporate Services; Health Service and Social Activity; and Other Services sectors.

Manufacturing Industry

In 2025, the manufacturing sector grew by 5.3%, compared to 2024, driven by continued downstreaming activities and strong domestic demand. In 2025, the food and beverage subsector, which accounted for 34.7% of the manufacturing sector, grew by 6.4%, supported by an increase in domestic rice production and external demand for crude palm oil, dairy products, and frozen food products. Growth in the manufacturing sector was also bolstered by a growth of 15.7% in base metal industry, supported by rising export demand, particularly for iron and steel, nickel, and aluminum products. Additionally, the chemical, pharmaceutical and traditional medicine industry grew by 8.3% in line with the higher demand for health services and higher external demand for chemical materials.

E-5

Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles

In 2025, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.5%, compared to 2024. This was driven by a growth of 6.6% in wholesale and retail trade of goods other than cars and motorcycles.

Agriculture, Forestry and Fishery

In 2025, the agriculture, forestry and fishery sector grew by 5.3%, compared to 2024. This was primarily due to a growth of 9.9% in food crops, in line with supportive measures such as the provision of additional subsidized fertilizer and agricultural machinery, as well as the improvement of irrigation infrastructure. The growth in agriculture, forestry and fishery was also supported by a growth of 7.8% in livestock and a growth of 3.0% in plantation crops.

Mining and Quarrying

In 2025, the mining and quarrying sector contracted by 0.7%, compared to 2024. This was due to a contraction of 7.9% in metal ore mining and a contraction of 1.3% in coal and lignite mining, partially offset by a growth of 4.8% in other mining and quarrying and a growth of 1.1% in oil, gas and geothermal mining.

Oil and Natural Gas

The following table sets forth the average price of Indonesian crude oil, measured by the ICP, for the periods indicated.

Average Price of Crude Oil
As of December 31,
2024P 2025P
(in U.S. dollars per barrel)

ICP(1)

71.2 61.1

Sources:  Directorate General of Oil and Gas, Ministry of Energy and Mineral Resources

P

Preliminary.

(1)

For a description of the ICP, see "Certain Defined Terms and Conventions" in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024.

Construction

In 2025, the construction sector grew by 3.8%, compared to 2024, supported by infrastructure development, particularly national strategic projects such as public kitchens for free nutritious meals and public schools.

Transportation and Warehousing

In 2025, the transportation and warehousing sector grew by 8.8%, compared to 2024. In particular, rail transportation grew by 9.1%, land transportation grew by 9.8%, warehousing and transportation support services and post and courier increased by 9.7% and sea transportation grew by 10.3%. The growth in the transportation and warehousing sector was primarily supported by three factors: increased passenger and freight volumes across modes, a rise in domestic and international tourist trips, and higher container traffic and throughput.

Information and Communication

In 2025, the information and communication sector grew by 8.3%, compared to 2024. This growth was fueled by higher revenues from both wired and wireless telecommunications, an increase in the number of start-ups in Indonesia, increased production of Indonesian films, and the opening of new cinemas in several regions, including West Java and Banten.

E-6

Financial and Insurance Service

In 2025, the financial and insurance service sector grew by 4.0%, compared to 2024. This growth was driven by growths in all the subsectors, particularly a growth of 3.4% in financial intermediary services and a growth of 6.8% in other financial services.

Other Sectors

None of the other sectors shown in the tables above comprised more than 5.0% of GDP, at either current prices or constant prices, for the periods indicated.

Gross Domestic Product by Expenditure

The following tables show the distribution of GDP in the Indonesian economy by expenditure at current prices and constant prices, respectively, for the periods indicated (at current prices).

Gross Domestic Product by Expenditure

(at current prices)

Year Ended December 31,
2024P % 2025P %
(in billions of Rupiah and percentage of GDP)

GDP

22,138,991 100.0 23,821,104 100.0

Add: Imports of goods and services

4,538,557 20.5 4,893,964 20.5

Total supply of goods and services

26,677,548 120.5 28,715,068 120.5

Less: Exports of goods and services

4,939,131 22.3 5,442,300 22.8

Total domestic expenditure

21,738,417 98.2 23,272,768 97.7

Allocation of total domestic expenditure:

Household consumption expenditure

11,965,431 54.0 12,834,795 53.9

NPISHs consumption expenditure

300,080 1.4 321,543 1.3

Government consumption expenditure

1,714,580 7.7 1,794,298 7.5

Total consumption

13,980,092 63.1 14,950,636 62.8

Gross domestic fixed capital formation

6,452,531 29.1 6,852,618 28.8

Change in inventories (residual)(1)

1,305,794 5.9 1,469,514 6.2

Total domestic expenditure

21,738,417 98.2 23,272,768 97.7

Source: BPS

P

Preliminary.

(1)

Includes statistical discrepancies.

E-7

Gross Domestic Product by Expenditure

(at constant 2010 prices)(1)

Year Ended December 31,
2024p % 2025p %
(in billions of Rupiah and percentage of GDP)

GDP

12,920,532 100.0 13,580,525 100.0

Add: Imports of goods and services

2,585,472 20.0 2,708,775 19.9

Total supply of goods and services

15,506,004 120.0 16,289,299 119.9

Less: Exports of goods and services

3,106,474 24.0 3,324,995 24.5

Total domestic expenditure

12,399,530 96.0 12,964,304 95.5

Allocation of total domestic expenditure:

Household consumption expenditure

6,806,893 52.7 7,145,802 52.6

NPISHs consumption expenditure

173,143 1.3 182,024 1.3

Government consumption expenditure

957,999 7.4 981,991 7.2

Total consumption

7,938,035 61.4 8,309,818 61.2

Gross domestic fixed capital formation

4,001,693 31.0 4,205,397 31.0

Change in inventories (residual)(2)

459,801 3.6 449,090 3.3

Total domestic expenditure

12,399,530 96.0 12,964,304 95.5

Source: BPS

P

Preliminary.

(1)

Calculated with calendar year 2010 as the Base Year.

(2)

Includes statistical discrepancies.

Inflation

The following table set forth the Consumer Price Index, or CPI, as of the end of the periods indicated and the percentage change against the previous period.

Changes in Consumer Price Index

As of
December 31, 		As of
January 31,
2025 2026

CPI(1)

109.9 109.8

Annual percentage year-on-year

2.9 % 3.6 %

Source: BPS

(1)

Calculated on the basis of 2022 CPI = 100. From January 2024, BPS calculated CPI based on consumption pattern obtained from 2022 Cost of Living Survey in 150 cities in Indonesia.

E-8

The following table sets forth percentage changes year-on-year in the CPI for certain commodities for the periods indicated.

Inflation by Commodity(1)

As of
December 31, 		As of
January 31,
2025 2026

Food, drinks, and tobacco

4.6 1.5

Clothing and footwear

0.7 0.6

Housing, water, electricity, and household fuel

1.6 11.9

Household equipment, tools, and routine maintenance

0.2 0.2

Health

1.8 1.6

Transportation

1.2 0.6

Information, communication, and financial services

(0.3 ) (0.2 )

Recreation, sports, and culture

1.2 1.1

Education

1.2 1.1

Food and beverage providers/restaurant

1.5 1.4

Personal care and other services

13.3 15.2

Source: BPS

(1)

Annual percentage year-on-year.

In January 2026, annual inflation was 3.6%, which was higher than the annual inflation of 2.9% in December 2025. This increase was primarily due to higher inflation in housing, water, electricity, and household fuel, and personal care and other services: annual inflation for these two sectors was 11.9% and 15.2% in January 2026, respectively, compared to 1.6% and 13.3% in December 2025, respectively. These increases were primarily offset by lower inflation in food, drinks and tobacco: annual inflation was 1.5% in January 2026, compared to 4.6% in December 2025.

Regional Growth

In 2025, Java contributed 56.9% of Indonesia's GDP, Sumatera contributed 22.2%, Kalimantan contributed 8.1%, Sulawesi contributed 7.2%, Bali and Nusa Tenggara contributed 2.8%, and Maluku and Papua contributed 2.7%.

Income Distribution

As of September 2025, Indonesia had a Gini Index of 0.363 and 8.25% of the population were living below the poverty line, compared to 0.375 and 8.47% as of March 2025.

E-9

Foreign Investment

Foreign Investment in Indonesia

The following table sets out the amounts of foreign investments in Indonesia by non-residents.

Foreign Investment in Indonesia

Year Ended December 31,
2024 2025P
(in millions of U.S. dollars)

Direct Investments

Equity Capital

22,595 19,968

Debt instrument

1,681 2,045

Total direct investments

24,275 22,013

Portfolio investments:

Equity securities

(1,032 ) (1,589 )

Debt securities

13,267 (5,233 )

Total portfolio investments

12,235 (6,822 )

Financial derivatives

(965 ) (2,101 )

Other investments

9,518 7,456

Total foreign investment

45,063 20,546

Source: Bank Indonesia

P

Preliminary.

The January 2026 MSCI announcement (as described in "Financial System-Capital Markets and Capital Markets Regulation") and other events have contributed to volatility in foreign portfolio flows. The Government continues to welcome foreign investment and is advancing targeted reforms to enhance transparency and confidence in the equity market.

Foreign Direct Investment

The following table sets out the amounts of foreign direct investments in Indonesia by non-residents.

Foreign Direct Investment

Year Ended December 31,
2024 2025P
(in millions of U.S. dollars)

Equity capital(1)

22,595 19,968

Debt instruments:

Inflow

48,080 46,523

Outflow

(46,400 ) (44,477 )

Total debt instruments

1,681 2,045

Total direct investments

24,275 22,013

Memorandum

Direct investment in Indonesia(2)

24,819 21,435
Source: Bank

Indonesia

P

Preliminary.

(1)

Includes privatization and banking restructuring.

(2)

Presents foreign direct investment in accordance with the directional principle prescribed by BPM5.

E-10

Foreign Direct Investment in Indonesia by Country of Origin(1)

Year Ended December 31,
  2024     2025P
(in millions of U.S. dollars)

North America

705 1,699

USA

639 1,749

Canada

64 (51 )

Other North America(2)

2 2

Central and South America

699 1,253

Argentina

0 (0 )

Brazil

0 (0 )

Mexico

3 2

Cayman Islands

(359 ) 71

Other Central and South America

1,055 1,181

Europe

1,930 2,456

European Union

626 1,070

Austria

364 179

Belgium

302 (163 )

Denmark

0 (2 )

Finland

(38 ) (6 )

France

16 185

Germany

75 21

Greece

0 3

Ireland

(29 ) (21 )

Italy

(135 ) 9

Luxembourg

133 (93 )

Netherlands

(69 ) 588

Portugal

0 310

Spain

6 (13 )

Sweden

(3 ) 7

Other European Union

5 67

United Kingdom

823 730

Russia

2 (0 )

Turkey

8 6

Other Europe

472 650

Asia

21,150 14,792

Japan

1,628 199

People's Republic of China

2,637 2,715

South Korea

1,154 1,102

India

(5 ) 82

Hong Kong SAR

3,217 4,961

Taiwan

104 152

Saudi Arabia

1 (6 )

ASEAN

12,175 6,043

Brunei Darussalam

0 (16 )

Cambodia

2 (123 )

Lao PDR

0 (9 )

Malaysia

(190 ) 127

Myanmar

0 (0 )

Philippines

87 62

Singapore

11,596 6,285

Thailand

653 (397 )

Vietnam

27 114

Other Asia

239 (456 )

Australia and Oceania

109 380

Australia

107 284

New Zealand

2 (0 )

Other Australia and Oceania

1 96

Africa

12 666

South Africa

1 2

Other Africa

12 664

Others

213 188

Total

24,819 21,435

E-11

Source: Bank Indonesia

P

Preliminary.

(1)

Presents foreign direct investment in accordance with the directional principle prescribed by BPM5.

(2)

Includes Bermuda, Greenland and Saint Pierre & Miquelon.

Foreign direct investment recorded a surplus of U.S.$22.0 billion in 2025, primarily in the form of equity capital. This amount represents a 9.3% decrease from the U.S.$24.3 billion surplus recorded in 2024. The decline was primarily attributable to the sectors of health and social works; financial intermediation; and electricity, gas and water supply. By country of origin, the decrease in foreign direct investment was largely driven by lower investments from Singapore and Japan.

The sectors of manufacturing; wholesale and retail trade, repair of motor vehicles, motorcycles, and personal and household goods; and mining and quarrying were the main contributors to net foreign direct investment inflows in 2025. With respect to country of origin, investment from Singapore was the largest contributor to the net foreign direct investment inflows, followed by investments from Hong Kong SAR and People's Republic of China.

Foreign Portfolio Investment

The following table sets out the amounts of foreign portfolio investments in Indonesia by non-residents.

Foreign Portfolio Investments

Year Ended December 31,
  2024     2025P
(in millions of U.S. dollars)

Equity securities:

Inflow

77,752 91,133

Outflow

(78,784 ) (92,721 )

Net equity securities

(1,032 ) (1,589 )

Debt securities (net)

13,267 (5,233 )

Total portfolio investments

12,235 (6,822 )

Source: Bank Indonesia

P

Preliminary.

In 2025, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$6.8 billion, reversing the net inflow of U.S.$12.2 billion in 2024. The net outflow was mainly driven by net foreign capital outflow in the form of Bank Indonesia Rupiah Securities (Sekuritas Rupiah Bank Indonesia, "SRBI") and lower net foreign capital inflow in the form of Government Debt Securities.

E-12

Other Foreign Investment

The following table sets out the amounts of other investments (other than portfolio or foreign direct investments) in Indonesia by non-residents, mainly consisting of loans received and paid.

Other Foreign Investments

Year Ended December 31,
  2024     2025P
(in millions of U.S. dollars)

Loans

Bank sector:

Disbursements

5,938 3,108

Debt repayments

(3,651 ) (5,726 )

Total bank sector

2,287 (2,618 )

Corporate sector:

Disbursements

15,070 17,208

Debt repayments

(16,194 ) (16,736 )

Total corporate sector

(1,124 ) 473

Other (net)(1)

8,355 9,601

Total other investments

9,518 7,456

Source: Bank Indonesia

P

Preliminary.

(1)

Consists of loans of public sector and trade credit, currency and deposits, SDR allocations, and other liabilities of private sector and public sector.

In 2025, other foreign investments surplus decreased to U.S.$7.5 billion from U.S.$9.5 billion in 2024. The decrease was primarily attributable to higher net loan repayments in the banking sector.

Foreign Trade and Balance of Payments

Exports and Imports

The following table shows Indonesia's exports and imports for the periods indicated as published by Bank Indonesia.

Exports and Imports

Year Ended December 31,
  2024     2025P
(in millions of U.S. dollars)

Exports:

Oil and gas exports (f.o.b.)

15,029 11,993

Non-oil and gas exports (f.o.b.)

248,062 268,442

Total exports (f.o.b.)

263,091 280,435

Total imports (c.i.f.)

235,198 242,500

Balance of trade

27,892 37,935

Source: Bank Indonesia

P

Preliminary.

E-13

In 2025, Indonesia recorded a trade surplus of U.S.$37.9 billion, which increased by 36.0% from the U.S.$27.9 billion surplus in 2024. The higher surplus was driven by a 6.6% year-on-year increase in exports, supported by strong demand for Indonesia's export commodities. This increase was partially offset by a 3.1% year-on-year increase in imports.

Export-Import Data from the Central Statistics Agency

In addition to the exports and imports related data published by Bank Indonesia, the Central Statistics Agency or BPS also publishes data relating to imports and exports compiled based on the International Merchandise Trade Statistics Manual issued by the United Nations. Due to the different methods and timing of compiling export-import statistics, the export-import data published by BPS is different to the export-import data published by Bank Indonesia.

The tables below show Indonesia's exports and imports for the periods indicated as published by the BPS. 

Year Ended December 31,
 2024R  2025P
(in millions of U.S. dollars)

Exports:

Non-oil and gas exports

250,652.3 269,841.0

Oil and gas exports

15,876.9 13,067.9

Total exports

266,529.2 282,908.9

Imports:

Non-oil and gas imports

198,922.8 209,087.8

Oil and gas imports

36,276.8 32,768.9

Total imports

235,199.6 241,856.7

Source: BPS

P

Preliminary.

R

Revised.

E-14

Exports

The following table sets forth Indonesia's exports by major commodity groups for the periods indicated.

Exports by Sector

Year Ended December 31,
2024 2025P
(in thousands of U.S. dollars)

General merchandise

262,028,545 278,252,284

Agricultural products

Coffee bean

1,623,533 2,498,935

Medicinal herb, aromatic and spice plant

427,439 647,695

Bird nest

551,871 490,305

Seasonal fruit

582,811 765,974

Other non-timber forest product

546,823 628,162

Seaweed and other algae

188,480 178,362

Fresh / chilled fish

143,797 167,418

Clove

319,431 217,704

Vegetables

218,184 254,706

White pepper

123,096 129,728

Tobacco

104,337 79,279

Cocoa bean

80,605 71,050

Shrimp and prawn

104,673 97,291

Rubber latex

56,924 59,925

Crab

98,760 111,372

Other agricultural products

1,251,197 1,210,263

Total Agricultural products

6,421,960 7,608,169

Manufacturing products

Palm oils

21,528,367 27,053,815

Iron/steel

27,147,960 28,648,411

Clothing and apparel of textile fabrics

7,136,576 7,320,483

Electrical equipment

8,636,187 10,068,707

Organic chemicals derived from agricultural products

6,787,146 9,662,318

Motor vehicle, four-wheel drive and more

6,690,545 7,154,420

Sport shoes

4,081,849 4,206,059

Crumb rubber

2,816,113 2,892,403

Pulp

3,566,604 3,604,089

Jewellery and precious articles

5,530,474 9,135,877

Nickel

7,983,095 9,724,936

Copper

3,470,968 3,984,398

Other papers

2,190,766 2,150,026

Spare parts for four or more wheeled vehicles

2,384,534 2,429,191

Machines for general purposes

2,148,806 2,258,288

Tin

1,432,440 1,783,300

Soap and household cleaning agents

1,988,552 2,459,694

Other telecommunications equipment

2,488,947 2,749,132

Outer and inner tires

1,632,083 1,638,757

Wooden furniture

1,495,017 1,420,180

E-15

Year Ended December 31,
2024 2025P
(in thousands of U.S. dollars)

Fertilizers

1,169,930 1,402,083

Computer equipment

1,591,486 1,939,010

Organic chemicals derived from oil

886,262 1,100,243

Plywood

1,342,836 1,355,258

Spun yarn

922,259 851,914

Tanks and other armoured fighting vehicles and parts of such vehicles

1,223,092 1,643,903

Televisions and television equipment

1,440,426 1,444,750

Frozen shrimp and prawn

1,085,577 1,215,959

Semiconductors and other electronic components

2,246,351 4,973,895

Margarine

1,949,832 2,751,815

Oil-cake and solid residues

1,724,298 678,347

Machines for special purposes

1,376,251 1,451,289

Artificial resin (synthetic resin) and raw materials

1,260,701 1,168,989

Other organic chemicals

1,239,541 1,598,553

Oil products(1)

3,483,682 2,448,399

Liquefied Petroleum Gas(1)

399 40,312

Other manufacture products

52,056,520 57,054,048

Total Manufacturing products

196,136,473 223,463,250

Mining products

Coal

30,478,761 24,481,010

Copper ore

7,969,176 4,892,334

Lignite

7,345,259 5,732,852

Other metal ore

18 0

Crude Oil(1)

2,153,385 1,520,869

Natural Gas(1)

7,989,263 6,854,367

o/w Liquefied Natural Gas

6,245,259 5,215,376

Other mining products

1,172,490 1,853,142

Total Mining products

57,108,350 45,334,575

Other merchandise(2)

2,361,761 1,846,290

Other goods(3)

1,062,178 2,182,535

Total Exports

263,090,723 280,434,819

Memorandum(4)

Non-oil & gas exports

248,061,745 268,441,723

Oil & gas exports

15,028,978 11,993,096

Source: Bank Indonesia

P

Preliminary.

(1)

As a component of oil and gas exports.

(2)

Consists of art goods, goods not elsewhere specified, and goods procured in ports by carriers.

(3)

Consists of non-monetary gold and merchanting goods.

(4)

Presents the classification of exports based on two main groups of commodities: (i) oil and gas and (ii) non-oil and gas.

E-16

The following table sets forth Indonesia's exports by destination for the periods indicated.

Exports by Destination

Year Ended December 31,
2024 2025P
(in thousands of U.S. dollars)

America

North America

United States of America

26,289,050 30,536,095

Canada

1,407,848 1,684,754

Other North America

4,116 4,591

Total North America

27,701,014 32,225,440

Central and South America

Argentina

217,070 338,743

Brazil

1,715,797 2,203,851

Mexico

2,233,794 2,437,940

Other Central and South America

2,398,058 2,745,606

Total Central and South America

6,564,720 7,726,139

Total America

34,265,734 39,951,579

Europe

European Union

Netherlands

4,731,193 5,693,737

Belgium

1,552,484 1,903,708

Italy

2,246,495 2,825,990

Germany

2,381,860 2,512,511

France

903,408 1,033,504

Spain

2,104,542 1,800,537

Other European Union

3,353,092 3,571,283

Total European Union

17,273,073 19,341,270

United Kingdom

1,577,303 1,588,305

Russia

1,741,000 1,867,097

Turkey

1,849,391 1,701,685

Other Europe

1,970,748 5,715,280

Total Europe

24,411,514 30,213,636

Asia and Middle East

ASEAN

Brunei Darussalam

226,415 186,934

Philippines

10,615,047 10,216,905

Cambodia

832,830 879,427

PDR Laos

15,025 13,318

Malaysia

12,185,787 12,599,337

Myanmar

601,229 787,014

Singapore

11,015,329 12,549,661

Thailand

7,599,925 8,724,759

Vietnam

9,488,148 10,596,829

Total ASEAN

52,579,735 56,554,185

E-17

Year Ended December 31,
2024 2025P
(in thousands of U.S. dollars)

Hong Kong SAR

2,611,923 2,298,584

India

20,309,149 18,260,791

Iraq

349,588 386,101

Japan

20,521,911 17,406,094

South Korea

10,580,373 10,035,236

Pakistan

3,478,649 4,111,467

People's Republic of China

62,191,437 66,785,620

Saudi Arabia

2,412,781 2,863,935

Taiwan

6,653,657 5,504,381

Other Asia and Middle East

10,536,804 13,177,341

Total Asia and Middle East

192,226,006 197,383,735

Australia and Oceania

Australia

4,262,039 3,659,692

New Zealand

681,653 779,545

Other Australia and Oceania

573,420 592,400

Total Australia and Oceania

5,517,112 5,031,637

Africa

South Africa

787,873 989,772

Other Africa

3,950,910 5,505,698

Total Africa

4,738,783 6,495,470

Unclassified exports(1)

1,931,574 1,358,762

Total (f.o.b.)

263,090,723 280,434,819

Source: Bank Indonesia

P

Preliminary.

(1)

Consists of goods procured in ports by carriers and merchanting goods.

E-18

Imports

The following table sets forth Indonesia's imports by major commodity groups for the periods indicated.

Imports by Sector(1)

Year Ended December 31,
2024 2025P
(in thousands of U.S. dollars)

General Merchandise

230,611,434 237,617,062

Consumption Goods

Food and beverages, primary, mainly for household

3,011,269 3,208,247

Food and beverages, processed, mainly for household

6,855,609 4,864,836

Passenger motor cars

1,316,067 1,797,876

Transport equipment, nonindustrial

236,984 206,791

Durable consumer goods

2,411,584 2,236,519

Semi-durable consumer goods

4,261,601 4,820,506

Non-durable consumer goods

3,431,645 3,858,239

Fuels and lubricants, processed, oil products(2)

12,116,558 9,331,233

Goods not elsewhere specified

350,833 530,810

Total Consumption Goods

33,992,150 30,855,058

Raw materials and auxiliary goods

Food and beverages, primary, mainly for industry

7,315,156 7,329,875

Food and beverages, processed, mainly for industry

5,473,984 4,425,346

Industrial supplies, primary

8,365,986 9,732,525

Industrial supplies, processed

70,945,694 71,996,772

Parts and accessories for capital goods

23,679,113 24,310,298

Parts and accessories for transport equipment

9,087,142 9,447,210

Fuels and lubricants, primary

14,359,260 13,818,167

o/w Crude oil(2)

10,734,952 10,500,508

Fuels and lubricants, processed

14,309,116 14,005,567

o/w Oil products(2)

9,109,120 9,072,404

o/w Liquefied Petroleum Gas(2)

4,459,849 4,190,639

Total Raw materials and auxiliary goods

153,535,451 155,065,761

Capital Goods

Capital goods (except transport equipment)

36,299,656 43,326,217

Passenger motor cars

1,316,067 1,797,876

Other transport equipment, industrial

4,635,408 5,874,062

Total Capital Goods

42,251,130 50,998,155

Other merchandise(3)

832,703 698,089

Other goods(4)

4,586,897 4,882,679

Total

235,198,332 242,499,741

Source: Bank Indonesia

P

Preliminary.

(1)

Data collected on a cost, insurance and freight basis.

(2)

As a component of oil and gas imports.

(3)

Consists of goods procured in ports by carriers.

(4)

Consists of nonmonetary gold.

E-19

The following table sets forth Indonesia's imports by country of origin for the periods indicated.

Imports by Place of Origin(1)

Year Ended December 31,
2024 2025P

America

North America

United States of America

12,350,425 13,298,037

Canada

2,137,168 2,671,986

Other North America

1 24,501

Total North America

14,487,594 15,994,524

Central and South America

Argentina

1,378,270 1,281,666

Brazil

5,408,179 4,926,606

Mexico

337,462 1,096,969

Other Central and South America

766,810 920,387

Total Central and South America

7,890,721 8,225,629

Total America

22,378,315 24,220,153

Europe

European Union

Netherlands

978,043 867,549

Belgium

499,019 507,224

Italy

1,612,486 1,675,122

Germany

3,736,343 3,563,036

France

1,489,903 1,636,194

Spain

584,346 827,088

Other European Union

3,879,185 3,194,096

Total European Union

12,779,326 12,270,309

United Kingdom

952,554 1,058,204

Russia

2,050,875 2,109,220

Turkey

463,213 566,679

Other Europe

2,468,632 1,968,546

Total Europe

18,714,600 17,972,959

Asia and Middle East

ASEAN

Brunei Darussalam

507,944 215,437

Philippines

1,790,623 1,802,522

Cambodia

142,858 110,432

PDR Laos

64,837 70,442

Malaysia

10,689,442 11,130,361

Myanmar

572,907 171,097

Singapore

21,754,793 19,189,657

Thailand

9,658,099 8,981,315

Vietnam

6,430,064 6,142,478

Total ASEAN

51,611,567 47,813,740

E-20

Year Ended December 31,
2024 2025P

Hong Kong SAR

3,292,622 3,168,587

India

5,664,387 4,841,016

Iraq

985 393

Japan

14,952,002 14,473,981

South Korea

9,353,293 7,871,773

Pakistan

619,031 153,365

People's Republic of China

73,027,640 87,377,584

Saudi Arabia

4,083,927 3,781,274

Taiwan

3,909,788 4,413,958

Other Asia and Middle East

5,350,775 5,909,341

Total Asia and Middle East

171,866,018 179,805,012

Australia and Oceania

Australia

10,495,869 9,458,164

New Zealand

1,234,993 1,119,342

Other Australia and Oceania

80,046 47,498

Total Australia and Oceania

11,810,908 10,625,005

Africa

South Africa

1,621,629 1,033,439

Other Africa

7,974,159 8,145,083

Total Africa

9,595,788 9,178,523

Unclassified imports(2)

832,703 698,089

Total

235,198,332 242,499,741

Source: Bank Indonesia

P

Preliminary.

(1)

Data collected on a cost, insurance and freight basis.

(2)

Consists of goods procured in ports by carriers.

E-21

Balance of Payments

The following table sets forth the Republic's balance of payments for the periods indicated.

Balance of Payments(1)

Year Ended
December 31,
  2024     2025P
(in millions of U.S. dollars)

Current account

(8,583 ) (1,454 )

Goods(2)

39,839 49,822

Total exports (f.o.b.)

263,091 280,435

Non-oil and gas exports

248,062 268,442

Oil and gas exports

15,029 11,993

Total imports (f.o.b.)

(223,252 ) (230,613 )

Non-oil and gas imports

(188,577 ) (199,103 )

Oil and gas imports

(34,675 ) (31,510 )

Services

(18,485 ) (19,823 )

Primary income

(35,815 ) (38,171 )

Secondary income

5,878 6,719

Capital account

280 352

Financial account

17,701 (4,545 )

(i) Public sector

24,662 1,941

Portfolio investment

16,639 (2,702 )

Assets

0 0

Liabilities

16,639 (2,702 )

Other investment

8,023 4,643

Assets

(1,904 ) (3,258 )

Liabilities

9,927 7,902

Loans

5,457 4,912

Drawings

11,000 10,717

Repayments

(5,543 ) (5,805 )

Other liabilities

4,469 2,990

(ii) Private sector

(6,961 ) (6,486 )

Direct investment

15,882 14,082

Assets

(8,394 ) (7,931 )

Liabilities

24,275 22,013

Portfolio investment

(8,403 ) (6,722 )

Assets

(4,000 ) (2,603 )

Liabilities

(4,403 ) (4,120 )

Financial derivatives

291 (54 )

Other investment

(14,731 ) (13,792 )

Assets

(14,322 ) (13,346 )

Liabilities

(409 ) (446 )

Errors and omissions

(2,188 ) (2,195 )

Overall balance

7,210 (7,842 )

Reserves and related items

(7,210 ) 7,842

Reserve asset position(3)

155,719 156,471

Source: Bank Indonesia

P

Preliminary.

E-22

(1)

Bank Indonesia uses (+) and (-) signs in its published data to follow BPM5 whereby (+) means inflow and (-) means outflow. In financial account, (+) denotes increase in liabilities or decrease in assets, while (-) represents increase in assets or decrease in liabilities. The table above has been adjusted to align with the formatting hereof.

(2)

The calculation of export and import figures included in the balance of payments data compiled by Bank Indonesia differs in coverage and timing from the data on export/import trade compiled by BPS.

(3)

Presents the position of reserve assets at the end of period. A change in the overall balance of payments during a reporting period will affect the outstanding amount of reserve assets at the end of that period.

In 2025, the current account recorded a deficit of U.S.$1.5 billion, compared to the U.S.$8.6 billion deficit in 2024. This was primarily due to an increase in the non-oil and gas trade balance surplus supported by higher exports in line with global demand for Indonesia's export commodities. In addition, the oil and gas trade balance deficit narrowed in line with lower international oil prices.

In 2025, the capital and financial account recorded a deficit of U.S.$4.2 billion, compared to the U.S.$18.0 billion surplus in 2024. This development was attributable to deficits in portfolio investment and other investments underpinned by persistently high global financial market uncertainty. Meanwhile, direct investment maintained a surplus, despite a year-on-year decrease in net direct investment, reflecting sustained investor confidence in Indonesia's economic outlook and conducive investment climate.

As a result of the foregoing, Indonesia's balance of payments in 2025 recorded a deficit of U.S.$7.8 billion, compared to the U.S.$7.2 billion surplus in 2024. The official reserve asset position as of December 31, 2025 was U.S.$156.5 billion, an increase from U.S.$155.7 billion as of December 31, 2024.

E-23

Financial System

Bank Indonesia

The following table sets forth the balance sheet of Bank Indonesia and was prepared in accordance with the Monetary and Financial Statistics Manual published by the IMF, as of the dates indicated.

Analytical Balance Sheet of Bank Indonesia

As of December 31, As of
January 31,
2024 2025P 2026P
(in billions of Rupiah)

Base Money (M0)

1,774,691 1,976,434 1,792,222

Currency in Circulation(1)

1,204,536 1,359,935 1,267,602

Commercial Banks Demand Deposits at Bank Indonesia

472,592 588,514 501,929

Private sector Demand Deposits

7,022 6,354 6,210

Bank Indonesia Certificates ("SBI")(2)

-  -  - 

Factors Affecting Base Money (M0)

1,774,691 1,976,434 1,792,222

Net Foreign Assets

2,077,811 2,207,569 2,172,773

Claims on Non-Residents

2,687,251 2,845,094 2,825,305

Liabilities to Non-Resident

609,440 637,525 652,533

Claims on Other Depository Corporations

56 56 56

Liquidity Credits

56 56 56

Other Claims

-  -  - 

Net claims on central Government

(417,471 ) (170,442 ) (195,886 )

Claims on central Government

77,638 93,304 80,477

Liabilities to central Government

495,109 263,746 276,363

Claims on Other Sectors

9,858 9,981 9,976

Claims on Other Financial Institutions

40 56 56

Claims on Private Sectors

9,818 9,925 9,920

Monetary Policy Control(3)

664,662 705,959 603,658

Other Liabilities to Commercial & Rural Banks

(73,286 ) (79,099 ) (74,502 )

Deposits included in Broad Money (M2)

-  -  - 

Deposits excluded from Broad Money (M2)

-  -  - 

Shares and Other Equity

(494,934 ) (706,411 ) (735,175 )

Net Other Items

7,996 8,821 11,323

Source: Bank Indonesia

(1)

Currency outside banks plus cash in vault.

(2)

SBI (Sertifikat Bank Indonesia) which is used to fulfill the secondary statutory reserve requirement of banks and accounted for as primary money supply components. Included in base money from October 2009 to June 2018. Starting from July 2018 SBI is not accounted as component of primary money supply, due to changes in the reserve requirement regulation.

(3)

Consists of total outstanding SBI (Sertifikat Bank Indonesia) (net of SBI used for secondary reserve and included as a component of base money, see footnote 2), SBIS (Sertifikat Bank Indonesia Syariah, which refers to Sharia-compliance Bank Indonesia securities), Repo OPT (Operasi Pasar Terbuka) (Repo OPT refers to repurchase agreement operations conducted by Bank Indonesia as part of its open market operations), term deposit, Bank Indonesia Deposit Facility, Bank Indonesia Lending Facility, and SBN.

E-24

Capital Markets and Capital Markets Regulation

In January 2026, MSCI Inc. concluded its consultation on free-float assessment of Indonesian securities and announced interim measures, effective immediately, freezing certain index adjustments for Indonesian constituents in its global indices (including no increases to Foreign Inclusion Factors or Number of Shares, no new additions to Investable Market Indices, and no upward size-segment migrations). MSCI stated that it will reassess Indonesia's market accessibility status in May 2026, which could result in a reduction in weighting within emerging markets indices. In coordination with strategic stakeholders, the OJK has taken decisive action to accelerate the capital market reform agenda. This momentum culminated in the launch of the "Eight Action Plans for the Acceleration of Indonesian Capital Market Integrity Reforms" on February 1, 2026. Furthermore, OJK, IDX, and the Indonesia Central Securities Depository (Kustodian Sentral Efek Indonesia) have maintained constructive engagement with MSCI, including high-level consultations in early February 2026 to present proposed reforms. These include enhanced disclosure of significant shareholders, more granular investor classification, and revised minimum free-float requirements. The Republic remains committed to elevating market transparency and preserving Indonesia's competitive appeal to global investors.

Monetary Policy

In February 2026, Bank Indonesia maintained the BI-Rate at 4.75%, the deposit facility rate at 3.75%, and the lending facility rate at 5.50%.

The decision is consistent with Bank Indonesia's current policy focus on strengthening Rupiah exchange rate stabilization amid persistently high global financial market uncertainty, in order to support the achievement of the 2026-2027 inflation target and foster economic growth. Moving forward, Bank Indonesia will continue to enhance the effectiveness of monetary policy easing transmission and macroprudential policies, while monitoring room for further BI-Rate reductions as long as inflation forecasts for 2026-2027 remain manageable within the 2.5%±1% target corridor and the decisions support economic growth. Bank Indonesia's macroprudential policy remains directed at promoting growth by increasing bank credit and financing to the real sector, particularly to the Government-designated priority sectors, and accelerating reductions in bank lending rates through the implementation of the macroprudential liquidity incentive policy (Kebijakan Insentif Likuiditas Makroprudensial ("KLM")), while upholding prudential principles. Payment system policy remains oriented towards supporting economic growth by strengthening synergy to broaden digital payment acceptance, reinforcing the payment system industry structure, and enhancing the reliability and resilience of payment system infrastructure.

The monetary, macroprudential, and payment system policy mix aimed at maintaining stability while bolstering sustainable economic growth is supported by the following policy measures:

1.

strengthening the Rupiah exchange rate stabilization strategy through intervention in both offshore non-deliverable forward transactions and domestic markets through spot and domestic non-deliverable forward transactions. This strategy is complemented by the purchase of SBN in the secondary market;

2.

strengthening the pro-market monetary operations strategy to attract portfolio inflows to maintain adequate liquidity in the money market and banking industry by managing the interest rate structure and volume of monetary instruments as well as SBN transactions in the secondary market in a measured manner;

3.

strengthening synergy with the Government and other stakeholders to enhance the effectiveness of accommodative macroprudential policy towards reviving lending and financing and lowering interest rates in the banking industry through Indonesian Intermediation Acceleration Program and publishing the assessment of prime lending rate transparency, with a focus on interest rates based on priority sectors in accordance with the scope of KLM policy. The Indonesian Intermediation Acceleration Program (Program Indonesia Intermediation Acceleration) is a strategic initiative launched by Bank Indonesia to boost banking credit growth, particularly targeting micro, small, and medium enterprises and other productive sectors;

E-25

4.

developing Indonesia Digital Innovation Center (Pusat Inovasi Digital Indonesia) in synergy with relevant authorities, associations and government ministries and agencies to accelerate digital economy and finance transformation, including through the organizing hackathons and the Digdaya digital talent development program. Indonesia Digital Innovation Center a strategic initiative by Bank Indonesia designed to serve as a hub for digital innovation and economic development. The Digdaya digital talent development program is a Bank Indonesia program initiated in late February 2026 that provides practical training and mentorship to develop digital talent and support startup growth; and

5.

strengthening national payment system readiness ahead of the Eid-ul-Fitr 1447 H by ensuring the availability, reliability and security of the Bank Indonesia Payment Systems (Sistem Pembayaran Bank Indonesia) and industry payment systems, and guaranteeing the availability of high-quality Rupiah currency nationwide, including through the Semarak Rupiah Ramadan dan Berkah Idulfitri (SERAMBI) 2026 program. Eid-ul-Fitr 1447 H is the 2026 Islamic holiday marking the end of Ramadan in the Hijri calendar. SERAMBI 2026 is Bank Indonesia's seasonal cash services program during Ramadan and Eid to ensure sufficient Rupiah currency and exchange services nationwide.

Bank Indonesia continues strengthening policy coordination with the Government, including close synergy between monetary and fiscal policies to maintain stability and foster economic growth. Furthermore, Bank Indonesia is strengthening policy synergy with the Financial System Stability Committee (Komite Stabilitas Sistem Keuangan), primarily to promote financing for the Government's Asta Cita program. In addition, Bank Indonesia is expanding international cooperation, including payment system connectivity and local currency transactions, while promoting trade and investment in priority sectors in synergy with relevant institutions.

Money Supply

The following table sets forth the money supply as of the end of the periods indicated.

Money Supply

Money

End of period

Base
money 		Currency Demand
deposits 		Rupiah
saving
deposits(1) 		TotalM1 (1) Quasi-
money 		Securities
other
than
shares 		TotalM2
(in billions of Rupiah)

2024

1,774,691 1,062,795 1,776,745 2,384,441 5,223,981 3,908,462 114,187 9,246,630

2025

1,976,434 1,214,729 2,172,153 2,569,025 5,955,908 4,124,723 52,469 10,133,099

Source: Bank Indonesia.

M1

Narrow money.

M2

Broad money.

(1)

Since September 2021, Rupiah saving deposits that can be withdrawn at any time is reclassified from quasi-money to narrow money, due to their high liquidity.

Factors affecting money supply

End of period

Foreign
assets (net) 		Claims on central
Government (net) (1) 		Claims on
business sectors 		Other
items (net)(2)
(in billions of Rupiah)

2024

1,982,701 748,934 7,046,941 1,414,908

2025

2,158,916 851,096 7,580,585 1,669,894

Source: Bank Indonesia.

(1)

Claims on the Government include net of the Government's deposits with the banking system.

(2)

Includes capital accounts, tradeable government bonds held by central bank and inter-system accounts.

E-26

As of December 31, 2025, broad money grew by 9.6% (year-on-year), compared to 4.8% (year-on-year) as of December 31, 2024, due to a higher increase in narrow money, which grew by 14.0% (year-on-year) as of December 31, 2025, compared to 5.8% (year-on-year) as of December 31, 2024, and a higher increase in quasi- money, which grew by 5.5% (year-on-year) as of December 31, 2025, compared to 1.2% (year-on-year) as of December 31, 2024.

Government Budget

Fiscal Policy

The following table sets forth Government revenues and expenditures for the periods indicated.

Government Revenues and Expenditures

Year Ended December 31,
2024B 2024L 2025B 2025P 2026B
(in trillions of Rupiah)

Revenues and grants:

Domestic revenues

Tax revenues

2,309.9 2,231.8 2,490.9 2,217.9 2,693.7

Non-tax revenue

492.0 584.4 513.6 534.1 459.2

Total domestic revenues

2,801.9 2,816.2 3,004.5 2,752.0 3,152.9

Grants

0.4 34.4 0.6 4.3 0.7

Total revenues and grants

2,802.3 2,850.6 3,005.1 2,756.3 3,153.6

Expenditures:

Central government expenditures

2,467.5 2,496.2 2,701.4 2,602.3 3,149.7

Transfer to regions and rural fund

857.6 863.5 919.9 849.0 693.0

Total expenditures

3,325.1 3,359.8 3,621.3 3,451.4 3,842.7

Primary balance(1)

(25.5 ) 20.7 (63.3 ) (180.7 ) (89.7 )

Surplus/(deficit)

(522.8 ) (509.2 ) (616.2 ) (695.1 ) (689.1 )

Financing:

Debt Financing

648.1 558.1 775.9 736.3 832.2

Investment Financing

(176.2 ) (59.3 ) (154.5 ) (86.2 ) (203.1 )

On-Lending

(0.3 ) (0.2 ) (5.4 ) 0.0 (0.4 )

Government Guarantee

(0.8 ) (1.5 ) - - -

Other Financing

52.0 57.8 0.3 93.9 60.4

Total Financing

522.8 554.9 616.2 744.0 689.1

Source: Ministry of Finance

L

LKPP (Financial Report of Central Government/Audited).

B

Budget.

P

Preliminary.

(1)

Primary balance represents revenues minus expenditures excluding interest expenditures.

E-27

Government Finances

The following table sets forth information regarding the revenues and expenditures of the Government for the periods indicated.

Government Revenues

The following table sets forth Government revenues by category for the periods indicated.

Government Revenues

Year Ended December 31,
2024B 2024L 2025B 2025P 2026B
(in trillions of Rupiah)

Domestic revenues:

Tax revenues

Domestic tax

Income tax:

Oil and gas

76.4 65.1 62.8 34.1 1,154.1

Non-oil and gas

1,063.4 996.8 1,146.4 986.3 55.2

Total income tax

1,139.8 1,061.9 1,209.3 1,020.4 1,209.4

Value added tax (VAT)

811.4 828.4 945.1 790.1 995.3

Land and building tax

27.2 32.5 27.1 29.2 26.1

Excises

246.1 226.4 244.2 221.7 243.5

Other taxes

10.5 8.7 7.8 77.9 126.9

Total domestic taxes

2,235.0 2,158.0 2,433.5 2,139.3 2,601.2

International trade taxes:

Import duties

57.4 53.0 52.9 50.2 49.9

Export tax

17.5 20.9 4.5 28.4 42.6

Total international trade taxes

74.9 73.9 57.4 78.6 92.5

Total tax revenues

2,309.9 2,231.8 2,490.9 2,217.9 2,693.7

Non-tax revenues:

Natural resources:

Oil

80.5 78.0 89.0 73.9 80.2

Gas

29.6 32.7 32.0 26.4 32.9

Total oil and gas

110.2 110.6 121.0 100.3 113.1

General mining

85.8 107.8 87.5 111.2 113.4

Forestry

6.0 6.7 5.7 6.6 5.9

Fishery

3.5 1.0 1.6 1.0 1.7

Geothermal

2.2 2.8 2.2 2.5 2.6

Total non-oil and gas

97.5 118.3 97.0 121.3 123.5

Total natural resources

207.7 228.9 218.0 221.6 236.6

Profit transfer from SOEs

85.8 86.4 90.0 12.7 (1) 1.8 (1)

Other non-tax revenues

115.1 164.3 127.7 196.2 122.5

Public Service Agency (BLU) Income

83.4 104.7 77.9 103.7 98.3

Total non-tax revenues

492.0 584.4 513.7 534.1 459.2

Total domestic revenues

2,801.9 2,816.2 3,004.6 2,752.0 3,152.9

Grants

0.4 34.4 0.6 4.3 0.7

Total revenues and grants

2,802.3 2,850.6 3,005.2 2,756.3 3,153.6

Source: Ministry of Finance.

L

LKPP (Financial Report of Central Government/Audited).

B

Budget.

P

Preliminary.

(1)

Profits of the SOEs held by BPI Danantara are being transferred to BPI Danantara rather than the Government. See "Privatization and Management of State-Owned Enterprises - BPI Danantara" in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal year ended December 31, 2024.

E-28

Government revenues realization decreased by 3.3% from Rp2,850.6 trillion in 2024 to Rp2,756.3 trillion in 2025, representing 91.7% of the 2025 budget Government revenues target. In 2025, tax revenues realization was Rp2,217.9 trillion or a decrease of 0.6% from Rp2,231.8 trillion in 2024, and non-tax revenues realization was Rp534.1 trillion or a decrease of 8.6% from Rp584.4 trillion in 2024, representing 89.0% and 104.0% of the 2025 budget figures, respectively. Additionally, following the creation of BPI Danantara, profit from SOEs is being transferred to BPI Danantara rather than the Government.

Government Expenditures

The following table sets forth the expenditures of the Government for the periods indicated.

Government Expenditures

Year ended December 31
2024B 2024L 2025B 2025P 2026B
(in trillions of Rupiah)

Central Government expenditures:

Personnel expenditures

484.4 464.9 521.5 501.1 582.2

Good and services expenditures

407.0 523.4 486.9 566.5 707.5

Capital expenditures

247.5 355.5 234.1 427.5 284.1

Interest payments:

Domestic debt

456.8 445.9 497.6 471.3 538.7

Foreign debt

40.5 42.5 55.2 43.1 60.7

Total interest payments

497.3 488.4 552.9 514.4 599.4

Subsidies:

Energy subsidies

189.1 177.6 203.4 185.2 210.1

Non-energy subsidies

96.9 115.1 104.5 96.4 108.8

Total subsidies

286.0 292.7 307.9 281.6 318.9

Grant expenditures

0.0 0.3 0.2 0.3 0.4

Social assistance(1)

157.3 154.9 140.1 186.6 167.5

Other expenditures

388.0 216.1 458.0 124.3 489.8

Total central Government expenditures

2,467.5 2,496.2 2,701.4 2,602.3 3,149.7

Transfers to Regions and Rural Fund

Transfer to Regions

Balanced funds:

General transfer funds:

Revenue sharing funds

143.1 153.2 192.3 168.9 58.5

General allocation funds

427.7 429.2 446.6 433.3 400.0

Total general transfer funds

570.8 582.4 638.9 602.2 458.5

Specific allocation funds:

Physical special allocation fund

53.8 50.9 37.0 17.6 5.0

Non-physical special allocation fund

133.8 130.4 146.7 145.1 149.3

Grants to Regions(2)

0.5 2.2 1.6 0.2 2.7

Total specific allocation funds

188.1 183.5 185.2 162.9 157.1

Total balanced funds

758.9 765.9 824.2 765.1 615.6

Regional incentive fund

-  -  -  -  - 

Specific autonomy funds(3)

18.3 18.3 17.5 17.0 14.0

Specific Fund for Special Region of Yogyakarta

1.4 1.4 1.2 1.0 1.0

Fiscal Incentives

8.0 7.0 71.0 4.3 1.8

Total Transfer to Regions

786.6 792.9 913.9 787.4 632.4

Rural Fund

71.0 70.9 6.0 61.6 60.6

Total transfers to regions and Rural Fund

857.6 863.5 919.9 849.0 693.0

Total Government expenditures

3,325.1 3,359.8 3,621.3 3,451.4 3,842.7

Source: Ministry of Finance.

L

LKPP (Financial Report of Central Government/Audited).

B

Budget.

P

Preliminary.

E-29

(1)

Consists of social assistance from ministries/agencies spending and social assistance for disaster relief.

(2)

Starting in 2023, became part of the Transfer to the Regions.

(3)

Consists of specific autonomy fund for Aceh and Papua Provinces and additional infrastructure fund for Papua Provinces.

Total Government expenditures in 2025 reached Rp3,451.4 trillion or an increase of 2.7% from Rp3,359.8 trillion in 2024, representing 95.3% of the 2025 budget Government expenditures. In 2025, central Government expenditures were Rp2,602.3 trillion or an increase of 4.3% from Rp2,496.2 trillion in 2024, representing 96.3% of the 2025 budget figure. In 2025, transfer to regions and rural funds reached Rp849.0 trillion, or a decrease of 1.7% from Rp863.5 trillion in 2024, representing 92.3% of the 2025 budget figure.

Fuel Prices and Subsidies

The following table sets forth the amounts of subsidies for the periods indicated.

Year ended December 31
2024B 2024L 2025B 2025P 2026B
(in trillions of Rupiah)

Subsidies:

Energy subsidies

189.1 177.6 203.4 185.2 210.1

Non-energy subsidies

96.9 115.1 104.5 96.4 108.8

Total subsidies

286.0 292.7 307.9 281.6 318.9

Source: Ministry of Finance.

L

LKPP (Financial Report of Central Government/Audited).

B

Budget.

P

Preliminary.

Government Expenditure Allocation

The following table sets forth, by percentage, the allocation of central Government expenditures by function for the periods indicated.

Allocation of Central Government Expenditures by Function

Year ended December 31
2024B 2024L 2025B 2025P 2026B
(Percentages)

General public services

34.8 35.9 31.2 27.4 25.2

Defense

5.5 7.6 6.1 13.0 10.7

Public order and safety

7.7 9.2 7.7 9.2 7.7

Economic affairs

26.0 21.9 29.5 23.2 26.2

Environmental protection

0.6 0.6 0.4 0.3 0.4

Housing and community amenities

1.5 1.9 0.6 0.8 0.9

Health

4.0 4.0 3.8 4.1 4.9

Tourism and culture

0.1 0.2 0.1 0.1 0.1

Religion

0.5 0.5 0.5 0.5 0.5

Education

9.0 7.9 10.1 10.1 14.6

Social protection

10.3 10.3 10.0 11.2 8.9

Total

100.0 100.0 100.0 100.0 100.0

Source: Ministry of Finance.

L

LKPP (Financial Report of Central Government/Audited).

B

Budget.

P

Preliminary.

E-30

The table below sets forth certain government budget expenditures for priority sectors for the periods indicated.

Year ended December 31
2024B 2024L 2025B 2025P 2026B
(in trillions of Rupiah)

Education

665.0 569.1 724.3 645.1 769.1

Infrastructure

423.4 395.1 402.9 343.7 434.8

Energy Subsidy

189.1 177.6 203.4 185.2 210.1

Health

187.5 194.4 218.5 208.5 247.3

Source: Ministry of Finance.

L

LKPP (Financial Report of Central Government/Audited).

B

Budget.

P

Preliminary.

Deficit Financing

The following table sets forth, by amount, information on deficit financing for the periods indicated.

Deficit Financing

Year ended December 31
2024B 2024L 2025B 2025P 2026B
(in trillions of Rupiah)

Debt financing

Government securities (net)

666.4 450.7 642.6 639.3 799.5

Loans

Domestic loans (net)

(0.6 ) 15.0 5.2 8.2 (6.5 )

Foreign loans:

Gross drawings:

Program loan

30.0 60.0 80.0 59.3 41.9

Project loan

37.8 119.7 136.5 125.2 102.6

Total gross drawing

67.8 179.8 216.5 184.5 144.5

Amortization

(85.5 ) (87.5 ) (88.4 ) (95.7 ) (105.3 )

Total foreign loan (net)

(17.7 ) 92.3 128.1 88.9 39.2

Total loans (net)

(18.4 ) 107.3 133.3 97.0 32.7

Total debt financing

648.1 558.1 775.9 736.3 832.2

Investment financing

Investment to SOEs

(30.7 ) (35.2 ) (22.7 ) (11.5 ) (5.8 )

Investment to other institutions

(10.0 ) (5.0 ) -  -  - 

Investment to public service agencies

(41.2 ) (23.1 ) (36.8 ) (34.2 ) (35.6 )

Investment in financial organizations/institutions

(1.9 ) (2.0 ) (1.8 ) (1.9 ) (2.0 )

Revenue of investment

-  22.9 -  14.2 4.0

Government's Investments

(13.7 ) (17.0 ) (18.8 ) (52.8 ) (51.8 )

Others investment financing

(65.7 ) -  (55.0 ) -  (111.8 )

Investment financing reserves

(13.0 ) -  (19.4 ) -  - 

Total investment financing

(176.2 ) (59.3 ) (154.5 ) (86.2 ) (203.1 )

Lending

(0.3 ) (0.2 ) (5.4 ) 0.0 (0.4 )

Government guarantee

(0.8 ) (1.5 ) -  -  - 

Other financing

52.0 57.8 0.3 93.9 60.4

Total financing (net)

522.8 554.9 616.2 744.0 689.1

Source:  Ministry of Finance.

L

LKPP (Financial Report of Central Government/Audited).

B

Budget.

P

Preliminary.

E-31

Free Nutritious Meal Program

As of January 7, 2026, marking one year since the Government launched the Free Nutritious Meal Program, the program had reached 56.13 million beneficiaries through 19,343 operational SPPGs and had engaged 789,319 workers. In 2025, total budget utilization for the program amounted to Rp51.5 trillion.

Public Debt

As of December 31, 2025, the central Government's foreign debt-to-GDP ratio was 11.9%, with foreign debt to total debt ratio of 29.4%.

External Public Debt of the Republic

The following table sets forth information on the outstanding external public debt of the Republic in terms of creditor type as of the dates indicated.

Outstanding External Public Debt of the Republic by Source(1)

As of December 31,
2024P 2025P
(in billions of U.S. dollars)

Concessional Loans:

Multilateral creditors

37.3 39.4

Bilateral creditors

16.8 17.2

Commercial(2)

102.9 112.7

Total

156.9 169.2

Total external public debt of the Republic, as a percentage of GDP(3)

11.4 %(4) 11.9 %(5)

Source:  Ministry of Finance.

P

Preliminary.

(1)

Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

(2)

Includes securities (bonds and Sukuk) issued in international capital markets and commercial bank borrowings.

(3)

In calculating as a percentage of GDP, GDP in U.S. dollars has been converted from Rupiah into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

(4)

Total external public debt as of December 31, 2024 as a percentage of 2024 GDP.

(5)

Total external public debt as of December 31, 2025 as a percentage of 2025 GDP.

As of December 31, 2025, 66.6% and 33.4% of the outstanding external public debt of the Republic were from commercial and concessional loans, respectively. The total outstanding external public debt of the Republic as of December 31, 2025 was U.S.$169.2 billion.

On February 5, 2026, Moody's Investors Service revised its outlook on the Republic's Baa2 foreign-currency sovereign rating to negative while affirming the rating, citing factors including fiscal policy execution risks, policy predictability, and recent institutional and governance developments. The Republic remains committed to fiscal prudence, revenue-enhancing reforms, and maintaining debt sustainability within its statutory deficit ceiling.

E-32

Sources of External Public Borrowing

The following table sets forth the outstanding amounts of international development assistance received by the Republic as of the dates indicated.

International Development Assistance(1)(2)

As of December 31,
 2024P  2025P
(in millions of U.S. dollars)

Bilateral loans

16,756 17,156

Multilateral loans:

International Monetary Fund

-  - 

World Bank Group

21,247 22,093

Asian Development Bank

11,417 12,650

Islamic Development Bank

1,366 1,371

Nordic Investment Bank

5 5

European Investment Bank

-  - 

International Fund for Agricultural Development

289 306

Asian Infrastructure Investment Bank

2,926 2,952

Multilateral Investment Guarantee Agency

-  - 

Total multilateral loans

37,250 39,378

Total loans

54,006 56,534

Source:  Ministry of Finance.

P

Preliminary.

(1)

The term international development assistance includes any concessionary loans provided by international financial institutions or foreign governments, excluding grants.

(2)

Foreign currency values of international development assistance have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

The following table sets forth the external public debt of the Republic by currency as of the dates indicated.

Outstanding External Public Debt of the Republic by Major Currency

As of December 31,
2024P 2025P
(in millions of
original currency) 		(in millions of
U.S. dollars)(1) 		(in millions of
original currency) 		(in millions of
U.S. dollars)(1)

U.S. dollars

111,575 111,575 113,833 113,833

Japanese yen

2,599,685 16,642 2,440,033 15,584

Euros

25,180 26,217 28,929 33,954

SDR

185 241 107 146

British pounds

-  -  -  - 

Others (including AUD and CNY)

Multiple Currencies 2,184 Multiple Currencies 5,688

Total

N/A 156,859 N/A 169,206

Source: Ministry of Finance.

P

Preliminary.

(1)

Calculated based on the applicable BI middle exchange rates as of the date indicated for each column.

E-33

As of December 31, 2025, 67.3%, 9.2%, 20.1% and 3.5% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including AUD, CNY and SDR), respectively.

The following table sets forth the external debt service requirements of the central Government for the years indicated.

External Debt Service Requirements of the Central Government

Period

Principal
repayment 		Interest
repayment 		Total
(in billions of U.S. dollars)

2023R

11.8 5.6 17.5

2024R

11.8 6.4 18.2

2025R

14.3 6.5 20.8

2026**

13.4 6.5 19.9

2027**

16.2 6.0 22.2

Source: Ministry of Finance

R

Realization.

**

Projected based on external debt outstanding as of December 31, 2025.

External Debt of Bank Indonesia

The following table sets forth the outstanding multilateral and commercial external debt of Bank Indonesia by type of credit as of the dates indicated.

Outstanding Multilateral and Commercial External Debt of Bank Indonesia(1)

As of
December 31, 		As of
December 31,
2024 2025P
(in millions of U.S. dollars)

Multilateral

8,393 8,822

Commercial(2)

-  - 

Total

8,393 8,822

Source: Bank Indonesia

P

Preliminary.

(1)

Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

(2)

Includes bonds issued in international capital markets and commercial bank borrowings but excludes SBI and SRBI owned by non-residents, currencies and deposits and other liabilities.

As of December 31, 2025, the external debt of Bank Indonesia amounted to U.S.$8.8 billion, comprised entirely of SDR allocation (and excluding currency, deposits and SRBI), while commercial debt was nil. For calculation purposes, foreign currency values of outstanding external debt were converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

E-34

The following table sets forth the external debt service requirements of Bank Indonesia for the years indicated.

External Debt Service Requirements of Bank Indonesia(1)(2)

Period

Principal
repayment 		Interest
repayment 		Total
(in millions of U.S. dollars)

2023

0.0 174 174

2024

0.0 196 196

2025P

0.0 265 265

2026*

0.0 309 309

Source: Bank Indonesia.

P

Preliminary

*

Projected principal and interest payments to be made in the year of 2026 based on external debt outstanding as of December 31, 2025.

(1)

Excludes SBI and SRBI owned by non-residents, currencies and deposits and other liabilities.

(2)

Foreign currency values of outstanding external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the end of each year.

External Debt of State-Owned Enterprises

The following table sets forth the outstanding direct external debt of SOEs as of the dates indicated.

Outstanding Direct External Debt of State-Owned Enterprises(1)

As of
December 31, 		As of
December 31,
2024 2025P
(in millions of U.S. dollars)

Financial institutions:

Bank

7,326 5,456

Non-bank

1,271 1,597

Total financial institutions

8,596 7.052

Non-financial institutions

35,806 33,613

Total

44,402 40,665

Source: Bank Indonesia.

P

Preliminary.

(1)

Foreign currency values of outstanding direct external debt have been converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

E-35

Domestic Public Debt of the Central Government

The following table sets forth the outstanding domestic public debt of the central Government as of the dates indicated.

Domestic Public Debt of the Central Government

As of December 31,
2024P 2025P
(in trillions of Rupiah)

Total domestic public debt(1)

6,278.8 6,808.8

Source: Ministry of Finance.

P

Preliminary.

(1)

Excludes SBI, which are obligations of Bank Indonesia and not of the Government. See "Financial System - Bank Indonesia."

Domestic Debt Service Requirements of the Central Government

The following table sets forth the debt service requirements for the central Government for the years indicated.

Period

Principal
repayment
and
redemption 		Interest
repayment 		Total
(in trillions of Rupiah)

2023R

444.5 354.5 799.0

2024R

531.6 387.7 919.3

2025

676.9 407.9 1,084.8

2026**

789.0 426.8 1,215.8

2027**

692.8 385.2 1,078.0

Source: Ministry of Finance

R

Realization.

**

Projected based on external debt outstanding as of December 31, 2025.

Contingent Liabilities from Government Guarantees

As of December 31, 2025, the total outstanding amount of infrastructure guarantees provided by the Government was Rp385.0 trillion, an increase from guarantees of Rp372.2 trillion as of December 31, 2024.

As of December 31, 2025, the Government had accumulated Rp13.67 trillion in the guarantee reserve fund account.

The guarantees that the Government provided to infrastructure projects comprised:

•

full default risk guarantees relating to the PT PLN loans for the construction of coal power plants with aggregate capacity of 10,000 MW and the associated transmission lines ('Fast Track I' program). Outstanding guarantees for this program amounted to Rp0.1 trillion;

•

business viability guarantees to independent power producers on the ability of PT PLN to fulfill its financial obligations based on power purchase agreements related to the 'Fast Track II' program. The guarantee exposure for this program amounted to Rp67.0 trillion;

E-36

•

full default risk guarantees relating to the PT PLN loans for the construction of electricity infrastructure and business viability guarantees under 35 GW program. Outstanding guarantees for this program amounted to Rp93.3 trillion;

•

full default risk guarantees relating to direct lending from international financial institutions (multilateral and bilateral agencies) to SOEs for the construction of infrastructure projects. Outstanding guarantees for this program amounted to Rp56.6 trillion;

•

partial default risk guarantees for local government-owned water companies' loans in connection with the Millennium Development Goals in water provision. Outstanding guarantees for this program amounted to Rp0.2 trillion;

•

co-guarantee scheme between the Government and the Indonesia Infrastructure Guarantee Fund to guarantee private-public partnership projects such as power plant projects (e.g., the Central Java steam power plant) and several sections of toll road projects (e.g., Jakarta Cikampek II Elevated, Cileunyi - Sumedang - Dawunan, Krian - Legundi - Bunder - Manyar, Serang - Panimbang, Probolinggo - Banyuwangi, and Jakarta Cikampek II Selatan). The guarantee exposure for this program amounted to Rp113.8 trillion;

•

full default risk guarantees relating to PT Hutama Karya loans and bonds for the construction of Sumatera Toll Roads. Outstanding guarantees for this program amounted to Rp23.1 trillion;

•

full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of the Jabodebek LRT system in Greater Jakarta. Outstanding guarantees for this program amounted to Rp21.5 trillion;

•

guarantee for local infrastructure financing through PT SMI. Outstanding guarantees for this program amounted to Rp0.2 trillion; and

•

full default risk guarantees relating to PT Kereta Api Indonesia loans for the construction of high-speed rail Jakarta-Bandung. Outstanding guarantees for this program amounted to Rp9.1 trillion.

Foreign Exchange and Reserves

Exchange Rates

The following table sets forth information on exchange rates between the Rupiah and the U.S. dollar for the periods indicated.

Exchange Rates

Rupiah per U.S. dollar
End of
period 		Period
average

2021

14,253 14,296

2022

15,568 14,873

2023

15,397 15,247

2024

16,095 15,841

2025

16,675 16,466

January 2026

16,785 16,816

February 2026 (through February 20, 2026)

16,865 16,817

Source: Bank Indonesia

International Reserves

The following table sets forth the Republic's total official international reserves, expressed in (i) U.S. dollar equivalents and (ii) the number of months of imports and Government external debt repayments, in each case at

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the end of the periods indicated. These reserves consist of foreign exchange, gold, SDRs and a reserve position with the IMF. Indonesia complies with the IMF's Special Data Dissemination Standard requirement on international reserves and foreign exchange currency liquidity.

Official International Reserves of the Republic(1)

As of
December 31, 		As of
January 31,
2024 2025 2026
(in millions of U.S.
dollars, except for
months)

Gold

6,602 11,932 14,462

SDRs

7,236 7,598 7,662

Reserve position with the IMF

1,034 1,087 1,096

Foreign exchange and others

140,848 135,853 130,640

Total

155,719 156,471 154,580

Total as number of months of imports and Government external debt repayments

6.5 6.2 P 6.1 P

Source: Bank Indonesia

P

Preliminary.

(1)

Converted into U.S. dollars at the applicable BI middle exchange rates as of the respective dates indicated.

As of January 31, 2026, official international reserves position was U.S.$154.6 billion, equivalent to 6.1 months of imports and servicing government's external debt. This is well above the international adequacy standard of around three months of imports.

Regional Swap Arrangements of the Republic

As of December 31, 2025, no drawdowns on existing bilateral and regional swap arrangements have been made.

Debt-to-GDP Ratios

The following table sets forth the central Government's debt-to-GDP ratio and debt service to GDP ratio as of the dates indicated. Under the State Finances Law No. 17 of 2003, the Republic's debt-to-GDP ratio must remain below 60%.

Debt-to-GDP Ratios

As of December 31,
2024L 2025P
(percentages, unless
indicated otherwise)

Debt-to-GDP ratio

39.8 40.5

Debt service to GDP ratio

5.4 (1) 5.0 (2)

Total public debt of the central Government
(in billions of U.S.$) (3)

545.5 576.4

-% in Loans

12.3 13.0

-% in Bonds

87.7 87.0

Source: Ministry of Finance, Bank Indonesia.

P

Preliminary.

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(1)

Calculated as debt service for 2024 divided by 2024 GDP at current prices.

(2)

Calculated as debt service for 2025 divided by 2025 GDP at current prices.

(3)

Outstanding foreign currency debt was converted to U.S. dollars using the BI middle exchange rate as of each period indicated in the table.

As of December 31, 2025, the central Government's debt-to-GDP ratio was 40.5%, with U.S.$576.4 billion of total public debt of the central Government, of which 13.0% was in loans and 87.0% was in bonds.

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Government of the Republic of Indonesia published this content on February 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 24, 2026 at 11:08 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]