EX-99.E

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. 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.

REPUBLIC OF INDONESIA

Recent Developments

2026 Budget

On September 23, 2025, the Parliament approved the State Budget for 2026 (the “2026 Budget”). The 2026 Budget sets a revenue target of Rp3,153.6 trillion, comprising tax revenues of Rp2,693.7 trillion, non-tax revenues of Rp459.2 trillion and grants of Rp0.7 trillion. The revenue target represents an increase of approximately 7.3% from the 2025 Budget revenue target of Rp2,937.9 trillion.

Expenditures under the 2026 Budget are targeted at Rp3,842.7 trillion, comprising Government expenditures of Rp3,149.7 trillion (including Rp1,510.6 trillion for ministries and agencies and Rp1,639.2 trillion for non-ministerial expenditures) and transfers to regions and villages of Rp693.0 trillion. The expenditure target represents an increase of approximately 11.1% from the 2025 State Budget expenditure target of Rp3,457.8 trillion.

The 2026 Budget sets a primary balance deficit target of Rp89.7 trillion and a budget deficit target of Rp689.2 trillion (or 2.7% of GDP). The budget deficit target represents an increase of approximately 32.5% from the 2025 Budget deficit target of Rp519.9 trillion (or 2.1% of GDP).

The 2026 Budget sets a financing need of Rp689.15 trillion to cover the budget deficit.

The key macroeconomic assumptions underlying the 2026 Budget are as follows:

•

an economic growth rate of 5.4%;

•

an inflation rate of 2.5%;

•

an exchange rate of Rp16,500 to U.S.$1.00;

•

an average Government 10-year bond rate of 6.9%;

•

an ICP of U.S.$70 per barrel;

•

oil production by the Republic of 610 thousand barrels of oil per day; and

•

gas production by the Republic of 904 thousand barrels of oil equivalent of gas per day.

The philosophy underlying the 2026 Budget is centered on accelerating inclusive and sustainable economic growth while maintaining fiscal prudence, in alignment with the “Asta Cita” principles of the administration of President Prabowo Subianto, as described under “Republic of Indonesia — Government and Political Developments—Asta Cita” in Exhibit 99.D to the Republic’s annual report on Form 18-K for the fiscal year ended December 31, 2024. This framework guides the budget’s design to foster job creation, reduce inequality, and support long-term national resilience.

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The 2026 Budget sets out expenditure for several priority sectors: Rp164.7 trillion for food security, Rp402.4 trillion for energy security, Rp335.0 trillion for the Free Nutritious Meals Program, Rp769.1 trillion for education, Rp244.0 trillion for health, Rp181.8 trillion for village development, cooperatives, and MSMEs, and Rp425.0 trillion for defense, order and security, and law enforcement. The principal priorities for budget allocation in 2026 include significant investments in human capital and social welfare, as reflected in the Free Nutritious Meals Program aimed at combating stunting and improving child nutrition, as well as funding for school renovations and health facilities, which are included in the education and health budgets, respectively. The 2026 Budget also aims to accelerate investment and trade by, among other measures, strengthening Danantara’s role in accelerating productive investment, and investment in the Government’s affordable housing program, water security, and waste management. Other key areas encompass infrastructure development to enhance connectivity and regional equity, downstreaming of natural resources to boost value-added industries, social protection programs to alleviate poverty, support for small and medium enterprises, and initiatives in education, health, and green economy transitions to align with sustainable growth objectives.

Free Trade Agreement between Indonesia and the European Union

On September 23, 2025, the Republic and the European Union concluded negotiations on a free trade agreement known as the Comprehensive Economic Partnership Agreement (the “CEPA”), and a parallel investment protection agreement known as the EU-Indonesia Investment Protection Agreement (the “IPA”). The CEPA is intended to eliminate tariffs on more than 98% of tariff lines and nearly 100% of trade value, to be liberalized over time. It is also intended to establish modern, comprehensive rules covering, among others, goods, services and investment, digital trade, government procurement, intellectual property, subsidies and state-owned enterprises, trade and sustainable development, and dispute settlement with institutional cooperation. The IPA is intended to provide modern and rules-based investor protections, including safeguards against unlawful expropriation, non-discrimination, and fair and equitable treatment, while affirming each side’s right to regulate for legitimate public policy objectives.

Policy Synergy between Bank Indonesia and Ministry of Finance

On September 4, 2025, the Ministry of Finance and Bank Indonesia announced the strengthening of policy coordination to support the Government’s Asta Cita programs in promoting a “people-centered” economy, and specifically an agreement on interest cost sharing for the Government’s affordable housing programs and Koperasi Desa Merah Putih, or Cooperatives, that are described in Exhibit 99.D to the Republic’s annual report on Form 18-K for the fiscal year ended December 31, 2024.

Specifically, the corresponding budget allocations may be placed with government agencies and domestic financial institutions to support lending schemes under these programs. After accounting for returns on such placements, the remaining interest costs on government securities (Surat Berharga Negara, or SBN) are shared equally between the Ministry of Finance and Bank Indonesia. Bank Indonesia provides its share in the form of additional interest credited to Government accounts maintained at Bank Indonesia, consistent with its State Treasury function under the Bank Indonesia Act. This arrangement, effective in 2025 and continuing until such period as has been agreed between the Government and Bank Indonesia, is implemented in accordance with prudent fiscal and monetary policy principles aimed at maintaining market discipline and safeguarding financial-system integrity.

In addition to the interest-sharing mechanism, Bank Indonesia has also resumed the purchase of SBN in the secondary market, with purchases amounting to approximately Rp217.1 trillion as of September 16, 2025. These purchases, which include debt-switching operations, reflect Bank Indonesia’s expansionary monetary policy stance.

Establishment of AMTN Program

The Republic of Indonesia established an Australian Dollar Medium-Term Note (“AMTN”) program in July 2025 and completed the first drawdown that raised AUD800 million across two tranches in August 2025. By

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tapping into the Australian dollar market, the Government aims to broaden its investor base, enhance its presence in global capital markets, and reduce reliance on any single currency or investor group to strengthen fiscal resilience and manage refinancing risks more effectively. The Government regards the AMTN program as an important milestone in Indonesia’s ongoing efforts to optimize its sovereign debt portfolio, promote financial innovation, and reinforce the country’s standing in the international financial community.

United States Tariffs

On July 15, 2025, the U.S. Government and the Republic announced a trade agreement under which the U.S. would impose a 19% tariff on Indonesian imports. Meanwhile, Indonesia would eliminate tariff on substantially all U.S. imports and reduce key non-tariff barriers for U.S. industrial and agricultural exports, including relaxing local content requirements for certain industrial products, strengthening rules of origin, and improving labor standards. The agreement also envisions finalizing commitments on digital trade, services, and investment, and enhancing cooperation to bolster supply-chain resilience.

On August 26, 2025, the U.S. agreed in principle to exempt Indonesian exports of cocoa, palm oil and rubber from the 19% tariff. The scope of such exemption, including the specific tariff lines, any quota or tariff-rate quota conditions, and timing, are under negotiation.

To date, the U.S. and Indonesia have been discussing the trade agreement’s implementation issues, such as rules of origin, digital trade commitments, and enforcement mechanisms.

Economic Stimulus Package Launched in September 2025

In September 2025, the Government launched an economic stimulus package, also known as the “8+4+5 program”. The stimulus package groups measures into eight acceleration programs for 2025, four continuation programs for 2026, and five job-creation programs.

The eight acceleration programs for 2025 comprise: (1) national internship program for 20,000 recent university graduates, launching in mid-October 2025, with a monthly stipend for each graduate equal to the minimum wage of the relevant province; (2) expansion of personal income tax relief to workers in the tourism, hotel, restaurant, and café sectors, whose monthly earnings are below Rp10 million, from October through December 2025; (3) food assistance for 18.3 million beneficiary families, providing 10 kilograms of rice per month to each beneficiary household; (4) a 50% subsidy on social security contributions for work accident and death insurance for informal workers, such as online motorcycle taxi drivers, couriers, and logistics personnel; (5) lower interest rates and enhanced benefits (such as more financing options and easier eligibility) for housing loans facilitated through the Employment Social Security Agency (BPJS Ketenagakerjaan); (6) a targeted “cash-for-work” (padat karya) initiative designed to create approximately 600,000 temporary jobs in labor-intensive infrastructure projects such as road repairs, flood control, and community facilities; (7) accelerating deregulation and licensing reforms to simplify and expedite the process of obtaining business permits through the Online Single Submission (OSS) system; and (8) pilot projects for new economic models, aimed at testing innovative economic frameworks to boost job creation and urban development, which involve launching pilot urban hubs to support the gig economy by providing dedicated platforms, infrastructure, and services for flexible workers (e.g., ride-hailing drivers and freelancers).

Four continuation programs are designed to extend the duration or beneficiary scope of certain benefits already in place or to be delivered under the 2025 programs: (1) the extension of a 0.5% income tax rate for MSMEs, which is already in place, through 2029; (2) continued income tax relief for low-income workers in the tourism, hotel, restaurant, and café sectors; (3) continued personal income tax relief for workers in labor-intensive industries such as textiles, footwear, garments, furniture, and leather goods; and (4) extending the 50% subsidy for work accident and death insurance to farmers, traders, fishermen, construction laborers, and domestic workers.

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The five job-creation programs comprise: (1) the development of Merah Putih Village Cooperatives, which are community-owned businesses designed to support local enterprises and jobs (“Merah Putih” refers to Indonesia’s national colors); (2) the Merah Putih Fishing Village program to strengthen coastal livelihoods, facilities, and local fisheries value chains; (3) revitalization of fish and shrimp farms on the northern coast of Java to raise productivity and farmers’ incomes; (4) modernization of fishing vessels to improve safety, efficiency, and catch quality; and (5) the People’s Plantations program to support smallholder plantations, expand rural employment, and increase incomes.

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,															Six Months Ended June 30,
	2020^L			2021^L			2022^L			2023^L			2024^P			2025^P
National account and prices:
Real GDP growth (period-on-period)		(2.1	)%		3.7	%		5.3	%		5.1	%		5.0	%		5.0	%
Per capita GDP (in millions of Rupiah)		56.9			62.2			71.0			75.0			78.6			N/A
Per capita GDP (in U.S. dollars)⁽¹⁾		3,912			4,350			4,784			4,856			4,960			N/A
Inflation rate (year-on-year change in CPI)		1.7	%		1.9	%		5.5	%		2.6	%		1.6	%		2.7	%⁽²⁾
External sector:
Current account (% of GDP)		(0.4	)%		0.3	%		1.0	%		(0.1	)%		0.6	%		(0.5	)%
Fiscal account:
Budget (deficit) / surplus (% of GDP)		(6.1	)%		(4.6	)%		(2.4	)%		(1.6	)%		(2.3	)%		(0.81	)%
External debt of the central Government (in trillions of Rupiah)		2,041.0			2,077.8			2,302.7			2,346.0			2,525.1			2,583.1
Debt service ratio (% of Government revenue)		47.3	%		45.0	%		34.5	%		38.5	%		42.9	%		56.5	%

Sources: Statistics Indonesia (Badan Pusat Statistik (“BPS”)), BI 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: Rp14,556 per U.S. dollar for 2020, Rp14,309 per U.S. dollar for 2021, Rp14,848 per U.S. dollar for 2022, Rp15,439 per U.S. dollar for 2023 and Rp15,849 per U.S. dollar for 2024. 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.

⁽²⁾	As of September 2025.

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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)


	Six Months Ended June 30,
	2024^P		%		2025^P		%
	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		196,294		1.8		202,769		1.7
Non-Coal, Oil and Gas Manufacturing Industries		1,848,460		17.1		1,998,029		17.2

Total Manufacturing Industry		2,044,754		18.9		2,200,798		19.0
Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles		1,414,814		13.1		1,523,339		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		1,049,593		9.7		1,197,470		10.3
Forestry and Logging		62,778		0.6		61,763		0.5
Fishery		264,047		2.4		280,615		2.4

Total Agriculture, Forestry, and Fishery		1,376,418		12.7		1,539,848		13.3
Mining and Quarrying
Oil, Gas and Geothermal Mining		263,159		2.4		261,471		2.3
Coal and Lignite Mining		403,846		3.7		406,686		3.5
Metal Ore		165,502		1.5		195,393		1.7
Other Mining and Quarrying		147,271		1.4		156,577		1.3

Total Mining and Quarrying		979,778		9.1		1,020,126		8.8
Construction		1,074,540		9.9		1,121,063		9.7
Government Administration, Defence Compulsory Social Security		357,066		3.3		381,620		3.3
Information and Communication		472,726		4.4		512,250		4.4
Transportation and Warehousing		659,051		6.1		713,913		6.1
Financial and Insurance Service		462,835		4.3		487,873		4.2
Education Service		305,224		2.8		321,561		2.8
Other*		1,223,910		11.3		1,312,568		11.3

Gross Value Added at Basic Prices		10,371,115		95.8		11,134,957		95.9
Taxes less Subsidies on Products		454,051		4.2		477,978		4.1

Total GDP		10,825,165		100.0		11,612,936		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.

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Gross Domestic Product by Industry

(at constant 2010 prices)


	Six Months Ended June 30,
	2024^P		%		2025^P		%
	(in billions of Rupiah and percentage of GDP)
Manufacturing Industry
Coal Industry and Oil and Gas Refining		106,069		1.7		113,384		1.7
Non-Coal, Oil and Gas Manufacturing Industries		1,173,017		18.5		1,231,156		18.5

Total Manufacturing Industry		1,279,086		20.2		1,344,539		20.2
Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles		826,351		13.0		869,341		13.1
Agriculture, Forestry, and Fishery
Agriculture, Livestock, Hunting & Agriculture Services		560,704		8.8		599,291		9.0
Forestry and Logging		30,486		0.5		29,812		0.4
Fishery		139,618		2.2		142,796		2.1

Total Agriculture, Forestry, and Fishery		730,809		11.5		771,900		11.6
Mining and Quarrying
Oil, Gas and Geothermal Mining		121,933		1.9		124,064		1.9
Coal and Lignite Mining		157,195		2.5		156,377		2.3
Metal Ore		91,007		1.4		86,488		1.3
Other Mining and Quarrying		93,234		1.5		98,194		1.5

Total Mining and Quarrying		463,368		7.3		465,122		7.0
Construction		609,029		9.6		630,764		9.5
Government Administration, Defence Compulsory Social Security		212,160		3.3		222,211		3.3
Information and Communication		427,739		6.7		461,199		6.9
Transportation and Warehousing		293,894		4.6		319,623		4.8
Financial and Insurance Service		261,400		4.1		270,781		4.1
Education Service		182,657		2.9		188,424		2.8
Other*		791,459		12.5		842,830		12.7

Gross Value Added at Basic Prices		6,077,953		95.8		6,386,734		95.9
Taxes less Subsidies on Products		266,077		4.2		274,103		4.1

Total GDP		6,344,030		100.0		6,660,836		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 the first half of 2025, the manufacturing sector grew by 5.1%, compared to the first half of 2024, driven by both domestic and external demand, as well as downstreaming activities. In the first half of 2025, the food and beverage subsector, which accounted for 34.7% of the manufacturing sector, grew by 6.1%, supported by higher demand and increased rice milling activities. Growth in the manufacturing sector was also bolstered by a growth of 14.7% in base metal industry, supported by rising export demand, particularly for iron and steel products. Additionally, the footwear industry grew by 7.6% and the machinery and equipment industry grew by 9.0%, both in line with higher demand both domestically and internationally.

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Wholesale and retail trade, repair of motor vehicles and motorcycles

In the first half of 2025, the wholesale and retail trade, repair of motor vehicles and motorcycles sector grew by 5.2%, compared to the first half of 2024. This was driven by a growth of 6.4% in wholesale and retail trade of goods other than cars and motorcycles.

Agriculture, forestry and fishery

In the first half of 2025, the agriculture, forestry and fishery sector grew by 5.6%, compared to the first half of 2024. This was primarily due to a growth of 11.9% in food crops, a growth of 8.9% in animal husbandry and a growth of 3.2% in plantation crops.

Mining and Quarrying

In the first half of 2025, the mining and quarrying sector grew by 0.4%, compared to the first half of 2024. This was due to a growth of 5.3% in mining and other excavations and a growth of 1.7% in oil, gas and geothermal mining, partially offset by a decline of 5.0% in metal ore mining and a decline of 0.5% in coal and lignite 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,		As of June 30,
	2024^P		2025^P

	(in U.S. dollars per barrel)
ICP⁽¹⁾		71.2		69.3

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 the first half of 2025, the construction sector grew by 3.6%, compared to the first half of 2024.

Transportation and Warehousing

In the first half of 2025, the transportation and warehousing sector grew by 8.8%, compared to the first half of 2024. In particular, rail transportation grew by 13.1%, land transportation grew by 9.9%, warehousing and transportation support services and post and courier increased by 9.4% and sea transportation grew by 8.4%.

Information and Communication

In the first half of 2025, the information and communication sector grew by 7.8%, compared to the first half of 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.

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Financial and Insurance Service

In the first half of 2025, the financial and insurance service sector grew by 3.6%, compared to the first half of 2024. This growth was primarily due to a growth of 3.1% in financial intermediary services and a growth of 8.2% 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)


	Six Months Ended June 30,
	2024^P		%		2025^P		%

	(in billions of Rupiah and percentage of GDP)
GDP		10,825,165		100.0		11,612,936		100.0
Add: Imports of goods and services		2,129,568		19.7		2,351,035		20.2

Total supply of goods and services		12,954,733		119.7		13,963,971		120.2

Less: Exports of goods and services		2,319,435		21.4		2,584,002		22.3

Total domestic expenditure		10,635,298		98.2		11,379,969		98.0

Allocation of total domestic expenditure:
Household consumption expenditure		5,924,269		54.7		6,317,281		54.4
NPISHs consumption expenditure		149,164		1.4		159,097		1.4
Government consumption expenditure		739,217		6.8		745,525		6.4

Total consumption		6,812,650		62.9		7,221,902		62.2

Gross domestic fixed capital formation		3,076,688		28.4		3,243,147		27.9
Change in inventories (residual)⁽¹⁾		745,960		6.9		914,920		7.9

Total domestic expenditure		10,635,298		98.2		11,379,969		98.0

Source: BPS

^P	Preliminary.

⁽¹⁾	Includes statistical discrepancies.

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Gross Domestic Product by Expenditure

(at constant 2010 prices)⁽¹⁾


	Six Months Ended June 30,
	2024^p		%		2025^p		%

	(in billions of Rupiah and percentage of GDP)
GDP		6,344,030		100.0		6,660,836		100.0
Add: Imports of goods and services		1,209,895		19.1		1,306,178		19.6

Total supply of goods and services		7,553,925		119.1		7,967,015		119.6

Less: Exports of goods and services		1,463,895		23.1		1,589,385		23.9

Total domestic expenditure		6,090,030		96.0		6,377,629		95.7

Allocation of total domestic expenditure:
Household consumption expenditure		3,371,511		53.1		3,538,892		53.1
NPISHs consumption expenditure		86,157		1.4		90,808		1.4
Government consumption expenditure		418,630		6.6		415,277		6.2

Total consumption		3,876,299		61.1		4,044,977		60.7

Gross domestic fixed capital formation		1,911,820		30.1		1,998,739		30.0
Change in inventories (residual)⁽²⁾		301,911		4.8		333,913		5.0

Total domestic expenditure		6,090,030		96.0		6,377,629		95.7

Source: BPS

^P	Preliminary.

⁽¹⁾	Calculated with calendar year 2010 as the Base Year.

⁽²⁾	Includes statistical discrepancies.

Inflation

The following table shows the 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 September 30,
	2024⁽¹⁾			2025⁽¹⁾
CPI		106.8			108.7
Annual percentage year-on-year		1.6	%		2.7	%

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.

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The following table shows 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 September 30,
	2024			2025
Food, drinks, and tobacco		1.9			5.0
Clothing and Footwear		1.2			0.8
Housing, water, electricity, and household fuel		0.6			1.6
Household equipment, tools, and routine maintenance		1.0			0.3
Health		1.9			2.0
Transportation		(0.3	)		(0.2	)
Information, communication, and financial services		(0.3	)		(0.3	)
Recreation, sports, and culture		1.2			1.1
Education		1.9			1.2
Food and beverage providers/restaurant		2.5			1.8
Personal care and other services		7.0			9.6

Source: BPS

⁽¹⁾	Annual percentage year-on-year.

In September 2025, annual inflation was 2.7%, which was higher than the annual inflation of 2.3% in August 2025. This increase was primarily due to higher inflation in food, drinks, and tobacco and personal care and other services: annual inflation for these sectors were 5.0% and 9.6% in September 2025, respectively, compared to 4.0% and 8.7% in August 2025, respectively.

Income Distribution

As of March 2025, Indonesia had a Gini Index of 0.375.

The percentage of people living below the poverty line in Indonesia has exhibited a decreasing trend since the Asian financial crisis in 1998. BPS measures poverty using a basic needs approach and defines poverty as an economic inability to fulfil food and non-food basic needs, measured by consumption and expenditure. Based on this methodology, approximately 49.5 million people, or 24.2% of the population, were living below the poverty line in 1998, and this decreased to approximately 23.9 million, or 8.5% of the population, as of March 2025.

Regional Growth

In the first half of 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%.

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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


	Six Months Ended June 30,
	2024^P			2025^P
	(in millions of U.S. dollars)
Direct Investments
Equity Capital		10,601			8,689
Debt instrument		396			(743	)

Total direct investments		10,997			7,946
Portfolio investments:
Equity securities		(1,245	)		(3,758	)
Debt securities		4,701			(2,729	)

Total portfolio investments		3,456			(6,487	)
Financial derivatives		(376	)		(1,038	)
Other investments		1,891			4,617

Total foreign investment		15,968			5,038

Source: Bank Indonesia

^P	Preliminary.

Foreign Direct Investment

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

Foreign Direct Investment


	Six Months Ended June 30,
	2024^P			2025^P
	(in millions of U.S. dollars)
Equity capital⁽¹⁾		10,601			8,689
Debt instruments:
Inflow		21,875			20,652
Outflow		(21,479	)		(21,395	)
Total debt instruments		396			(743	)

Total direct investments		10,997			7,946

Memorandum
Direct investment in Indonesia⁽²⁾		11,762			7,747

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-11

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


	Six Months Ended June 30,
	2024^P			2025^P

	(in millions of U.S. dollars)
North America		527			592
USA		494			621
Canada		32			(29)
Other North America⁽²⁾		2			0
Central and South America		239			778
Argentina		0			0
Brazil		4			(1)
Mexico		1			(0)
Cayman Islands		27			37
Other Central and South America		206			743
Europe		984			(270)
European Union and United Kingdom		437			656
Austria		197			193
Belgium		191			(39)
Denmark		(3	)		0
Finland		(42	)		(10)
France		(18	)		57
Germany		42			(42)
Greece		0			0
Ireland		(18	)		1
Italy		(55	)		1
Luxembourg		5			93
Netherlands		135			374
Portugal		(0	)		(0)
Spain		3			4
Sweden		(8	)		17
United Kingdom		414			(1,004)
Other European Union		9			7
Russia		1			0
Turkey		7			3
Other Europe		124			75
Asia		10,219			6,146
Japan		1,032			296
People’s Republic of China		1,283			1,600
South Korea		553			832
India		(15	)		(1)
Hong Kong SAR		1,448			1,502
Taiwan		59			155
Saudi Arabia		2			0
ASEAN		5,915			1,739
Brunei Darussalam		0			1
Cambodia		1			1
Lao PDR		(0	)		0
Malaysia		96			(77)
Myanmar		(0	)		(0)
Philippines		7			4

E-12


	Six Months Ended June 30,
	2024^P			2025^P

	(in millions of U.S. dollars)
Singapore		5,549			1,611
Thailand		256			97
Vietnam		6			103
Other Asia		(57	)		22
Australia and Oceania		(243	)		361
Australia		(244	)		258
New Zealand		1			0
Other Australia and Oceania		0			103
Africa		1			(1)
South Africa		(0	)		(1)
Other Africa		1			0
Others		35			140

Total		11,762			7,747

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.$7.9 billion in the first half of 2025, primarily in the form of equity capital. This amount represents a 27.7% decrease from the U.S.$11.0 billion surplus recorded in the first half of 2024. The decline was primarily attributable to the sectors of (i) wholesale and retail trade, repair of motor vehicles and motorcycles, and personal and household goods; (ii) electricity, gas, and water supply; (iii) financial intermediation; (iv) health and social work; and (v) manufacturing. By country of origin, the decrease in foreign direct investment was largely driven by lower investment from Singapore and the United Kingdom.

The sectors of (i) manufacturing; (ii) wholesale and retail trade, repair of motor vehicles and motorcycles, and personal and household goods; and (iii) transportation, storage, and communication were the main contributors to net foreign direct investment inflows in the first half of 2025. By country of origin, investment from Singapore was the largest contributor to the net foreign direct investment inflows, followed by the investments from the People’s Republic of China and Hong Kong SAR.

E-13

Foreign Portfolio Investment

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

Foreign Portfolio Investments


	Six Months Ended June 30,
	2024^P			2025^P

	(in millions of U.S. dollars)
Equity securities:
Inflow		36,293			32,463
Outflow		(37,538	)		(36,221	)
Net equity securities		(1,245	)		(3,758	)
Debt securities (net)		4,701			(2,729	)

Total portfolio investments		3,456			(6,487	)

Source: Bank Indonesia

^P	Preliminary.

In the first half of 2025, foreign capital flows in the form of portfolio investments in Indonesia recorded a net outflow of U.S.$6.5 billion, compared to the net inflow of U.S.$3.5 billion in the first half of 2024. The net outflow was mainly driven by foreign capital outflow from the stock market and Bank Indonesia Rupiah Securities (Sekuritas Rupiah Bank Indonesia, “SRBI”).

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


	Six Months Ended June 30,
	2024^P			2025^P

	(in millions of U.S. dollars)
Loans
Bank sector:
Disbursements		2,138			1,711
Debt repayments		(1,131	)		(2,120	)

Total bank sector		1,007			(408)
Corporate sector:
Disbursements		7,126			7,406
Debt repayments		(7,856	)		(5,421	)

Total corporate sector		(730	)		1,985
Other (net)⁽¹⁾		1,614			3,041

Total other investments		1,891			4,617

Source: Bank Indonesia

^P	Preliminary.

E-14

⁽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 the first half of 2025, other foreign investments increased from a surplus of U.S.$1.9 billion in the first half of 2024 to a surplus of U.S.$4.6 billion. The surplus is primarily attributable to inflows from the withdrawal of currency and deposits abroad and net drawings of foreign loans by corporate and government sector.

Direct Investment Realizations

The following table sets forth the amount of realized foreign direct investment by sector of the economy for the periods indicated.

Realized Foreign Direct Investment by Sector⁽¹⁾


	Six Months Ended June 30,
	2024^P		2025^P

	(in millions of U.S. dollars)
Primary Sector
Food Crops, Plantation & Livestock		866.2		536.7
Forestry		62.3		47.3
Fishery		52.6		10.6
Mining		2,299.3		2,449.3

Total Primary Sector		3,280.3		3,043.9

Secondary sector:
Food Industry		1,274.7		1,134.3
Textile Industry		400.4		370.2
Leather Goods & Footwear Industry		337.0		803.1
Wood Industry		45.0		71.1
Paper and Printing Industry		1,817.0		1,211.9
Chemical and Pharmaceutical Industry		1,924.5		1,564.2
Rubber and Plastic Industry		424.4		678.1
Non Metallic Mineral Industry		314.0		339.7
Metal, Industry not Machinery & Electronic Industry		7,145.9		7,288.2
Medical Precision & Optical Instruments, Watches & Clock, Machinery and Electronic Industry		1,133.0		1,101.3
Motor Vehicles & Other Transport Equipment Industry		1,054.6		1,114.1
Other Industry		277.9		263.7

Total Secondary Sector		16,148.2		15,939.9

Tertiary sector:
Electricity, Gas & Water Supply		1,396.8		1,020.1
Construction		464.8		185.4
Trade & Repair		828.2		1,020.1
Hotel & Restaurant		504.6		432.2
Transportation, Storage & Communication		1,956.0		1,693.9
Housing, Ind. Estate & Office Building		1,752.2		1,382.9

E-15


	Six Months Ended June 30,
	2024^P		2025^P

	(in millions of U.S. dollars)
Other Services		1,786.0		2,192.8

Total Tertiary Sector		8,688.6		8,050.4

Total		28,117.2		27,034.2

Source: BKPM

^P	Preliminary.

⁽¹⁾

Excludes foreign investment in oil and natural gas projects, banking, non-bank financial institutions, insurance, leasing, mining in terms of contracts of work, coal mining in terms of agreement of work, investment in which licenses were issued by a technical/sectoral agency, portfolio as well as household investment.

Domestic Direct Investment

In addition to direct equity investments by foreign persons, BKPM also approves certain types of domestic direct investments. The following table sets forth the amount of realized domestic direct investment by sector of the economy for the periods indicated.

Realized Domestic Direct Investment by Sector⁽¹⁾


	Six Months Ended June 30,
	2024^P		2025^P

	(in billions of Rupiah)
Primary sector:
Food Crops, Plantation & Livestock		19,015.9		25,557.5
Forestry		27,590.9		6,070.5
Fishery		925.1		1,771.3
Mining		53,392.6		63,059.0

Total Primary Sector		100,924.5		96,458.4

Secondary sector:
Food Industry		32,977.1		35,235.4
Textile Industry		3,490.8		4,294.8
Leather Goods & Footwear Industry		606.9		967.4
Wood Industry		3,126.2		1,168.1
Paper and Printing Industry		5,314.6		8,834.9
Chemical and Pharmaceutical Industry		16,778.4		19,830.6
Rubber and Plastic Industry		3,949.9		7,068.7
Non Metallic Mineral Industry		4,782.8		5,012.6
Metal Industry not Machinery & Electronic Industry		14,984.9		17,779.5
Medical Precision & Optical Instruments, Watches & Clock, Machinery, and Electronic Industry		2,441.3		4,229.0
Motor Vehicles & Other Transport Equipment Industry		3,649.2		7,258.9

E-16


	Six Months Ended June 30,
	2024^P		2025^P

	(in billions of Rupiah)
Other Industry		2,721.9		2,579.3

Total Secondary Sector		94,824.1		114,259.2

Tertiary sector:
Electricity, Gas & Water Supply		23,857.6		21,561.5
Construction		12,808.5		20,835.9
Trade & Repair		34,963.7		51,075.1
Hotel & Restaurant		11,575.9		18,970.0
Transportation, Storage & Communication		59,866.4		83,613.8
Housing, Ind. Estate & Office Building		36,631.6		52,924.0
Other Services		32,745.4		50,625.2

Total Tertiary Sector		212,449.0		299,605.3

Total		408,197.5		510,323.0

Source: BKPM

^P	Preliminary.

⁽¹⁾

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


	Seven Months Ended July 31,
	2024^P		2025^P
	(in millions of U.S. dollars)
Exports:
Oil and gas exports (f.o.b.)		8,737		7,127
Non-oil and gas exports (f.o.b.)		137,610		151,230

Total exports (f.o.b.)		146,347		158,357
Total imports (c.i.f.)		131,880		136,626

Balance of trade		14,467		21,731

Source: Bank Indonesia

^P	Preliminary.

E-17

In the first seven months of 2025, Indonesia recorded a trade surplus of U.S.$21.7 billion, which increased by 50.2% from the U.S.$14.5 billion surplus in the same period of 2024. The higher surplus was driven by an 8.2% year-on-year increase in exports, supported by rising international commodity prices. This increase was partially offset by a 3.6% 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.


	Seven Months Ended July 31,
	2024^P		2025^P
	(in millions of U.S. dollars)
Exports:
Non-oil and gas exports		138,936		152,197
Oil and gas exports		9,323		7,965

Total exports		148,259		160,163

Imports:
Non-oil and gas imports		110,441		118,134
Oil and gas imports		21,565		18,376

Total imports		132,007		136,511

Source: BPS.

^P	Preliminary.

Revised.

E-18

Exports

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

Exports by Sector


	Seven Months Ended July 31,
	2024^P		2025^P
	(in thousands of U.S. dollars)
General merchandise		145,770,562		157,137,718
Agricultural products
Coffee bean		628,075		1,341,916
Medicinal herb, aromatic and spice plant		237,323		374,592
Bird nest		326,002		260,324
Seasonal fruit		276,139		465,840
Other non-timber forest product		310,929		343,823
Seaweed and other algae		106,454		98,308
Fresh / chilled fish		79,693		95,251
Clove		135,502		138,883
Vegetables		99,527		179,036
White pepper		58,171		79,283
Tobacco		58,945		42,135
Cocoa bean		46,929		51,418
Shrimp and prawn		49,346		76,719
Rubber latex		30,001		33,854
Crab		64,863		72,439
Other agricultural products		649,318		696,861

Total Agricultural products		3,157,218		4,350,681

Manufacturing products
Palm oils		11,243,672		15,491,854
Iron/steel		15,462,914		16,517,010
Clothing and apparel of textile fabrics		4,038,254		4,244,797
Electrical equipment		4,603,318		6,149,995
Organic chemicals derived from agricultural products		3,540,574		5,440,762
Motor vehicle, four-wheel drive and more		3,711,651		3,896,262
Sport shoes		2,218,973		2,388,471
Crumb rubber		1,458,918		1,851,719
Pulp		1,912,630		2,061,950
Jewellery and precious articles		3,670,990		5,054,777
Nickel		4,279,294		4,824,761
Copper		2,028,697		2,269,175
Other papers		1,283,505		1,248,042
Spare parts for four or more wheeled vehicles		1,380,563		1,376,458
Machines for general purposes		1,235,022		1,338,013
Tin		564,708		951,143
Soap and household cleaning agents		1,150,807		1,314,025
Other telecommunications equipment		1,442,716		1,394,820
Outer and inner tires		964,790		961,187
Wooden furniture		839,349		843,283

E-19


	Seven Months Ended July 31,
	2024^P		2025^P
	(in thousands of U.S. dollars)
Fertilizers		749,783		742,117
Computer equipment		822,329		1,023,947
Organic chemicals derived from oil		471,570		514,231
Plywood		739,948		799,869
Spun yarn		541,839		490,354
Tanks and other armoured fighting vehicles and parts of such vehicles		642,667		927,326
Televisions and television equipment		815,857		833,077
Frozen shrimp and prawn		566,686		698,329
Semiconductors and other electronic components		1,248,817		2,443,462
Margarine		1,008,581		1,456,870
Oil-cake and solid residues		1,090,736		377,887
Machines for special purposes		727,227		778,278
Artificial resin (synthetic resin) and raw materials		724,836		730,046
Other organic chemicals		694,872		853,565
Oil products⁽¹⁾		1,956,645		1,512,034
Liquefied Petroleum Gas⁽¹⁾		149		8,667
Other manufacture products		28,176,522		32,319,073

Total Manufacturing products		108,010,410		126,127,636

Mining products
Coal		17,652,124		13,820,365
Copper ore		4,878,825		2,943,800
Lignite		4,078,561		2,901,425
Other metal ore		16		—
Crude Oil⁽¹⁾		1,310,486		899,174
Natural Gas⁽¹⁾		4,649,482		4,062,773
o/w Liquefied Natural Gas		3,672,575		3,080,812
Other mining products		632,387		981,628

Total Mining products		33,201,880		25,609,165

Other merchandise⁽²⁾		1,401,054		1,050,236
Other goods⁽³⁾		576,856		1,219,064

Total Exports		146,347,417		158,356,782

Memorandum⁽⁴⁾
Non-oil & gas exports		137,610,446		151,229,861
Oil & gas exports		8,736,971		7,126,922

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-20

The table below sets forth Indonesia’s exports by destination for the periods indicated.

Exports by Destination


	Seven Months Ended July 31,
	2024^P		2025^P
	(in thousands of U.S. dollars)
America
North America
United States of America		14,332,520		17,531,549
Canada		792,610		1,007,022
Other North America		2,213		2,507

Total North America		15,127,342		18,541,078

Central and South America
Argentina		104,278		197,185
Brazil		955,589		1,320,035
Mexico		1,276,701		1,414,541
Other Central and South America		1,405,502		1,622,399
Total Central and South America		3,742,070		4,554,160

Total America		18,869,412		23,095,238

Europe
European Union
Netherlands		2,611,627		3,211,269
Belgium		801,665		1,086,823
Italy		1,344,750		1,573,598
Germany		1,317,666		1,562,207
France		512,726		634,367
Spain		1,246,733		951,605
Other European Union		1,985,934		2,120,504

Total European Union		9,821,102		11,140,374

United Kingdom		931,727		906,099
Russia		863,309		1,109,039
Turkey		1,031,435		1,049,547
Other Europe		1,212,032		2,982,076

Total Europe		13,859,604		17,187,134

Asia and Middle East
ASEAN
Brunei Darussalam		153,217		110,548
Philippines		5,846,682		6,033,279
Cambodia		503,988		504,730
PDR Laos		10,621		8,406
Malaysia		6,759,865		7,437,513
Myanmar		321,564		456,160
Singapore		5,972,956		6,962,001
Thailand		4,304,201		5,297,619
Vietnam		5,060,769		6,056,271

Total ASEAN		28,933,863		32,866,527

E-21


	Seven Months Ended July 31,
	2024^P		2025^P
	(in thousands of U.S. dollars)
Hong Kong SAR		1,581,792		1,234,043
India		12,328,459		10,872,778
Iraq		200,581		196,758
Japan		11,988,121		9,657,589
South Korea		6,174,362		5,572,815
Pakistan		1,727,491		2,158,514
People’s Republic of China		32,944,503		35,689,150
Saudi Arabia		1,349,039		1,881,040
Taiwan		3,866,138		3,277,355
Other Asia and Middle East		5,691,143		7,333,350

Total Asia and Middle East		106,785,491		110,739,919

Australia and Oceania
Australia		2,521,277		2,098,649
New Zealand		356,944		451,867
Other Australia and Oceania		310,808		328,136

Total Australia and Oceania		3,189,029		2,878,651

Africa
South Africa		411,240		574,147
Other Africa		2,062,724		3,105,087

Total Africa		2,473,964		3,679,235

Unclassified exports⁽¹⁾		1,169,917		776,605

Total (f.o.b.)		146,347,417		158,356,782

Source: Bank Indonesia

^P	Preliminary.

⁽¹⁾	Consists of goods procured in ports by carriers and merchanting goods.

E-22

Imports

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

Imports by Sector⁽¹⁾


	Seven Months Ended July 31,
	2024^P		2025^P
	(in thousands of U.S. dollars)
General Merchandise		130,088,904		133,171,498
Consumption Goods
Food and beverages, primary, mainly for household		1,581,915		1,621,644
Food and beverages, processed, mainly for household		3,949,821		2,602,696
Passenger motor cars		697,161		1,039,834
Transport equipment, nonindustrial		137,361		119,039
Durable consumer goods		1,357,153		1,343,818
Semi-durable consumer goods		2,280,403		2,583,167
Non-durable consumer goods		1,869,196		2,226,815
Fuels and lubricants, processed, oil products⁽²⁾		7,695,574		5,383,771
Goods not elsewhere specified		132,447		171,098

Total Consumption Goods		19,701,030		17,091,882

Raw materials and auxiliary goods
Food and beverages, primary, mainly for industry		4,417,109		4,402,258
Food and beverages, processed, mainly for industry		3,224,956		2,699,558
Industrial supplies, primary		4,534,992		5,092,836
Industrial supplies, processed		39,559,578		41,338,067
Parts and accessories for capital goods		13,915,957		13,815,051
Parts and accessories for transport equipment		4,804,548		5,272,873
Fuels and lubricants, primary		8,583,183		7,579,859
o/w Crude oil⁽²⁾		6,331,294		5,658,746
Fuels and lubricants, processed		7,921,867		7,606,962
o/w Oil products⁽²⁾		5,323,494		4,853,202
o/w Liquefied Petroleum Gas⁽²⁾		2,175,173		2,326,159

Total Raw materials and auxiliary goods		86,962,190		87,807,462

Capital Goods
Capital goods (except transport equipment)		19,915,965		23,310,217
Passenger motor cars		697,161		1,039,834
Other transport equipment, industrial		2,280,462		3,471,916

Total Capital Goods		22,893,587		27,821,967

Other merchandise⁽³⁾		532,096		450,187
Other goods⁽⁴⁾		1,791,386		3,454,618

Total		131,880,289		136,626,116

Source: Bank Indonesia

E-23

^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.

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

Imports by Place of Origin⁽¹⁾


	Seven Months Ended July 31,
	2024^P		2025^P
America
North America
United States of America		6,792,352		7,430,641
Canada		1,279,074		1,709,453
Other North America		80		1

Total North America		8,071,506		9,140,096

Central and South America
Argentina		868,557		668,061
Brazil		3,053,335		2,392,958
Mexico		208,650		192,199
Other Central and South America		402,005		642,161

Total Central and South America		4,532,547		3,895,379

Total America		12,604,052		13,035,474

Europe
European Union
Netherlands		476,291		482,259
Belgium		276,154		296,270
Italy		921,833		941,451
Germany		2,055,892		2,065,606
France		799,534		829,169
Spain		323,650		312,112
Other European Union		2,285,195		1,685,569

Total European Union		7,138,549		6,612,436

United Kingdom		541,583		633,302
Russia		1,244,977		1,129,576
Turkey		219,271		292,973
Other Europe		1,367,297		973,824

Total Europe		10,511,677		9,642,111

Asia and Middle East
ASEAN
Brunei Darussalam		240,719		179,723
Philippines		909,169		921,876
Cambodia		90,594		68,933
PDR Laos		39,797		47,677

E-24


	Seven Months Ended July 31,
	2024^P		2025^P
Malaysia		5,877,465		6,098,043
Myanmar		280,133		99,934
Singapore		13,215,790		11,219,406
Thailand		5,733,499		5,530,828
Vietnam		3,560,439		3,558,326

Total ASEAN		29,947,605		27,724,746

Hong Kong SAR		1,788,903		1,836,106
India		3,197,163		2,781,584
Iraq		479		74
Japan		7,949,879		8,798,903
South Korea		5,444,280		4,811,220
Pakistan		390,311		92,772
People’s Republic of China		39,471,544		47,886,091
Saudi Arabia		2,433,947		2,023,706
Taiwan		2,252,881		2,617,458
Other Asia and Middle East		3,062,901		3,142,385

Total Asia and Middle East		95,939,894		101,715,044

Australia and Oceania
Australia		5,942,433		5,217,070
New Zealand		618,140		668,492
Other Australia and Oceania		28,801		27,821

Total Australia and Oceania		6,589,373		5,913,383

Africa
South Africa		1,019,688		578,850
Other Africa		4,683,509		5,291,068

Total Africa		5,703,197		5,869,917

Unclassified imports⁽²⁾		532,096		450,187

Total		131,880,289		136,626,116

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-25

Balance of Payments

Balance of payments figures measure the relative flow of goods, services and capital into and out of a country as represented in the current account and the capital and financial account. The current account tracks a country’s trade in goods and services, as well as income and current transfer transactions. The capital and financial account covers all transactions involving capital transfers, acquisition or disposal of non-produced, non-financial assets, and financial assets and liabilities. A balance of payments surplus indicates a net inflow of foreign currencies, while a balance of payments deficit indicates a net outflow of foreign currencies.

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

Balance of Payments⁽¹⁾


	Six Months Ended June 30,
	2024^P			2025^P

Current account		(5,435	)		(3,242	)
Goods⁽²⁾		19,310			23,574
Total exports (f.o.b.)		124,262			133,924
Non-oil and gas exports		116,858			127,755
Oil and gas exports		7,404			6,169
Total imports (f.o.b.)		(104,952	)		(110,349	)
Non-oil and gas imports		(87,404	)		(95,298	)
Oil and gas imports		(17,548	)		(15,051	)
Services		(9,200	)		(10,976	)
Primary income		(18,281	)		(19,174	)
Secondary income		2,736			3,333
Capital account		13			11
Financial account		215			(5,608	)
(i) Public sector		7,579			(493	)
Portfolio investment		6,185			(1,109	)
Assets		—			—
Liabilities		6,185			(1,109	)
Other investment		1,394			616
Assets		(991	)		(2,024	)
Liabilities		2,385			2,640
Loans		2,242			603
Drawings		4,956			3,593
Repayments		(2,714	)		(2,990	)
Other liabilities		143			2,037
(ii) Private sector		(7,364	)		(5,114	)
Direct investment		7,196			5,127
Assets		(3,801	)		(2,819	)
Liabilities		10,997			7,946
Portfolio investment		(5,084	)		(5,920	)
Assets		(2,355	)		(543	)
Liabilities		(2,729	)		(5,377	)
Financial derivatives		(28	)		168
Other investment		(9,448	)		(4,489	)
Assets		(8,955	)		(6,467	)
Liabilities		(494	)		1,977

E-26


	Six Months Ended June 30,
	2024^P			2025^P

Errors and omissions		(1,320	)		1,309

Overall balance		(6,527	)		(7,530	)

Reserves and related items Memorandum		6,527			7,530

Reserve asset position⁽³⁾		140,177			152,567

Source: Bank Indonesia

^P	Preliminary.

⁽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 the first half of 2025, the current account recorded a deficit of U.S.$3.2 billion, a decrease from the U.S.$5.4 billion deficit in the first half of 2024. This improvement was primarily due to a larger surplus in the goods trade balance, supported by non-oil and gas export performance. The secondary income account surplus also increased as compared to the previous year, which also contributed to the decrease in the current account deficit.

The capital and financial account recorded a deficit of U.S.$5.6 billion in the first half of 2025, compared to the U.S.$0.2 billion surplus in the first half of 2024. This change was attributed to the capital outflows in portfolio investment, primarily from the SRBI market and the stock market. Meanwhile, direct investment continued to book a surplus, thus reflecting maintained investor confidence in the promising domestic economic outlook and solid investment climate.

As a result of the foregoing, Indonesia’s balance of payments booked a deficit of U.S.$7.5 billion in the first half of 2025, which was wider than the U.S.$6.5 billion deficit in the first half of 2024. As of June 30, 2025, official reserve assets stood at U.S.$152.6 billion, up from U.S.$140.2 billion as of June 30, 2024.

Financial System

The Banking System

As of June 30, 2025, total banking assets were Rp13,053.1 trillion, consisting of commercial bank assets of Rp12,822.7 trillion and rural bank assets (including assets of Sharia rural banks) of Rp230.4 trillion.

Islamic Financial System

As of June 30, 2025, out of the 87 underwriters licensed by OJK, 36 were involved in issuances of Sukuk; and out of the 90 investment managers licensed by OJK, there were 60 investment managers with Sharia investment management units.

As of June 30, 2025, assets of Sharia banks were Rp942.5 trillion, or 7.2% of Indonesia’s total banking assets.

E-27

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 August 31,
	2024			2025^P
	(in billions of Rupiah)
Base Money (M0)		1,774,691			1,577,502
Currency in Circulation⁽¹⁾		1,204,536			1,180,492
Commercial Banks Demand Deposits at Bank Indonesia		472,592			366,328
Private sector Demand Deposits		7,022			4,547
Bank Indonesia Certificates (“SBI”)⁽²⁾		—			—
Factors Affecting Base Money (M0)		1,774,691			1,577,502
Net Foreign Assets		2,077,811			2,091,825
Claims on Non-Residents		2,687,251			2,691,334
Liabilities to Non-Resident		609,440			599,510
Claims on Other Depository Corporations		56			56
Liquidity Credits		56			56
Other Claims		—			—
Net claims on central Government		(417,471	)		(381,029	)
Claims on central Government		77,638			69,503
Liabilities to central Government		495,109			450,532
Claims on Other Sectors		9,858			9,920
Claims on Other Financial Institutions		40			40
Claims on Private Sectors		9,818			9,880
Monetary Policy Control⁽³⁾		664,662			541,896
Other Liabilities to Commercial & Rural Banks		(73,286	)		(81,915	)
Deposits included in Broad Money (M2)		—			—
Deposits excluded from Broad Money (M2)		—			—
Shares and Other Equity		(494,934	)		(613,441	)
Net Other Items		7,996			10,191

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 the SBI used to fulfil the secondary statutory reserve requirement of banks and accounted for as a component of base money (see footnote 2)), including Syariah SBI, open market repurchase agreement, term deposit, Bank Indonesia facilities, Government bonds, SRBI, Sukuk Valuta Asing Bank Indonesia (Sekuritas Valuta Asing Bank Indonesia), and Bank Indonesia Foreign Currency Sukuk (Sukuk Valuta Asing Bank Indonesia).

Banks and Other Financial Institutions

The Indonesian financial system consists of banks and non-bank financial institutions. Non-bank financial institutions consist of, among others, insurance companies, pension funds, finance companies, venture capital companies, securities companies, mutual funds, credit guarantee companies and pawn shops.

E-28

The following table sets forth the total number of financial institutions in operation and their share of total assets of the financial system as of the date indicated.

Indonesian Financial Institutions as of June 30, 2025


	Number of institutions		Assets*		Percentage of total assets
			(in trillions of Rupiah)		(%)
Banking:
Commercial banks		105		12,822.7		98.2
Rural credit banks⁽¹⁾		1,512		230.4		1.8

Total banking		1,617		13,053.1		100.0

Insurance:
Life insurance		48		596.0		32.3
General insurance & Reinsurance		79		296.4		16.1
Social insurance⁽²⁾		2		951.6		51.6

Total insurance		129		1,844.0		100.0

Pension funds:
Financial institution pension funds		25		151.7		38.8
Employer pension funds		162		239.7		61.2

Total pension funds		187		391.4		100.0

Finance companies⁽³⁾		146		585.9		41.2
Venture capital companies		50		27.2		1.9
Securities companies⁽⁴⁾		118		87.8		6.2
Mutual funds (collective investment schemes. not institutions)		1,508		510.2		35.9
Credit guarantee companies		23		47.3		3.3
Pawn shops		197		126.1		8.9
Fintech peer to peer lending⁽⁵⁾		97		9.9		0.7
Micro financial institutions⁽⁶⁾		250		1.6		0.1
Insurance and reinsurance brokers		191		26.6		1.9

Total		2,580		1,422.6		100.0

Source: OJK

^*	Unaudited.

⁽¹⁾	Including Sharia rural banks.

⁽²⁾	Social insurance encompasses traffic and public transportation. health social security programs. worker social security programs and insurance for civil servants and the armed forces.

⁽³⁾	Finance companies provide investment financing, working capital financing, multipurpose financing, Sharia financing and other financing based on OJK approval.

⁽⁴⁾

These include 26 securities companies that are not members of a securities exchange but acting as broker-dealers and/or underwriters. Assets of securities companies for June 2025 are as declared in their semi-annual financial report or if a company’s semi-annual financing report is not yet available, its report on net adjusted working capital.

⁽⁵⁾	Fintech peer to peer lending includes Sharia.

⁽⁶⁾	Micro financial institutions include Sharia micro financial institutions.

E-29

Bank Assets and Liabilities

The following table sets forth the consolidated balance sheets of the commercial banks as of the dates indicated.

Consolidated Balance Sheet of Commercial Banks


	As of December 31,		As of June 30,
	2024^P		2025^P
Assets
Loans		7,942.9		8,167.5
Interbank Assets		275.1		339.1
Placements at Bank Indonesia		858.9		921.2
Securities (including Government Bonds)		2,222.6		2.316.0
Equity Participation		126.1		128.6
Other Claims		478.6		410.4
Others		556.8		539.9

Total Assets		12,461.0		12,822.7

Liabilities
Third Party Funds		8,837.2		9,329.0
Liabilities owed to Bank Indonesia		23.6		15.1
Interbank Liabilities		192.6		211.1
Securities		99.3		110.0
Borrowing		395.4		407.2
Other Liabilities		355.3		241.5
Guarantee Deposits		5.2		4.4
Others		699.8		666.4
Capital:
Paid in Capital		313.8		315.8
Reserves		104.9		111.7
Current Earnings/Loss		255.2		131.4
Retained Earnings/Loss		810.4		907.2
Estimates of Additional Paid in Capital		300.4		311.6
Others		67.8		60.5

Total Liabilities and Capital		12,461.0		12,822.7

Source: OJK

The following table shows the average capital adequacy ratio of the banking system as of the dates indicated:

Average Capital Adequacy Ratios


	As of December 31,		As of June 30,
	2024^P		2025^P

	(percentages)
CAR		26.8		25.9

Source: OJK.

E-30

Non-Performing Loans

The following table shows the gross NPL ratios as of the dates indicated.

Non-Performing Loans Ratios


	As of December 31,		As of June 30,
	2024^P		2025^P

	(percentages)
Gross NPL ratio*		2.1		2.2

Source: OJK.

*	Interbank loans excluded.

^P	Preliminary.

Capital Markets and Capital Markets Regulation

The following table sets forth key indicators regarding the IDX and any securities traded on the IDX as of and for the six months ended June 30, 2025.

Indonesian Stock Exchange


	IDX
Market capitalization (in trillions of Rupiah)		12,178.4
Listed shares (in billions of shares)		11,626.2
Average daily transaction value (in billions of Rupiah)⁽¹⁾		13,293.7
Average daily transaction volume (in millions of shares)⁽¹⁾		21,008.0

Source: IDX

The JII consists of the 30 largest Sharia-compliant listings by market capitalization and average liquidity in the regular market. As of June 30, 2025, the market capitalization of the JII was Rp3,673.4 trillion.

As of June 30, 2025, the ISSI comprised of 614 Sharia stocks listed on the IDX and its market capitalization was Rp7,578.2 trillion.

Monetary Policy

In September 2025, Bank Indonesia reduced the BI Rate to 4.75%, while reducing the deposit facility rate and lending facility rate to 3.75% and 5.50%, respectively.

The decision is consistent with joint efforts to stimulate economic growth by maintaining low inflation, projected in 2025 and 2026 within the 2.5±1% target corridor, while maintaining Rupiah exchange rate stability in line with economic fundamentals. Moving forward, Bank Indonesia will continue monitoring economic growth and inflation to consider further room for BI-Rate reductions based on Rupiah exchange rate stability. Therefore, Bank Indonesia will continue strengthening monetary liquidity expansion and accommodative macroprudential policy to lower interest rates, boost liquidity and revive lending and financing in pursuit of higher economic growth. Payment system policy remains oriented towards supporting economic growth by expanding the acceptance of digital payments, while strengthening the structure of the payment system industry and strengthening the resilience of payment system infrastructure.

E-31

Bank Indonesia has, therefore, strengthened its monetary, macroprudential and payment system policy mix to strengthen economic growth while maintaining stability through the following policy measures:

strengthening the pro-market monetary operations strategy to enhance the effective transmission of lower interest rates, increase liquidity, accelerate money market and foreign exchange market deepening and attract foreign capital inflows by:

managing the interest rate structure of monetary instruments and forex swaps in line with monetary liquidity expansion and to accelerate the effective transmission to lower deposit and lending rates in the banking industry,

ii.

increasing liquidity in the money market and banking industry by lowering the position of SRBI and purchasing government securities (Surat Berharga Negara (“SBN”)) in the secondary market in a measured manner, and

iii.

strengthening the function of primary dealers to increase SRBI transactions in the secondary market and repurchase agreement (“repo”) transactions between market players;

strengthening the Rupiah stabilisation strategy in line with economic fundamentals, primarily through domestic foreign exchange market intervention with a focus on spot and domestic non-deliverable forward transactions as well as intervention in offshore non-deliverable forward transactions, while also purchasing SBN in the secondary market to increase liquidity and maintain financial market stability;

strengthening the assessment of prime lending rate transparency with a focus on interest rates based on priority sectors in accordance with the scope of macroprudential liquidity incentive policy (Kebijakan Insentif Likuiditas Makroprudensial);

expanding digital acceptance by strengthening the implementation of QRIS Cross-Border and QRIS Tap. QRIS Cross-Border is an initiative to enable payments under Quick Response Code Indonesian Standard (“QRIS”) for transactions between Indonesia and other countries. QRIS Tap is an initiative to apply QRIS in contactless payments; and

Strengthening and expanding international cooperation among central banks, including payment system connectivity and local currency transactions, while promoting trade and investment in priority sectors in synergy with relevant institutions.

Bank Indonesia is also strengthening policy synergy with the Government to maintain stability and nurture economic growth in line with the Government’s Asta Cita program. In addition, Bank Indonesia will continue strengthening policy synergy with the Financial System Stability Committee (Komite Stabilitas Sistem Keuangan) to maintain financial system stability.

Money Supply

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

Money Supply


	Money
End of period	Base money		Currency		Demand deposits		Rupiah saving deposits⁽¹⁾		Total^M1⁽¹⁾		Quasi- money		Securities other than shares		Total^M2
	(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
July 2024		1,544,188		939,541		1,685,723		2,317,245		4,942,509		3,951,324		89,551		8,983,383
July 2025⁽²⁾		1,543,935		1,042,732		1,897,512		2,433,307		5,373,552		4,139,884		56,275		9,569,710

E-32

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.

⁽²⁾	Money supply data are ordinarily released approximately one month after the analytical balance sheet of Bank Indonesia.


	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
July 2024		1,868,086		757,007		6,776,884		1,373,699
July 2025⁽³⁾		2,004,123		709,770		7,250,072		1,612,576

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.

⁽³⁾	Money supply data are ordinarily released approximately one month after the analytical balance sheet of Bank Indonesia.

As of July 31, 2025, broad money grew by 6.5% (year-on-year) compared to 7.6% (year-on-year) as of July 31, 2024, due to a lower increase in quasi-money and a decrease in securities other than shares. Quasi-money grew by 4.8% (year-on-year) as of July 31, 2025 compared to 7.5% (year-on-year) as of July 31, 2024. Meanwhile, narrow money grew by 8.7% as of July 31, 2025 and by 6.3% as of July 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,												Eight Months Ended August 31,
	2023^L			2024^B			2024^L			2025^B			2025^P

	(in trillions of Rupiah)
Revenues and grants:
Domestic revenues
Tax revenues		2,154.2			2,309.9			2,231.8			2,490.9			1,330.4
Non-tax revenue		612.5			492.0			584.4			513.6			306.7
Total domestic revenues		2,766.7			2,801.9			2,816.2			3,004.5			1,637.1
Grants		17.2			0.4			34.4			0.6			1.6

Total revenues and grants		2,783.9			2,802.3			2,850.6			3,005.1			1,638.7

Expenditures:
Central government expenditures		2,239.8			2,467.5			2,496.2			2,701.4			1,388.8
Transfer to regions and rural fund		881.4			857.6			863.5			919.9			571.5

Total expenditures		3,121.2			3,325.1			3,359.8			3,621.3			1,960.3

Primary balance⁽¹⁾		102.6			(25.5	)		20.7			(63.3	)		21.9
Surplus/(deficit)		(337.3	)		(522.8	)		(509.2	)		(616.2	)		(321.6	)

E-33


	Year Ended December 31,												Eight Months Ended August 31,
	2023^L			2024^B			2024^L			2025^B			2025^P

	(in trillions of Rupiah)
Financing:
Debt Financing		404.0			648.1			558.1			775.9			463.4
Investment Financing		(89.9	)		(176.2	)		(59.3	)		(154.5	)		(40.1	)
On-Lending		4.5			(0.3	)		(0.2	)		(5.4	)		1.6
Government Guarantee		(0.3	)		(0.8	)		(1.5	)		0.0			0.0
Other Financing		38.5			52.0			57.8			0.3			0.5

Total Financing		356.7			522.8			554.9			616.2			425.4

Source: Ministry of Finance

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

⁽¹⁾	Primary balance represents revenues minus expenditures excluding interest expenditures.

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,								Eight Months Ended August 31,
	2023^L		2024^B		2024^L		2025^B		2025^P

	(in trillions of Rupiah)
Domestic revenues:
Tax revenues
Domestic tax
Income tax:
Oil and gas		68.8		76.4		65.1		62.8		8.5
Non-oil and gas		992.5		1,063.4		996.8		1,146.4		625.9

Total income tax		1,061.2		1,139.8		1,061.9		1,209.3		634.4
Value added tax (VAT)		763.6		811.4		828.4		945.1		415.7
Land and building tax		33.3		27.2		32.5		27.1		14.2
Excises		221.9		246.1		226.4		244.2		144.0
Other taxes		9.7		10.5		8.7		7.8		71.1

Total domestic taxes		2,089.7		2,235.0		2,158.0		2,433.5		1,279.5

International trade taxes:
Import duties		50.9		57.4		53.0		52.9		32.2
Export tax		13.6		17.5		20.9		4.5		18.7

Total international trade taxes		64.5		74.9		73.9		57.4		50.9

Total tax revenues		2,154.2		2,309.9		2,231.8		2,490.9		1,330.4

E-34


	Year Ended December 31,								Eight Months Ended August 31,
	2023^L		2024^B		2024^L		2025^B		2025^P

	(in trillions of Rupiah)
Non-tax revenues:
Natural resources:
Oil		87.4		80.5		78.0		89.0		57.7
Gas		28.8		29.6		32.7		32.0		7.3

Total oil and gas		116.2		110.2		110.6		121.0		65.0
General mining		129.1		85.8		107.8		87.5		70.3
Forestry		5.4		6.0		6.7		5.7		3.6
Fishery		0.6		3.5		1.0		1.6		0.6
Geothermal		2.8		2.2		2.8		2.2		1.1

Total non-oil and gas		138.0		97.5		118.3		97.0		75.6

Total natural resources		254.2		207.7		228.9		218.0		140.6

Profit transfer from SOEs		82.1		85.8		86.4		90.0		11.8	⁽¹⁾
Other non-tax revenues		180.4		115.1		164.3		127.7		91.9
Public Service Agency (BLU) Income		95.9		83.4		104.7		77.9		62.5

Total non-tax revenues		612.5		492.0		584.4		513.6		306.8

Total domestic revenues		2,766.7		2,801.9		2,816.2		3,004.5		1,637.2

Grants		17.2		0.4		34.4		0.6		1.6

Total revenues and grants		2,783.9		2,802.3		2,850.6		3,005.1		1,638.7

Source: Ministry of Finance.

^L	LKPP (Financial Report of Central Government/Audited).

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.

Sources of Government Revenues

Government revenues realization improved by 2.4% from Rp2,783.9 trillion in 2023 to Rp2,850.6 trillion in 2024, representing 101.7% of the 2024 budget Government revenues. In 2024, tax revenues realization was Rp2,231.8 trillion or an increase of 3.6% from Rp2,154.2 trillion in 2023, and non-tax revenues realization was Rp584.4 trillion or a decrease of 4.6% from Rp612.5 trillion in 2023, representing 96.6% and 118.8% of the 2024 budget figures, respectively.

Government revenues realization decreased by 7.8% from Rp1,777.3 trillion in the first eight months of 2024 to Rp1,638.7 trillion in the first eight months of 2025, representing 54.5% of the 2025 budget Government revenues target. In the first eight months of 2025, tax revenues realization was Rp1,330.4 trillion or a decrease of 3.6% from Rp1,379.8 trillion in the first eight months of 2024, and non-tax revenues realization was Rp306.7 trillion or a decrease of 20.1% from Rp384.1 trillion in the first eight months of 2024, representing 53.4% and 59.7% of the 2025 budget figures, respectively. The decrease in non-tax revenues was driven by lower ICP, fluctuations in oil and gas lifting, and a drop in coal production compared to the prior period. Additionally, following the creation of BPI Danantara, profit from SOEs is now being transferred to BPI Danantara rather than the Government.

E-35

Government Expenditures

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

Government Expenditures


	Year ended December 31								Eight Months Ended August 31,
	2023^L		2024^B		2024^P		2025^B		2025^P

	(in trillions of Rupiah)
Central Government expenditures:
Personnel expenditures		412.7		484.4		464.9		521.5		351.9
Good and services expenditures		432.7		407.0		523.4		486.9		232.5
Capital expenditures		303.0		247.5		355.5		234.1		139.9
Interest payments:
Domestic debt		409.3		456.8		445.9		497.6		314.7
Foreign debt		30.6		40.5		42.5		55.2		28.9
Total interest payments		439.9		497.3		488.4		552.9		343.6
Subsidies:
Energy subsidies		164.3		189.1		177.6		203.4		108.0
Non-energy subsidies		105.3		96.9		115.1		104.5		41.4
Total subsidies		269.6		286.0		292.7		307.9		149.4
Grant expenditures		0.2		0.0		0.3		0.2		0.1
Social assistance⁽¹⁾		156.9		157.3		154.9		140.1		101.1
Other expenditures		225.0		388.0		216.1		458.0		70.3

Total central Government expenditures		2,239.8		2,467.5		2,496.2		2,701.4		1,388.8

Transfers to Regions and Rural Fund
Transfer to Regions
Balanced funds:
General transfer funds:
Revenue sharing funds		205.7		143.1		153.2		192.3		108.1
General allocation funds		398.0		427.7		429.2		446.6		303.3
Total general transfer funds		603.7		570.8		582.4		638.9		411.4
Specific allocation funds:
Physical special allocation fund		50.3		53.8		50.9		37.0		4.6
Non-physical special allocation fund		128.1		133.8		130.4		146.7		94.1
Grants to Regions⁽²⁾		2.9		0.5		2.2		1.6		0.1
Total specific allocation funds		181.4		188.1		183.5		185.2		98.8
Total balanced funds		785.0		758.9		765.9		824.2		510.2
Regional incentive fund		—		—		—		—		—
Specific autonomy funds⁽³⁾		17.2		18.3		18.3		17.5		6.9
Specific Fund for Special Region of Yogyakarta		1.4		1.4		1.4		1.2		0.8
Fiscal Incentives⁽⁴⁾		7.9		8.0		7.0		71.0		2.5
Total Transfer to Regions		811.5		786.6		863.5		913.9		571.5

E-36

Year ended December 31

Eight Months Ended
August 31,

2023^L

2024^B

2024^P

2025^B

2025^P

(in trillions of Rupiah)

Rural Fund

69.9

71.0

70.9

6.0

51.2

Total transfers to regions and Rural Fund

881.4

857.6

934.4

919.9

622.7

Total Government expenditures

3,121.2

3,325.1

3,359.8

3,621.3

1,960.3

Source: Ministry of Finance.

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

⁽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.

⁽⁴⁾	In periods prior to 2023, this item was presented as “regional incentive fund.”

Government Expenditures

Total Government expenditures in 2024 reached Rp3,359.8 trillion or an increase of 7.6% from Rp3,121.2 trillion in 2023, representing 101.0% of the 2024 budget Government expenditures. This was primarily driven by the realization of central government expenditures which increased by 11.4% from Rp2,239.8 trillion to Rp2,496.2 trillion, representing 101.2% of the 2024 budget figure, partially offset by the decrease of 2.0% in transfer to regions and rural fund from Rp881.4 trillion to Rp863.5 trillion, representing 100.7% of the 2024 budget figure.

Total Government expenditures in the first eight months of 2025 reached Rp1,960.3 trillion or an increase of 1.5% from Rp1,930.3 trillion in the first eight months of 2024, representing 54.1% of the 2025 budget Government expenditures. In the first eight months of 2025, central Government expenditures were Rp1,388.8 trillion or an increase of 1.5% from Rp1,368.6 trillion in the first eight months of 2024, representing 51.4% of the 2025 budget figure. In the first eight months of 2025, transfer to regions and rural funds reached Rp571.5 trillion or an increase of 1.7% from Rp562.1 trillion in the first eight months of 2024, representing 62.1% of the 2025 budget figure.

Fuel Prices and Subsidies

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

Year ended December 31

Eight Months Ended
August 31,

2023^L

2024^B

2024^P

2025^B

2025^P

(in trillions of Rupiah)

Subsidies:

Energy subsidies

164.3

189.1

177.6

203.4

108.0

Non-energy subsidies

105.3

96.9

115.1

104.5

41.4

Total subsidies

269.6

286.0

292.7

307.9

149.4

Source: Ministry of Finance.

^L	LKPP (Financial Report of Central Government/Audited).

E-37

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								Eight Months Ended August 31,
	2023^L		2024^B		2024^P		2025^B		2025^P

	(Percentages)
General public services		36.2		34.8		35.9		31.2		31.6
Defense		7.7		5.5		7.6		6.1		10.1
Public order and safety		8.6		7.7		9.2		7.7		9.6
Economic affairs		21.7		26.0		21.9		29.5		20.9
Environmental protection		0.6		0.6		0.6		0.4		0.3
Housing and community amenities		1.7		1.5		1.9		0.6		0.5
Health		4.4		4.0		4.0		3.8		4.2
Tourism and culture		0.2		0.1		0.2		0.1		0.1
Religion		0.5		0.5		0.5		0.5		0.6
Education		7.7		9.0		7.9		10.1		8.0
Social protection		10.8		10.3		10.3		10.0		14.1

Total		100.0		100.0		100.0		100.0		100.0

Source: Ministry of Finance.

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

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


	Year ended December 31								Eight Months Ended August 31,
	2023^L		2024^B		2024^P		2025^B		2025^P

	(in trillions of Rupiah)
Education		503.8		665.0		569.1		724.3		346.9
Infrastructure		389.3		423.4		395.1		399.3		N/A
Energy Subsidy		164.3		189.1		177.6		203.4		108.0
Health		183.2		187.5		194.4		218.5		114.3

Source: Ministry of Finance.

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

E-38

Deficit Financing

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

Deficit Financing


	Year ended December 31												Eight Months Ended August 31,
	2023^L			2024^B			2024^P			2025^B			2025^P

	(in trillions of Rupiah)
Debt financing
Government securities (net)		308.2			666.4			450.7			642.6			431.3
Loans
Domestic loans (net)		14.6			(0.6	)		15.0			5.2			(0.1	)
Foreign loans:
Gross drawings:
Program loan		83.0			30.0			60.0			80.0			34.4
Project loan		79.7			37.8			119.7			136.5			59.8
Total gross drawing		162.7			67.8			179.8			216.5			94.2
Amortization		(81.5	)		(85.5	)		(87.5	)		(88.4	)		(61.8	)
Total foreign loan (net)		81.2			(17.7	)		92.3			128.1			32.4
Total loans (net)		95.8			(18.4	)		107.3			133.3			32.4

Total debt financing		404.0			648.1			558.1			775.9			463.7

Investment financing
Investment to SOEs		(42.1	)		(30.7	)		(35.2	)		(22.7	)		—
Investment to other institutions		—			(10.0	)		(5.0	)		—			—
Investment to public service agencies		(52.5	)		(41.2	)		(23.1	)		(36.8	)		—
Investment in financial organizations/institutions		(1.6	)		(1.9	)		(2.0	)		(1.8	)		(1.9	)
Revenue of investment		26.8			—			22.9			—			2.7
Government’s Investments		(20.5	)		(13.7	)		(17.0	)		(18.8	)		(40.9	)
Others investment financing		—			(65.7	)		—			(55.0	)		—
Investment financing reserves		—			(13.0	)		—			(19.4	)		—

Total investment financing		(89.9	)		(176.2	)		(59.3	)		(154.5	)		(40.1	)

Lending		4.5			(0.3	)		(0.2	)		(5.4	)		1.5
Government guarantee		(0.3	)		(0.8	)		(1.5	)		—			—
Other financing		38.5			52.0			57.8			0.3			0.5

Total financing (net)		356.7			522.8			554.9			616.2			425.7

Source: Ministry of Finance.

^L	LKPP (Financial Report of Central Government/Audited).

Budget.

^P	Preliminary.

E-39

Government Revenues

The following table sets forth the revenues of the Government as (i) audited 2023 revenue as a percentage of the 2023 GDP at current prices and (ii) audited 2024 revenue as a percentage of the preliminary 2024 GDP at current prices, respectively.

Government Revenues


	2023 LKPP Audited		2024 LKPP Audited
	(percentage of 2023 GDP)		(percentage of 2024 GDP)
Total revenues and grants (in trillions of Rupiah)		2,783.9		2,850.6
Domestic revenue:
Tax revenues:
Domestic tax
Income tax:
Oil and gas		0.33		0.29
Non-oil and gas		4.75		4.50

Total income tax		5.08		4.80
Value added tax (VAT)		3.65		3.74
Land and building tax		0.16		0.15
Excises		1.06		1.02
Other taxes		0.05		0.04

Total domestic taxes		10.00		9.75
International trade taxes:
Import duties		0.24		0.24
Export tax		0.07		0.09

Total international trade taxes		0.31		0.33

Total tax revenue		10.31		10.08

Non-tax revenues:
Natural resources:
Oil		0.42		0.35
Gas		0.14		0.15

Total oil and gas		0.56		0.50
General Mining		0.62		0.49
Forestry		0.03		0.03
Fishery		0.00		0.00
Geothermal		0.01		0.01

Total non-oil and gas		0.66		0.53

Total natural resources		1.22		1.03

Profit transfer from SOEs		0.39		0.39
Other non-tax revenues		0.86		0.74
Public Service Agency (BLU) Income		0.46		0.47

Total non-tax revenues		2.93		2.64

Total domestic revenues		13.24		12.72
Grants		0.08		0.16

Total Revenues and Grants		13.32		12.88

Source: Ministry of Finance

E-40

Government Expenditures

The following table sets forth the expenditures of the Government as (i) audited 2023 expenditures as a percentage of the 2023 GDP at current prices and (ii) audited 2024 expenditure as a percentage of the preliminary 2024 GDP at current prices, respectively.

Government Expenditure


	2023 LKPP Audited		2024 LKPP Audited
	(percentages of 2023 GDP)		(percentages of 2024 GDP)
Total expenditures (in trillions of Rupiah)		3,121.2		3,359.8
Central Government expenditures:
Personnel expenditures		1.98		2.10
Good and services expenditures		2.07		2.36
Capital expenditures		1.45		1.61
Interest payments:
Domestic debt		1.96		2.01
Foreign debt		0.15		0.19
Total interest payments		2.11		2.21
Subsidies:
Energy subsidies		0.79		0.80
Non-energy subsidies		0.50		0.52
Total subsidies		1.29		1.32
Grant expenditures		0.00		0.00
Social assistance⁽¹⁾		0.75		0.70
Other expenditures		1.08		0.98

Total central Government expenditures		10.72		11.28

Transfers to Regions and Rural Fund:
Transfer to Regions
Balance funds:
General transfer funds:
Revenue sharing funds		0.98		0.69
General allocation funds		1.91		1.94

Total general transfer funds		2.89		2.63
Specific allocation funds:
Physical special allocation fund		0.24		0.23
Non-physical special allocation fund		0.61		0.59
Grants to region		0.01		0.01

Total specific allocation funds		0.87		0.83

Total balanced funds		3.76		3.46
Specific autonomy funds⁽²⁾		0.08		0.08
Specific Fund for Special Region of Yogyakarta		0.01		0.01
Fiscal Incentive⁽³⁾		0.03		0.03

Total transfer to Regions		3.88		3.90
Rural Fund		0.33		0.32

Total transfer to regions and rural fund		4.22		4.22

Total Government expenditures		14.94		15.18

E-41

Source: Ministry of Finance

⁽¹⁾	Consists of Social Assistance from Ministries/Agencies Spending and Social Assistance for Disaster Relief.

⁽²⁾	Consists of specific autonomy fund and additional specific infrastructure autonomy fund for Papua and West Papua Provinces.

⁽³⁾	It is the regional incentive fund before 2023.

Government Deficit Financing

The following table sets forth the deficit financing of the Government, by amount and (i) audited 2023 deficit financing as a percentage of the 2023 GDP at current prices and (ii) audited 2024 deficit financing as a percentage of the preliminary 2024 GDP at current prices, respectively.

Government Deficit Financing


	2023 LKPP Audited			2024 LKPP Audited
	(percentages of 2023 GDP)			(percentages of 2024 GDP)
Total financing (net) (in trillions of Rupiah)		356.7			554.9
Debt financing
Government securities (net)		1.48			2.04
Loans
Domestic loans (net)		0.07			0.07
Foreign loans:
Gross drawings:
Program loan		0.40			0.27
Project loan		0.38			0.54

Total gross drawing		0.78			0.81
Amortization		(0.39	)		(0.40	)

Total foreign loan (net)		0.39			0.42
Total loans (net)		0.46			0.48

Total debt financing		1.93			2.52

Investment financing
Investment to SOEs		(0.20	)		(0.16	)
Investment to other institutions		(0.00	)		(0.02	)
Investment to public service agencies		(0.25	)		(0.10	)
Investment in financial organizations/institutions		(0.01	)		(0.01	)
Revenue of investment		0.13			0.10
Government’s investments		(0.10	)		(0.08	)
Others investment financing		—			—
Investment financing reserves		—			—

Total investment financing		(0.43	)		(0.27	)

Lending		0.02			(0.00	)
Government guarantee		(0.00	)		(0.01	)
Other financing		0.18			0.26

Total financing (net)		1.71			2.51

Source: Ministry of Finance

E-42

Public Debt

As of June 30, 2025, the central Government’s foreign debt-to-GDP ratio was 12.0%, with a foreign debt to total debt ratio of 28.7%.

External Public Debt of the Republic

External public debt of the Republic consists of central Government debt (other than public domestic debt) and debt of Bank Indonesia owed to creditors outside Indonesia. The discussion below treats the external debt of Bank Indonesia as part of the Republic’s external debt. However, SBI and SRBI, which are issued by Bank Indonesia in its role as formulator and implementer of the Republic’s monetary policy, are not considered liabilities of the Republic. Accordingly, SBI and SRBI are not reflected in the Government debt discussions herein. See “Financial System — Bank Indonesia.” The discussion of debt of the Republic in this section differs from the discussion of “Government debt” elsewhere in this report, in which Bank Indonesia debt is excluded and only central Government debt, which depends on Government revenue for its repayment, is included. See “Government Budget — Government Finances.”

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,			As of August 31,
	2024^P			2025^P

	(in billions of U.S. dollars)
Concessional Loans:
Multilateral creditors		37.0			39.3
Bilateral creditors		16.6			17.3
Commercial⁽²⁾		102.7			106.4

Total		156.3			163.0

Total external public debt of the Republic, as a percentage of GDP for the period indicated⁽³⁾		11.4	%		12.0	%

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.

As of August 31, 2025, 65.2% and 34.8% 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 August 31, 2025 was U.S.$163.0 billion.

E-43

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,		As of August 31,
	2024^P		2025^P

	(in billions of U.S. dollars)
Bilateral loans		16,627		17,327
Multilateral loans:
International Monetary Fund		—		—
World Bank Group		21,247		21,008
Asian Development Bank		11,183		11,520
Islamic Development Bank		1,361		1,336
Nordic Investment Bank		5		5
European Investment Bank		—		—
International Fund for Agricultural Development		289		289
Asian Infrastructure Investment Bank		2,918		2,915
Multilateral Investment Guarantee Agency		—		—

Total multilateral loans		37,003		37,074

Total loans		53,630		54,401

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,				As of August 31,
	2024^P				2025^P
	(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		111,511		111,511		109,943		109,943
Japanese yen		2,605,730		17,133		2,272,580		15,459
Euros		22,052		26,026		27,783		32,441
SDR		314		241		118		161
British pounds		—		—		—		—
Others		Multiple Currencies		1,374		Multiple Currencies		4,972

Total		N/A		156,285		N/A		162,977

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-44

As of August 31, 2025, 67.5%, 9.5%, 19.9% and 3.1% of the external public debt of the Republic was denominated in U.S. dollars, Japanese Yen, Euros and other currencies (including 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)
2023^R		11.8		5.6		17.5
2024^R		11.8		6.4		18.2
2025^*		14.3		6.4		20.8
2026^**		13.6		6.1		19.7
2027^**		16.5		5.6		22.1

Source: Ministry of Finance

^R	Realization.

*	Calculated based on (i) actual principal and interest payments made from January 1, 2025 to August 31, 2025 and (ii) projected principal and interest payments to be made from September 1, 2025 to December 31, 2025 based on external debt outstanding as of August 31, 2025.

**	Projected based on external debt outstanding as of August 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 July 31,
	2024^P		2025^P

	(in millions of U.S. dollars)
Multilateral		8,393		8,761
Commercial⁽²⁾		—		—

Total		8,393		8,761

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 July 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-45

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^P		0.0		174		174
2024^P		0.0		196		196
2025^*		0.0		272		272

Source: Bank Indonesia.

^P	Preliminary

*	Calculated based on (i) actual principal and interest payments made from January 1, 2025 to July 31, 2025 and (ii) projected principal and interest payments to be made from August 1, 2025 to December 31, 2025 based on external debt outstanding as of July 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 and, for 2025, as of July 31, 2025.

In order to strengthen its international reserves and support its balance of payments, the Republic has entered into a swap arrangement with ASEAN as well as bilateral swap arrangements with other countries. See “— Foreign Exchange and Reserves — Regional Swap Arrangements of the Republic” in Exhibit 99.D to the Republic’s annual report on Form 18-K for the fiscal year ended December 31, 2024.

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 July 31,
	2024^P		2025^P

	(in millions of U.S. dollars)
Financial institutions:
Bank		7,326		6,902
Non-bank		1,271		1,244
Total financial institutions		8,596		8,146
Non-financial institutions		35,788		34,505

Total		44,384		42,651

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.

For a discussion of the Republic’s guarantee of certain external debt in connection with infrastructure projects in the country, see “— Public Debt — Contingent Liabilities from Government Guarantees.”

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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,		As of August 31,
	2024^P		2025^P

	(in trillions of Rupiah)
Total domestic public debt⁽¹⁾		6,278.8		6,650.5

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)
2023^R		444.5		354.5		799.0
2024^R		531.6		387.7		919.3
2025*		664.1		406.8		1,070.9
2026*		719.6		403.9		1,123.5
2027**		676.7		362.0		1,038.7

Source: Ministry of Finance

^R	Realization.

*	Calculated based on (i) actual principal and interest payments made from January 1, 2025 to August 31, 2025 and (ii) projected principal and interest payments to be made from July 1, 2025 to December 31, 2025 based on external debt outstanding as of August 31, 2025.

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

Contingent Liabilities from Government Guarantees

As of August 31, 2025, the Government had provided infrastructure guarantees of Rp379.7 trillion, an increase from active guarantees of Rp372.2 trillion as of December 31, 2024.

As of August 31, 2025, the Government had accumulated Rp13.7 trillion in the guarantee reserve fund account.

The guarantee that the Government provided to infrastructure projects included:

•

full default risk guarantees relating to the PT PLN loans for the construction of coal power plants with a total capacity of 10,000 MW and the associated transmission lines under the ‘Fast Track I’ program. The outstanding guarantee for this program amounted to Rp0.2 trillion;

•

business viability guarantees for independent power producers, ensuring PT PLN’s ability to fulfill its financial obligations under power purchase agreements related to the ‘Fast Track II’ program. The guarantee for this program amounted to Rp65.2 trillion;

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•

full default risk guarantees relating to the PT PLN loans for the construction of electricity infrastructure, together with business viability guarantees, under a 35 GW program. The outstanding guarantee for this program amounted to Rp92.0 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. The outstanding guarantee for this program amounted to Rp53.1 trillion;

•

partial default risk guarantees for loans to local government-owned water companies in connection with the Millennium Development Goals in water provision. The outstanding guarantee 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 toll road sections (e.g., Jakarta Cikampek II Elevated, Cileunyi — Sumedang — Dawunan, Krian — Legundi — Bunder — Manyar, Serang — Panimbang, Probolinggo — Banyuwangi, and Jakarta Cikampek II Selatan). The guarantee for this program amounted to Rp110.5 trillion;

•

full default risk guarantees relating to PT Hutama Karya’s loans and bonds for the construction of Sumatera Toll Roads. The outstanding guarantee for this program amounted to Rp26.3 trillion;

•

full default risk guarantees relating to PT Kereta Api Indonesia’s loans for the construction of rail transport projects. The outstanding guarantees for this program amounted to Rp22.6 trillion;

•

guarantee for local infrastructure financing through PT SMI. The outstanding guarantees for this program amounted to Rp0.3 trillion; and

•

full default risk guarantees relating to PT Kereta Api Indonesia’s loans for the construction of the Jakarta-Bandung high-speed rail. The outstanding guarantees for this program amounted to Rp8.8 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.


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

2020		14,050		14,525
2021		14,253		14,296
2022		15,568		14,873
2023		15,397		15,247
2024		16,095		15,841
January 2025		16,300		16,256
February 2025		16,580		16,342
March 2025		16,560		16,587
April 2025		16,600		16,813
May 2025		16,290		16,409
June 2025		16,235		16,297
July 2025		16,455		16,278
August 2025		16,490		16,305
September 2025		16,665		16,517

Source: Bank Indonesia

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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 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 August 31,
	2024			2025

	(in millions of U.S. dollars, except for months)
Gold		6,602			8,819
SDRs		7,236			7,594
Reserve position with the IMF		1,034			1,086
Foreign exchange and others		140,848			132,345

Total		155,719			150,709

Total as number of months of imports and Government external debt repayments		6.5	^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 August 31, 2025, official international reserves position was U.S.$150.7 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 September 30, 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,			As of June 30,
	2024^P			2025^P
	(percentages, unless indicated otherwise)
Debt-to-GDP ratio		39.8			39.9
Debt service to GDP ratio		5.5	⁽¹⁾		3.0	⁽²⁾
Total public debt of the central Government (in billions of U.S.$) ⁽³⁾		545.5			563.0
—% in Loans		12.3			12.7
—% in Bonds		87.7			87.3

Source: Ministry of Finance, Bank Indonesia.

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^L	LKPP (Financial Report of Central Government/Audited).

^P	Preliminary.

⁽¹⁾	Calculated as debt service for 2024 divided by 2024 GDP at current prices.

⁽²⁾	Calculated as debt service for the six months to June 30, 2025, divided by GDP at current prices for the twelve months to June 30, 2025 (comprising the second half of 2024 and the first half of 2025), as reported by BPS.

⁽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 June 30, 2025, the central Government’s debt-to-GDP ratio was 39.9%, with U.S.$563.0 billion of total public debt of the central Government, of which 12.7% was in loans and 87.3% was in bonds.

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