- The SBN market continues to record net foreign selling despite returning inflows into the equities market, indicating foreign concerns over Indonesia’s fiscal position.
- Indonesia’s interest payments as a share of total revenue are expected to reach a record high in 2025, underscoring fiscal risks despite a stable debt-to-GDP ratio.
- However, the now-lower share of foreign investors in the SBN market means the government mostly pays interest domestically, making the fiscal position more defensible.
