RRI.CO.ID, Jakarta - Indonesia’s 2026 state budget financing realization remains well maintained and within a controlled range. This was conveyed by Vice Minister of Finance, Juda Agung, during the APBN Kita press conference in Jakarta on Wednesday, March 11, 2026.

“Financing strategies are carried out in an anticipatory manner to ensure adequate cash availability while maintaining flexibility to respond to ongoing market dynamics,” Juda said.

As of February 28, 2026, budget financing realization reached Rp164.2 trillion, or about 23.5 percent of the target set in the state budget (APBN). The figure consists of Rp185.3 trillion in debt financing and negative non-debt financing of Rp21.1 trillion.

Most debt financing continues to be supported by funding from the Government Securities (SBN) market, with investor interest remaining strong. This is reflected in the bid-to-cover ratio for Government Bonds (SUN), which stayed above two times. Meanwhile, the ratio for Sharia Government Securities (SBSN) reached 3.1 times, higher than the same period last year.

“This also shows that investor interest and confidence in Indonesia’s economic fundamentals remain solid amid global financial market uncertainties,” Juda conveyed.

Foreign investor demand for SBN also remained strong. The bid-to-cover ratio from foreign investors for SUN stood at 2.4 times, while for SBSN it reached 2.8 times, both higher than last year.

The government also issued SBN in the global market last February through bonds denominated in two currencies: renminbi (CNH) and euro.

On the other hand, developments in the SBN market continue to be influenced by volatile global dynamics. Year-to-date, SBN yields have increased by around 55 basis points, contributing to a widening spread between SBN yields and US Treasury yields.

As of March 6, 2026, the 10-year SBN spread against US Treasury stood at around 243 basis points, reflecting adjustments to global market conditions.

“Indonesia’s spread level remains competitive. The government, together with Bank Indonesia, the Financial Services Authority, and related institutions, will continue monitoring developments to ensure the stability of the domestic financial market,” Juda concluded.