Indonesia's State Savings Fund Shrinks 4.2% in 2025

Indonesia's State Savings Fund (SAL) fell by 19.28 trillion rupiah in 2025, decreasing from 457.54 trillion to 438.26 trillion rupiah – a 4.21% drop compared with the previous year. The main driver was a sharp rise in the use of SAL to finance the 2025 budget deficit, with financing receipts climbing to 93.15 trillion rupiah, 65.2% higher than 2024's 56.38 trillion. A smaller increase in the Year‑End Surplus Financing (SiLPA) and a reduction in accounting corrections also contributed to the deeper depletion.

The audit report noted that larger SAL withdrawals were only partially offset by higher SiLPA, which rose from 45.73 trillion to 72.40 trillion rupiah. Reduced accounting adjustments, which fell from 9.29 trillion to 2.13 trillion rupiah, further limited the fund's replenishment. The shrinkage highlights the growing reliance on SAL to bridge fiscal gaps, raising concerns about the sustainability of Indonesia's public finances.