<![CDATA[Pandemi COVID-19 yang melanda sejak awal tahun 2020 telah memicu guncangan ekonomi global, tidak terkecuali Indonesia. Untuk menanggulangi krisis multidimensi ini, pemerintah Indonesia secara signifikan meningkatkan penarikan utang luar negeri. Penelitian ini bertujuan untuk menganalisis secara mendalam dinamika kebijakan utang luar negeri yang ditempuh Indonesia sepanjang periode COVID-19 (2020-2022) dan implikasinya terhadap pertumbuhan ekonomi nasional. Dengan pendekatan kualitatif studi kasus, data dikumpulkan melalui wawancara mendalam dengan pejabat kunci Kementerian Keuangan, Bank Indonesia (Bank Indonesia, berbagai tahun), dan akademisi, serta analisis komprehensif terhadap dokumen-dokumen resmi seperti Laporan APBN, Nota Keuangan, dan publikasi lembaga multilateral. Temuan penelitian menunjukkan bahwa peningkatan utang luar negeri berperan krusial dalam menopang pengeluaran fiskal darurat, menstabilkan perekonomian, dan memitigasi dampak pandemi. Namun, di sisi lain, hal ini juga memunculkan tantangan terkait keberlanjutan fiskal dan potensi risiko dalam jangka menengah. Analisis ini diharapkan dapat memberikan pemahaman komprehensif mengenai kompleksitas pengelolaan utang di masa krisis serta merumuskan rekomendasi kebijakan untuk pemulihan ekonomi yang berkelanjutan.Kata Kunci: Utang Luar Negeri, COVID-19, Pertumbuhan Ekonomi, Kebijakan Fiskal The COVID-19 pandemic that has struck since early 2020 has triggered a global economic shock, including Indonesia. To address this multidimensional crisis, the Indonesian government significantly increased the borrowing of foreign debt. This study aims to deeply analyze the dynamics of Indonesia's foreign debt policy during the COVID-19 period (2020-2022) and its implications for national economic growth. With a qualitative case study approach, data were collected through in-depth interviews with key officials from the Ministry of Finance, Bank Indonesia (Bank Indonesia, various years), and academics, as well as comprehensive analysis of official documents such as the State Budget Report, Financial Notes, and publications from multilateral institutions. The research findings indicate that the increase in foreign debt plays a crucial role in supporting emergency fiscal expenditures, stabilizing the economy, and mitigating the impact of the pandemic. However, on the other hand, this also raises challenges related to fiscal sustainability and potential risks in the medium term. This analysis is expected to provide a comprehensive understanding of the complexities of debt management during a crisis and to formulate policy recommendations for sustainable economic recovery.Keywords: Foreign Debt, COVID-19, Economic Growth, Fiscal Policy]]>
