<![CDATA[Purpose: This study examines how Indonesia’s budget-deficit financing and government-debt structure relate to fiscal-space risks and long-term fiscal sustainability. Research Design and Methodology: A qualitative descriptive-analytical design was applied to documentary evidence identified in the study, including the State Finance Law, Financial Notes and Draft State Budget documents, Central Government Financial Reports, Indonesian External Debt Statistics, and publications of relevant public institutions, supported by scholarly literature. Documents were compared thematically around deficit management, debt instruments, fiscal risks, and governance responses. Findings and Discussion: The qualitative document-based design does not estimate causal effects or a formal debt-sustainability path. Policy implications emphasize revenue strengthening, expenditure efficiency, prudent portfolio management, and transparent allocation of borrowing to productivity-enhancing uses. Implications: The study integrates debt composition, fiscal-space constraints, and governance into a single policy-oriented interpretation of Indonesian fiscal sustainability.]]>
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