Minister of Finance Purbaya Yudhi Sadewa and the House of Representatives (DPR) have approved the disbursement of the 2025 State Capital Injection (PMN), with a total value of IDR 14.41 trillion. The PMN will be allocated to several state-owned enterprises (BUMN) and institutions. 

“State capital injections in 2025 are directed toward carrying out government assignments,” said Chairman of DPR Commission XI, Mukhamad Misbakhun, during a working meeting with the Ministry of Finance on December 8th. 

The approved PMN consists of both cash and non-cash allocations in the 2025 State Budget for several BUMN and the Land Bank Agency (Badan Bank Tanah). Based on the conclusions of the meeting, Commission XI of the DPR agreed to disburse cash PMN to: 

1. PT Kereta Api Indonesia (Persero) (KAI): IDR 1.8 trillion 

2. PT Industri Kereta Api (Inka): IDR 473 billion 

3. PT Pelayaran Nasional Indonesia (Persero) (Pelni): IDR 2.5 trillion 

4. PT Sarana Multigriya Finansial (SMF): IDR 6.684 trillion 

This PMN is directed toward the procurement of trainsets and the retrofit of KRL Jabodetabek units for KAI, strengthening national railway manufacturing capacity for INKA, and modernizing passenger vessels for Pelni. For SMF, the funds will support housing financing to advance the government’s program of 3 million homes for low-income households (MBR). 

The government also approved the disbursement of non-cash PMN to the Land Bank Agency in the form of state-owned assets (BMN) consisting of land from the Ministry of Agrarian Affairs and Spatial Planning/National Land Agency (ATR/BPN) and assets formerly owned by BPPN under the Ministry of Finance. The fair value of this PMN is IDR 2.957 trillion. 

Support for the Land Bank is focused on strengthening operational capacity, particularly in providing land for national priority programs. It also aims to accelerate the reduction of the housing ownership backlog for low-income communities. 

Misbakhun stated that with the PMN, KAI is expected to improve services and modernize KRL facilities through production by PT INKA, while also strengthening its capital structure in fulfilling Public Service Obligation (PSO) tasks. PT INKA is tasked with strengthening national railway manufacturing capacity and increasing the domestic content level (TKDN). Meanwhile, PT Pelni is expected to improve maritime transport safety and service quality through the procurement of three new passenger vessels. 

In the housing sector, PT SMF is tasked with optimizing PMN leverage, strengthening secondary housing finance, and collaborating with relevant ministries and institutions, in line with the implementation of Law No. 1 of 2011 on Housing and Settlement Areas. 

The government continues to provide PMN even though the Danantara Investment Management Agency has already been established. Head of the BUMN Regulatory Body (BP BUMN), Dony Oskaria, said PMN from the state budget is still injected only into companies with a public service obligation (PSO) function. 

“Because under the law, every assignment to Danantara is funded by the government since it is a PSO. It is a public mandate, so it is financed by the government. But outside of that, company revitalization is handled by Danantara,” said Dony, who also attended the meeting with the Ministry of Finance and the DPR. 

This article is published in partnership with Katadata 

Original article here