Published on April 28, 2026, by CNBC Indonesia
By Arrijal Rachman
Jakarta, CNBC Indonesia – The IMF-World Bank Spring Meetings provided an opportunity for President Prabowo Subianto’s administration to explain to the world that its fiscal management remains prudent and adheres to the guidelines outlined in the State Finance Law, such as a deficit of no more than 3% and a debt-to-GDP ratio well below 60%.
The House of Representatives Commission XI, including Chairman Mukhamad Misbakhun, participated in the meeting, which took place from April 13-18, 2026.
He stated that during the meeting with various international institutions, the government received many questions about prudentiality in managing public debt. This included a clear separation between government debt and Danantara, the new institution established by President Prabowo Subianto to manage state-owned enterprises.
“Danantara is very serious, and they are asking about contingency debt. How will Danantara’s debt become government debt?” Misbakhun said on CNBC Indonesia TV, quoted on Tuesday (April 28, 2026).
In response to this question, Misbakhun explained to the international institution that the debt management of these two institutions is separate, so the financial burden of Danantara will never create a new burden for the state budget.
Misbakhun said this certainty is also evident in the release of non-tax state revenue (PNBP) from the state budget, which has been included in the state budget. SOE dividends in the form of separated state assets (KND) have been fully transferred to Danantara. Therefore, responsibility for SOE debt burdens will not be transferred to the state budget.
“We conveyed that the accounting is separate. The risks to the state budget are separate from Danantara; Danantara has no direct impact,” he explained.
However, he acknowledged that because Danantara is still managed by the government with majority shareholding, when there are public matters related to Danantara’s operations, the government can be directly involved, albeit on a limited basis.
“Because as a shareholder, the state also bears responsibility. Part of the state budget’s operations, namely public service obligations, are related to energy, food, and transportation, which are public services, and are still the responsibility of the government,” he explained.
Receiving this explanation, Misbakhun said IMF and World Bank still require detailed explanations from state officials.
“And I think their response requires us, our officials in the financial sector, to provide a more detailed explanation according to their respective fields,” Misbakhun said.