Finance Minister Explores Option of Swapping PNM with Geo Dipa for KUR Distribution

Jakarta (ANTARA) - Finance Minister Purbaya Yudhi Sadewa is exploring the option of exchanging PT Permodalan Nasional Madani (PNM) with PT Geo Dipa Energi as one of the schemes in the government’s plan to take over PNM. PNM is a subsidiary of PT Bank Rakyat Indonesia (Persero) Tbk (BRI), which is now a member of Danantara Indonesia. Meanwhile, Geo Dipa is a state-owned enterprise (BUMN) serving as a Special Mission Vehicle (SMV) under the Ministry of Finance. “We discussed earlier how about swapping with Geo Dipa. But we’re still talking about it,” Purbaya told reporters at the Attorney General’s Office in Jakarta on Friday. The Finance Minister explained that the main focus of this exploration is to find the best scheme for distributing People’s Business Credit (KUR), especially for micro, small, and medium enterprises (MSMEs). Purbaya believes that KUR distribution will be more integrated if PNM operates under the Ministry of Finance. “Clearly, the focus is still on how the Finance Ministry can take over PNM so that we can distribute KUR through it, and in the coming years, we will form a proper UMKM bank,” he added. According to Purbaya, the way PNM operates under the Ministry of Finance will differ from conventional banks, including BRI, where the main focus is not profit but becoming a comprehensive ecosystem for MSME financing. “BRI is profit-oriented, this (PNM) is not profit-oriented. Yes, it won’t lose money, but the interest rates won’t be exorbitant. The important thing is that the financing can be carried out sustainably and truly helps MSMEs. It will be designed as a comprehensive ecosystem,” he said. In a previous opportunity, Purbaya stated that if KUR is distributed through PNM as a subsidiary of one of the Ministry of Finance’s SMVs, the Rp40 trillion in funds could be used as capital to transform the BUMN into a UMKM bank. Purbaya hopes to turn PNM into a major bank with Rp200 trillion in capital within five years. He mentioned that the proposal has already been conveyed to President Prabowo Subianto and received signals of support. Nevertheless, his side will continue to refine the plan and discuss it with Danantara to find the best path forward.