Finance Minister Purbaya Hints at PNM Acquisition Under Ministry of Finance

Jakarta, VIVA – Finance Minister Purbaya Yudhi Sadewa has acknowledged that the government is still discussing the proposed acquisition of PT Permodalan Nasional Madani (PNM) to be designated as a Special Mission Vehicle (SMV) under the Ministry of Finance.

The SMV would function as a state-owned enterprise under the Ministry of Finance’s supervision, tasked with specific development missions beyond routine fiscal functions.

“The PNM acquisition under the Ministry of Finance is still being discussed,” Purbaya said at the Ministry of Finance in Jakarta on Monday, 23 February 2026.

Among the issues still under deliberation is the high non-performing loan (NPL) ratio of the People’s Business Credit (KUR) programme, which has reportedly reached 10 per cent.

Purbaya noted that this must be a key concern, given that KUR interest subsidies are funded from the government’s own coffers and represent a fiscal burden the state must bear.

To ensure the effective and well-targeted distribution of these subsidies, Purbaya said further discussions are necessary. These must also take into account the contrast between the profit-seeking orientation of a publicly listed company and the objectives of the KUR programme.

The KUR programme itself is mandated as an affordable financing facility for the public, particularly micro and small enterprise operators.

“We’ll see whether that can be changed or not. If it can, we’ll change it. But if it can’t, then so be it,” he said.

Purbaya had previously revealed his rationale for seeking to acquire PNM, citing the BRI subsidiary’s strong performance and good governance, particularly in disbursing financing to the micro, small, and medium enterprise (MSME) segment.

“Why am I interested? Because their management is quite good. The way they extend credit is also good. So I thought, let’s just bring them under the Ministry of Finance,” he said.