Not Just About KUR: Purbaya Frankly Reveals Other Reasons for Ministry of Finance's Desire to Acquire PNM

Finance Minister Purbaya Yudhi Sadewa explained that the reason his side wants to acquire PT Permodalan Nasional Madani (PNM) to become a Special Mission Vehicle (SMV) under the Ministry of Finance is to facilitate the distribution of Kredit Usaha Rakyat (KUR).

In addition, another objective of the Ministry of Finance’s plan to acquire PNM is to build an integrated UMKM development ecosystem, equipped with advisory teams, marketing teams, training facilities, and credit guarantee institutions.

“If supported by Commission XI, we will execute (the PNM takeover plan). We have already reported to the President; he said if it’s good, just proceed. But we are still negotiating with Danantara. We request your support (from Commission XI of the DPR RI),” said Purbaya, quoted on Tuesday, 7 April 2026.

Nevertheless, Purbaya admitted that his side will still refine the plan and discuss it with Danantara to find the best path.

However, if Danantara later agrees to build the integrated UMKM development ecosystem itself, the Ministry of Finance will not take over PNM.

“We will follow up on that later. If it can proceed (realised by Danantara itself), please go ahead. But if not, we will take over (PNM),” he stated.

Purbaya is convinced that acquiring PNM as one of the SMVs under the Ministry of Finance will be one solution to facilitate KUR distribution. Because, he admitted to receiving many reports from UMKM actors who struggle to obtain the affordable credit services (KUR).

On the other hand, Purbaya also highlighted the quite high costs involved in distributing KUR through banking institutions. “If KUR is (distributed) through banks, we pay interest up to 18 percent. The money disappears (used to pay interest), around Rp40 trillion every year,” said Purbaya.

If KUR is later distributed through PNM as one of the Ministry of Finance’s SMVs, Purbaya assured that the Rp40 trillion funds could be used as capital to transform the SOE into an UMKM bank.

He hopes that this step will eventually position PNM as a major bank with Rp200 trillion in capital within five years.