Prabowo Criticises PNM Mekaar for Charging Credit Interest Rates up to 24%

President Prabowo Subianto criticised the interest rates on credit under the Membina Ekonomi Keluarga Sejahtera (Mekaar) programme, managed by Permodalan Nasional Madani (PNM), which are deemed burdensome at up to 24%. He expressed this during a ceremony for the handover of administrative fines, state financial recovery, and reclamation of forest areas held at the Attorney General’s Office complex in South Jakarta on Wednesday (13/5/2026). Prabowo was shocked to learn that PNM Mekaar debtors with loans ranging from Rp 2 million to Rp 10 million are charged interest up to 24%, when it should be below 10%. This programme is widely used by micro and small businesses. He viewed this treatment as unfair, as large entrepreneurs can borrow from banks at 10% interest. Therefore, he gathered his ministers and gave special assignments to the Minister of Finance and the CEO of Danantara. “How much, Mr Rosan, 9%? Many rich people get 9%, the poor get 24%. Is this a Pancasila state? I don’t understand. I gathered the ministers. I instructed the Minister of Finance and Danantara that this is a political decision; I decide that the interest for public capitalisation credit for underprivileged family businesses should be lowered from 24% to below 10%, must be below 9%,” Prabowo stated firmly. “Must be below 9%. Can Danantara do it?” Prabowo asked Rosan, who was present at the ceremony. The CEO of Danantara agreed to 8%. Prabowo then asked back: “What percentage? 8%? You’re deliberately choosing 8, why not 7%? Anyway, it must be below 9%.” Prabowo felt it unacceptable for the less fortunate to pay higher interest than the rich. He did not want to see such unfair practices that contradict the 1945 Constitution and Pancasila values.