Purbaya Holds Off on Activating Bond Stabilisation Fund, Government Opts to Stabilise Bonds Using State Cash

JAKARTA, KOMPAS.com - Finance Minister Purbaya Yudhi Sadewa has assured that the government will not yet activate the Bond Stabilisation Fund (BSF) because the state debt securities market is deemed stable and has not entered a crisis phase. According to Purbaya, the government is currently opting to maintain bond market stability through state cash management and available fiscal instruments, without needing to activate the special bond stabilisation scheme. “So we might not activate the Bond Stabilisation Fund yet, but just stabilise bond prices for now. They’re apparently different,” Purbaya stated during a media briefing in Jakarta on Monday (11/5/2026). “We can use SAL or our cash,” he added. Purbaya also revealed that the government has not involved PT Sarana Multi Infrastruktur or the Indonesia Investment Authority (INA) in discussions on activating the BSF. “We haven’t used them. We’re just managing the cash to make the bonds more stable,” he said. In this scheme, the government prepares funds for buying back state debt securities when yields experience sharp increases, thereby keeping the market under control. For information, the Bond Stabilisation Fund is an instrument used by the government to intervene in the bond market during extreme pressures, for example, by purchasing debt securities to keep bond prices stable and curb yield spikes.