Finance Minister Says Government SMVs Will Stay Under Finance Ministry, Not Danantara
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JAKARTA, Investortrust.id – Finance Minister Purbaya Yudhi Sadewa has confirmed that the government’s special mission vehicles, or SMVs, remain under the authority of the Ministry of Finance and will not be transferred to the sovereign wealth manager Danantara, despite ongoing revisions to the state-owned enterprise law.
Speaking at the Ministry of Finance in Jakarta on Friday, Sept 26, 2025, Purbaya stressed that SPVs serve as strategic fiscal instruments for the state and must be safeguarded under the ministry’s oversight.
“They will remain under the Ministry of Finance. These entities are fiscal tools, and we must maintain them to support the country’s financing capacity when needed,” Purbaya said.
Currently, the Ministry of Finance controls eight SMVs designed to accelerate national development. These include PT Sarana Multi Infrastruktur (SMI), PT Penjamin Infrastruktur Indonesia (PII), PT Sarana Multigriya Finansial (SMF), PT Geo Dipa Energi (GDE), and Indonesia Eximbank (LPEI).
In addition, the ministry oversees several state service agencies (BLU), such as State Asset Management Agency (LMAN), Education Fund Management Institution (LPDP), and Government Investment Center (PIP).
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Market speculation about a potential shift of these SMVs to Danantara emerged during parliamentary debates over revisions to Law No. 19 of 2003 on State-Owned Enterprises. The discussions included proposals to downgrade the Ministry of State-Owned Enterprises into a new regulatory agency called State-Owned Enterprises Regulatory Agency (BP BUMN).
Andre Rosiade, Chairman of the Special Committee for the fourth amendment of the SOE Law, explained during a working meeting in Senayan on Friday that the new structure would place BUMN oversight under BP BUMN, with enhanced authority to optimize state-owned enterprise roles. “This includes managing golden shares directly under BP BUMN with presidential approval,” Andre said.
The revision also stipulates a ban on dual office-holding by ministers and deputy ministers in SOE boards of directors, commissioners, or supervisory boards, following a Constitutional Court ruling. Moreover, the amendment removes the previous provision that excluded SOE board members from being classified as state officials, aligning governance standards with public office accountability.
Lawmakers and the government further agreed to introduce gender equality measures, ensuring that female employees have equal opportunities to hold executive, commissioner, and managerial positions in SOEs. The bill will next proceed to a second-level decision at a DPR plenary session, where it is expected to be passed into law.
By clarifying the position of SMVs, Purbaya sought to dispel uncertainty over the potential restructuring of state financial and development institutions. He underlined that the Ministry of Finance regards SPVs as critical components in bridging fiscal policy and development financing, complementing state-owned enterprises while retaining independence from Danantara’s mandate.