The government has proposed the use of investment financing reserve funds in the 2024 State Budget to be used as State Capital Participation (PMN) to four BUMN and the Land Bank. The proposed use of reserve funds is IDR 6.1 trillion from the total available reserve funds, which is IDR 13.676 trillion.
Finance Minister Sri Mulyani Indrawati said the use was permitted by Law 19/2023 concerning the 2024 State Budget.
“The use of investment financing reserves contained in Attachment 7 of Presidential Decree 76/2023 which is included in other cluster investments, namely investment financing reserves in the 2024 State Budget Law amounting to IDR 13.676 trillion,” said Sri Mulyani in a Working Meeting with Commission XI of the DPR in Jakarta, Monday (1/7).
The proposed PMN fund of Rp6.1 trillion will be given to PT Kereta Api Indonesia amounting to Rp2 trillion, PT Industri Kereta Api (INKA) Rp965 billion, PT Pelayaran Nasional Rp500 billion, PT Hutama Karya Rp1 trillion and Badan Bank Tanah Rp1 trillion. The government also allocated a guarantee obligation for the proposed PMN fund amounting to Rp635 billion.
“In this case we provide or propose funds for guarantees,” he explained.
On the same occasion, the Director General of State Assets at the Ministry of Finance, Rionald Silaban, revealed that the proposal to provide PMN was based on the need to support related BUMNs in terms of operationalization, especially those that are part of state assignments.
Also read: PMN Injection of IDR 10.49 Trillion, 13 BUMNs Have Not Completed Their Work Since 2015
He detailed that the PMN proposal for PT KAI will be used to fulfill capital expenditure, retrofit, and procurement of KRL sets. Meanwhile, the capital injection proposal for INKA will be used for the construction of line 2 at the Banyuwangi factory that produces stainless steel trains.
Then the PMN proposal for PT Hutama Karya is intended to complete the construction of the Trans Sumatra Toll Road (JTTS) section of Palembang-Betung. While the PMN to Pelni will be used for additional capital expenditure for the purchase of one new ship unit in order to rejuvenate the Pelni ship fleet.
Rionald said that the PMN of IDR 1 trillion for the Land Bank refers to the mandate of Government Regulation 64/2021 concerning the Land Bank Agency, Article 43 paragraph 1, namely that the government needs to provide PMN as initial capital for the Land Bank of IDR 2.5 trillion.
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