Gov’t, SOE Strengthen Commitment to Manage State Capital Injections

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Finance Minister Sri Mulyani. (Photo by: PR/Agung)

Minister of Finance Sri Mulyani Indrawati has affirmed commitment of the Government and state-owned enterprises (SOEs) to manage state capital injections (PMN) in an accountable and transparent manner by including Key Performance Indicators (KPI) in each performance contract between SOEs / PMN recipient institutions and related ministries.

“I want to create a new tradition that is more transparent, more accountable, with good governance,” the Minister said at the 2021 Distribution of PMN, Thursday (12/30).

In order to improve governance and information systems, Sri Mulyani pointed out that monitoring and evaluation of will be carried out by Ministry of Finance’s Inspectorate General in addition to the monitoring by Director General of State Assets Management.

In accordance with President Joko “Jokowi” Widodo’s direction, she added that Indonesian SOEs must be more strategic and is able to produce strategic goods that are efficient, accountable, and have high competitiveness.

“We would be glad if the capital we put in can transform the company itself,” the Minister said, adding that the SOEs will be able to give direct social and economic effects impacts for community.

The allocation and development of the PMN, the Minister added, is carried out selectively by considering financial condition and operational performance, as well as readiness of the project to be supported.

To date, SOEs / institutions that have inked the performance contracts and received PMN are state-owned strategic holding company PT Bahana Pembinaan Usaha Indonesia (Rp20 trillion), state-owned railway company PT KAI (Rp 6.9 trillion), state-owned electricity company PT PLN (Rp5 trillion), state shipbuilder PT PAL (Rp1.28 trillion), land banking/ bank tanah (Rp1 trillion), state-owned port operator PT Pelindo (Rp1.2 trillion), and the Indonesian Tourism Development Corporation (ITDC) (Rp470 billion). (PUBLIC OF MINISTRY OF FINANCE OF THE REPUBLIC OF INDONESIA/UN) (RAS/EP)

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