PMN Used to Come from Debt, Now It Can Finance Itself
89 percent of PMN is used by SOEs to carry out state assignments.
REPUBLIKA.CO.ID, JAKARTA -- Commission VI of the Parliament and Minister of State for State Ownership Erick Thohir held a working meeting on Wednesday (10/7/2024) evening. Chairman of the meeting Sarmuji said this meeting will take a decision on the State Capital Injection (PMN) 2025.
“We have had meetings and debates for quite a long time and delved into the problems that are in SOEs, the time has come for us to take a decision tonight,” Sarmuji said.
Before taking the decision, Sarmuji said there were positive things in the performance of SOEs for the past few years. Sarmuji said the PMNs granted by the state currently amount to much smaller than the dividend deposits SOEs provide for the state.
“There is one encouraging thing that we can pick up in the PMN filing, especially in the last five years,” Sarmuji said.
The Vice-Chairman of the VI Commission called PMNs in the past era usually derived from foreign debt. This is inversely proportional to conditions in the SOEs of the Erick Thohir era.
“In the past, PMN's money was mostly or perhaps most of it was even all financed by foreign debt, at this time PMN was filed by taking dividends from state-owned enterprises,” Sarmuji said.
Sarmuji called the current dividend value even greater than the PMN received by state-owned enterprises. Sarmuji delivered total dividends from 2020 to 2024 of Rp 279.8 trillion, while PMN cash distribution in 2020 to 2024 amounted to Rp 217.9 trillion.
Minister of State-Owned Enterprises (SOEs) Erick Thohir reported in more detail that state capital inclusion (PMN) now no longer relies on foreign debt. Erick ensured the PMN received by SOEs in recent years came from the SOE's dividend deposits to the state.
“As stated earlier by the meeting chairmen, this is one of the outstanding improvements under the supervision of Commission VI, where PNM used to be very dependent on state debt to foreign countries, but today we can convince together when dividends can finance PMN itself,” Erick said during a working meeting with the VI DPR Commission at DPR Building, Jakarta, Wednesday (10/7/2024).
Erick said this is a sustainability process as the fruit of the transformation achievements of SOEs in recent years. Erick said SOEs in the past five years have deposited about Rp 280 trillion or much higher than the PMM received by SOEs over the past five years of about Rp 212 trillion.
Erick said that the majority of PMN is about 89 percent used by SOEs to undergo state assignments. As for restructuring by seven per cent and business development by four per cent.
“This esteemed leader and board member that we can of course present the overall detailed figure that is PMN needed for 2025 of Rp 44 trillion,” Erick said.
Erick hopes that this proposal can be supported by Commission VI. Erick also invited Commission VI to continue to help oversee the implementation of the use of PMN.
“It is our great hope that we have the support of Commission VI and of course the supervision and also the solutions that can be provided so that these PMN can be on target and provide even more benefits for economic growth,” Erick said.
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