PELAKITA.ID – Since taking office as Indonesia’s Minister of Finance, Purbaya Yudhi Sadewa has moved swiftly to establish his approach to fiscal management—an approach that emphasizes stability, discipline, and direct stimulation of the real economy.

His early policies and statements reveal a blend of continuity from his predecessor, Sri Mulyani Indrawati, and fresh assertiveness in reforming financial governance and boosting public confidence.

Injecting Liquidity to Revitalize the Real Sector

One of Purbaya’s boldest moves was his decision to inject Rp 200 trillion—government funds previously held at Bank Indonesia—into several state-owned banks (HIMBARA).

The purpose of this maneuver is clear: to stimulate lending and reignite activity in the real sector, particularly among small and medium enterprises (SMEs) and productive industries.

In a decisive policy clarification, Purbaya stipulated that these funds must be used exclusively for lending, not for bond purchases or speculative activities.

By doing so, he seeks to ensure that the liquidity flows directly into economic circulation, driving consumption, production, and employment. (Sources: Reuters, Bisnis.com, Asia House)

Continuity and Fiscal Prudence

Unlike some incoming ministers who seek to make sweeping changes, Purbaya has pledged continuity with the fiscal principles established by Sri Mulyani. He affirmed that his role is not to dismantle existing systems but to optimize them—ensuring that state spending remains efficient, transparent, and well-targeted.

He has repeatedly emphasized maintaining a “healthy fiscal stance,” which includes keeping the national deficit under control, improving spending efficiency, and sustaining public trust in fiscal management. (Source: Antara News)

Reforming Tax Systems and Strengthening Regulation

Recognizing that a strong fiscal foundation depends on effective revenue collection, Purbaya has prioritized the reform of the national tax system.

He plans to modernize and repair the Coretax platform in collaboration with independent experts, aiming to improve transparency, digital efficiency, and data integration.

At the same time, he has promised stricter enforcement against tax evasion, targeting large delinquent taxpayers and closing loopholes that allow revenue leakage. These steps are intended to create a fairer, more accountable taxation ecosystem and enhance public trust in fiscal institutions. (Source: Media Indonesia)

Protecting Purchasing Power and Supporting Local Economies

Purbaya’s fiscal strategy also places strong emphasis on supporting public consumption—the backbone of Indonesia’s economic resilience.

Among his early policies is a tax relief package in which the government bears PPh 21 (income tax) for workers earning up to Rp 10 million per month, easing the burden on households and maintaining their purchasing power.

Additionally, he has signaled a commitment to increasing fiscal transfers to regional governments, ensuring that economic recovery and growth are inclusive and regionally balanced. (Source: Media Indonesia)

Cleaning Up Internal Accountability

In a move that signals both integrity and resolve, Purbaya has initiated efforts to clean up the Ministry of Finance’s internal apparatus, including the Directorate General of Taxes (DJP) and Customs (Bea & Cukai).

Reports indicate that problematic personnel have been disciplined or removed, reflecting a broader campaign to strengthen governance and reduce corruption.

This internal reform aims to rebuild public confidence in fiscal institutions, ensuring that every rupiah of taxpayer money is managed with integrity and professionalism. (Source: Reddit)

Reassuring Markets and Investors

Understanding the importance of perception and stability, Purbaya has also worked to calm markets by assuring that his fiscal policies will be “reasonable and predictable.” He has explicitly stated that his administration will not take erratic or “bizarre” policy directions—a message that has resonated positively with investors and the financial sector.

His background as an academic economist and his experience in financial institutions are seen as assets that strengthen his credibility in the eyes of both domestic and international investors. (Sources: Detik.com, Bisnis Market)

Broader Implications

Taken together, these maneuvers illustrate Purbaya’s intent to strike a delicate balance between stimulating economic growth and maintaining fiscal discipline. His focus on real-sector lending indicates a practical approach to post-pandemic recovery, while his push for institutional reform reflects a long-term vision for sustainable governance.

Moreover, his emphasis on regional equity—ensuring that development benefits reach local communities—aligns with Indonesia’s broader agenda of inclusive growth.

By combining predictability with pragmatism, Purbaya is positioning himself as a finance minister who seeks to stabilize, reform, and humanize Indonesia’s fiscal landscape.

References

1. Reuters. (2025). Indonesia injects Rp200 trillion into state banks to spur lending, says Finance Minister Purbaya Yudhi Sadewa. Retrieved from https://www.reuters.com

2. Antara News. (2025). Purbaya emphasizes fiscal prudence, vows to maintain stability and efficiency in government spending. Retrieved from https://en.antaranews.com

3. Bisnis Indonesia. (2025). Purbaya to continue fiscal reforms, strengthen Coretax system, and boost transparency in taxation. Retrieved from https://www.bisnis.com