PT Krakatau Steel (Persero) Tbk has received a shareholder loan of up to IDR 4.93 trillion from PT Danantara Asset Management (Persero) as part of its corporate restructuring and financial recovery program. The funding will be used for working capital, efficiency initiatives, and pension fund restructuring, with a minimum tenor of five to six years.
The transaction has been approved by the State-Owned Enterprises Ministry and is exempt from the requirement for a General Meeting of Shareholders (GMS) approval, as it is conducted in the context of SOE restructuring. The capital injection is intended to strengthen liquidity, safeguard core steel operations, and support the sustainability of Krakatau Steel’s debt restructuring program.
— Bisnis, 23 December 2025
BTN Strengthens Core Capital with IDR 2 Trillion Shareholder Loan from Danantara
PT Bank Tabungan Negara Tbk (BTN) has received a IDR 2 trillion shareholder loan from PT Danantara Asset Management, classified as Additional Tier 1 (AT1) capital in accordance with Financial Services Authority (OJK) regulations.
This perpetual and non-dilutive AT1 instrument strengthens BTN’s core capital without pressuring liquidity, maintains its Capital Adequacy Ratio (CAR) at around 18–19%, and provides room for credit expansion—particularly in housing finance, which dominates BTN’s loan portfolio. The support is expected to reinforce BTN’s role in the national housing program and long-term financial inclusion.
— Antara, 27 December 2025
BSI Officially Becomes an SOE with Persero Status
PT Bank Syariah Indonesia Tbk (BSI) has officially obtained State-Owned Enterprise (SOE) status after an Extraordinary General Meeting of Shareholders approved the change of its name to PT Bank Syariah Indonesia (Persero) Tbk.
The change follows the government’s ownership of Series A Dwiwarna shares, placing BSI under the State-Owned Enterprises Law. With this new status, BSI becomes the fifth member of Himbara and is no longer classified as an SOE subsidiary.
— CNN Indonesia, 23 December 2025
PLN–Danantara Sign HoA to Accelerate Renewable Energy Investment
PT Perusahaan Listrik Negara (Persero) (PLN) has signed a Head of Agreement (HoA) with Danantara Indonesia, through Danantara Investment Management, to accelerate the development of renewable energy projects.
The cooperation opens opportunities for Danantara to invest in renewable projects developed by PLN Nusantara Renewables and PLN Indonesia Power Renewables.
PLN President Director Darmawan Prasodjo emphasized that collaboration and sustainable financing are critical to ensuring green projects under the Electricity Supply Business Plan (RUPTL) are delivered on schedule. PLN targets an additional 70 GW of capacity, with around 76% from renewables, requiring investment of approximately IDR 600 trillion for 20 GW.
Danantara CIO Pandu Sjahrir stated that the investments are long-term oriented, supporting energy self-sufficiency, green transition, and green job creation.
— Bisnis, 22 December 2025
Finance Ministry Extends Tax Holiday Incentives Until 2026, Aligned with Global Minimum Tax
The Ministry of Finance has decided to extend tax holiday incentives until 2026 by issuing a new Minister of Finance Regulation (PMK), following the expiration of the previous regulation in December 2025.
The extension is adjusted to the implementation of the 15% global minimum tax under the OECD framework, meaning tax holidays can no longer be granted in full as before. The government is designing a new incentive scheme to remain competitive without triggering additional tax payments in investors’ home countries.
As of October 2025, 403 companies have received tax holiday facilities, with total realized investment reaching IDR 496.2 trillion, mainly through pioneer industries, Special Economic Zones (SEZs), and the Nusantara Capital City (IKN).
— Kontan, 23 December 2025
World Bank: Rising Interest Payments Constrain Indonesia’s Fiscal Space
The World Bank noted that Indonesia’s debt interest payment ratio reached 20.5% of revenue as of October 2025, despite relatively low borrowing costs. Economist Yusuf Rendy Manilet from the Center of Reform on Economics stated that this condition narrows fiscal space for productive spending and stimulus, while increasing perceptions of fiscal risk.
With a potential tax revenue shortfall of around IDR 177 trillion in 2026, the government faces difficult choices between restraining spending, increasing debt, or strengthening state revenue.
— Kontan, 26 December 2025
Finance Minister Prioritizes Demand Stimulation to Prevent Layoffs, Not More Incentives
Finance Minister Purbaya Yudhi Sadewa stated that the recent surge in layoffs is driven by weak demand, making demand stimulation and access to working capital more critical than additional fiscal incentives.
The government is strengthening fiscal–monetary policy coordination with Bank Indonesia to support business recovery. Meanwhile, the Ministry of Manpower identified the textile industry as the most affected sector in 2025, emphasizing the need to improve Job Loss Insurance (JKP) implementation and financing access for at-risk industries.
— Antara, 23 December 2025
Indonesia Opens Access to Critical Mineral Exports to the US via ART Agreement
The Indonesian government has opened access for critical mineral exports—including nickel and rare earth elements—to the United States through the Agreement on Reciprocal Tariff (ART) framework.
Coordinating Minister Airlangga Hartarto stated that the agreement also opens opportunities for US investment in mineral downstreaming, with Danantara Indonesia acting as a B2B facilitator. Interest has emerged from global automotive and technology companies such as Ford Motor Company and Tesla, in line with supply chain needs for batteries, advanced technology, and defense.
The ART agreement is targeted to be signed by the Presidents of Indonesia and the United States by end-January 2026.
— Kontan, 26 December 2025
Indonesia–EAEU FTA Officially Signed, Expanding Eurasian Market Access
Minister of Trade Budi Santoso signed the Indonesia–Eurasian Economic Union (EAEU) Free Trade Agreement (FTA) in St. Petersburg, Russia, marking a new phase in Indonesia–Eurasia strategic partnership.
The agreement grants tariff preferences for up to 90.5% of EAEU tariff lines, covering 95.1% of the bloc’s import value from Indonesia, significantly boosting export competitiveness.
The FTA opens access to non-traditional markets with a population of 180 million and GDP of USD 2.56 trillion, supporting exports of palm oil, footwear, textiles and apparel, fisheries, rubber, furniture, and electronics. Beyond goods trade, cooperation also covers strategic sectors including industry, energy, logistics, and the digital economy.
— Bisnis, 22 December 2025