By: Dhita Karuniawati )*
Ongoing global economic uncertainty requires every country to have an adaptive, coordinated, and long-term policy strategy. Geopolitical turmoil, the global economic slowdown, commodity price volatility, and global interest rate dynamics are external factors that have the potential to impact national economic stability. In this context, the Indonesian Investment Management Agency (BPI) Daya Anagata Nusantara (Danantara) is taking a strategic role by strengthening fiscal and monetary coordination as an anticipatory measure to maintain national economic resilience while promoting sustainable growth.
Danantara serves as a coordination hub, bridging various stakeholders in economic policy. Through a cross-institutional coordination forum, Danantara encourages intensive dialogue between fiscal and monetary policymakers so that each strategic step can be mutually reinforcing. This approach is increasingly relevant amidst multidimensional and fast-moving global challenges, which require measured and integrated policy responses.
Danantara Indonesia projects that fiscal and monetary policies will be the main pillars of the national economy in 2026. In the Danantara Economic Outlook 2026 report, the direction of government policy is starting to shift from the adjustment and tightening phase to a strategy that is more supportive of domestic economic growth.
Throughout 2025, the Indonesian economy was in a consolidation phase due to budget reprioritization, liquidity tightening, and policy transitions under the new administration. These conditions initially suppressed credit growth and household consumption. However, entering the second half of 2025, various indicators began to show significant improvement.
Danantara assesses that the shift in fiscal policy direction will be one of the most important catalysts in 2026, primarily through accelerated government spending and strengthening domestic demand. Fiscal policy is expected to shift to a pro-growth stance, supported by stronger execution and flagship programs that bolster domestic demand.
One factor considered to be playing a significant role is the increasingly robust implementation of the Free Nutritious Meals (MBG) program. This program is considered not only to accelerate the distribution of government spending but also to create a more consistent demand boost for the economy throughout 2026.
On the monetary side, Danantara believes the impact of Bank Indonesia’s policy easing implemented throughout 2025 has not yet been fully reflected in economic activity. The cumulative 125 basis point cut in the benchmark interest rate is expected to have a more tangible impact on credit growth and business activity only next year.
BPI Danantara Indonesia is preparing to undertake major reforms of state-owned enterprises (BUMN) in 2026, including state-owned banks that are members of the Association of State-Owned Banks (Himbara).
According to Danantara, healthier state-owned banks will reduce state budget leakage, while increasing dividends will contribute to strengthening the fiscal position.
Danantara Indonesia Chief Executive Officer (CEO), Rosan Roeslani, stated that Danantara has prepared a number of reform measures by sharpening the business focus of each bank, strengthening corporate governance, and increasing the use of technology in decision-making and financing distribution.
Rosan gave an example, PT Bank Rakyat Indonesia Tbk (BBRI) will be strengthened to focus on serving the Micro, Small, and Medium Enterprises (MSMEs) and retail segments, with technology support as a key factor.
Meanwhile, Firmansyah, Professor of Economics and Business at Diponegoro University (UNDIP), stated that Danantara’s greatest potential does not come from expanding the workforce or increasing short-term spending. He believes Danantara’s primary contribution lies in increasing productivity and economic efficiency through targeted long-term investment.
Firmansyah explained that Danantara was designed as a strategic investment platform, not simply a spending channel. Its primary focus is to encourage projects that can sustainably increase national economic capacity. Danantara’s greatest potential lies not in increasing the workforce or generating short-term spending, but in increasing productivity and economic efficiency.
Firman stated that Danantara contributes to economic growth through three main mechanisms. The first is long-term productive investment, particularly in strategic infrastructure, the processing industry, energy, and food sectors. As a long-term investment platform, Danantara doesn’t simply collect funds and then spend them. The funds are directed to strategic projects, such as infrastructure, the processing industry, energy, and food.
According to Firman, strengthening the processing industry has a significant multiplier effect on the economy. Furthermore, investment in technology and logistics is also considered crucial, given Indonesia’s archipelagic nature.
The strengthening of fiscal and monetary coordination initiated by Danantara reflects a commitment to maintaining a solid national economic foundation. Complex global challenges require a policy approach that is not fragmented, but rather interconnected and mutually reinforcing. With solid synergy, economic policies can be more effective in mitigating external shocks while capitalizing on opportunities arising from global change.
Consistency in maintaining this coordination is key. Global dynamics will continue to change, and policy responses must be continually updated based on comprehensive data and analysis. Through Danantara’s strategic role, fiscal and monetary coordination is expected to serve not only as a short-term response to the crisis but also as a sustainable framework for building a resilient, inclusive, and globally competitive national economy.
*) The author is a contributor to the Indonesian Strategic Information Study Institute
