Antara Jakarta – Executive Director of the Center of Economics and Law Studies (Celios), Bhima Yudhistira, believes that the government could divert the surplus budget balance (SAL) as reserve funds to avoid widening the State Budget deficit in 2026. "Especially for energy subsidies," said Bhima, as quoted by Antara on Friday, March 27, 2026.
If oil prices remain at US$90 to US$110 per barrel, Bhima said the State Budget would require about Rp126 trillion to patch up energy subsidies. "The government could take from SAL, rather than performing essential budget cuts," he said.
Meanwhile, according to Bhima, injecting Rp100 trillion of SAL funds to the banking sector has yet to address the precise root of the problem. He believes that the issue with credit lies in low demand, rather than banking liquidity.
As of January 2026, the banking sector's undisbursed loans still amount to Rp2,506.47 trillion or 22.65 percent of the available credit ceiling. In other words, he said, the number of idle credits remains high.
Meanwhile, the growth of micro, small, and medium-sized enterprises (MSMEs) loans in the same period is depressed by 0.5 percent. Home Ownership loans (KPR) and Apartment Ownership Loans (KPA) also grew below the general credit growth of around 5.5 percent.
"There is concern that the additional injection of SAL funds will worsen the number of idle credits in Himbara banks. Meanwhile, if forced to enter programs such as credit for the Red and White Village Cooperative (KDMP) or free nutritious meal (MBG) program, it could lead to a decline in credit quality," he said.
Finance Minister Purbaya Yudhi Sadewa previously stated that an additional Rp100 trillion of SAL funds have been channelled into the banking sector. This fund allocation was made a week before Eid to ensure liquidity remains intact amidst potential increases in fund needs. With this addition, the total surplus budget balance placed in the banking sector has reached around Rp300 trillion.
Source: https://en.tempo.co/read/2094731/excess-funds-noted-as-balm-for-indonesias-state-budget-defici