In a bold move to stimulate national development, Bank Mandiri has successfully channeled Rp40.7 trillion—74% of its Rp55 trillion SAL (Saldo Anggaran Lebih) allocation—into productive credit within just 15 days. The funds have reached over 24,000 MSMEs and 15 strategic sectors, including food security, renewable energy, and export-oriented industries. This rapid deployment reflects a growing synergy between fiscal policy and banking intermediation to drive inclusive and sustainable growth.
Key Facts & Background
- Institution: PT Bank Mandiri (Persero) Tbk
- Funding source: Government’s Saldo Anggaran Lebih (SAL) allocation
- Total SAL placement to Bank Mandiri: Rp55 trillion
- Disbursed as of September 2025: Rp40.7 trillion (74%)
- Timeframe of disbursement: 15 days
- Beneficiaries:
- Over 24,000 MSMEs
- 15 strategic sectors including:
- Food and energy security
- Export-oriented industries
- Labor-intensive sectors
- Plantation and agriculture
- Renewable energy and downstreaming
- Healthcare, manufacturing, and industrial zones
- Geographic coverage: Credit distributed across 37 provinces
- Operational principles: Prudent lending, transparent reporting, and asset quality preservation
- Liquidity impact: Strengthens intermediation function and maintains low cost of funds
- Future plans: Bank Mandiri has requested additional SAL placement from the Ministry of Finance
- National context:
- Himbara banks have disbursed Rp112.4 trillion from Rp200 trillion in SAL funds
- Ministry of Finance considers further injections based on economic impact
- Indicators show positive effects on credit growth and retail sales (Bank Indonesia data)
Strategic Insights
Bank Mandiri’s swift and targeted deployment of SAL funds exemplifies how state-owned banks can serve as effective conduits for fiscal stimulus. By channeling Rp40.7 trillion into productive credit within two weeks, the bank has demonstrated operational agility and strategic alignment with national development goals. This initiative not only boosts liquidity but also reinforces the bank’s role in supporting sectors critical to Indonesia’s long-term resilience.
The focus on MSMEs and strategic industries reflects a deliberate effort to balance short-term recovery with structural transformation. MSMEs, often underserved by traditional financing, are vital for employment and innovation. By reaching over 24,000 small businesses, Bank Mandiri is helping democratize access to capital and foster grassroots economic dynamism. Simultaneously, investments in food security, renewable energy, and downstreaming support Indonesia’s transition to a more self-sufficient and value-added economy.
Geographic inclusivity is another key achievement. Disbursing credit across 37 provinces ensures that economic stimulus is not concentrated in urban centers but reaches peripheral regions, reducing inequality and enhancing regional competitiveness. This aligns with broader goals of spatial equity and decentralized growth under Indonesia’s RPJMN (National Medium-Term Development Plan).
From a financial perspective, the SAL mechanism offers a low-cost funding source that strengthens the bank’s liquidity structure and supports efficient intermediation. This is particularly important in a high-interest environment, where cost-effective lending can sustain credit expansion without compromising asset quality. Bank Mandiri’s prudent approach—emphasizing healthy business ecosystems and transparent reporting—sets a benchmark for responsible stimulus deployment.
Looking ahead, the request for additional SAL placement signals confidence in the model’s scalability. If replicated across other Himbara banks, this approach could become a cornerstone of Indonesia’s countercyclical fiscal strategy. It also opens the door for thematic lending—such as green finance, digital transformation, and inclusive infrastructure—tailored to evolving national priorities.