Ekonom: Penerbitan Obligasi Daerah Perlu Kapasitas Fiskal Kuat

Selasa, 8 September 2026, 17:07 WIB Sumber: Media Indonesia

Ukuran:

hatian agar penerbitan obligasi daerah tidak menimbulkan risiko fiskal seperti kasus Brasil atau Argentina, dan menyarankan dana melalui PT SMI dengan mekanisme pemotongan transfer pusat.

Poin-Poin Utama

M Rizal Taufikurahman, Kepala Pusat Makroekonomi dan Keuangan Indef, commented on regional bond issuance on Tuesday (8/9).
Rizal stated regional bonds require strong fiscal capacity, governance, and productive projects.
Rizal warned imprudent regional debt could become a hidden fiscal risk and pressure the state budget (APBN).
PT SMI (persero) is considered more realistic for most regions due to stricter appraisal, due diligence, and project oversight.
Rizal recommended PT SMI as the main channel for regions not yet ready, with bonds opened selectively for credible, bankable regions.
Rizal said selective bond access builds market discipline and reduces regional dependence on central transfers.
Rizal identified risks: non-productive spending, projects without clear returns, and debt with bailout expectations.
Finance Minister Purbaya Yudhi Sadewa cautioned against careless regional bond issuance on Thursday (3/9).
Purbaya compared risks to fiscal crises in Brazil and Argentina, where central governments absorbed regional defaults.
Purbaya recommended channeling funds through PT SMI instead of regional bonds.
Under the SMI scheme, repayments are deducted from central-to-regional transfer funds.
Purbaya stated transfers must result in tangible project outputs, not just cash disbursement.
The article was authored under the code E-3.