Jakarta. Danantara's planned release of its first consolidated 2025 financial statements is a positive step toward improving governance, but transparency will ultimately depend on timely disclosure and comprehensive reporting, an economist said on Friday.

Dipo Satria Ramli, an economist at the Center of Reform on Economics (CORE) Indonesia, said the consolidated financial statements could provide a strong foundation for Danantara to establish more integrated management standards in line with global sovereign wealth fund (SWF) practices.

"We certainly appreciate Danantara's decision to finally release its financial statements. But when it comes to a commitment to transparency and good governance, publishing the report alone is not enough," Dipo said in Jakarta.

Danantara plans to publish its consolidated 2025 financial statements after all state-owned enterprises (SOEs) complete their financial reporting as of June 30, 2026.

Dipo said good governance should not be measured solely by whether financial statements are made available, but also by whether they are released on time. He urged Danantara to publish its financial statements promptly while ensuring they include comprehensive information on asset management and the results of independent audits.

At the same time, Dipo welcomed Danantara's effort to consolidate the financial statements of all SOEs, saying it reflects an attempt to build a more integrated and comprehensive reporting system. He said the initiative could strengthen oversight, improve efficiency, and create greater value for the state.

"This is a good first step, but Danantara still needs to prove that it can uphold more disciplined governance standards going forward," Dipo said.

He added that consistently applying good governance principles would help build public and investor confidence in Danantara as Indonesia's strategic investment management agency.

"Governance reforms and improvements in the quality of financial reporting must continue to be strengthened so the institution's credibility becomes even more solid," he said.

Earlier, Danantara Managing Director for Stakeholders Management and Communications Rohan Hafas said the institution's consolidated financial statements for the 2025 fiscal year are still being prepared in accordance with the required audit process.

He said the report would be released after all audit procedures are completed in compliance with prevailing regulations.