Jakarta.  Finance Minister Purbaya Yudhi Sadewa is facing mounting expectations as the government prepares to channel Rp 200 trillion ($12.09 billion) into state-owned banks (Himbara). While lawmakers say his fiscal instincts will be critical in sustaining market confidence, business leaders stress that the funds will only make a difference if Purbaya can deliver on four policy fronts.

The Indonesian Employers' Association (Apindo) deputy chair, Sanny Iskandar, said liquidity alone is not enough. To ensure the funds translate into real-sector growth, Purbaya must pair the injection with regulatory clarity, infrastructure readiness, investor security, and labor law certainty.

“Without these pillars, the money risks staying in banks instead of moving into factories, logistics, and industries that actually create jobs,” Sanny said.

He pointed out regulatory and licensing hurdles as the first challenge, saying that overlapping permits and slow approvals often discourage investment. Infrastructure and utility access, such as reliable water supply and affordable industrial land, also remain sticking points for businesses.

The third issue is security, both in physical terms and in policy predictability, which investors see as essential for long-term commitments. Finally, Sanny pointed to Indonesia’s unsettled labor framework following the Constitutional Court’s annulment of parts of the Job Creation Law. Without a clear replacement, he warned, uncertainty over layoffs, severance pay, and employment contracts could undermine investor confidence.

House Commission XI member Kamrussamad said Purbaya’s role is central in navigating these hurdles. “His ability to read market signals gives him an edge. But now he must translate fiscal coordination into real impact on the ground,” Kamrussamad said, adding that the House will monitor policy execution closely.