KEY TAKEAWAYS
- The KDMP program, mandated under Presidential Instruction (Inpres) 9/2025, targets the formation of 80,000 village/sub-district cooperatives nationwide, each with a financing plafon of IDR 3 billion — split IDR 2.5B for physical capex (warehouse, retail unit, equipment) and IDR 500M for working capital.
- The financing structure underwent a fundamental restructuring under PMK 15/2026 (effective 1 April 2026), replacing PMK 49/2025. Under the new scheme, instalments of principal and interest are no longer the responsibility of the cooperative — the state pays directly via intercept of regional transfer funds (dana transfer ke daerah).
- Total APBN fiscal exposure from KDMP has three distinct layers: (1) IDR 210T in OIP (Other Investment Placement) from APBN/SAL into Himbara banks at a discounted 2% return when used for KDMP (vs 4.43% normal rate) — this is the liquidity support; (2) IDR ~240T in total instalment payments over 6 years (IDR ~40T/year), funded via Dana Desa intercept (~IDR 36T/yr) and DAU/DBH intercept (~IDR 4T/yr); (3) IDR ~2T in Kemenkop operational budget (IDR 542B in 2026, with a proposed IDR 1.34T additional for 2027).
- Himbara bank exposure is structured as three equal tranches: BRI, BNI, and Bank Mandiri each hold IDR 66T in KDMP plafon; BSI holds IDR 12T (total: IDR 210T committed plafon). However, per OJK data through January 2026, total committed credit across MBG, KDMP, and 3 Juta Rumah was IDR 177.4T — with KDMP accounting for an estimated IDR ~174.7T of that figure.
Regards, Aldiracita Research
