Debt of State-Owned Enterprises from the Perspective of State Financial Law: Utang Badan Usaha Milik Negara dalam Perspektif Hukum Keuangan Negara

Reno Efendi (Universitas Negeri Surabaya)
Muh. Ali Masnun (Universitas Negeri Surabaya)

indonesian Journal of Administrative Law and Local Government (IJALGOV)
Vol. 3 No. 2 (2026): INDONESIAN JOURNAL OF ADMINISTRATIVE LAW AND LOCAL GOVERNMENT (IJALGOV)

In recent years, the total debt of State-Owned Enterprises (SOEs) in Indonesia has increased significantly, driven by infrastructure projects, financial inefficiencies, and strategic government mandates. This has sparked legal and economic debates concerning the classification and implications of SOE debt under state financial law. This article examines the legal position of SOE debt through a normative legal research approach, emphasizing Indonesia's Law No. 17 of 2003 on State Finances and Law No. 19 of 2003 on SOEs. It also analyzes the implications of SOE debt for national fiscal stability and regulatory oversight. Findings indicate that although SOEs are separate legal entities, the state's role as the principal shareholder and guarantor can blur the boundary between corporate debt and public debt, thereby raising issues of fiscal risk and legal accountability.