Since then, economists, investors and market watchers are cautiously observing how Danantara will walk that tightrope, while waiting to see how the agency translates the President’s vision into reality.

The agency’s first major move came in June, when it announced a Rp 6.65 trillion (US$407.4 million) capital injection for national flag carrier Garuda Indonesia, in the form of a shareholders’ loan.

Danantara even hinted that the total package could reach $1 billion, with the first phase focusing on fleet maintenance and operational readiness for both Garuda and its low-cost subsidiary, Citilink. These airlines, grounded during the pandemic, need more than just altitude, they need time and money to truly soar again.

The move hints at a cross-subsidy strategy among state-owned enterprises (SOEs), as Danantara’s funds come from the dividends of cash-rich firms like state lenders BRI and Bank Mandiri, as well as mining holding company MIND ID.

In doing so, Danantara proved it could indeed move quickly, disbursing funds just five months after its formation.

That is a sharp contrast to the previous system, which required SOEs to submit proposals for capital injections (PMN) to the SOEs Ministry, the Finance Ministry and the House of Representatives, endure lengthy scrutiny and often receive reduced or delayed funding.

But speed does not necessarily constitute a success. Danantara must also show that it can move carefully. The capital injection into Garuda must be justified, not just swift. After all, the bureaucracy that Danantara aims to bypass is designed to prevent misallocation, reckless spending and corruption. Though the process was slow, it offered transparency and a level of accountability, as the funds in question are public money.

Without parliamentary oversight, the public now has fewer windows into how decisions are made. Danantara must fill that gap through clear, proactive disclosure, especially as more troubled SOEs are expected to knock on its door, including debt-ridden infrastructure giants like Waskita Karya and Wijaya Karya.

Indonesian Military Insurance (Asabri), which was embroiled in a corruption case involving Rp 22.78 trillion between 2019 and 2021, has even publicly stated that it would seek a Rp 2.7 trillion capital injection from Danantara, previously approved by the House but not yet disbursed.

Danantara’s chief operating officer Dony Oskaria also confirmed that SOEs would no longer receive PMN directly from the state budget, as that responsibility has been shifted to Danantara. The change is unsurprising, given the government's tightening fiscal space and its decision to channel SOE dividends, which previously went to the state budget, to Danantara instead.

Still, funding should not be driven by desperation. Danantara must prioritize bailing out, if necessary, SOEs with strategic value, not merely those in financial distress.

Ultimately, the agency was not created just to hand out lifelines, it was established to generate long-term returns for the country. Its mission is to invest, not simply rescue.

In May, Danantara and the country’s sovereign wealth fund, the Indonesia Investment Authority (INA), signed a memorandum of understanding (MoU) with French mining giant Eramet to explore investments in the nickel supply chain, including support for the electric vehicle industry.

A month later, both Danantara and INA announced a deal to acquire a stake in Chandra Asri’s upcoming Chlor Alkali and Ethylene Dichloride (CA-EDC) plants, a joint investment that could reach up to $800 million.

These deals are encouraging, but they need to move beyond paperwork and translate into real, profitable results.

“Quick” and “careful” may sound like an oxymoron, but Danantara must prove they can coexist. Beyond words, the agency must show the money, where it is going, how it is spent and what it brings back to the nation.