Axiological Dilemmas and Sustainable Accountability in Indonesia's 200 Trillion State Bank Policy

In 2025, the Indonesian government allocated IDR 200 trillion to state-owned banks (Himpunan Bank Milik Negara or Himbara) as part of a major fiscal stimulus to strengthen liquidity and accelerate post-pandemic recovery. While this policy was presented as a financial instrument to stabilize the economy, it also raises deeper philosophical questions about how public funds are valued, justified, and ethically governed. This study examines the policy through an axiological and sustainable accountability lens to uncover the moral and ethical foundations of Indonesia’s state capitalism. Using a hermeneutic-interpretive and critical discourse analysis approach, this research analyzes government statements, media reports, and academic literature to interpret the values embedded in fiscal decisions. Findings reveal that the IDR 200 trillion policy reflects a utilitarian orientation prioritizing economic efficiency over distributive justice and moral responsibility. The study also identifies gaps in sustainable accountability, where transparency remains procedural rather than ethical, and sustainability reporting functions more as legitimacy than conscience. Furthermore, ethical tensions arise when the state acts simultaneously as regulator and market participant, blurring the boundaries between public interest and institutional self-preservation. This research contributes to the philosophy of economics and accounting ethics by framing fiscal policy as both an economic and moral act calling for value-centered governance that aligns liquidity management with justice, transparency, and intergenerational sustainability.