Penelitian ini bertujuan untuk mengetahui pengaruh kebijakan Dana Desa terhadap tingkat kemiskinan di Indonesia menggunakan presentase penduduk miskin (P0), indeks kedalaman kemiskinan (P1) dan indeks keparahan kemiskinan (P2). Metode yang digunakan adalah gabungan metode kuantitatif dan kualitatif. Fase kuantitatif menggunakan model data panel level kabupaten/kota penerima kebijakan dana desa periode tahun 2015-2020. Fase kualitatif melakukan studi kasus pada Desa Kenebibi di Kabupaten Belu Provinsi Nusa Tenggara Timur sebagai desa sampel. Hasil estimasi model fixed effect menunjukkan bahwa kebijakan dana desa terbukti secara statistik menurunkan P0 namun tidak berpengaruh terhadap P1 dan P2. Hasil estimasi tersebut diperkuat melalui temuan penelitian kualitatif di lapangan bahwa program prioritas dari kebijakan dana desa berupa pembangunan dan pemberdayaan masyarakat belum sepenuhnya dirasakan manfaatnya oleh warga miskin desa khususnya kelompok miskin terbawah sehingga kedalaman kemiskinan dan keparahan kemiskinan tidak mampu diatasi dengan Dana Desa. Hasil penelitian tersebut menyarankan bahwa pemerintah perlu mengevaluasi formulasi pengalokasian dana desa dengan memperhitungkan kedalaman dan keparahan kemiskinan, mempertimbangkan keberadaan komunitas marginal sebagai karakteristik desa, termasuk melibatkan kelompok masyarakat miskin terbawah di desa.

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The aim of this study is to determine the effect of the Village Fund policy on poverty rates in Indonesia using the head count index (P0), poverty gap index (P1) and poverty severity index (P2), by applying a combination of quantitative and qualitative methods. The quantitative phase uses a panel data model at the district/city level that receives village fund policies in the span of 2015-2020, while a case study in Kenebibi Village in Belu Regency, East Nusa Tenggara Province (sample village) serves as the qualitative phase. Based on the estimation results of the fixed effect model, the village fund policy is statistically proven to reduce P0 but has no effect on P1 and P2. This results were then confirmed through the findings of qualitative research, which shows that the priority programs of the village fund policy in the form of development and community empowerment had not fully benefited the poor of the village, especially the lowest poor groups. Thus, the poverty gap and the severity of poverty could not be solved by village funds. The results of this study suggest that the government needs to evaluate the formulation of village fund allocations by taking into account the gap and severity of poverty, considering the existence of marginal communities as village characteristics, including involving the lowest poor community groups in the village.