1 jam yang lalu
April 23, 2026 | 04:42 pm
TEMPO.CO, Jakarta - Chief Executive Officer of Danantara Indonesia Investment Management Agency, Rosan Perkasa Roeslani, said the negotiation process for restructuring the debt of the Jakarta-Bandung high-speed rail project, Whoosh, between Indonesia and China, is almost finished. "The solution is already there, and it will be followed up by the team to discuss it with the Chinese party," said Rosan at the Ministry of Investment office in Jakarta, on Thursday, April 23, 2026.
Rosan said the government, in this case, the Coordinating Minister for Maritime Affairs and the Minister of Finance, has held meetings to discuss the restructuring of Whoosh's debt. He said that the government is currently fine-tuning the restructuring of Whoosh's debt. Later, the restructuring scheme will be presented by the Coordinating Minister for Infrastructure.
Previously, Finance Minister Purbaya Yudhi Sadewa stated that the negotiation for the restructuring of Whoosh's debt had been completed. "It's done, just needs to be announced," said Finance Minister Purbaya at Ayana Midplaza in Jakarta, on Wednesday, April 22, 2026.
The state treasurer said that he had met with the Chinese finance minister to deliver the outcome of the negotiations. Therefore, the Chinese government need not worry that Indonesia will default on the responsibility to pay the debt.
Purbaya disclosed that the losses from Whoosh were felt by companies in both countries involved in this project. "We pay a certain percentage, they (China) pay a certain percentage, like that. So, both parties are suffering a bit," he said.
However, Purbaya declined to disclose the detailed mechanism of high-speed rail's debt restructuring. Align with Rosan, Purbaya said the official announcement would be made by the Coordinating Minister for Maritime Affairs and Investment Agus Harimurti Yudhoyono.
Negotiations for the restructuring of the high-speed rail debt have been planned by the government and Danantara since last year. In November 2025, a technical precursor team was sent to open negotiations with China.
Earlier this April, the Head of State-Owned Enterprises Regulatory Agency (BP BUMN) and Danantara Chief Operating Officer (COO), Dony Oskaria, stated that the settlement process had reached the final stage after discussions with Purbaya.
The settlement has entered the formal stage, such as the signing of documents, which will also be publicly announced. "All studies and others have already been completed. Now, we just need to go through the formal process. There will be a signing, and so on," said Dony at the Presidential Palace Complex in Jakarta, on Tuesday, April 7, 2026, as quoted by Antara.
Since its construction in 2016, the high-speed rail project has cost a total of US$7.2 billion (around Rp120 trillion with an exchange rate of 16,707 per U.S. dollar). This consists of an initial investment of US$6.02 billion and a cost overrun of US$1.21 billion.
Seventy-five percent of the funding came from a loan from the China Development Bank, and the remaining 25 percent came from PT Kereta Cepat Indonesia China's (KCIC) equity. The PT Pilar Sinergi BUMN Indonesia (PSBI) consortium owns 60 percent of KCIC's shares. The remaining 40 percent is held by Beijing Yawan HSR Co. Ltd., a consortium from China.
Ilona Estherina and Han Revanda contributed to the writing of this article
Read: Palace: Whoosh Debt Payment Will Use State Budget
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