Luhut Says China Has No Objection to Whoosh Debt Payment Plan<\/p>\n
Reporter<\/p>\n
September 20, 2026 | 11:00 am<\/p>\n
TEMPO.CO, Jakarta - Chair of Indonesia\u2019s National Economic Council\n(DEN) Luhut Binsar Pandjaitan discussed the debt repayment mechanism for\nJakarta-Bandung \u201cWhoosh\u201d High-Speed Railway with China\u2019s National\nDevelopment and Reform Commission (NDRC) during his visit to China this\nweek.<\/p>\n
\u201cWe cannot just let this issue linger, as it will be to our\ndetriment. There must be technical follow-ups,\u201d Pandjaitan told ANTARA\non Friday following his meeting with NDRC Chair Zheng Shanjie.<\/p>\n
Pandjaitan, who previously oversaw the railway\u2019s development as\nCoordinating Minister for Maritime Affairs and Investment from 2016 to\n2024, noted that his familiarity with the project\u2019s details is aiding\nthe current negotiations on the debt structure.<\/p>\n
He reported that the Chinese government raised no objections to the\nproposed repayment mechanism. Meanwhile, domestic stakeholders in\nIndonesia are fully aligned, with President Prabowo Subianto,\nCoordinating Minister for Economic Affairs Airlangga Hartarto, and\nFinance Minister Suahasil Nazara having been thoroughly briefed.<\/p>\n
\u201cThe President has given the green light; it is now just a matter of\nexecution. The National Economic Council is helping to expedite the\nprocess (by conveying it to Chinese officials), given our strong\nrelationship with China, it appears everything will proceed smoothly,\u201d\nPandjaitan remarked.<\/p>\n
Beyond the debt negotiations, Pandjaitan highlighted the\ntransformative impact Whoosh has had on commuter lifestyles between\nJakarta and West Java.<\/p>\n
This success has fueled public demand to extend the railway line to\nSurabaya, East Java \u2014 a proposal Pandjaitan formally raised during his\nmeetings in China.<\/p>\n
Moving forward, President Prabowo is expected to appoint a\ncoordinating minister, potentially Coordinating Minister for\nInfrastructure and Regional Development Agus Harimurti Yudhoyono, to\noversee the railway\u2019s continuation and ensure project continuity,\nPandjaitan added.<\/p>\n
Pandjaitan\u2019s September 15\u201318 itinerary in China included attending\nthe \u201cChina Economic and Social Forum 2026\u201d in Hangzhou, delivering a\npublic lecture at Tsinghua University, and holding bilateral meetings\nwith high-ranking officials, including Chinese Foreign Minister Wang\nYi.<\/p>\n
The ongoing discussions align with recent statements by former\nFinance Minister Purbaya Yudhi Sadewa, who indicated that the Whoosh\nproject\u2019s debt restructuring scheme could feature manageable annual\ninstallments of approximately Rp1 trillion over a tenor of up to 80\nyears.<\/p>\n
Concurrently, the Indonesian government is maneuvering to acquire a\n60 percent stake in the railway\u2019s operating consortium, PT Kereta Cepat\nIndonesia China (KCIC), with the remaining 40 percent to be retained by\nthe Chinese consortium, Beijing Yawan HSR Co.\u00a0Ltd.<\/p>\n
The Ministry of Finance is currently conducting due diligence and a\nvaluation of the shares slated for transfer. CEO of Indonesia\u2019s\nDanantara Sovereign Wealth Fund Rosan Roeslani confirmed that the\nprocess of transferring KCIC\u2019s management to the Ministry of Finance\nremains on schedule.<\/p>\n
Read: What Happens to Whoosh Debt Transfer After Purbaya\u2019s\nReplacement?<\/p>\n
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