The negotiation process for restructuring the debt of the\nJakarta-Bandung High-Speed Rail, or Whoosh, between Indonesia and China\nhas been completed. \u201cIt\u2019s done, just waiting to be announced,\u201d said\nFinance Minister Purbaya Yudhi Sadewa at Ayana Midplaza, Jakarta, on\nWednesday, 22 April 2026.<\/p>\n
The State Treasurer has also met with the Chinese Finance Minister to\nconvey that the negotiation results have been decided. Thus, the Chinese\ngovernment need not worry that Indonesia will default on its\nresponsibility to repay the debt.<\/p>\n
Purbaya explained that the losses from Whoosh are felt by companies\nin both countries involved in the project investment. \u201cWe pay a certain\npercentage, they (China) pay a certain percentage, right? So both sides\nare somewhat suffering,\u201d he stated.<\/p>\n
Nevertheless, Purbaya declined to reveal the detailed mechanism of\nthe high-speed rail debt restructuring. According to Purbaya, the\nofficial announcement will be delivered by Coordinating Minister for\nInfrastructure and Regional Development Agus Harimurti Yudhoyono\n(AHY).<\/p>\n
The debt restructuring negotiation for the high-speed rail project\nhas been planned by the government and Danantara since last year. In\nNovember 2025, a technical precursor team was sent to open negotiation\nchannels with China.<\/p>\n
In early April, the Head of the State-Owned Enterprises Agency\n(BPSDM) and Chief Operating Officer (COO) of Danantara, Dony Oskaria,\nstated that the resolution process had reached the final stage after\ndiscussions with Purbaya. The resolution has entered the formal stage,\nsuch as document signing, which will also be publicly announced.<\/p>\n
\u201cAll studies and so on have been completed. Now it\u2019s just the formal\nprocess. There will be signing and such,\u201d said Dony at the Presidential\nPalace Complex, Jakarta, on Tuesday, 7 April 2026, as quoted from\nAntara.<\/p>\n
Since construction began in 2016, the high-speed rail project has\nincurred a total cost of US$7.2 billion, equivalent to Rp120 trillion\n(exchange rate of 16,707 per US dollar). This consists of an initial\ninvestment of US$6.02 billion and cost overruns of US$1.21 billion.<\/p>\n
Seventy-five percent of the funding was obtained from a loan from the\nChina Development Bank, and the remaining 25 percent from equity of PT\nKereta Cepat Indonesia China (KCIC). The consortium of PT Pilar Sinergi\nBUMN Indonesia (PSBI) holds 60 percent of KCIC shares, while the\nremaining 40 percent is held by the Chinese consortium, Beijing Yawan\nHSR Co Ltd.<\/p>", "url": "https:\/\/jawawa.id\/newsitem\/purbaya-negotiation-on-high-speed-rail-debt-restructuring-completed-1776844305", "image": "" }, "sponsor": "Okusi Associates", "sponsor_url": "https:\/\/okusiassociates.com" }