Danantara Uncovers Debt Negotiation Scheme for Whoosh
Chief Executive Officer of BPI Danantara, Rosan Perkasa Roeslani, stated that the negotiation process for restructuring the debt of the Jakarta-Bandung High-Speed Rail, or Whoosh, between Indonesia and China will soon be concluded. “The solution is already in place, and it will be followed up by the team to discuss with the Chinese side,” said Rosan at the Ministry of Investment office in Jakarta on Thursday, 23 April 2026.
Rosan said that the government, through the Coordinating Minister for Regional Development and the Minister of Finance, has held meetings to discuss the Whoosh debt restructuring. He added that the government is currently fine-tuning the Whoosh debt restructuring. The restructuring scheme will later be presented by the Coordinating Minister for Infrastructure.
Previously, Finance Minister Purbaya Yudhi Sadewa stated that the Whoosh debt restructuring negotiations have been completed. “It’s done, just waiting to be announced,” said the Finance Minister at Ayana Midplaza, Jakarta, on Wednesday, 22 April 2026.
The state treasurer said he had met with the Chinese Finance Minister to convey the negotiation outcome decision. Thus, the Chinese government need not worry that Indonesia will default on its debt repayment responsibilities.
Purbaya explained that the losses from Whoosh are felt by companies in both countries involved in this project investment. “We pay a certain percentage, they (China) pay a certain percentage, right? So both sides are somewhat suffering,” he said.
Nevertheless, Purbaya declined to detail the specific mechanism of the high-speed rail debt restructuring. In line with Rosan, Purbaya said the official announcement will be delivered by Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono.
The government and Danantara have planned the high-speed rail project debt restructuring negotiations since last year. In November 2025, a technical predecessor team was sent to open negotiation channels with China.
In early April, the Head of the State-Owned Enterprises Agency (BP BUMN) and Chief Operating Officer (COO) of Danantara, Dony Oskaria, stated that the resolution process had reached the final stage after discussions with Purbaya.
The resolution has entered the formal stage, such as document signing, which will also be publicly informed. “All studies and so on are complete. Now it’s just the formal process. There will be signing and such,” said Dony at the Presidential Palace Complex in Jakarta on Tuesday, 7 April 2026, as quoted from Antara.
Since its construction began in 2016, the high-speed rail project has incurred a total cost of US$7.2 billion, equivalent to Rp120 trillion (exchange rate of 16,707 per US 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 was obtained from a loan from the China Development Bank, and the remaining 25 percent from equity of PT Kereta Cepat Indonesia China (KCIC). The consortium of PT Pilar Sinergi BUMN Indonesia (PSBI) holds 60 percent of KCIC shares, while the remaining 40 percent is held by the Chinese consortium, Beijing Yawan HSR Co Ltd.