Purbaya on Whoosh Project Debt Handover to Ministry of Finance on 15 September

Management of the debt for the Jakarta-Bandung high-speed rail project, known as Whoosh, will be handed over from Danantara to the Ministry of Finance on 15 September. Finance Minister Purbaya Yudhi Sadewa said the government is still working on the business model for managing the obligation.

“We are still discussing it. What is clear is that it will be handed over by us on 15 September,” Purbaya said at his office in Central Jakarta on Sunday (30/8/2026).

Purbaya explained that the settlement of the Whoosh debt will involve a Public Service Agency (BLU) or Special Mission Vehicle (SMV) under the Ministry of Finance. According to him, there may be two SMVs that will manage the Whoosh debt.

“We are still working out the most suitable form, involving several SMVs from the Ministry of Finance. Possibly two SMVs. We could also use a smaller SMV or a larger one. We will see later what the most appropriate scheme is,” Purbaya said.

Previously, the takeover of the Kereta Cepat Indonesia China (KCIC) scheme by the Ministry of Finance was one of the options being discussed by the government to resolve the Whoosh problem. This was revealed directly by Danantara’s COO, Dony Oskaria.

“Yes, it is possible. We are working on it. Hopefully it will be finished soon. We are thinking through them one by one. There are several schemes, of course. I will provide an update later because if it is not yet final and we update now, it might cause a stir again,” Dony said at the Presidential Palace complex in Central Jakarta on 7 April.

Dony, who also serves as Head of the State-Owned Enterprises Agency, said that within a maximum of two months from April, all options for resolving the high-speed rail problem would be fully discussed and decided upon, including the option of the Ministry of Finance taking over KCIC.

“There are still several main options. All of these solutions, whether option A or option B, will be completed within one to two months,” Dony said.

As for the fate of the PT Pilar Sinergi BUMN Indonesia (PSBI) consortium within KCIC, which consists of several state-owned companies such as PT Kereta Api Indonesia (Persero), PT Wijaya Karya (Persero) Tbk, PT Jasa Marga (Persero) Tbk, and PTPN, Dony declined to comment. He only stressed that the government will ensure all state-owned enterprises work according to their respective roles and expertise. He cited the example of WIKA, which is part of the consortium, saying it will focus solely on its contractor business and no longer manage the high-speed rail.

So far, the consortium of four Indonesian state-owned enterprises holds 60 percent of the shares in KCIC, the operator of the Whoosh high-speed rail. The remaining 40 percent is owned by a consortium of Chinese companies.