Purbaya Ready to Settle KCIC Debt, Awaits Danantara Administration
Finance Minister Purbaya Yudhi Sadewa has revealed that the government is still waiting for the administrative process of transferring PT Kereta Cepat Indonesia China (KCIC) from BPI Danantara, in order to execute the scheme for settling the company’s debt.
Purbaya said that, in principle, the mechanism for settling KCIC’s debt has already been determined. However, its implementation will only proceed once KCIC has been handed over to the Ministry of Finance.
“As for the scheme, we are waiting to see when it is given to me, and then we will sort it out. But it is already clear how it will be resolved,” Purbaya said at the Presidential Palace complex on Wednesday (15/7/2026).
Purbaya said he had received instructions from President Prabowo Subianto to settle KCIC’s debt. However, he assured that a special scheme has been prepared, one that does not necessarily require the use of state budget (APBN) funds.
“KCIC — it is still with Danantara at the moment, and it will later be handed over to me. Because the President has ordered us to sort it out. But it does not have to use the APBN; I have a certain scheme in which there are tools and vehicles we have outside that can currently handle KCIC,” he said.
Furthermore, he stressed that the takeover of KCIC has already been decided. The administrative process is currently under way at Danantara, although he could not yet confirm when the takeover would be completed.
“This is still in the administrative process. It has been decided — the decision has actually been made, it is just the administrative process that is still running. Once it is clear with Danantara and everything is finished, we will then report back to the President,” he explained.
KCIC to Become a BLU?
When asked whether KCIC would be converted into a Public Service Agency (BLU), Purbaya denied such a plan. However, he affirmed that the debt settlement scheme has been prepared, although its implementation still awaits the completion of the company’s handover from Danantara.
Earlier, Minister of Investment and Downstreaming and Head of the Investment Management Agency (BPI) Danantara, Rosan P. Roeslani, confirmed that the debt restructuring of the Whoosh high-speed rail project operator, PT Kereta Cepat Indonesia China (KCIC), would be managed by the Ministry of Finance.
“Yes (under the Finance Ministry), correct, correct,” Rosan said when met in Central Jakarta on Tuesday (28/4/2026).
According to Rosan, the restructuring of the Whoosh debt had been approved by the Coordinating Minister for Infrastructure and Regional Development, Agus Harimurti Yudhoyono (AHY). However, Rosan did not provide details on the scheme for resolving the debt restructuring.