State Budget Guarantees Whoosh Project, Potential Oversight Gaps Emerge

JAKARTA - Economist Yanuar Rizky from the Bright Institute has spotlighted the scheme of state budget guarantees for the Kereta Cepat Whoosh high-speed rail project. He assesses that the mechanism of taking over debt payments through the APBN carries implications for the governance of national finances. The main focus is on the position and role of Danantara. Yanuar views the Whoosh project as demonstrating significant ongoing APBN involvement in financing state-owned enterprises, despite structural changes via Danantara. “This is because the Whoosh debt policy is guaranteed by the APBN, so the waiver (release of rights) between Whoosh and the state equity (PMN) must be linked to the Central Government Financial Statements (LKPP) and Whoosh’s Financial Statements (LK),” he told Kompas.com on Friday (10/4/2026). The changes in ownership and management positions of BUMNs through Danantara are seen as potentially opening loopholes. Risks arise if there is no clear connection in the national financial reports. “Previously, BUMN capital was on the government’s financial balance sheet. With Danantara, it is pulled out, so if guaranteeing something but there is no link between KCIC’s financial statements and the government’s financial statements, then there is no room for control,” he explained. He emphasised that as long as BUMN projects are guaranteed by the APBN, the connection to national finances remains attached. This condition also determines Danantara’s position in the fiscal system. “The solution is for Danantara to be established as an autonomous institution with financial reports as a state institution like BI, which is in the Central Government Financial Statements. Or, if it is to be separate and not state finances, then Danantara should not request APBN guarantees,” he concluded.