Whoosh debt repayment discussed during Luhut's meeting with Chinese officials
The debt repayment mechanism for the Whoosh high-speed railway was among the key topics discussed by the Chairman of the National Economic Council (DEN), Luhut Binsar Pandjaitan, during his meeting with the Chairman of the National Development and Reform Commission (NDRC), Zheng Shanjie.
“When meeting with Chairman Zheng Shanjie of the NDRC, who is an old friend, I also touched upon the high-speed railway and the issue of the Whoosh debt,” Luhut told ANTARA in Beijing on Friday (18/9).
Luhut is in China from 15–18 September to attend several meetings, including the ‘China Economic and Social Forum 2026’ in Hangzhou, Zhejiang province. His itinerary includes meetings with Chinese Foreign Minister Wang Yi, Secretary-General of the National Committee of the Chinese People’s Political Consultative Conference (CPPCC) Wang Dongfeng, and NDRC Chairman Zheng Shanjie, as well as delivering a public lecture at Tsinghua University.
Luhut expressed optimism that the relevant parties will be able to integrate the Whoosh debt repayment process. “Because the President has given the ‘green light’, it is now just a matter of execution. The National Economic Council will assist in ensuring this is communicated quickly to China, and because of existing friendships with Chinese officials, it appears things will proceed smoothly,” Luhut added.
Luhut also claimed that the Chinese side has no objections to the Whoosh debt repayment mechanism. “There is no problem. If we look at Whoosh, it has changed our lifestyle as we can live in Jakarta and have lunch in Bandung, moving back and forth easily. Many have even requested the extension of Whoosh to Surabaya, which I also mentioned during the meetings with Chinese officials,”
Luhut further noted that regarding the continuity of the high-speed rail project, President Prabowo will need to appoint a relevant coordinating minister.
Former Finance Minister Purbaya Yudhi Sadewa previously revealed that the debt restructuring for the Jakarta-Bandung High-Speed Railway (KCJB) project, known as Whoosh, involves an instalment scheme of approximately Rp1 trillion per year with a tenor of up to 80 years. He assessed that the burden of this restructuring scheme is relatively lighter than expected and remains manageable by the Ministry of Finance.
The government plans to take over a 60 per cent stake in PT Kereta Cepat Indonesia China (KCIC). Currently, this share is held by a consortium of State-Owned Enterprises (SOEs) through PT Pilar Sinergi BUMN Indonesia (PSBI), while the remaining 40 per cent stake will continue to be held by the Chinese consortium, Beijing Yawan HSR Co. Ltd.
At present, the Ministry of Finance is conducting due diligence and evaluating the share value of the PSBI shares that are to be transferred. The Chief Executive Officer (CEO) of Danantara Indonesia, Rosan Roeslani, ensured that the process of transferring the management of PT Kereta Cepat Indonesia China (KCIC) to the Ministry of Finance remains on track, despite the transition of the Finance Minister from Purbaya Yudhi Sadewa to Suahasil Nazara.