TEMPO.CO, Jakarta - Finance Minister Purbaya Yudhi Sadewa stated that he has held discussions regarding debt restructuring for the Jakarta-Bandung High-Speed Train, known as Whoosh, with the Daya Anagata Nusantara (Danantara) Investment Management Agency.
Following a meeting with Danantara Chief Operating Officer Dony Oskaria at the Ministry of Finance on Wednesday, August 5, 2026, Purbaya confirmed that Danantara will transfer the high-speed rail debt to his ministry. According to Purbaya, authorities target finalizing the transfer process by September 2026.
"This has been handed over from Danantara to the Ministry of Finance; we are expediting the process, and it will likely be cleared by mid-September," Purbaya said after meeting with Dony.
Despite assuming responsibility for the debt, Purbaya maintained that the settlement will not strain the state budget (APBN). He explained that debt management will be handled through a Special Mission Vehicle (SMV), an institutional entity operating under the Ministry of Finance. "We will use one of our fiscal SMV arms to manage it," he noted.
In addition to absorbing the debt, Purbaya disclosed that Whoosh oeprator, PT Kereta Cepat Indonesia China (KCIC), will fall under the direct coordination of the Ministry of Finance. Under this scheme, KCIC will no longer operate under state-owned railway operator PT Kereta Api Indonesia (KAI), which currently holds a majority stake in a state-owned enterprise consortium named PT Pilar Sinergi BUMN Indonesia (PSBI). "We have also asked Chinese stakeholders, and they appear committed to continuing this project and potentially extending it (the route) to East Java," he added.
Regarding the restructuring roadmap, the government previously proposed establishing a National High-Speed Train Committee to be led by Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono. The initiative first emerged in January 2026 during a meeting between Purbaya and AHY.
Edi Suliso, an Associate Expert Policy Analyst at the Coordinating Ministry for Infrastructure and Regional Development, indicated that the committee's establishment awaits the issuance of a Presidential Regulation. "We are just awaiting the Presidential Regulation and cannot yet disclose its contents," he told Tempo on Tuesday, August 4, 2026.
Initiated during President Joko Widodo's administration, the project commenced with the signing of a Memorandum of Understanding on Jakarta-Bandung High-Speed Rail Cooperation between the Ministry of State-Owned Enterprises and the National Development and Reform Commission of the People's Republic of China (NDRC) on March 26, 2015. Following the initial agreement, both parties executed a Joint Framework Arrangement between the SOE Ministry and the NDRC.
The Ministry of SOEs subsequently established a local consortium, PT Pilar Sinergi BUMN Indonesia (PSBI), led by PT Wijaya Karya (WIKA), which partnered with a Chinese consortium led by China Railway International Co. Ltd. The joint entities established PT Kereta Cepat Indonesia China (KCIC) as the operational company managing Whoosh. Shareholding allocations within PT PSBI have fluctuated over time; as of December 2025, PT KAI held a 58.53 percent stake, PT WIKA held 33.36 percent, PT Jasa Marga held 7.08 percent, and PTPN VIII retained 1.03 percent.
KCIC's overarching ownership framework comprised a 60 percent controlling stake held by PT PSBI and 40 percent held by China Railway. In 2017, China Railway transferred its entire equity position in PT KCIC to Beijing Yawan.
Despite three years of commercial operations since launching in 2023, Whoosh's operational performance remains below initial projections. The Supreme Audit Agency's (BPK) Compliance Audit Report on PT WIKA for Fiscal Year 2022 through the first half of 2024 highlighted ongoing financial strain. In the report released in December 2025, the BPK projected that PT PSBI will continue incurring net losses through 2029, directly affecting participating corporate shareholders.
Financial data indicates that losses associated with the Whoosh project continue to widen. According to PT KAI's interim consolidated financial statements for the first half of 2026, PT PSBI posted a net loss of Rp5.13 trillion. The net loss recorded during the first six months of this year surpassed the Rp4.99 trillion loss reported across 2025.
Alongside mounting net losses, PT PSBI's asset base contracted. As of June 30, 2026, PT PSBI's total assets declined from Rp25.2 trillion to Rp21.5 trillion. Concurrently, total corporate liabilities rose from Rp20.1 trillion to Rp21.5 trillion during the first half of 2026.
Eva Chairunisa, Corporate Secretary of PT KCIC, welcomed the government's commitment toward resolving Whoosh's financial restructuring. According to Eva, the company is supplying data requested by the Ministry of Finance and Danantara to facilitate the transition. Eva emphasized that KCIC remains focused on increasing Whoosh passenger volumes and encouraging a broader modal shift from private vehicles to mass transit.
Furthermore, KCIC is attempting to maximize revenue growth through farebox collections and ticket sales. "This involves collaborations to ensure corridors surrounding Whoosh transit points experience positive economic spillover," she told Tempo when contacted on Tuesday, August 4, 2026.
Eva noted that KCIC is currently partnering with various cultural and commercial destinations across Bandung and Jakarta through its Whoosh Value Plus program. The initiative enables ticket holders to obtain complimentary access to select attractions, promotional dining offers, and lodging discounts.
Eva reaffirmed that KCIC is committed to innovating, enhancing services, and offering greater convenience for users. "One of the access routes is currently being developed. We are also continuing to coordinate with relevant agencies to improve the accessibility of Whoosh stations, such as Karawang, Padalarang, and Tegalluar, and Tegalluar," she concluded.
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