Jakarta, cartitleloans Indonesia
—
Minister of Finance
Purbaya Yudhi Sadewa
refuse if the State Revenue and Expenditure Budget (
APBN
) is used to cover part of the debt for the Jakarta-Bandung Fast Train project aka Whoosh which is operated by PT Kereta Cepat Indonesia China (
KCIC
).
He believes that the responsibility for debt repayment should be managed by the Danantara Indonesia Investment Management Agency (BPI), which oversees the project.
“KCIC’s debt is financed by the APBN, I have not been contacted about this problem, when I am there at the weekly press conference I will tell you what the updates are like,” said Purbaya via Zoom while attending the 2025 Ministry of Finance Media Gathering at Novotel Bogor, West Java, Friday (10/10).
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According to him, until now the Ministry of Finance has not received an official discussion from related parties regarding the proposal that part of PT KCIC’s debt be borne by the state.
However, the State Treasurer assessed that Danantara already had a strong enough financial capacity to solve this problem without needing to rely on the APBN.
“What is clear now is that I have not been contacted about this problem. But this is under Danantara, right? Under Danantara, they already have their own management, they already have their own dividends, which on average a year can be IDR 80 trillion or more,” he said.
He emphasized that Danantara should be able to manage the financial obligations of the Whoosh project using the resources it has.The government does not want to continue to bear the financial burden of corporately managed projects.
“They should manage it from there, not us. Because if not, everything will go to us, including the dividends. So the private sector and the government want to separate this,” he said.
Purbaya also reminded that management between the private sector and the government should not overlap.According to him, project financing schemes such as Whoosh must have clear boundaries between the parts that are the responsibility of the government and those that are managed commercially.
“Not if it’s good for the private sector, if it’s not good for the government. What I know now is my position has not been arranged with them,” he concluded.
Previously, BPI Danantara prepared two options for debt settlement for the Jakarta-Bandung High Speed Train project which was burdening the financial balance of PT Kereta Api Indonesia (Persero) or KAI.
These options include providing additional capital to KAI or handing over high-speed train infrastructure to the government.
The Jakarta-Bandung Fast Train project is run by PT KCIC, a joint venture between the Indonesian BUMN consortium through PT Pilar Sinergi BUMN Indonesia (PSBI) and Chinese partners.
As much as 75 percent of the project funding came from China Development Bank loans, while the rest came from shareholder capital, including KAI, Wijaya Karya, PTPN I, and Jasa Marga.
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