Finance Minister Rejects Calls for Whoosh Debt Bailout, Says Responsibility Lies with Danantara
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BOGOR, Investortrust.id — Finance Minister Purbaya Yudhi Sadewa has ruled out any possibility of the state budget being used to pay the debt of PT Kereta Cepat Indonesia-China, the operator of the Whoosh high-speed rail, emphasizing that the project’s financial obligations should not “leak” into government finances.
“The KCIC debt being financed by the state budget? I haven’t been contacted about that issue,” Purbaya said during a virtual media briefing in Bogor, West Java, on Friday, Oct 10, 2025.
He explained that the company had already been placed under the management of Indonesia’s sovereign investment agency, the Investment Management Agency Daya Anagata Nusantara, or Danantara. Therefore, he added, the resolution of KCIC’s debt should be handled within Danantara’s management, which generates an average annual dividend of around Rp 80 trillion.
“They should manage it from there. Don’t come back to us,” he said.
Purbaya stressed that Danantara’s structure was designed to separate business entities from government operations. As such, financial or operational problems faced by state-owned companies should be addressed by Danantara as an independent corporate entity.
“Don’t let it be profit when things are good, and government responsibility when things go bad,” he remarked.
Earlier, Danantara Chief Executive Officer Rosan Roeslani stated that negotiations over KCIC’s debt restructuring were still ongoing between Indonesia and China.
Speaking after the Investor Daily Summit 2025 in Jakarta on Wednesday, Oct 8, 2025, Rosan said the agency was not merely seeking a conventional restructuring but a “comprehensive reform” to ensure long-term sustainability for the project.
“If I may say, we don’t want a restructuring that could create problems in the future. We’re aiming for a full reform,” he said.
Rosan denied reports that Danantara would take over KCIC, saying the details were still under negotiation.
“The discussions with our Chinese counterparts are ongoing, so it wouldn’t be appropriate for me to comment further,” he added.
Rosan emphasized that the goal of the reform was to prevent Whoosh from facing a potential default, underscoring the need for a durable financial structure for Indonesia’s first high-speed rail system.
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