Published by The Jakarta Post on August 6, 2026
The Indonesian government insists that the Finance Ministry’s plan to take over the Indonesian consortium of PT Kereta Cepat Indonesia China (KCIC), the operator of the Whoosh high-speed railway, will not burden state coffers.
Finance Minister Purbaya Yudhi Sadewa said after a meeting with Danantara Chief Operating Officer Dony Oskaria on Wednesday (5/8) that the acquisition would be finished by the middle of August. Whoosh’s operations and liabilities will then be transferred to the Finance Ministry. Even so, he said, Whoosh’s debt would not be financed with state funds.
KCIC is a joint venture with the Indonesian consortium PT Pilar Sinergi BUMN Indonesia (PSBI) controlling 60% stake and its Chinese counterpart Beijing Yawan HSR Co. Ltd. controlling the rest. PT Kereta Api Indonesia (KAI) holds 58.53% of PSBI.
Within the first six months of 2026, PSBI has accumulated a loss of Rp5.1 trillion, wider compared with Rp4.9 trillion throughout 2025.
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