November 19, 2025 | 01:13 pm
TEMPO.CO, Jakarta - Pandu Sjahrir, the CIO of sovereign wealth fund Danantara, confirmed that Finance Minister Purbaya Yudhi Sadewa will have a hand in Whoosh debt restructuring talks with China. This decision came after the government said it would leverage the State Budget to cover the high-speed rail project debt.
Pandu revealed the plan to bring in Purbaya after attending the Antara Business Forum in Jakarta on Wednesday, November 19, 2025. "Yes, of course (he's invited). Pak Purbaya is the Finance Minister. He will certainly be involved," said Pandu, without detailing further about the negotiation timeline with China.
But he affirmed that the restructuring will be carried out according to President Prabowo Subianto's directive.
Purbaya had expressed his hope to be involved in the negotiations for the Whoosh debt to ensure no significant losses to the state. "That's why I said if [Danantara] holds talks with [China], I will join. I want to see that I don't incur any big losses. But we'll see what's best for this country," said Purbaya on Friday, November 14, 2025.
The minister said Whoosh debt would not be paid with the State Budget if things were up to him. Nevertheless, he said he's leaving the decision to President Prabowo.
The government is currently considering options to handle the debt and financial losses from the high-speed train project. Based on past discussions, the government will cover the infrastructure for Whoosh, while Danantara will handle the operational activities and train facilities. Nevertheless, there is no final decision yet on the scheme.
In late October 2025, Danantara Indonesia's COO Dony Oskaria confirmed that the debt restructuring is targeted to be completed this year. According to Dony, Danantara will depart for China in the near future to negotiate the debt payment terms.
Since its construction in 2016, the high-speed train project has incurred a total cost of US$7.2 billion or equivalent to Rp120 trillion (at an exchange rate of 16,707 per US dollar). This cost consists of an initial investment of US$6.02 billion and a cost overrun of US$1.21 billion.
About 75 percent of the funding was obtained from the China Development Bank, and the remaining 25 percent from the equity of PT Kereta Cepat Indonesia China (KCIC). The PT Pilar Sinergi BUMN Indonesia (PSBI) consortium holds 60 percent of KCIC's shares. Meanwhile, the remaining 40 percent is held by a Chinese consortium, Beijing Yawan HSR Co Ltd.
Anastasya Lavenia and Han Revanda contributed to the writing of this article
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