Indonesia, September 2026 — The Indonesian government’s planned takeover of its stake in the Jakarta–Bandung high-speed railway, known as Whoosh, has been put on hold following a change in finance minister. The transfer had been scheduled for September 15, one day after President Prabowo Subianto appointed Suahasil Nazara to replace Purbaya.
Under the previous plan, the Finance Ministry was expected to assume the 60% Indonesian stake held by PT Pilar Sinergi BUMN Indonesia (PSBI), a consortium of four state-owned enterprises. The remaining 40% is held by Chinese partners. The proposed restructuring was also intended to place management of the railway’s debt under a special mission vehicle associated with the Finance Ministry.
Debt restructuring has become a central issue surrounding the ownership change. Purbaya had proposed annual repayments of approximately Rp1 trillion over an 80-year period, compared with the original 40-year loan tenor and 10-year grace period for the initial US$4.5 billion China Development Bank loan. Additional borrowing subsequently increased the project’s reported costs to more than US$7.2 billion.
The government had also considered transferring the Indonesian stake or debt-management responsibilities to Indonesia Investment Authority (INA) or state-owned infrastructure financier PT Sarana Multi Infrastruktur (SMI). Analysts cited by The Jakarta Post raised concerns that moving the obligations between state-controlled entities could shift rather than remove the financial burden, particularly if ticket revenues remain insufficient to cover operating and debt-servicing costs.
The delayed transfer leaves the future ownership and financing structure of Whoosh subject to review by the new Finance Ministry leadership. The development highlights the financial and governance considerations that can emerge around large-scale high-speed rail projects after construction, particularly when long-term debt obligations extend beyond the initial project delivery phase.
Source: Asia News Network
Indonesia Delays Whoosh Ownership Transfer After Finance Minister Change
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Indonesia’s Jakarta–Bandung high-speed railway is undergoing a proposed restructuring as the government considers changes to ownership and debt management. The planned transfer of the Indonesian stake to the Finance Ministry has been delayed following the replacement of Finance Minister Purbaya Yudhi Sadewa.
