Danantara CEO Says Using State Budget for Whoosh Debt Only One Option

October 16, 2025 | 05:13 pm

TEMPO.CO, Jakarta - Chief Executive Officer of the Indonesia's sovereign wealth fund Danantara Investment Management Agency, Rosan Roeslani, responded to Finance Minister Purbaya Yudhi Sadewa’s remarks rejecting the use of the state budget to repay the debt of the Jakarta-Bandung High-Speed Train (Whoosh) project.

Rosan clarified that the proposal to tap into the state budget was merely one of several options being evaluated.

Rosan said discussions have been held with multiple ministries, including the Ministry of Finance, to find a sustainable solution for the Whoosh project’s debt to the China Development Bank (CDB).

“I have communicated this issue to all relevant ministers, including Mr. Purbaya. We are currently conducting a comprehensive evaluation, and in that process, we are presenting several alternatives, options one, two, and three,” Rosan told reporters at JS Luwansa Hotel, Jakarta, on Thursday, October 16, 2025.

He did not elaborate on the specific options under review but emphasized that Danantara was carefully assessing the most viable payment scheme. “Once the evaluation is completed, we will finalize it and make a joint decision on the best solution,” he added.

Earlier, Finance Minister Purbaya Yudhi Sadewa asserted that Danantara has sufficient funds to service the debt without relying on the state budget.

He noted that Danantara’s income from state-owned enterprise (SOE) dividends, estimated at around Rp90 trillion, would easily cover the Rp2 trillion annual debt repayment owed to the China Development Bank, the main creditor for the high-speed rail project.

“There’s enough money there to pay the Rp2 trillion annual installment. I don’t see any need to use the state budget,” Purbaya said after attending the Danantara Board of Supervisors Meeting at Wisma Danantara, Jakarta, on Wednesday, October 15, 2025.

Meanwhile, Danantara’s Chief Operating Officer (COO) Dony Oskaria previously mentioned two potential solutions: additional capital injection (equity) or a government infrastructure takeover, similar to practices in other railway sectors.

Dony also highlighted that the Whoosh high-speed train has already had a notable economic impact, with daily passenger numbers reaching 30,000 and improved regional mobility.

However, he stressed that maintaining the financial health of PT Kereta Cepat Indonesia China (KCIC), which is now part of PT Kereta Api Indonesia (Persero), requires a sustainable and well-structured financing scheme.

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