September 20, 2026 | 11:00 am
TEMPO.CO, Jakarta - Chair of Indonesia's National Economic Council (DEN) Luhut Binsar Pandjaitan discussed the debt repayment mechanism for Jakarta-Bandung "Whoosh" High-Speed Railway with China's National Development and Reform Commission (NDRC) during his visit to China this week.
"We cannot just let this issue linger, as it will be to our detriment. There must be technical follow-ups," Pandjaitan told ANTARA on Friday following his meeting with NDRC Chair Zheng Shanjie.
Pandjaitan, who previously oversaw the railway's development as Coordinating Minister for Maritime Affairs and Investment from 2016 to 2024, noted that his familiarity with the project's details is aiding the current negotiations on the debt structure.
He reported that the Chinese government raised no objections to the proposed repayment mechanism. Meanwhile, domestic stakeholders in Indonesia are fully aligned, with President Prabowo Subianto, Coordinating Minister for Economic Affairs Airlangga Hartarto, and Finance Minister Suahasil Nazara having been thoroughly briefed.
"The President has given the green light; it is now just a matter of execution. The National Economic Council is helping to expedite the process (by conveying it to Chinese officials), given our strong relationship with China, it appears everything will proceed smoothly," Pandjaitan remarked.
Beyond the debt negotiations, Pandjaitan highlighted the transformative impact Whoosh has had on commuter lifestyles between Jakarta and West Java.
This success has fueled public demand to extend the railway line to Surabaya, East Java — a proposal Pandjaitan formally raised during his meetings in China.
Moving forward, President Prabowo is expected to appoint a coordinating minister, potentially Coordinating Minister for Infrastructure and Regional Development Agus Harimurti Yudhoyono, to oversee the railway's continuation and ensure project continuity, Pandjaitan added.
Pandjaitan’s September 15–18 itinerary in China included attending the "China Economic and Social Forum 2026" in Hangzhou, delivering a public lecture at Tsinghua University, and holding bilateral meetings with high-ranking officials, including Chinese Foreign Minister Wang Yi.
The ongoing discussions align with recent statements by former Finance Minister Purbaya Yudhi Sadewa, who indicated that the Whoosh project's debt restructuring scheme could feature manageable annual installments of approximately Rp1 trillion over a tenor of up to 80 years.
Concurrently, the Indonesian government is maneuvering to acquire a 60 percent stake in the railway's operating consortium, PT Kereta Cepat Indonesia China (KCIC), with the remaining 40 percent to be retained by the Chinese consortium, Beijing Yawan HSR Co. Ltd.
The Ministry of Finance is currently conducting due diligence and a valuation of the shares slated for transfer. CEO of Indonesia’s Danantara Sovereign Wealth Fund Rosan Roeslani confirmed that the process of transferring KCIC's management to the Ministry of Finance remains on schedule.
Read: What Happens to Whoosh Debt Transfer After Purbaya's Replacement?
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