Wika Relieved as Finance Ministry Assumes Whoosh Debt

Ministry of Finance Assumes Control of Whoosh Debt as State-Owned Constructors Seek Financial Relief

The Indonesian Ministry of Finance is preparing to assume ownership of the 60% stake in the Jakarta-Bandung high-speed rail project, known as Whoosh, currently held by a consortium of state-owned enterprises. The restructuring aims to isolate government finances while providing immediate balance sheet relief to contractors like PT Wijaya Karya (Persero) Tbk, which has shouldered negative returns from the infrastructure corridor.

The Bottom Line

• Asset Transfer: The Ministry of Finance plans to house the 60% consortium stake within a Special Mission Vehicle to prevent direct friction against the state budget.
• Fiscal Guardrails: Deputy Finance Minister Juda Agung emphasized during a Bogor media gathering that while Whoosh operations must continue uninterrupted, fiscal exposure must be strictly minimized.

Consortium Divestment and Corporate Balance Sheet Pressures

For PT Wijaya Karya (Persero) Tbk (IDX: WIKA), the Jakarta-Bandung high-speed railway has functioned as a capital drain. During an online public expose, WIKA Finance Director Mulyadi stated that the company’s consolidated financial statements suffer from negative equity because the railway generates negative returns. Mulyadi noted that WIKA absorbs losses due to its involvement in PT Pilar Sinergi BUMN Indonesia (PSBI).

PSBI controls 60% of PT Kereta Cepat Indonesia China (KCIC), with the remaining 40% held by a Chinese consortium of investors, Beijing Yawan HSR Co. Ltd. Within the Indonesian consortium, PT Kereta Api Indonesia (Persero) holds 58.53%, WIKA holds 33.36%, PT Jasa Marga (Persero) Tbk (IDX: JSMR) holds 7.08%, and PT Perkebunan Nusantara I holds 1.03%.

Photo: ANTARA News Megapolitan

Entity / Metric	Detail
Project Total Investment	US$7.26 billion to US$7.27 billion (including cost overruns)
Cost Overrun Component	Approximately US$1.21 billion
Financing Structure	75% funded by China Development Bank loans; equity
PSBI Indonesian Shareholding	KAI (58.53%), WIKA (33.36%), Jasa Marga (7.08%), PTPN I (1.03%)

Due Diligence and the Special Mission Vehicle Architecture

As state-owned enterprises complete their required due diligence, the exact operational mechanism remains under review. Vera Kirana, Director of Risk Management & Legal at WIKA, noted that the PSBI shareholders are coordinating closely with Danantara, BP BUMN, and the Ministry of Finance to finalize the asset handover.

The state’s 60% stake will be managed through a Special Mission Vehicle under the Ministry of Finance. This structure is designed to separate the asset’s liabilities from the direct framework of the State Budget (APBN). The overall project valuation sits near US$7.27 billion after factoring in cost overruns, with roughly 75% financed through loans from the China Development Bank.

Photo: money.kompas.com

Balancing Operational Continuity Against Fiscal Exposure

Government officials have stressed that debt restructuring must not impede daily passenger transport. Speaking in Bogor, Deputy Finance Minister Juda Agung stated that maintaining the service quality of the high-speed rail is paramount, even as authorities evaluate alternative pathways to handle the financing obligations.

Debt Restructuring Pathways and State-Owned Enterprise Participation

Purbaya confirmed that state-owned enterprises or Special Mission Vehicles under the guidance of the Ministry of Finance can participate actively in paying off the debts of the Jakarta-Bandung High-Speed Rail. Purbaya previously noted that two Special Mission Vehicles, PT Sarana Multi Infrastruktur (SMI) and the Indonesia Investment Authority (INA), were under consideration to handle the matter, awaiting a handover of Whoosh debt payments from Danantara to the Ministry of Finance on September 15, 2026. Commenting on the financial capacity of entities under his purview, Purbaya remarked at the Ministry of Finance on September 9, 2026, Kalau kita lihat salah satu perusahaan apa yang salah satu yang BUMN di bawah Kementerian Keuangan, yang kita yang agak kecil aja untungnya setahun 3 sampai 4 triliun.