The government is planning to restructure the debt related to the Jakarta–Bandung High-Speed Railway (KCJB) project, known as Whoosh.
One of the proposed solutions is for the state investment management body, Daya Anagata Nusantara (Danantara), to take over responsibility for the debt settlement.

Finance Minister Purbaya Yudhi Sadewa stated that it would be appropriate for Danantara to handle the repayment of the KCJB debt, considering that the state-owned holding company has already received a substantial portion of dividends from other SOEs into its account.

“Whoosh is managed by Danantara, right? Danantara has already taken more than 80 percent of the SOEs’ dividends, so they should use that fund to cover the debt,” Purbaya said during his visit to the Integrated Physical Inspection Facility (TPFT) at Graha Segara, Tanjung Priok Port, North Jakarta, on Monday, October 13, 2025.

He added that it would be more reasonable if the debt management were placed entirely under Danantara.
According to him, using the state budget (APBN) to pay off Whoosh’s debt would not be the right approach.

“They should use the dividends to pay it off. It would actually be better if the funds were drawn directly from there,” he remarked.

Purbaya further said it would be odd if the Ministry of Finance had to bear the debt burden through the APBN, while Danantara enjoys the project’s financial returns.

“It wouldn’t make sense to use the APBN — the profits go to them (Danantara), but the burden falls on us. If they take the benefits, they should take the responsibilities as well,” he explained.

Earlier, Purbaya had already stated that he did not want the state budget to cover the Whoosh project’s debt, for the same reason — because Danantara, as the SOE holding, has been receiving dividends.

Previously, SOE dividends were managed by the Ministry of Finance through non-tax state revenue (PNBP) categorized as separated state assets (KND).

“KCIC (PT Kereta Cepat Indonesia China) is under Danantara’s management. They already have their own system and dividend stream, averaging around Rp80 trillion a year or more. So, they should manage the debt from those funds instead of relying on the APBN. Otherwise, everything would end up back on us, including the dividends,” Purbaya said during an online media gathering in Bogor, West Java, on Friday, October 10, 2025.

Separately, Danantara’s Chief Operating Officer (COO), Dony Oskaria, stated that the company has been preparing several schemes to address Whoosh’s debt issue.
One of the options being considered is to transfer KCIC’s infrastructure ownership to the government.

This would effectively transform KCIC into an operator without infrastructure ownership (an asset-light model).
Consequently, the infrastructure debt would shift to the government’s balance sheet and become part of the APBN burden.

Another option under review is a capital injection into PT Kereta Api Indonesia (Persero), or KAI.
The goal is to strengthen KAI’s financial position, allowing interest and debt obligations to be managed more proportionally.

“The question is whether we will first add new equity, or instead transfer the infrastructure assets to the government — similar to other railway systems, where the infrastructure is owned by the state,” Dony told reporters at the **Jakarta International Convention Center (JICC) in Senayan, Jakarta, on Thursday, October 9, 2025.