By KUSNANDAR & CO., Attorneys at Law – Jakarta, INDONESIA
The initiative taken by Rosan P. Roeslani, Head of the
State Investment Management Agency (Danantara), to comprehensively evaluate the
debt repayment plan for the Jakarta–Bandung High-Speed Rail (Whoosh) project is
a strategic and commendable move. From the beginning, this ambitious project
has stood as a symbol of Indonesia’s drive toward modern, high-technology
infrastructure. However, it has also raised persistent questions about
financial feasibility, governance, and the long-term sustainability of
large-scale investments.
Rosan’s statement that three repayment schemes are
being developed and will be discussed with the Ministry of Finance and the Ministry
of Transportation demonstrates a prudent, data-driven approach to
decision-making. It signals that the government is learning from past
experiences, moving away from reactive financial management toward more
structured and transparent evaluation. The Whoosh project is not merely about
building a train line—it reflects Indonesia’s credibility in handling complex,
multinational infrastructure collaborations, particularly with China, whose
financing and technology have been integral to the project’s realization.
Finance Minister Purbaya Yudhi Sadewa’s assurance that
Danantara can settle the Whoosh debt without relying on the state budget (APBN)
is equally noteworthy. His statement underscores the government’s commitment to
maintaining fiscal discipline at a time when global and domestic economic
pressures remain high. By leveraging dividends and profits from state-owned
enterprises (SOEs), Danantara aims to find a solution within the ecosystem of
national assets—an approach that aligns with Indonesia’s broader goal of
achieving financial self-reliance and reducing fiscal risk exposure.
The proposed options—transforming PT Kereta Cepat
Indonesia China (KCIC) into an asset-light operator and providing
additional capital injection to PT Kereta Api Indonesia (KAI) through
Danantara’s internal funds—represent a new philosophy in managing national
strategic projects. The asset-light structure would allow KCIC to
concentrate on operations, service quality, and commercial growth, while
infrastructure ownership and debt management would be handled by more
financially resilient entities. This separation of roles could improve
efficiency, enhance accountability, and make the project more appealing to
future investors.
Nevertheless, these steps must be accompanied by strong
transparency and public communication. The government must explain how the debt
restructuring will be implemented, what fiscal implications it may have in the
medium term, and how projected revenues—estimated at around Rp 1.5 trillion per
year—will contribute to repayment. Without open disclosure, skepticism could
grow, particularly given past controversies surrounding project cost overruns
and shifting financial responsibilities.
The broader implication of this effort extends beyond
the Whoosh project itself. If successful, Danantara’s model could serve as a
blueprint for managing other large-scale national projects—such as renewable
energy initiatives, toll road expansions, and new capital city
development—without heavy dependence on public funding. It reflects a maturing
financial ecosystem in which the state plays the role of enabler rather than
sole financier.
Ultimately, Rosan’s initiative and Danantara’s
evaluation process signify a new chapter in Indonesia’s infrastructure policy:
one rooted in sustainability, independence, and accountability. The Whoosh
project, once seen as a financial burden, could transform into a benchmark for
smarter, more disciplined investment management. If executed with transparency,
sound governance, and consistent oversight, this approach can strengthen
Indonesia’s fiscal resilience while ensuring that ambitious infrastructure
projects truly serve the public interest.
K&Co - October 17, 2025
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