JAKARTA -  Indonesia’s Finance Minister Purbaya Yudhi Sadewa said the government has finalized decisions on the restructuring of the Jakarta–Bandung Whoosh high-speed rail project, with details to be announced publicly at a later stage.

Speaking to reporters at the Presidential Palace Complex in Central Jakarta on Tuesday, April 7, Purbaya said, “The decision has been made, it's finished, it's just a formality, but I can't announce it yet because I'm not the only one involved. It will be announced later, but it's clear what the management will be like.”

He added, “It's finished, it's been decided. It will be announced when the time comes,” as quoted by Indonesia’s state-owned agency Antara.

The remarks came as state asset body BP BUMN, through Danantara, a newly established sovereign wealth fund launched in 2025, confirmed that the debt restructuring process for PT Kereta Cepat Indonesia-China (KCIC) has reached its final stage.

Danantara Chief Operating Officer Dony Oskaria said all studies and negotiations have been completed and an agreement has been reached among the parties involved. “All the studies and so on have been completed. We just have to go through the formal process. There’s signing and so on,” Oskaria said.

Oskaria also confirmed that operational control of the high-speed rail service will remain with state railway operator PT Kereta Api Indonesia (KAI) and the government plans to jointly announce the outcome with the Finance Ministry in the coming weeks.

The Jakarta–Bandung high-speed rail (Whoosh) was awarded in 2015 by President Joko Widodo to a China-backed consortium under PT KCIC, with an initial cost of about US$5.5 billion and no state budget guarantee. 

Japan, via a Japanese government-backed consortium with JICA financing, lost the bid despite offering Shinkansen technology because its proposal required a state guarantee and was less flexible.

Although groundbreaking took place in January 2016, substantial construction only began around mid-2018 as land acquisition and permitting issues delayed the project’s rollout. Project costs surged during the pandemic, with estimates nearing US$8 billion in 2021 before being finalized at about US$7.27 billion in February 2023 after negotiations.

According to KCIC’s data, Whoosh hit a temporary Eid homecoming peak with 24,315 passengers in a single day, surpassing 2025’s peak of 23,462, led by Padalarang (11,000), Halim (8,000), Tegalluar Summarecon (4,000), and Karawang (800), as the majority traveled toward Jakarta.