Indonesia drafts presidential decree to move Whoosh railway shares to Finance Ministry

The Indonesian government is drafting a presidential regulation to shift ownership of the Jakarta-Bandung high-speed railway, known as Whoosh, from the state-owned consortium PT Pilar Sinergi BUMN Indonesia to the Finance Ministry. Director General of State Assets Evita Manthovani explained that the rule will outline the roles, rights and obligations of all parties, providing a prudent framework for handling the railway's financial commitments.

The Finance Ministry will acquire a 60% share in PT Kereta Cepat Indonesia China, while Beijing Yawan HSR Co. Ltd. will keep the remaining 40%. The railway will be overseen by a Special Mission Vehicle unit within the ministry, a structure intended to keep the project's liabilities off the central budget. Coordination involves the State-Owned Enterprises Regulatory Agency and the Indonesia Investment Management Agency. Officials emphasized that the change seeks to maintain smooth train operations and protect the state budget from direct exposure.