Purbaya ensures the acquisition of state-owned shares in KCIC is not burdening the state budget.

JAKARTA - Finance Minister Purbaya Yudhi Sadewa has ensured that the acquisition of state-owned enterprises (BUMN) shares in PT Kereta Cepat Indonesia China (KCIC), the operator of the Jakarta-Bandung High Speed Train (KCJB) or Whoosh, will not burden the State Budget (APBN).

The statement was made after meeting with Danantara Indonesia's Chief Operating Officer (COO) and Head of the State-Owned Enterprise Management Agency (BP) Dony Oskaria at the Ministry of Finance Office, Jakarta, Wednesday, August 5.

Purbaya said the acquisition of state-owned shares in KCIC would be carried out through two Special Mission Vehicles (SMV) institutions under the Ministry of Finance. Because it uses this scheme, financing will not directly become the burden of the state budget.

"Later we will use one of our fiscal SMV hands to manage it. We have a lot, there are SMI, there are others. So it's not directly the responsibility of the state budget. So even though it is managed by the government, it will not burden the state budget," said Purbaya.

In addition, Purbaya also ensures that the two SMVs that will take over the state-owned shares in KCIC have adequate funding capabilities. However, he was not willing to reveal the identities of the two institutions.

"There are two, basically enough, the money is enough," he said.

Currently, the state-owned shares in KCIC are under PT Pilar Sinergi BUMN Indonesia (PSBI), a consortium consisting of PT Kereta Api Indonesia (Persero), PT Wijaya Karya (Persero) Tbk, PT Jasa Marga (Persero) Tbk, and PT Perkebunan Nusantara VIII (Persero).

The consortium owns 60 percent of KCIC shares, while the remaining 40 percent is owned by a Chinese consortium, Beijing Yawan HSR Co. Ltd.

Purbaya targets the process of transferring ownership of BUMN shares in KCIC from Danantara to the Ministry of Finance can be completed in the near future.

"The first discussion was that the Jakarta-Bandung High Speed Train would be handed over from Danantara, to the Ministry of Finance. The process will be accelerated, maybe in mid-September it will be clear," he said.