JAKARTA - The Jakarta Bandung High Speed Rail Project (KCJB) is experiencing problems with budget swelling or cost overruns of up to 1.18 billion US dollars or equivalent to Rp. 16.8 trillion. The government also plans to patch the swelling of the budget with loans (loans) or loans in banks. Minister of State-Owned Enterprises (BUMN) Erick Thohir assessed that the swelling of KCJB costs is still cheaper than current development. Where the estimated cost of steel and other commodities is experiencing price increases. Even so, Erick is reluctant to detail the nominal or loan to cover the value of the project cost overrun carried out by PT Kereta Cepat Indonesia China (KCIC). "The government from China and Indonesia jointly fulfills the cost structure, but the cost overrun is still a total cheaper, if it is built today. Because the price of steel increases is extraordinary, and also others also increased," said Erick when met at the Ministry of SOE Building, Jakarta, Wednesday, October 19. Temporary data from the Supreme Audit Agency (BPKP), the KCJB budget swelled to 1.18 billion US dollars. The 25 percent of the total cost overrun was covered by the Indonesian consortium, namely PT Pilar Sinergi BUMN Indonesia (PSBI) and the Chinese Conference Railway International Co. Ltd.
Previously, the Special Staff of the Minister of SOEs Arya Sinulingga confirmed that PSBI would cover a cost overrun of IDR 4 trillion. Meanwhile, China Railway International is worth IDR 3 trillion. While the remaining 75 percent is sourced from debt. Arya explained that currently BPKP is still carrying out a review of the swelling cost of the KCJB project. This means that the loan will later be adjusted to a total cost overrun. "IDR 4 trillion at the Indonesian BUMN consortium, IDR 3 trillion from Chinese SOEs. The rest is loan (loan) from KCJB waiting (reviation) still from BPKP," he said., Kartika Wijoatmodjo said the KCJB project requires state capital participation (PMN) to cover the cost overrun or cost overrun. The required PMN is IDR 3.2 trillion. "The need for PMN from the government may be around Rp. 3.2 trillion is more or less," said Tiko, Kartika's nickname to reporters, quoted Thursday, September 29.
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