Indonesian state builders bemoan $15bn black hole as budget cut looms

Plan to consolidate construction companies under new Danantara fund underway

20250319 ID toll road

Former Indonesian President Joko Widodo's infrastructure building drive has saddled state-owned construction companies with huge debts. (Antara/Reuters)

ISMI DAMAYANTI

JAKARTA -- The recent suspension of trading in the shares of a state-owned construction company is reviving concerns over the financial woes of big Indonesian state builders, with more of their debts potentially going unpaid as the government plans to drastically cut infrastructure spending.

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