Indonesian President Joko Widodo gestures as he talks during an interview at the Presidential Palace in Jakarta, Indonesia. - Reuters
JAKARTA: The Trans-Java toll road, a 1,167-km expressway snaking across Indonesia’s main island, is meant to be part of President Joko Widodo’s legacy-defining infrastructure push that helps bring the country’s economy into the 21st century.
Yet for those who follow the nation’s debt markets, the project – and other big ticket investments like it – are also a testament to the dramatic spending spree over the past decade by Indonesia’s largest builders and developers, many of which are now highly levered and face looming maturities.
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