Selanjutnya

AGREEr·lENT BET-1:.fEEN THE GOVERNMENT OF THE REPUBLIC

OF INDONESIA AJ.fD THE GOVERNMENT OF THE REPUBLIC OF ITALY

FOR THE FINAHCING OF INDONESIA'S COMIV"iERCIAL DEBTS

The Government of the Republic of Indonesia and the Government of the Republic of Italy, in the spirit of the relations of friendship and economic cooperation, have agreed as follows:

Article I

The Italian Government shall authorize -under the provisions of the art. 12 of Italian Law No .131 of February 28, 1967 -such one (or more) of the Italian medium-term credit Institutions as may apply for authorization to grant to the Bank Indonesia -acting on behalf of the Indonesian Government- a financial credit up to a maximum of Italian Lire 2 .188.751.000=(Two milliard one hundred eighty eight million seven hundred fifty one thousand) devoted to

streng-then the economic development of Indonesia. The guarantees provided under the Italian laws may be given in respect of the financial credit granted under this article .

Article II

The proceeds of the financial credit granted under Article I shall be put at the disposal of the Bank Indonesia with an Italian Bank designated by the Bank Indonesia.

Article III

The financial credit granted under Article I shall be repaid by the Bank Indonesia in Italian Lire by 32 quarterly instalments as followst

2.-- 4 quarterly instalments of 1 , 25% each, payable on January

1, April 1, July 1 and October 1 of the year 1972;

- 12 quarterly instalments of 2,50% each, payable on

January 1, April 1, July 1 and October 1 of theyearsl973 ,

1974

and 1975;

- 12 quarterly instalments of 3 , 75% each, payable on

January 1, April

1 ,

July

1

and October

1

of the years

1976 ,

1977,

and 1978;

- 4 quarterly instalments of 5% each, payable on January 1 , April 1 , July 1 and October 1 of the year 1979 .

Article IV

The Bank Indonesia -acting on behalf of the Indonesian Government- shall enter into a direct Agreement with the

Italian medium-term credit Institutions with respect to the conditions and terms of the financial credit granted under Article I .

Article V

The present Agreement shall come into force on the date of the signature .

Done at Djakarta this ninth day of April, 1969, in duplicate, in the English language .

ｆｯｲ｜ｾｨ･＠ Government of the Re\p\blic of Indonesia ,

Signed

For the Government of the Republic of Italy ,

ａｾｉｂａｓｓａｄｏｒ＠ OF THE REPUBLIC OF ITALY

Djakarta , April 9 , 1969 .

-Your Excellency,

I have the honour to refer to the Agreement signed today regarding the grant of a financial credit to the In-donesian Government, and for it to the Bank Indonesia, for an amount of 2 . 188 . 751 . 000 (two milliard one hundred eighty eight miJlion seven hundred fifty one thousand) Italian Lire, and wish to inform you that the Government of Italy undertakes to i:;rant the Italie.n medium term credit

Institutions which shall open the above mentioned credit a subsidy o:: such an amount as to ensure th2t the rate of interest payable by the Indonesian Government \·:ill not exceed

4%

(four per cent) per annum , inclusive of the insurance premium. The said interest shall be transferred to Italy as follows :

a) In the case of interest accruing up to and including 31st December 1971, the total amount accrued shall be

capitalized on a non-compounded ｢ｾｳｩｳ＠ and shall be paid in 8 equal yearly instalments beginning on first January 1972 . These 8 instalments will bear no interest whatsoever;

b) In the case of interest accruing on and after January 1, 1972 , the amounts accruing shall be payable quarterly the first time on April 1, 1972 .

I shall appreciate it, Excellency, if you will inform me of the concurrence of your Government on the contents of this letter .

Please accept , Excellency, the assurances of my highest consideration.

His Excellency AD.A.U MALIK Minister of Foreicn Affairs

of the Republic of Indonesia,

D

J

A K A R T A.

-Signed

PIERLUIGI ALVERA

J--AI"IBASSADOR OF THE REPUBLIC OF ITALY

Djakarta, April 9,

1969.-Your Excellency,

I have the honour to acknowledge receipt of your letter of today's date, reading as follows :

"I have the honour to refer to the financial Agreement signed today and I shall appreciate if you will inform me of the

concurrence of your Government on the contents of this letter: 1. The proceeds of the financial credit granted under Article

I of the above said Agreement shall be put at the disposal of the Bank Indonesia -acting on behalf of the Indonesian Government- up to a maximum of Italian Lire

78.434.000.-(seventy eight million four hundred thirty four thousand) in a "Special Account A" in Italian Lire with the Italian Bank designated by the Bank Indonesia.

2. The proceeds of the "Special Account A" shall be utilized by the Indonesian Government only to effect, to the extent of 70 per cent, the immediate payment in Italy of the Indo-nesian debts, both principal and interest, due between 1 J anuary , 1968 and 31 December, 1968 both dates inclusive, and unpaid at today's date, .corresponding to Italian credits of more than 180 days arising from contracts

entered into force before July 1, 1966 -relating to Italian supply of goods and/or services- which have not been

covered by the Italian insurance credit guarantee . The Italian credits are those listed in the Annex herewith attached.

His Excellency Adam Malik Minister of Foreign Affairs

of the Republic of Indonesia,

D

J

A K A R T

2

-It is understood that the payment of the above mentioned quota of 70 per cent will be made after that the Italian creditors concerned will have accepted to receive from the Bank Indonesia -acting on behalf of the Indonesian Government- the settlement of the residual quota of 30 per cent through a transfer scheme identical to that indicated in Article III of the mentioned Agreement.

3.

On the full amount (100%) of the not insured I talian

credits under the provisions of the above mentioned par. 2, the Indonesian Government shall pay to the Italian creditors concerned moratorium interest at the rate of

4%

(four per cent) per annum from original maturities up to the date of ｳ･ｴｴｬ･ｾ･ｮｴ＠ of the debts by a transfer to the appropriate Italian creditors. Such moratorium interest shall be calculated and transferred as follmlS :

a) - the total amount of moratorium interest accrued from the original maturities up to and including December 31, 1971 shall be capitalized on a non compounded

basis and shall be paid in 8 equal yearly instalments, the first of which due on January 1, 1972 and the

last one on January 1, 1979 . These 8 instalments will bear no interest whatsoever.

b) - moratorium interest which will accrue from January 1, 1972 on-.-1ards, shall be paid quarterly the first time

on April 1, 1972 .

4.

The conditions for the utilization of the above "Special Account A" shall be communicated by the competent Italian Authorities to the Italian Bank with which the said

Special Account is kept.

Please accept, Excellency, the assurances of my hi ghest consideration."

3

-I have the honour to inform you that the Government of the Republic of Italy agrees with the contents of the above mentioned letter .

Please accept, Excellency, the assurances of my highest consideration .

Signed

INDONESIA - NOT INSURED OPERATIONS

(CONTRACTS WHICH COME INTO FORCE PRIOR TO JULY, 1966)

ITALIAN CREDITS OVER 180

DAYS,

WHICH

MATURED

DURING 1968

========================T=====================T==============================T===========T=============

.

.

, Total amount of the ,

Installments of credit

, Financing,consolidation

Italian creditor

,

supply

,

,---(Indonesian debtor )

,

, Quota 70%,

Quota 30%

us$

t

Lit.

' Matured,

us

8

t

Lit.

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(Lit.)

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Min.For Trade V/450296

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Republic of Indonesia

-Djakarta)

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19.711.125' 8.447.625

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===============================================

AI·IBASSADOR OF THE REPUBLIC OF ITALY

Djakarta, April 9 , 1969 .

-Your Excellency,

I have the honour to acknowledge receipt of your letter of today's date, reading as follows :

"I have the honour to refer to the financial Agreenent signed today and I shall appreciate if you will inform me of the concurrence of your Government on the contents of this letter 1. The proceeds of the financial credit granted under Article

I of the above said Agreement shall be put at the disposal of the

I

Bank Indonesia - acting on behalf of the Indonesian Government- up to a maximum of Italian Lire 2 . 110 . 317.000 (two milliard one

hundred ten million three hundred seventeen thousand), in a "Special Account B" in Italian Lire with the Italian Bank designated by the Bank Indonesia .

2 . The proceeds of the 11 _{Special Account B" shall be utilized}

by the Indonesian Government only to enable the Italian Bank which keeps the Special Account to become assignee, in its own name (but on behalf of the Bank Indonesia), of the credit-quotas not covered by insurance, of the Italian credits guaranteed by

Italian State Insurance which are attached to the consolidation Agreement signed today. These assignments remain subordinated to

the settlement by the Instituto Nazionale delle Assicurazioni ( I NA) to Italian creditors of the indemnity due in accordance with the terms of the insurance Policy, and shall be effected against payment to the assigners of an amount in Italian Lire equal to the full credit-quotas assigned .

His Excellency Adam Malik Minister of Foreign Affairs

of the Republic of Indonesia, D J A K A R T

2

-3 . On the full amount of the credit-quotas assigned under the ab ove paragraph 2, the Indonesian Government shall pay to the Italian creditors concerned moratorium interest at the rate of Ｔｾｾ＠ (four ｰＳＺＮＮｾ＠ c,1,:;; 1 t) p ｾｲ＠ [:.:J. ... 1un. .Mora tori um L1terest

shall accrue during, and shall be payable in respect of, the period fron maturity until the date of the assignment of the credit- quotas concerned .

Such aoratorium interest shall be capitalized on a

non-co1npounded basis and shall be paid to the appropriate Italian creditors by 8 equal yearly instalments the fir .... .-'v of which full i ng on January 1, 1972 and the last one on January

1,1979.

These 8 instalments will bear no interest whatsoever .

4.

The conditions of the utilization of the above "Special Accoun. t B" shall be corununica ted by the co. -.i?--ta::lt It&lian

Authorities to the Italian Bank with which the said Special Account is kept .

Please accept , Excellency, the assurances of my highest consideration."

I have the honour to inform you that the Government of the Republic of Italy agrees wi th the contents of the above mentioned letter .

Please accept , Excellency, the assurances of my highest considerati on .

Signed

PIERLUIGI ALVERA

AMBASSADOR OF THE REPUBLIC OF ITALY

Djakarta, December 10,

1968.-Your Excellency,

I have the honour to refer to the Consolidation

and Financial Agreements signed at Djakarta on July 17, 1968,

and I shall appreciate if you will inform me of the

concurren-ce of your Government on the contents of this letter :

1. The list of Italian credits (insured operations) attached

to the above mentioned Consolidation Agreement shall

be-following the final reconciliation of the data- cancelled

and substituted by the list herewith attached.

2. The amount of the credit granted under Article I of the

above mentioned Financial Agreement shall be brought

from Italian Lire 10.626.000.000.= (ten milliard six

hundred twenty-six million) to Italian Lire 10.960.060.000.

(ten milliard nine hundred sixty million sixty thousand).

3.

The amount of the credit indicated in the letter attached

to the aforesaid Financial Agreement concerning the

Italian Government subsidy of interest, shall be brought

from Italian Lire 10.626.000.000.= (ten milliard six

hundred twenty-six million) to Italian Lire 10.960.060.000

(ten milliard nine hundred sixty million sixty thousand).

Please accept, Excellency, the assurance of my

highest consideration.

His Excellency Adam Malik Minister of Foreign Affairs

of the Republic of Indonesia,

D J A K A R T A

.-Signed

AMBASSADOR OF THE REPUBLIC OF ITALY

Djakarta, December 10,

1968.-Your Excellency,

I have the honour to refer to the letter signed

today regarding (paragraph 2) the increase to Italian Lire

10.960.060.000 (ten milliard nine hundred sixty million sixty

thousand) of the amount of the financial credit granted

under article I of the Financial Agreement dated July 17,

1968, and I wish to inform you that the proceeds of the

above mentioned financial credit to be put at the disposal

of the Bank Negara Indonesia in the ttSpecial Account B"

foreseen in paragraph 1 of the letter attached to the

above said Financial Agreement, and to be utilized as

indicated in paragraph 2 of the same letter, shall be

brought from Italian Lire 9.895.500.000.= (nine milliard

eight hundred ninetyfive million five hund:reCl thousand) to

Italian Lire 10.229.560.000 (ten milliard two hundrai twenty

nine million five hundred sixty thousand).

I shall appreciate it, Excellency, if you will

inform me of the concurrence of your Government on the

contents of this letter.

Please accept, Excellency, the assurance of my

highest consideration.

His Excellency Adam Malik, Minister of Foreign Affairs

of the Republic of Indonesia, D j a k a r t a

.-Signed