AGREEl\'IENT BET.:TEEN THE GOVERNMENT OF THE REPUBLIC OF INDONESIA AND THE GOVERNMENT OF THE REPUBLIC OF ITALY
FOR THJ:. CONSOLIDATION OF INDONESIA ' S COMMERCIAL DEBTS
The Government of the Republic of Indonesia and the Government of the Republic of Italy, on the basis of the Agreed Minute of the Conference held in Paris on December 20 , 1966 have agreed as follows :
Article I
1 . This Agreement applies to Indonesia 」ッュNセ・イ」ゥ。ャ@ debts, both principal and interest, for Italian supplies of goods/or services :
a) arising under contracts which came into force before July 1, 1966 and involving periods oi credit of more
than 180 days;
b) which have fallen due on or before December 31, 1967 and remained unpaid at the date of this Agreement; c) which correspond to the Italian credits covered by
Italian State insurance guarantee provided under the Italian Laws .
2 . This Agreement shall not affect the juridical ties estehlished by Law or the obligations under the contracts men-tioned in paragraph 1 . Accordingly no provisions thereof shall be construed so as to justify any modifications in the provisions of the contracts mentioned in paragraph 1 particulcirly as regards the payment terms and the maturity dates . Any variations made after June 30 , 1966 to the contracts mentioned in paragraph 1 and involving an extension of obligations of Indonesia towards Italy , shall be considered as new commitments not covered by this Agree-ment .
-1 I
I
2-Article II
1. The Italian Government accepts to consolidate at the following conditions, the debts, both principal and interest, mentioned in Article I for the amounts corresponding to the insured quotas of the Italian credits concerned covered by Italian State insurance in accordance with the Italian Laws.
The insured Italian credits to which the provisions of this paragraph apply are listed in the Annex herewith attached.
2. The reimbursement of each quota of Indonesia's debts consolidated in accordance with paragraph 1 of this Article shall be made by the Bank Negara Indonesia - acting on behalf of the Indonesian Government - in Italian Lire or in any other convertible currencies, by
32
quarterly instalments as follows:- 4
quarterly instalments of1,25%
each , payable on January1,
April1,
July1
and October1
of the year1971;
- 12
quarterly instalments of2,50%
each, payable onJanuary 1, April 1, July 1 and October 1 of the years
1972, 1973
and1974;
- 12
quarterly instalments of3 ,75%
each , payable onJanuary 1, April .,, 1, July 1 and October 1 of the years
1975, 1976
and1977;
- 4
quarterly instalments of5%
each, payable on January1,
April1,
July1
and October 1 of the year1978.
The amounts devoted to the reimbursement of each of the consolida ted quotas of the Italian insured credits, shall be transferred in favour of the Istituto Nazionale delle Assicura-zioni, Roma (I.N.A.) - as the Institution charged to grant the state insurance garantees - by virtue of the substitution in the rights of the Italian insured creditors .
• .• / 3/
I
l
3
-Article III
1. On all debts mentioned in Article I consolidated under Article II, the Indonesian Government shall pay moratorium
inte-rest at the rate of
4%
(four per cent) per annum .2. Moratorium interest said in the above paragraph 1 shall be transferred in favour of I.N.A. - by virtue of its substitu-tion in the rights of the Italian insured creditors, by the Bank Negara Indonesia in Italian Lire or in any other convertible currencies as follows :
a) the total amount of moratorium interest due for the period from original maturity of Indonesia's debts up to and including De-cember 31, 1970 shall be capitalized on a non compounded basis and shall be paid , without interest, in 8 (eight) yearly ins-talments beginning on January 1, 1971 and ending on January 1, 1978;
b) moratorium interest accrued since January 1, 1971 onward shall be transferred in postponed quarterlies , the first of which on April 1, 1971.
Article IV
If the Indonesian Government shall at any time - whether by right or by fact - grant any terms more favourable than t he terms contained in this Agreement , being these terms related to the partial or total settlements of Indonesia's debts, which have characteristics similar to those described in Article I, the In-donesian Government undertakes to extend immediately no less fa-vourable terms to the Italian Government.
Article V
The total amount of debts as listed in the Annex are subj ect to final reconciliation by the セ。ョォ@ Negara Indonesia and the Italian authorities to be c arried out within 60 days from the signing of the present Agreement .
••• /4.
I4
-Ar ticle VI
fhe present Agreement shall come into force on the d8te of the signature .
Done at Djakarta this seventeenth day of July ,
1968 ,
in duplicate , in the English language .fッセエィ・@ Government of the
rセ「ャゥ」@ of Indonesia ,
Signed
Adam Mali k
Minister of For e i gn Affairs .
For the Government of the Republic of Italy ,
Signed
IIDOUSIA -
DSURID
10PDA!IOIS
..,_
_______________
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,___ ___
(Contract• 'which cc.a into
f'orce
'prior
to July
l,
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crecl1ta over 180 d!(a
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within
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(14t.)
(Lit.)
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11/135 1.1rr .,223.431
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3.f127.359.?'f5
m.sea.125
733.682.813
1.7--.359.375
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78. 956.
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31.12.67)
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1.910.906.250
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:2 .100.000.000
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