Selanjutnya

AGREEME.lfT BETV/EEN THE GOVERNMENT OF THE REPUBLIC OF INDONESI A AND THE GOVERNNENT OF THE REPUBLIC OF ITALY

FOR THE FINANCING OF INDONESIA'S COMMERCIAL DEBTS

The Government of the Republic of Indonesia and the Go-vernment 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 pro-visions of Art . 12 of Italian Law No . 131 of February 28, 1967.

-such one (or more) of the Italian ｭ･､ｩｵｾ Ｍ ｴ･ｲｭ＠ credit Institutions as may ｡ｰｾｬｹ＠ for authorization to grant to the Bank Negara Indo-nesia - acting on behalf of the IndoIndo-nesian Government - a finan-cial credit approximately Italian Lire 10 . 626 . 000 . 000 .- ( ten milliard six hundred twenty-six millions ) devoted to strengthen

the economic development of Indone sia . 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 Negara nesia with an Italian Bank designated by the Bank Negara Indo-nesia .

Article III

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

- 4 quarterly instalments of 1,25% each, payable on January 1, April 1, July 1 and October 1 of the year 1971;

- 12

quarterly instalments of 2,50% each, payable on January 1 , April 1, July 1 and October 1 of the years

1972 , 1973

and 1974;

2

-- 12 quarterly instalments of 3 , 75% each, payable on January 1 , April 1 , July 1 and October 1 of the years 1975, 1976 and 1977;

- 4

quarterly instalments of 5% each, payable on January 1 , April 1 , July 1 and October 1 , of the year 1978.

Article IV

The Bank Negara Indonesia - acting on behalf of the Indonesian Government - shall enter into a direct Agreement with the Italian medium- term credit Institutions with respe c t 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 Djaka rta this seventeenth day of July, 1968 , in duplicate, in the English language .

Fol\\the Government of the

ｒｾｽ｜ｵ｢ｬｩ｣＠ of Indonesia,

Signed

Adam Malik

Minister of Foreign Affairs .

For t he Government of the Republic of Italy ,

Signed

Pierluigi Alvera Ambassador of Italy .

I

.n.l•illtiSS.t.DOR OF TH.u ｒｾｆｴＧｂｌｉｃＮＺ＠ OF ITALY

Dj akarta , July 17, 1968 Your Excellency,

I have the honour to refer to the Aareement

ｳｩｾｮ･､＠ today reeardine the 0rant of a financial credit to the Incwnesi an Government , and for it to the Bank

ｾ･ｧ｡ｲ｡＠ Indonesia , for the amount of approximately 10 . 626 . 000 . 000 .- Italian Lire, and wish to inform you that the Govern,1ent of Italy undertakes to grant the Italian medium term credit Institutions ｷｮｩ｣ｾ＠ shall onen the above

nentioned credit a subsidy of such an aMount as to ensure that the rate of interest nayable by the Indonesian

GovP.rn-ment will not exceed

4%

(four ner cent) per annum , inclu-sive of the insurance nremium . The said interest shall be transferred to Italy as follows :

a) in the case of interest accruing un to and including 31st December 1970, the total amount accrued shall be ca italized on a non- co pounded basis antl shall be puid in 8 equal yearly instal!'lents be inn.ing on first January 1971 . ｾｨ･ｳ･＠ 8 ｩｮｳｴｾｬｭ･ｮｴｳ＠ will bear no ｩｾｴ･＠ est

｜ｬｨｾ＠ .... tsoever;

b) in the case of ｩｮｾ･ｲ･ｳｴ＠ accruing on and after January 1 , 1971, the amounts accruing shall be nayable qu·rter-ly the first ｴｩｾ･＠ on April 1 , 1971 .

I shall appreciate it , ｾｸ｣･ｬｬ･ｮ｣ｹ Ｌ＠ i f you will inform me of the concurrence of your ｾｯｶ･ｲｮｭ･ｮｴ＠ on the contents or this letter .

Please Accept , Excellency , ｾｨ･＠ ｾｳｳｵｲ｡ｮ｣･ｳ＠ of my

ｨｩｾｨ･ｳｴ＠ consideration .

His Excellency Adam ｾ｡ｬｩｫ＠

linister of Foreign Affairs of the Re ublic of Inuonesia , Djakarta.

Signed

-1

A:M:SASSADOR OF TH3 REPUBLIC OF ITALY

I

Djakarta, July

17,

1968.

Your Excellency,

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

0_{I have the honour to refer to the financial Agreement} signed today and I shall appreciate if you will inform me of the concurrenc e of your Government on the contents of this letter :

1. The proceeds of the financial credit granted under Article I of the above said Agreeillent shall be put at the disposal of the Bank Negara Indonesia - acting on behalf of the Indo-nesian Government - approximately Italian Lire 730 . 500.000

.-(seven hundred thirty million five hundred thousand), in a "Special Account A" in Italian Lire with the Italian Bank designated by the Bank Negara Indonesia .

2 . The proceeds of the 11_{Special Account A}11 _{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 on or before December 31, 1967 and unpaid at today ' s date , corresponding

to Italian credits of more than 180 days arising from contract 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 crer it guarantee . The Italian credits are those .listed in the Annex herewith attached . It is under-stood 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 Negara Indonesia - acting on behalf of the Indonesian Government - the settle-ment of the residual Quota of 30 per cent through a transfer

scheme identical to that indicated in Article III of the mentioned Agreement.

His Excellency Adam :Malik Minister of Foreign Affairs of the Republic of Indonesia, Djakarta.

11

II

I

I

I

I _ _

2

-3.

On the full amount

(100%)

of the not insured Italian credits under the provisions of the above mentioned par . 2 , the Indo-nesian Government shall pay to the Italian creditors concerned moratorium interest at the rate of Ｔｾ＠ (four per cent) per an-num from ｯｲｩｧｩｮｾｬ＠ maturities up to the date of settlement of the debts by a transfer to the aupropriate Italian creditors . Such moratorium interest shall be calculated and transferrea. as follows :

a) - the totA.l amount of moratorium interest accrued from th original maturi ties up to and including December 31,

1970

shall be capi.talized on a non compounded basis and s.nall be paid in 8 eq_ual yearly instalments, the first of which due on January 1 , 1971 and the last one on January 1 ,

1978.

These

8

instalments will bear no interest whatso-ever .

b ) - moratorium interest which will accrue f rom January 1 , 1971 onwards , shall be paid quarterly the first time on April 1 , 1971 .

4.

The conditions for the utilization of the above 11_Special

A.ccount .A.11 shall be communicated by the competent Italian Aut horities to the Italian Bank with which the said Special Account is kept .

Please Accept , Excel iency , the assurance of my highest consideration . "

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

Pierluigi Xlvera Ambassador of Italy.

, ... ,,

INDONESIA - NOT IUSURED OPERATIONS

Italian credit

ｯｶ･ｾ＠

180 days matured within December ,1, 1967 and not paid up

Italian oredi.tor

(Indoneolan debtor)

Total amount of the

supply

us

Lit

Instnllmen·ts of ered1

t _{ｆＡｮ･ｮ｣ｩｾ＠ ｏｯｮｳｯｬＱ､ｾＱｯｮ＠}

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Matured US

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·-ANBASSADOR OF THE

ｒｅｐｕｂｾｉｃ＠ OF ITALY

Your Excellency,

Djakarta, July

17 ,

1968 .

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 Agree ment 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 sh8ll be put at the disi-osal of the n"nk Negara Indonesia - acting on behalf of the Indonesian Government - ｡ｾｰｲｯｸｩｭ｡ｴ･ｬｹ＠ Italian Lire

9 . 895 . 500 . 000.- (nine milliards eie:;ht hundred ninetyfive million and five hundred t housand), in a 11_{Special Account B}11

in Italian Lire with the Italian Bank designated by the Bank Negara Indonesia.

2. The proceeds of the "Special Account B" shall be utilized by the Indones ian Government only to enable the

Italian Bank which kee11s the S2ecial Account to become assicnee, in its own name (but on behalf of the Bank ｾｊ･ｧ｡ｲ｡＠

Indonesia), of the credi t-quc,tas not covered by insure.nee , of the Italian credits 5ranted by Italian State Insurance which are attached to the ccinsolic1ation Acreement signed

today. ｾｨ･ｳ･＠ assignments remain subordin8ted to the settlemen by the Istituto N"zionalg delle Assicurazioni (I .N. A) to

Italian creditors of the indemnity due in accordance with

His Excellency Adam I•:alik Minister of :!!"'oreign A:t'fairs Republic of Indonesia

D j a k a r t a .

2

-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-quo tas assi gned.

3. On the full amount of the credit-quotas assigned

under the above paragraph 2, the Indonesian Government shall pay to the Italian creditors concerned moratorium interest at

the rate of

4%

(four per cent) per annum. Moratorium interest

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

Such moratorium interest shall be capitalized on a

non-compounded basis and shall be paid to the appropriate Italian creditors by 8 equal yearly instalments the first of which falling on January 1, 1971 and the last one on January 1,1978. These 8 instalments will bear no interest whatsoever.

4.

The conditions of the utilization of the above

"Special Account B" shall be communicated by the competent Italian Authorities to t he Italian Bank with which the s a i d Special Account is kept.

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

I have the honour to inform you t hat the Government of the Republic of Ita ly agrees with the contents of the

above mentioned letter.

Please accept, Excellency, the assurances of my highest considera tion.

Signed

Pierluigi Alvera Amba ssador of Ita ly.