INDONESIA
Debt Treatment
-
April 12, 2002
|
Supporting aggreements with the international institutions
|
program with the IMF
approved on
February 04, 2000
Download the IMF report :
letter of intent
|
|
Total external debt of the country
|
$75900 million
as of
November 30, 2001
,
$41357 million
of which being due to the Paris Club as of
January 31, 2002
|
|
Amounts treated
|
$5473 million
|
|
Categories of debts treated
|
treatment of maturities falling due from
April 01, 2002
up to
December 31, 2003
|
|
Repayment profile
|
treatment under
Houston terms
-
repayment of non ODA credits over
18
years
,
with
5
years of grace
-
repayment of ODA credits over
20
years
with
10
years of grace
|
|
Specific provisions
|
possibility to conduct debt swaps
On a voluntary and bilateral basis, the Government of each Participating Creditor Country or its appropriate institutions may sell or exchange, in the framework of debt for nature, debt for aid, debt for equity swaps or other local currency debt swaps :
(i) all ODA loans ;
(ii) amounts of outstanding credits, loans and consolidations on debts mentioned in Article I paragraph 1 and not granted under ODA conditions, up to 20% of the amounts of outstanding credits as of March 31, 2000 or up to an amount of 30 million SDR, whichever is higher.
The Participating Creditor Countries and the Republic of Indonesia shall inform the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia, who shall inform other Creditors, of the debt swap agreements prior to their implementation. All elements necessary to evaluate the operation, its impact on the Republic of Indonesia's economy and on the evolution of creditors' exposure shall be transmitted to the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia, including : its nature and purpose ; the parties to the debt swap ; the amount, type and value of the debt treated ; the price of sale to investors and the expense of the Republic of Indonesia.
Phases
-
First phase :
From
April 01, 2002
up to
December 31, 2002
implemented at the signature of the agreement
-
Second phase :
From
January 01, 2003
up to
December 31, 2003
implemented at
May 23, 2003
de minimis threshold of
1
SDR
payment of non-consolidated amounts before
June 01, 2002
|
|
Comparability of treatment provision
|
1. In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Indonesia commits to seek from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Memorandum of Understanding for credits of comparable maturity, while trying to avoid any discrimination among various categories of creditors.
2. The Government of the Republic of Indonesia commits not to accord any external creditor conditions of repayment more favourable than those accorded by the Participating Creditor Countries for credits of comparable maturity.
3. The Government of the Republic of Indonesia shall inform in writing the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia not later than December 1, 2002 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Indonesia shall further inform in writing regularly the Chairman of the Group of Official Creditor Countries of the Republic of Indonesia of the status of its negotiations with other creditors, as well as of the payments made to them.
|
|
Cutoff date
|
July 01, 1997
|
|
Organisation of the session
|
The meeting was chaired by
Ambroise Fayolle,
Vice-President of the Paris Club
The head of the debtor country's delegation was
Dorodjatun Kuntjoro-Jakti,
Coordinating Minister for Economic Affairs
Participating creditors
AUSTRALIA
,
AUSTRIA
,
BELGIUM
,
CANADA
,
DENMARK
,
FINLAND
,
FRANCE
,
GERMANY
,
ITALY
,
JAPAN
,
KOREA, REPUBLIC OF
,
NETHERLANDS
,
NORWAY
,
SPAIN
,
SWEDEN
,
SWITZERLAND
,
UNITED KINGDOM
,
UNITED STATES OF AMERICA
Observers
Asian Development Bank
,
IMF
,
OECD
,
World Bank
Press release
Read the press release
Download the press release in PDF
|
|
