Selanjutnya

CONSOLIDATION AGREEMENT BETWEEN THE GOVERNMENT
Of THE REPUBLIC OF INDONESIA AND THE GOVERNMENT

OF THE REPUBLIC OF ITALY

The Government of the Republic of Indonesia and the Government
of the Republic of Italy, on the basis of the Agreed Minutes of the multilateral meeting held in Paris on April 23rd- 24th , 1970, have agreed
as follows:

ARTICLE

I

The subject of the present Agreement conce.am.s the following
debts due to Italy from Indonesia payable as from January 1st, 1970
for principal, contractual interest and moratorium interest :
(i) debts - limited to the amounts guaranteed by Italian State Insurance conce4'ning · the relative Italian credits - for Italian supplies
(goods and/or services) with settlement deferred beyond 180 ( one
hundred eighty) days originating from contracts coming into force
prior to July 1st, 1966, and which have been given

insurance cover

by the Italian Government.
The amounts of the Indonesian debts mentioned in the present
sub-section approximately amount to 18,2 billion (eigtheen thousand·
two hundred million) Italian lire.
(ii) debts resulting from the following Agreements signed hetween the
Italian Government and the Indonesian Government:
Consolidation Agreements signed in Djakarta on July 17tp ,1968
April ·9th, 196 9 and February .5 th.. 1970 respectively

..

Ｈｾ＠

./

2nd - Financial Agreements signed in Djakarta on July17th, 1968 and
April 9th, 1969 and relatives Exchanges of Notes regarding Italian credits covered by Italian State Insurance guarantees.
The Indonesian debts mentioned in the present sub-section

ampunt to approximately 68,7 billion (sixty eight thousand seven hundred million) Italian lire.

ARTICLE

II

The total amount of the Indonesian debts mentioned in Article I shall be repaid in Italian lire by Bank Indonesia acting for and
on behalf of the Indonesian Government to the Istituto Nazionale delle
Assicurazioni (INA) - Rome, as agent for the Italian State of the export
credit insurance guarantee, on behalf of the Italian Government, according to the redemption scheme as follows
( i) the principal ., amounting to approximately 72, 5 billion (seventy two
thousand five hundred million) Italian lire shall be repaid in 30
(thirt.iy- ) instalments of aproximately 2,4 billion (two thousand
four hundred million) Italian lire each, of which the first two
instalments shall be transferred to INA within, and
30 (

ｴｨｩｲＮ

ｾ ＭＩ＠

ｮｯｾ＠

later than

days from the signing of the present Agreement while

the sub-sequent 28 (twenty eight) instalments shall be transferred
annually on the 31st of December of each year with effect from the
31st December, 1972. The principal to be repaid under the terms of
this sub-section, in conformity with the provisions of paragraph
1a and 1c of the Agreed Minutes of the multilateral meeting held
in Paris on April 23rd-24th, 1970, consists of:
- the amount in principal of the insured quotas of Indonesian debts
indicated in sub-section (i) of Article I gbove ;
- the whole amount, including principal and contractual interest,
of Indonesian debts mentioned in sub-section (ii) of Article I ,
as well as mor'aitorium interest due until December 31, 1969 under

..

the terms of the Agreements and the Exchanges of Notes mentioned
in said sub-section (ii) of Article I;

ll

./

3rd -

(ii) the sum of the interest, both the contractual interest concerning
the amount of the Indonesian debts mentioned in sub-section (i)
of Article I above, and moratorium interest . which fall due

as

from January 1st, 1970 onwards, under the terms of the above
mentioned Agreem.ents and Exchanges of Notes between Italy and Indonesia, for a total of approximately 14,4 billion (f.o urteen thousands four hundred million) Italian lire, shall be repaid in 15
(fifteen) annual instalments of approximately 960 million ( nine hundr d
ｾ ｩ ｸ ｴｹ＠

ｾ＠

million) Italian lire each, which shall be transferred to

INA on the 31st day of December of each year as from December
31st, 1985.

ARTICLE
1.

III

Bank Indonesia, acting for and on beh lf of the Indonesian

Government, is entitled, with a 30 (thirty} days of previous notice_ to postpone in part the payment of the first 8 (eight) rederq;>t. ion instalments scheduled under sub-section (i) of Article II above, with the following twofold limitation:
- the payment of each instalment shall only be deferred up to

a

maximum of 50% (fifty per cent) of the instalment itself;
- the total amount of the payments deferred as above, shall not
exceed 3/30ths (three thirtieths) of the entire: Indonesian principal debts to be repaid in conformity with sub-section (i) of
Article II.
2.

The

·ounts t h

p ym.

t·

o!

which will be deferred shall be reim-

bursed by .. Bank Indonesia in 8 (eight) years by means of 8 (eight)
equal annual instalments which shall be transferred to INA on December 31st of each year with ei'fect from 31st day of December, 1992.

On the amount of the ·payments deferred as above, the Indone-

sian Government shall pay

Ｔｾ＠

(four per cent) interest per annum with

..

./ ｾ＠

4th -

effect from the date in which the p,ayment was postponed. This interest
shall be paid and transf err·e d annuall'y. on the 31st December of each

year to INA, starting the year following that of the deferment. However,
the interest concerning the payment.a eventually deferred relating to
the first two of the eight redemption instalments mentioned in Point 1

above shall be p.a:td and transferred to Italy as from December 31st,1972.

ARTICLE

IV

The repayments provided for in:-Article II above may be revised
&Z. any time as from 1960, either on the initiative of the Indonesian Go-

vernment or on the initiative of the Government of any other creditor
Country participating in the April 1970 Paris meeting. Such
which must be agreed upon among

revision,

above-mentioned creditor Countries
ｴｾ･＠

and Indonesia, shall be made taking into ·co·n s:iiEration Indonea.iL1.S. economic situation at the time in which this revision will take place, and
will consider either

- a speeding up of Tepayment of both principal and interest, or
- a reduction in the total of the maturities for iilterest contemplated

in sub-section (ii) of Article II above.

ART ICLE
1

1•

v

Should Indonesia grant either de jure or de facto more fa-

vourable condition for the creditor than those appearing in the present
Agreement for the settlement (either wt otally or partly) of Indonesian
debts of a similar nature to those considered in Article I, the Indonesian Government undertake·s to extend immediately the more favouravle
:17reatment to the Ital·, · n Government.
2.

The present agreement, does not impair either legal ties

established by common law, or contractual commitments entered into by the

ｾＭ

.. ｾ＠

./

5th r 11:cties for the operations to which the Indonesian debts w11ntioned in
Article I of the Agreement i toolf refers. Accordingly no fl'.i"OVision of
the A{l,• 'CiJ•Hnnt can be invoked ;, ,, justify any l!iOdification
the c ot1 k•'r....::ta in question,

ｬｩ｢Ｚｾ

ｾｳｯ･ｶ

of

･ｲ＠

those concerning the condi tione

ｰ ｯ ｾ Ｇ ｩ ｩ｣ｵｬ｡ｲｹ＠

of pa.,yfaJih i.. and the dates of

ｷＧｬＱｍﾷ

ｵｲ

ｩ＠

ty.

All modifications of the contracts made after 30tA' J\lH.e, 1966
and having for effect an increao3 i u Indoneuitt' u cohlllii tmen i, 11
Italy shall be considered au

ﾷｾｯｶｲＺＮ

､ｳ＠

commitments not covered by the present
ｬｾｷ＠

Agreement.

ARTICLE VI
The present Agreement shall come into force on the date of
signature.
Done in Rome the 9th day of December, 1971in duplicate, in
the n 11g1 Ｚ ｕＮ

FOR THE

ｾ ｨ＠

ｾｩ｜Ｑ＠

ｾ＠

:r. ttJ.l Ｚｩ Ｎｾ

ｮ＠ ｊ

OF THE

REPUBLic,?,.oE...INDONESIA
Signed

{

ｦＫｙＱＺ

ＮＱｬｾ

･Ｌ＠

both text being equally authentic.

FOR THE GOV'lfilNtIBNT OF THE
REPUBLIC OF ITALY
Signed

ACCORDO DI CONSOLIDAMENTO TRA IL GOVERNO DELLA REPUBBLICA DI I NDONESIA
ED IL GOV .

0 D LLA

UBBLICA I TALIANA

I l Governo dell, Repubb l ica di Ind onesi

e il Governo della RepuE

1

blica Ita li,

, in

p plicazione d.e·l le dispos izi oni del Proc esso Verb l e re

1la rilm ione multil ter l e di ::e

, tivo

convenuto qu

1

i g-i del 23-24 a prile 1970, h

o

to segue:
Articola I

Oggetto del p es e.nt e Accordo sono i aeguenti de bi ti indones L

verso l' Italia. p

i

abili · a p "tire d 1 1°' germ io 1970 p er c pit le, in-

teress i contrattu li e i n t ie ress i mor .tor i:
ll e quot e garantite dall' ssicur. zione s t t _

(i)-- deb iti - l i m· t t , ente
le i t .liana

1

fr ont e dei c orris:pondenti crediti ital iani - derivant i

da fornitur e i t · i , e ( merci

e/o serviz· c,o n reg ol

180 ( cento ottanta) g iorni ori g in · t e d

ento diff erito oltre

contr tti entrati in vig ore an-

1 1° lug lio 1966 e che hanno f or _to oggetto di

t eriormente

sa i eura-

zi.one da part.e de llo St t. to i t ali,ano .

Le qu ote dei d e bi t i i n ·· anesi , i

a circ

enzi onat e n el present.a comma

comples s ive Lit. 18 . 200. 000. 000 {diciotto

_ont

·1i rdi d ecento mi-

l ion ·).
( ii) -- d e bi ti tal i e q , .l i r i sul t

o d i seguenti Acc ordi intervenuti tra

i l Governo i ndonesiano e: il Governo it 1 ·
- Accard i di conaol idamento firm t i

17/7/1968,

il

Accor i di fin

ssis tit i d

Dj akarta ris pettiv mente il

ento fl rm t i a Dj ak rt

1

9/4/1969 e r el ti vi Sc
ni

o:

9/4/1969 e il 5/2/1 970;
z,i

il 17/7/196B e il

bi di Not e r i gu r danti i cr ,edi ti it., li -

garanz i a ass icur t iv· dell o St to it li

cir ,

o.

·ontano

I d ebi t i indones i - i menzion ti nel present a comma.
i

1

compl essi ve Li t. 68 . 7 0 . 000.000 ( seasa.ntott o mil i ardi settecento

milioni ).
Art icolo I I
1

Il tot, le
1

o

ontare dei de bi t i indonesiani menzion ti all' r t. 1

s r B. rimborsato in lire ital i ane dalL B __ I ndonesia,

e per conto de,l Governo indones i ano , all' I s ti t uto N zio

g ente: in nome
1

l e, delle A -

•••

;i curazi ni(IN ) - ｾ ｯ ｭ＠

· , qu

,e Ente gest re per c nt

d e l l '' ssicur z · ne dei ere i ti

11 ' ,e sp rt z i n

1

t . ent

(i ) - i l c pit l ,e , p r i

Lit. 2. 400. 00
cui le pri

t

tr

circ

.ooo

·1tardi qu ttr c ent

(due

gi rni d 11

( vent tt o) rat e

1

di a , r -

i li rd i
C'

1

ili n i)ciascuna , di

tr s erit e all'INA entro e n n oltre

f "r

r

d el presente Ace rd

e le s ucc,e ssive 28

t ,r sferit e annual ente il 31 di ce

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di

gni

dee r r ere dal 31/12/1972.

ann

I l capi t le da r i b rs

previ t

a qu _nt

g i de l 23-24
-

s ch m

i n 30 ( tr enta) r te di cir

due r ate, s
ｾ＠

1

Lit. 72 . 500 . 000 .000 ( s ttant due

ili n i) s

c inquecent

sec nd

i t li

· die t• ,:

qui a ppress,

1

dell o Stat

Sf!ns i del pr es.ente c

i

e

, c nf r m.

ai p r gr f i 1 ) e 1c) · el Pr c e.ss

e

pril · 1970 '

Verba l e di P r i-

c . sti tui to:

d 1 1 ' imp rto in l in.e

ca.pi tal e d , ll e qu t e a sicur a.t

d nesiani c nte · p1 t

al c

1

d 1 1 'int ero

nt

1

(i) del precedent e

n zi n ti

,· rat r i

qu ,t . dei debi ti ind in,e si
1

1b i di N t e

i

nesian

s

turn

a p r t ire

al 1° gennai
1

r a cit - t i, per un t t l e di c i rc

u .lita id i circ
tr s

( i )d el precedente

s ensi degli Ace rdi e degl i Sc mbi di N te it 1 - · nd

t rdi ci mili r di qu _ttr ,cent

che sarann

enzi n ti n ell ' s t ss

enzi n te al co

1

i

1 31 dic e bre 1 6

q .elli c ntr ttu li c n c e·--nenti le

a rt · c l o I, si· que l i , r t r i che

1970 in p i ,

I,

(i:j..) dell ' rti c ,1

I;

l

_nt re degli int · res:s ·1, si

( ii) -1'

1 c

tur ti sin

s ens i d egl i Ac e · rdi e d egl i Sc

(ii) dell' rtiu

1

di capi t 1le e i t ressi c ntr tt

li, dei d ebiti ind n siani

c

de i d ebiti i _-

tic lo I;

1

,e , c

n nche degli interessi

e te

· 11 ni) ｳ｡ｲｾ＠

ri b rs t o

Lit. 96 0 . 000 . 000 (n ｶｾ
rite

Lit. 14.400. 000. 0

｣･

ｮ ﾷ ｴ Ｌ＠

L

( quat-

15(qu i nd ici)

seasanta mili n i)ci s cun

l l' INA a l 31 dice br e d i

gni

o a d ,e c rrer e

d _l 31 dice bre 1985.
Art i e 1
1 - L

Ind nes ia,

B

gent - i nn , e e per c nt o del G v ern

fa c 1 ta di rinvi re parzi 1 ･ｮ

1

1

il p g , ent

r

ent

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di ci a cun

II c n 1

r t

a osi

(cinqu

il t t 1

nt. re dei p

t

· . d nesian ,h

,. c n pre v vis o di 30 ( t rent

delle pri e· 8 ( ot t _) r t e di a

( i) del prec dent e arti c 1
i l p ag

III

n n p

rta_ ento previste d 1 c

segu nt e dupl ic e li it zi n
ｴｲｾ＠

e sser e di ff erit - ch e n 11

p r c ent )dell , r t

a enti c

gi m i,

isu

tess

e s pr .. differi i, n n t1

vra

supe-

r re i 3/30 (tre tr ent ea i mi) dell 'in t e r o d eb i t

capi t le d

ri b r s re

.i sens i del

e d i cui verra differi t

2 - Le s

B nk Ind nea i

i n 8 ( ott )

( i) d 11' rtic l o II.

c

il p g

ento e· r

nni, medi ant e 8 ( ,t t

t r . fe rite a l l'INA il 3 1 dic e br e di

s r

i n l inea

ind n ee i

r L .b r s t e dall

li t a ugu

)

a dee r re re d 1

n

gni

i, che

31/1 2/1992.
int r e d ei p g

.nti c

e s pr

di f f eri ti il G vern

c ,r ri s pond er a interessi d el 4,t (qua ttro per c ente)

n

re da lla data del rinvi
e t

del pag ' ento. Detti

sferiti annual en te il 31 dic e bre di

zi

da ll' rm

succ esaiv

ｩｮｴ

･ ｲｾ

nnue, a dee r re-

aaranno p gat i
ｳｩ＠

gni

all'INA c n i n i-

del differi ent

qu,e ll

1

r t

1, s r

ｰ ｾ＠

ti e tr sferiti in I t l i
Art i e 1

fr nt e dell e pri-

en zi n a t e al precedent

r t ament

di

zia ti v a del G vern

1

IV

d ei p es i cr ed itori p
1

ｲ ｴｾ｣ｩｰ｡ｮ＠

vra

Detta r evi s i ne , che d

a

d ell' Ind n s.i

e c n , ic

c.

i qua l unque

re

per ini -

1 tr, G vern

tra i cit ti paes i

es s e re c nc r da.t

eff et tu t

c n.t

tenen d
ｲ ｾｶ

in cui la

11 ' ep

f r

r' uni ne di P rigi d ell' prile 1970.

11

creditori e l'Ind nes i a , s

p rtire d 1 1980,

ent

o per quella

i nd n es.i

punt

p rtire d 1 31 dic e b r e 197 2

I r i mb r s i previsti a l prec edente artic l o II p trann

gge tto di revi a,i ne i n qu l unqu e

li int e-

Tut t via

re ss i rel a t ivi ai p gament i ev entu 1 en-t e diff er iti
e due dell e _tt

i nd nes.ia-

1

ｩｳ＠

.n e

d 1 1 . situ a zi ne
ｳｴｾ

ｳ＠

vra. l u

g

e riguardera:

- si

un ' cceler zi n e dei ri b rsi per c pit l e e i n ter es si,

- si

una riduzion e dell'

1 co ,

nt

(ii) d e l pre ceclent e

1

e d elle s c d enze per int er essi previ te
1

tic 1

II.

Art i e 1
1 r

1 - Q

d a p rte ind n es i a n _ d

di f t t , per il r eg l a .e nt
ni

｡ｶ

ｾｮ

ｴｩ＠

c r .tt eri s tiche

ta ent e

l G vern

it

i

･ ｾ＠

s e·r

e s .ere c nc ,e sse , di diri tto

(t t le o pa.rziale) dei de b i ti i nd nesi · -

l ghe

d isp si zi n i piu fav rev l i
s ent e. Ace rdo, il G vern

ｶ

V

que lli c ·n s ider ti all' rtic 1 , I,

1 credit r

· n d n esi

il t r tt

di qu elle risultanti d

o s 1i
ﾷ ｾｭ

ｴ

｟＠

p egn

a est end ere i

piu f "v rev le.

1

pr eed. i -

2 -

Il presente Ac cor ,d o non pr
d _1 dir1 tt o
per l e o per

ne

mune J

ｾ ｺｩｯ

gli i mpegni

i

i g iuridici st b ili ti

l g

t r ttu -1

CQ

I

·nte

ssunti f r

cui si riferiscon.o i d b i ti indoneei
ｮｩ＠

I dell' ccordo

tico

l'

C

iud i c

tes so, Per t

to n ssun

cordo potra. ees ere invo c ta per g i u st ific

i,

le

rti

enzion ti

-1-

dispo izione d iel l' Ac-

e qu l s i s i

ti in p rol , p - ti col r _ nt e qu lle c on c er ne ·ti 1

odifi c

dei con rat

coudi zioni di p

en-

t ,o e le d t e di s c , enza.

Tutt e le v ri zion i
g i ugno 1966 e

i

vent i per e -f tto un

1

1

v er so l'It li

ente

c ontr _tt i intervenute succ essi

1 30

umento d gli i p,e gni de!ll' Indonesi

a _ anno c ons ider t e co me nuovi i mp,egni non cop -rti d. 1
1

pr es n te Accardo.

Arti e : o VI
I l pr esente Accardo entrera in vigor e

F tto
li n

e ingles

Per il
R

ｰｵ｢

Ro

'G.' fY

｢ｬ ｾ＼ｊＺ｡＠

il 9 d i ce

erno della

ｾｮ､ｯ
Signed

....

ｮ ｾ Ｌ＠ i

t

dell a fir

•
r e 1971 in d plice copia, nelle lingu e i

bi it s t i

entr

1

v nt ' ugu le V lor e .
1

Pe

il Governo d 11

,

_

_:::..-.---

Signed