3 32'2 /a//:)€¦ · 3 32'2 /a//:) repot no. p-5231-ind memorandum and recommendation of...

Document of

The World Bank

FOR OFFICIAL USE ONLY

3 32'2 /A//:)

Repot No. P-5231-IND

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE EXECUTIVE DIRECTORS

ON A

PROPOSED LOAN

IN AN AMOUNT EQUIVALENT TO $221.7 MILLION

TO THE

REPUBLIC OF INDONESIA

FOR A

FERTILIZER RESTRUCTURING PROJECT

NOVEMBER 26, 1990

Ths document has a restricted ditrbudon and may be used by redpients only In the perfonname oftheir offidal duties. Its contnts may not otherwise be disclosed without Wodd Bank authorzation.

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CURRENCY EQUIVALENTS(As of June 1, 1990)

Currency Unit = Indonesian Rupiah (Rp)

$1.00 - Rp 1,830Rp 1 billion = $0.546 million

WEIGHTS AND MEASURES

1 British Thermal Unit (Btu) = 0.252 Kilocalories (Kcal)1 Metric ton (t) = 1,000 kilograms (kg)1 Metric ton tt) = 2,209 pounds (lb)1 Cubic meter (ma) = 35.32 Cubic Feet (cu ft)1 Standard Cubic Foot (SCF)

of Natural Gas = 1,000 Btu

FISCAL YEAR

Goverrnment of Indonesia - April 1 - March 31Fertilizer Companies - January 1 - December 31

ABBREVIATIONS AND ACRONYMS

AS - Ammonium SulfateBAPPENAS - National Development Planning BoardBI - Bank IndonesiaBNI - Bank Negara Indonesia 1946EKUIN - Minister Coordinator for Economics, Finance and

Industrial Affairs, and for the Supervision ofDevelopment

GOI - Government of IndonesiaGresik - P.T. Petrokimia GresikKaltim - P.T. Pupuk Kalimantan TimurKujang - P.T. Pupuk KujangMOI - Ministry of IndustryMOF - Ministry of FinancePERTAMINA - National Oil and Gas CompanyPIM - P.T. Pupuk Iskandar MudaPFE - Participating Fertilizer EnterprisePUSRI - P.T. Pupuk SriwidjajaREPELITA V - Fifth Five-Year Development Plan, 1989190-1993/94SBI - Sertifikat Bank Indonesia (BI Domestic Money Market

Certificate Rate)SCB - State Commercial Banktpd - tons per daytpy - tons per yearTSP - Triple Superphosphate

rOR OFFICIAL USE ONLY

INDONESIA


Loan and Project Summary

Borrowers Republic of Indonesia

Beneficiariess Five State-owned Fertilizer Companies: Gresik, PIM, Kaltim,Kujang and PUSRI.

Amounts $221.7 million equivalent

Terms: Twenty years, including five years of grace, at the standardvariable interest rate.

Onlending Termss The proceeds of the loan would be onlent by the Governmentto the five fertilizer companies for periods of either 10 or15 years, including respective grace periods of 3 and 5years, at a variable interest rate reflecting the marketrate for domestic term funds. The fertilizer companieswould also pay commitment fees equal to those payable by theGovernment to the Bank under the loan. The Government wouldbear the foreign exchange risk.

Financing Plan: Local Foreign Total…($ million) -----…-

Enterprises' equity 143.8 0.7 144.5IBRD - 221.7 221.7Medium-t,erm borrowing (BNI) 58.1 - 58.1Short-term borrowing (BNI) 20.0 - 20.0

Total 221.9 222.4 444.3

Economic Rateof Returns Gresik's AmmonialUrea plants 21 percent.

Staff AppraisalReports No. 8333-IND, dated November 26, 1990

Maps IBRD No. 22141R

This doment has a restited distribution and may be used by recipients only in the performance ofthr offcial duties. Its contents may not otherwise be disclosed without IFC authorization.

MEMORANDUM AND RECOMMENDATION OF THE PRESIDENTOF THE INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT

TO THE EXECUTIVE DIRiCTORS ON A PROPOSED LOAN TOTHE REPUBLIC OF INDONESIA FOR THE FERTILIZER RESTRUCTURING PROJECT

1. The following memorandum and recommendation on a proposed loan tothe Republic of Indonesia for $221.7 million is submitted for approval. Theproposed loan would be for 20 years, including five years of grace, at theBank's standard variable interest rate and would help finance a FertilizerRestructuring Project. The proceeds of the loan would be onlent by theGovernment to the five fertilizer companies feor periods of either 10 or 15years, including respective grace periods of three and five years, at avariable interest rate reflecting the market rate for domestic terms funds.The Government would bear the foreign exchange risk.

2. Background. During the past two decades, Indonesia has successfullydeveloped and implemented a policy of promoting food self-sufficiency,particularly in rice. In parallel, the Government has built a strong domesticfertilizer industry, assisted by the Bank through loans and credits amountingto $375.0 million. Large investments in producing and distributing fertilizerwere made through five Government-owned enterprises operating 13 fertilizerplants, with a combined capacity of E.2 rLillion tpy of fertilizer products,mainly urea, triple superphosphate (TSP) and ammonium sulfate (AS). Today,the industry is meeting domestic demand for nitrogenous and phosphaticfertilizers and is successfully marketing its surplus urea in export markets.The development of the fertilizer industry, however, has been associated with:(a) controlled and heavily subsidized fertilizer prices at the farmgate level(subsidies are forecast at about $320.0 million for 1990), which have promotedintensive and possibly inefficient use; (b) controlled ex-factory and naturalgas prices differing from economic prices, which have resulted in productioninefficiencies (for TSP and AS) and inappropriately low returns to equity;(c) regulations on product marketing and distribution, which have constrainedmarketing efficiency; and (d) inadequate assessment and monitoring of theenvironmental impact of fertilizer production.

3. The Government is aware of the effects of these factors on itsbudget and on the economic efficiency of the fertilizer industry. As part ofits efforts to redress existing problems in the industry it has recentlyraised the farmgate AS prices to their economic level and has adjusted upwardsthe farmgate prices of urea and TSP. However, the latter prices are stillabout 47 percent and 33 percent lower, respectively, than their economiclevels. The Government intends gradually to make the remaining fertilizerprice adjustments at the farmgate within the Repelita V period (1989/90-1993/94) as indicated in the Policy Statement for the fertilizer sector issuedprior to negotiations. In addition, the Government plans to: (a) replace thecost-plus formula for setting ex-factory prices of fertilizer by linking theex-factory price of urea to its export-parity and the ex-factot-y prices of allother fertilizers to their import-parities; (b) establish the price of naturalgas to the fertilizer industry between a floor corresponding to the economiccost of the resource and a ceiling corresponding to its netback value, andeliminate economically unjustified price differentials among natural gas

- 2 -

users; (c) foster competition in marketing and distribution system amongwholesalers and retailers to improve efficiency and provide better service tofarmers; and (d) study the environmental impact and standards for the industryand prepare an environmental management plan to be implemented by fertilizerenterprises and monitored by the Government. These are all expected to beachieved during the Repelita V period.

4. Rationale for Bank Involvement. Since 1970, the Bank has assistedIndonesia in developing its fertilizer industry by financing investments forurea production in PUSRI and two distribution projects. As noted in theProject Performance Audit Reports, the approach, although project-specific,has been largely successful. An ongoing Industrial Energy ConservationProject which supports a program of implementing energy savings in thefertilizer industry, is also proceeding satisfactorily. Given theGovernment's objective to promote food self-sufficiency, past projects focusedmainly on expanding domestic production. The Bank's strategy, based on the1988 Fertilizer Sector Report, is to assist the Government in: (a) promotinga more efficient and competitive industry; (b) satisfying domestic needs;(c) maintaining a reasonable level of exportable surpluses at efficientprices; (d) assessing the scope for improved efficiency in marketing enddistribution; and (e) minimizing the adverse impact of fertilizer operationson the environment. The proposed Project conforms with this strategy.

5. Project Objectives. The objectives of the proposed Project are to:(a) assist the Government in implementing an agreed Statement of Policy forthe fertilizer sector; (b) support an industry-wide investment program;(c) identify the scope for improved efficiency in marketing and distribution;and (d) assess the industry's environmental impact, develop environmentalstandards and prepare an environmental management program.

6. Project Description. The proposed Project will support measurep toimplement the Government's efficiency-oriented objectives in the fertilizerindustry. It will comprise: (a) construction of a new ammonia/urea facilityat Gresik, with a capacity of 1,350 tpd of ammonia and 1,400 tpd of urea, toprovide low-cost ammonia to existing operations and to supply low-cost urea inEast Java; (b) modernization of Gresik's existing fertilizer plants to improvetheir perf3rmance and reliability, and to ameliorate environmental pollution;(c) optimization investments in four fertilizer plants (Iskandar Muda, Kaltim,Kujang, and PUSRI) to realize productivity gains, energy savings,environmental improvements and product diversification; and (d) studies on:(i) marketing and distribution; and (ii) the overall environmental impacts ofthe fertilizer industry, including identification of long-term objectives forenvironmental improvement, and an action program for ensuring that theindustry will meet appropriate environmental standards.

7. The total project cost is estimated at $444.3 million equivalent.The proposed Bank loan of $221.7 million equivalent would cover 50 percent oftotal financing requirements. Retroactive financing for up to $22.2 millionwill be provided to the five fertilizer companies for advance procurement ofessential equipment and engineering services incurred after January 15, 1990.A breakdown of costs and the financing plan are shown in Schedule A. Amountsand methods of procurement and the disbursements schedule are given in

Schedule B. A timetable of key processing events and the status of Bank Groupoperations in Indonesia are in Schedules C and D, respectively. A map is alsoattached. The Staff Appraisal Report, No. 8333-IND, dated November 26, 1990,is being distributed separately.

8. Understandings and Agreements Reached. The following were agreedupon during negotiations: (a) the Project will be implemented in accordancewith the principles stated in the Policy Statement; (b) the revised farmgatefertilizer prices for 1991 adopted by the Government recently, represent asatisfactory progress in bringing these prices ultimately to their economiclevels; (c) that the Government will, by October 1 of each year, commencingnot later than October 1, 1991, review the farmgate and ex-factory prices offertilizers, exchange views with the Bank on the results of the review, andthereafter, if required revise such prices taking into account the principlesset forth in the Policy Statement; (d) the studies of Fertilizer Distributionand Marketing, and or the Development of an Environtental Management Programfor the Fertilizer Industry will be prepared by March 1, 1992 and an actionplan for its implementation will be agreed upon; (e) Gresik will, not laterthan May 1, 1991, appoint consultants to assist in the implementation of theammonia/urea plant, and the modernization subproject; (f) PIM, Kaltim, Kujangand PUSRI, will appoint consultants to assist them in the implementation oftheir respective optimization subprojects; (g) Gresik, for its modernizationsubproject, and the other PFEs, for their respective optimization subprojects,will, not later than June 30, 1992, submit to the Bank for review and approvala subproject appraisal report and an environmental impact assessment of thesubproject, including an Executive Summary (in English); and (h) Gresik will,not later than November 30, 1991, develop an Environmental Management Plan toovercome the main environmental issues identified in the Environmental ImpactStudy of the Gresik's complex and not dealt with as part of the implementationof the new ammonia/urea plant to be built under the Project.

9. The Subsidiary Loan Agreements between MOF and the fiveparticipating fertilizer companies will be signed prior to Loan effectivenejss.The conditions of disbursement would be: (a) for the Gresik RestructuringComponent that a contract for the provision of the required natural gas toGresik has been executed on behalf of Gresik and PERTAMINA and foundsatisfactory to the Bank; and (b) for subprojects under the OptimizationComponent and for the Gresik modernization subproject would be that theappraisal report and the Environmental Impact Assessment for these investmentsby each PFE have been found satisfactory to the Bank.

10. Benefits and Risks. The main project benefits would be improvementsin the industry's economic performance, reducing Government subsidies andminimizing the environmental impact of fertilizer production. The investmentsto be supported under the Project would present no significant technologicaland managerial risks. The timely availabi'ity of natural gas to the Gresikammonia/urea plant is a potential risk. To account for this risk, nodisbursements will be made against expenditures for the Gresik component untila gas supply contract is signed. The main sector-wide risks are that domesticex-factory prices may not be increased to border prices as anticipated andthat international fertilizer prices may not be in line with Bank forecasts.The first risk is minimized by the Government's stated objective in zhe Policy

-4-

Statement to bring the prices to their economic levels through actions takenduring Repelita V. The latter risk is acceptable, since the lndustry has arelatively low variable cost structure and even at significantly lower pricesit would remain financially viable.

11. Recomuendation. I am satisfied that the proposed loan would complywith the Articleo of Agreement of the Bank and recomend that the bxecutiveDirectors approve the proposed loan.

Barber S. ConablePresident

Attachments

Washington, D.C.November 26, 1990

-5-Schedule A

INDONESIA


Estimated Project Costs and Financing Plan($ million)

Local Foreign Total

Estimated Costs

Gresik Restructuring /a 118.5 135.1 253.6Optimization 16.3 75.8 92.1Studies 0.2 0.7 0.9

Base Cost (June 1990) 135.0 211.6 346.6

Physical contingencies 0.9 4.2 5.1Price contingencies 1.2 6.6 7.8

Interest during construction 64.8 - 64.8Working capital 20.0 - 20.0

Total Project Cost 221.9 222.4 444.3

Financing Plan:

Enterprises' equity 143.8 0.7 144.5IBRD lb - 221.7 221.7Medium-term Borrowing /c 58.1 - 58.1Short-term Borrowing Ic 20.0 - 20.0

Total Financing 221.9 222.4 444.3

/a Includes identifiable taxes on services estimated at $4.0 million.Lb Includes retroactive financing of up to $22.2 million for eligible

expenditures incurred by participating fertilizer enterprises afterJanuary 15, 1990, to cover advanced procurement of imported equipment andservices.

{c Bank Negara Indonesia 1946.

Schedule B

INDONESIA


Procuremnt Method ond Disbursemnt.

A. Procuremnt Arnsgements(8 million) /a

Project Componente Totalend Elents ICB LID LCE Other N.A. Coot

A. reslk Restructuring

(a) Ammonia/Urea PlwntEquipment *nd Mlterials 74.5 16.0 - 11.8 103.8

(74.8) (16.0) (11.8) (108.6)Engineering Service. and 21.8 - - - 21.6Licenses (21.8) (21.8)

Civil Works, Erection and - - 26.0 76.5 100.5Comm;ssioningGre ik Suppl ed Equipmee.t - - 14.0 2.U 16.0

(b) Plant ModernizationEquipment and Materials 6.8 0.6 - 1.6 9.0

(6.8) (0.0) (0.4) (7.6)Engineering Services and 1.7 - - 1.0 2.7Licensos (1.7) (1.7)

(c) Consultants for:(i) Ammonin/Ur.v Plont - - - 0.7 0.7

(0.7) (0.7)(ii) Plant Modernization - - - 0.3 0.8

(0.3) (0.8)

S. Optimization (four PFEs)

Equipment and materials 61.83 5. 24.4 91.6(61.8) (5.8) (6.1) (75.2)

Engineering Services and 9.4 - - 1.9 11.8License* (9.4) (9.4)

Consultants - - - 1.0 1.0(1.0) (1.0)

C. Studies

Consultants -_ 0.9 0.9

D. Others b - - - 84.8 84.8

Total 175.6 24.4 89.0 120.6 84.8 444.8(17.5.5) (24.4) (21.6) (221.7)

a Figures In parenthesis are the respective amois't to be financed under the Bank loan.Comprises working capital and Interest during construction.

Schedule O

(iT moneiiiva *ntr

Comp nnont/Ctegory Amount Porcent of Costs to be Financed(8 million)

A. Oresik Rostructuring

(a) Equipment and Materials for: 100% of foreign expenditures for(T Ammonia/Urea Plant 103.8 directly Imported Items: 90% of local

Modernization 7.8 *xpnd lturen for locally manufacturedItems (ex-factory costs); and SOX ofother items procured locally.

Subtotal 114.

(b) Engineering Services andLicenses for:(') Ammonia/Ures Plant 21.8

(ii Modernization 1.7

Subtotal 28.5 100X of expenditures.

(c) Consultants for:(') Ammonia/Urea Plant 0.7il Modernization 0.8

Subtotal 1.0 100% of expenditures.

B. Optimization

(a) Equipment and Materials for:(I Iskander Muda 9.2 100% of foreign expenditures foril Kaltim 88.6 directly Imported Items; 90X of local

(iili Kulang 11.2 expenditures for locally manufactured(Iv PtUSRI 21.2 Items (ox-factory costs); and SOX of

other Items procured locally.Subtotal 76.2

(b) Engineering and Services andLicenses for:

i Iskander Muda 1.25(f; Kaltim 8.26(fIi Kuiang 1.25iv PUSRI 8.66


(c) Consultants for:(I Iskander Muda 0.25

(I Kaltim 0.2S(jil Kujang 0.25(iv PtiSRI 0.25


Total 221.70

C. Estimated IBRD DisbursementsBan' : FY 1991 1992 1998 1994 1995 .1990 1997

…an FY ------------- (S mTf l on) ----------------

Annual 22.2 55.1 66.0 87.0 26.0 18.0 4.4Cumulative 22.2 77.8 142.8 179.8 204.8 217.8 221.7

Schedule C

INDONESIA


Timetable for Key Project Processing Events

Time taken to prepare 18 months

Prepared by Ministry of Industry and FertilizerCompanies, with Bank assistance

First Bank Mission May 1989

Appraisal Miasion Departure March 1990

Negotiations October 1990

Planned date of effectiveness May 1991

List of relevant PPARs and PCRs PPARs: Credits 0193-1-IND and 0190-2-IND (Report No. 1948); Loans 1089-INDand 1254-IND (Report No. 5419); and Loan1139-IND (Report No. 4256). PCRst Loan2120-IND (Report No. 7851).

-9-Schedule D

INDONESIA Page 1 of 4

FERTILIZER RESTRUCTMRf-NG PROJECT

THE STATUS OF BANK GROUP OPERATIONS IN INDONESIA

A. STATEMENT OF BANK LOANS (as of September 30, 1990) la

Amount (USS million)Bank Undis-Original bursed

Loan Fiscal Principalnumber Year Purpose (less cancellation)

Seventy-seven Loans fully disbursed 5,680.90

Of which SECALs, SALs and Program Loans lb

2780 1987 Trade Policy Adjustment 300.002937 198g Second Trade Policy Adjustment 300.003080 1989 Private Sector Development 350.00

Subtotal: 950.00

1840 1980 National Agricultural Research 35.00 2.132007 1981 Nucleus Esta and Smallholders V 108.00 17.472049 1981 Jakarta Cikampek Highway 85.00 6.502101 1982 Second Teacher Training 79.59 0.932214 1983 Twelfth Power 292.50 34.502232 1983 Nucleus Estate and Smallholders VII 96.00 25.912236 1983 Jakarta Sewerage and Sanitation 22.40 2.662275 1983 East Java Water Supply 30.60 0.362288 1983 Transmigration IV 46.00 10.722290 1983 Second Polytechnic 107.40 6.522300 1983 Thirteenth Power 273.00 5.022341 1984 Third Agricultural Training 63.30 7.712344 1984 Nucleus Estate and Smallholder Sugar 70.30 11.722355 1984 Second Nonformal Education 43.00 1.842408 1984 Fifth Urban Development 39.25 3.332431 1984 Second Swamp Reclamation 65.00 27.792443 1984 Fourteenth Power 210.00 17.272472 1985 Secondary Education and Management 78.00 9.54

Training2474 1985 Upland Agriculture and Conservation 11.30 7.51

La The status of the projects listed in Part A is described in a separatereport on all Bank/IDA financed projects In execution, which is.updatedtwice yearly and circulated to the Executive Directors on April 30 andOctober 31.

Lb Approved during or after FY80.

Schedule D- 10 - Page 2 of 4

INDONESIA


Amount (USS million)ELnk Undis-Original bursed

Loan Fiscal Principalnumber Year Purpose (less cancellation)2494 1985 Smallholder Rubber Development II 89.00 42.692529 1985 Fourth Population 35.13 7.482542 1985 Second Health (Manpower Development) 39.00 18.582543 1985 Kedung Ombo Mulipurpose Zam and 156.00 36.43

Irrigation2547 1985 Second University Development 147.00 54.042560 1985 West Tarum Canal Development 43.40 18.542577 1985 National Ports Development 82.69 38.462578 1985 Transmigration V 97.00 19.312599 1986 Science and Technology Training 93.00 14.522628 1986 Smallholder Cattle Development 32.00 13.652632 1986 Second East Java Water Supply 43.30 4.572636 1986 Second Nutrition and Community Health 33.17 12.542638 1986 Nusa enggara Agriculture Support 33.00 15.352649 1986 Central and West Java Irrigation 166.00 82.762690 1986 Gas Distribution 34.00 21.342702 1986 Export Development 64.50 9.672705 1986 Manpower Development and Training 58.10 14.022717 1986 Highway Maintenance and Betterment 300.00 10.642725 1986 Housing Sector Loan 200.00 5.672748 1987 Third National Agricultural Extension 55.00 28.402757 1987 Telecommunications Technical Assistance 14.50 3.032773 1987 Fisheries Support Services 24.50 18.662778 1987 Power Transmission & Distribution 226.00 76.782800 1987 BRI/KUPEDES Small Credit 101.50 1.282816 1987 Urban Sector Loan 270.00 17.372817 1987 Regional Cities Urban Transport 51.00 11.302879 1988 Industrial Energy Conservation 21.00 15.262880 1988 Irrigation Subsector 234.00 58.492881 1988 Second Rural Roads Development 190.00 96.442891 1988 Railway Technical Assistance 28.00 19.092930 1988 Forestry Institutions & Conservation 30.00 19.622932 1988 Jabotabek Urban Development 150.00 116.072940 1988 Accountancy Development 113.00 99.482944 1988 Higher Education Development 140.30 61.472979 1988 Second Export Development 165.00 84.312992 1989 Tree Crop Human Resource Development 18.40 15.51

- 11 - Schedule DPage 3 of 4

TNDONESIA


Amount (US$ million)Bank Undis-Original bursed

Loan Fiscal Principalnumber Year Purpose (less cancellation)3000 1989 Tree Crop Processing 118.20 111.463031 1989 Agriculture Research Management 35.30 30.853040 1989 Industrial Restructuring 284.00 256.763041 1989 Small & Medium Industrial 100.00 89.74

Enterprise3042 lS89 Third Health 43.50 38.233097 1989 Power Sector Efficiency 337.00 336.723098 1989 Paiton Thermal Power 354.00 328.753112 1990 Public Works Institutional 36.10 33.46

Development and Training3133 1990 Highway Sector 350.00 312.313134 1990 Professional NumAn Resource Dev. 117.50 109.703158 1990 Second Secondary Education 154.20 142.203180 1990 Rural Electrification 329.00 329.003182 1990 Third Telecommunications /a 350.00 350.003209 1990 Gas Utilizaion la 86.00 86.003219 1990 Second Jabotabek Urban Development /a 190.00 190.003243 1990 Second Forestry Inst. & Conservation=a 20.00 20.003246 1991 Third Jabotabek Urban Development /a 61.00 61.003249 1991 Second BRI/KUPEDES Small Credit /a 125.00 125.00

Total 14,105.82Of which has been repaid 2,033.34

Total now held by Bank 12,072.48Amount sold 88.08of which repaid 43.01

Total undisbursed 4,333.42

/a Not yet effective as of September 30, 1990.

- 12 -Schedule D

INDONESIA Page 4 of 4


B. STATEMENT OF IFC INVESTMENTS (as of September 30. 1990)

UndisbursedOriginal Commitments Total including

Fiscal Type of (US$ million) held participants'year Obligor business Loan Equity Total by IFC portion

1971/74 P.T. Primatexco Textiles& fibers 4.0 0.8 4.8 -

1971 P.T. Unitex Textiles& fibers 2.5 0.8 3.3 0.3

1971/73/ P.T. Semen Cibinong Cement74/76/84 46.0 5.8 51.8 - -1971 P.T. Kabel Indonesia Cables 2.8 0.4 3.2 - -1972/77179 P.T. Daralon Textile Textiles

Mfg. Corp. & fibers 5.8 1.5 7.3 - -1973/89 P.T. Jakarta Tourism

Int'l Hotel 9.8 2.7 12.5 2.7 -1974 P.T. Private Development

Dev. Finance financeCo. of Indonesia - 0.5 0.5 0.4 -

1974 P.T. Monsanto Electronics 0.9 - 0.9 - -1974/77 P.T. Kamaltex Textiles 3.8 0.8 4.5 - -1980 P.T. Papan Sejahtera Housing

finance 4.0 1.2 5.2 1.2 -1980 P.T. Supreme Indo- Dinnerware

American 11.1 0.9 12.0 - -1980/88 P.T. Semen Andalas Cement 48.6 5.0 53.6 22.7 -1982/85 P.T. Saseka Gelora Leasing

Leasing 5.0 0.4 5.4 0.4 -

1988 P.T. Bali Holiday Tourism 11.3 - 11.3 3.1 -1988 P.T. Asuransi Jiwa Insurance - 0.3 0.3 0.3 -1989 P.T. Monterado Mining 8.0 2.0 10.0 5.5 -1990 P.T. Astra La Manufact. 12.5 12.5 25.0 12.5 -1990 Federal Motor la Manufact. 12.5 - 12.5 - -1990 Nomura Fund Ctry. Fund - 3.0 3.0 1.5 -1990 Bank Umum Nacional Development

finance 10.0 - 10.0 10.0 10.01990 Bank Niaga Development

finance 7.5 - 7.5 7.5 7.51990 Indo Rama

Synthetics Textile 12.0 - 12.0 12.0 12.01990 Argo Pantos Textile - 13.0 13.0 13.0 -1990 P.T. Agro Muko Agri. bus. 10.5 2.2 12.7 12.7 12.7

Total 228.5 53.7 282.3 105.6 42.2

1990 P.T. Kalteng lb Mining - 1.4 1.4 1.4 1.41990 P.T. Kayu NIC /b Wood prod. 12.2 0.9 13.1 13.1 13.11990 Argo Pantos Jb Textile 83.0 - 83.0 30.0 83.0

/a Loan subsequently cancelled.lb Agreement not yet signed as of September 30, 1990.

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