CONFIDENTIAL Report No. E.C.54 FILE CP Copy No. 4 This report is available to those members of. the staff to whose work it relates. INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT PUBLIC EXTERNAL DEBT OF INDONESIA December 28, 1956 Economic Staff Prepared by: Andrew C. Huang THE FUBLIC EXTERNAL DEBT OF INDONESIA Table of Contents Page I. Debt Outstanding II. Defaults 4 III. Service Requirements 5 Appendix 1 - Trade and Payments Agreement with Japan Appendix 2 - Repudiation by Indonesia of Part of its Debts to the Netherlands THE PUBLIC EXTERNAL DEBT OF INDONESIA 1. Debt Outstanding 1. At the end of June 1956 the public external debt of Indonesia amounted to about $618 million, including $27 million of ah:-Export Import Bank loan undisbursed. The composition of the indebted- ness, details of which are shnwn in Table A-1, is summarized below: (US$ million equivalents) Amounts % I. Iher-Governmental Debts Creditor Governments: Australia ..................... 7.7 1.3 Japan ........................ 157.5 25.5 The Netherlands: a) assumed in 1949 21.0 b) new debt 58.0 79.0 12.7 United States ............... 167.5 27.1 Total Inter-Governmental Debts ... 411.7 66.6 II. Other Debt a) assumed in 1949: Bonds guaranteed by the Netherlands .............. 145.3 23.5 Loan from the Netherlands Bank ..................... 4.9 0.8 b) Municipal and Provincial Bonds 3-7 0.6 Total Other Debt ................. ..9 _24.9 Grand'Total .................... . 565.6 91.5 III. Medium-Term Indebtedness Covered by Export Credit Guarantees (Total pay- ments including interest due as re- ported to IBRD by creditors) ... 52.5 GRAND TOTAL INCLUDING EXPORT CREDITS PAYMENTS .............. 618.1 100.0 - 2 - Since June 1956 Indonesia has drawn $55 million from the Interna- tional Monetary Fund, Also there have been reports in the press about a loan from the USSR of about $100 million for capital goods but so far no reports of any disbursements have been received. Neither the drawing from the Fund nor the USSR loan is included in the total of $618 million, nor does it include a $97.5 million U.S. Agricultural Surplus goods loan which is to be repaid entirely in local currency (see para.5). 2t Indebtedness to Australia On the transfer of sovereignty to Indonesia from the Netherlands in 1949 Indonesia assumed responsibility for a debt of Al 8.5 million to Australia. At the end of June 1956 the balance due on this debt had been reduced by contractual amortization to A1 3.4 million ($7.7 million). Final payment is due in 1959. 3. Indebtedness to Japan The debt to Japan arose from the accumulation of postwar trade deficits and amounted to $157.5 million. Of this amount, about $122.5 million was past due at the end of June 1956, The Indone- sian Government hopes to cancel this debt as part of its repara- tions claimi against Japan which is still under negotiation. (see appendix 1). 4. Indebtedness to The Netherlands On the transfer of sovereignty Indonesia assumed responsibility for the payment of a consolidated debt to the Netherlands Govern- ment, of three issues of bonds guaranteed by the Netherlands Government, and of a debt to the Netherlands Bank. Indonesia serviced these debts until March 1956. In August 1956 the Indonesian government announced its decision to repudiate them (see appendix 2). A summary of the repudiated debts follows. - 3 - Amortization Assumed by Outstanding and re- Indebtedness Terms Indonesia* pudiated August 196 (in millions) f. $ equiv. a) Debt to the Netherlands Government 3% Indonesian Consolidation Due in full between 79.9 79.9 21,0 Loan 1949-64 1963 and 1964 if not paid earlier b) Bonds Guaranteed by the Netherlands Government 3 Conversion Loan By annual drawings 36g7 28.7 7.5 1935-70 at par 3% Conversion Loan 1937-67 90.0 55.0 14.5 3% Conversion Loan 1937-74 (A series) 616.3 468.4 123.3 c) Debt to the Netherlands Bank 3% Loan 1932-B2 By annuities from 1933 to 1962 44.6 18.4 4.9 867.5 650.4 171.2 Indonesia had also assumed f. 3.3 million of the Consolidated loan of 1896 which was repaid in full in 1952. That part of the debt to the Netherlands which Indonesia continues to recognize consists of f. 220 million ($58 million) outstanding on a f. 280 million 3 1/2% 12-year loan arranged in 1950 with the Netherlands government to finance trade deficits, and the balance of about $3.7 million outstanding on pre-war municipal and pro- vincial bonds which are not guaranteed by either the Indonesian or Netherlands Governmento -4- 5. Indebtedness to the U.S.A. At the end of June 1956 Indonesia's indebtedness to the U.S. Govern- ment totalled $167.5 million. This consisted of an Export-Import Bank loan of 1950 amounting to $97.6 million ($100 million less re- payments) and of which $27 million allocated mostly for transporta- tion equipment were still undisbursed, and of $70 million outstand- ing on two U.S. government loans originally contracted by the Netherlands Indies Government and assumed by Indonesia in 1949. Of the two U.S. government loans, one was for surplus property and the other was a MSA loan. Both contain provisions that in adverse economic conditions and with the consent of the U.S. government service payments may be postponed, Not included in the indebtedness to the USA is a $97.5 million Agricultural Surplus Goods loan. This is to be serviced in rupiahs which will be relent by the U.S. government to Indonesia for development (mainly of transport and communications) except for a small amount which may be used by the U.S. government for local expenses and in an educational exchange program between the U.S. and Indonesia, 6. Medium-Term Indebtedness Covered by Export Guarantees Under the Bank's exchange of information on medium-term international indebtedness, a total of $52,5 million in export credits to Indonesia was reported by Western European countries as of June 30, 1956, The Bank believes that most, if not all, of these credits were extended to governmental entities. There may also be some credits granted by Eastern European countries (e,g. Czechoslovakia) of which the Bank has no details. I, Defaults 7. The obligations of the central government of Indonesia were serviced regularly from 1949 to 1952, In 1953 Indonesia defaulted on its obligations to Japan (see appendix 1), and has since re- pudiated most of its obligations to The Netherlands (see appendix 2). Service on the guilder bonds of political subdivisions remained in default for several years after the end of World War II but full service has since been resumed except for four loans (the 4% 1937-65 of the East Java province, the 3% 1937-65 of the City of Soerbaia, the 4% 1936-65 of the City of Soerbaia and the 4% 1937-67 of the City of Buitenzorg) which were in default with respect to contractual amortization for 1955 and one loan (the 4%, 1937-65 of the City of Semarang) which was in default with respect to both contractual amortization and interest due in 1955.- It is not known whether these arrears which total about f. 930,000 ($245,000) have yet been settled, -5- III. Service Requirements 8. Service requirements from 1956 through 1970 on the external debt of Indonesia, exclusive of $122.5 million of delinquent debt to Japan and $52.5 million of export credits, are tabulated in Table A-2. Requirements for selected years during the period are summarized below: (Amounts in US$ million equivalents) Principal Total Service Requirements of which Year Outstanding Service Guilders US$ __A 1956 443,1 53.1 23.9 26.6 2.6 1957 411.2 51.6 23.5 25.5 2.6 1958 370.2 46.1 23.1 20.4 2.6 1959 335.0 40.9 24.2 14.1 2.6 1960 304.0 37.5 23.7 13.8 - 1961 275.6 38.4 24.' 13.5 - 1962 245.3 37.4 24.2 13.2 - 1963 215.1 24.8 11.9 12.9 - 1964 196.6 44.9 32.4 12.5 - 1965 157.1 23.0 10.8 12.2 - 1970 68.5 20.7 10.0 10.7 - Annual service requirements decrease from a peak of $53 million in 1956 to about $37 million from 1960 to 1962. The high service requirements for 1964 i.e. $45 million, include provision for the final amortization of the Netherlands government loan of 1949-64 which has been repudiated recently. Apart from this, annual requirements fall from about $25 million in 1963 to $21 million in 1970, at which time existing indebted- ness would have been reduced to $68.5 million under contractual service schedules. 9. Service payments on export credits of $52.5 million about which the Bank has confidential information from creditor countries are not inclu- ded in the figures in para,8 above. Estimated payments on these debts would raise the service figures shown above for 1957 through 1961 to: Year US$ million equiv. 1957 64.1 1958 52.2 1959 53.4 1960 45.4 1961 43.0 Appendix 1 TRADE AND PAYENTS AGREEMENT WITH JAPAN 1. In June 1950, Indonesia and Japan entered into a payments agreement which, however, was short lived because of Indonesia's unfavorable trade balances. After negotiations between the two countries which were concluded in August 1952, agreements were signed including arrangements for current trade and payments and a program for the liquidation of the outstanding Indonesian commercial arrears. 2. When these negotiations took place, Indonesia had accumulated an adverse balance with Japan of $64 million. In addition, the trade agreement concluded during these negotiations took into account an expected adverse balance of $15 million for the year starting July 1, 1952. The agreement provided that current trade would be recorded in open accounts and settled on the thirtieth of June of each year. From the balance in Japan's favor two deductions would be made at the annual settlement: (a) the difference between Japan's schedule imports of $40 million and the actual amount of imports. This difference was to be transferred to "Special Account No.2" and to be offset within three months by "additional" imports from Indonesia. If Japan failed to make these imports this portion of the debt would be written off; (b) an amount of $20 million would be transferred to "Japan Special Trade Account" and be payable within forty-five days. However, of this amount, an amount of at least $15 million was to be settled by multilateral transactions. If these transactions did not materialize this part of Indonesia's obligations would also be cancelled. 3. The remaining balance in Japan's favor would be transferred to "Special Account No.1" which would be settled in mutually acceptable currencies within two years after the date of the annual settlements. 4. The agreement provided further that the adverse balance accumulated from trade before August 1952, would be retired in a three-fold program; $54 million was to be placed in an "Indonesia-Japan Special Account A" to be retired in four installments ($10 million by July 1, 1954, $15 million by July 1, 1955, $15 million by July 1, 1956 and $14 million by July 1, 1957); $6 million was to be placed in an "Indonesia-Japan Special Account B" in the name of the Minister of Finance to be used for a purpose to be agreed upon after July 1, 1957; and the balance above $60 million was to be transferred to the new open accounts established by the agreement. page 2 Appendix 1 5. As of June 30, 1956 Indonesia had defaulted on the following payments due under the funding agreements defined above: $ million a) payments due July 1, 1954 and July 1, 1955 to "Special Account A"l (para.4) ................. 25.0 b) payments due on annual settlement of "Special Account No.111(para.3) three years up to June 30, 1956 ............................. .... 97.5 In default as of June 30, 1956 ....... 122.5 In addition the payment of $15 million due on July 1, 1956 to "Special Account A" was not made. As a result the debt ............................ 15.0 In default at time of writing is ..... 137.5 Payments to be made later amount to a further ... 20.0 THE TOTAL INDEBTEDNESS TO JAPA1 IS THEREFORE...$ 157.5 6. After the first default Japan instituted controls over exports to Indonesia with the result that Indonesia-Japan trade has recently been more or less in balance. It must be recognized that trade and payments relations with Japan are confused by the unresolved re- paration question. According to a report supplied by Indonesia to IBRD the present debt to Japan may one day be offset against repa- ration. Indonesian estimates of claims on Japan on reparations account run up to the neighborhood of $800 million against a tentative Japanese offer of about $300 million. Appendix 2 REPUDIATION BY INDONESIA OF PART OF ITS DEBTS TO THE NETHERLANDS. 1. The history of Indonesia's debts to the Netherlands issummarized below. 2. During the latter part of 1949 a "Round Table Conference" was held in The Hague and attended by representatives of Indonesia, the Netherlands and the United Nations. The purpose of the conference was the drafting of a charter for the transfer of sovereignty to Indonesia and accompany- ing agreements to regulate cooperation in various fields. The Financial and Economic Agreement was to include a section on the assumption of debts by Indonesia. 3. Indonesia was prepared to assume all the financial obligations of the Netherlands Indies Government with the exception of those debts which had arisen out of military actions against Indonesia. Taking the position that the cost of the maintenance of Netherlands troops in Indonesia had amounted to 3 billion guilders ($790 million) the Indone- sian delegation to the Round Table Conference proposed that the debts should be reduced by that amount. 4. The Netherlands delegation estimated the costs of maintaining Dutch troops to be much lower. 5. To avoid a deadlock a Debt Commission was created, consisting of re- presentatives of Indonesia, the Netherlands and the United Nations Commission for Indonesia. In its report the Commission stated that consideration had been given to "the amount of extra military ex- penditures and to the amount of other expenditures which the Commission attributes to military action", It then stated "the foregoing involves, the reduction of the external debt due the Netherlands by the sum calculated as of December 31, 1949 of two billion guilders". The re- commendations of the Debt Commission were accepted by the delegationiD the Round Table Conference and were embodied in the Financial and Economic Agreement concluded between Indonesia and the Netherlands on December 27, 1949. 6. The debts relating to military expenditures were part of the internal debt of Indonesia which, at the end of 1949, totalled only about 3.1 billion guilders and consisted of Government bank notes, Treasury Bills and advances from the Central Bank. Since it was impractical to reduce this debt, Indonesia decided instead to reduce by 2 billion guilders ($527 million) its liability for debts owed to the Netherlands. The validity of these debts was not challenged at the time and they were thus reduced from 2,871 million guilders to 871 million guilders. The reduced amount included bonds publicly issued before World War II to the extent of 743 million guilders. page 2 Appendix 2, 7, Indonesia also assumed debts to third countries, i.e. Australia, Canada and the United States totalling the equivalent of 420 million guilders ($115 million). The total amount of consolidated external debt assumed by Indonesia on the transfer of sovereignty thus amounted to the equivalent of 1,291 million guilders ($342 million). In addition it assumed floating debts to the Netherlands in the amount of 269 mi4lion guilders ($71 million). 8. On February 15, 1956 Indonesia decided to withdraw from the Netherlands - Indonesian Union and on April 21, 1956 the Indonesian Parliament enacted a law abrogating the Union and all agreements entered into at the Round Table Conference. 9. In reviewing the debt question after the abrogation of the Round Table Conference Agreements Indonesia appears to have come to the conclusion that (a) the military expenses should have been estimated at 3 billion instead of 2 billion guilders, and (b) having been incurred during the War, the debts to third countries should be borne by the Netherlands. Nevertliess Indonesia decided to maintain service on debts to third countries while offsetting both the amount of these debts and its claim under (a) against its debts to the Netherlands. 10. The figures given in Indonesian Press Releases announcing this decision have been confusing. They purport to give the present balance of debts but, in fact, exaggerate the amount of debt repudiated. They take no account of the debt reduction in the amount of 2 billion guilders agreed upon at the Round Table Conferere or of amortization since the end of 1949. Furthermore in Indonesia's calculations its claim in Indonesian currency is offset on the basis of one guilder to the rupiah with debts owed in Netherlands guilders. This was the rate prevailing in 1949; the present rate, however, is 1 Netherlands guilder = 3 rupiahs. 11. The best interpretation one can find of Indonesia's present claims appears to be: page 3 Appendix 2 Millions of US$ equiv. (a) 1 billion Rupiahs (the difference between its estimate of military expenses and the amount cancelled at the Round Table Conference) at the current rate of 11.36 rupiahs = $ 1 8 87.7 (b) the outstanding amounts due to third countries: (i) Australia LA 3,,4 million $ 7.7 (ii) ICA loan 16.7 (iii) U.S. Surplus Property loan 53.1 77.5 TOTAL $ 165.2 The amounts outstanding on loans repudiated by Indonesia totalled Neth.f. 650.4 million or the equivalent of $171.2 million. There is a discrepancy between the apparent amount of the claims ($165.2) and the amount of debt repudiated ($171.2). No explanation of this diffe- rence is available. 12. In a note submitted on October 1, 1956 to the United Nations the Nethc7r1ands protested against Indonesia's action. The note pointed out that Indonesia had assumed without reservation debts which had beena determined in accordance with the principles applying to the succession of states and with the assistance of the United Nations Commission for Indonesia. Moreover, the debts had been serviced regularly during the six years following the transfer of sovereignty. According to the note the Netherlands government had never been info-z:aed of any desire on the part of Indonesia to modify the debt sett.ement, even during the negotiations of the Protocol of August 10, 1954 by virtue of which, inter alia, the Netherlands - Indonesian Union had been dissolved. The note also expressed the opinion that Indonesia had not been too heavily burdened by the debts it had assumed on the transfer of sovereignty. 13, A note submitted to the United Nations by Indonesia on October 23, 1956 pointed out that a) from the beginning the assumption of certain debts had been considered by the Indonesian government and people as an un- warranted and unjust burden, since they had been contracted to finance and administer a war against the Indonesian Republic, following its proclamation of independence in 1945, and to finance measures designed to maintain or reestablish colonial rule; page 4 Appendix 2 b) The Netherlands contention that all the debts contracted in the course of their financing of the war had been deducted was not correct since most of the other debts had also been directly or indirectly contracted for measures or actions hostile to the independence movement of the Indonesian people; c) the Round Table Conference had been held in circumstances which pressed the Conference to reach agreements quickly; d) The Netherlands had violated the Round Table Conference Agreements with regard to the status of West Irian (New Guinea); e) even debts which had been incurred for local purposes were not binding upon the new sovereign if they had been "incurred for a purpose essentially hostile to the interests of the territory transferred, as manifested by the opposition of a majority of the inhabitants or of the local authorities thereof to the creation of the fiscal obligation, or by the employment of the funds so obtained to hold in subjection those inhabitants, or to repress their endeavor to bring about the change of sovereignty actually resulting (1 Hyde, International Law, 2nd ed. 1947,p.404)"; f) Indonesia should not be held to obligations "imposed upon it without moral or legal authority, the scope and nature of which were not revealed adequately, assumed under pressing circumstances limiting freedom of action, with a background of military operations against Indonesia ... and especially when the Netherlands itself had already violated the agreement with regard to the solution of the West rian dispute"; and g) "the fact that all these debts were formally assumed by the Indonesian government by agreements concluded at the Round Table Conference does not detract from the fact that such assumption was not raqired by international law and justice". 14. Since the submission of these notes to the United Nations no further steps are known to have been taken by either country. 15, In conclusion it should be stressed that Indonesia's repudiation of debts is in the nature of an unilateral compensation of its claims. The repudiated debts are largely ($1453 million out of a $171.2 million total) publicly held bonds issued before World War II to convert other bond issues floated for development purposes. The repudiated bonds are now being serviced by the Netherlands government under its guarantee. Table A-1: INDONESIA - ESTIMIATED EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 National and Government Guaranteed Debt SUIARY (Amounts in thousands of U.S. dollar equivalents) Page 1 Item Amount % GRAND TOTAL 565,543 10000 Disbursed and still outstanding 538,575 95.23 Undisbursed 26,968 4.77 TOTAL RECCGNIZED DEBT 394,392 69.74 Disbursed and still outstanding 367,424 64.97 Undisbursed 26,968 4.77 U.S. DOLLAR DEBT 324 947 57.46 U.S. government loans 167i454 29.61 Export-Import Bank 17.26 Disbursed and still outstanding 70,632 12.49 Undisbursed 26,968 4.77 Other U.S. government loans .§4M J?2,} Japanese government loans 157,493 27.85 Portion not yet due 35,000 6T1 Portion in arrears 122,493 21.66 AUSTRALIAN POUND DEBT (Government loan) 7,679 1.36 GUILDER DEBT 61,766 10.92 Publicly-issued bonds 3,739 06-6 Netherlands government loan 58,027 10.26 TOTAL REPUDIATED DEBT 171,151 30.26 GUILDER DEBT (Consolidated government debt) 171,151 30.26 'able A-1: INDONESIA-ESTIMATED EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) National and Government Guaranteed Debt (In thousands) Page 2 Estimated debt outstanding June 30, 1956 Item In currency In U.S. dollar of payment equivalents GRAND TOTAL 565,543 TOTAL RECOGNIZED EXTERNAL PUBLIC DEBT 394,392 /1 U.S. DOLLAR DEBT $ 324,947 32h,947 U.S, government loans $ 167,454 167,156 Export-Import Bank $100,000,000 loan to Indonesia 3 1/2%, 1950-1970 $ 97,600 /2 97,600 Other $17,200,000 MSA loan 2 1/2%, 1948-1973 $ 16,725 16,725 $63,626,000 Surplus property loan 2%, 1947-1980 /3 $ 53,129 /A 53,129 Japanese government loans /5 4 157,493 17,493 $60,000,000 Japanese settlement, no interest, 1952-1957 $ 35,000 35,000 -portion in arrears $ 25,000 25,000 $6,858,915 Japanese trade debt, 1953-1955- portion in arrears $ 5,14 5,144 $84,887,540 Japanese trade debt, 1954-1956- in arrears $ 84,888 84,888 $5,000,000 Japanese short-term trade debt 1954-in arrears $ 5,000 5,000 $2,461,08 Japanese short-term trade debt 1955-in arrears $ 2,461 2,461 AUSTRALIAN POUND DEBT LA 8,500,000 Australian settlement, no interest, 1949-1959 /6 fA 3,h28 _,679 GUILDER DEBT f. 234,708 61,766 Publicly-issued bonds /7 f. T14 209 /8 3,739 f. 5,615,000 Municipality of Soerabaia f%, 1936-1965 f. 1,579 415 f. 7,752,000 Municipality of Soerabaia 3 1/2%, 1937-1965 f. 2,440 642 f.5,764,000 Municipality of Semarang hfo, 1937-1965 f. 2,067 Shh See footnotes at end of table. Table A-1: INDONESIA - ESTIMATED EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT. National and Government Guaranteed Debt (In thousands) Page 3 Estimated debt outstanding June 30, 1956 Item In currency In U.S. dollar of payment equivalents TOTAL RECOGNIZED EXTLRNAL PUBLIC DEBT (CONT.) GUILDER DEBT (CONT.) Publicly-issued bonds /7 (Cont.) £.6,000,000 Munipality of Bandoeng ho, 1936-1967 f, 2,480 653 f.2,100,000 Province of 0ost Java hfo, 1937-1965 f, 265 70 f.1,400,000 Municipality of Buitenzorg 4%, 1937-1967 f. 554 16 f.7,052,000 Municipality of Batavia 4%, 1937A-1965 f. 3,655 962 f.,720,000 Municipality of Batavia 3 1, 1937B-1965 f. 1,106 291 f.3,875,000 Municipality of Batavia 3 1/2%, 19370-1958 f. 62 16 f.280,000,000 Netherlands government loan 3 1/2%, 1950-1963 f. 220,50C 58,027 TOTAL REPUDIATED EXTERNAL PUBLIC DEBT /9 171, 151 GUILDER DEBT f. 650,369 171,151 Consolidated government loans £.50, 000,000 Netherlands-Indies loan 3 1/2%, 1935-1970 f. 28,66r) 7,542 f.150,000,000 Netherlands-Indies Conv. loan 3%, 1937-1967 f. 55,000 14,474 f.912,050,000 Netherlands-Indies loan 3%, 1937-197. f. 468,350 123,251 f.79,912,000 Indonesian loan 3%, 1949-1964 f. 79,912 21,03C f.34,259,225 De Nederlandsche Bank loan 3%, 1932-1963 f. 18,447 4,854 Exchange rates - The following exchange rates have been used: Par values: fA 1 = $2.2h; f. 1 $0.26316 Table A-1: INDONESIA - ESTIATED EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) Page 4 /1 Excludes the following: a. f, 25,000,000 (equivalent to $6,579,000) loan from the Export Finance Company at the Hague to the Bank of Indonesia for the purchase of capital goods reported to have been made in 195. The loan is said to carry interest of 5% and to be repayable within six years. No further information is readily available and this loan was not included in Indonesia's report on her external debt. b. Loans reported to have been obtained by the Ministry of Finance as follows: Amount In U.S. dollar Creditor country Of credit equivalents Total 179,218,000 Western Germany Rp 300,000,000 26406o,000 France Rp 400,000,000 35,208,000 Netherlands Rp 200,000,000 17,604,000 Russia $ 100,000,000 100,000,000 Czechoslovakia n.a. n.a, The loans are reported to be in the form of capital goods for Indonesian industrial development. No further information is readily available and these loans were not included in Indonesia's report on external debt. c. .A standby credit equivalent to 05,000,000 allowed by the International Monetary Fund. d. Sale of U.S. agricultural surpluses for which ICA loan of about $97,500,000 may be made. /2 Of this amount the following amounts uere disbursed and still outstanding or undisbursed. Disbursed and still Purpose of loan outstanding Undisbursed (In thousands) Total $ 70,632 $ 26,968 Development projects - 9,361 Transportation program 30,107 920 Telecommunications development 251 - Dredging equipment, harbor construction 6,019 466 Railroad rehabilitation program 14,637 1,942 Aircraft and equipment 5,816 - Electrification program 3,439 24). Forest development program 944 572 Marine engines 1,757 - Cement plant 7,661 6,183 Aircraft and equipment - 7,500 Table A-i: INDONESIA - ESTIMATED EXTERN&L PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) Page 5 /3 The agreement provides that the United States may elect to accept either real property and improvements to real property or local currency instead of U.S. dollars for repayment of this obligation, to be used for U.S. government purposes, including cultural and educational programs. /4 This is the amount outstanding as of December 31, 1955, the latest data available, /5 Repayment of these obligations was suspended. /6 Guaranteed by the Kingdom of the Netherlands. /7 There is not sufficient information available at this time to enable us to specify which municipal loans have been assumed by the government of Indonesia and which loans are now guaranteed by the government. /8 Amortization and interest payments which were formerly in arrears from 1942 to 1953 were rapidly being repaid in 1953-1955. The estimated amount outstanding shown here is based on the assumption that all arrears had been paid by Jund 30, 1956. 9 As a result of the Hague Round Table Conference Agreements of December 27, 1949, Indonesia assumed liability for the balance outstanding of the following loans: Consolidated debt to Netherlands Outstanding January 1, 1950 3 1/2% loan 1935-1970 f. 36,650,000 3% 1937-1967 90,000,000 3% 1937-1974 616,250,000 3%, 1896 - no fixed maturity 3,300,000 3%, Indonesian loan 1949-1964 79,912,000 3%, Netherlands and Java Banks loan 1932-1963 44,625,000 f. 870,737,000 Liabilities to third countries 420,424,000 Unconsolidated debts to the Netherlands 268,500,000 Total f. 1,559,661,ooo During the period from 1945 to 1949, an additional f, 3,000,000,000 of debt had been contracted by the Netherlands-Indies with banks in Indonesia. On May 3, 1956 Indonesia abrogated the Hague Round Table Conference Agreements of December 27, 1949 and on August 4, 1956, Indonesia repudiated the consolidated debt to the Netherlands. At this time the consolidated debt outstanding amounted to f.650,369,275. Payments of principal and interest contractually due and unpaid by Indonesia are as follows: Table A-1: INDONESIA - ESTIMATED EXTERNAL PUBLIC DEBT OUTSTANDING JUNE 30, 1956 (CONT.) Page 6 /9 (Cont.) Date Principal Interest Total Total f. 28,785,325 f. 16,852,439 £. 45,637,764 Netherlands - Indies loans /a 3 1/2%, 1935-1970 5/1756 1,500,000 501,550 2,00,550 3%, 1937-1967 /116 - 825,000 825,000 3%, 1937-1974 (4156 - 7,0259,250 7,025,250 (10/1/56 214,650,000 7,025,250 31,675,250 Indonesian loan 3%, 1949-1964 6/1/56 - 1,198,680 1,198,680 NetherlandsBank loan 3%, 1932-1963 7/7/56 23635325 276,709 2,912,o34 a As and when payments became due on publicly-issued bonds, the Netherlands Government made the necessary funds available as guarantor of the issues. IBRD - Economic Staff November 15, 1956 Table A-2: IbDONESIA - INTEhiST A1D AMORTIZATION PAYMNTS OW EXTIRN AL PU]bLIC DEBT; ESTIAATED ACTUAL PAYMENTS 1946-1955, AND ESTIMATED CONTRACTUAL :PAYMENTS 1956-1974 fL ON DEBT OUTSTANIDIG JUNE 30, 1956 National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 1 Service payments by currency Debt out- Payments during year Netherlands_uilders Year standing Amorti- In-- U.S. Australian Canadian DUebt not Debt repudiated January 1 zation terest Total dollars pounds dollars reudiated in 1956Total 1946 2 376,890 13,486 11,024 24,510 - - - 1,095 23,415 24,510 1947 2 463,404 14,163 10,611 24,774 636 - - 1,081 23,057 24,138 1948 2 449,241 13,692 12,548 26,240 2,504 - - 1,056 22,680 23,736 1.949 2 416,089 13,804 11,557 25,361 1,100 - - 1,052 23,209 24,261 1950 348,171 10,269 8,266 18,535 1,115 374 - 714 16,332 17,046 1951 512,180 14,900 11,693 26,593 3,540 374 3,228 3,289 16,162 19,451 1952 497,775 14,393 11,289 25,682 3,325 372 3,305 3,278 15,402 18,680 1953 543,817 22,401 11,740 34,141 6,178 2,560 3,390 6,874 15,139 22,013 1954 528,250 20,815 11,753 32,568 5,122 2,561 3,315 6,691 14,879 21,570 1955 592,350 23,215 11,768 34,983 6,219 2,560 3,261 8,352 14,591 22,943 PROJECTED 1956 443,05oL3 41,787 11,340 53,127 26,699 2,560 - 8,301 15,567 23,868 1957 411,192 41,005 10,631 51,636 25,514 2,560 9,793 13,769 23,562 1958 370,187 35,213 10,838 46,051 20,416 2,560 9,533 13,542 23,075 1959 334,974 30,976 9,970 40,946 14,107 2,559 11,007 13.273 24,280 1960 303,998 28,421 9,059 37,480 13,799 10,675 13,006 23,681 1961 275,577 30,231 8,128 38,359 13,490 12,132 12,737 24,869 1962 245,346 30,238 7,153 37,391 13,181 11,739 12,471 24,210 1963 215,108 18,501 6,275 24,776 12,874 393 11,509 11,902 1964 196,607 39,542 5,388 44,930 12,564 390 31,976 32,366 1965 157,065 18,460 4,503 22,963 12,255 324 10,384 10,708 1966 138,605 18,222 4,109 22,331 12,122 74 10,135 10,209 1967 120,383 18,179 3,378 21,557 11,639 28 9,890 9,918 1968 102,204 16,837 2,820 19,657 11,329 8,328 8,328 1969 85,367 16,836 2,304 19,140 11,020 8,120 8,120 1970 68,531 18,863 1,789 20,652 10,711 9,941 9,941 1971 49,668 9,514 1,261 10,775 3,51C 7,265 7,265 1972 40,154 9,514 1,002 10,516 3,445 7,071 7,071 1973 30,640 9,614 741 10,355 3,479 6,876 6,876 1974 ,_ _21,_026 8,564 486 9,050 2,368 6,682 6,682 See footnotes at end of table, Table A-2: INDONESIA - INTEREST AND AMORTIZATION PAYMENTS ON EXTEINAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955, AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1974 l ON DEBT OUTSTANDING JUNE 30, 1956 (coNT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 2 Total recognized external U. S. dollars public debt Total Total U.S. govenment loans Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest January 1 zation terest 1946 z 27,270 639 456 1,095 - - - - - - - - 1947 2 126,631 1,285 432 1,717 100,000 636 - 636 100,000 636 - 636 1948 2 125,346 803 2,757 3,560 99,364 154 2,350 2,504 99,364 154 2350 2,504 1949 2 105,083 900 1,252 2,152 79,750 231 869 1,100 79750 231 869 1,100 1950 119,028 860 1,343 2,203 79,519 22 1,093 1,115 79,519 22 1,093 1,115 1951 292,446 5,376 5,055 10,431 179,497 1,608 1,932 3,540 179,497 1,608 1,932 3,540 1952 287,565 5,342 4,938 10,280 177,889 1,446 1,879 3,325 177,889 1,446 1,879 3,325 1953 342,658 13,340 5,662 19,002 236,443 3,464 2,714 6,178 176,443 1,749 2,714 4,463 1954 336,152 11,741 5,948 17,689 239,838 1,915 3,207 5,122 174,694 1,915 3,207 5,122 1955 4099326. 14,127 6,265 20,392 322,811 2,450 3,769 6,219 172,779 2,450 3,769 6,219 PROJECTED 1956 271,899LI 31,427 6,133 37,560 202,454.LI 22,827 3,872 26,699 167,454 L2 7,827 3,872 11,699 1957 247,616 32,180 5,687 37,867 181,298 21,827 3,687 25,514 161,298 7,827 3,687 11,514 1958 215,436 26,348 6,161 32,509 159,471 15t981 4,435 20,416 153,471 9,981 4,435 14,416 1959 189,088 22,112 5,561 27,673 143,490 9,981 4,126 14,107 143,490 9,981 4,126 14,107 1960 166,976 19,556 4,918 24,474 133,509 9,981 3,818 13,799 133,509 9,981 3,818 13,799 1961 147,420 21,367 4,255 25,622 123,528 9,981 3,509 13,490 123,528 9,981 3,509 13,490 1962 126,053 21,373 3,547 24,920 113,547 9,981 3,200 13,181 113.547 9,981 3,200 13,181 1963 104,680 10,330 2,937 13,267 103,566 9,981 2,893 12,874 103,566 9,981 2,893 12,874 1964 94,350 10,341 2,613 12,954 93,585 9,981 2,583 12,564 93,585 9,981 2,583 12,564 1965 84,009 10,289 2,290 12,579 83,604 9,981 2,274 12,255 83,604 9,981 2,274 12,255 1966 73,720 10,051 2,145 12,196 73,623 9,981 2,141 12,122 73,623 9,981 2,141 12,122 1967 63,669 10,008 1,659 11,667 63,642 9,981 1,658 11,639 63,642 9,981 1,658 11,639 1968 53,661 9,981 1,348 11,329 53,661 9,981 1,348 11,329 53,661 9,981 1,348 11,329 1969 43,680 9,981 1,039 11,,020 43,680 9,981 1,039 11,020 43,680 9,981 1,039 11,020 1970 33,699 9,979 732 10,711 33,699 9,979 732 10,711 33,699 9,979 732 10,711 }971 23,720 3,027 483 3,510 23,720 3,027 483 3,510 23,720 3,027 483 3,510 197k 20,693 3,027 418 3$445 20,693 3,027 418 3,445 20,693 3,027 418 3,445 17,666 3t127 352 3,49 17,666 3,127 352 3,479 17,666 3:127 352 3,4 ORe 14,539 2,077 291 2,368 1de2,077 26 14539 2,077 21 236 Uee footnotes at end of table. Table A-2: INDONESIA - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955, AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1974 l. ON DEBT OUTSTANDING JUNE 30, 1956 (coNT.) National and Government Guaranteed Debt (In thousands of U.S. dollar. equivalents) Page 3 U. S. dollars Export-Import Bank loan Other U.S. government loans Japanese government loans 1E Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation trest TJanuary 1 zation terest 1946 2- - - - - - - - - - 1947 2 - - - - 100,000 636 - 636 - - - - 1948 J2 - - - - 99,364 154 2,350 2,504 - - - - 1949 2 - - - - 79,750 231 869 1,100 - - - - 1950 - - - - 79,519 22 1,093 1,115 - - - - 1951 100,000 - - - 79,497 1,608 1,932 3,540 - - - - 1952 100,000 - 286 286 77,889 1,446 1,593 3,039 - - - - 1953 100,000 - 1,122 1,122 76,443 1,749 1,592 3,341 60,000 1,715 - 1,715 1954 100,000 - 1,629 1,629 74,694 1,915 1,578 3,493 65,144 - - - 1955 100,000 - 2,216 2,216 72,779 2,450 1,553 4,003 150,032 L - - - PROJECTED 1956 97,600 h 4,800 2,409 7,209 69,854 1.2 3,027 1,463 4,490 35,000 3 15,000 - 15,000 1957 95,200 4,800 2,290 7,090 66,098 3,027 1,397 4,424 20,000 14,000 - 14,000 1958 90,400 6,954 3,103 10,057 63,071 3,027 1,332 4,359 6,ooo 6,000 - 6,000 1959 83,446 6,954 2,859 9,813 60,044 3,027 1,267 4,294 1960 76,492 6,954 2,617 9,571 57,017 3,027 1,201 4,228 1961 69,538 6,954 2,373 9,327 53,990 3,027 1,136 4,163 1962 62,584 6,954 2,129 9,083 50,963 3,027 1,071 4,098 1963 55,630 6,954 1,887 8,841 47,936 3,027 1,006 4,033 1964 48,676 6,954 1,643 8,597 44,909 3,027 940 3,967 1965 41,722 6,954 1,399 8,353 41,882 3,027 875 3,902 1966 34,768 6,954 1,331 8,285 38,855 3,027 810 3,837 1967 27,814 6,954 913 7,867 35,828 3,027 745 3,772 196a 20,860 6,954 669 7,623 32,801 3,027 679 3,706 1969 13,906 6,954 426 7,380 29,774 3,027 613 3,640 1970 6,952 6,952 183 7,135 26,747 3,027 549 3,576 1971 23,720 3,027 483 3,510 1972 20,693 3,027 418 3,445 1973 17,666 3,127 352 3,479 1974 14,539 2,077 291 2,368 See footnotes at end of table Table A-2: INDONESIA - INTEREST AND AiiORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955, AND ESTIiIATED CONTRACTUAL PAYMENTS 1956-1974 Ll ON DEBT OUTSTANDING JUNE 30, 1956 (cONT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 4 Australian pounds Canadian dollars Guilders Australian government loan Canadian government loan Total recognized debt Year Debt out- Payments during year Debt out- Payments during year Debt out- Total recognized debt standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest january 1 7.ation toat 1946 1- - - - 15,375 - - - 119895 639 456 1,095 1947 2 - - - - 15,375 - - - 11,256 649 432 1,081 1948 .L- - - - 15,375 - - - lo,607 649 407 1,056 1949 2 - - - - 15,375 - - - 9,958 669 383 1,052 1950 19,040 374 - 374 13,984 - - - 6,485 464 250 714 1951 18,666 374 - 374 14,577 2,917 311 3,228 79,706 477 2,812 3,289 1952 18,292 372 - 372 12,155 3,039 266 3,305 79,229 485 2,793 3,278 1953 17,920 2,560 - 2,560 9,551 3,184 206 3,390 78,744 4,132 2,742 6,874 1954 15,360 2,561 - 2,561 6,342 3,171 144 3,315 74,612 4,094 2,597 6,691 1955 12,799 2,560 - 2,560 3,198 3,198 63 3,261 70,518 5,919 2,433 8,352 PROJECTED 1956 7,679,b 2,560 - 2,560 - - - - 61,766.3 6,040 2,261 8,301 1957 7,679 2,560 - 2,560 58,639 7,793 2,000 9,793 1958 5,119 2,560 - 2,560 50,846 7,807 1,726 9,533 1959 2,559 2,559 - 2,559 43,039 9,572 1,435 11,007 1960 33,467 9,575 1,100 10,675 1961 23,892 11,386 746 12,132 1962 12,506 11,392 347 11.739 1963 1,114 349 44 393 1964 765 360 30 390 1965 405 308 16 324 1966 97 70 4 74 1967 27 27 1 28 1968 1969 1970 1971 1972 1973 1974 See footnotes at end of table Table A-2: INDONESIA - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955, AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1974 l ON DEBT OUTSTANDING JUNE 30, 1956 (comT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 5 Guilders Recognized debt Total repudiated debt 6 Publicly-issued bonds /5 Netherlands government loan Year Debt out- Payments during year Debt out- Payments during year Debt out- Payments during year standing Amorti- In- Total standing Amorti- In- Total standing Amorti- In- Total January 1 zation terest January 1 zation terest January 1 zation terest 1946 j2 11,895 639 456 1,095 - - - - 349,620 12,847 10,568 23,415 1947 j2. 11,256 649 432 1,081 - - - - 336,773 12,878 10,179 23,057 1948 L/2 10,607 649 407 1,056 - - - - 323,895 12,889 9,791 22,680 1949 .j2 9,958 669 383 1,052 - - - - 311,006 12,904 10,305 23,209 1950 6,485 464 250 714 - - - - 229,143 9,409 6,923 16,332 1951 6,021 477 233 710 73,685 - 2,579 2,579 219,734 9,524 6,638 16,162 1952 5,544 485 214 699 73,685 - 2,579 2,579 210,210 9,051 6,351 15,402 1953 5,059 448 196 644 73,685 3,684 2,546 6,230 201,159 9,061 6,078 15,139 1954 4,611 409 179 588 70,001 3,685 2,418 6,103 192,098 9,074 5,805 14,879 1955 4,202 393 163 556 66,316 5,526 2,270 7,796 183,024 9,088 5,503 14,591 PROJECTED 1956 3,739 ja 514 182 696 58,027 12 5,526 2,079 7,605 171.15113 10,360 5,207 15,567/2 1957 3,375 425 130 555 55,264 7,368 1,870 9,238 163,576 8,825 4,944 13,769 1958 2,950 439 114 553 47,896 7,368 1,612 8,980 154,751 8,865 4,677 13,542 1959 2,511 361 97 458 40,528 9,211 1,338 10,549 145,886 8,864 4,409 13,273 1960 2,150 364 84 448 31,317 9,211 1,016 10.227 137,022 8,865 40141 13,006 1961 1,786 333 69 402 22,106 11,053 677 11,730 128,157 8,864 3,873 12.,737 1962 1,453 339 57 396 11,053 11,053 290 11,343 11.9,293 8,865 3,606 12,471 1963 1,114 349 44 393 110,428 8,171 3,338 11,509 1964 765 360 30 390 102,257 29,201 2,775 31,976 1965 405 308 16 324 73,056 8,171 2,213 10,384 1966 97 i 70 4 74 64,885 8,171 1,964 10,135 1967 27 27 1 28 56,714 8,171 1,719 9,890 1968 48,543 6,856 1,472 8,328 1969 41,687 6,855 1,265 8,120 1970 34,832 8,884 1,057 9,941 1971 25,948 6,487 778 7s265 19,461 6,487 584 7,071 I97 12,94 6487 389 6 9_7 _4, li.M7 6487 19.5 6,2 Table A-2: INDONESIA - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955, AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1974 Li ON DEBT OUTSTANDING JUNE 30, 1956 (coNT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 6 Guilders Note: Indonesia made its first external debt report to the IBRD Total as of June 30, 1955. Data prior to that date are estimated Year Debt out- Payments during year by IBRD. Subsequent data are estimated on the basis of the standing Amnorti- In- Jtanarng Aoti- te t Total June 30, 1955 report. As new data affecting past periods become available, these estimates are revised to embody the 1946 2z 361,515 13,486 11,024 24,510 latest information. 1947 2 348,029 13,527 10,611 24,138 1948 2 334,502 13,538 10,198 23,736 L Includes service on all debts listed in Table A-1 as of June 1949 12 320,964 13,573 10,688 24,261 30, 1956 prepared on November 15, 1956 with the following 1950 235,628 9,873 7,173 17,046 exceptions: 1951 299,440 10,001 9,450 19,451 1952 289,439 9,536 9,144 18,680 Item Amount 1953 279,903 13,193 8,820 22,013 Loans in arrears $ 122,493,o00 1954 266,710 13,168 8,402 21,570 Portion of consolidated debt to 1955 253,542 15,007 7,936 22,943 Japan 1952 25,000,000 PROJECTED Trade debts to Japan due in instalments 90,032,000 1956 232,917L2 16,400 7,468 23,868 Trade debts to Japan originally due in 1957 222,215 16,618 6,944 23,562 less than one year 7,461,000 1958 205,597 16,672 6,403 23,075 1959 188,925 18,436 5,844 24,280 2 Repayments shown during 1946-1949 cover debts to the 1960 170,489 18,440 5,241 23,681 Netherlands East Indies prior to the establishment of the 1961 152,049 20,250 4,619 24,869 Republic of Indonesia. Repayments shown during the period 1962 131,799 20,257 3,953 24,210 1950-1974 cover debts of the Republic of Indonesia. 1963 111,542 8,520 3,382 11,902 1964 103,022 29,561 2,805 32,366 13 The amount outstanding shown for 1956 is as of June 30, 1956; 1965 73,461 8,479 2,229 10,708 payments shown are for the full year of 1956. On January 1, 1966 64,982 8,241 1,968 10,209 1956 the total debt outstanding was the equivalent of 1967 56,741 8,198 1,720 9,918 $569,135,000. This total and the total for each category may 1968 48,543 6,856 1,472 8,328 be obtained by adding the respective figures in the two columns 1969 41,687 6,855 1,265 8,120 (disbursed and undisbursed) of debt outstanding on Table 1970 34,832 8,884 1,057 9,941 A-3. 1971 25,948 6,487 778 7,265 1972 19,461 6,487 584 7,071 1973 12,974 6,487 389 6,876 1974 6,487 6,487 195 6,682 Table A-2: INDONESIA - INTEREST AND AMORTIZATION PAYMENTS ON EXTERNAL PUBLIC DEBT; ESTIMATED ACTUAL PAYMENTS 1946-1955, AND ESTIMATED CONTRACTUAL PAYMENTS 1956-1974 Ll ON DEBT OUTSTANDING JUNE 30, 1956 (COT.) Page 7 L4! The first payment due on these loans was made on December 31, 1953. No payments have been made since. The portion still due and unpaid appears as debt outstanding in the historical section of this table. The portion not yet due appears under projected repayments. Trade debts amounting to $7,461,000 which had an original term of less than one year are completely excluded from this table. L5 Repayments shown during 1946-1955 represent payments contractually due during that period. Actually, however, no payments were made on these bonds from 1942-1953 and the repayment of arrears began in 1953. This redemption has proceeded rapidly but the amounts repaid are not available to us. It has been assumed, for the purposes of this table, that all arrears were repaid by June 30, 1956. L This represents that portion of the Indonesian debt to the Netherlands consolidated in December 1949 which Indonesia repudiated in 1956. For further details, see footnote nine on Table A-1. JZ Of the payments shown here, f. 2,635,325 ($ 693,512) of principal and f. 1,475,389 ($ 388,263) of interest are past due and unpaid. Furthermore, payments of f. 26,150,000 ($ 6,881,634) principal and f. 15,377,050 ($ 4,046,624) interest included here have been provided by the Netherlands, as guarantor, on due dates up to October 24, 1956. IBRD - Economic Staff November 15, 1956 Table A-3: INDONESIA - EXTERNAL PUBLIC DEBT CONTRACTED, AMOUNTS DISBURSED, DEBT OUTSTANDING AND UNDISBURSED, 1946-1956 National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 1 Debt contracted Utilization Debt outztanding Debt contracted Utilization Debt outstanding Year Total New Other of new January 1 Total New Other of new january 1 money money Disbursed Undisbursed money money Disbrsed Undisbursed Grand total Total external public debt being serviced 1946/1 100,000 100,000 - 66,939 376,890 - 100,000 100,000 - 66,939 27,270 19471 - - - - 430,343 33,061 - - - - 93,570 33,061 1948 1 17,200 17,200 - 254 413.539 35,702 17,200 17,200 - 254 89,644 35,702 1949L1 57,527 57,527 - 73,471 399,143 16,946 27,404 27,404 - 43,348 88,137 16,946 1950 173,685 173,685 - 74,687 347,169 1,002 173,685 173,685 - 74,687 118,026 1,002 1951 - - - - 412,180 100,000 - - - 192,446 100,000 1952 6o,ooo - 60,000 30,700 397,775 100,000 60,000 - 60,000 30,700 187,565 100,000 1953 6,859 6,859 - 20,059 474,517 69,300 6,859 6,859 - 20,059 273,358 69,300 1954 84,888 84,888 - 103,988 472,150 56,100 84,888 84,888 - 103,988 280,052 56,100 1955 - - - 4,048 555,350 37,ooo - - - 4,048 372,326 37,000 1956 536,183 32,952 362,247 32,952 U,S. dollars Total Total U.S. government loans 194611 100,000 100,000 - 66,939 - - 100,000 100,000 - 66,939 - 1941 - - - - 66,939 33,061 - - - - 66,939 33,061 1948 1 17,200 17,200 - 254 63,662 35,702 17,200 17,200 - 254 63,662 35,702 19491 - - - 15,944 62,804 16,946 - - - 15,944 62,804 16,946 1950 100,000 100,000 - 1,002 78,517 1,002 100,000 100,000 - 1,002 78,517 1,002 1951 - - - - 79,497 100,000 - - - ,79,497 100,000 1952 6o,ooo - 60,000 30,700 77,889 100,000 - - - 30,700 .77,889 100,Co 1953 6,859 6,859 - 20,059 167,143 69,300 - - - 13,200 i07.143 69,300 1954 84,888 84,888 - 103,988 183,738 56,100 - - - 19,06 1187594 56,100 1955 - - - 4,048 285,811 37,000 4,048 135,779 37,000 1956 287,409 32,952 137,377 32,952 See footnotes at end of table. Table A-3: INDONESIA - EXTrRNAL PUBLIC DEBT CONTRACTED, AMOUNTS DISBURSED, DEBT OUTSTANDING AND UNDISBURSED,1946-1956 (CONT) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page 2 Debt contracted Utilization Debt outstanding Debt contracted Utilization Debt outstanding New Other of new January 1 Total New Other of new January 1 Year Tmoney Omoney Disbursed Undisbrsed ney money Disbursed Undisbursed U.S. dollars Export-Import Bank loan Other U.S. government loans 19461 - - - - 100000 100,000 66,939 - - 194? 1 -- - - - - - - - 66,939 33,061 1948 1 - - - - - - 17,200 17,200 - 254 63,662 35,702 1949 a- - - - - - - - - 15,944 62,804 16,946 1950 100,000 100,000 - - - - - - - 1,002 78,517 1,002 1951 - - - - - 100,000 - - - - 79,497 - 1952 - - - 30,700 - 100,000 - - - - 77,889 - 1953 - - - 13,200 30,700 69,300 - - - - 76,443 - 1954 - - - 19,100 43,900 56,100 - - - - 74,694 - 1955 - - - 4,048 63,000 37,000 - - - - 72,779 - 1956 67,048 32,952 70,329 - U, S. dollars Australian pounds Japanese government loans Government loan 1946L1 - - - - - - - - - - - 1947/1 - - - - - - - - - - - 1948L - - - - - - - - - - - 1949L1 - - - - - - 27,404 27,404 - 27,404 - 1950 - - - - - - - - - - 19,040 - 1951 - - - - - - - - - - 18,666 - 1952 60,000 - 60,000 - - - - - - 18,292 - 1953 6,859 6,859 - 6,859 60,000 - - - - - 17,920 - 1954 84,888 84,888 - 84,888 65,144 - - - - - 15,360 - 1955 - - - 150,032 - - - - - 12,799 - 1956 150,032 - 10,239 - See footnotes at end of table. Table A-3: INDONESIA - EXThRhAL PUBLIC DEBT CONTRACTED, AMOUNTS DISBURSED, DEBT OUTSTAN-DING AND UNDISBURSED, 1946-1956 (CONT.) National and Government Guaranteed Debt (In thousands of U.S. dollar equivalents) Page ' Debt contracted Utilization Debt outstanding Debt contracted Utilization Debt outstanding Total New Other of new January 1 Total New Other of new January 1 Year mcney money Disbursed Undisbursed money money Disbursed Undisbursed Canadian dollars Guilders Government loan Debt not repudiated 1946L - - - - 15,375 - - - - - 11,895 - 19471 - - - - 15,375 - - - - - 11,256 - 1948 1 - - - - 15,375 - - - 10,607 - 1949 - - - - 15,375 - - - - - 9,958 - 1950 - - - - 13,984 - 73,685 73,685 - 73,685 6,485 - 1951 - - - - 14,577 - - - - - 79,706 - 1952 - - - - 12,155 - - - - - 79,229 - 1953 - - - - 9,551 - - - - - 78,744 - 1954 - - - - 6,342 - - - - 74,612 - 1955 - - - - 3,198 - - - - 70,518 - 1956 - 64,599 - Guilders Debt repudiated in 1956 Total 19461 - - - - 349,620 - - - - - 361,515 - 19471 - - - - 336,733 - - - - - 348,029 - 19481 - - - - 323,895 - - - - - 334,502 - 1949L 30,123 30,123 - 30,123 311,006 - 30,123 30,123 - 30,123 320,964 - 1950 - - - - 229,143 - 73,685 73,685 - 73,685 235,628 - 1951 - - - - 219,734 - - - - - 299,440 - 1952 - - - - 210,210 - - - - - 289,439 - 1953 - - - 201,159 - - - - 279,903 - 1954 - - - - 192,098 - - - - - 266,710 - 1955 - - - - 183,024 - - - - - 253,542 - 1956 - 173.936 - 238,535 - Note: See general footnote on Table A-2. 1 These data pertain to that debt of the Netherlands East Indies which existed prior to the establishment of the Republic of Indonesia. IRD - Economic Staff November -15. 19 6