Korean loans rescheduled

Korean loans rescheduled

JAKARTA (JP): The Indonesian and South Korean governments on
Monday exchanged notes on amendments to their development-aid
agreements that resulted in the rescheduling of the repayment of
of US$38 million in Korean soft loans for projects in the
country.

The rescheduled soft loans consisted of $25 million for the
mobile training unit's development project and $13 million for a
bypass highway project in West Sumatra.

The rescheduling deal, signed by Director General for Foreign
Economic Relations at the Foreign Ministry Johan S.Syahperi and
Korean Ambassador Hong Jung-Pyo, was based on an agreement
concluded by the Indonesian government and the Paris Club of
sovereign creditors in September, 1998.

Based on the agreement, the Korean soft loans will be repaid
in 30 semester installments between December, 2004 and June,
2019.