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.