ZA 3S o c- w:Document of

The World Bank

FOR OFFICIAL USE ONLY

Report No.P-6318-IND

MEMORANDUM AND RECOMMENDATION

OF THE

PRESIDENT OF THE

INTERNATIONAL BANK FOR RECONSTRUCTON AND DEVELOPM

TO THE

EXECUTIVE DIRECORS

ONA

PROPOSED LOAN

IN AN AMOUNT EQUIVALENT TO US$25.0 MILUON

TO

THE REPUBLIC OF INDONESIA

FOR THE

SECOND ACCOUNTANCY DEVELOPMENT PROJECT

O.0

CT

August31, 1994 _

Wis document has a restricted distibuon and may be used by recipient only In the perfornane oftheir official duties. Its conoe-s may not therwise be disclosed witou Wodld Bank authohzuatissL

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ENY EQUW5ALE.10(as of February 1994)

Currency Unit = Indonesian Rupiah (Rp)Rp I million = US$475US$1.00 = Rp 2,105

FISCAL XEAR

April 1 - March 31

oBREV7IATIONS AND ACRONYMS

BAKUN - Governmet Accounting OfficeBAPEKSTA - Board of Export Faciities and

Financial Data PrcsinguAAPEPAM - Capital Markets Supervisory AgencyCPE - Contning Professional EducationDJLK - Directorate General of Financi

InstitutionsGAS - Government Accounting SystemEKKU - Coordinmatg Minury for Economic,

Finance and Development SupervisionLAI - Indonesian Accounas InstituteICB Intenatonal Competitive BiddingLCB - Local Competitive BiddingMOF - Miistry of FmancePSSU - Project Support Services Unit

FOR OFFICIAL USE ONLY

SECND &COURMANCaDDEN

LOWan d ProMee &qMoa

Republic of Indonesia

Amouu US$25.0 million equivalet

Terms: 20 years, including five years of grace, at the Bankes standard vaiable Inerestrate.

EhaFL PlanI:QI PoQe

=-- US$ million-

GovemMent 8.9 0.0 8.93BRD -- Z 1A E

TOTAL

Of Reh=: N.A.

llpver Catey N.A.

Repor No. 12883-IND dated July 29, 1994

NRD 20514R3

11is d _cent has a imbiited diuubion and may be used by recipiets ql kr ,' p _an f teir-ldut s contntsy nottbwien bo disosed without World Baik aut wiztoni.

MMORANDUM AND A MM ATION OF TM PREIDETOF TE INTINATONL BANIC A OR RECONSTRUCTION AND DEV4_

TO TIMECUIE DIRECTORSON A PROPOSED LOAN

TO INONESIAFOR TlE SBCOND ACCOUNTANCY DEVELOPNT PROJECT

1. I submit for yo approv the foflowing m ndum and on a proposedto the Republic of ndonia for the eq aent of US$25.0 mMiion help finnce the Second

Accounncy Developmen projec Mbm loan would be at the Banks standad variabl Interest , wta maturity of 20 yea, cudig fivey of gae

2. c9malm= B g . As Idones s economy continues to grow, and maketscontne to expand domescay and natioly, the need for coarable and reliable financialInformato has become apparent to te Govemet The use of basic financil of eIn particular, is taking on increased sgnificac. lhese staemen arem and wi contiue t be & primsorc of infioration for bans etnding redt for shor- and Ion-tm cai needs; for supplierexteg trade credit; for domec and intnatonal investors; nd for goverm agencies responsiblefor the financial spevision of banks, capit marts, and sownd eteprises.

3. The Government of Indonesia has recognized dhe Imortae of setting ad eorcingstandrds, and of genly ehag the quity and reuti of the acunting proession; however,its efbrts to date apa t have had ihmitd impact Enterprise financi a are not yet preparedconsiteny accorg to a genealy accepted set of accounting standards; and eva if audited by locaaccounti fim, such financial e oftenr given, limited credibty by hies, ldendrs andconcernd governme agencies. Although the Inonsian Accutan Instiu has been acdve overthe past seven year in daftg accounting nd audig standards, and in tryig t strengthen theaccounting profsion, its ouput and ffectvene has been limited. Hence, the Govenmuen has beenrewsming its aproah to the set8t and enforcn of ths standards, and has developed a program forimproving and bette managing these important actes, as part of an overllw deudvopmentstrategy. In s strategy, the Gov.ame has al rognzed the bIporanc of developing a reiablegovemen acoting system, wich woud snd improve the accounting system used by

agen in .pordng govenm finances and at, and which would enable theGovermen to btter mon and s _aguard the Governme's ast.

4. The costs of delaying or neglecting ee matters are appare to the Government, albeitdifficult O quanfy. For example, by not having comparabe ad reliable enterpise financia bans can be cted t ovedy rely on coaterail secui ad psoa guarant n making loans.Iest raes may be ind, and loan matries reduced to oMpna for higher ranty andris Trade credit and other sourc of workig capital may be reaivly more difficult o obta,epecy for smaller and newly emerging nterprs. Rlk-avea investors, both domestic ad foeign,may avoid or bid low fr enterise shre offeings or jointventure opportunities. Addtonlly, withomparabl ad reliable financa mt, the opaton of pvement ageces concoed with the

spervision of banks d other s , cvptalmnkds, ad imm t ahbt wM berendered less effictlve. In short, whe ompetive mats may indeed contue to imon, they woulddo so in a relvely inefficient and inefete manner.

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5. Lessons Learned from Previous Bank Operations. Ihe primary objectives of the FirstAccountancy Developmet Poject (Loan 2940-IND) were to fnane the desip and linpi ofan improved goverent accounting systeM, to pmride hnilal spport to the development of theaccounting profession and capital mwkets regulations, and tO finae the enment of instuctor skills,leaning materis and equipmet for all levels of accouatg education The project is meeting most ofits objectives. The following lessons have emerged from the expeiac wi this project:

(a) Ihe isblladton of the goveme acounting systm is tech ly comple it rqrvery tight projet contol to avoid schede slippage, cost ove and an over-dependencyon foreign c Sultan for activides more appropriately caried out by govenme st4such as project management and supervision. Also, for th governm accunting systemto operae most effecvely, it must be compatible with other finan informaton systemin the Ministry of Finance. To achieve this, it is important for the Ministry of Finance todevelop a plan and standards for the management of the govermn accounting system.

(b) It is important to emphize project imple an management upfront, through theintroduction of computerized project plan and detailed acvty scheduling, idendficationof key milestone events, and recognition of responsibility and accoutabiliy for meetingproject objecves by semor agency officials.

(c) While improvemes in goveret accounti certainly Contribute to more effective andansparent dministion, a larger impact on development wil have to come f*om

impovinlg the usebness and credibility of financia information for entepi in theprivate and public sectors. The creation of an eff ctive envionment to enable this tohappen will depend on govenment sategies and commiment

6. These lesson have been taken IOD account in deinng the Second A ccun yDevelopmen Project and in preparing for its upeiso Specficly, to addrs point (c) above, theGovenment has developed a strategy document for accountancy development, and has reviewed withthe Bak. In addition, to address points (a) and (b), comptaizd project management teias havebeen adopted by governmt unit responsible for project implem and wi be used for projectplanning, monitoring and control; and infmti technology management will be speificay addressedas part of the enhancement of the government accounting system.

7. I. Te Government of Indonesia reogniz the importance of reliablefinancial information to the operation of both the public and priVate sectors. It also recopizes theimpornc of developing a strong and credible national acounting profesin Te Gov ernesaccountancy development strategy emphasi the followig for the medium term from 1994 to 2000:

(a) uswg codified Inttona atig and audiing st as the primary rehren indrafting or revising national standards for Indonesi

() establising more effcve prou and coopution betwe the Goverment and theaccounting profession (as rerented by the AI) in the draftn and Isig of newaccounting and audng stdards; and developing requrements and a program ofcontining professional eduation for II members;

(c) enhancing the qualifing criteria and exaMInati procus toward licng publicacountan;

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(d) fostering Goverment capabilities to beter plan for and manage the use of infornatiotecology in the Government's efforts to modrnize its accountg and fiaciSlinformation systems;

(e) strengthen the management and staff skls of Govemment audit activities to meetincreasing demands in areas such as operational auditing an auditng in a higblycompuerized acaung e onment; and

(f) imwroving the quality of accounting education through better coordinatd iprovement incurriculum and teaching methods at all levels, from accounting technician through universiypost-graduate.

8. Hence, the Governmen's strategy not only recognizes the need to enhance its ownaccounting and auditing capabfliies, but also that the Government is faced wit a growing need to ensurethat financal accounting, reporing and auditng in private and public sector enterises meets consistentlyhigh internional standards. At this stage of the county's development, its accountng profession is sdll

. It is important for the Government to provide guidance and suppo . -;) the process of draftingand issuing acng and auditing stadards. Also, it is important for we Govement to ensureadherence to these standards. The Government intends to achieve tbis primarily through coornefforts in capital markets reguations, company and commercial law development, testng and licensingof public accountants and the strengthening of the Indonesian Accountants Inste M.

9. Ihe preceding aspects of accountancy development tend to be inter-related and in manyinstances wil require higly specialzed technical assistance. While this technical assistance is importantto the developmental effort, the Governmen recognizes that it is equally important to build strong interalcapabilities rough a 'rogram of well-focused overse higher education for a limited number of selectedstaff. Such staff could then become supervisors and trainers in twhse agencies dealing with theadminitrati of the government accounting system and capial markets regulation.

10. Ratione fr Bank . Iprovemet in public sector perfonmance and promotnof pnvate sector development are among the key objectves of the Country Assistance Stategy forIdonesia presented to the Executive Directors on April 12, 1994. With its emphasis on modanizinggovernment accounig inormation systems and enhacing the credibility and usefulness of fnancialnormation for both public and private sector enterprises, the proposed project would effectively supportthe thrust of the Country Assistance Strategy.

11. Probjecye. Ihe objectives of this project are to support the Govenment's strategyto modernize government accoing infoation systems; and to enhamce the credibility and usefWuessof fiancia information in private and public sector enteprises, through the implemion of rigorousqualifying examintons for public accountants, a comprebensive set of accounting and auding standardsand the enforcement of these standrds through capial market regulatory activiies.

12. Emie io. The project comprises two major components: (a) the moderizatonof governmet acountig; and (b) prive and public sector enterprise accounting and auditing standard-setftng and enforcement Primary activities in the fist component would include the emaotndcontned impl ton of the govenment accoung system, which was originally designed under thefist Accunancy Development Project (Loan 2940-IND). Ths activity would also adres the Ministryof Finance's need to better plan and manage its data omications capabites.

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13. The second mor cowmponent address the Governmens need to su that Intonallyaccepted accountig and auditng standards are Issued and enforced for privat ad public scoonteeprises. This component would further develop the quality and credibilWt of Indonesia's professionalaccountants through more rigorous testng, licensing and continuig professional 8tucation progms.

14. The proceeds of the proposed loan would finance technical assistance, equipment andspecialized overseas degree programs.

1S. . The Min ImpIm e$Iatinistry of Finae would have overall responsibility forImplementation of the proposed proect. The project would be implemented over a period of five andone-half years, with an expected compledon date of January 31, 2000 and a closing date of Juy 31, 2000.Ihe project cost is estimaed at US$33.9 million equivalent, with a foreign excne componnt ofUS$21.4 million equivalent (63%). A breakdown of costs and the fiag plan are shown In ScheduleA. Amounts and methods of procurement and of disbs , and the disbunement schedule areshown in Schedule B. A timetable of key project processing events and the stats of Bank Groupqperations in the Republic of Indonesia are given in Schedules C and D, respectively. Ihe StaffAppraisal Report, No. 12883-IND dated July 29, 1994 is being dinributed separately.

16. Pect Sinahil. The promulgation and enforcement of accunting and auditingstndards, the strthening of the acunting profession and the IAI, the development of capital marketrules and regulations, and the implementtio of govment accunting normation systems, will allhave a long-term impact on private and public sector development, particlarly on the sustainabilit andviy of Indonesia's financial system. However, sustnability wil also depend on the Government'seffectiveness in maintaining, monitoring and enforcing the systems, institutions and reguations developedand supported by the project. A key to such susinabiity will be the traning provided under the project,comprsing overseas training in hily specialized are and in-country training.

17. Am= Reache. During negotiations, assurances were obtained on the folowingactions being taken, in a manner satisfactory to the Bank and under a schedule agreed with the BRL

(a) Preparation and approval . work plans for professional accountta examinations;

(b) Adoption of a minimum number of accounting and auditing standards;

(c) Preparation and approva of disclosure guidelies for the regulation of capital makets;

(d) Enrollment of participants in overseas degree programs;

(e) Instalation of pilot systems for data communications; and

(f implemntton of an improved governmen accountg system.

18. In addition, assurances were obtained from the Government during negotiations that:

(a) by November 30, 1997, a mid-term review of the project would be caried out to assess theachievement and sustainability of the objectives of the Project and to tak any correctvemeasures, as needed;

(b) the Project Support Services Unit (PSSU) woudk monitor all avpects of projectimplementtion throughout the project and would frnsh prompty to the Bank semi-nnulprogres reports thereon; and

(c) amuawoprogm amdbudgets wouldbervie ad withthe Bank, and the project wouldbe carried out in accordance with such work programs and budgets.

19. Evr. The evronmnt category Is C, as the project would not have anyenvironmental impact.

20. d iec andRs;. It is expected that a comprehensive set of national accounigand auditing standards consist wh accepted Ieational stds wil have been issued and enfrcedby the end of the project Implementation period. This would prwvide a fowudon for more useful andcreible financial reportiog and disclosure for eberises in both the private and public sectors. Iheaccountancy profession will be significanty enhanced dhrough more rigorous aminatons for thelicesing of public accountants, ad tirough a program of required continng profession educadon forsuch accountants. Standard-set and capital market rue-mking will be more effectively coordinatedwith the broader commercial law reform effort. An improved computrized govwernnt acuntingsystem wM have become operational, providg the Governmeat with the means to more efficiendy plan,monitor and control budgetary expenditures. As such, the project will have a broad Impact on Improvingeconomic efficiency, in both the financa and real sectors.

21. While the GoveMment is committed to improved enterprse reporting and disclosure?resitan to the cages which are to be introduced could come from some stakeholders. This couldlimit or delay the extent to wbich needed actions or decisions may be taken Also, the tecbhicalcomplexity of the acounting information sstems work produce Implem tion risks. The proje tplanning au control techniques that will be used for the project would limit hese risks; and the projecthas been stuctured in a way that corrective actions may be taken durig annuat work program and budgetreviews as well as through a mid-term review exercise.

22. Rewmmendaion. I am sadsfied that the proposed loan would comply with the Ardcles ofAgreement of Bank and recommend that the Executive Directs approve the proposed loaL

Lewis T. PrestonPresident

Attachments

Washington, D.C.August 31, 1994

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Schab A

IDONESI

SECOND ACCOUN1ANCY EROMI POE

EBmated Costs a=d na Plan(US$ mlion)

Local Foreig Total

Modernization of Govt. Accounting 3.7 10.4 14.1Standard-setting and Enforcement 5.4 8.4 13.8Project Support Services 1.1 0.3 1.4

Base Cost 10.2 19.1 29.3

Physical contngenies 0.5 0.9 1.4Price coingecies A

Total Project Cost 2a2

Government 8.9 0.0 8.9IBRD 3I2

Total A 24 a

La ncluding taxes estmated at US$ 1.7 million.

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SkhdLe BPage 1 of 2

usCO AC=HOU=, MUDD= OI;=

A. PROCUREMEN AND DISBURSEMENT ARRANGEMENTS(USS million) /a

pmajtaElement ICe Othe0 b N.B.P. Tot Cod

Daa Pwooodog Squ4mud 4.1 Q 0 0.0 4.1(4.1) t4.1)

Dat Pocsing Softwm 12 0.0 0.0 12(1.2) (1.2)

Forq and Aglw..

Spmdt Pwvdd by Phms0.0 162 0.0 162

(12.8) (12.8)

Fai ndividul 0.0 0.4 0.0 0.4(0.3) (0.3)

Locd Indidual 0.0 0.7 0.0 0.7(0.6) (0.6)

Ovas Taing 0.0 6.0 0.0 6.0(6.0) (6.0)

Countby Traning 0.0 0.0 1.6 1.6

TOal 5.3 23.3 5.3 33.9(5.3) (19.7) (25.0)

Note: Figu; in pyarts ane tho respe amoun finaned by tho Dnk lan N.B.P.: Not Bank Fneod.Ia hnbdld contingenoies; gmo inlxdes tas etmted at USS12 mDil/b Swiies shou be proud in aecoan witb Wadd Bak Guidis: Us of Ca_ukat by Wadd Du Bma an d

by thu Walld Dank as Excug Ageny (W ashno D.C., Augt 1981).

-8

Pap2of 2

WR DX91= PLAN

18RD P _nwo ha Emed(USS mi , .

Data Pwoceuln H1a 3.7 100% d fo.ie epedhum, 1t0% oflocw _pmak (o-liatoy at) Nd65% otopendiuz for othw locaty-mre km&

Data Pmoouag SoftwaR 1.1 100% dof oesp _pend , 100% oflom. expedwas (4ctwy cot) and65% of .iindlue for odi bx*WPd bu

Technica Auiatace 126 100

Ov3ea Tan4 5.3 100

unauo ( _owmi) ?a

tOW 25.0

ESTMATD DSURSEhMET (US$ milion)

IBRti Fiscal Year 1995 19 9 1222 121 19

Ammal amount 3.9 7.3 -6.6 4.4 2.1 0.7

Cumulative amount 3.9 11.2 17.8 22.2 24.3 25.0

9-

SL3a9 APCOUM&ANCY DEZELOME}= EO

lMmetable of Ka PoectM Processinig Evef

(a) Tome taken to prepare the project: 15 months

(b) Prepared by: Miisy of Finance with Balnk Assistance

(c) First Bank mission: April 1993

(d) Appras mission depure: Jaay 1994

(e) Negotiations: July 1994

(f) Planned date of efectiveness: October 1994-

(g) List of relevat PCRs and PPARs:

Qweitff-oMN2. Proect PCR PPAR No

Cr. 869-IND Polytchni Project June 1989 7847Ia. 2290-IN Seownd Polytnic Proect March 1992 10460

The project was prepared by Messrs./Mme. Kemefi, Ramaswam Hsu, Lae (onsultant). Pewrr esvwenare Ms. Ie Paterson (EC3HR) and Mr. Anthony Byre (SAAG). Mrs. Marianne Haug, Director(EA3DR) and Mr. Pet R. Scherer, Dviion Chief (EA3I) have endorsed the project

Sohedule 4

STATUS OF BANK GROUP OPERATIONS IN INDONESIA

A. STATEMENT OF BOANK LOANS AND IDA CREDITS to(a of Juno 30. 1994)

Amount lUS niiloLon Bank IDACredit Fisca Odad puipal Undle-

Numbw Year nee canelaiorn buned

One-hundred-twentyfour loans and 10,443.11 901.60fourty-eight credits fully disbursed

Of which SECALS, SALs and Program Loans /b

2780 1987 Trade Policy Adjustnent 300.002937 1988 Second Trade Policy Adjustment 300.003080 1989 Private Sector Development 350.003267 1991 Second Private Sector Development 250.00

Subtotal: 1,200.00

2638 1986 Nusa Tenggara Agrculture Support 33.00 5.802690 1986 Gas Distribution 34.00 6.462705 1986 Manpower Development and Training 58.10 4.712773 1987 Fisheries Support Services 20.00 5.102881 1988 Second Rural Roads Development 190.00 17.262930 1988 Forestry Institutions & Conservation 30.00 8.532932 1988 Jabotaek Urban Development 150.00 33.232940 1988 Accountancy Development 113.00 25.942992 1989 Tree Crops Human Resource Development 18.40 3.563000 1989 Tree Crops Processing 102.70 51.283031 1989 Agriculture Research Management 35.30 6.273040 1989 Industrial Restructuring 283.60 56.583041 1989 SmaO & Medium Industrial Enterprise 100.00 8.273042 1989 Third Health 43.50 13.383097 1989 Power Sector Efficiency 337.00 83.95Z )98 1989 Paiton Thermal Power 346.00 79.683112 1990 Public Works Institutional 36.10 6.29

Dvelopment & Training3133 1990 Highway Sector 350.00 48.703134 1990 Professional Human Resource Development 117.50 14.463158 1990 Second Secondary Education 154.20 83.50

/a The sttu of the projects ieed in Par A I descrbod In a sepwartreport on dl BanMDA-hnwe projects In exeoudon, which is updaedtwice yearly and crulated to the Executve Diretors on Apri 30 endOctober 31.

lb Approved duing or after FY80.

Sohedue DPop 2 of 4

Amount (US millon)Loanl san IDA-Crndlt F0i soal -OnglnaI UnOO.

Number Year Gen aonaeon) bufnd

3180 1990 Rural Elactrficaton 329.00 125.983182 1990 Third Telecommunications 350.00 146.273209 1990 Gas Utiization 86.00 71.773219 1990 Second Jabotabek Urban Development 190.00 115.893243 1990 Second Forestry Institution 20.00 13.35

and Conservation3246 1991 Third Jabotak Urban Development 61.00 44.023249 1991 Second BRUKUPEDES Small Credit 125.00 10.283282 1991 Fertiier Rssructuing 221.70 48.243298 1991 Fft Population 104.00 47.203302 1991 Provincial lriged Agriculture 125.00 88.20

Development3304 1991 East Java/Bali Urban Development 180.30 102.003305 1991 Yoyakarta Upland Area Development 15.50 8.473311 1991 Second Higher Education 150.00 59.633340 1991 Sulawesi-Irian Jaya Urban Development 100.00 59.503349 1991 Power Transmission 275.00 203.813385 1991 Technical Assistance Project for 30.00 24.98

Public and Private Provisionof Infrastructure

3392 1992 Second Irrigaton Subsector 225.00 69.283402 1992 Agricultural Financing 106.10 79.723431 1992 Third Non-Forrmal Education 69.50 49.313448 1992 Primary Education Quality Improvement 37.00 31.333454 1992 BAPEDAL Development 12.00 10.753464 1992 Treacrops Smsllholder 87.60 70.113482 1992 Fourth Telecommunications 375.00 340.303490 1992 Third Kabupatn Roads 215.00 110.063496 1992 Primary School Teacher Development 38.60 28.773501 1992 Suralays Thermal Power 423.60 396.393526 1993 Financial Sector Developmen 307.00 169.993550 1993 Third Community Health & Nution 93.50 82.233579 1993 E. Indonesia Kabupaten Roads 155.00 122.063586 1993 Integrated Pest Management 32.00 29.183588 1993 Groundwater Development 54.00 52.003589 1993 Flores Earthquake Reconstruction 42.10 31.703602 1993 Cirata Hydroelectric Phase II 104.00 99.743629 1993 Water Supply & Sanition for 80.00 78.00

Low Income Communities

Schedle DPage 8,of4

Amount (US$ million)Loan/ BekIDACredit Fiscal aPxu UdID

Number Year e cmnoellaon) bursed

3658 1994 National Watershed Management and 56.50 53.51Conservation

3712 1994 Second Highway Sector Investment 350.00 327.203721 1994 SkUls Development 27.70 27.703726 1994 Surabava Urban Development la 175.00 175.003732 1994 Fith Kabupaten flckf Is 101.60 101.503742 1994 Dam Safetv /a 55.00 55.003749 1994 Semaran-Surakara Urban Development la 174.00 174.00

Total 18,752.71 901.60of which has been repaid 4,w.08 115.09

Total now held by Bank and IDA 14,713.63 786.51Amount sold 88.08

of which repaid 76.47

Total undisbursed 4,497.17

/a Not offootiw as of June 30. 1894

Schedule DPao 4 of 4

B. STATEMENT OF IFC INVESTMENTS(a of June 30. 194)

- {~~~~~~~~~US* miillion)

Odginal Total lnoh*lngFisA CommnIment Held participants'Year Cown Twa of buelnes. Loan Equity Total by IFC portron1971174 P.T. Patec Textile & Abe 4.0 0.8 4.8 -1971 P.T. Unite TexIe & Fble 2.6 0.8 3.3 0.3 -1971173174176184 P.T. Semoen Cibinon Cemnt 48.0 5.8 51.8 - -1971 P.T. Kabdl Indoes Cabe 2.8 0.4 3.2 -1972/77 P.T. DOralon Textile Texles & Abet 5.8 1.5 7.31973189 P.T. Jakau Int'l Hotd Tourim 9.8 2.7 12.5 - -1974 P.T. POFCI Development nanoe- - 0.5 0.5 0.41974 P.T. Monsano -- e 0.9 0. - -1974/77 P.T. Kamalx Tewl 3.6 0.6 4.5 -1980 P.T. Papan Selaire Housing Finanoe 4.0 1.2 5.2 1.21980 P.T. Su*rome indo-Anesoo Dnerwm 11.1 0.9 12.0 -1980f87 P.T. Smn Andais Cement 48.6 5.0 53.6 20.9 -1982185 P.T. Seke Gdore Loesing 6.5 0.4 6.9 1.91988 P.T.BeaHHoldeV Totrem 11.3 11.3 1.31988 P.T. Asuran Jiwa Isurne - 0.3 0.3 0.31989 P.T. Monterado Mining 8.0 2.0 10.0 -1990191 P.T. Astre b GeneralWu. 22.4 25.7 48.1 25.0 2.11990 Federd Motor la Engbn Mfg. 12.5 12.5 -1990 Nomure Fund Money & Capita Mkt - 3.0 3.0 1.51990 ank Umum Neslonul Deveopmet Rnance 10.0 - 10.0 10.0 10.01980 Beak map Deveopmet Rnae 7.5 - 7.S 3.2 3.21880 Raje/Pendopo ON Epbiortn - 3.8 3.6 -1990 P.T. Agro Muko PlanIon 10.5 2.2 12.7 12.71990 NMB-P.T. Kabil Indus. Eate 2.8 - 2.8 -

1990191 P.T. Indo RBm-Syntl Texile 27.0 6.2 33.2 30.01991 P.T. Argo Paste Texte 83.0 13.0 986.0 39.81991 P.T. Asahi Chemicas Chemwls 4.0 1.8 5.8 4.8 0.41991 P.T. Rumb Prtkd Wood Produots 20.0 0.6 20.6 11.9 -1881 VIC ndoneu Mony & CpleuIMkt - 1.5 1.5 1.5 0.61992 P.T. akude Ka ChemnIls 125.0 9.6 134.6 39.61992 P.T. Lant Keadk Mae Ceranmo TiO 16.4 1.7 17.1 8.1 0.11992 P.T. Swanne Ke ye TouIsm 86.0 - 86.0 35.0 9.01992 P.T. Mdtaoorp Gnal Mfg. - 1.0 18.0 15.91992 P.T. . Pacific Vscoeo Taxnib 45.0 45.0 20.0 -

1993 P.T.811D Ohemee Mone & Capil Mkt 50 - 5.0 4.41993 P.T. Nusantra Fuits Agdlbul_ 16.0 - 16.0 12.2 6.21993 P.T. Samudere Shippn 15.0 5.0 20.0 17.01994 P.T. SarIpu Toudwn 32.0 3.6 35.6 11.6 35.61994 P.T. PAMA Indones Money & Cal Mkt - 7.5 7.5 7.5 5.71994 KCDLC O CapitaM Aket s 1.2 1.2 1.11994 LYON Toudrm 2.7 2.7 2.7

Total 706.8 125.2 832.0 341.1 72.9

Projet approved but not yot signod1992 P.T. BBD Holer Moy & CpitlD Mkt - 0.8 0.6 0.6 0.61994 P.T. Rlwnend. Chenodse 43.8 - 48 18.8 48.8

Tota 48.8 0.6 47.4 18.9 47.4

la Loan porton subsquendy oanceied.

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