Are there any recent, imminent or proposed legislative, administrative, or practical reforms or developments or proposals in the legal system of Indonesia which impact upon the matters mentioned above?

The present Bankruptcy Law was first initiated as an emergency Government Regulation in early 1998 and subsequently was adopted in the form of a law. At the time of the parliamentary debate, the Indonesian Minister of Justice indicated that a modern, comprehensive bankruptcy law would be proposed to the Indonesian Parliament in the near term. Press reports vary but this period was represented to be six months to one year. There is at present a bankruptcy team within the Indonesian Department of Justice which has as its task the preparation of a modern, comprehensive bankruptcy law. This process is continuing. Whether and when such a law will be adopted will depend in large part on how effective the enforcement of the present Bankruptcy Law is or becomes. Because the Bankruptcy Law was only adopted in August of 1998, as yet there is insufficient experience with the new Law to determine its effectiveness.

The Jakarta Initiative is a Government sponsored voluntary debt settlement program of which you are aware. Please see Section R below.