U.S.-Indonesia Debt-for-Nature Swap Deal. I. Background

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3 I. Background On 30 June 2009, the Governments of Indonesia (GOI) and the United States (USG) signed a debt-for-nature swap under the US Tropical Forest Conservation Act 1998 (TFCA). The US Embassy s press release on 30 June 2009 stated that the DNS TFCA would reduce GOI s debt repayments to the USG by almost US$30 million over the following eight years. In return, the GOI committed to redirect these loan repayments into a special Trust Fund (the DNS TFCA ), also to be worth nearly US$30 million, which would then be paid out in grants to fund the conservation of Sumatran forests. The DNS TFCA was to be funded through a contribution of US$20 million from the USG, and US$1 million each from Conservation International (CI) and the Indonesian Biodiversity Foundation (KEHATI). These contributions represented the swap-fee share that had to be paid by these two non-governmental organizations in their capacity as swap partners under the DNS TFCA. Half of CI s contribution of US$1 million to the USG was provided by Arifin Panigoro, a member of the CI Board and the owner of the Medco Group, with the remainder being provided by CI itself, while KEHATI s share was funded by income on that NGO s investments. Greenomics Indonesia a non-governmental organization focused on economic and financial research in the natural resources field has felt it necessary to learn various issues related to the DNS TFCA, including: a) the DNS TFCA mechanism, b) the profile of Indonesia s bilateral debt obligations covered by the DNS TFCA, c) the debt costs to the Indonesian government arising from the DNS TFCA, and d) the management of the DNS TFCA, as well as other matters relevant to these four key issues. 1

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5 Thus, it should come as no surprise that during socialization of the DNS TFCA program among relevant stakeholders on Sumatra island, the profiles of the said six debts did not constitute a major topic of discussion. We may rest assured, in consequence, that the stakeholders on Sumatra island who are involved in the implementation of the DNS TFCA are unaware of the profiles of these six debts owned by the Indonesian government to the United States government. This reveals a lack of transparency in relation to the GOI debts that are covered by the DNS TFCA. III. Recognition of Debt Reduction Paragraph four of the DNS TFCA agreement recognizes that a contribution of US$20 million from the USG, plus contributions of US$2 million from CI and KEHATI, represent the cost of reducing the principal and interest owed by the GOI to the USG by US$29.92 million, which permits the repayment of the GOI s debt of US$29.92 million to be redirected to fund the conservation of Indonesia s forests, in this case forests on Sumatra island. In the DNS TFCA agreement, it is stated that the contribution of the USG in this case the US Treasury and the contributions of CI/KEHATI will cancel GOI s outstanding obligations of US$29.92 million on the books of USAID (which was acting on behalf of the USG when GOI signed the agreements for the six loans covered by the DNS TFCA). Following the cancellation of the GOI s debts on the books of USAID, their status would be changed into new obligations owed by the GOI to the USG. This change in status would be brought about in the following manner: The US Treasury would transfer US$20 million from its debt restructuring account to the account of USAID. This payment on the debts of the GOI by the US Treasury is referred to as a debt reduction payment. The said payment would only be made by the US Treasury after CI and KEHATI deposited US$1 million each as their swap fee shares into the account of USAID. Then, after the payment of US$20 million by the US Treasury and US$1 million each by CI and KEHATI into the account of USAID. The GOI s debts of US$29.92 million would be deemed to have been repaid in the books of USAID. 3

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7 Table 2 above shows that in real terms the total debt repayments owed by the GOI to the USG whether outstanding obligations in the absence of a DNS TFCA agreement or new obligations under the DNS TFCA remain exactly the same, without a single dollar being changed, in the amount of US$31.11 million with US$29.92 million of this to be transferred into the DNS TFCA and the remainder to be paid to USAID. The purchase by the US Treasury and CI/KEHATI of the six outstanding obligations owed by the GOI to USAID in the amount of US$22 million may be considered to approximate to the present value of the GOI s new obligations of US$29.92 million if paid now in cash. This means that the US$22 million paid for the GOI s debts may be deemed to be an investment which if its future value is calculated may exceed US$29.92 million. The future value of money is calculated based on the time value of money bearing in mind that the payments of the outstanding amounts due on the GOI s debts of US$29.92 million are to be paid into the DNS TFCA by installment up to 2016/2017. Meanwhile, the US Treasury and CI/KEHATI are to now pay US$22 million to cancel the six debts worth US$29.92 on the books of USAID. Having regard to the above calculations, it may be said that the payment by the GOI of $29.92 million into the DNS TFCA by installment represents nothing more than reduced debt repayment. Meanwhile, in respect of the nominal balance of US$7.92 million representing the difference between the value of the payment of US$22 million by the US Treasury and CI/KEHATI, and the total amount of US$29.92 million to be paid by the GOI this may be regarded as the cost of the DNS TFCA funds. Despite this, the Indonesian Finance Ministry says that the DNS TFCA arrangement does not result in any reduction in debt as in real terms the outstanding amounts will continue to be paid as they would have been in the absence of the DNS TFCA agreement based on the same schedule and amounts. The only difference concerns a change in accounts from the USAID account to the DNS TFCA account. 5

8 It is not surprising that the DNS TFCA agreement gives a strong impression that the US Treasury and CI/KEHATI need a recognition of debt reduction by stating that the US$22 million they are paying to purchase the GOI s outstanding obligations of US$29.92 million on the books of USAID represents the cost of reducing the said outstanding obligations of the GOI to the USG. Attention needs to be paid in every DNS arrangement as to the actual cost of reducing the outstanding obligations of the borrower. Consequently, the benefits of a DNS should not only be viewed from the perspective of the diversion of debt obligations to support nature conservation, but also the extent to which the debt obligations of the borrower are reduced in real terms. Even if we rely solely on a calculation of present and future value to portray the amount of the debt reduction, and focus on the canceling of the GOI s outstanding obligations on the books of USAID through the debt purchase mechanism, then it will still be apparent that there is no real reduction in the GOI s outstanding obligations. In reality, the payment obligations of the Indonesian government both in terms of the payment schedule and amounts remains precisely the same as it would have been should the DNS TFCA not have been signed. IV. Lack of a Win-Win Solution It is impossible to fully accept the view that the principal benefit of the DNS TFCA is not a reduction in debt, but rather the provision of additional funds to support forest conservation. In reality, the DNS TFCA agreement should promote a win-win solution, that is, it should serve to both reduce debt and provide additional funds to support forest conservation. The fact that the DNS TFCA agreement does not provide any benefit to Indonesia in terms of debt reduction gives rise to a number of questions. The fact is, the six loans covered by the DNS TFCA agreement were taken out in the 1970s and all outstanding obligations in respect of them have been paid by the GOI over the course of years, with full settlement due in 2016/

9 The first important question that arises is why the role of Indonesia s forests over the said period of years was not recognized as a significant issue in the DNS TFCA agreement. In reality, during that period Indonesia s forests have been absorbing emissions released by the world s industry over for that entire period, including emissions released by industry in the United States. While it is true that Indonesia obtains additional forest conservation funds through the DNS TFCA agreement, it is also true that the USG, CI and KEHATI gain good publicity, besides retaining full control over the management and utilization of the US$29.92 million which will be paid by installment by the GOI. This publicity could give rise to the perception that the USG is participating in funding a reduction in emissions in Indonesia arising from deforestation. It needs to be stressed here that the inclusion of Indonesian debts dating back to the 1970s in the DNS TFCA agreement will only give rise to critical questions in the public mind, particularly when it becomes fully apparent that the agreement involves no actual debt reduction for Indonesia in real terms. V. Confusion over Management of Trust Fund by HSBC Bank, Singapore The payment of the outstanding amounts on the GOI s six loans in the amount of US$29.92 million will be made by way of installment to the Debt Service Account opened with HSBC Bank in Singapore, with the said bank being selected to act as trustee of the DNS TFCA. Generally speaking, the choice of HSBC Bank Singapore to act as trustee is due to the fact that Indonesia does not have any legislation governing the operation of trust funds. A proposal to legally incorporate an Indonesian foundation to manage the trust fund was not accepted by the US Treasury. This is because a foundation would have a great deal of autonomy in managing the funds so that the control of the USG side would be very limited. In addition, the USG also argued that the funds in the DNS TFCA would be subject to tax if managedinindonesia. 7

10 The appointment of HSBC Bank Singapore as trustee is based on an agreement between the Oversight Committee (OC) consisting of representatives of the GOI, USG, CI and KEHATI and HSBC Bank Singapore. KEHATI legally represents the OC, and thus is responsible for drawing down funds from the trust fund on behalf of the OC and channeling them to grantees. The role assigned to KEHATI exceeds what would be expected of a swap partner. In fact, HSBC Bank Singapore, as the trustee, could directly disburse funds to grantees based on written instructions from the OC, rather than KEHATI doing so as a member of the OC. Under the current arrangements, KEHATI in reality represents HSBC Bank Singapore in channeling funds to grantees by playing the role of administrator. In broad terms, the role played by KEHATI may be described as follows: the OC issues written instructions for the drawing down of funds by KEHATI, which then, as the representative of the OC, forwards these instructions to HSBC Bank Singapore to actually withdraw the funds. HSBC Bank Singapore then transfers the requested funds to KEHATI s account. During the next stage, KEHATI transfers the funds to the account of the relevant grantee whether it be an environmental non-governmental organization, community organization, or, in certain circumstances, the Indonesian government. The above description clearly shows that HSBC Bank Singapore is not in fact acting as trustee and as manager of the trust fund. The said bank is only serving as a place where the DNS TFCA funds can be parked until instructed to make transfers to KEHATI by the OC. KEHATI s role as a member of the OC has thus been expanded beyond what is customary. As a member of the OC, KEHATI has been assigned the role of administrator, which includes withdrawing funds from HSBC Bank Singapore, receiving transfers from HSBC Bank Singapore, and forwarding these transferred funds to the grantees.

11 This situation obviously gives rise to confusion and disorder in the trust fund arrangements, with KEHATI clearly being subject to a conflict of interest. The management expenses payable to KEHATI as the administrator of the DNS TFCA have been set at US$350,000 per year, while KEHATI s management fee has been set at 4% of total annual management expenses. However, in reality, as a swap partner and member of the OC, KEHATI should under no circumstances be allowed to receive DNS TFCA funds. VI. Conclusions and Recommendations Conclusions 1. The profiles of the GOI s loans covered by the DNS TFCA agreement were not the subject of transparent consultations with the stakeholders whether before or after the DNS TFCA agreement was signed. The inclusion of the said loans was only discussed and agreed upon by the Indonesian Finance Ministry/Coordinating Ministry for the Economy, the US Treasury and USAID. 2. The GOI will not receive any real reduction in its outstanding obligations whether in terms of principal or interest based on the DNS TFCA agreement. All the agreement contains is a recognition of debt reduction based on present and future value. 3. The DNS TFCA agreement fails to create a win-win solution. The focus of the agreement is placed squarely on the provision of additional funds for forest conservation in Indonesia, while failing to provide any debt reduction for the GOI. 4. The appointment of HSBC Bank Singapore as trustee gives rise to confusion and a conflict of interest as HSBC Bank Singapore will not in fact act as the manager of the trust fund. Rather the role of trustee and manager will be played by KEHATI. This clearly gives rise to a conflict of interest and is not in line with best practice in the management of a trust fund set up under a DNS. 9

12 Recommendations 1. The profiles of the GOI loans covered by DNS agreements (not just the DNS TFCA) should be first discussed with the stakeholders, and not only, as in this case, the Indonesian Finance Ministry/Coordinating Ministry for the Economy, theustreasuryandusaid.criterianeedtobedevelopedforthetypeofloans that may be covered by DNS agreements so as to ensure the credibility of the said agreements. 2. The GOI needs to formulate a solid negotiating paper or negotiating stance for every DNS agreement so as to make creditor nations aware that such agreements must include real debt reductions for the GOI. 3. The GOI needs to develop a conceptual win-win solution that can be employed in DNS agreements so that they do not focus solely on the provision of additional funds for nature conservation in Indonesia, but also provide real debt reductions for the GOI. 4. The GOI must make all efforts to ensure that trust funds established under DNS agreements are domiciled and managed in Indonesia. 10

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