MINISTER OF FINANCE OF THE REPULIC OF INDONESIA
COPY REGULATION OF THE MINISTER OF FINANCE OF THE REPULIC OF INDONESIA
NUMER 44/PMK.08/2014
ON
THE PROCEDURE OF SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT/ ACTIVITY THROUGH THE ISSUANCE OF SHARIA SECURITIES
BY THE GRACE OF GOD ALMIGHTY,
MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA
Considering : whereas in order to implement the provision of Article 21 Government Regulation Number 56 Year 2011 on the Finance of Project/ Activity Through the Issuance of Sharia Securities, it is necessary to stipulate the Regulation of the Minister of Finance on the Procedure of Supervision, Evaluation and Reporting of the Finance of Project/ Activity Through the Issuance of Sharia Securities; In view of : 1. Law Number 19 Year 2008 on Sharia Securities (State Gazette of the Republic of Indonesia Year 2008 Number 70, Supplement of the State Gazette of the Republic of Indonesia Number 4852); 2. Law Number 56 Year 2011 on Project Finance Through the Issuance of Sharia Securities (State Gazette of the Republic of Indonesia Year 2011 Number 137, Supplement of the State Gazette of the Republic of Indonesia Number 5265);
BE IT HEREBY RESOLVED: to enact : : REGULATION OF THE MINISTER OF FINANCE ON THE PROCEDURE OF SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT/ ACTIVITY THROUGH THE ISSUANCE OF SHARIA SECURITIES.
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA CHAPTER I GENERAL PROVISION
Article 1 The applied terminologies herein shall be defined as follow: 1. Sharia Securities, hereinafter referred to as SBSN or it called State Sukuk, means SBN issued based on the sharia principles as the prove of participation portion toward the asset of SBSN, either in the currency of Rupiah or foreign currency. 2. Project means the activity as set forth in Law on the State Budget Revenue and Expenditure of which constitutes the part of program implemented by the State Ministry / Institution whose finance sourced from the issuance of SBSN in the State Budget Revenue and Expenditure. 3. Project Based Sukuk/ PBS (Project Based Sukuk), hereinafter referred to as SBSN PBS, means financial resources through the issuance of SBSN for financing certain project implemented by the State Ministry/ Institution. 4. Project Initiator shall be the State Ministry/ Institution that proposes the project proposal. 5. State Ministry, hereinafter referred to as the Ministry, means the government instrument that manages certain affairs in the administration. 6. Institution means the non-Ministry organization and the other budget user agency that is established to conduct certain task based on the Constitution of the Republic of Indonesia 1945 and/ or the other legislation. 7. State Budget Revenue and Expenditure, hereinafter referred to as APBN, means the draft of annual state government finances of which is approved by the House of Representative. 8. Minister means the Minister of Finance of the Republic of Indonesia. 9. Director General of Debt Management, hereinafter referred to as the Director General, shall be the head of echelon one within the scope of the Ministry of Finance who manage the debt management affairs.
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA 10. Budget Implementation List, hereinafter abbreviated as DIPA, constitutes the budget implementation document prepared by the Budget User/ Budget User Proxy and shall be utilized as reference by the Budget User or the Budget User Proxy in implementing the activity of administration as the implementation of APBN. 11. Finance Establishment Document means the document of understanding between the Minister of Finance and the Project Initiator that create the Project establishment. 12. Project Budget Plan, hereinafter abbreviated as RAB, shall be the detail expense utilized for the construction of Project that is prepared by the Project Initiator.
CHAPTER II SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT THROUGH THE ISSUANCE OF SBSN
Part First Supervision, Evaluation and Reporting by the State Ministry/ Institution
Article 2 (1) Project Initiator conducts supervision and evaluation against the performance of Project Financed through SBSN PBS. (2) Supervision and evaluation as set forth in section (1) shall be conducted at the stages as follow: a. implementation, which includes supervision and evaluation against: 1) progress realization of fund absorbing; 2) achievement of physical Project; 3) problem(s) facing; and 4) required follow-up. b. post-project implementation, which includes the evaluation activity of the post-Project completion during the current fiscal year.
Article 3
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA Project Initiator prepares for: a. Report of the monthly supervision and evaluation result; b. Report of the quarterly supervision and evaluation result; c. Report of the annually supervision and evaluation result; d. Report of the post-project implementation supervision and evaluation result;
Article 4 (1) Report of the monthly supervision and evaluation result, as set forth in Article 3 letter a includes the progress realization of fund absorbing that refers to the report format as set forth in Appendix I that constitutes an integral part herein. (2) Report of the monthly supervision and evaluation result, as set forth in section (1), shall be delivered to the Minister of Finance u.p Director General at least at day 10th (tenth) of the next month or at the next Working Day in case the day 10th (tenth) is the holiday or the closed day.
Article 5 (1) Report of the quarterly supervision and evaluation result, as set forth in Article 3 letter b includes the recapitulation realization of fund absorbing, progress achievement of physical Project, problem facing and the required follow-up that refers to the report format as set forth in Appendix II that constitutes an integral part herein. (2) Report of the quarterly supervision and evaluation result, as set forth in section (1), shall be delivered to the Minister of Finance u.p Director General at least at day 10th (tenth) of the next month or at the next Working Day in case the day 10th (tenth) is the holiday or the closed day.
Article 6 (1) Report of the annually supervision and evaluation result, as set forth in Article 3 letter c includes the consolidation of the quarterly supervision and evaluation result for 1 (one) fiscal year that includes the recapitulation of fund absorbing, progress achievement of physical Project,
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA problem facing and the required follow-up that refers to the report format as set forth in Appendix III that constitutes an integral part herein. (2) Report of the annually supervision and evaluation result, as set forth in section (1), shall be delivered to the Minister of Finance u.p Director General at least at day 15th (tenth) of the next month or at the next Working Day in case the day 15th (tenth) is the holiday or the closed day. (3) Project Initiator who delivers the report of annually supervision and evaluation result, as set forth in section (2), shall be stated has delivered the report of quarter IV supervision and evaluation result.
Article 7 (1) Report of the supervision and evaluation of the post-project implementation as set forth in Article 3 letter d, includes the maintenance activity, feasibility test and certification, as well the minute of asset handover by attaching the utilization status establishment document, working unit code, as well item code and sequence code of registration that refers to the provision of the legislation that is associated with the completion of the Project. (2) Report of the supervision and evaluation result of the post- Project implementation, as set forth in section (1), shall be delivered to the Minister of Finance u.p Director General at least 9 (nine) months after the fiscal year of the implementation of the entire projects end.
Article 8 Submission of the Report, as set forth in Article 3, shall be accompanied with the Statement of the Correctness of Data and Information refers to the format as set forth in Appendix IV that constitutes the integral part herein, which is signed by: a. Head of Working Unit for the report as set forth in Article 3 letter a and letter b; and b. Project Initiator Echelon I Official for the report as set forth in Article 3 letter c and letter d.
Article 9
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA Report of the supervision and evaluation result as set forth in Article 3, shall be addressed to: Directorate General of Debt Management Jl. Wahidin Raya Nomor 1, Gedung Frans Seda Lantai 2 Jakarta 10710 Phone : (021) 3500841 Facsimile: (021) 3846635
Part Second Supervision and Evaluation by the Ministry of Finance
Article 10 (1) Directorate General of Debt Management (DJPU) conducts supervision against the fund absorbing realization. (2) Supervision as set forth in section (1) shall be conducted based on the report of the supervision and evaluation carried out by the Project Initiator as set forth in Article 2. (3) For implementing the supervision as set forth in section (1) DJPU shall be based on: a. RAB; b. working plan of the Project activity implementation c. request letter for expenditure replacement submitted by the Directorate of Treasury Management, Directorate General of Treasury. (4) Supervision of the realization of fund absorbing, as set forth in section (1) shall be conducted by comparing between the RAB and Project fund allotment in DIPA to the Project fund absorbing realization. (5) Supervision as set forth in section (4) shall be conducted at every month. (6) Supervision, as set forth in section (1) could involve the related unit(s) within the scope of the Ministry of Finance and the Ministry of National Development Planning/ National Development Agency (Ministry of PPN/ Bappenas).
Article 11 (1) Evaluation against the fund absorbing shall be conducted based on the criteria as follow:
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA a. "Good" for the Project with the percentage of gap between planning and realization is less than 25% (twenty-five percent) that means realization of fun absorbing has been accord with or faster than the planned schedule; b. "Poor" for the Project with percentage of gap between the planning and realization of fund absorbing is up to 75% (seventy-five percent) that means the realization of fund absorbing slower than the planned schedule ; c. "Low" for the Project with the percentage of gap between planning and realization is more than 75% (twenty-five percent) that means that realization of fun absorbing experiences acute delay; (2) Evaluation against the fund absorbing realization shall be conducted at every quarterly basis or if it is required. (3) Calculation method of gap on fund absorbing refers to the calculation format as set forth in Appendix V that constitutes the integral part herein.
Article 12 (1) DJPU prepares for the evaluation result of fun absorbing realization in quarterly basis. (2) For the preparation of evaluation result as set forth in section (1), DJPU could coordinate with the Project Initiator, the associated units within the scope of the Ministry of Finance and the Ministry of PPN/ Bappenas. (3) Evaluation result, as set forth in section (1), could be in the form of: a. report of the supervision result; and/ or b. recommendation against the supervision result. (4) Report of the supervision result, as set forth in section (3) letter a shall be carried out for the entire criteria of the Project assessment. (5) Recommendation against the supervision result, as set forth in section (3) letter b, shall be given against the Project supervision result with the criteria "Poor" and "Low".
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA
CHAPTER III RECOMMENDATION
Article 13 (1) Director General prepares for the recommendation, as set forth in Article 12 section (3) letter b, to the Project with the criteria "Poor" and "Low". (2) Recommendation for the Project with the criteria "poor", as set forth in section (1), shall be carried out by giving the proposal to the Project Initiator to take the acceleration steps of the implementation of Project completion. (3) Recommendation for the Project with the criteria "low", as set forth in section (1), includes the steps of problem solving in the Project implementation, namely: a. encouraging the Project Initiator to take acceleration steps of fund absorbing; and b. proposing the cease of payment for partly or entirely of the Project fund of which is included in the Finance Establishment Document. (4) Directorate General delivers recommendation as set forth in section (1) to the Minister.
Article 14 In case the Minister agree to the Director General's recommendation relating to the acceleration steps of the Project completion implementation as set forth in Article 13 section (2) and section (3), the Minister delivers recommendation to the Project Initiator.
CHAPTER IV CEASE OF FINANCE
Article 15 (1) Cease of Finance partly or entirely to the fund of Project as set forth in Article 13 section (3) shall be carried out by considering matters as follow: a. coordinating result with the associated units within the
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA scope of the Ministry of Finance, Ministry of PPN/ Bappenas and the Project Initiator. b. benefit and cost of the cease of finance. (2) Cease of Finance partly or entirely to the fund of Project as set forth in section (1) shall e carried out to the Project with criteria as follow: a. Project with assessment criteria "low" at no longer than 3 (three) consecutive quarterly; b. legal status of the problematic Project; and/ or c. force majeure
Article 16 (1) Cease of Project finance, as set forth in Article 15 section (2) letter a could be carried out at the early quarterly IV. (2) Cease of Project finance, as set forth in Article 15 section (2) letter b could e carried out after it is stipulated by the Minister of Finance in the coordinating meeting with the ministry of PPN/ Bappenas and Project Initiator. (3) Cease of Project finance, as set forth in Article 15 section (2) letter c could be carried out after the coordinating meeting with the associated units within the scope of the Ministry of Finance, Ministry of PPN/ Bappenas, Project Initiator and/ or the authorized party.
Article 17 (1) In case the Minister agrees to the recommendation for ceasing the finance, as set forth in Article 13 section (3) letter b, the Minister stipulates the cease of finance partly or entirely of the Project finance with the letter of Minister. (2) Letter of Minister, as set forth in section (1) shall be delivered to the Project Initiator with the copy at least to the Minister of National Development Planning/ Head of National Development Agency, Director General, Director General of Treasury and Director General of Budget.
Article 18 (1) Director General delivers the establishment of the cease of
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA Project finance to the Director General of Treasury and Director General of Budget. (2) Director General of Treasury follow-up the cease of Project finance, as set forth in section (1) by delivering the Request Letter for Cease of Payment to the KPPN to cease the issuance of SP2D of the Project that is financed with SBSN PBS. (3) Project Initiator based on the decree on the cease of finance, as set forth in Article 17 section (2) could propose the revision of budget document to the Directorate General of Budget.
Article 19 (1) Project whose finance has been ceased in quarter IV, as set forth in Article 17 section (1), the remaining fund allotment at the current year could be directly allocated at the next year. (2) Utilization of the remaining fund allotment as set forth in section (1) shall e carried out through budget document revision as set forth in Article 18 section (3).
CHAPTER V TRANSITIONAL PROVISION
Article 20 Procedure of supervision, evaluation and reporting of the Project finance through the issuance of SBSN that is carried out prior to this Regulation of the Minister shall be stated applicable as long as it does not contrary to the prevailing legislation.
CHAPTER VI CLOSING PROVISION
Article 21 This Regulation comes into effect on the date promulgation. For the public cognizance, it is ordered to promulgate this Law by placing it in the State Gazette of the Republic of Indonesia.
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MINISTER OF FINANCE OF THE REPULIC OF INDONESIA
Stipulated in Jakarta on February 27, 2014 MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA
Signed
MUHAMAD CHATIB BASRI Promulgated in Jakarta on February 27, 2014 MINISTER OFJUSTICE AND HUMAN RIGHT OF THE REPUBLIC OF INDONESIA,
Signed.
AMIR SYAMSUDIN
STATE GAZETTE OF THE REPUBLIC OF INDONESIA YEAR 2014 NUMBER 265
Appendix :......
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APPENDIX I REGULATION OF THE MINISTER OF FINANCE NUMBER 44/PMK.08/2014 ON THE PROCEDURE OF SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT/ACTIVITY THROUGH THE ISSUANCE OF SHARIA SECURITIES
MINISTER OF FINANCE OF THE REPULIC OF INDONESIA
REPORT OF THE MONTHLY SUPERVISION AND EVALUATION RESULT POSITION: MONTH XX YEAR 20XX MINISTRY : ORGANIZATION UNIT : PROVINCE : REGENCY/ MUNICIPALITY : CODE/ NAME OF SATKER : NUMBER & DATE OF DIPA : VALUE OF DIPA : (in thousand rupiah) CODE PACKAGE/ PROJECT DATE OF END BUDGET PACKAGE/ ABSORPTION PROGRESS REMAINING REMAINING CONTRACT DESCRIPTION CONTRACT CONTRACT CEILING CONTRACT BUDGET PACKAGE/ SIGNING DATE VALUE CEILING CONTRACT SP2D up CURRENT SUM OF to PAST MONTH SP2D up MONTH SP2D to THE CURRENT MONTH
SUM
MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA,
Signed
MUHAMMAD CHATIB BASRI
Copy as the original version HEAD OF GENERAL BUREAU for him HEAD OF ADMINISTRATIVE DEPARTMENT OF THE MINISTRY Signed and stamped GIARTO NIP 195904201984021001
APPENDIX II REGULATION OF THE MINISTER OF FINANCE NUMBER 44/PMK.08/2014 ON THE PROCEDURE OF SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT/ACTIVITY THROUGH THE ISSUANCE OF SHARIA SECURITIES
MINISTER OF FINANCE OF THE REPULIC OF INDONESIA
REPORT OF THE QUARTERLY SUPERVISION AND EVALUATION RESULT POSITION: MONTH XX YEAR 20XX MINISTRY : ORGANIZATION UNIT : PROVINCE : REGENCY/ MUNICIPALITY : CODE/ NAME OF SATKER : NUMBER & DATE OF DIPA : VALUE OF DIPA : (in thousand rupiah) CODE PACKAGE/ PROJECT DATE OF END BUDGET PACKAGE/ ABSORPTION PROGRESS REMAINING REMAINING CONTRACT DESCRIPTION CONTRACT CONTRACT CEILING CONTRACT BUDGET PACKAGE/ SIGNING DATE VALUE CEILING CONTRACT SP2D up CURRENT SUM OF to PAST MONTH SP2D up MONTH SP2D to THE CURRENT MONTH
SUM EXPLANATION OF THE DETAIL PROGRESS OF THE PHYSICAL IMPLEMENTATION
NO PROJECT DESCRIPTION PHYSICAL OBSTACLE FOLLOW UP FOR INVOLVING PARTY TO ACHIEVEMENT RESOLVING THE THE RESOLVING OF THE PROGRESS (%) OBSTACLE OBSTACLE Target Realization
MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA, Signed MUHAMMAD CHATIB BASRI Copy as the original version HEAD OF GENERAL BUREAU for him HEAD OF ADMINISTRATIVE DEPARTMENT OF THE MINISTRY Signed and stamped GIARTO NIP 195904201984021001
APPENDIX III REGULATION OF THE MINISTER OF FINANCE NUMBER 44/PMK.08/2014 ON THE PROCEDURE OF SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT/ACTIVITY THROUGH THE ISSUANCE OF SHARIA SECURITIES MINISTER OF FINANCE OF THE REPULIC OF INDONESIA
REPORT OF THE ANNUAL SUPERVISION AND EVALUATION RESULT POSITION: MONTH XX YEAR 20XX MINISTRY : ORGANIZATION UNIT : PROVINCE : REGENCY/ MUNICIPALITY : CODE/ NAME OF SATKER : NUMBER & DATE OF DIPA :
(in thousand rupiah) CODE PACKAGE/ PROJECT DATE OF END BUDGET PACKAGE/ ABSORPTION PROGRESS REMAI PACKAGE CONTRACT DESCRIPTION CONTRACT CONTRACT CEILING CONTRACT (%) NING / SIGNING DATE VALUE BUDG CONTRA ET CT CEILIN REMAINI G NG SP2D up to SP2D up to SP2D up SP2D up sum of FINA PHY QUARTER I QUARTER II to to this SP2D up NCE SIC QUARTER QUARTER to this AL III QUARTER
SUM EXPLANATION OF THE DETAIL PROGRESS OF THE PHYSICAL IMPLEMENTATION
NO PROJECT DESCRIPTION PHISICAL ACHIEVEMENT PROGRESS QUARTER I QUARTER II QUARTER III QUARTER IV TOTAL
TARGET REALIZATION TARGET REALIZATION TARGET REALIZATION TARGET REALIZATION TARGET REALIZATION
PROBLEM(S) STATUS
NO PERIODE PROJECT DESCRIPTION OBSTACLE RESOLVING FOLLOW-UP INVOLVING PARTY QUARTER I QUARTER II QUARTER III QUARTER IV MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA, Signed MUHAMMAD CHATIB BASRI Copy as the original version HEAD OF GENERAL BUREAU for him HEAD OF ADMINISTRATIVE DEPARTMENT OF THE MINISTRY Signed and stamped GIARTO NIP 195904201984021001 REGULATION OF THE MINISTER OF FINANCE NUMBER 44/PMK.08/2014 ON THE PROCEDURE OF SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT/ACTIVITY THROUGH THE ISSUANCE OF SHARIA SECURITIES MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA
OFFICIAL LETTER HEADER OF THE MINISTRY/ INSTITUTION (Project Implementation) ======LETTER OF STATEMENT ON THE ACCURATENESS OF DATA AND INFORMATION IMPLEMENTATION OF THE PROJECT ...... No. / / 20 I the undersigned below: Name : Date and Place of Birth : Rank/ Class : Designation : (Head of Working Unit/ Project Initiator of Echelon I Official)* Unit of Institution :
Hereby certify the correctness of the entire data and information of the Report of (monthly/ quarterly/ annually/ post-Project implementation) Supervision and Evaluation result that has been submitted.
In case, in the future, it is found that there is any discrepancy of data and information delivered in the Project implementation realization, as consequently I will be full responsible to.
In witness whereof, this statement is made by myself with self-awareness and without any coercion from any party. Jakarta, (month) (date), (year) Person who makes the statement
Signed Stamp Duty Full Name NIP ======MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA, Signed MUHAMMAD CHATIB BASRI Copy as the original version HEAD OF GENERAL BUREAU for him HEAD OF ADMINISTRATIVE DEPARTMENT OF THE MINISTRY Signed and stamped GIARTO NIP 195904201984021001
APPENDIX IV
REGULATION OF THE MINISTER OF FINANCE NUMBER 44/PMK.08/2014 ON THE PROCEDURE OF SUPERVISION, EVALUATION AND REPORTING OF THE FINANCE OF PROJECT/ACTIVITY MINISTER OF FINANCE THROUGH THE ISSUANCE OF SHARIA OF THE REPUBLIC OF INDONESIA SECURITIES
Calculation Method for the Gap of Fund Absorption
1. Calculation for the Difference of Budget Performance Value Difference Performance = Target Value % (Quarter) - Budget Realization Value % (Quarter) Value
2. Calculation for the Gap Value of Fund Absorption Gap value of fund absorption = Difference of Performance value x 100% Target value
Example: A Ministry/ Institution develop the project financed by SBSN in 2013 with the target fund absorption at every quarter as much as 15% (Quarter I), 40% (Quarter II), 80% (Quarter III), and 100% (Quarter IV). How much the gap value of such Project if the realization of fund absorption on Quarter III is 75%?
Step 1: Calculation of the Difference of Budget Performance Value on Quarter III Difference Performance = Target Value % (Quarter) - Budget Realization Value % (Quarter) Value = 85% - 75% = 10% Step 2: Calculation of the Budget Gap on Quarter III Gap value of fund absorption = Difference of Performance value x 100% Target value Gap value of fund absorption = 10% x 100% 85% Gap value of fund absorption = 11, 76%
MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA (2)
ACTIVITY % QUARTER TARGET PERFORMANCE DIFFERENCE VALUE OF VALUE OF PERFORMANCE GAP (%) QUARTER III (%) VALUE (%) I II III IV A.5 15 40 85 100 75 10 11,76
No Category Criteria Value of Gap (%) 1 gap < 25% Good 10% 2 25% ≤ gap ≤ 75% Poor - 3 gap > 75% Low -
======MINISTER OF FINANCE OF THE REPUBLIC OF INDONESIA, Signed MUHAMMAD CHATIB BASRI Copy as the original version HEAD OF GENERAL BUREAU for him HEAD OF ADMINISTRATIVE DEPARTMENT OF THE MINISTRY Signed and stamped GIARTO NIP 195904201984021001