Jakarta – Two weeks after its launch, an Indonesian agency tasked with helping the private sector to restructure its massive external debt has found no takers, an official said Wednesday.

"It appears like no one has registered yet. But this does not mean that they are not enthusiastic because this matter is still being processed (by them)," Bank Indonesia director Dono Iskandar said. Iskandar said a likely reason was that enterpreneurs might be waiting for the rupiah to strengthen before coming on board the Indonesian Debt Restructuring Agency, or INDRA.

INDRA was launched early this month offering a scheme under which corporate debtors will be allowed to reschedule loans for eight years on principal repayments of three years. It pegged the rupiah's exchange rate against the dollar at 13,233.

The figure represents the maximum exchange rate corporate debtors enrolling in the scheme will be required to pay until August 1, 2000 when the figure will be reset. The rupiah was trading at around 12,300 to the dollar at mid-day Wednesday.

Iskandar said, however, that the INDRA exchange rate would be adjusted should the rupiah strengten so that the private sector would not lose out from the scheme.

At the time of the launch earlier this month, he said at least 60 percent of corporate debtors would come on board the scheme drafted by the agency. The registration for corporates to take part in the program only began on August 3 and would end on June 30 next year. Indonesia's private sector external debt stood at 67.7 billion dollars, officials said in May.