NoC225/4 OfficialJournaloftheEuropeanCommunities 1.9.92
AmendedproposalforaCouncilDecisionprovidingfinancialassistanceforAlbania(')
(92/C225/03)
COM(92)355final
(SubmittedbytheCommissionpursuanttoArticle149(3)oftheEECTreatyon24July1992)
(l)OJNoC188,25.7.1992,p.5.
ORIGINAL PROPOSAL AMENDED PROPOSAL
Unchanged THECOUNCILOFTHEEUROPEAN COMMUNITIES ,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity,andinparticularArticle235
thereof,
HavingregardtotheproposalfromtheCommission ,
submittedfollowingconsultationwiththeMonetary
Committee,
HavingregardtotheopinionoftheEuropean
Parliament,
WhereasAlbaniaisundertakingfundamentalpolitical
andeconomicreformsandhasdecidedtoadopta
marketeconomymodel;
Whereastrade,commercialandeconomiclinksbetween
theCommunityandAlbaniaareexpectedtodevelop
withintheframeworkofthe1992Cooperation
Agreement;
WhereasfinancialassistancefromtheCommunitywillbe
instrumentalinsupportingtheadjustmentandreform
effortsofAlbania,willstrengthenmutualconfidenceand
willbringAlbaniaclosertotheCommunity;
WhereasAlbaniaisalow-incomecountryeligibleto
highlyconcessionalloansfromtheWorldBankandthe
IMF;whereastheGroupof24agreedtoconsider
complementary financialassistance,throughlong-term
loansonconcessionalterms,assoonastheIMFhas
reachedanagreementonastabilizationandreform
programmewithAlbania;WhereasAlbaniaisalow-incomecountryeligibleto
highlyconcessionalloansfromtheWorldBankandthe
IMF;whereastheGroupof24agreedtoconsider
complementary financialassistanceparticularlythrough
grantsorlong-termloansonconcessionalterms,assoon
astheIMFhasreachedanagreementonastabilization
andreformprogrammewithAlbania;
WhereastheAlbanianauthoritieshaverequested Unchanged
financialassistancefromtheInternational Monetary
Fund(IMF),theGroupof24industrialcountriesand
theCommunity ;

1.9.92 OfficialJournaloftheEuropeanCommunities NoC225/5
ORIGINALPROPOSAL AMENDEDPROPOSAL
Whereasoverandabovetheestimatedfinancingwhich
couldbeprovidedbytheIMF,theWorldBankand
officialbilateralcreditorsinthecontextofthe12-month
stand-byarrangementexpectedtobeagreedbetween
AlbaniaandtheIMF,afinancialgapofsomeUS$165
millionremainstobecoveredinordertoavoidan
additionaldegreeofimportcompressionwhichwould
jeopardizetheachievementofthepolicyobjectives
underlyingtheGovernment'sreformeffort;
WhereastheCommission,ascoordinatorofassistance
fromtheGroupof24hasinvitedthemtoprovidehighly
concessional financialassistancetoAlbaniainorderto
supportthatcountry'sadjustmentandreformefforts;
WhereastheeconomicandfinancialsituationofAlbania
issuchthatfinancialassistancedesignedtosupportthat
country'sbalanceofpaymentsshouldtaketheformof
grants;WhereasthegrantbytheCommunityofalong-term
highlysubsidizedloantoAlbaniaisanappropriate
measuretosupportthatcountry'sbalanceofpayments
andstrengthenitsreserveposition;
WhereasthequestionoftherisksassociatedwithDeleted
guaranteesfromthegeneralbudgetoftheEuropean
Communities willbeexaminedinthecontextofthe
renewaloftheinterinstitutional agreementofbudgetary
disciplineandimprovementofthebudgetaryprocedure;
WhereastheCommunityfinancialassistanceshouldbeUnchanged
managedbytheCommission ;
WhereastheTreatydoesnotprovide,fortheadoption
ofthisDecision,powersotherthanthoseofArticle235,
HASDECIDEDASFOLLOWS :
Article1
1.TheCommunityshallgranttoAlbaniaalong-term
facilityofamaximumamountofECU70millionin
principal,withamaximumdurationof10years,witha
viewtoensuringasustainablebalanceofpayments
situationandstrengtheningthereserveposition.Amendedasfollows
1.TheCommunityshallprovidetoAlbaniafinancial
assistanceofamaximumamountofECU70millionin
theformofgrants,withaviewtoensuringasustainable
balanceofpaymentssituationandstrengtheningthe
reservepositionofthiscountry.
2.Tothisend,theCommission isempoweredtoDeleted
borrow,onbehalfoftheCommunity,thenecessary
resourcesthatwillbeplacedatthedisposalofAlbaniain
theformofaloan.
3.ThisloanwillbemanagedbytheCommissionin
fullconsultationwiththeMonetaryCommitteeandina
mannerconsistentwithanyagreementreachedbetween
theIMFandAlbania.2.ThisgrantwillbemanagedbytheCommissionin
fullconsultationwiththeMonetaryCommitteeandina
mannerconsistentwithanyagreementreachedbetween
theIMFandAlbania.

NoC225/6 OfficialJournaloftheEuropeanCommunities 1.9.92
ORIGINAL PROPOSAL AMENDED PROPOSAL
Deleted 4.Allinterestpaymentsunderthepresentloanfacility
shallbeborneduringthefirstfiveyearsbythegeneral
budgetoftheEuropeanCommunities .Duringthe
remainingloanperiod,aninterestratesubsidyof6%
peryearshallbegrantedandfinancedbythegeneral
budgetoftheEuropeanCommunities ,
Article2
1.TheCommissionisempoweredtonegotiatewith
theAlbanianauthorities,afterconsultationwiththe
MonetaryCommittee,theeconomicpolicyconditions
attachedtotheloan.Theseconditionsshallbeconsistent
withanyagreementasreferredtoinArticle1(3)and
witharrangementsmadebytheGroupof24.Article2
1.TheCommissionisempoweredtonegotiatewith
theAlbanianauthorities,afterconsultationwiththe
MonetaryCommittee,theeconomicpolicyconditions
attachedtothegrant.Theseconditionsshallbe
consistentwithanyagreementasreferredtoinArticle1
(2)andwitharrangementsmadebytheGroupof24.
2.TheCommissionshallverifyatregularintervals,in
collaborationwiththeMonetaryCommitteeandinclose
coordinationwiththeGroupof24andtheIMF,thatthe
economicpolicyinAlbaniaisinaccordancewiththe
objectivesofthisloanandthatitsconditionsarebeing
fulfilled.2.TheCommissionshallverifyatregularintervals,in
collaborationwiththeMonetaryCommitteeandinclose
coordinationwiththeGroupof24andtheIMF,thatthe
economicpolicyinAlbaniaisinaccordancewiththe
objectivesofthisgrantandthatitsconditionsarebeing
fulfilled.
Article3 Article3
1.TheloanshallbemadeavailabletoAlbaniaintwo
instalments .Thefirstinstalmentshallbereleasedassoon
asa'stand-byarrangement'hasbeenconcludedbetween
AlbaniaandtheIMFandthesecondinstalmentnot
beforethefirstquarterof1993,subjecttoArticle2(2).1.Thegrantshallbemadeavailableintwo
instalments .Afirstinstalmentofecu35millionshallbe
releasedassoonasa'stand-byarrangement'hasbeen
concludedbetweenAlbaniaandtheIMFandthesecond
instalmentnotbeforethefirstquarterof1993,subjectto
theprovisionsofArticle2(2)andonthebasisofasatis­
factorytrackrecordintheimplementation ofthe
'stand-byarrangement'.
2.ThefundsshallbepaidtotheNationalBankof
Albania.2.ThefundsshallbepaidtotheNationalBankof
Albania.
Article4 Deleted
1.Theborrowingandlendingoperationsreferredto
inArticle1shallbecarriedoutusingthesamevaluedate
andmustnotinvolvetheCommunityinthetransfor­
mationofmaturities,inanyexchangeorinterest-rate
risk,orinanyothercommercialrisk.
2.TheCommissionshalltakethenecessarysteps,if
Albaniasodecides,toincludetheloanconditions,and
alsotoexercise,anearlyrepaymentclause.

1.9.92 OfficialJournaloftheEuropeanCommunities NoC225/7
ORIGINALPROPOSAL AMENDEDPROPOSAL
3.AttherequestofAlbania,andwherecircumstances
permitanimprovementintheinterestrateontheloans,
theCommissionmayrefinanceallorpartofitsinitial
borrowingsorrestructurethecorresponding financial
conditions .Refinancingorrestructuringoperationsshall
becarriedoutinaccordancewiththeconditionssetout
inparagraph1andshallnothavetheeffectofextending
theaveragedurationoftheborrowingconcernedor
increasingtheamount,expressedatthecurrentexchange
rate,ofcapitaloutstandingatthedateoftherefinancing
orrestructuring .
4.AllrelatedcostsincurredbytheCommunityin
concludingandcarryingouttheloanoperationunder
thisDecisionshallbebornebyAlbania.
5.TheMonetaryCommitteeshallbekeptinformed
ofdevelopments intheoperationsreferredtoinpara­
graphs2and3atleastonceayear.
Article5 Unchanged
AtleastonceayeartheCommissionshalladdresstothe
EuropeanParliamentandtotheCouncilareport,which
willincludeanevaluation,ontheimplementation ofthis
Decision.
ProposalforaCouncilDirectiveamendingDirective75/273/EECconcerningtheCommunity
listofless-favouredfarmingareaswithinthemeaningofDirective75/268/EEC(Italy)
(92/C225/04)
COM(92)349final
(SubmittedbytheCommissionon24July1992)
THECOUNCILOFTHEEUROPEANCOMMUNITIES ,HavingregardtotheproposalfromtheCommission,
HavingregardtotheTreatyestablishingtheEuropean
EconomicCommunity,
HavingregardtotheopinionoftheEuropean
Parliament,
HavingregardtoCouncilDirective75/268/EECof28
April1975onmountainandhillfarmingandfarmingin
certainless-favouredareas('),aslastamendedbyRegu­
lation(EEC)No2328/91(2),andinparticularArticle2
(2)thereof, WhereasCouncilDirective75/273/EECconcerningthe
Communitylistofless-favouredfarmingareaswithinthe
meaningofDirective75/268/EEC(3),aslast
OOJNoL128,19.5.1975,p.1.
OOJNoL218,15.7.1991,p.1. (J)OJNoL128,19.5.1975,p.72.