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DOCUMENTS "COM"
COM(82)864
Vol.1982/0264

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COMMISSION OFTHEEUROPEAN COMMUNITIES
COM(82)864 final
Brussels ,6January 1983
REPORT FROM THE COMMISSION TOTHE COUNCIL
ontheoperation for1981 oftheexport earnings stabilization
system set upbythe Lomé Convention and theDecision onthe
association ofthe OCT with the EEC
COM(82 )86^final

INTRODUCTION
1.According "toArticle 27of "theInternal Agreement onthefinancing
andadministration ofCommunity aidtheCommission isrequired todraw
upeachyear acomprehensive report fortheMember States onthe
operation oftheexport earnings stabilization system andtheuse
madebytheACPStates ofthefunds transferred ,indicating in
particular theeffect ofthesystem ontheeconomic development of
therecipient countries andonthedevelopment ofexternal trade .
2.This report deals with theapplication ofthesystem inrespect
of1981 totheStates signatory totheLome Convention andwith
theoperations involving former OCTwhich ,having acceded tothe
Lome Convention ,nevertheless continue –insofarastheexport earnings
stabilization system isconcerned –tobecovered bytheappropriation
allocated totheOCTbytheDecision of16December I98O onthe
association oftheoverseas countries andterritories with the
European Economic Community .
3.Onthewhole themachinery ofcooperation described inearlier
reports hascontinued tooperate satisfactorily andtherefore no
detailed comments are called for .
4.In1981 twodifficulties were encountered inadministering Stabex :
oneofageneral nature caused bythefact that there were insufficient
funds tomeet intheir entirety thetransfer requests presented by
theACPStates ,andtheother ofatechnical nature ,concerning the
exchange rates used incalculating thetransfers .
Insufficient funds
5.Forthesecond year running ,total losses sustained bytheACPStates
ontheir export earnings were well above theamount allocated forexport
earnings stabilization .After appraisal ,total requests came to
453107231ECU ,while theEuropean Community hadundertaken inthe
second Lom6 Convention tocompensate forlosses uptoanannual ceiling
ofIT.2.1mECUfor198I .
t
6.Inview oftheextent ofthedifficulties encountered bytheACPStates ,
theCommunity presented totheACP-EEC Council meeting inLibreville
anexceptional proposal foradditional finance tobeprovided outside
thesystem .Atthesame time theamounts owed tothesystem by
certain ACPStates forthefirst twoyears ofthefirst Lom6 Convention
under Article 21 ofthat Convention were ,following examination
onacase–by–case basis ,setoffagainst thetransfer entitlements ofthose
States .
7.Overall ,themain feature of1981 seems tohave been theenthusiasm
shown bytheACPStates andtheCommunity fortheexport earnings
stabilization system .Stabex ,thanks totheefforts andcooperation of
alltheparties concerned ,hascontinued tooperate correctly in
accordance with theterms oftheConvention .Moreover ,theextra money
exceptionally made available increased thesystem 'seconomic effectiveness
during this period ofstrain onthemarkets . 1
8.The fact remains that theresource shortfall waseven more acute
than fortheyear ofapplication I98O .Abreakdown ofthetransfers shows that
thebulk oftheACPStates' losses wasduetothecontinuing
deterioration ofthemarket fortwocommodities (coffee andcocoa ),

despite theexistence ofworld agreements in "both cases .In
addition totheconsiderable fall inprices in1980and ^ere
wasalso the f,.-1that foroneyear ofthereference period t1977-80 ;
theresults were particularly favourable forthecoffee –and
cocoa-cxporting states ,which hashadaconsiderable impact on
thssize ofthetransfers (seeCommission report totheCouncil for
19-30-C0H(81)59 ?»section 40).
9.Since thecommodity agreements failed tokeep prices either
up (1977-78 )ordown ,thedeterioration ofthemarket situation was
fully reflected inexport earnings andledtheACPStates concerned
tomake heavy demands onStabex .TheLatter then found itself faced
with aheightened risk which itwasunable tocover fully .Insuch
asituation aninsurance company would increase itspremiums and/or
reduce thebenefits payable .Inthecase ofStabex these twooptions
were restricted toareduction inthetransfers .
10.Since Stabex comes into play asasecondary mechanism ,asa
last resort following market regulation bycommodity agreements ,
itisimperative -ifthecost ofthesystem isnottobeprohibitive
(tothedetriment ofother instruments ofcooperation )-toincrease
thenumber ofcommodity agreements andmake them more effective .
11.Onthewhole ,thedevelopment recorded in1981 clearly showed the
possibilities andthelimits oftheStabex system .Thefact that the
Community wasledtogobeyond itscontractual obligations certainly reduced
thesize oftheproblem in1981 ;but italso prompted consideration for
thefuture ofthesystem .This ,despite thefact that ,byitsstructure ,
inparticular themoving reference average andthedisappearance ofthe
exceptional years ,should make theproblem ofinadequate funding less acute
forthefinal years ofthesecond Lome Convention 'slife .
Insuch epecie.1 circumstances ,disbursements were made attheendof
September *,theAC1'Group having managed toconfer together and
reach agreement ontheallocation atthebeginning ofAugust ,wnich isnot
badconsidering theinevitable difficulties inherent inanynegotiations
onc,highly specific ,complex problem involving somany interested
parties .
Theexchange_rate _problem
12.Thesudden rise inthevalue oftheUSdollar hadrepercussions
ontheamount oftransfers expressed inECUforthose States whose
currencies areclosely linked tothedollar ,asthemethod used to
convert requests into ECUsince thesystem started ,with aslight
technical improvement after thefirst year ,takes account offluctuations
intheACPcurrencies inrelation totheECU .Itprovides additional
compensation intl.eevent ofdepreciation oftheACPcurrency ,with of
course acorresponding adjustment should theACPcurrency appreciate ,
ashappened in1981 inthecase ofcurrencies linked tothedollar .
13.Theprocedure used bytheCommission wasdescribed inamemo
transmitted tot>ACPStates on16December 1977 .Theeffects onthe
trsricfer amounts 'areexplicitly described inthereport esuremari zing
or>»v«t icrio under thefirst Convention (Sec(8l ) >appendix ,,
note 2).
14.Atameeting oftheACP-EEC Stabex Subcommittee itwasagreed to
appraise ail1981 requests bymeans ofthemethod that hadalways been
used and tohave thematter studied byanindependent group ofexperts .

15.Thismatterwillbetakenupagaininthisreport,inwhich
theCommissionwillexamineontheonehandtheactivitiesofthe
ACP-EECinstitutions andthedevelopmentofthesystemand,on
theother,theapplicationofthetextsandtheresultsobtained.The
thirdpartwillbeconcernedwiththeeffectofthesystemon
theeconomicdevelopmentoftherecipientstates.
PARTONE:THEACTIVITIES OFTHEACP-EECINSTITUTION ANDTHEDEVELOPMENT
OFTHESYSTEM
Chapter1:Theactivitiesoftheinstitutions
*TheACP-EECCouncilofMinisters
Atitsmeetingheldon13and14MayinLibrevilletheACP-EEC
CouncilofMinistershadfourStabexitemsonitsagenda.
16.Firstly,therewasthefactthatthefundswereinadequate :
inviewoftheextentofthedifficulties encountered bytheACPStates
in1981withregardtotheirexportearningstheCommunityexceptionally
proposedinLibrevilleadditional(non-Stabex)financingof
70753710ECU,ofwhich40mEOJwastobetakenfromintereston
EDFassetsandwastobeusedforfinancingdevelopmentprojects
suitableforrapidimplementation and30753710ECUwastocome
fromrepaymentsofspecialloanstobeaddedtotheoriginalStabex
disbursement .
InreturnforthiseffortbytheCommunitytheACP-EECCouncilof
MinistersdecidedthatthesituationofthoseACPStateswhichowed
moneytothesysteminrespectof1975and1976andhadnotpaidoff
theirdebtsinfullduringthefive-yearobservationperiodprovided
forinthefirstLomeConventionshouldbestudie^onacase-by-casebasissothatthedebtsofthosemakingarequestinrespectofI98I
couldbesetoffagainsttheamountoftheirrequest.
17.ByDecisionNo6/82of14May1982theCouncilofMinisters
instructedtheCommitteeofAmbassadorstotake,bytheendofJune1982,
decisionsunderArticle34enabling20$ofthe1982instalmentto
beusedinadvanceforthepurposesoftransfersforI98I(paragraphl)
andcuttingtheamountofthetransfers(paragraph2).
18.Implementation ofthedecisionstakenbytheACP-EECCouncilin
Librevillethereforehadtheeffectof:
-reducingtheamountofthetransferentitlements to427320422ECU,-mobilizingatotalof182853710ECUforfinancingthetransfers,-therebyattaininganoverallcoverrateof42.8$,
-fixingthetotalamounttransferable underStabexoronsimilarterms
at142853710ECU.
Similarly,itwasagreedwiththetwoACPStatesowingmoneytothe
systembutwhichhadnotrequestedtransfersinrespectofI98Ithat
thedebtsinquestionwouldbeextendedforayearandthattheamount
owedbyanACPStatewhich,inLomeII,hadbeenenteredonthelistof
leastdevelopedACPStates,shouldbecancelled.

-4-
19.Secondly ,itwasdecided that theproblem raised byEtniopia
regarding themethod ofapplying exchange rates would besettled before
the Committee ofAmbassadors' decision inaccordance with Article 34.
20.Thamatter ofincluding newproducts wasbroached asthe
seccr.d Lome' Convention hadnowbeen inapplication forayear ,the
period laid down byArticle 26after which newproducts could be
included .Itwasdecided (Decision No4/82)toinclude nutmeg
and mace and sheanut kernels .
21.Onaproposal from the Comnission the ACP–EEC Council ofMinisters
also took adecision (No3/82)toapply theArticle 27provisions
regarding inter-ACP trade toDominica .
22.Lastly ,theCommittee ofAmbassadors was instructed ,inkeeping
with theletter andspirit oftheConvention ,tomake adetailed
examination oftheStabex system inpreparation for thediscussions
tobeheld atthespecial session ofthe Council ofMinisters
convened for that purpose .
(2)TheACP-EECStabex Subcommittee andtheACP–EEC Committee ofAmbassadors
23.ThaACP --EECStabex Subcommittee meton7June 1982 ,principally
todiscuss theproblem raised byapplying toEthiopia inrespect of
coffee theusual method forconverting the amount oftherequests
into ECU .Itwa3decided that the1981 transfers would becalculated
byapplying themethod that hadalways been used .
Acojruittee ofindependent experts should meat tostudy thepros and
cons ofthavarious possible methods .Inthelight oftheir atudy
theConiiission could possibly consider adopting another method ,
provided that itwasapplied indiscriminately toalltransfers .
24.Bywritten procedure on5August 1982 theACP-SEC Committee of
Ambassadors <3<cid%d ,onthebasis ofareport prepared inaccordance
with Article 34andtransmitted toitschairmen on16June 1382 ,
to?i.locats t;'~alavailable amount of182853710ECU inaccordance
with thefollowing principles :
(a)AC?Static *:thtotal transfer entitlements ofless than IraECU
were not totsaffected bythereduction ;
(b)for ?lj.other transfers thereduction wastobesuch that therate
pay -sent tob?applied totransfers totheleast developed applicant
states wastobe11$above therate ofpayment tobdapplied in
other case 8!
(c)where ,hoKvar ,thereduction cutanACPState 'sclaims tolass
than 653 392ECU (i.e. thehighest amount intheerouD oftransfers
ofless +hanlmECU),itsentitlement wastoberounded upto
+hatamount ,ontheunderstanding that thefunds needed forthat
operation would bedrawn from theother transfers .
25.Onthab?sis rfthose principles theoverall rates ofpayment were
calculated asfollows :
-4 forthelsast developed ACPStates ,
-41.9$ forthaother ACPStates ,
–100,0 %forACPStates with atransfer entitlement ofless than ]mECU .

-5-
(3)TheParliamentary organsoftheLomeConvention
26.TheACP-ZECJointCommitteemetinStrasbourgfrom
23to25September1981andtheACP-EECConsultative Assfeiably
inLuxembourgfrom28to30September1981.Thefollowingresolution
wasadoptedregardingStabssci^"theAssembly:_/
"RecognisesthatStabex,asaninstrumentdesignedtoreducetheeffectcfpricefluctuations ,servestoallowACPcountriesto
planaheadwithacertaindegreeofsecurityregardingtheincome
tkaycanderivefromtheexportsofproductscovered "bythesystem;
&atesthattheneedforcoverageofawiderrangeofproducts
hasteenadmitted "bytheprovisionsofthenewConventionandthat
thereisscopeforfurtherexpansionofthelist;
Isgravelyconcerned,however,thattheresourcesmadeavailablefor
StabexunderthenewConventionhaveprovedtobequiteinadequate ;
Callsthereforeforthepromptprovisionofadditionalresources,yrhicfi
isnecessaryifthesystemisadequatelytofulfilthepurposefor
whichitwasdesigned;
ReiteratesitsrequesttotheCommissiontopresentareportassessing
theimpactofStabexonthedevelopmentoftheeconomiesofthe
ACPcountriesand,giventheimportanceofthisassessment,urges
thatthisdetailedstudyshouldbecarriedoutbyexternalconsultants
selectedwiththeapprovaloftheACPcountries.
Insistsonthenecessityfortheconclusionofworldcommodity
agreementsinordertoassureremunerative andstablepricesin
ordertoalleviatetoorapidadepletionofStabex..."
(4)TheEuropeanParliament
27.Parliamentdevotedparticularattentiontothedifficulties
encounteredbyStabexin1981.Followingmeetingsofthe
DevelopmentCommitteeandtheplenarysessionof12Hay1^82aletter
wassenttoMrPisaniandanumberofresolutions adopted.A
pointwasmadeofsendingthesedocumentstotheACPGroup.
Parliamentstressedthehighlypoliticalnatureoftheproblemof
theshortageoffundsandofthesolutionswhichmightbeadopted.
27.FourmembersoftheEuropeanParliamentaskedwrittenquestions
regardingthesystem,namelyMrCouste(WQNo1949/81),
MrPearce(WQNo423/82),MrVanMiert(WQNo129/82)and
MrBeyerdeRyke(WQNo666/82).Therepliestothesequestionswill
bepublishedintheOfficialJournalsbytheendof1982.
5«TheCourtofAuditors
29.ForI98ItheCourtofAuditorsconducteditsinvestigations on
theoccasionofvariousvisits.Itsfindingsarecontainedinthe
corresponding missionreports.
EP78.615/Rev.

-6-
Chapter 2:Develo pment ofthe system
30.I98I marked thefirst year ofapplication inwhich account was
taken oftrade beiween Greece and the ACPStates .The statistical
cooperation instituted forboth Community imports andACPStates'
exports absorbed ';ris new aspect without anyproblem .
31.While theACP-EEC Council ofMinisters meeting inLibreville
decided tocontinue itsexamination ofthepossibility ofincluding
tobacco andcitrus fruits inthe list ofStabex products ,two
newproducts (nutmeg andmace ,andsheanuts kernels )were added to
thelist ,thefirst year ofapplication being 1981 ,inrespect ofwhich
tworequests were submitted .
Twofurther requests fortheinclusion ofnewproducts (plywood and
paper pulp )have been submitted bytheACPStates andarecurrently
being studied bythe Commission .
32.InI98O Dominica requested theCommission andtheACPGroup to
apply toitArticle 27oftheSecond Lome Convention .The ACP–SEC
Council meeting inLibreville decided ,onaproposal from theCommission ,
toapply this clause toDominica ,enabling ittotake into account
trade with the Community plus inter-ACP trade for the purposes of
calculating itsexport earnings .
PART TWO :APPLICATION OFTHE TEXTS AND RESULTS THEREOF
Chapter One ;Application ofthe texts
33.Foryear ofapplication 1981 theCommission received atotal of
49transfer requests from 3?States signatory totheSecond Lome Convention .
Afurther twotransfer requests were presented bytwoOCT coming
under theDecision of16December I98O ,which hadbecome independent
andacceded totheSecond Lom£ Convention butcontinued tobecovered
bythat Decision for thepurposes ofStabex .These were theonly two
requests received bythe Commission inconnection with that Decision .
(1)Requests turned down onthebasis ofArticles 38,2Sf?9and37
34-The 13requests that were turned down maybedivided into twogroups :
(i)Requests which were inadmissable byvirtue ofArticle 38(no
loss oftotal export earnings fortheproduct inquestion ).In
1981 three requests were involved :
Upper Volta (hides ,j?kins andleather )
Mali (cotton )
Tanzania (rawsisal )
(ii)Requests inrespect ofwhich atleast oneoftheeligibility criteria
(Articles 25,29sjid37)hadnotbeen met .Thefollowing ten
requests were involved :
Niger (niebe ):notincluded inthelist ofproducts covered
Benin (cocoa ): failure toexceed dependence threshold

-7-
Ethiopia("beans)Kiribati(copra)
Uganda(coffee) )innationalcurrencyor
Togo(coffeeandcocoa) )convertedintoECUorfl
UpperVolta(groundnuts))thresholdsnotattained
Tonga(coconuts) )
SincetherequestconvertedintoECUfailedtoshowanylossof
earningstherequestfromBelize,covered "bytheOCTDecisionof
16December1980,alsohadtobeturneddown.
(2)ApplicationofArticle39(3)
35-Inthecaseoftheremaining36transferrequests,concerning
26ACPStates,itwasnecessarytoholdconsultations withthe
applicantsinthefollowingcases.
Theexamination of17requestsconcerning 14ACPStatesshowedthatthere
wereconsiderable changesinthetrendofproduction andtotalexports
oftheproductsinquestion.
OnthebasisofArticle39(3)ofthesecondConvention,consultations
wereheldinthefollowingcases:
(i)Decreaseintheratiooftotalexportstoproductionofthe
product:
–Benin(palmoil):27.4$reductioninthetransferbasis
–Benin(palmnutandkerneloil):17$reductioninthe
transferbasis
–Senegal(groundnutproducts):16.5$reductioninthetransfer
basis.
(ii)DecreaseintheCommunity'sshareoftotalexportsofthe
productinquestion:
–CentralAfricanRepublic(coffee):16.1$reductioninthe
transferbasis
–IvoryCoast(coffee):4»3$reductioninthetransferbasis
–Gambia(oilcake):41.3$reductioninthetransferbasis
–Mali(sheanutkernels):13.1$reductioninthetransferbasis
–Kenya(coffee):10.1$reductioninthetransferbasis
–PapuaNewGuinea(coffee):n15+2%reductionin+hetransferbasis–PapuaNewGuineavCocod.lt10.3%reduction ^hetransfer."basis–PapuaNewGuinea(copra):9-9$reductioninthetransferbasis
–Sudan(cotton):3.6$reductioninthetransferbasis.
(iii)Increaseinlocalconsumptionorstorage:
–Ghana(cocoaproducts):19»37$reductioninthetransferbasis
–Sudan(cotton):10.5$reductioninthetransferbasis.
(iv)Infourcasesthetransferentitlementwas,onthebasisof
Article46(3),reducedtolossessustainedinrespectofall
destinations :
–Fiji(coconutoil)
–Malawi(tea)
–SierraLeone(palmnutandkernelproducts)-Somalia(bananas).nolossforrequestexpressed
innationalcurrencyor
convertedintoECUorfluctuation
thresholds notattained

_8-
(3)Pa^sirt ofadvances in withArticle 4Qiil
36.In1980and1981 11advances werepaid .These advances ,set
asrainst thetranfers ,involved groundnut products inthecase oitSoWestAfrican states bscansa ofpersistent tadweather andtwo
coffee -exporting states .T,:oPacific islands alsoreceived advances
forcopra andcocoa products ,
37.Advances amounted to31615000ECU,broken down asfollows :
(a)Commission Decision of16October 1981s
Gambia (groundnuts ) 1^50000750000
18000 000
68S 000IZLte*-"' ,£000
r* i / \ P000 000Uganda (coffee ) 2000000
(b)Commission Decision of13November I98I1
Gambia (groundnuts ) 600000
(groundnut oil) 500000
(groundnut oilcake ) 400000
(c)Commission .Decision of9December 1981 :
Solomqn Islande (copra ) 400000
(d)Commission Decision of10February 1982 :
Kenya (coffee ) 7500000
38.With regard toreconstitution oftheresources ,theCommission ,
acting inaccordance with Article 21(3 )oftheLome Convention and
thepractical procedures contained intheletters exchanged onthe
occasion ofeach transfer ,carried outthenecessary investigations
regarding transfers made inrespect oftheperiod 1976 to1979 "to
countries committed tocontributing tothereplenishment ofthe
system 'sresources butwhich hadnotdischarged their obligations by
paying funds back into thesystem .Itwasfound that theconditions
laid down bytheConvention forsetting inmotion thereplenishment
process were notmetinasingle case onthebasis ofthe1981 results .
39»Inthe case oftransfers made asloans inrespect ofyear of
application J98O ,inaccordance with Article 43(?)of "the
Second Loml Convention andthepractical procedures contained inthe
letters exchanged ontheoccasion ofeach transfer ,the Commission
carried outthenecessary investigations .Onthebasis ofthedata
currently available for1981 ,itwasfound that theconditions laid down
forsetting thereplenishment process inmotion were notmet .
40.Inthecase oftransfers made asloans foryears ofapplication 1975
and1976 ,inrespect ofwhich theconditions laid down inArticle 2l(3 )
were notmetover aperiod offive years ,adecision wastaken by
theACP-EEC Council ofMinisters atLibreville under Article 21(4 )
inconnection with theproblem oftheshortage offunds .

-9-
41.Following acase-by-case examination itwasagreed that :
(i)inthecase offive states which hadmade atransfer request
inrespect of1981 theamounts they owed would besetagainst
theamount oftheir request ,subject towhich thedebt
would becancelled .Thestates inquestion were :
-Ivory Coast (wood intherough ) 15000000ECU
-Cameroon (wood intherough ) 3601423ECU
-Fiji (coconut oil) 246435ECU
–Madagascar (sisal ) 1762943ECU
-Ghana (wood intherough ) 517640oEOT
(ii)inthecase oftwostates which owed money tothesystem
butwhich hadnotsubmitted requests for1981 ,thedebts
inquestion would beextended foroneyear
-Congo (wood intherough ) 7361677ECU
-Gabon (wood intherough ) 6703311ECU
(iii )inthecase ofSierra Leone ,which wasincluded inthelist
ofleast developed ACPStates intheSecond Lome Convention ,
the debt was cancelled .
4>Application ofArticle 343-fidoftheexceptional__arrangements madeaTLibreville
42.When the ACP–EEC Council ofMinisters met inLibreville on
13and14Maytheorder ofmagnitude oftotal requests inrespect of
1981 wasalready known tobewell inexcess oftheamount ofthe
annual instalment .TheCommunity therefore proposed that anadvance
drawing of20$bemade onthe1982 instalment andthat anumber ofether
measures also betaken .
43.Following Decision So8/82,taken bytheACP-EEC Counci 1ofMinisters
on5August 1982 ,regarding theadvance useofpart ofthe1982 instalment ,
theresources available forI98I amount to;
Annual instalment for1981 89750000ECU
-20%oftheI982 instalment 22350000EOT
Total 112100000ECU
Iithese available resources arecompared with thetotal amount cfjustified
requests (453107631ECU)there isashortfall of341007631ECU .
44.Article 34(2 )oftheSecond Lom6 Convention stipulates that ,insuch
asituation ,theACP–EECCouncil ofMinisters way ,on "(hebasis ofa
Commission report ,reduce thetransfers tobemade .
45' Thedecisions taken atLibreville meant that thefollowing operations
would becarried outbefore applying Article 34(2 ):
(i)Thesumof30,8 mECUwould beadded tothenorms 1annual instalment
of112.1 -mECU „The former amount comes from repayments bythe
ACPStates ofspecial loans andrisk capital provided under the
Yaounde Conventions andthefirst Lome Convention .Themoney is
being -orwill bepaiddirectly incash intoStabex bythe
Member States andtherefore disbursement useandreconetitution of
resources inthose cases where such anarrangement applies ,are
exactly thesame asifthis sumwere part ofthenormal contractual
appropriation .Thecash amount available will therefore be
112.1 +30.8 =142.9 mECU .

-10-
(ii)Anadditional amount of40mECUwould "bemade available
thesystem forfinancing ,inaccordance with ,theConvention
and "bymeans ofgrants ,projects which could beimplemented
rapidly intheACPStates ,which would have topresent valid
transfer requests .Theprovision offinancing forthese
projects –which would beinaddition totheEDFindicative
programmes –would thus enable thecountries inquestion to
receive agiven proportion oftheapproved transfers ,inrespect
oftheproportion notpaid incash ,asDroiect financing .
That part ofthe40mECUwhich each ACPState that requested
aStabex transfer will obtain will therefore beequivalent
topayment ofthetransfer andwill help (partly )meet
that state 'srequest ,even iftheamount inquestion isnot
paid under Stabex conditions proper .
(iii) Action would betaken ,onthebasis ofacase-by-case
examination ,onthesums owed tothesystem inrespect of
years ofapplication 1975 and1976 byfive ACPStates
(ivory Coast/wood 1975 »Ghana /wood 1975 »Madagascar /sisal 1976 ,
Fiji/coconut oil1976 (balance ),Cameroon /wood 1975 )»by
individually setting offthose debts against theamounts of
their requests foryear ofapplication 1981 after appraisal
ofthe latter .
TheCouncil instructed theACP–EECCommittee ofAmbassadors toimplement
these measures (cf.paragraph 2).
46.The 341 412 ECUtransfer toVanuatu ,which isanOCTwrnthm the
meaning ofthis Decision ,does notpresent anyfinancing problems .The
available resources are calculated asfollows :

-11-
AnwnaTinstalment 1800000ECU
Carryoveroftheunused,portionofthe1980annual
instaiment 1287888ECU
Total 3087888ECU
TherearethereforesufficientresouroesavailabletopayVanuatu'stransfer
entitlement (341412ECU)infull.Thisdisburseaentwasaadeentirelyunder
Stabex.
(6)AdvanceforUganda
47*12mECUadvancewaspaidtoUgandabydeoisionof16October1981.The
subsequenttrendofitscoffeeexportsandoffluctuations initscurrency
revealed,however,thattherewasnoannualtransferentitlement.Ugandawas
informedofitsobligationtorepaytheamountinquestion,eitherimmediately
orbysettingitoffagainstthefirstsubsequenttransfer.
Chaper2:Results
(1)Overallresults
48.A.Resultsofthe1981operationbyACPState
(i)Totaldisbursements ,includingsumstobedisbursedintheformofproject
finance(112100000+30753710+40000000-182853710)
STATES products
ΓΓ\;Ν; COTTONNOTCΛRDEDOHCOW'ED }3f.159
lìΡALfinu. 25λSR5
1» ¡'ALMKillANDKERNEL01!,'ΛΛf.f,Η
CAI'F.ΡΟϋΝ ('0ΓΠAPRODUCTS Î0,3ΛΡ44H
II RAWOHlì(tΛSΤFΓ3COFFER f%,9"R1
0f.ΝiRΛLU~R!CA\ΠΕΡ.KAUHRIUIASTROCOFFEE 1,53679Λ
ivni'γrilASΤ RAV;ni?fîOAGTCOCOFFEE 35,3?q72d
pm;j?v¡;ΓΑ COCONUT 1'CODI1CΤS 50?U3
EΤI:!0ΡïA ItAV/ΠRlu1ASΤΓΓ)COFFEE if,?·702
F1Γ1 COCONO ΓOIL 5î391
ηαι;¡'ιλ ΠfiOlIΝPNUΤSSHELLFi)OR\0T '2.,:?50^9
ti GROUNDNUT fill. 1,ΛΑ03ßη
II niL-CAKFLj'■>Ι>7Λ1
CHAN4 COCOAPRODUCTS 3?,77r,69?.
ΠRENATA MUTUECAMiHACE197531
ΚE\VΛ RAWOFROASTED COFFEE ?!.054231
!ί'ΛIΓ,Π MOHAIR 35α533
ΜΛΙ-'Λί:Λsí:Α'ί RAV'ORROASTED COFFEE 3,/;tnfì2f,
f/ΛIΛV.; TEA (,53391
κα:.! S!!ΕAΝ'JΤKERNEL C-,53391
1»Λ:'1Ιι\VΓ
1Ml'Jι\*ΜC',!JΝΕΛ RAWORROASTED CORTEE 9,4?151^
IICilCΠΛί'-ΕΑ\S 5,73ΠOl2
"COPRA 1.3Í15695
COCONUT ΟM. ι,líiO130
ν··ν·/\ RAWORROASTTD COFFEE 6533Τ1

SOLCMONISLANPS
WESTERN SA(■'(lA
fl
sariiume"pv.incipe
SENEGAL
SIERRALEONE
II
S0MAI.IA
SUPAN
TA\7A'sl1A
TUVALU
TOTALCOPRA
cocoat;Eans
COPRA
COCOAPEANS
CROUNPNU TPRODUCTS
PALMKERNELPRODUCTS
cocoaneans
FRESHRANANAS
COTTONNOTCARDEDPRCOMPEP
KAv;ORROASTEDCOFFEE
COPRA72,32I
1.170,846
1,035,401
994,R95
26,27?.,999
1,OR2,263
53,351
9*9,211
10.879,030
694,174
56,606
I82.053,710
49.(ii)Disburseaente onteraasial1artoStabexdisbursements
(112100000+30753710-142853710).
STATES PROPIJCTS
PF\!NI corTONNOTCARPEDORCOMOED 1U1694
IIΡALM0]L 193Ρ.93
IIPALMNOTANIDKERNELOIL 425520
CAMEROON COCOAPRODUCTSη,OR/;683
ηRAWORROASTED COFFEE 5,¿59706
CENTRAL AFRICAM HEP.RAV'ORROASTED COFTEE 1,200616
IVUR\CΠAS1 RAWORROASTEDCOrrEE 27.601.201
PCPiΝICA COCONUT PRODUCTS y.'?.297
ΕΤF.LUPIA RAI'.1ORROASTED COFFEE 75679'ι
FΓJί COCONUTOIL 510459
ΠAlip]Λ GROUNDNUTS SUE!.LEDORNOT 1,73H342
II.GROUNDNUT OIL 1,125275
IIOIL-CAKE 413858
F,!¡ΛNiΛ COCOAPRODUCTS 25,606655
CΚΚΝΛΓÏΑ NUTMEG ANDMACE 154320
ΚΕΝΥΑ RAVORROASTED COFFEE 16,443532
Ι.ESOIΡ:1 MOMA1R '276977
t'1ΛPAP.APAP RA1./OPROASTED COFTEE 2,60Β13)
MAIr.'l TEA 5ι0Λ59
ΡΛiί SiirAMJΤΚFRΝL.L 5I0*59
ΡΑ,'υΑΜCV'GUIIVLA RAWIII!RílASIEDCOFFEE 7,5!«
IICUPOAΡΕΑΝS •'4οο7R
IICOPl'A 1,002569
ι·COCONUT OIL 906347
RWANDA RAVORROASTED COFFEE 510Λ';9
SOLOMON JSLAiN!1S COPPA 565092
V.ESfEI'Ν'SAMOA COCOAPEANS 91.471.9
IICOPRA πon903
SAOTOMEPRÌNCIPE COCOAP.ΕAΝS 777258
senega:. GROUNDNUT PRODUCTS 20,525673
SIERRALEONE PA!MKERNE!.PRODUCTS Β45514
ttCOCPAPEANS Λ16Π0
SOMA !IA FRFSPPANAMAS 741567
SUDA\ C0ΤΤ0Ν\0ίCARΡ;ΕD0RC0liF.FDri.¿99]9Η
1A\2AΝ¡A RA1..'ORROASTED COFFEE 5"7321
luvλίι COPPA 44223
If.i1AL I'i?.('53.710

50.(iii)Disbursementsintheformofprojectfinance
STATES PRODUCTS
FA¡Ν COTTON ΝΠΓΠΛί'.ΠΓ.DORCΠΜΠΕD ')0ι>,'l7S
MΓ·ΆΙ.ΠDIL c.Sf.rl">
tl
-PALMMUANDΥ.ΓΓΝΓLΠIL 1)ΙΛΟ
CAîiFcno\ POCHA0ΡΓΙΡ!!ΤΠ ?,?-<>3,7Α5
i:ΡAV'OPROASTEDCOFFEE ι.r<2i'..7Γ>5
CΓNIRA'.AFRICAN Ρ:CP.RAWHRROAS!EHCOFFEE "}Λ]ΓΝ^
Μ"-;Γ:YOPACI RAO01·;ROAΓTEDCOFFEE 7,72°,L'?3noPiiΝ.!οΛ .ΡOOOI\'!ΙτPRODUCTS '109.Ρ.'ιr.
ΕΠΙ!!Λ ΜAVMPROASTEDCOFFEE ?ι!,90«rrJ!] COCONUT DLL \·'■?9Τ>
CAí'ί;ÌA OR01IMPMÍJΤS51iEL1.E!)ORNOT ΑΓC,7^7
1»P.R011ΝΡΝ1iΤOí!. 315,02Γ>
IIHIL-CA'<E !1r>.ηρ5
Γ!MANΛ coroAPRODUCÍS 7,170,C
Cl'PJ·.·"··Α ΜIΤ!!EΠΑΝΓ>ΚΑΙ.Τ,pi]
ΧΓ\ΝΛ RAV,'OHROASTEDCOFFEE /.<Ληc,,,',^η
I.ΓSILI!¡M ΜΠΟΛ IΗ 1 77,c>->r>
MAPACAsrv .;; RAVORROASÍE!)COFFEE 7Γ>2,ΛΡΓ>
t-'ΛΙΛV'J ΤEΛ \<\τ,932
MALi S!1EANOTKERNEL ]47,^^2
ΡΑΡΙ'Λ rvC'·'CHINEA OA1,:ORROASTED COFFEE ?..ο^η,09Γ>
ftCOCOACEANS 1,255.?1Ί
fiC0ΡΡΛ '5Π^.I?
tlΟΟΟΓΛΌΤ OIL 2*33.7?53
RI·:ΛΝΡ·Λ PAOOPROASΤEOΡΓιFΓEE 1/,7.?3;·'
SOI..ο;pp.;ISLAM'S COPRA ι·>η,??'>
ν:rFτFrr·SAMOA COCOAPEANS 25Λ,127
IICOPRA 22'■>.U0?j
SAi.·IPCEr'RiNi,1i'·il COCCIACEANS ?17.*37
SΓiVΓI:A!. OROIPVDNDT ΡlìCPΡ0ΤS 5,747.32
SIRAΊ;Λt.Γι;^ζ "ACHKERNEI.PRODUCTS 2V,,7Λ9
IICOCOACEANS )1.*7Ì
S0KALiΛ FRESHCAMANAS "Ό7,Λ4Λ
SUDAN C0ΤΤη\ιΜηΤCARPET,·ORCΠMOFΠ ?..77'>,"32
ΤΛΝ7Λ\!Λ 1AV;OCROASTECCOTEEE 15].Γ.53
Τ1.1VAL!i CΠΜΡΛ 1?,3Τ3
Τ(iΤΛL 40,ΠΓΙΟ,οηο
51.B.Disbursement fromtheOCTappropriation of16December1980
VANUATU COCOABEAKS 341412
(2)Resultsbycountry
52»Ofthe142833710ECUdisbursedunderStabextotheACPStatessignatory
tothaSecondLom6Convention,22606897ECU(15.8$)ofthetransfersinvolved
theleastdevelopedACPStates,whichareexemptedunderArticle46(l)(c)from
contri.-ratingtowardsreplenishment ofthesystem'sresources.TheotherACP
States*shareamountsto120246813ECU(84.2$).

-14-
(3)Results "byproduct
53.Theresultsbyproduotwereasfollows(notincludingVanuatu,whichis
coveredbytheOCTappropriation).
PRODUCTS
Coffee
Cocoaproducts
Groundnutproducts
Cotton,notcardedorcombed
Copraproducts
CoconutproductsAMOUNTINECU
62.568.278
39.907.793
23.803.148
_8.600.892_
/_2.500.787_/
/1.809.103/43,80
27,94
16,66
6,02
Totalcopraproducts 4.309.890 3,02
Palmkernelproducts 1.271.C34 0,89
Bananas 741.567 0,52
Tea 510.459 0,36
Sheanutkernels 510.459 0,36
Mohair 276.977 0,19
Palmoil 198.893 0,14
Nutmegandmace154.320 0,11
TOTAL 142.853.710 100,00
Twoproductssufferedfrompoormarketoonditionsandaccountedontheirown
for71*73$ofdisbursements ,theothertransfersbeingentirelydueto
unfavourable looalcircumstances .
PARTTHREE:ECONOMICIMPACTOPTRANSFERS ANDUSEBTTHEACPSTATES
(1)ThebalancesheetforLoméI
54*Theresultsarenowavailableoftheevaluationcarriedoutona
representative sampleofLomiItransferscovering54$oftheamountstransferred.
Whileacknowledging thepositiveimpactofthetransferstheyhavetheadvantage
ofhighlighting ,withregardtoasystemsuchasStabex,thedifficulties
peculiartothedevelopingcountriesandproposeanumberofguidelinesworth
bearinginmindinthenegotiations forthenextcooperation agreement.
(2)Priorindicationsofprobableuseandreportsonactualusemadeofthe
*1981transfers
55TheCommissioniscollectingthereportsontheusemadeofthetransfers
forthefirstyearofapplicationoftheSecondLom4Conventionandwilltransmit
themtotheCouncil,reservingtherighttoaddcertainoommentsonthe
applicationofthearticles.
56TheCommissionwasgiven,withinthetimelimitsspecifiedbytheSecond
LomiConvection,indicationsastotheprobableusetobemadeofthe1981
transfers.Ithasnotbeenconadderedworthwhilereproducingtheahere,unlike
inlastyear'sreport,whereitwasinterestingtoshowhowthisnewaspeotof
theACP-EBCcooperation machineryneededfortheapplicationofStabexoperated.

-15-
(3)Econc;,.io1ofthe1981transfers
57.Thetrannfar^madtirepresent,inrelationtotherecipientcountries'
exportearnings,acontribution whoserelativesizevariesaccordingtothe
lossess":"tained,thei;nportanceoftheproduct(s)inquestionasaproportion
ofthecovn+^y'soverallexportsandthestructureoftheexports(the
Comfflunity "ssharaoftotalexports).
Inanuaibrro?casesthiscontribution reachesremarkableproportions.Thus
disburservantsaccountforthefollowingshareoftotalexportearnings(all
products,alldestinations ,1980,measuredinECU):
Gambia:13.87%
Samoa:18.07%
Sénégal:57•92%.
58.Theimpactofthatransfersmadecanofcoursebeseenevenmoreclearly
whendisbursements inrespectofagivenproductarerelatedtoexportearnings
(alldestinations )fromthatproduct(1981).Forexaapl®,thefollowing
percentages wereobtained:
Gambia-groundnuts: 33*20%
groundnutoil:27.07%
cil-cake: 41.39%
Samoa-cocoa: 117.32%
copra: 28.38%
Sénégalgroudxmtproducts:117.18%
SierraLeone-oilpalaProducts:38.47%
Tuvalu-Copras 217.72%.
Thesedataconfirmtheextentofthesubstituteflows,inrelationtotne
sectorsinquestion,providedbythesystem,andhenceoftheguarantee
providedfortheACPStates'exportearnings,particularly thoseofthe
leastdeveloped ACPStates.

Annex I
Basis oftransfers after appraisal andbefor*setting-off procedure
STAft.5 PRODUCTS
HEN J\ COTTON NOT CARDED ORCOMDED 279,910
ItPALM OIL 547 ,443
u PALM NUT ANP KERNEL OIL 1,171 ,228
CAfilli· ill)Ν COCOA ΡRODO CTS 24,700 ,*00
IIRAV ,1ORRUASTE !)COFFEE 20 .282,105
CENTRAL AFRICAN REP . RAW ORROASTED COFFEE 3,30/;,¿51
IVORY C'OASI RAW OKROASTED COFFEE 99,323,138
DOMI ML' Λ COCONUT PRODUCT S 502 ,143
ETUI O',"' jΛ RAW ORROASTED COFFEE 2,0f'.3,050
FIJI COCONUT OIL I,590 ,256
GAM ;:!Λ GROUNDNUTS S1!ELLFDOR \OT -4,784,721 .
IICRCIIJMUNIJT OJL 3,097 ,279
fi0iL-CAKE .1.139 ,129
CHANA COCOA PRODUCTS 83,41η,ino
CRE N'Ai)A NUTMEG AND MACE 197.53I
KENYA RAV ,1ORROASTED COFFEE 50 ,254,11.9
LES01 ¡!0 MOHAIR 354 ,533
MADAGASCAR RAW ORROASTED COFFEE 9.975 .Μ13
MALA' ..I TEA 653,391
MALI 51¡ΕΑΝ0ΤKERNEL 1,247,938
PAPUA NEW GUINEA RAV,' ORROAS IEDCOFFEE 22 ,4Η8 ,loa
MCOCOA LÌEAΝS 13 ^696.000
IICOPRA 3.307.501
IICOCONUT (1;·_ 2,769,103
ην;ANi)A RAW ORCOASTED COFFEE .1,35S,327
SηUH !ηΝ lSLAMO ? COPRA 1,555,393
1,'tSIERN SAMOA COCOA DEANS 2,517,729
IICOPRA 2,226,¿76
SAC TOME PRÌNCIPE COCOA UEANS 2,139 .373
SENE CAL GROUNDNUT PRODUCTS 62,710,740
SIEHHALEÍ !ΝE PALM KERNEL PRODUCTS 2,327 ,2*5
ΓCOCOA DEANS 114,723
SfiMA!!Λ ΓRESUCANANAS 2,04J.137
SUDAN COÏT 0ΝΝ0ICAR DCD f)Γ!C0ΜίίΕD 23 ,393 ,730
ΤAΝ7Λί·!iΛ RAW ORROASTED COFFEE 1,492,717
1UVA !Γ COPRA 56,606
TOTAL 453 ,107.63 1

5ΓΛΓιΕΧΡΑΥΜΓΝΤ5-ΥΕΛ»*<ΠΓΛΡ!'ϊ_IΠΛΓIΠΝ1901
STATESPRODUCTSISTABEX
■PAYMENTS1BREAKDOWN
140mECUOPTHE
Τ ι
ί?;.ΓΛ8312,263,765
1
;5,459706I1,528,755
177,60I201 !7.723.523
I510A591142,932
;25,60665517,170,037
I1C,4435321a,605,6r'9
I2,(RyJ31J752.ί)5
Ύ
17.3'i'î5ιa12,060,995
14.AΠ279ÍS11,255.21*
Τ1,0'V25^91303.126
I906347r253,733
120.52567315,747,326
1 .1η!694τ
J.28,A75
r19R693155,692
I425520τ
±119,148
ïι?ηn,Li->■616I336,180
1 39?1Qητ
X .109,RA6
.1756794I211,908
11.733342I486.747
I1,125275τi31.5,0Π5
I413858I1.15,883
I 154320I43,211
1276977I77,556
i5104591142,932
1
1510459I142,932
1510 ¿•.591 142,932
I565092I158,279
]914719τ256,127
τROR903I226,A90
177725Β1217.637
τ R455.14I236,749
1 41680τ11,671
1741567I207,6ΛΛ
ΓΗ,Λ9919ΗJ2,379,R32
τ5à2321I151,R53
44223112,333
1 1
1142,Ρ53,710I40,000,000
I τTHTAL
CAKERoON
H
iMOY 1*0A51
FIJI
G11A\A
KEWfl
MADAGASCAR
PAPUANECH11iNFA
SL\ECAi.
BEN1\
CENTRAL AM'.ìl'.AN RE!1
DOMINICA
EÌHLOPi A
CAti.r'!A
II
il
GRENADA
ler>nti!o
l-iALAV:'
MAL:
PCANDA
SCL0I10N fSLA\l)S
i.isier\sAt;t;a
M
•SAOTf'Mi:PRINCIPE
SIERRALEONE
M
SOMALiA
SUDAN
TAN7.AN1 A
TUVAL11corrLE
COFFEE
COFFEcocoapp.nouns
pAV.'ORPCASTED
RAV'Ui;RPASTED
coconuton.
PC'CCAPRODUCTS
RAWCIHROASTED COFFEE
p.A1.:DPROASTED COFFEE
PAVi!.lRHIIASTF.D COFFEE
COCOA['•EANS
COPRA
COCON'Uf 01L
GROll\'DM'TPRODUCTS
COTTON\0TCARDEDORCO11BED
PALM01L
PAIMMITANDKERNELOÏL
RAWORROASTED COFFEE
COCON"!TPPODOCIS
RAWORROASTED COFFEE
GROUNDNUTS SHELLED ORNOT
CRO'JNQNUr OIL
01L-CAKE
NOTMECANDMACE
MOHA!R
TEA
SHEANUTKERNEL
RAWORROASTED COFFEE
COPRA
COCOACEAN5
COPPA
COCOAHEANS
PALMKERNELPRODOCTS
COCOAPEANS
FRF.SIiRANANAS
COTTONNOTCARDEDOPCOMTLD
RAWORROASTED COFFEE
C0PRA21
3
0
5
]
1
?Λ10,3&8,
6.9R8,
35.329.
653
32,776
21.054
3.'■40
9.421
5,73'!
!,385
1!160
26,272
130
254
5(\A
1,536
502
96Π
2.225
1,VI0
529
197
354
653
653
653
723
1.1711
1,035
994
1,082
53
949
n,879
69410n'i•.
461■
724
37.1
692
231
R?..3
513
0].2
695
J3CI
999
1.69
595
668
796
]45
702
089
360
74I
53I
533
391
391
391.
321
fi46
A0.1
095
263
351
211
030
174
606
TOTALPAYMENTS102,«53,71

Annex III
Breakdown bystate ofthe40aECUforproject finance
P.ΕΝI203,315
Í;A!--¡EÜOON3,792,520
Γ.ΕΝΓì<ALAΠΗΓ ,ΛΝKEI' .i3·'),1ΠΠ
Γ,"Π!ΥCΓ)ASI 7,72'3,52.3
DOMJNÜ ;a 109 ,Β■'+^
E1H1Ui' ιA 211,903
FI.J11Λ?.,?3 2
ΠAHI !ιA 917,715
GHANA7,,170 ,037
GRENADA03,211
ΚEMYA•α ,.605,699
LESO "!HU 77 ,356
HΑΠΛGASCAH752 ,695
MALA'.·,' !I42.932
»1A11ì'ι2,932
Ï'AI'MANEV !Γ,1ΠΝΕΑ3,H73
Πι:Α\i)Λ1Λ2,931
ST ..OHUNISLANDS15Τ,229
WEST ΕΚΝSAHΠA¿IÜ2 ,625
SAR ΤI}Ì-ÌE9UINCIDE217 ,637
SENEGAL5,747 ,326
SIEUΗALEHNE 243,■;2π
SMMAL ]A207,6<\\
SUDANr>,379,832
TANZANIA 151 ,Β53
Τ1'VALU!2,313
1OTAL VJ,onn,000

List ofdrawings since 1January 1981 under "theInternational Monetary Pund ,s
compensatory payments system
PfÏÏTftFÏÏRYMILLION LAST MONTH OF MONTH
SDR RELEVANT DRAWII
12-MONTH PERIOD
Chad (1)XC2> 7,10 12/80 1/81
Central African Republic Q.)XX(2)9,00 12/80 1/81
Dominica .(1)XX (2) 1,95 12/80 2/81
Grenada (1)X<2) 2,10 12/80 4/81
StVincent (1)X(2) 1,30 12/80 3/81
St Lucia <1)X(2) 2,70 3/81 4/81
Equatorial Guinea (2) A,70 10/80 4/81
Mauritius 10,50 5/81 4/81
Samoa CD XXX (2) 2,00 6/81 4/81
Sudan (1)XX (2) 31,60 12/80 · 4/81
Jamaica ■CD X 37,00 12/80 4/81
Ethiopia (1)X(2) 18,00 6/81 5/81
Tanzania CD XXC2) 15,90 6/81 6/81
Uganda C?) 15,00 6/81 6/81
Gambia CD XXXXXX C2> 9,00 ' 6/81 6/81
Senegal CD XXX 42,00 6/81 9/81
Guinéa Bissau CD XXC2) 1,85 3/81 9/81
Ivory Coast CDXX 114,00 12/81 9/81
MaLawi CD XXC2) 12,00 6/81 9/81
Zambi a 59,30 6/81 10/81
Papua NewGuinea (l)XXXX 45,00 6/81 11/81
Fiji CDXX 13,50 3/82 2/82
Zaire 106,9 12/81 3/82
(1)ACPStates which have received transfers corresponding tothenumber of
X'sforthecalendar years inquestion (1980 and1981).
(2)ACPStates notrequired tocontribute tothereplenishment ofresources .