CELEX: 51996PC0009
Language: en
Date: 1996-01-23
Title: Proposal for a Council Decision repealing Decision 94/939/EC providing further macro-financial assistance for the Slovak Republic

Avis juridique important

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51996PC0009

Proposal for a Council Decision repealing Decision 94/939/EC providing further macro-financial assistance for the Slovak Republic  /* COM/96/0009 FINAL - CNS 96/0018 */  

Official Journal C 084 , 21/03/1996 P. 0013

Proposal for a Council Decision repealing Decision 94/939/EC providing further macro-financial  assistance for the Slovak Republic(96/C  84/07)COM(96) 9 final - 96/0018(CNS)(Submitted  by the Commission on 24 January 1996)THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 235  thereof, Having regard to the proposal from the Commission, submitted after consulting the Monetary  Committee, Having regard to the opinion of the European Parliament, Whereas, by Decision 94/939/EC  (1), the Council approved further marcro-financial assistance for  the Slovak Republik of up to ECU 130 million in the form of a medium-term loan facility; Whereas, however, the Commission and the Slovak authorities have not made sufficient progress in  agreeing on the economic policy conditions to be attached to this facility, in particular on an  early removal of the 10  % surcharge on imports of consumer goods introduced by the Slovak Republic  in March 1994; Whereas furthermore the Slovak Government decided in June 1995 to cancel the shares-for-vouchers  mass privatization scheme; whereas this and other decisions of the Government have resulted in a  slow formulation and implementation of privatization and other key structural reform policies; Whereas the mid-term review of the economic programme agreed between the Slovak Government and the  IMF and supported by a 'stand-by arrangement` has not been completed; whereas discussions between  the Slovak authorities and the World Bank on an 'Enterprise and Financial Sector Adjustment Loan`  have been discontinued; Whereas the balance of payments situation and foreign exchange reserve position of the Slovak  Republic have strengthened substantially; whereas the Slovak Republic's access to the international  private capital markets has considerably improved; Whereas the strengthening of the country's external financial position has allowed the Slovak  Republic to stop making purchases under the 'stand-by arrangement` approved by the IMF on 22 July  1994; Whereas, in these circumstances, there is no ground for the implementation of Community  macro-financial assistance for the Slovak Republik; whereas this assistance should therefore be  discontinued; Whereas the Treaty does not provide, for the adoption of this Decision, powers other than those of  Article 235, HAS DECIDED AS FOLLOWS: Sole article Decision 94/939/EC is hereby repealed. (1) OJ No L 366, 31. 12. 1994, p. 30.