92/482/EEC: Council Decision of 28 September 1992 providing financial assistance for Albania

COUNCIL DECISION  of 28 September 1992  providing financial assistance for Albania  (92/482/EEC)
THE COUNCIL OF THE EUROPEAN COMMUNITIES
,
Having regard to the Treaty establishing the European Economic Community, and in particular Article 235 thereof,
Having regard to the proposal from the Commission (1), submitted following consultation with the Monetary Committee,
Having regard to the opinion of the European Parliament (2),
Whereas Albania is undertaking fundamental political and economic reforms and has decided to adopt a market economy model;
Whereas trade, commercial and economic links between the Community and Albania are expected to develop within the framework of the 1992 Cooperation Agreement;
Whereas financial assistance from the Community will be instrumental in supporting the adjustment and reform efforts of Albania, will strengthen mutual confidence and will bring Albania closer to the Community;
Whereas Albania is a low-income country eligible for highly concessional loans from the World Bank and the International Monetary Fund (IMF) and whereas the Group of 24 (G-24) agreed to consider complementary financial assistance particularly through  long-term grants or loans on concessional terms, as soon as the IMF has reached an agreement on a stabilization and reform programme with Albania;
Whereas the Albanian authorities have requested financial assistance from the IMF, the G-24 countries and the Community;
Whereas, over and above the estimated financing which could be provided by the IMF, the World Bank and official bilateral creditors in the context of the 12-month stand-by arrangement expected to be agreed between Albania and the IMF, a financial gap of  some US$ 165 million remains to be covered in order to avoid an additional degree of import compression which would jeopardize the achievement of the policy objectives underlying the Government's reform effort;
Whereas the Commission, as coordinator of assistance from the G-24 has invited them to provide highly concessional financial assistance to Albania in order to support that country's adjustment and reform efforts;
Whereas taking into account the economic and financial situation of Albania, this financial assistance intended to support that country's balance of payments should take the form of grants;
Whereas the Community grant should be managed by the Commission;
Whereas the EEC Treaty does not provide, for the adoption of this Decision, powers other than those of Article 235,