2001/899/EC: Council Decision of 10 December 2001 amending Decision 1999/325/EC providing macro-financial assistance to Bosnia and Herzegovina

Council Decision
of 10 December 2001
amending Decision 1999/325/EC providing macro-financial assistance to Bosnia and Herzegovina
(2001/899/EC)
THE COUNCIL OF THE EUROPEAN UNION
,
Having regard to the Treaty establishing the European Community, and in particular Article 308 thereof,
Having regard to the proposal from the Commission,
Having regard to the opinion of the European Parliament(1),
Whereas:
(1) Decision 1999/325/EC(2) provides macro-financial assistance to Bosnia and Herzegovina comprising a loan component of a maximum principal of EUR 20 million and a grant component of a maximum of EUR 40 million.
(2) Due to delays in the implementation of the required policy reforms as agreed within the Stand-by Arrangement with the International Monetary Fund, so far only a first (EUR 25 million) and a second tranche (EUR 20 million) could be released. A third and final tranche of up to EUR 15 million is still outstanding.
(3) Bosnia and Herzegovina is determined to continue on its economic stabilisation and reform path and continues to require external financial support in addition to what can be provided by international financial institutions.
(4) The existing Decision 1999/325/EC does not permit the commitment of grant funds beyond the year 2000.
(5) The Commission has consulted the Economic and Financial Committee before submitting its proposal,