94/940/EC: Council Decision of 22 December 1994 providing macrofinancial assistance for Ukraine

COUNCIL DECISION
of 22 December 1994
providing macrofinancial  assistance for Ukraine
(94/940/EC)
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 Ukraine is undertaking fundamental political and economic reforms and is making substantial  efforts to implement a market economy model;
Whereas Ukraine has agreed with the International Monetary Fund (IMF) on a comprehensive set of  stabilization and policy reform measures to be supported by a purchase under the IMF's 'systemic  transformation facility'; whereas this facility was approved by the IMF Board on 26 October 1994  and whereas further discussions are under way between the Ukrainian authorities and the IMF on a  macroeconomic adjustment and reform programme to be supported by a 'stand-by arrangement';
Whereas the authorities of Ukraine have requested financial assistance from the international  financial institutions, the Community and other bilateral donors; whereas, over and above the  estimated financing which could be provided by the IMF and the World Bank, important residual  financing gaps remain to be covered in the remainder of 1994 and 1995 in order to strengthen  Ukraine's reserve position and support the policy objectives attached to the government's reform  effort;
Whereas the Ukrainian authorities are committed to pursue promptly with the implementation of the  action plan for nuclear safety supported by the European Union and the G-7, to reach rapidly an  understanding with the IMF on the 'stand-by arrangement' and fully and timely to service their  external financial obligations towards the Community;
Whereas a Community long-term loan to Ukraine is an appropriate measure to help easing the  countries' external financial constraints, supporting the balance of payments and strengthening the  reserve position;
Whereas, while supporting the economic reforms of Ukraine, this assistance should in addition have  the effect of facilitating the democratic process in this country;
Whereas the Community loan should be managed by the Commission;
Whereas the Treaty does not provide, for the adoption of this Decision, powers other than those of  Article 235,