95/132/EC: Council Decision of 10 April 1995 providing macro-financial assistance for Belarus

COUNCIL DECISION of 10 April 1995 providing macro-financial assistance for Belarus  (95/132/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  (1) submitted after consulting the Monetary  Committee,
Having regard to the Opinion of the European Parliament  (2),
Whereas Belarus is undertaking fundamental political and economic reforms and is making substantial  efforts to implement a market economy model;
Whereas Belarus, the European Communities and their Member States have negotiated a Partnership and  Cooperation Agreement which will help the development of a full cooperation relationship;
Whereas Belarus agreed with the International Monetary Fund (IMF) in 1993 on a first set of  stabilization and policy reform measures to be supported by a purchase under the IMF's Systematic  Transformation Facility (STF); whereas the IMF Board approved the release of the first STF  instalment in 1993; whereas the Belarussian authorities adopted in Autumn 1994 an ambitious  stabilization and structural reform programme; whereas the IMF Board approved in January 1995 the  release of the second STF instalment and whereas Belarus and the IMF have reached an understanding  on the support of this programme by a Stand-by Arrangement;
Whereas the authorities of Belarus have requested financial assistance from the international  financial institutions, the Community and other bilateral donors; whereas, over and above debt  restructuring arrangements and the estimated financing which could be provided by the IMF and the  World Bank, a residual financing gap of some US  $ 250 million during the programme period remains  to be covered;
Whereas the Belarussian authorities have committed themselves to fully and timely service their  external financial obligations towards the Community;
Whereas a Community long-term loan to Belarus is an appropriate measure to help easing the  countries' external financial constraints and support the policy objectives attached to the  government's reform effort;
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,