Article 1 
The Community shall grant the Italian Republic under Regulation (EEC) No 1969/88 a loan of ECU 8 000 million or the equivalent amount in other currencies. Article 2 The loan shall be made available to the Italian Republic in four instalments. The average life of each instalment shall not exceed six years and therefore the average life of the loan shall not exceed six years. The first two instalments shall be made as follows: - the first instalment amounting to ECU 2 000 million of the equivalent in other currencies not earlier than 1 February 1993, - the second instalment amounting to ECU 2 000 million or the equivalent amount in other currencies to be released not earlier than 31 July 1993, and in any case after the Commission, in consultation with the Council and in the light of an examination made in collaboration with the Monetary Committee of the progress in the execution of the programme, is satisfied that any additional measures which may be necessary have already been taken and that the budgetary targets of the programme for 1993, after taking into account weaker economic growth or higher interest rates than projected, are likely to be achieved. The third and fourth instalments shall be made as follows: - before 30 September 1993, the Italian Government, in collaboration with the Commission, will reassess the budgetary targets for 1994 so as to achieve the key objectives of the medium-term programme and in the light of actual and prospective macroeconomic developments. The third instalment amounting to ECU 2 000 million or the equivalent amount in other currencies will be released not earlier than 1 February 1994 and in any case only after the Commission, in consultation with the Council and in the light of an examination made in collaboration with the Monetary Committee, is satisfied that the measures necessary to achieve the budgetary targets set for 1994 have been implemented, - before 30 September 1994, the Italian Government, in collaboration with the Commission, will reassess the budgetary targets for 1995 so as to achieve the key objectives of the medium-term programme and in the light of actual and prospective macroeconomic developments. The fourth instalment amounting to ECU 2 000 million or the equivalent amount in other currencies will be released not earlier than 1 February 1995 and in any case only after the Commission, in consultation with the Council and in the light of an examination made in collaboration with the Monetary Committee, is satisfied that the measures necessary to achieve the budgetary targets set for 1995 have been implemented. Article 3 1. The loan shall be granted on the basis of the decision taken by the Italian Republic to implement the budgetary adjustment and reform programme which it has presented, the objectives of which are set out in the recitals to this Decision. 2. The Commission, in collaboration with the Monetary Committee, shall examine at regular intervals the evolution of the economic situation of Italy and the execution of the budgetary adjustment and reform programme, as implemented. These examinations will continue until the loan is fully repaid. Article 4 This Decision is addressed to the Italian Republic. Done at Brussels, 18 January 1993. For the Council The President T. PEDERSEN (1) OJ No L 178, 8. 7. 1988, p. 1.
Article 2 
The loan shall be made available to the Italian Republic in four instalments. The average life of each instalment shall not exceed six years and therefore the average life of the loan shall not exceed six years. The first two instalments shall be made as follows: - the first instalment amounting to ECU 2 000 million of the equivalent in other currencies not earlier than 1 February 1993, - the second instalment amounting to ECU 2 000 million or the equivalent amount in other currencies to be released not earlier than 31 July 1993, and in any case after the Commission, in consultation with the Council and in the light of an examination made in collaboration with the Monetary Committee of the progress in the execution of the programme, is satisfied that any additional measures which may be necessary have already been taken and that the budgetary targets of the programme for 1993, after taking into account weaker economic growth or higher interest rates than projected, are likely to be achieved. The third and fourth instalments shall be made as follows: - before 30 September 1993, the Italian Government, in collaboration with the Commission, will reassess the budgetary targets for 1994 so as to achieve the key objectives of the medium-term programme and in the light of actual and prospective macroeconomic developments. The third instalment amounting to ECU 2 000 million or the equivalent amount in other currencies will be released not earlier than 1 February 1994 and in any case only after the Commission, in consultation with the Council and in the light of an examination made in collaboration with the Monetary Committee, is satisfied that the measures necessary to achieve the budgetary targets set for 1994 have been implemented, - before 30 September 1994, the Italian Government, in collaboration with the Commission, will reassess the budgetary targets for 1995 so as to achieve the key objectives of the medium-term programme and in the light of actual and prospective macroeconomic developments. The fourth instalment amounting to ECU 2 000 million or the equivalent amount in other currencies will be released not earlier than 1 February 1995 and in any case only after the Commission, in consultation with the Council and in the light of an examination made in collaboration with the Monetary Committee, is satisfied that the measures necessary to achieve the budgetary targets set for 1995 have been implemented. Article 3 1. The loan shall be granted on the basis of the decision taken by the Italian Republic to implement the budgetary adjustment and reform programme which it has presented, the objectives of which are set out in the recitals to this Decision. 2. The Commission, in collaboration with the Monetary Committee, shall examine at regular intervals the evolution of the economic situation of Italy and the execution of the budgetary adjustment and reform programme, as implemented. These examinations will continue until the loan is fully repaid. Article 4 This Decision is addressed to the Italian Republic. Done at Brussels, 18 January 1993. For the Council The President T. PEDERSEN (1) OJ No L 178, 8. 7. 1988, p. 1.
Article 3 
1. The loan shall be granted on the basis of the decision taken by the Italian Republic to implement the budgetary adjustment and reform programme which it has presented, the objectives of which are set out in the recitals to this Decision. 2. The Commission, in collaboration with the Monetary Committee, shall examine at regular intervals the evolution of the economic situation of Italy and the execution of the budgetary adjustment and reform programme, as implemented. These examinations will continue until the loan is fully repaid. Article 4 This Decision is addressed to the Italian Republic. Done at Brussels, 18 January 1993. For the Council The President T. PEDERSEN (1) OJ No L 178, 8. 7. 1988, p. 1.
Article 4 
This Decision is addressed to the Italian Republic. Done at Brussels, 18 January 1993. For the Council The President T. PEDERSEN (1) OJ No L 178, 8. 7. 1988, p. 1.