Article 1 
1. The Community shall make available to Bulgaria a long-term loan facility of a maximum principal amount of ECU 250 million, with a maximum maturity of ten years, with a view to ensuring a sustainable balance-of-payments situation and strengthening the country's reserve position. 2. To this end, the Commission is empowered to borrow, on behalf of the European Community, the necessary resources that will be placed at the disposal of Bulgaria in the form of a loan. 3. This loan will be managed by the Commission in close consultation with the Monetary Committee and in a manner consistent with an agreement reached between the International Monetary Fund and Bulgaria. Article 2 1. The Commission is empowered to agree with the authorities of Bulgaria, after consultation with the Monetary Committee, the economic policy conditions attached to the loan. These conditions shall be consistent with the agreements referred to in Article 1 (3). 2. The Commission shall verify at regular intervals, in collaboration with the Monetary Committee and in coordination with the International Monetary Fund, that Bulgaria's economic policy is in accordance with the objectives of this loan and that its conditions are being fulfilled. Article 3 1. The loan shall be made available to Bulgaria in at least two instalments. Subject to Article 2 the first instalment is to be released on the basis of the completion of the first review of the 'stand-by` arrangement agreed with the International Monetary Fund. 2. Subject to Article 2 the later instalments shall be released on the basis of a satisfactory continuation of the 'stand-by` arrangement and not before three months after the release of the first instalment. 3. The funds shall be paid to the Bulgarian National Bank. Article 4 1. The borrowing and lending operations referred to in Article 1 shall be carried out using the same value date and must not involve the Community in the transformation of maturities, in any exchange or interest rate risk, or in any other commercial risk. 2. The Commission shall take the necessary steps, if Bulgaria so requests, to ensure that an early repayment clause is included in the loan conditions and that it may be exercised. 3. At the request of Bulgaria, and where circumstances permit an improvement in the interest rate on the loans, the Commission may refinance all or part of its initial borrowings or restructure the corresponding financial conditions. Refinancing or restructuring operations shall be carried out in accordance with the conditions set out in paragraph 1 and shall not have the effect of extending the average duration of the borrowing concerned or increasing the amount, expressed at the current exchange rate, of capital outstanding at the date of refinancing or restructuring. 4. All related costs incurred by the Community in concluding and carrying out the operation under this Decision shall be borne by Bulgaria. 5. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraphs 2 and 3 at least once a year. Article 5 At least once a year the Commission shall address to the European Parliament and to the Council a report, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 22 July 1997. For the Council The President J. POOS (1) OJ No C 190, 21. 6. 1997, p. 29. (2) OJ No C 200, 30. 6. 1997. (3) OJ No L 358, 31. 12. 1994, p. 2. Agreement as last amended by a Third Additional Protocol (OJ No L 103, 26. 4. 1996, p. 53). (4) OJ No L 174, 3. 7. 1991, p. 36. (5) OJ No L 317, 31. 10. 1992, p. 94.
Article 2 
1. The Commission is empowered to agree with the authorities of Bulgaria, after consultation with the Monetary Committee, the economic policy conditions attached to the loan. These conditions shall be consistent with the agreements referred to in Article 1 (3). 2. The Commission shall verify at regular intervals, in collaboration with the Monetary Committee and in coordination with the International Monetary Fund, that Bulgaria's economic policy is in accordance with the objectives of this loan and that its conditions are being fulfilled. Article 3 1. The loan shall be made available to Bulgaria in at least two instalments. Subject to Article 2 the first instalment is to be released on the basis of the completion of the first review of the 'stand-by` arrangement agreed with the International Monetary Fund. 2. Subject to Article 2 the later instalments shall be released on the basis of a satisfactory continuation of the 'stand-by` arrangement and not before three months after the release of the first instalment. 3. The funds shall be paid to the Bulgarian National Bank. Article 4 1. The borrowing and lending operations referred to in Article 1 shall be carried out using the same value date and must not involve the Community in the transformation of maturities, in any exchange or interest rate risk, or in any other commercial risk. 2. The Commission shall take the necessary steps, if Bulgaria so requests, to ensure that an early repayment clause is included in the loan conditions and that it may be exercised. 3. At the request of Bulgaria, and where circumstances permit an improvement in the interest rate on the loans, the Commission may refinance all or part of its initial borrowings or restructure the corresponding financial conditions. Refinancing or restructuring operations shall be carried out in accordance with the conditions set out in paragraph 1 and shall not have the effect of extending the average duration of the borrowing concerned or increasing the amount, expressed at the current exchange rate, of capital outstanding at the date of refinancing or restructuring. 4. All related costs incurred by the Community in concluding and carrying out the operation under this Decision shall be borne by Bulgaria. 5. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraphs 2 and 3 at least once a year. Article 5 At least once a year the Commission shall address to the European Parliament and to the Council a report, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 22 July 1997. For the Council The President J. POOS (1) OJ No C 190, 21. 6. 1997, p. 29. (2) OJ No C 200, 30. 6. 1997. (3) OJ No L 358, 31. 12. 1994, p. 2. Agreement as last amended by a Third Additional Protocol (OJ No L 103, 26. 4. 1996, p. 53). (4) OJ No L 174, 3. 7. 1991, p. 36. (5) OJ No L 317, 31. 10. 1992, p. 94.
Article 3 
1. The loan shall be made available to Bulgaria in at least two instalments. Subject to Article 2 the first instalment is to be released on the basis of the completion of the first review of the 'stand-by` arrangement agreed with the International Monetary Fund. 2. Subject to Article 2 the later instalments shall be released on the basis of a satisfactory continuation of the 'stand-by` arrangement and not before three months after the release of the first instalment. 3. The funds shall be paid to the Bulgarian National Bank. Article 4 1. The borrowing and lending operations referred to in Article 1 shall be carried out using the same value date and must not involve the Community in the transformation of maturities, in any exchange or interest rate risk, or in any other commercial risk. 2. The Commission shall take the necessary steps, if Bulgaria so requests, to ensure that an early repayment clause is included in the loan conditions and that it may be exercised. 3. At the request of Bulgaria, and where circumstances permit an improvement in the interest rate on the loans, the Commission may refinance all or part of its initial borrowings or restructure the corresponding financial conditions. Refinancing or restructuring operations shall be carried out in accordance with the conditions set out in paragraph 1 and shall not have the effect of extending the average duration of the borrowing concerned or increasing the amount, expressed at the current exchange rate, of capital outstanding at the date of refinancing or restructuring. 4. All related costs incurred by the Community in concluding and carrying out the operation under this Decision shall be borne by Bulgaria. 5. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraphs 2 and 3 at least once a year. Article 5 At least once a year the Commission shall address to the European Parliament and to the Council a report, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 22 July 1997. For the Council The President J. POOS (1) OJ No C 190, 21. 6. 1997, p. 29. (2) OJ No C 200, 30. 6. 1997. (3) OJ No L 358, 31. 12. 1994, p. 2. Agreement as last amended by a Third Additional Protocol (OJ No L 103, 26. 4. 1996, p. 53). (4) OJ No L 174, 3. 7. 1991, p. 36. (5) OJ No L 317, 31. 10. 1992, p. 94.
Article 4 
1. The borrowing and lending operations referred to in Article 1 shall be carried out using the same value date and must not involve the Community in the transformation of maturities, in any exchange or interest rate risk, or in any other commercial risk. 2. The Commission shall take the necessary steps, if Bulgaria so requests, to ensure that an early repayment clause is included in the loan conditions and that it may be exercised. 3. At the request of Bulgaria, and where circumstances permit an improvement in the interest rate on the loans, the Commission may refinance all or part of its initial borrowings or restructure the corresponding financial conditions. Refinancing or restructuring operations shall be carried out in accordance with the conditions set out in paragraph 1 and shall not have the effect of extending the average duration of the borrowing concerned or increasing the amount, expressed at the current exchange rate, of capital outstanding at the date of refinancing or restructuring. 4. All related costs incurred by the Community in concluding and carrying out the operation under this Decision shall be borne by Bulgaria. 5. The Monetary Committee shall be kept informed of developments in the operations referred to in paragraphs 2 and 3 at least once a year. Article 5 At least once a year the Commission shall address to the European Parliament and to the Council a report, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 22 July 1997. For the Council The President J. POOS (1) OJ No C 190, 21. 6. 1997, p. 29. (2) OJ No C 200, 30. 6. 1997. (3) OJ No L 358, 31. 12. 1994, p. 2. Agreement as last amended by a Third Additional Protocol (OJ No L 103, 26. 4. 1996, p. 53). (4) OJ No L 174, 3. 7. 1991, p. 36. (5) OJ No L 317, 31. 10. 1992, p. 94.
Article 5 
At least once a year the Commission shall address to the European Parliament and to the Council a report, which will include an evaluation, on the implementation of this Decision. Done at Brussels, 22 July 1997. For the Council The President J. POOS (1) OJ No C 190, 21. 6. 1997, p. 29. (2) OJ No C 200, 30. 6. 1997. (3) OJ No L 358, 31. 12. 1994, p. 2. Agreement as last amended by a Third Additional Protocol (OJ No L 103, 26. 4. 1996, p. 53). (4) OJ No L 174, 3. 7. 1991, p. 36. (5) OJ No L 317, 31. 10. 1992, p. 94.