Article 1 
1. The Community shall grant to Bulgaria a medium-term loan facility of a maximum amount of ECU 290 million in principal, with a maximum duration of seven years, with a view to ensuring a sustainable balance-of-payments situation and strengthening the reserve position. 2. To this end, the Commission is empowered to borrow, on behalf of the 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 full consultation with the Monetary Committee and in a manner consistent with any Agreement reached between the IMF and Bulgaria. Article 2 1. The Commission is empowered to negotiate with the Bulgarian authorities, after consultation with the Monetary Committee, the economic policy conditions attached to the loan. These conditions shall be consistent with any agreements as referred to in Article 1 (3) and with arrangements made by the Group of 24. 2. The Commission shall verify at regular intervals, in collaboration with the Monetary Committee and in close coordination with the Group of 24 and the IMF, that the economic policy in Bulgaria 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 two instalments. The first instalment shall be released as soon as: - a 'Stand-by Arrangement' has been concluded between Bulgaria and the IMF; - a rescheduling agreement on official debt has been concluded between Bulgaria and its Paris Club creditors; - a deferral of the commercial debt servicing payments has been concluded between Bulgaria and its commercial bank creditors, and progress has been made with a view to concluding a long-term rescheduling agreement for this debt. 2. The second instalment shall be released after a period of at least two quarters, subject to Article 2 (2). 3. The funds shall be paid to the National Bank of Bulgaria. 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 decides, to include in the loan conditions, and also to exercise, an early repayment clause. 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 the 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 Luxembourg, 24 June 1991. For the Council The President J.-C. JUNCKER (1) OJ No C 96, 12. 4. 1991, p. 17. (2) OJ No C 158, 17. 6. 1991.
Article 2 
1. The Commission is empowered to negotiate with the Bulgarian authorities, after consultation with the Monetary Committee, the economic policy conditions attached to the loan. These conditions shall be consistent with any agreements as referred to in Article 1 (3) and with arrangements made by the Group of 24. 2. The Commission shall verify at regular intervals, in collaboration with the Monetary Committee and in close coordination with the Group of 24 and the IMF, that the economic policy in Bulgaria 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 two instalments. The first instalment shall be released as soon as: - a 'Stand-by Arrangement' has been concluded between Bulgaria and the IMF; - a rescheduling agreement on official debt has been concluded between Bulgaria and its Paris Club creditors; - a deferral of the commercial debt servicing payments has been concluded between Bulgaria and its commercial bank creditors, and progress has been made with a view to concluding a long-term rescheduling agreement for this debt. 2. The second instalment shall be released after a period of at least two quarters, subject to Article 2 (2). 3. The funds shall be paid to the National Bank of Bulgaria. 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 decides, to include in the loan conditions, and also to exercise, an early repayment clause. 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 the 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 Luxembourg, 24 June 1991. For the Council The President J.-C. JUNCKER (1) OJ No C 96, 12. 4. 1991, p. 17. (2) OJ No C 158, 17. 6. 1991.
Article 3 
1. The loan shall be made available to Bulgaria in two instalments. The first instalment shall be released as soon as: - a 'Stand-by Arrangement' has been concluded between Bulgaria and the IMF; - a rescheduling agreement on official debt has been concluded between Bulgaria and its Paris Club creditors; - a deferral of the commercial debt servicing payments has been concluded between Bulgaria and its commercial bank creditors, and progress has been made with a view to concluding a long-term rescheduling agreement for this debt. 2. The second instalment shall be released after a period of at least two quarters, subject to Article 2 (2). 3. The funds shall be paid to the National Bank of Bulgaria. 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 decides, to include in the loan conditions, and also to exercise, an early repayment clause. 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 the 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 Luxembourg, 24 June 1991. For the Council The President J.-C. JUNCKER (1) OJ No C 96, 12. 4. 1991, p. 17. (2) OJ No C 158, 17. 6. 1991.
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 decides, to include in the loan conditions, and also to exercise, an early repayment clause. 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 the 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 Luxembourg, 24 June 1991. For the Council The President J.-C. JUNCKER (1) OJ No C 96, 12. 4. 1991, p. 17. (2) OJ No C 158, 17. 6. 1991.
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 Luxembourg, 24 June 1991. For the Council The President J.-C. JUNCKER (1) OJ No C 96, 12. 4. 1991, p. 17. (2) OJ No C 158, 17. 6. 1991.