Article 1 
1. The Community shall make available to Albania a long-term loan facility of a maximum principal amount of up to EUR 20 million with a maximum maturity of 15 years and a grace period of 10 years, with a view to ensuring a sustainable balance of payments situation and consolidating the country's reserve position. 2. To this end, the Commission shall be empowered to borrow, on behalf of the Community, the necessary resources that will be placed at the disposal of Albania in the form of a loan. 3. The loan referred to in paragraph 2 will be managed by the Commission in close consultation with the Economic and Financial Committee and in a manner consistent with any agreement reached between the IMF and Albania. Article 2 1. The Commission shall be empowered to agree with the authorities of Albania, after consultation with the Economic and Financial Committee, the economic and institutional policy conditions attached to the loan. These conditions shall be consistent with any of the agreements referred to in Article 1(3). 2. The Commission shall verify at regular intervals, in collaboration with the Economic and Financial Committee and in coordination with the IMF, that the economic and institutional policy in Albania is in accordance with the objectives of this macro-financial assistance and that its conditions are being fulfilled. Article 3 1. The macro-financial assistance shall be made available to Albania in two instalments. 2. Subject to the provisions of Article 2, the first instalment shall be released on the basis of a successful completion of the mid-term review of the first year of the programme supported by a three-year ESAF arrangement between the IMF and Albania. 3. Subject to the provisions of Article 2, the second instalment shall be released on the basis of a satisfactory track record in the implementation of the ESAF programme and not before one quarter after the disbursement of the first instalment. 4. The funds shall be paid to the Central Bank of Albania. Article 4 1. The borrowing and loan 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 risks, or any other commercial risk. 2. The Commission shall take the necessary steps, should Albania so request, to ensure that an early repayment clause is included in the loan terms and conditions, and that it may be exercised. 3. At the request of Albania, and where circumstances permit an improvement in the interest rate on the loan, 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 maturity 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 pursuant to this Decision shall be borne by Albania. 5. The Economic and Financial 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 the Council a report, which will include an evaluation on the implementation of this Decision. Done at Luxembourg, 22 April 1999. For the Council The President W. MÜLLER (1) OJ C 302, 1.10.1998, p. 5. (2) Opinion delivered on 12 February 1999 (not yet published in the Official Journal).
Article 2 
1. The Commission shall be empowered to agree with the authorities of Albania, after consultation with the Economic and Financial Committee, the economic and institutional policy conditions attached to the loan. These conditions shall be consistent with any of the agreements referred to in Article 1(3). 2. The Commission shall verify at regular intervals, in collaboration with the Economic and Financial Committee and in coordination with the IMF, that the economic and institutional policy in Albania is in accordance with the objectives of this macro-financial assistance and that its conditions are being fulfilled. Article 3 1. The macro-financial assistance shall be made available to Albania in two instalments. 2. Subject to the provisions of Article 2, the first instalment shall be released on the basis of a successful completion of the mid-term review of the first year of the programme supported by a three-year ESAF arrangement between the IMF and Albania. 3. Subject to the provisions of Article 2, the second instalment shall be released on the basis of a satisfactory track record in the implementation of the ESAF programme and not before one quarter after the disbursement of the first instalment. 4. The funds shall be paid to the Central Bank of Albania. Article 4 1. The borrowing and loan 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 risks, or any other commercial risk. 2. The Commission shall take the necessary steps, should Albania so request, to ensure that an early repayment clause is included in the loan terms and conditions, and that it may be exercised. 3. At the request of Albania, and where circumstances permit an improvement in the interest rate on the loan, 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 maturity 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 pursuant to this Decision shall be borne by Albania. 5. The Economic and Financial 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 the Council a report, which will include an evaluation on the implementation of this Decision. Done at Luxembourg, 22 April 1999. For the Council The President W. MÜLLER (1) OJ C 302, 1.10.1998, p. 5. (2) Opinion delivered on 12 February 1999 (not yet published in the Official Journal).
Article 3 
1. The macro-financial assistance shall be made available to Albania in two instalments. 2. Subject to the provisions of Article 2, the first instalment shall be released on the basis of a successful completion of the mid-term review of the first year of the programme supported by a three-year ESAF arrangement between the IMF and Albania. 3. Subject to the provisions of Article 2, the second instalment shall be released on the basis of a satisfactory track record in the implementation of the ESAF programme and not before one quarter after the disbursement of the first instalment. 4. The funds shall be paid to the Central Bank of Albania. Article 4 1. The borrowing and loan 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 risks, or any other commercial risk. 2. The Commission shall take the necessary steps, should Albania so request, to ensure that an early repayment clause is included in the loan terms and conditions, and that it may be exercised. 3. At the request of Albania, and where circumstances permit an improvement in the interest rate on the loan, 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 maturity 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 pursuant to this Decision shall be borne by Albania. 5. The Economic and Financial 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 the Council a report, which will include an evaluation on the implementation of this Decision. Done at Luxembourg, 22 April 1999. For the Council The President W. MÜLLER (1) OJ C 302, 1.10.1998, p. 5. (2) Opinion delivered on 12 February 1999 (not yet published in the Official Journal).
Article 4 
1. The borrowing and loan 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 risks, or any other commercial risk. 2. The Commission shall take the necessary steps, should Albania so request, to ensure that an early repayment clause is included in the loan terms and conditions, and that it may be exercised. 3. At the request of Albania, and where circumstances permit an improvement in the interest rate on the loan, 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 maturity 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 pursuant to this Decision shall be borne by Albania. 5. The Economic and Financial 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 the Council a report, which will include an evaluation on the implementation of this Decision. Done at Luxembourg, 22 April 1999. For the Council The President W. MÜLLER (1) OJ C 302, 1.10.1998, p. 5. (2) Opinion delivered on 12 February 1999 (not yet published in the Official Journal).
Article 5 
At least once a year the Commission shall address to the European Parliament and the Council a report, which will include an evaluation on the implementation of this Decision. Done at Luxembourg, 22 April 1999