92/482/EEC: Council Decision of 28 September 1992 providing financial assistance for Albania

• Articles: 4

Article 1

1. The Community shall grant to Albania financial assistance of a maximum amount of ECU 70 million in the form of a grant, with a view to ensuring a sustainable balance of payments situation and strengthening the reserve position of that country.

2. This grant 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 Albania.

Article 2

1. The Commission is empowered to negotiate with the Albanian authorities, after consultation with the Monetary Committee, the economic policy conditions attached to the grant. These conditions shall be consistent with any agreement as referred to in Article 1 (2) and with arrangements made by the G-24.

2. The Commission shall verify at regular intervals, in collaboration with the Monetary Committee and in close coordination with the G-24 and the IMF, that the economic policy in Albania is in accordance with the objectives of this grant and that the conditions of the latter are being fulfilled.

Article 3

1. The grant shall be made available to Albania in two instalments. A first instalment of ECU 35 million shall be released as soon as a 'stand-by arrangement' has been concluded between Albania and the IMF. The second instalment shall be paid not before the first quarter of 1993, subject to Article 2 (2) and subject to satisfactory progress being recorded in Albania's application of the 'stand-by arrangement'.

2. The funds shall be paid to the National Bank of Albania.

Article 4

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, 28 September 1992. For the Council

The President

N. LAMONT

(1) OJ No C 188, 25. 7. 1992, p. 5 and OJ No C 225, 1. 9. 1992, p. 4. (2) Opinion delivered on 18 September 1992 (not yet published in the Official Journal).