94/773/EC: Council Decision of 28 November 1994 providing further macro-financial assistance for Albania
Data as of 2026-07-04 Β· Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. Β· Read the official text β
1. The Community shall grant to Albania macro-financial assistance of a maximum amount of ECU 35 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 close consultation with the Monetary Committee and in a manner consistent with any agreement reached between the IMF and Albania.
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 the agreements entered into 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 economic policy in Albania is in accordance with the objectives of this grant and that the conditions of the latter are being fulfilled.
1. The grant shall be made available to Albania in two instalments. Subject to Article 2 (1), a first instalment of ECU 15 million shall be released on the basis of a successful completion of the mid-term review of the First Annual Arrangement under the ESAF between Albania and the IMF. The second instalment shall be paid no earlier than the fourth quarter of 1994, subject to Article 2 (2) and subject to satisfactory progress being recorded in Albania's application of the ESAF. 2. The funds shall be paid to the National Bank of Albania.
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 November 1994. For the Council The President K. KINKEL (1) OJ No C 112, 22. 4. 1994, p. 10. (2) OJ No C 205, 25. 7. 1994, p. 533. (3) OJ No L 287, 2. 10. 1992, p. 25.
Source: EUR-Lex (Publications Office of the EU), Β© European Union, reuse permitted under Commission Decision 2011/833/EU.