Bulgaria: Community medium-term financial assistance

This proposal for a decision aimed to amend Council Decision 92/511/EEC of 19 October 1992, with a view to increasing financial aid to Bulgaria in the medium term to a maximum amount of ECU 110 million. This sum had not been released by the Commission since Bulgaria did not fulfil the conditions laid down for its release (suspension of the agreement with the International Monetary Fund). Since Bulgaria and the IMF had reached a new standby arrangement on Bulgaria's economic programme for 1994, this proposal for a decision aimed to grant a loan of ECU 150 million to Bulgaria (instead of ECU 110 million as initially provided for) in order to meet the new increased financial requirements with respect to the balance of payments situation. The Commission also proposed that the second instalment of the loan should not be released before the fourth quarter of 1994 and on condition that there was satisfactory progress in terms of the Bulgaria-IMF standby arrangement. �