Former Yugoslav Republic of Macedonia FYROM: Community macro-financial assistance

OBJECTIVE: To grant macrofinancial assistance to the former Yugoslav Republic of Macedonia (FYROM) of an amount of ECU 40 m in the form of a long-term loan. SUBSTANCE: The Community is to make available to FYROM macrofinancial assistance of a maximum amount of ECU 40 m in the form of a long-term loan for a maximum period of 15 years, with a view to ensuring a sustainable balance-of-payment situation and strengthening the country's reserves. The Commission is empowered to borrow the necessary resources on the financial markets and to manage the loan in consultation with the Monetary Committee and in a manner consistent with any agreement reached between the IMF and FYROM. It is to negotiate with the Macedonian authorities, after consultation with the Monetary Committee, the economic policy conditions attached to the loan and to verify at regular intervals, in collaboration with the Monetary Committee and the IMF, that this policy is in accordance with the objectives of the loan. The loan is to be made available in two instalments: - the first to be released after full settlement of the country's outstanding financial obligations towards the Community and the European Investment Bank and subject to fulfilment of all the conditions attached to the loan, - the second to be released on the basis of a satisfactory track record in the implementation of the ESAF programme of the IMF and in any case not before one quarter after disbursement of the first instalment. The Commission is to submit a report to Parliament and the Council at least once a year with an evaluation of the implementation of this decision. �