Azerbaijan: exceptional Community financial assistance

OBJECTIVE: to grant exceptional financial assistance to Azerbaijan in the form of a gift of ECU 30 m. SUBSTANCE: this proposal aims to grant an exceptional gift to Azerbaijan of ECU 30 m with a view to alleviating the social cost of the austerity measures associated with implementation of the adjustment programmes supported by the IMF. This aid will help the country to mobilize sufficient budgetary resources for projects in the social sector and to deal with the problem of refugees. It will be financed from the Community's general budget and administered by the Commission, in consultation with the Monetary Committee and in accordance with any agreement concluded between the International Monetary Fund (IMF) and Azerbaijan. The Commission will negotiate with the Azerbaijani authorities, after consulting the Monetary Committee, the conditions under which this gift will be made and will periodically check that the country's policies are in conformity with the objectives and conditions of the aid. The aid will be made available in three successive annual instalments from 1998 to 2000. At least once a year the Commission will submit to Parliament and the Council a report evaluating the implementation of this proposal. �