Romania: Community supplementary macrofinancial assistance

PURPOSE : to make available to Romania a long-term loan facility of a maximum principal amount of EUR 200 million. COMMUNITY MEASURE : Council Decision 1999/732/EC concerning macro-financial assistance to Romania. CONTENT : the decision aims to provide supplementary assistance to Romania in the form of a long-term loan of EUR 200 million with a maximum maturity of 10 years, with a view to ensuring a sustainable balance of payments situation, strengthening the reserve position of this country and implementing structural reforms. The loan is drawn up under the context of the confirmation agreement approved by the IMF and supplements the resources made available to the country by the international financial institutions and bilateral donors. The loan will be placed at the disposal of this country in two instalments, on the condition of satisfactory application of the economic programme agreed with the IMF and of progress in the field of structural reforms. The Economic and Financial Committee will be consulted before each payment. The Commission will procure the funds by borrowing on the international capital markets with the guarantee of the general budget. It will then retrocede the amounts to Romania. The loan and borrowing operations will be perfectly synchronised and will not pose any commercial risk to the Community. At least once a year (in principle before 15 September), the Commission shall forward to the European Parliament and the Council a report, which will include an evaluation of the implementation of this Decision. ENTRY INTO FORCE : 08.11.1999.�