6.2.2009 Official Journal of the European Union L 37/5 II (Acts adopted under the EC Treaty/Euratom Treaty whose publication is not obligatory) DECISIONS COUNCIL COUNCIL DECISION of 4 November 2008 providing Community medium-term financial assistance for Hungary (2009/102/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, Having regard to Council Regulation (EC) No 332/2002 of 18 February 2002 establishing a facility providing medium- term financial assistance for Member States’ balance of payments (1), and in particular Article 3(2) thereof, Having regard to the proposal from the Commission made after consulting the Economic and Financial Committee (EFC), Whereas: (1) By Decision 2009/103/EC (?), the Council decided to grant mutual assistance to Hungary. (2)  Despite the expected improvement in the -current account, Hungary’s external financing needs in 2008 and 2009 are estimated at EUR 20 billion as, in view of the recent developments on the financial market, the capital and financial account could substantially dete- riorate, with the acceleration of net portfolio outflows. (3) It is appropriate to provide Community support to Hungary of up to EUR 6,5 billion under the Facility providing medium-term financial assistance for Member States’ balance of payments which was established by () O] L 53, 23.2.2002, p. 1. (%) See page 7 of this Official Journal. Regulation (EC) No 332/2002. That assistance should be provided in conjunction with a loan from the Inter- national Monetary Fund of SDR 10,5 billion (around EUR 12,5 billion) under a Stand-by arrangement expected to be approved on 6 November 2008. The World Bank has also agreed to provide a loan to Hungary of EUR 1 billion. (4)  The assistance should be managed by the Commission which, after consulting the EFC, should agree with the authorities of Hungary the specific economic policy conditions attached to the financial assistance. Those conditions should be laid down in a Memorandum of Understanding. The detailed financial terms should be laid down by the Commission in the Loan Agreement. (5)  The assistance should be provided with a view to supporting balance of payments sustainability in Hungary and, in this way, contributing to the successful implementation of the Government’s economic policy programme under current economic and financial conditions, HAS DECIDED AS FOLLOWS: Article 1 1. The Community shall make available to Hungary a medium-term loan amounting to a maximum of EUR 6,5 billion, with a maximum average maturity of five years. 2. This Community financial assistance shall be made available during a period of two years starting from the first day after the entry into force of this Decision.