28. 10. 95 Official Journal of the European Communities No L 258/63 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 23 October 1995 providing further macro-financial assistance for Ukraine (95/442/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 235 thereof, Having regard to the proposal from the Commission (*) submitted after consulting the Monetary Committee, Having regard to the opinion of the European Parli- ament (3), Whereas Ukraine is undertaking fundamental political and economic reforms and is making substantial efforts to implement a market economy model ; Whereas Ukraine and the European Union have signed a Partnership and Cooperation Agreement which will help the development of a full cooperation relationship ; Whereas the authorities of Ukraine have requested finan- cial assistance from the International Financial Institu- tions, the Community and other bilateral donors; Whereas Ukraine has agreed with the International Mone- tary Fund (IMF) on a ‘stand-by arrangement’ and a second purchase under the ‘systemic transformation facility’ supporting Ukraine’s comprehensive stabilization and reform programme ; whereas these facilities amounting to approximately US $ 1,9 billion were approved by the IMF Board on 7 April 1995; whereas policy based loans to Ukraine of approximately US § 600 million are also expected from the World Bank in 1995; () OJ No C 164, 30. 6. 1995, p. 10. ) (3) Opinion delivered on 22 September 1995 (not yet published in the Official Journal). Whereas, over and above the estimated financing which could be provided by the IMF and the World Bank, a residual financing gap of US $ 3,4 billion remains to be covered in 1995 in order to support the policy objectives attached to the government’s reform effort ; whereas after rescheduling of Ukrainian debts towards Russia and Turk- menistan, this gap is reduced to US § 900 million; whereas substantial contributions are also expected from the United States and Japan ; Whereas by Decision 94/940/EC (), the Council approved macro-financial assistance for Ukraine of up to ECU 85 million ; whereas, however, further official support is required in order to support the balance of payments, consolidate the reserve position and facilitate the neces- sary structural adjustment of that country; Whereas the Ukrainian authorities are committed to pursuing the prompt implementation of the plan for the closure of the Chernobyl nuclear power plant by the year 2000, in accordance with the modalities supported by the Group of Seven and the European Union; Whereas an additional Community long-term loan to Ukraine is an appropriate measure to help easing the country’s external financial constraints; Whereas the Community loan should be managed by the Commission ; Whereas the Treaty does not provide, for the adoption of this Decision, powers other than those of Article 235, () OJ No L 366, 31. 12. 1994, p. 32.