28.4.2007 Official Journal of the European Union L 111/69 II (Acts adopted under the EC Treaty/Euratom Treaty whose publication is not obligatory) DECISIONS COUNCIL COUNCIL DECISION of 16 April 2007 providing Community macro-financial assistance to Moldova (2007/259/EC) THE COUNCIL OF THE EUROPEAN UNION, (3) Having regard to the Treaty establishing the European Community, and in particular Article 308 thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Parliament (1), After consulting the Economic and Financial Committee, Whereas: (6) (1)  The authorities of Moldova are committed to economic stabilisation and structural reforms, supported by the International Monetary Fund (IMF) through a three-year arrangement under the Poverty Reduction and Growth Facility (PRGF) which was approved on 5 May 2006. On 12 May 2006, the Paris Club creditors agreed to a restructuring of Moldova’s bilateral official debt on the Houston terms. 7) (20 In May 2004, the authorities of Moldova adopted an Economic Growth and Poverty Reduction Strategy (8) Paper, setting medium-term priorities for government action. (!) Opinion delivered on 14 February 2007 (not yet published in the Moldova, on the one hand, and the European Commu- nities and their Member States on the other hand, have signed a Partnership and Cooperation Agreement (?), which entered into force on 1 July 1998. Relations between Moldova and the European Union are developing within the framework of the European Neigh- bourhood Policy, which is expected to lead to deeper economic integration. The EU and Moldova have agreed on a European Neighbourhood Policy Action Plan identifying short- and medium-term priorities in EU-Moldova relations and related policies. Moldova has substantial financing needs arising from a significant deterioration of its financial position. The Moldovan authorities have requested financial assistance on a concessional basis from the Communities, international financial institutions, and from other bilateral donors. Over and above the financing from the IMF and the World Bank, a substantial residual financing gap remains to be covered to improve the country’s balance of payments, strengthen the country’s reserves position, and to support the policy objectives attached to the authorities’ reform efforts. Moldova is eligible for loans and grants on highly favourable terms from the World Bank and the IMF. In these circumstances, Community macro-financial assistance to Moldova should be made available in the form of a grant, as an appropriate measure to help Moldova at this critical juncture. Official Journal). () OJ L 181, 24.6.1998, p. 3.