16.11.1999 Official Journal of the European Communities L 294/27 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 8 November 1999 providing supplementary macro-financial assistance to Bulgaria (1999/731/EC) THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 308 thereof, Having regard to the proposal of the Commission (!), Having regard to the opinion of the European Parliament (%), Whereas: 1) The Commission has consulted the Economic and Finan- cial Committee before submitting its proposal; Bulgaria is undertaking fundamental economic reforms and is making substantial efforts to establish a well-func- tioning market economy with a view to increasing employment and living standards; Bulgaria and the European Union have signed a Europe Agreement establishing a relationship of association (3); The European Council at its meeting in Luxembourg in December 1997 decided to launch an accession process comprising Bulgaria along with the other Central and East European applicant countries and Cyprus; Bulgaria reached an agreement with the International Monetary Fund (IMF) in September 1998 on an arrange- ment under the Extended Fund Facility (EFF) in support of the authorities' adjustment and reform programme; The World Bank adopted a three-year Country As- sistance Strategy for Bulgaria in April 1998, which envisages substantial adjustment and investment () O] C 307 E, 26.10.1999, p. 46. (*) Opinion delivered on 6 October 1999 (not yet published in the Official Journal). () O L 358, 31.12.1994, p. 3. (10) financing in support of Bulgaria's reform efforts in priority areas; The authorities of Bulgaria have requested financial as- sistance from the international financial institutions, the Community and other bilateral donors; over and above the estimated financing which could be provided by the IMF and the World Bank, an important residual financing gap remains to be covered during the programme period in order to strengthen the country's reserve position and support the policy objectives attached to the government's reform programme; A Community long-term loan to Bulgaria is an appro- priate measure to help ease the country's external finan- cial constraints, supporting the balance of payments and strengthening the reserve position and comforting the implementation of the necessary structural reforms; The Community loan should be managed by the Commission in accordance with the principles of sound financial management; The Treaty does not provide, for the adoption of this Decision, powers other than those of Article 308, HAS DECIDED AS FOLLOWS: 1. Article 1 The Community shall make available to Bulgaria a long- term loan facility of a maximum principal amount of EUR 100 million with a maximum maturity of 10 years, with a view to ensuring a sustainable balance of payments situation.