No L 80/60 Official Journal of the European Communities 30. 3. 96 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 25 March 1996 providing further macro-financial assistance for Moldova (96/242/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 of the Commission ('), Having regard to the opinion of the European Parlia- ment (3, Whereas Moldova is undertaking fundamental political and economic reforms and is making substantial efforts to implement a market economy model; Whereas Moldova, on the one hand, and the European Communities and their Member States, on the other hand, have signed a Partnership and Cooperation Agree- ment which will help the development of a full coopera- tion relationship; Whereas the authorities of Moldova have requested finan- cial assistance from the international financial institu- tions, the European Community and other bilateral donors; whereas, over and above the estimated financing which could be provided by the International Monetary Fund (IMF) and the World Bank, a residual financing gap of some US $ 50 million remains to be covered in 1995, in order to support the policy objectives attached to the reform effort of the government of Moldova; Whereas Moldova has agreed with the IMF on a stand-by arrangement in support of the country’s economic () OJ No C 15, 20. 1. 1996, p. 11. () OJ No C 65, 4. 3. 199. programme; whereas this arrangement has been approved by the IMF Board on 22 March 1995; Whereas, by Decision 94/346/EC(}), the Council approved macro-financial assistance for Moldova of up to ECU 45 million; whereas, however, further official support is required in order to support the balance of payments, consolidate the reserve position and comfort the necessary structural reforms in this country; Whereas an additional Community loan facility to Moldova is an appropriate measure to help easing the country’s external financial constraints; Whereas the Community loan facility 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, HAS DECIDED AS FOLLOWS: Article 1 1. The Community shall make available to Moldova a long-term loan facility of a maximum principal amount of ECU 15 million with a maximum duration of 10 years, with a view to ensuring a sustainable balance-of-payments situation, strengthening the country’s reserve position and comforting the implementation of the necessary structural reforms. 2. To this end the Commission is empowered to borrow, on behalf of the European Community, the necessary resources that will be placed at the disposal of Moldova in the form of a loan. () OJ No L 155, 22. 6. 1994, p. 27.