2. 12. 94 Official Journal of the European Communities No L 308/17 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 28 November 1994 providing further macro-financial assistance for Albania (94/773/EC) THE COUNCIL OF THE EUROPEAN UNICN, Having regard to the Treaty establishing the European Community, and in particular Article 235 thereof, Having regard to the proposal from the Commission ('), submitted following consultation with the Monetary Committee, Having regard to the opinion of the European Parli- ament (3), Whereas Albania is undertaking fundamental political and economic reforms and has decided to adopt a market economy model ; : Whereas the said reforms are under implementation with the financial support from the Community ; whereas the reform process needs to be strengthened and broadened ; Whereas trade, commercial and economic links between Community and Albania are developing within the framework of the Cooperation Agreement, one of the essential elements of which is the respect for democratic principles and human rights as defined in the Helsinki Final Act and the Charter of Paris for a New Europe ; Whereas financial assistance from the Community will be instrumental in supporting the adjustment and reform efforts of Albania, will strengthen mutual confidence and will bring Albania closer to the Community; Whereas, by Decision 92/482/EEC (%), the Council granted Albania financial assistance of a maximum () OJ No C 112, 22. 4. 1994, p. 10. () OJ No C 205, 25. 7. 1994, p. 533. () OF No L 287, 2. 10. 1992, p. 2. amount of ECU 70 million, with a view to ensuring a sustainable balance of payments situation in that country ; Whereas, however, despite the Government of Albania’s courageous implementation of adjustment measures and structural reforms, the stabilization phase of the Albanian economy is still under way; whereas further official support is required in order to support the balance of payments and consolidate the reserve position of that country ; Whereas Albania is a low-income country eligible for highly concessional loans from the World Bank and the International Monetary Fund (IMF); Whereas the Albanjan authorities have requested financial assistance from the IMF, the Group of 24 industrial coun- tries (G-24) and the Community ; Whereas on 14 July 1993 the IMF Executive Board approved the first annual arrangements under a three-year enhanced structural adjustment facility (ESAF); whereas the G-24 agreed to consider complementary financial assistance particularly through grants or loans on conces- sional terms ; Whereas, over and above the financing which could be provided by the IMF, the World Bank and official bila- teral creditors, a financing gap of some US $ 72 million remains to be covered in order to strengthen Albania’s reserve position and avoid an additional degree of import compression which would jeopardize the achievement of the policy objectives underlying the Government’s reform effort ; Whereas the Commission, as coordinator of assistance from the G-24, has invited them to provide highly concessional financial assistance to Albania in order to support. that country’s adjustment and reform efforts ;