Decision No 2/1999 of the ACP-EC Council of Ministers of 8 December 1999 on increasing the structural adjustment facility
28. 4. 2000 EN Official Journal of the European Communities L 103/75 DECISION No 2/1999 OF THE ACP-EC COUNCIL OF MINISTERS of 8 December 1999 on increasing the structural adjustment facility (2000/308/EC) THE ACP-EC COUNCIL OF MINISTERS, (7) Having regard to the Fourth ACP-EC Convention, as amended by the agreement signed in Mauritius on 4 November 1995, in particular Article 282(5) thereof, Whereas: At the meeting in Accra on 13 November 1999 between the ACP Development Finance Cooperation Ministerial Committee and the Commission, the ACP countries stressed, as the Commission had done in its communi- cation, the need for an increase in the SAF; they asked least for an immediate increase in the SAF of at EUR 250 million. (1) (2) (3) (4) (5) (6) On 6 July 1998, the Council of the European Union adopted a decision (1) on the European Community's the highly participation in the debt indebted poor countries (HIPC) which involved a Community action as a donor in the form of a 15 % bonus on top of the basic structural adjustment facility (SAF) allocation. initiative for At its summit in Cologne in June 1999, the G7 stressed that the social dimension of the HIPC initiative should be brought more to the fore. the Commission adopted a On 26 October 1999, communication on a Community participation in the debt-relief initiative for highly indebted poor countries (HIPC) (hereinafter referred to as ‘the communication’) in increase in the SAF which it proposed a substantial allocation as part of the Community's contribution to the HIPC initiative. In view of the large number of countries who will become eligible for the initiative over the next two years, there will not be a sufficient margin to cover these bonuses by reallocating funds within the SAF allocation unless the overall amount in the SAF is increased. Apart from this, SAF resources will be insufficient before the entry into force of the next European Development Fund (EDF) to cover the needs of ACP countries imple- menting economic reforms. from the The unallocated programmable resources eighth and previous EDFs are available for this purpose. (8) A decision of the ACP-EC Council of Ministers is needed to mobilise these EDF resources, HAS ADOPTED THIS DECISION: Article 1 EUR 250 million of unallocated programmable resources from the eighth and previous EDFs shall be used to increase the SAF allocation under the eighth EDF. Article 2 These resources shall be mobilised in accordance with the rules and procedures for the implementation of financial coopera- tion under the ACP-EC Convention. Article 3 The Commission is requested to take the necessary measures to implement this Decision. This Decision shall enter into force on the day of its adoption. Article 4 Done at Brussels, 8 December 1999. For the ACP-EC Council of Ministers The President J. HORNE (1) Council Decision 98/453/EC of 6 July 1998 concerning exceptional (OJ L 198, the heavily indebted ACP countries assistance for 15. 7. 1998, p. 40)