‘2. 10. 92 Official Journal of the European Communities No L 287/25 (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 28 September 1992 providing financial assistance for Albania (92/482/EEC) THE COUNCIL OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Economic Community, and in particular Article 23§ 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 trade, commercial and economic links between the Community and Albania are expected to develop within the framework of the 1992 Cooperation Agree- ment; 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 Albania is a low-income country eligible for highly concessional loans from the World Bank and the International Monetary Fund (IMF) and whereas the Group of 24 (G-24) agreed to consider complementary financial assistance particularly through long-term grants or loans on concessional terms, as soon as the IMF has reached an agreement on a stabilization and reform programme with Albania ; () OJ No C 188, 25. 7. 1992, p. § and OJ No C 225, 1. 9. 1992, p. 4. (3 Opinion delivered on 18 September 1992 (not yet published in the Official Journal). Whereas the Albanian authorities have requested financial assistance from the IMF, the G-24 countries and the Community ; Whereas, over and above the estimated financing which could be provided by the IMF, the World Bank and offi- cial bilateral creditors in the context of the 12-month stand-by arrangement expected to be agreed between Albania and the IMF, a financial gap of some US$ 165 million remains to be covered in order to avoid an addi- tional degree of import compression which would jeopar- dize 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 conces- sional financial assistance to Albania in order to support that country’s adjustment and reform efforts ; Whereas taking into account the economic and financial situation of Albania, this financial assistance intended to support that country’s balance of payments should take the form of grants; Whereas the Community grant should be managed by the Commission ; Whereas the EEC Treaty does not provide, for the adop- tion of this Decision, powers other than those of Article 235, HAS DECIDED AS FOLLOWS : Article 1 1.  The Community shall grant to Albania financial assistance of a maximum amount of ECU 70 million in the form of a grant, with a view to ensuring a sustainable balance of payments situation and strengthening the reserve position of that country.