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MIPT: CONCLUSIONS ON FINANCIAL ASSISTANCE TO COUNTRIES MOST AFFECTED
BY THE GULF CRISIS
1. TEXT AGREED BY FOREIGN MINISTERS OF THE TWELVE IS AS FOLLOWS:
BEGINS
THE COUNCIL REMAINS CONVINCED THAT A COMPLETE IMPLEMENTATION OF THE EMBARGO DECIDED BY THE SECURITY COUNCIL WITH REGARD TO IRAQ IS THE ESSENTIAL CONDITION FOR BRINGING ABOUT A PEACEFUL SOLUTION TO THE CRISIS. THE EUROPEAN COMMUNITY AND ITS MEMBER STATES ARE FULLY
IMPLEMENTING THE EMBARGO AND CALL ON ALL MEMBERS OF THE
INTERNATIONAL COMMUNITY TO DO LIKEWISE.
THE COUNCIL IS CONSCIOUS OF THE GRAVE BURDEN WHICH THE PRESENT CRISIS IMPOSES ON THE ECONOMY OF MANY COUNTRIES AND IN PARTICULAR THAT STEMMING FROM A RIGOROUS APPLICATION OF THE EMBARGO, AND HAS THEREFORE DECIDED THAT THE COMMUNITY AND ITS MEMBER STATES WILL PROVIDE SHORT-TERM FINANCIAL ASSISTANCE OF 1.5 BILLION ECU TO THE COUNTRIES MOST IMMEDIATELY AFFECTED: EGYPT, JORDAN AND TURKEY.
THE CONTRIBUTION OF THE COMMUNITY BUDGET TO SUCH PROGRAMME OF ASSISTANCE WILL BE 500 MILLION ECU. THE REMAINING AMOUNT WILL BE MADE UP OF VOLUNTARY BILATERAL CONTRIBUTIONS FROM MEMBERS STATES, ALREADY ANNOUNCED OR TO BE ANNOUNCED.
THE COMMUNITY'S CONTRIBUTION WILL BE ENTIRELY IMPUTED TO THE 1991 BUDGET. THE COUNCIL, FOR ITS PART, WILL ACT SPEEDILY ON ANY NECESSARY REVISION OF THE FINANCIAL PERSPECTIVES.
THIS COMMUNITY ASSISTANCE THROUGH ITS BUDGET WILL BE MAINLY GIVEN IN THE FORM OF GRANTS, BUT PROVISIONS WILL ALSO BE MADE FOR THE POSSIBILITY OF ACCORDING LOANS OR OTHER FORMS OF FINANCIAL
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