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Implementation of macro-financial assistance to third countries in 2002. Report from the Commission to the European Parliament and the Council. COM (2003) 444 final, 25 July 2003

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COMMISSION OF THE EUROPEAN COMMUNITIES Brussels, 24.07.2003 COM(2003)444 final REPORT FROM THE COMMISSION TO THE COUNCIL AND THE EUROPEAN PARLIAMENT on the implementation of macro-financial assistance to third countries in 2002 2 LIST OF ABBREVIATIONS CAMEL Capital, assets, management, earnings, liquidity (parameters used in international system for rating banks) CBA Currency Board Arrangement CEECs Central and East European Countries CPI Consumer Price Index DEM German Mark EC European Community EFF Extended Fund Facility EIB European Investment Bank ESAF Enhanced Structural Adjustment Facility EU European Union EUR Euro FDI Foreign Direct Investment FESAL Financial and Enterprise Structural Adjustment Loan FRY Federal Republic of Yugoslavia FYROM Former Yugoslav Republic of Macedonia GDP Gross Domestic Product IFIs International Financial Institutions IMF International Monetary Fund MFA Macro-Financial Assistance NIS New Independent States PRGF Poverty Reduction and Growth Facility (formerly ESAF) SAA Stabilisation and Association Agreement SAF Structural Adjustment Facility SBA Stand-By Arrangement USD Dollar of the United States of America VAT Value Added Tax WTO World Trade Organisation 3 TABLE OF CONTENTS List of abbreviations................................................................................................................... 2 I. INTRODUCTION ....................................................................................................... 5 II. OVERVIEW ................................................................................................................ 6 1. Background .................................................................................................................. 6 2. Macro-financial assistance in 2002.............................................................................. 6 A) New decisions .........................................................

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