Contents
- 1. Subject to the conditions in paragraph 3, the Union's macr…
- 2. The amounts of the Union's macro-financial assistance shal…
- 3. The Commission shall decide on the release of the instalme…
- 4. Where the conditions in the first subparagraph of paragrap…
- 5. The Union's macro-financial assistance shall be disbursed…
3.The Commission shall decide on the release of the instalments subject to the fulfilment of all of the following conditions:
(a)the pre-condition set out in Article 2;
(b)a continuous satisfactory track record of implementing a policy programme that contains strong adjustment and structural reform measures supported by a non-precautionary IMF credit arrangement; and
(c)the satisfactory implementation of the economic policy and financial conditions agreed in the Memorandum of Understanding.
The release of the second instalment shall not, in principle, take place earlier than three months after the release of the first instalment. The release of the third instalment shall not, in principle, take place earlier than three months after the release of the second instalment.
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