Chapter I, Article 4 · Decision (EU) 2022/1628

Contents

Article 4Release of the Union’s exceptional macro-financial assistance#

1.Subject to the requirements referred to in paragraph 3, the Union’s exceptional macro-financial assistance shall be made available by the Commission in instalments, each of which shall consist of a loan. The Commission shall decide on the timeframe for the disbursement of each instalment. An instalment may be disbursed in one or more tranches.

2.The release of the Union’s exceptional macro-financial assistance shall be managed by the Commission in a manner consistent with the MoU.

3.The Commission shall decide on the release of the instalments subject to its assessment of the following requirements:

(a)respect for the precondition set out in Article 2(1);

(b)the satisfactory implementation of the reporting requirements agreed in the MoU;

(c)for the second and subsequent instalments, satisfactory progress towards the implementation of the policy conditions set out in the MoU.

Before the maximum amount of the Union’s macro-financial assistance is disbursed, the Commission shall verify the fulfilment of all the policy conditions set out in the MoU.

4.Where the requirements set out in paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s exceptional macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for the suspension or cancellation.

5.The Union’s exceptional macro-financial assistance shall in principle be disbursed to the National Bank of Ukraine. Subject to the provisions to be agreed in the MoU, including a confirmation of residual budgetary financing needs, the Union funds may be disbursed to the Ukrainian Ministry of Finance as the final beneficiary.