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1. Subject to the requirements referred to in paragraph 2, the Union’s macro-financial assistance shall be made available by the Commission in a single instalment, in the form of a loan. The Commission shall decide on the timeframe for the disbursement of the instalment. The instalment may be disbursed in one or more tranches.

2. The Commission shall decide on the release of the instalment, subject to its assessment of the following requirements:

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

(b) entry into force of the MoU, which shall provide for the setting-up of a reporting system applicable during the entire period of the loan.

3. Where the requirements set out in paragraph 2 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance, or take appropriate measures pursuant to the loan agreement. In such cases, it shall inform the European Parliament and the Council of the reasons for the suspension or cancellation.

4. The Union’s 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.