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1. The Commission shall adopt, in accordance with the advisory procedure referred to in Article 6(2), a Memorandum of Understanding containing the economic policy and financial conditions to which the Union’s macro-financial assistance is subject, including a time-frame for the fulfilment of those conditions. The economic policy and financial conditions set out in the Memorandum of Understanding shall be consistent with the agreements or understandings referred to in Article 1(3). Those conditions shall aim, in particular, at strengthening the efficiency, transparency and accountability of the Union’s macro-financial assistance, including public finance management systems in Georgia. Progress in attaining those objectives shall be regularly monitored by the Commission. The detailed financial terms of the Union’s macro-financial assistance shall be laid down in the Grant Agreement and the Loan Agreement to be agreed between the Commission and the Georgian authorities.

2. During the implementation of the Union’s macro-financial assistance, the Commission shall monitor the soundness of Georgia’s financial arrangements, the administrative procedures and the internal and external control mechanisms which are relevant to such assistance, as well as Georgia’s adherence to the agreed timeframe.

3. The Commission shall verify at regular intervals that Georgia’s economic policies are in accordance with the objectives of the Union’s macro-financial assistance and that the agreed economic policy conditions are being satisfactorily fulfilled. To that end, the Commission shall coordinate closely with the IMF and the World Bank, and, where required, with the Economic and Financial Committee.