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1. Subject to the conditions referred to in paragraph 3, the Union’s macro‐financial assistance shall be made available by the Commission two loan instalments. The size of each instalment shall be laid down in the MOU.

2. The amounts of the Union’s macro‐financial assistance shall be provisioned, where required, in accordance with Council Regulation (EC, Euratom) No 480/2009 .

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 non‐precautionary IMF credit arrangement;

(c) the satisfactory implementation of the economic policy and financial conditions agreed in the MOU. The release of the second instalment shall not, in principle, take place earlier than three months after the release of the first instalment.

4. Where the conditions referred to in the first subparagraph of paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s 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 macro‐financial assistance shall be disbursed to the central bank of the partner. Subject to the provisions to be agreed in the MOU including a confirmation of residual budgetary financing needs, the Union funds may be transferred to the Ministry of Finance as the final beneficiary.