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Purpose
1. The macro-financial assistance shall contribute to covering Ukraine’s financing gap, as identified in a positively assessed Ukrainian Financing Strategy. 2. The release of the macro-financial assistance shall be managed by the Commission on the basis of its assessment of the precondition set out in Article 5(1) and of the satisfactory fulfilment of the policy conditions included in the Memorandum of Understanding referred to in Article 11.
Memorandum of Understanding
1. In respect of the approved amounts of macro-financial assistance as referred to in Article 8(2), point (a)(ii), the Commission shall agree with Ukraine on policy conditions to which the macro-financial assistance is to be linked. Those policy conditions shall be set out in a Memorandum of Understanding (MoU). 2. The policy conditions shall include robust and ambitious reform commitments, including those that aim, in particular, to strengthen revenue mobilisation to support Ukraine’s financing needs and to tackle the root causes of corruption in public finances, including via improving the sustainability and quality of public expenditure and enhancing the efficiency, transparency and accountability of the public finance management systems. Where relevant, those commitments shall be consistent with any programme that Ukraine has with the IMF whilst going further where appropriate. Progress in attaining the commitments shall be regularly monitored by the Commission. 3. The Commission shall approve the signature of the MoU, and of amendments to the MoU, by means of implementing acts. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 27(3).
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