Article 2
1. The Commission shall agree with the authorities of Armenia, after consulting the Economic and Financial Committee, the economic policy conditions attached to the Community macro-financial assistance, to be laid down in a Memorandum of Understanding, a Grant Agreement and a Loan Agreement. The conditions shall be consistent with the agreements or understandings reached between the IMF and Armenia. The detailed financial terms of the assistance shall be laid down in the Grant and Loan Agreements to be agreed between the Commission and the authorities of Armenia. 2. During the implementation of the Community financial assistance, the Commission shall monitor the soundness of Armenia’s financial arrangements, administrative procedures, and internal and external control mechanisms which are relevant to such assistance. 3. The Commission shall verify at regular intervals that Armenia’s economic policies are in accordance with the objectives of the Community assistance and that the agreed economic policy conditions are being satisfactorily fulfilled. In doing so, the Commission shall coordinate closely with the IMF and the World Bank and, when required, with the Economic and Financial Committee.