Article 3
1. The Community financial assistance shall be made available by the Commission to Armenia in two instalments subject to the conditions of paragraph 2. The size of the instalments will be laid down in the Memorandum of Understanding. 2. The Commission shall decide on the release of the instalments subject to satisfactory implementation of the economic policy conditions agreed in the Memorandum of Understanding and in accordance with the terms of the assistance agreed in the Grant and Loan Agreements. The disbursement of the second instalment shall not take place earlier than three months after the release of the first instalment. 3. The Community funds shall be paid to the Central Bank of Armenia. Subject to provisions to be agreed in the Memorandum of Understanding, including a confirmation of residual budgetary financing needs, their counter-value in local currency may be transferred to the Treasury of Armenia as final beneficiary.