Article 3
1. The Commission shall agree with Ukraine on clearly defined reporting requirements to which the Union’s macro-financial assistance is to be linked. The reporting requirements shall be set out in a Memorandum of Understanding (MoU) and adopted in accordance with the examination procedure referred to in Article 8(2). 2. The reporting requirements shall ensure, in particular, that the Union’s macro-financial assistance is used in an efficient, transparent and accountable manner. The Commission shall regularly monitor the implementation of those reporting requirements. 3. The detailed financial terms of the Union’s macro-financial assistance shall be laid down in a loan agreement to be concluded between the Commission and Ukraine. 4. The Commission shall verify, at regular intervals, the implementation of the Union’s macro-financial assistance, and in particular of the reporting requirements set out in the MoU. The Commission shall inform the European Parliament and the Council about the results of that verification.