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Council Decision of 30 November 2009 providing macro-financial assistance to Georgia (2009/889/EC)

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Article 2U.K.

1.The Commission is empowered to agree with the authorities of Georgia, after consulting the Economic and Financial Committee, the economic policy and financial conditions attached to the Community financial assistance, to be laid down in a Memorandum of Understanding and a Grant Agreement. The conditions shall be consistent with the agreements or understandings reached between the IMF and Georgia.

2.During the implementation of the Community financial assistance, the Commission shall monitor the soundness of Georgia’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 Georgia’s economic policies are in accordance with the objectives of the Community assistance and that the agreed economic policy and financial 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.

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