Article 1 1. The Union shall make macro-financial assistance available to Georgia of a maximum amount of EUR 46 million, with a view to supporting Georgia’s economic stabilisation and covering its balance of payments needs, as identified in the current IMF programme. Of that maximum amount, up to EUR 23 million shall be provided in the form of grants and up to EUR 23 million in the form of loans. The release of the Union’s macro-financial assistance shall be subject to the approval of the 2013 Union budget by the budgetary authority.
2. The Commission shall be empowered to borrow the necessary resources on behalf of the Union in order to finance the loan component of the Union’s macro-financial assistance. The loan shall have a maximum maturity of 15 years.
3. The release of the Union’s macro-financial assistance shall be managed by the Commission in a manner consistent with the agreements or understandings reached between the IMF and Georgia and with the key principles and objectives of economic reform set out in the EU-Georgia Partnership and Cooperation Agreement. The Commission shall regularly inform the European Parliament and the Economic and Financial Committee of developments in the management of the Union’s macro-financial assistance and provide them with relevant documents.
4. The Union’s macro-financial assistance shall be made available for a period of two years and six months starting from the first day after the entry into force of the Memorandum of Understanding referred to in Article 2(1).