1.Subject to the conditions in paragraph 3, the Union's macro-financial assistance shall be made available by the Commission in two loan instalments. The size of each instalment shall be laid down in the Memorandum of Understanding. If, exceptionally, circumstances so require, the Union macro-financial assistance may be made available in one single loan instalment.
2.The amounts of the Union's macro-financial assistance shall be provisioned, where required, in accordance with Council Regulation (EC, Euratom) No 480/2009(1).
3.The Commission shall decide on the release of the loan instalments subject to the fulfilment of all of the following conditions:
(a)the pre-condition set out in Article 2;
(b)a continuous satisfactory track record of implementing a policy programme that contains adjustment and structural reform measures supported by a non-precautionary IMF credit arrangement;
(c)the implementation, within a specific time-frame, of the economic policy and financial conditions agreed in the Memorandum of Understanding.
In case a second instalment is foreseen, it shall not take place earlier than three months after the release of the first instalment.
4.Where the conditions in paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union's macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for that suspension or cancellation.
5.The Union's macro-financial assistance shall be disbursed to the National Bank of Ukraine.
6.The disbursement shall start immediately as soon as the IMF programme is in place.
Council Regulation (EC, Euratom) No 480/2009 of 25 May 2009 establishing a Guarantee Fund for external actions (OJ L 145, 10.6.2009, p. 10).