[{"bbox": [196, 118, 707, 149], "category": "Section-header", "text": "### 4.3.2. Criteria for Disbursement of Budget Support"}, {"bbox": [78, 184, 225, 209], "category": "Section-header", "text": "#### a) Conditions:"}, {"bbox": [82, 236, 725, 262], "category": "Text", "text": "The general conditions for disbursement of all tranches are as follows:"}, {"bbox": [156, 289, 1144, 396], "category": "List-item", "text": "- Satisfactory progress in the implementation of the National Strategy for transformation (NST-1), the Agriculture sector strategy (PSTA-4), the Green Growth and Climate resilience strategy, Rwanda's Nationally Determined Contribution and continued credibility and relevance thereof or of the subsequent policy."}, {"bbox": [156, 397, 1144, 450], "category": "List-item", "text": "- Maintenance of a credible and relevant stability-oriented macroeconomic policy or progress made towards restoring key balances."}, {"bbox": [156, 450, 1144, 530], "category": "List-item", "text": "- Satisfactory progress in the implementation of reforms to improve public financial management, including domestic revenue mobilisation, and continued relevance and credibility of the reform programme."}, {"bbox": [156, 530, 1144, 583], "category": "List-item", "text": "- Satisfactory progress with regard to the public availability of accessible, timely, comprehensive, and sound budgetary information."}, {"bbox": [82, 609, 1144, 716], "category": "Text", "text": "b) The performance indicators for disbursement to be used for variable tranches may focus on the following policy priorities relating to agriculture, climate adaptation and gender (National Agricultural policy, Green growth and Climate resilience Strategy, National forest policy, Rwanda National Environment and Climate Change Policy, National Gender Policy...)."}, {"bbox": [82, 742, 1144, 849], "category": "Text", "text": "c) Modifications: The chosen performance indicators and targets to be used for the disbursement of variable tranches will apply for the duration of the action. However, in duly justified cases, the partner country and the Commission may agree on changes to indicators or on upward/downward revisions of targets. Such changes shall be authorised in writing ex-ante, at the latest at the beginning of the period under review applicable to the indicators and targets."}, {"bbox": [82, 874, 1144, 1061], "category": "Text", "text": "In exceptional and/or duly justified cases, for instance where unexpected events, external shocks or changing circumstances have made the indicator or the target irrelevant and could not be anticipated, a variable tranche indicator may be waived. In these cases, the related amount could either be reallocated to the other indicators of the variable tranche the same year or be transferred to the next variable tranche the following year (in accordance with the original weighting of the indicators). It could also be decided to re-assess an indicator the following year against the original target, if there was a positive trend and the authorities did not reach the target because of factors beyond their control. The use of this provision shall be requested by the partner country and approved in writing by the Commission."}, {"bbox": [82, 1086, 1144, 1140], "category": "Text", "text": "d) Fundamental values: In case of a significant deterioration of fundamental values, budget support disbursements may be suspended, reduced or cancelled, in accordance with the relevant provisions of the financing agreement."}, {"bbox": [196, 1176, 494, 1205], "category": "Section-header", "text": "### 4.3.3. Budget Support Details"}, {"bbox": [82, 1240, 1144, 1321], "category": "Text", "text": "Budget support is provided as direct untargeted budget support to the national treasury. The crediting of the euro transfers disbursed into Rwanda Francs will be undertaken at the appropriate exchange rates in line with the relevant provisions of the financing agreement⁸."}, {"bbox": [72, 1365, 437, 1392], "category": "Section-header", "text": "#### Indicative disbursement timetable"}, {"bbox": [72, 1404, 1136, 1524], "category": "Table", "text": "<table><thead><tr><td>Country fiscal year⁹ and quarterly breakdown</td><td>Year 1 (2021/22)</td><td>Year 2 (2022/23)</td><td>Year 3 (2023/24)</td><td>Year 4 (2024/2025)</td><td>Total in MEUR</td></tr></thead></table>"}, {"bbox": [72, 1563, 1155, 1636], "category": "Footnote", "text": "⁸ www.sanctionsmap.eu. Please note that the sanctions map is an IT tool for identifying the sanctions regimes. The source of the sanctions stems from legal acts published in the Official Journal (OJ). In case of discrepancy between the published legal acts and the updates on the website it is the OJ version that prevails."}, {"bbox": [72, 1636, 530, 1660], "category": "Footnote", "text": "⁹ In Rwanda fiscal years run from July till June."}, {"bbox": [1039, 1660, 1155, 1684], "category": "Page-footer", "text": "Page 24 of 30"}]