[{"bbox": [139, 177, 1174, 392], "category": "Text", "text": "b) The performance indicators for disbursement to be used for variable tranches may focus on the following policy priorities: In the area of domestic revenue, indicators may focus on tax revenue outcomes, tax policy changes and tax administration reforms (i.e. integrated domestic revenue administration system). In the area of public finance management, variable tranche indicators may focus on reforms in the areas of budget credibility, systems development/integration, transparency, public investment, (green) procurement, gender responsive budgeting and audit and controls. In the area of private finance, budget support indicators may focus on reforms in the areas of secured credit, credit information, the regulatory framework for innovative platforms such as fintech, and the promotion of green financing."}, {"bbox": [139, 403, 300, 429], "category": "Text", "text": "c) Modifications."}, {"bbox": [139, 430, 1174, 536], "category": "Text", "text": "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": [139, 542, 1174, 754], "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": [139, 766, 351, 792], "category": "Text", "text": "d) Fundamental values"}, {"bbox": [139, 793, 1174, 847], "category": "Text", "text": "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": [187, 859, 479, 887], "category": "Section-header", "text": "### 4.3.3 Budget Support Details"}, {"bbox": [139, 901, 1166, 982], "category": "Text", "text": "Budget support is provided as direct untargeted budget support to the national treasury. The crediting of the euro transfers disbursed into Tanzanian Shillings will be undertaken at the appropriate exchange rates in line with the relevant provisions of the financing agreement."}, {"bbox": [139, 987, 1166, 1094], "category": "Text", "text": "The action includes both fixed and variable tranches over 4 years. The fixed component covers the first year and variable component starts in the second year and covers the last 3 years. The overall amount of variable tranches is 75% of the total budget support allocation. The incentive to deliver on the sector policy targets, through the variable tranche starts from year 2."}, {"bbox": [141, 1097, 1170, 1183], "category": "Table", "text": "<table><thead><tr><th></th><th>Year 1 (2022/23)</th><th>Year 2 (2023/24)</th><th>Year 3 (2024/25)</th><th>Year 4 (2025/26)</th></tr></thead><tbody><tr><th>Fixed tranche</th><td>7.5</td><td></td><td></td><td></td></tr><tr><th>Variable tranche</th><td></td><td>6.5</td><td>8</td><td>8</td></tr></tbody></table>"}, {"bbox": [128, 1198, 483, 1229], "category": "Section-header", "text": "## 4.4 Implementation Modalities"}, {"bbox": [139, 1244, 1172, 1322], "category": "Text", "text": "The Commission will ensure that the EU appropriate rules and procedures for providing financing to third parties are respected, including review procedures, where appropriate, and compliance of the action with EU restrictive measures³⁰."}, {"bbox": [187, 1337, 519, 1365], "category": "Section-header", "text": "### 4.4.1 Direct Management (Grant)"}, {"bbox": [139, 1380, 399, 1407], "category": "Section-header", "text": "**(a) Purpose of the grant(s)**"}, {"bbox": [139, 1406, 1050, 1433], "category": "Text", "text": "The grant will contribute to achieving output 2.1 and 2.2 for making capital markets more effective."}, {"bbox": [128, 1575, 1127, 1645], "category": "Footnote", "text": "³⁰ 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": [1026, 1680, 1140, 1704], "category": "Page-footer", "text": "Page 24 of 31"}]