[{"bbox": [129, 152, 617, 180], "category": "Section-header", "text": "### 4.3.2 Criteria for Disbursement of Budget Support"}, {"bbox": [141, 197, 274, 222], "category": "Section-header", "text": "#### a) Conditions."}, {"bbox": [141, 227, 786, 254], "category": "Text", "text": "The general conditions for disbursement of all tranches are as follows:"}, {"bbox": [214, 257, 1134, 346], "category": "List-item", "text": "- Satisfactory progress in the implementation of the Nature and Environmental Policy Plan Caribbean Netherlands (NEPP) 2020-2030, continued credibility and relevance thereof or of the subsequent policy (Integrated Water Management Plan)."}, {"bbox": [214, 349, 1134, 407], "category": "List-item", "text": "- Maintenance of a credible and relevant stability-oriented macroeconomic policy or progress made towards restoring key balances."}, {"bbox": [214, 411, 1134, 499], "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": [214, 503, 1134, 561], "category": "List-item", "text": "- Satisfactory progress with regard to the public availability of accessible, timely, comprehensive, and sound budgetary information."}, {"bbox": [141, 576, 1134, 635], "category": "Section-header", "text": "#### b) The performance indicators for disbursement to be used for variable tranches may focus on the following policy priorities:"}, {"bbox": [141, 638, 1134, 694], "category": "Text", "text": "(1) Status of wastewater capacity expansion infrastructure works: target - the procurement is completed and works have started by 2025."}, {"bbox": [141, 699, 1134, 786], "category": "Text", "text": "(2) Status of the Marketing study on sales of treated wastewater: target – the Marketing study is performed and published, including forecast on sales, overall valuation of the treated water, and identification of new potential clients by 2026."}, {"bbox": [141, 820, 1017, 847], "category": "Text", "text": "The relevant indicators have been marked in bold text in the Logical Framework in Section 3.6."}, {"bbox": [141, 884, 303, 909], "category": "Section-header", "text": "#### c) Modifications."}, {"bbox": [141, 914, 1134, 1062], "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/OCT 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": [141, 1078, 1134, 1320], "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/OCT and approved in writing by the Commission."}, {"bbox": [141, 1336, 354, 1361], "category": "Section-header", "text": "#### d) Fundamental values"}, {"bbox": [141, 1366, 1134, 1424], "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": [129, 1440, 423, 1468], "category": "Section-header", "text": "### 4.3.3 Budget Support Details"}, {"bbox": [141, 1484, 1134, 1573], "category": "Text", "text": "Budget support is provided as direct untargeted budget support to the OCT's treasury. The crediting of the euro transfers disbursed into American dollars (USD) will be undertaken at the appropriate exchange rates in line with the relevant provisions of the financing agreement."}, {"bbox": [1027, 1681, 1143, 1706], "category": "Page-footer", "text": "Page 21 of 25"}]