[{"bbox": [129, 152, 655, 182], "category": "Section-header", "text": "### 4.3.2 Criteria for Disbursement of Budget Support"}, {"bbox": [141, 207, 288, 232], "category": "Section-header", "text": "**a) Conditions:**"}, {"bbox": [141, 245, 787, 273], "category": "Text", "text": "The general conditions for disbursement of all tranches are as follows:"}, {"bbox": [141, 284, 1135, 341], "category": "List-item", "text": "- Satisfactory progress in the implementation of the National Development Plan and continued credibility and relevance thereof or of the subsequent policy."}, {"bbox": [141, 350, 1135, 407], "category": "List-item", "text": "- Maintenance of a credible and relevant stability-oriented macroeconomic policy or progress made towards restoring key balances."}, {"bbox": [141, 417, 1135, 500], "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": [141, 509, 1135, 566], "category": "List-item", "text": "- Satisfactory progress with regard to the public availability of accessible, timely, comprehensive, and sound budgetary information."}, {"bbox": [141, 575, 1135, 630], "category": "Section-header", "text": "**b) The performance indicators for disbursement to be used for variable tranches may focus on the following indicative policy priorities:**"}, {"bbox": [141, 641, 1135, 800], "category": "Text", "text": "Domestic revenue generation in key sectors, timely availability of financial information, quality of spending and fiscal discipline, reduced annual deforestation rate, increased area of sustainably managed forests, increased FDA's capacity for law enforcement, progress registered in the implementation of anti-corruption measures at national and sub-national levels, enhanced access to extension services for smallholder farmers and forest communities; increased budgetary allocations to the agriculture and forest sectors; increased de-concentration in both sectors."}, {"bbox": [141, 813, 318, 839], "category": "Section-header", "text": "**c) Modifications:**"}, {"bbox": [141, 850, 1135, 986], "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": [141, 996, 1135, 1211], "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": [141, 1221, 373, 1248], "category": "Section-header", "text": "**d) Fundamental values:**"}, {"bbox": [141, 1260, 1135, 1316], "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, 1340, 442, 1371], "category": "Section-header", "text": "### 4.3.3 Budget Support Details"}, {"bbox": [141, 1393, 1135, 1476], "category": "Text", "text": "Budget support is provided as direct untargeted budget support to the national treasury. The crediting of the euro transfers disbursed into Liberia dollars will be undertaken at the appropriate exchange rates in line with the relevant provisions of the financing agreement."}, {"bbox": [141, 1486, 1135, 1595], "category": "Text", "text": "The disbursement calendar and profile will be set out in the financing agreement and may remain subject to change. The disbursement profile will tentatively consist of fixed and variables tranches to account for a range of 30 to 50% and 50 to 70% respectively of the budget support component. They will be disbursed over the lifespan of the operation after the signature of the financing agreement."}, {"bbox": [1027, 1679, 1145, 1705], "category": "Page-footer", "text": "Page 28 of 33"}]