Article 1

The Community shall make available to Armenia macro-financial assistance in the form of a loan facility and a grant with a view to supporting Armenia’s economic stabilisation and alleviating its balance of payments and budgetary needs as identified in the current IMF programme.

The loan component of this assistance shall amount to a maximum principal of EUR 65 million with a maximum maturity of 15 years. To this end, the Commission is empowered to borrow on behalf of the Community the necessary resources.

The grant component of this assistance shall amount to a maximum of EUR 35 million.

The release of the Community financial assistance shall be managed by the Commission, in close cooperation with the Economic and Financial Committee, in a manner consistent with the agreements or understandings reached between the IMF and Armenia.

The Community financial assistance shall be made available for two years starting from the first day after the entry into force of the Memorandum of Understanding referred to in Article 2(1). However, if circumstances so require, the Commission, after consultation of the Economic and Financial Committee, may decide to extend the availability period by a maximum of one year.