Disbursement of Sector Budget Support Sample Clauses

Disbursement of Sector Budget Support. The general conditions for disbursement of all tranches are as follows:  satisfactory progress in the implementation of the Public Administration Reform policy and continued credibility and relevance thereof;  implementation of a credible stability-oriented macroeconomic policy;  satisfactory progress in the implementation of the PFM reform programme;  satisfactory progress with regard to the public availability of timely, comprehensive and sound budgetary information The specific conditions for disbursement that may be used for variable tranches have been presented in the section on the intervention logic and in the annexes with specific details for each tranche. Funds under the sector budget support component of this Sector Reform Contract will be channelled into the Single Treasury Account of the Ministry of Finance through the Central Bank of Serbia. Foreign exchange transfers will be entered in the accounts under the value date of the notification of credit to the account of the Central Bank of Serbia opened for this purpose and an equivalent amount in Serbian dinar will be credited to the Single Treasury Account. The beneficiary shall apply its national foreign exchange regulations in a non-discriminatory manner to all disbursements of the sector budget support component. Once released, the funds will be used as all other normal budgetary resources of the Government and managed in compliance with the laws and regulations of the Republic of Serbia. The chosen performance targets and indicators to be used for disbursements will apply for the duration of the programme. However, in duly justified circumstances, the Minister of Public Administration and Local Self Government, in coordination with the NIPAC, may submit a request to the Commission for the targets and indicators to be changed. The changes agreed to the targets and indicators may be authorised by exchange of letters between the two parties. At all times during the implementation, due care will be taken that the overall PAR SRC as the modality of IPA II implementation complements the other implementing modalities under IPA II and in particular that capacities for indirect management are constantly built and their sustainability ensured. In case of a significant deterioration of fundamental values, sector budget support disbursements may be formally suspended, temporarily suspended, reduced or cancelled, in accordance with the relevant provisions of the financing agreement. Details on compl...
Sample 1
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Disbursement of Sector Budget Support. The disbursement plan envisages 4 payment tranches:  The first tranche (2020) is fixed to 30% of the total SRC value. This substantial amount is based on:  Need to provide substantial incentives to support the sector reforms and the planned activities, particularly on the background of advanced 2019 budget approval procedure (2019 state budget contains small funds for the planned activities; the substantial increase of the national funds for the SRC activities are only expected in 2020).  estimated low risks to the macroeconomic stability and public finances and well progressing PFM reform programme.  The second, third and fourth tranches (respectively 2021, 2022 and 2023) are payable upon the progress of the contract; once per year, at the end of the year. The general conditions for disbursement of all tranches include:  Satisfactory progress in the implementation of the sector reform contract and the sector strategies, based on achieving the agreed targets of the key indicators.  Implementation of a credible stability-oriented macroeconomic policy as defined in the Economic Reform Programme and assessed annually.  Satisfactory progress in the implementation of the Public Finance Management (PFM) Reform Programme 2018-2021, which is assessed annually and in a transparent manner through the PFM policy dialog channelled in the PFM SWG. The disbursement will be based on the level of achievement of the performance indicators and their targets which are described in Annex 1 and 2. The triggers for disbursement will apply for the entire duration of this Sector Reform Contract and will be specified in the IPA 2019 Financing Agreement. However, in duly justified circumstances, the MoLSP and XxXX may submit a request to the European Commission for changing targets or indicators. Changes to the targets and indicators can only come into force after the signature of the amended Financing Agreement. In case of significant deterioration of fundamental values, budget support disbursement may be formally suspended, temporarily suspended, reduced or cancelled, in accordance with the relevant provisions of the Financing Agreement.
Sample 1

Related to Disbursement of Sector Budget Support

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