council decis novemb provid except financi assist armenia georgia ec council european union regard treati establish european commun articl thereof regard propos commiss regard opinion european parliament commiss consult monetari committe submit propos armenia georgia undertak fundament polit econom reform make substanti effort implement market economi model trade commerci econom link develop commun armenia georgia framework respect partnership cooper agreement sign april armenia georgia agre intern monetari fund imf set stabil polici reform measur support imf system transform facil imf board approv june stand arrang support ambiti stabil structur adjust reform period juli june imf board approv februari year enhanc structur adjust facil esaf concession term armenia georgia replac current stand arrang armenian georgian author formal undertaken servic fulli outstand financi oblig commun author request except financi support commun armenia georgia low incom countri face critic econom social circumst countri elig highli concession loan world bank imf concession financi assist commun form long term loan straight grant measur beneficiari countri critic junctur assist loan grant compon highli except constitut preced futur inclus grant compon assist prejudic power budgetari author assist manag commiss treati provid adopt decis power articl decid articl commun make armenia georgia except financi assist form long term loan straight grant total loan compon assist amount maximum ecu million maximum matur year grace period year end commiss empow borrow behalf european commun resourc dispos beneficiari countri form loan grant compon assist consist amount ecu million ecu million annual period annual grant made net debtor posit beneficiari countri commun reduc similar amount financi assist provid paragraph disburs beneficiari countri condit countri fulli settl exist oblig commun countri satisfactorili implement comprehens adjust reform programm context imf programm commun financi assist manag commiss close consult monetari committe take account exist futur agreement reach imf beneficiari countri articl subject provis decis commiss empow agre author beneficiari countri specif amount term condit attach assist commiss verifi consult monetari committe polici recipi countri respect object condit financi assist decis articl total amount loan made commiss instal grant subject respect condit articl subsequ remaind grant compon made commiss success yearli instal subject respect condit articl fund paid central bank recipi countri articl borrow lend oper refer articl carri date oper involv commun transform matur exchang interest rate risk commerci risk commiss ensur earli repay claus includ loan term condit request beneficiari countri circumst permit improv interest rate loan commiss refin part initi borrow restructur financi condit refinanc restructur oper respect condit paragraph oper lead extens averag matur borrow concern increas amount express current exchang rate capit outstand date refinanc restructur relat cost incur commun conclud carri oper decis born beneficiari countri monetari committe inform oper paragraph year articl year commiss address european parliament council report applic decis decemb council examin applic decis date basi comprehens report commiss brussel novemb council presid juncker oj oj