Report from the Commission to the European Parliament and to the Council - Implementation of exceptional financial assistance to Armenia, Georgia, and Tajikistan
Date: 2004-12-10
Institutions: European Commission
Subjects: Armenia, EU aid, Georgia, Tajikistan, financial aid

COMMISSION OF THE EUROPEAN COMMUNITIES 

Brussels, 10.12.2004 
COM(2004)793 final 

. 

REPORT FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT 
AND TO THE COUNCIL 

Implementation of Exceptional Financial Assistance to Armenia, Georgia, 
and Tajikistan 

{SEC(2004)1635} 

. 

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1. 

INTRODUCTION 

Council Decision 97/787/EC of 17 November 1997 providing exceptional financial assistance 
to Armenia and Georgia as amended by Council Decision 2000/244/EC of 20 March 2000 to 
extend the assistance to Tajikistan specifies in Article 1(3) that the period during which the 
grant component of the assistance is made available in successive tranches to the beneficiary 
countries  ends  in  2004.  Also,  the  Decision  states  in  Article  5(2)  that  “Before  31  December 
2004, the Council shall examine the application of this Decision to that date on the basis of a 
comprehensive  report  by  the  Commission,  which  shall  also  be  submitted  to  the  European 
Parliament.”  The  present  Report  is  prepared  in  application  of  the  above  provision  of  the 
Council Decision.  

2. 

BACKGROUND  AND  MAIN  FEATURES  OF  THE  EFA  PROGRAMME  FOR  ARMENIA, 
GEORGIA AND TAJIKISTAN 

The  exceptional  financial  assistance  (EFA)  programme  in  favour  of  Armenia,  Georgia  and 
Tajikistan  was  aimed  at  providing  financial  support  to  the  three  countries  faced  with 
particularly critical economic and social challenges in the context of reforms and transition to 
market  economy  implemented  with  support  from  the  International  Financial  Institutions 
(IFIs).  By  the  time  the  EFA  programme  was  prepared,  Armenia  and  Georgia  were  already 
implementing  comprehensive  adjustment  and  reform  programmes  under 
the  IMF’s 
concessional  Enhanced  Structural  Adjustment  Facility  (ESAF).  Tajikistan  was  still  at  the 
early stages of preparation of a similar programme.  

A  particular  feature  of  the  implementation  of  these  programmes  was  the  existence  of  large 
external  payments  arrears  to  the  Community  originating  from  the  Community  loans  to  the 
three countries in the  early  90s.  These arrears clearly needed to be settled in order to allow 
Armenia,  Georgia  and  Tajikistan  to  devote  all  available  financial  resources  to  supporting 
reforms and alleviating the social hardship of the accompanying austerity measures.  

In November 1997, the Council adopted a first decision on a programme of EFA in favour of 
Armenia  and  Georgia  (Council  Decision  97/787/EC).  Under  this  Decision,  the  Community 
made available to the two countries a financing package consisting of a combination of long-
term  loans  and  straight  grants.  The  loan  component  amounted  to  a  maximum  of  EUR  170 
million,  with  a  maturity  of  15  years  and  a  grace  period  of  10  years.  The  grant  component 
consisted of up to EUR 85 million, to be disbursed over the period 1997-2002 in successive 
tranches. Armenia and Georgia were to receive loans and grants of respectively EUR 28 and 
110 million (loans) and EUR 30 and 55 million (grants).  

At  the  time  of  the  Decision  on  EFA  to  Armenia  and  Georgia  the  Council  agreed  also  to 
consider  a  similar  operation  for  Tajikistan  once  circumstances  allowed.  Therefore,  when 
shortly after Tajikistan embarked on an adjustment and reform programme supported by the 
IFIs (a financing arrangement with the IMF under the ESAF was approved in June 1998), the 
Commission  made  a  proposal  to  extend  the  programme  to  Tajikistan.  In  March  2000  a 
Council Decision amending Decision 97/787/EC to this end was adopted (Council Decision 
2000/244/EC).  Tajikistan  was  granted  total  financial  assistance  of  up  to  EUR  95  million  (a 
loan of EUR 60 million and grants of EUR 35 million). The same Council Decision allowed 
for the increase of the overall amount of grant assistance for Georgia to EUR 65 million and 
extended the implementation period for the programme to 2004.  

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The  EFA  programme  was  designed  as  complementary  financing  to  that  of  the  IFIs. 
Disbursements were made on condition of a satisfactory implementation by the beneficiaries 
of  their  financing  arrangements  with  the  IMF.  At  the  same  time,  the  programme’s  explicit 
goal  of  supporting  financial  sustainability  and  allowing  the  beneficiaries  to  reduce  their 
external  liabilities  was  reflected  in  the  linkage  between  the  disbursements  of  the  assistance 
and the reduction of the beneficiaries’ indebtedness. Thus the disbursement of the loans and 
the  initial  grant  tranches  was  made  after  the  beneficiaries  settled  the  full  amount  of  their 
obligations to the Community. The disbursement of the subsequent grant tranches is linked to 
early  repayment  of  the  beneficiaries’  debt  to  the  Community  originating  from  the  loans 
disbursed under the EFA programme. One of the objectives of the programme was to allow 
the beneficiaries to reach a point at the end of the implementation period of EFA where their 
financial obligations towards the Community would be either nil or substantially lower than 
their starting level. 

The disbursements of the grant tranches (apart from the initial tranche) are also conditional on 
the  fulfilment  of  structural  policy  measures  agreed  by  the  two  parties.  The  structural 
conditionality of EFA is based on the authorities’ economic programmes and is  particularly 
aimed at improving the beneficiaries’ external sustainability. Particular areas targeted by the 
Commission  through  the  conditionality  include  reforms  in  the  public  finances,  public 
administration  (including  fight  against  corruption),  financial  sector,  privatisation,  corporate 
governance, etc. It may also include specific measures reflecting Community’s priorities in its 
bilateral relations with the beneficiaries, e.g. measures in the areas of trade policy or various 
areas of economic cooperation covered by the bilateral cooperation agreements. The areas of 
structural policies targeted by the Commission through the structural conditionality attached 
to  the  disbursement  of  the  grant  element  of  the  assistance  for  the  three  countries  are 
summarised in Table 1 of the Annex to the present Report. 

3. 

IMPLEMENTATION OF THE 1997/2000 DECISION  

3.1. 

Institutional framework 

Following the adoption by the Council of the Decision on EFA to Armenia and Georgia, the 
Commission and the  authorities of  the two countries negotiated  the terms and conditions of 
the  operation.  The  general  parameters  of  the  operations,  such  as  maximum  amounts  and 
timing  of  annual  grant  tranches  and  of  early  debt  repayments,  were  laid  down  in  the 
Memoranda  of  Understanding  (MOU)  concluded,  on  behalf  of  the  Community,  by  the 
Commission  and  by  the  Governments  and  the  Central  Banks  of  the  beneficiaries.  Specific 
financial  conditions  of  the  loans  were  laid  down  in  the  Loan  Agreements  concluded  at  the 
same  time.  Eventually  the  MOU  and  the  Loan  Agreements  were  signed  in  December  1997 
(with  Georgia)  and  December  1998  (with  Armenia).  Following  the  adoption  of  Council 
Decision  2000/244/EC,  the  MOU  and  the  Loan  Agreement  between  the  Commission  and 
Tajikistan were concluded in January 2001. Also, to reflect the extension of the duration of 
the programme and the increase of the total grant allocation for Georgia, new Memoranda of 
Understanding were signed with Armenia (in August 2001) and Georgia (in July 2001). 

The basic parameters of the EFA operations in favour of the three countries as laid down in 
the MOU (revised MOU for Armenia and Georgia) are summarised in Table 2 of the Annex. 
It was foreseen that at the end of the implementation of the programme Armenia would have 
no  outstanding  financial  obligations  towards  the  Community  and  that  the  obligations  of 
Georgia and Tajikistan would be reduced to sustainable levels. 

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The implementation of the EFA programme between 1998 (initial disbursements to Georgia 
and Armenia) and the third quarter of 2004 as well as the Commission’s intentions for the rest 
of the current year and the beginning of 2005 are detailed below. Tables 3 and 4 of the Annex 
present the quantitative results of the programme.  

3.2. 

Armenia 

The implementation of the EFA programme in favour of Armenia started in December 1998, 
when  Armenia  settled  its  arrears  towards  the  Community  (EUR  51  million).  This  unlocked 
the disbursement by the Commission of the new loan (EUR 28 million) and of the first grant 
tranche (EUR 8 million).  

One  more  grant  tranche  (of  EUR  4  million)  was  disbursed  to  Armenia  in  1999-2000.  The 
disbursement  based  on  the  results  of  the  conditionality  review  carried  out  in  July  1999  was 
made in December 1999. Armenia on its part had proceeded with a reduction in its net debtor 
position  towards  the  Community  by  EUR  5  million.  The  implementation  of  the  programme 
was  interrupted  in  2000  in  view  of  Armenia’s  failure  to  conclude  a  new  financing 
arrangement  with  the  IMF  after  the  expiry  of  the  ESAF  arrangement  in  December  1999.  It 
was  only  resumed  in  2001,  following  the  approval  by  the  IMF  Board  of  a  new  three-year 
programme under the Poverty Reduction and Growth Facility (PRGF – the facility replacing 
the ESAF) in May 2001. This arrangement expires in December 2004.  

Under  the  policy  framework  established  by  the  PRGF  programme,  the  Commission  carried 
out successfully three review missions corresponding to three annual tranches of the EFA – in 
June  2001,  June  2002  and  December  2003.  Each  time,  the  amounts  of  the  tranches  and  the 
early  debt  repayments  were  set  at  respectively  EUR  5.5  and  7  million.  The  corresponding 
payments  were  made  in  early  2002,  in  late  2002  and  in  June  2004.  As  a  result  of  these 
operations, Armenia’s indebtedness towards the Community was reduced to EUR 2 million. 
The  disbursement  of  the  last  tranche  under  the  EFA  programme  (EUR  1.5  million)  is 
expected  to  take  place  in  2005,  after  Armenia  will  have  paid  back  the  last  portion  of  the 
Community’s 1998 loan. In this way, early next year it is expected that the EFA programme 
for Armenia will have fully reached its objectives in terms of both grant payments and early 
debt repayment (Armenia will have cleared all its debt vis-à-vis the Community).  

3.3. 

Georgia 

The implementation of the EFA programme in favour of Georgia started in July 1998, when 
Georgia  settled  its  arrears  towards  the  Community  (EUR  131  million)  and  the  Community 
subsequently disbursed its EUR 110 million loan and the first EUR 10 million grant tranche.  

The  second  grant  tranche  (EUR  9  million)  was  disbursed  in  September  1999,  after  Georgia 
proceeded made an early repayment of EUR 10 million of its debt towards the Community. 
The  implementation  of  the  programme  was  interrupted  in  2000  as  the  Georgian  authorities 
could not reach an agreement with the IMF on a new financing arrangement (the 1996 ESAF 
expired in August 1999) and was only resumed in 2001, following the approval by the IMF 
Board  of  a  new  three-year  PRGF  programme  in  January  2001.  Based  on  Georgia’s  mixed 
record in macroeconomic performance and structural reforms, the Commission decided then 
to disburse only part of the 2001 tranche (EUR 6 million) and to condition the disbursement 
of the remainder (EUR 5.5 million) to further progress in the structural reforms. Prior to the 
disbursement  of  the  first  sub-tranche  in  December  2001,  Georgia  made  an  early  debt 
repayment to the Community of EUR 8 million. Subsequently, given the serious deterioration 

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of the political situation in Georgia in the second half of 2001, there was virtually no progress 
in structural reforms for most of that year. The implementation of the EFA programme was 
halted once more, to resume only in 2004, after the political change in Georgia in November 
2003.  

Georgia’s  new  government  has  embarked  on  a  new  round  of  adjustment  and  reform.  The 
strategy  of  the  new  country’s  authorities  has  won  support  from  the  IFIs  –  a  new  three-year 
PRGF programme and new adjustment credits were approved by respectively the IMF and the 
World Bank last June and from the international donor community. The EFA programme is 
also  back  on  track.  The  first  step  will  be  the  disbursement  of  a  grant  tranche  amounting  to 
EUR 6.5 million, based on the results of the policy review conducted in late 2002 but never 
completed (shortly after the review Georgia’s IMF-sponsored programme went off track and 
the disbursement was cancelled). The forthcoming grant payment will be preceded by an early 
repayment by Georgia of an identical amount of the Community 1998 loan. As a result of this 
operation,  the  disbursements  of  EFA  to  Georgia  will  reach  EUR  31.5  million  (out  of  the 
maximum  amount  of  EUR  65  million)  and  Georgia  will  have  reduced  its  debtor  position 
towards the Community by EUR 24.5 million. 

The  Georgian  authorities  are  willing  to  take  advantage  of  the  favourable  economic  policy 
environment  to  reduce  further  the  country’s  net  debtor  position  towards  the  Community, 
thereby  improving  medium-term  debt  sustainability.  In  this  perspective,  they  have  already 
requested  from  the  EU  the  continuation  of  the  implementation  of  EFA  and  expect  that 
financial support from the Community could help the country reduce its external debt to much 
more sustainable levels. 

3.4. 

Tajikistan 

The  implementation  of  the  programme  in  Tajikistan  started  in  March  2001  when  the 
Community  released  the  new  loan  (EUR  60  million)  and  the  first  grant  tranche  (EUR  7 
million).  Prior  to  these  disbursements  Tajikistan  had  settled  the  country’s  arrears  to  the 
Community amounting to nearly EUR 79 million.  

One more tranche of EUR 7 million was released in December 2001. The amount of the early 
repayment  of  the  country’s  debt  to  the  Community  was  set  at  EUR  8  million,  which  is 
substantially less than the maximum amount of the early repayments set in the bilateral MOU 
(EUR  12  million).  The  Commission  judged  that  Tajikistan’s  financial  situation  justified 
limiting the reduction of the net debtor position to a smaller amount. 

The Commission conducted two more programme reviews in Tajikistan – in 2002 (June) and 
in 2004 (March and June). The disbursement of the third  annual  tranche  was  made  in  early 
2003, after the approval by the IMF in December 2002 of a new PRGF arrangement replacing 
the  previous  ESAF/PRGF  programme  expired  in  December  2001.  This  new  arrangement 
expires in December 2005. The disbursement of the fourth tranche is planned before the end 
of  2004.  Both  tranches  amount  to  EUR  7  million  and  their  release  is  linked  to  early  debt 
repayments of EUR 8 million (amounts consistent with the country’s financing constraints).  

One more tranche of EUR 7 million is expected to be released in early 2005. The amount of 
the  corresponding  early  debt  repayment  will  be  determined  at  the  time  of  the  programme 
review. As a result of the operations in 2004-early 2005, the full amount of grant assistance 
earmarked  to  Tajikistan  will  be  used.  Tajikistan’s  indebtedness  towards  the  Community  is 

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expected to come down to EUR 28 million (assuming that the early debt repayment will be 
once again equal to EUR 8 million). 

Looking  ahead,  Tajikistan  is  likely  to  continue  its  policy  of  early  debt  repayments  to  the 
Community  with  a  view  to  improving  medium-term  debt  sustainability,  which  may  require 
the continuation of EFA. 

4. 

ECONOMIC RESULTS OF THE EFA PROGRAMME  

In  contributing  to  the  adjustment  and  reform  processes  in  the  three  countries  in  a  broad 
context of financial support by the IFIs, the programme of exceptional financial assistance has 
brought  substantial  benefits  to  Armenia,  Georgia  and  Tajikistan.  The  area  where  the 
contribution of the EFA was probably the most decisive is the support provided to the three 
countries to reduce their external debt and therefore to improve their medium and long-term 
external  financial  sustainability.  During  the  first  stage  of  the  programme’s  implementation 
(the  disbursement  of  the  loans  and  of  the  initial  grant  tranches),  Armenia,  Georgia  and 
Tajikistan could settle their large arrears on the Community credits and in this way normalise 
their financial relations with the European Union and with the donor community at large. The 
subsequent  grant  disbursements  allowed  the  three  countries  to  reduce  further  their 
indebtedness towards the Community and thus to move further towards achieving sustainable 
financial  position.  This  is  mostly  valid  for  Armenia  and  Tajikistan.  Armenia’s  debt  to  the 
Community exceeded EUR 50 million when the programme was launched and it is expected 
to be reduced to zero; Tajikistan’s debt approached EUR 80 million and it will be below EUR 
30 million. The results of the programme are much more modest for Georgia; the country will 
still owe the Community more than EUR 85 million (down from more than EUR 130 million 
in 1998). 

The contribution of the Community EFA to other components of the adjustment and reform 
processes  in  the  beneficiary  countries  was  made  mainly  through  support  to  particular 
structural policies in the context of specific conditionality (cf. also section 2 and Table 1 of 
the Annex). This contribution is to be assessed in a more general framework of the evaluation 
of the progress of economic reform during the years of the programme’s implementation.  

In  Armenia,  economic  recovery  started  already  in  1995  and  accelerated  under  the  IMF’s 
ESAF/PRGF  arrangement  in  the  years  1996  to  1999.  It  is  at  this  crucial  moment  for  the 
Armenian  economy  that  the  implementation  of  the  EFA  programme  started.  Since  1998, 
Armenia’s growth has averaged 9% a year and macroeconomic imbalances have been reduced 
drastically. Armenia has also successfully implemented a wide range of structural reforms in 
such areas as taxation and public finance administration, enterprise restructuring, privatisation 
and banking sector. Several key structural reforms were supported by the Community through 
the conditionality attached to the  disbursement of  the  grant  element  of  the  EFA.  In  view  of 
improved macroeconomic results and progress in structural reforms, Armenia is probably now 
on track for more sustainable development and growth. 

During  most  of  the  period  covered  by  the  EFA,  Georgia’s  performance  in  implementing 
adjustment and reform policies was disappointing, despite some successes (e.g. in the banking 
regulation and supervision). In particular, after the first wave of reforms in the period covered 
by the IMF’s first ESAF/PRGF programme (1996-1999), there was little improvement in the 
quality of the government and of the macro-economic (mainly fiscal) management. Without 
adequate  policy  environment,  progress  towards  economic  recovery  and  sustainability  in 

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Georgia has been much slower than in Armenia. However, the situation is quite different now. 
Following  the  political  change  in  late  2003,  the  new  Georgia’s  authorities  embarked  on  a 
strong  adjustment  and  reform  programme  targeting  principally  two  areas  where  the  country 
was most criticised in the recent past – governance and fiscal management – where significant 
progress has already been achieved in the past twelve months.  

In four years of implementation of the EFA programme in Tajikistan, the country has shown 
a  quite  impressive  track  record.  The  general  economic  situation  has  improved  markedly: 
growth is approaching 10% a year, the fiscal and monetary policy has been strengthened, the 
current  account  deficit  has  declined  and  the  external  debt  was  brought  back  to  a  more 
sustainable level. In addition, a significant number of first generation structural reforms (e.g. 
price  and  trade  liberalisation,  privatisation)  were  undertaken.  The  Community  supported 
several key structural policies through the conditionality of its financial assistance. Economic 
conditions  are  projected  to  remain  favourable  in  Tajikistan  in  the  near  future,  which  is 
expected to facilitate the implementation of most structural reforms foreseen in the PRSP and 
in  the  PRGF  programme,  provided  that  financial  support  from  the  IFIs  and  the  donor 
community is not discontinued.  

The  Country-specific  developments  and  policies  during  this  period,  both  in  the  areas  of 
macroeconomic  and  financial  management  and  structural  reforms,  are  described  in  more 
detail in the attached Commission Staff Working Document.  

5. 

CONCLUSION 

The Commission’s assessment of the results of the implementation of the programme can be 
summarised as follows. The EFA programme has without any doubt helped Armenia, Georgia 
and  Tajikistan  progress  towards  reform  and  financial  sustainability.  However,  the  initial 
objectives of the EFA have not been fully met in the case of Georgia and, to a lesser extent, 
Tajikistan.  Despite  some  improvement,  the  two  countries’  financial  liabilities  vis-à-vis  the 
Community  remain  large  and,  more  generally,  medium-  and  long-term  debt  sustainability 
remains  elusive.  Debt  ratios  to  revenue  and  GDP  remain  high  even  if  rapid  growth  in 
government revenue relative to GDP is assumed. Finally, both countries continue to depend 
on  external  assistance  to  implement  structural  reforms  in  the  context  of  their  poverty 
reduction and growth strategies.  

Yet, in view of the recent favourable economic developments in Georgia and Tajikistan and 
of the better quality of the economic policy environment in the two countries, prospects for 
achieving progress in reforms and external financial sustainability have improved markedly. 
In  these  circumstances,  external  financial  support  to  the  two  countries  has  much  better 
chances for success.  

In  order  to  complete  the  unfinished  agenda  of  the  EFA  programme,  the  Commission 
envisages  making  proposals  for  follow  up  actions.  Such  actions  will  aim  at  supporting  the 
continuation  and  the  acceleration  of  economic  reforms  and  in  particular  at  helping  Georgia 
and  Tajikistan  implement  more  ambitious  debt  reduction  policies.  The  Commission  will 
decide whether to make proposals on possible follow-up actions after careful consideration of 
a number of parameters, including, in addition to the financing needs associated to early debt 
repayments,  the  overall  quality  of  the  economic  policy,  the  political  commitment  of  the 
authorities and the consistency  of possible  Community support with debt relief provided by 
official creditors (in the case of Georgia).  

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Also,  the  Commission  intends  to  integrate  closely  possible  follow-up  financial  assistance 
actions  in  the  overall  context  of  the  European  Union’s  relations  with  the  countries  of  the 
region and its support to economic and political reforms.  

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ANNEX 

Table 1
Main areas of structural conditionality in EFA programme 1998-2004

Armenia

Georgia

Tajikistan

Public finances

Tax administration
Budgetary planning (incl. MTEF)
Budget expenditure and treasury system (incl. arrears)
Public debt management
Quasi-fiscal deficits

Business climate

Improving legislation and regulatory environment
International Accounting Standards

Civil Service reform

public sector employment
anti-corruption

Privatisation and restructuring of public enterprises

small scale privatisation
medium and large state-owned enterprises
incl. Energy utilities

Telecommunications
Transport infrastructure
Industrial enterprises

Banking sector

restructuring/privatisation of state-owned banks
Prudential regulations and banking supervision

Agricultural reform

Land ownership
Restructuring of state farms

Trade policy

Trade legislation
Specific EU-related trade policy measures

+
+
+

+

+
+

+
+

+
+
+

+

+
+

+

+

+

+
+
+

+

+

+
+
+

+

+
+

+
+

+

+

+

+

+
+
+
+
+
+

+
+

+

+
+

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Overview of the Community EFA to Armenia, Georgia and Tajikistan

Table 2

Armenia

Georgia

Tajikistan

in million EUR

Settlement of arrears
New loan
Total grants (up to)

Initial tranche (disbursed simultaneously 
with the loan)
Cumulated annual tranches
Early debt repayment foreseen (up to)
Outstanding debt to EC foreseen at end of prog.

51
28
30

8
22
28
-

131
110
65

10
55
81
29

79
60
35

7
28
48
12

Implementation of the Community EFA to Armenia, Georgia and Tajikistan - Detail

Table 3

1998

1999

2001

2002

2003

in million EUR

2004
Q1-Q3 Q4 (**)

2005
(***)

Total

Armenia
Grant disbursement

planned (*)
actual

8
8

Early debt repayment
planned (*)
actual

Georgia
Grant disbursement

planned (*)
actual

10
10

Early debt repayment
planned (*)
actual
Tajikistan
Grant disbursement

planned (*)
actual

Early debt repayment
planned (*)
actual

4
4

5
5

9
9

10
10

5.5

7

11.5
6

15.5
8

14
14

12
8

5.5
11

7
14

5.5

7

1.5
5.5

2
7

11.5

11.5

11.5

18.5

18.5

18.5

7

12

7
7

12
8

7

12
8

6.5

6.5

7

8

1.5

2

7

30
30

28
28

65
31.5

81
24.5

35
35

48
32

For years 2001-2004, in Memoranda of Understanding concluded in 2000-2001.

(*)
(**) Operations under preparation. Payments to be made before the end of 2004.
(***) Payments to be made un 2005 based on budgetary commitments to be made in 2004 (Q4).

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Implementation of Community EFA to Armenia, Georgia and Tajikistan - Summary

Table 4

Made 1998-2004

Under prep. Commitment

Total

Initial tr.

Annual tr.

2004

foreseen (2004)

in million EUR

Armenia

grant disbursements
early debt repayments

8

20.5
26

pm -  outstanidng debt to EC (end programme)

Georgia

grant disbursements
early debt repayments

10

pm -  outstanidng debt to EC (end programme)

Tajikistan

grant disbursements
early debt repayments

7

pm -  outstanidng debt to EC (end programme)

15
18

14
16

Total

6.5
6.5

7
8

grant disbursements
early debt repayments

25

49.5
60

13.5
14.5

1.5
2

7
8

8.5
10

30
28
-

31.5
24.5
85.5

35
32
28

96.5
84.5

EN 

11 

   EN