Article 3

1. The Commission, in accordance with the examination procedure referred to in Article 7(2), shall agree with the Jordanian authorities on clearly defined economic policy and financial conditions, focusing on structural reforms and sound public finances, to which the Union’s macro-financial assistance is to be subject. Those economic policy and financial conditions shall be set out in a memorandum of understanding (MoU) which shall include a timeframe for their fulfilment. Those economic policy and financial conditions shall be consistent with the agreements or understandings referred to in Article 1(4), including the macroeconomic adjustment and structural reform programmes implemented by Jordan with the support of the IMF. 2. The conditions referred to in paragraph 1 shall aim, in particular, to enhance the efficiency, transparency and accountability of the public finance management systems in Jordan, including for the use of the Union’s macro-financial assistance. Progress in mutual market opening, the development of rule-based and fair trade, and other priorities in the context of the Union’s external policy shall also be duly taken into account when designing the policy measures. The Commission shall regularly monitor Jordan’s progress in attaining those objectives. 3. The detailed financial terms of the Union’s macro-financial assistance shall be laid down in a loan agreement in accordance with Article 223 of Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council, to be concluded between the Commission and the Jordanian authorities (the loan agreement). 4. The Commission shall verify, at regular intervals, that the conditions referred to in Article 4(3), first subparagraph, continue to be met, including whether the economic policies of Jordan are in accordance with the objectives of the Union’s macro-financial assistance. In so doing, the Commission shall coordinate closely with the IMF and the World Bank, and, where necessary, with the European Parliament and the Council.