CHAPTER II

Where provided for in the relevant basic acts, the Commission may use sectoral or general budget support within a third country if the following conditions are met: the partner country’s management of public finances is sufficiently transparent, reliable and effective; the partner country has put in place sufficiently credible and relevant sectoral or national policies; and where the partner country has put in place stability oriented macroeconomic policies. Agreements concluded with the partner country shall contain an obligation for that country to provide the Commission with reliable and timely information which allows the Commission to evaluate the fulfilment of the conditions set out in paragraph 1. The contributions of other donors shall be taken into account when cashed in the specific bank account of the trust fund and for the amount in euro resulting from the conversion at their reception on the specific bank account. The Union contribution shall be transferred in due time to cover the legal commitments of the trust fund taking due account of available funds provided by the other donors. Interests accumulated on the trust fund’s specific bank account shall be invested in the trust fund except where otherwise provided for in the constitutive act of the trust fund. All transactions made on the bank account referred to in the third paragraph during the year shall be properly accounted for in the accounts of the trust fund. Financial reporting on the operations carried out by each trust fund shall be established twice every year by the authorising officer. The trust funds shall be subject to an independent external audit every year. The board of the trust fund shall approve the annual report of the trust fund drawn up by the authorising officer together with annual accounts drawn up by the accounting officer. Those reports shall be attached to the annual report of the authorising officer by delegation and presented to the European Parliament and Council within the discharge procedure of the Commission. The rules for composition of the board and its internal rules shall be laid down in the constitutive act of the trust fund adopted by the Commission and adhered to by the donors. Those rules shall ensure a fair representation of the donors and include the requirement to have the positive vote of the Commission for the final decision on the use of the funds.

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Source: EUR-Lex (Cellar) · retrieved 2026-11-04 · Text as adopted (Official Journal); later amendments are not incorporated in this text.