20 Amendments of Luke Ming FLANAGAN related to 2019/0192(COD)
Amendment 1 #
Proposal for a decision
Recital 7
Recital 7
(7) In 2017-2019, the protracted regional instability, high exposure to fluctuation of oil prices and the increase of borrowing costs for emerging markets globally continued to weigh on the Jordanian economy. As a result, economic growth slowed again, unemployment increased significantly, tax revenues collections fell and new fiscal and external financing needs emerged. The major impact of exogenous shocks on Jordan's economy should lead the Union and the IMF to reconsider the doctrine applied to previous structural adjustment plans. Therefore, the Union should declare a moratorium on current structural reforms imposed on Jordan.
Amendment 2 #
Proposal for a decision
Recital 13
Recital 13
(13) The Union’s macro-financial assistance should be an exceptional financial instrument of untied and undesignated balance-of-payments support, which aims at addressing the beneficiary’s immediate external financing needs and should underpin the implementation of a policy programme containing strong immediate adjustment and structural reform measures designed to improve the balance-of-payments position in the short term.
Amendment 3 #
Proposal for a decision
Recital 14
Recital 14
(14) Given that a residual financing gap remains in Jordan’s balance of payments over and above the resources provided by IMF and other multilateral institutions, the provision by the Union of macro-financial assistance to Jordan is, under the current exceptional circumstances, considered to be an appropriate response to Jordan’s request to the Union to support its economic stabilisation, in conjunction with the IMF programme. The Union’s macro-financial assistance would support the economic stabilisation and the structural reform agenda of Jordan, supplementing resources made available under the IMF’s financial arrangement.
Amendment 4 #
Proposal for a decision
Recital 26
Recital 26
(26) The Union’s macro-financial assistance should be subject to economic policy conditionsditions, such as developing education, public services, local industries, innovation, protection of the environment, to be laid down in a Memorandum of Understanding. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Jordanian authorities under the supervision of the committee of representatives of the Member States in accordance with Regulation (EU) No 182/2011. Under that Regulation, the advisory procedure should, as a general rule, apply in all cases other than as provided for in that Regulation. Considering the potentially important impact of assistance of more than EUR 90 million, it is appropriate that the examination procedure be used for operations above that threshold. Considering the amount of the Union’s macro-financial assistance to Jordan, the examination procedure should apply to the adoption of thea Memorandum of Understanding, and to any reduction, suspension or cancellation of the assistance,
Amendment 5 #
Proposal for a decision
Article 1 – paragraph 1
Article 1 – paragraph 1
1. The Union shall make macro- financial assistance of a maximum amount of EUR 51000 million available to Jordan (“the 'Union’s macro-financial assistance”'), with a view to supporting Jordan’s economic stabilisation and a substantive reform agendasocial development. The assistance shall contribute to covering Jordan’s balance of payments needs as identified in the IMF programmend launching or supporting general interest policies.
Amendment 6 #
Proposal for a decision
Article 1 – paragraph 2
Article 1 – paragraph 2
2. The full amount of the Union’s macro-financial assistance shall be provided to Jordan in the form of grants, public debt cancellations and zero-interest loans. The Commission shall be empowered on behalf of the Union to borrow the necessary funds on the capital markets or from financial institutions and to on-lendransfer them to Jordan. The loans shall have a maximum average maturity of 15 years.
Amendment 7 #
Proposal for a decision
Article 1 – paragraph 3 – subparagraph 1
Article 1 – paragraph 3 – subparagraph 1
Amendment 8 #
4. The Union’s macro-financial assistance shall be made available for a period of two and a half years, starting from the first day after the entry into force of thea Memorandum of Understanding referred to in Article 3(1).
Amendment 9 #
Proposal for a decision
Article 1 – paragraph 5
Article 1 – paragraph 5
Amendment 10 #
Proposal for a decision
Article 3 – paragraph 1
Article 3 – paragraph 1
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, to be laid down in a Memorandum of Understanding (“the Memorandum of Understanding”) which shall include a timeframe for the fulfilment of those conditions. The economic policy and financial conditions set out in the Memorandum of Understanding shall be consistent with the agreements or understandings referred to in Article 1(3), including the macroeconomic adjustment and structural reform programmes implemented by Jordan with the support of the IMFconditions, which shall include a timeframe for the fulfilment of those conditions.
Amendment 11 #
Proposal for a decision
Article 3 – paragraph 2
Article 3 – paragraph 2
2. The conditions referred to in paragraph 1 shall aim, in particular, at enhancing 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 rules-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. Progress in attaining those objectives shall be regularly monitored by the Commission.
Amendment 12 #
Proposal for a decision
Article 3 – paragraph 3
Article 3 – paragraph 3
3. The detailed financial terms of the Union’s macro-financial assistance shall be laid down in a Grants, Public Debt Cancellation and Zero Interest Loans Agreement to be concluded between the Commission and the Jordanian authorities.
Amendment 13 #
Proposal for a decision
Article 3 – paragraph 4
Article 3 – paragraph 4
4. The Commission shall verify, at regular intervals, that the conditions referred to in Article 4(3) 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.
Amendment 14 #
Proposal for a decision
Article 4 – paragraph 1
Article 4 – paragraph 1
1. Subject to the conditions referred to in paragraph 3, the Union’s macro- financial assistance shall be made available by the Commission in three loan instalments. The size of each instalment shall be laid down in the Memorandum of Understanding referred to in Article 3.
Amendment 15 #
Proposal for a decision
Article 4 – paragraph 3 – subparagraph 1 – point b
Article 4 – paragraph 3 – subparagraph 1 – point b
Amendment 16 #
Proposal for a decision
Article 5 – paragraph 3
Article 5 – paragraph 3
Amendment 17 #
Proposal for a decision
Article 5 – paragraph 4
Article 5 – paragraph 4
Amendment 18 #
Proposal for a decision
Article 5 – paragraph 5
Article 5 – paragraph 5
5. The Commission shall inform the European Parliament and the Council of developments in the operations referred to in paragraphs 2 and 3.
Amendment 19 #
Proposal for a decision
Article 6 – paragraph 3 – introductory part
Article 6 – paragraph 3 – introductory part
3. The Grants, Public Debt Cancellations and Zero Interest Loans Agreement referred to in Article 3(3) shall contain provisions:
Amendment 20 #
Proposal for a decision
Article 6 – paragraph 3 – point f
Article 6 – paragraph 3 – point f