10 Amendments of Georgios EPITIDEIOS related to 2017/0242(COD)
Amendment 13 #
Proposal for a decision
Recital 10
Recital 10
(10) The Union’s macro-financial assistance should aim to support the restoration of a sustainable external financing situation for Georgia thereby supporting its economic and social development. On the basis of the amounts allocated so far, Georgia has to demonstrate that its economic and social development will not be unduly delayed, but will be realised in the immediate future.
Amendment 15 #
Proposal for a decision
Recital 11
Recital 11
(11) The determination of the amount of the Union’s macro-financial assistance is based on a complete quantitative assessment of Georgia’s residual external financing needs, and takes into account its capacity to finance itself with its own resources, in particular the international reserves at its disposal. The Union’s macro-financial assistance should complement the programmes and resources provided by the IMF and the World Bank. The determination of the amount of the assistance also takes into account expected financial contributions from bilateral and multilateral donors and the need to ensure fair burden sharing between the Union and other donors, as well as the pre-existing deployment of the Union’s other external financing instruments in Georgia and the added value of the overall Union involvement. The latter point is of great importance, since Union funding deprives the Member States of the amounts allocated.
Amendment 19 #
Proposal for a decision
Recital 13
Recital 13
(13) The Commission should ensure that the Union’s macro-financial assistance is legally and substantially in line with the key principles, objectives and measures taken within the different areas of external action and other relevant Union policies. There should also be transparency on how financial assistance is used and evidence of the progress achieved.
Amendment 29 #
Proposal for a decision
Recital 17
Recital 17
(17) In order to ensure that the Union’s financial interests linked to the Union’s macro-financial assistance are protected efficiently, Georgia should take appropriate measures relating to the prevention of, and fight against, fraud, corruption and any other irregularities linked to the assistance. In addition, provision should be made for the Commission to carry out checkregular annual checks as well as extra checks at shorter intervals at the instigation of the Committee of Representatives of the Member States and for the Court of Auditors to carry out audits.
Amendment 38 #
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 45 million available to Georgia (“the Union’s macro-financial assistance”), with a view to supporting Georgia’s economic stabilisation and a substantive reform agenda. Of that maximum amount, up to EUR 35 million shall be provided in the form of loans and up to EUR 10 million in the form of grants. The release of the Union’s macro-financial assistance is subject to the approval of the Union budget for the relevant year by the European Parliament and the Council. The assistance shall contribute to covering Georgia’s balance of payments needs as identified in the IMF programme and shall be paid provided Georgia meets certain political and economic commitments.
Amendment 39 #
Proposal for a decision
Article 1 – paragraph 2
Article 1 – paragraph 2
2. In order to finance the loan component of the Union’s macro-financial assistance, the Commission shall be empowered on behalf of the Union to borrow the necessary funds on the capital markets or from financial institutions, to guarantee them and to on-lend them to Georgia. The loans shall have a maximum average maturity of 15 years.
Amendment 47 #
Proposal for a decision
Article 2 – paragraph 1
Article 2 – paragraph 1
1. A pre-condition for granting the Union’s macro-financial assistance shall be that Georgia respects effective democratic mechanisms – including a multi-party parliamentary system – and the rule of law, and guarantees respect for human rights. Also the sound management of the grant and loan amounts.
Amendment 56 #
Proposal for a decision
Article 4 – paragraph 4
Article 4 – paragraph 4
4. Where the conditions in paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro- financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for that suspension or cancellation.
Amendment 57 #
Proposal for a decision
Article 4 – paragraph 5
Article 4 – paragraph 5
5. The Union’s macro-financial assistance shall be disbursed to the National Bank of Georgia. Subject to the provisions to be agreed in the Memorandum of Understanding, including a confirmation of residual budgetary financing needs, the Union funds mayThe Union funds shall in any case be transferred to the Georgian Ministry of Finance as the final beneficiary.
Amendment 61 #
Proposal for a decision
Article 6 – paragraph 3 – point c
Article 6 – paragraph 3 – point c
(c) expressly authorising the Commission, including the European Anti- Fraud Office, or its representatives to carry out checks, at regular intervals from the outset, including on-the-spot checks and inspections;