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2016/0039(COD) Further macro-financial assistance to Tunisia

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead INTA DE SARNEZ Marielle (icon: ALDE ALDE) CICU Salvatore (icon: PPE PPE), MAUREL Emmanuel (icon: S&D S&D), LOONES Sander (icon: ECR ECR), JADOT Yannick (icon: Verts/ALE Verts/ALE), CASTALDO Fabio Massimo (icon: EFDD EFDD), FERRAND Edouard (icon: ENF ENF)
Committee Opinion AFET
Committee Opinion BUDG
Lead committee dossier:
Legal Basis:
TFEU 212

Events

2022/09/27
   EC - Follow-up document
Documents
EUR-Lex
SWD(2022)0300
2022/09/27
   EC - Follow-up document
Documents
EUR-Lex
SWD(2022)0301
2016/07/09
   Final act published in Official Journal
Details

PURPOSE: to provide macro-financial assistance to Tunisia in order to support economic stabilisation of the country and its structural reform agenda, and thus to contribute to its external financing needs.

LEGISLATIVE ACT: Decision (EU) 2016/1112 of the European Parliament and of the Council providing further macro-financial assistance to Tunisia.

CONTENT: by this Decision, the Union makes macro-financial assistance of a maximum amount of EUR 500 million available to Tunisia , with a view to supporting Tunisia's economic stabilisation and a substantive reform agenda. The assistance shall contribute to covering Tunisia's balance of payments needs as identified in the International Monetary Fund (IMF) programme.

Tunisia is a country covered by the European Neighbourhood Policy (ENP) and it should be considered to be eligible to receive macro-financial assistance from the Union. Since 2011, the Union has expressed its unequivocal commitment to supporting Tunisia in its economic and political reform process. It has increased its financial support to Tunisia, strengthening its cooperation in many fields, including the civil society the electoral system, security, regional development and social and economic reforms.

In 2015, the Tunisia's economy has been significantly affected by several terrorist attacks that have targeted key economic industries like tourism and transport as well as aiming to disrupt the consolidation of its political transition. Those attacks have had a negative impact on the economic recovery Tunisia was beginning to experience.

Together with persistent regional instability (including the reactivation of the Libyan conflict), and the still weak European and global economic environment, those events have exacerbated Tunisia's already weak balance of payments and fiscal positions. This has resulted in significant external and budgetary financial gaps.

In this challenging context, the Union has reaffirmed its commitment to supporting Tunisia in its economic and political reform process.

Loans: the Union's macro-financial assistance shall be made available for a period of two and a half years. It shall be made available in three loan instalments . The loans shall have a maximum average maturity of 15 years .

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, will be laid down in a Memorandum of Understanding to be concluded between the Commission and the Tunisian authorities. The detailed financial terms of the Union's macro-financial assistance shall be laid down in a Loan Agreement.

Conditions: a pre-condition for granting assistance shall be that Tunisia respects effective democratic mechanisms, and guarantees respect for human rights .

In addition, the specific objectives of the Union's macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems in Tunisia and should promote structural reforms aimed at supporting sustainable and inclusive growth, employment creation and fiscal consolidation.

The Commission and the European External Action Service shall monitor the fulfilment of the pre-condition throughout the life cycle of the Union's macro-financial assistance.

In order to ensure that the European Parliament and the Council are able to follow the implementation of this Decision, the Commission should regularly inform them of developments relating to the assistance and provide them with relevant documents.

ENTRY INTO FORCE: 12.7.2016.

Documents
Decision 2016/1112
OJ L 186 09.07.2016, p. 0001
2016/07/06
   CSL - Draft final act
Documents
00009/2016/LEX
2016/07/06
   CSL - Final act signed
2016/07/06
   EP - End of procedure in Parliament
2016/07/01
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2016/06/08
   EP - Results of vote in Parliament
Documents
Results of vote in Parliament
2016/06/08
   EP - Debate in Parliament
Documents
Debate in Parliament
2016/06/08
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 561 votes to 76, with 42 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to Tunisia.

Parliament adopted its position at first reading taking over the Commission proposal .

To recall, the text seeks to propose further macro-financial assistance of EUR 500 million to Tunisia in the form of a loan.

This assistance programme aims to support reforms undertaken by Tunisia to overcome its difficult economic and balance of payments situation and to create a more favourable climate to promote investment.

Documents
T8-0264/2016
2016/05/26
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on International Trade adopted the report by Marielle DE SARNEZ (EPP, FR) on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to Tunisia.

The committee recomended that the European Parliament should adopt its position at first reading taking over the Commission proposal.

To recall, the proposal seeks to provide further macro-financial assistance to Tunisia which is currently going through very great difficulties.

Despite all these challenges, Tunisia continues to make very significant progress, firmly establishing democratic transition in the country, carrying out the reforms needed to modernise its economy and bolstering its relations with its partners, in particular the European Union, with which it is currently negotiating a free-trade agreement. This is why Members support the proposal for a second MFA programme for Tunisia, totalling EUR 500 million, which will be granted in the form of medium-term financial-market loans on advantageous conditions. This assistance programme will back up the efforts made by Tunisia to improve its budgetary position and balance of payments and bring about a climate more conducive to investment. Members fully endorse this proposal.

Documents
A8-0187/2016
2016/05/24
   EP - Vote in committee, 1st reading
2016/04/27
   EP - Amendments tabled in committee
Documents
PE582.162
2016/04/25
   IT_SENATE - Contribution
Documents
COM(2016)0067
2016/04/24
   ES_PARLIAMENT - Contribution
Documents
COM(2016)0067
2016/03/29
   EP - Committee draft report
Documents
PE580.440
2016/03/15
   EP - DE SARNEZ Marielle (ALDE) appointed as rapporteur in INTA
2016/02/25
   EP - Committee referral announced in Parliament, 1st reading
2016/02/12
   EC - Document attached to the procedure
Documents
EUR-Lex
SWD(2016)0030
2016/02/12
   EC - Legislative proposal published
Details

PURPOSE: to providing further macro-financial assistance to Tunisia in order to strengthen its economy and implement a structural reform programme.

PROPOSED ACT: Decision of the European Parliament and of the Council.

ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

BACKGROUND: Tunisia was the first Mediterranean country to sign an Association Agreement with the EU on 17 July 1995, which came into force on 1 March 1998.

Tunisia is a country covered by the European Neighbourhood Policy (ENP) and it should be considered to be eligible to receive macro-financial assistance from the Union.

In parallel to this political transition process, the Tunisian economy has suffered from continuous domestic unrest, regional instability (including the impact of the Libyan conflicts) and a weak international environment (particularly in the Union, Tunisia’s main trading partner). These unfavourable developments substantially weakened its growth performance, as well as its fiscal and balance of payments positions.

Since 2011, the Union has expressed its unequivocal commitment to supporting Tunisia in its economic and political reform process . It has increased its financial support to Tunisia, strengthening its cooperation in many fields, including the civil society the electoral system, security, regional development and social and economic reforms. And it has offered the possibility of concluding a Deep and Comprehensive Free Trade Area agreement, the negotiations of which were launched in October 2014.

Tunisia reached in mid-April 2013 an agreement with the International Monetary Fund (IMF) on a 24-month Stand-By Arrangement (SBA) in the amount of USD 1.75 billion, which was approved by the IMF Board on June 2013, and which was subsequently extended until December 2015. It also requested in August 2013 complementary Macro-Financial Assistance (MFA) from the EU. In response, the European Commission proposed a MFA of EUR 250 million in December 2013 in the form of loans (MFA-I), which the co-legislators raised to EUR 300 million and approved in May 2014 ( Decision No 534/2014/EU ). This amount is being successfully implemented.

Following the completion of the 6th review of the IMF programme last September, Tunisia requested a successor arrangement with the IMF, probably of a 4-year duration. The new IMF programme is still under negotiation but expected to be sent for IMF Board approval in the spring of 2016.

In 2015, the Tunisia's economy has been significantly affected by several terrorist attacks that have targeted key economic industries like tourism and transport as well as aiming to disrupt the consolidation of its political transition. In this context, Tunisia requested a second MFA operation from the EU in the amount of EUR 500 million, which would accompany the successor IMF programme.

CONTENT: the proposal seeks to make MFA available to Tunisia for a total maximum amount of EUR 500 million, provided in the form of a medium term loan. The assistance will contribute to cover Tunisia's residual external financing needs in 2016-17, as identified by the Commission based on the estimates of the IMF.

The assistance, to be disbursed in three instalments (EUR 200 million, EUR 150 million and EUR 150 million, respectively), should help the country overcome its difficult economic and balance of payments situation it is experiencing, which has been exacerbated by the terrorist attacks it suffered in 2015 and by persistent domestic and regional unrest. It will also promote structural reforms aimed at raising sustainable economic growth and improving public finance management.

The assistance will be managed by the Commission . The disbursements would be conditional on successful programme reviews under the new IMF's financial arrangement. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable.

The Commission will target structural reforms aimed at improving the overall macroeconomic management and the conditions for sustainable growth (e.g. targeting the transparency and efficiency of public finance management; fiscal reforms; reforms to strengthen the social safety net; labour market reforms; and reforms to improve the regulatory framework for trade and investment).

In addition, the Commission and the Tunisian authorities would agree on specific structural reform measures in a Memorandum of Understanding.

BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and should be financed through a borrowing operation that the Commission will conduct on behalf of the EU. The budgetary costs of the assistance will correspond to the provisioning, at a rate of 9%, of the amounts disbursed in the guarantee fund for external lending of the EU , from budget line 01 03 06 ("the provisioning of the Guarantee Fund").

Assuming that the first and second loan disbursements will be made in 2016 for a total amount of EUR 350 million and the third loan disbursement in 2017 for the amount of EUR 150 million, and according to the rules governing the guarantee fund mechanism, the provisioning will take place in the 2018-2019 budgets.

The implications on expenditure (including human resources and administrative costs) are estimated at EUR 45.295 million for 2016-2019.

Documents
COM(2016)0067
EUR-Lex

Documents

Activities

Votes

A8-0187/2016 - Marielle de Sarnez - Résolution législative #

2016/06/08 Outcome: +: 561, -: 76, 0: 42
DE IT PL FR ES RO GB HU BG BE CZ AT NL PT SE SK HR FI LT SI LV LU MT EE DK IE CY EL
Total
92
64
48
70
49
28
48
19
17
19
21
18
25
21
18
12
11
11
10
8
7
6
6
5
13
10
5
18
icon: PPE PPE
199

Germany PPE

33

Italy PPE

13

Poland PPE

22

France PPE

17

Spain PPE

13

Romania PPE

10

Hungary PPE

11

Bulgaria PPE

7

Belgium PPE

4

Czechia PPE

7

Austria PPE

5

Netherlands PPE

5

Portugal PPE

7

Sweden PPE

4

Slovakia PPE

6

Croatia PPE

5

Finland PPE

3

Lithuania PPE

2

Slovenia PPE

5

Latvia PPE

4

Luxembourg PPE

3

Malta PPE

3

Estonia PPE

For (1)

Tunne KELAM
1

Denmark PPE

For (1)

Bendt BENDTSEN
1

Ireland PPE

4

Cyprus PPE

1

Greece PPE

3
icon: S&D S&D
175

Germany S&D

25

Italy S&D

27

Poland S&D

5

France S&D

13

Spain S&D

13

Romania S&D

14

United Kingdom S&D

17

Hungary S&D

4

Bulgaria S&D

4

Belgium S&D

4

Czechia S&D

4

Austria S&D

5

Netherlands S&D

3

Portugal S&D

8

Sweden S&D

4

Slovakia S&D

4

Croatia S&D

2

Finland S&D

1

Lithuania S&D

2

Slovenia S&D

For (1)

Tanja FAJON
1

Latvia S&D

1

Luxembourg S&D

For (1)

Mady DELVAUX
1

Malta S&D

3

Estonia S&D

For (1)

Marju LAURISTIN
1

Denmark S&D

3

Ireland S&D

For (1)

Nessa CHILDERS
1

Cyprus S&D

2

Greece S&D

3
icon: ALDE ALDE
64

Germany ALDE

4

France ALDE

7

Spain ALDE

8

Romania ALDE

2

United Kingdom ALDE

1

Bulgaria ALDE

4

Belgium ALDE

4

Czechia ALDE

4

Austria ALDE

For (1)

Angelika MLINAR
1

Netherlands ALDE

7

Portugal ALDE

2

Sweden ALDE

3

Croatia ALDE

2

Finland ALDE

3

Lithuania ALDE

3

Slovenia ALDE

For (1)

Ivo VAJGL
1

Luxembourg ALDE

For (1)

Charles GOERENS
1

Estonia ALDE

3

Denmark ALDE

3

Ireland ALDE

For (1)

Marian HARKIN
1
icon: ECR ECR
61

Germany ECR

6

Italy ECR

2

Poland ECR

17

Romania ECR

For (1)

Monica MACOVEI
1

United Kingdom ECR

13

Bulgaria ECR

2

Belgium ECR

4

Czechia ECR

2

Netherlands ECR

2

Slovakia ECR

2

Croatia ECR

For (1)

Ruža TOMAŠIĆ
1

Finland ECR

2

Lithuania ECR

1

Latvia ECR

For (1)

Roberts ZĪLE
1

Denmark ECR

4

Greece ECR

Against (1)

Notis MARIAS
1
icon: Verts/ALE Verts/ALE
46

Germany Verts/ALE

12

France Verts/ALE

5

Spain Verts/ALE

4

United Kingdom Verts/ALE

5

Hungary Verts/ALE

2

Belgium Verts/ALE

2

Austria Verts/ALE

3

Netherlands Verts/ALE

2

Sweden Verts/ALE

4

Croatia Verts/ALE

For (1)

Davor ŠKRLEC
1

Finland Verts/ALE

For (1)

Heidi HAUTALA
1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Slovenia Verts/ALE

For (1)

Igor ŠOLTES
1

Latvia Verts/ALE

1

Luxembourg Verts/ALE

For (1)

Claude TURMES
1

Denmark Verts/ALE

For (1)

Margrete AUKEN
1
icon: EFDD EFDD
31

Germany EFDD

Against (1)

Beatrix von STORCH
1

Italy EFDD

15

Poland EFDD

1

France EFDD

Against (1)

Joëlle BERGERON
1

United Kingdom EFDD

9

Czechia EFDD

Against (1)

Petr MACH
1

Sweden EFDD

2

Lithuania EFDD

Abstain (1)

Rolandas PAKSAS
1
icon: NI NI
14

Germany NI

2

Poland NI

Abstain (1)

Janusz KORWIN-MIKKE
1

France NI

3

United Kingdom NI

Abstain (1)

Diane DODDS
1

Hungary NI

2

Greece NI

5
icon: ENF ENF
38

Germany ENF

Against (1)

Marcus PRETZELL
1

Italy ENF

4

Poland ENF

2

France ENF

20

Romania ENF

Abstain (1)

Laurenţiu REBEGA
1

United Kingdom ENF

Against (1)

Janice ATKINSON
1

Belgium ENF

Against (1)

Gerolf ANNEMANS
1

Austria ENF

4

Netherlands ENF

4
icon: GUE/NGL GUE/NGL
51

Germany GUE/NGL

8

Italy GUE/NGL

3

France GUE/NGL

Against (1)

Jean-Luc MÉLENCHON
4

Spain GUE/NGL

11

United Kingdom GUE/NGL

Against (1)

Martina ANDERSON
1

Czechia GUE/NGL

3

Netherlands GUE/NGL

2

Portugal GUE/NGL

4

Sweden GUE/NGL

Against (1)

Malin BJÖRK
1

Finland GUE/NGL

Abstain (1)

Merja KYLLÖNEN
1

Denmark GUE/NGL

Against (1)

Rina Ronja KARI
1

Ireland GUE/NGL

4

Cyprus GUE/NGL

2

Greece GUE/NGL

6
AmendmentsDossier
16 2016/0039(COD)
2016/04/27 INTA 16 amendments...
source: 582.162

History

(these mark the time of scraping, not the official date of the change)

2023-08-03Show (7) Changes | Timetravel
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2020-01-19Show (4) Changes | Timetravel
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2019-07-06Show (18) Changes | Timetravel
activities
  • date: 2016-02-12T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0067/COM_COM(2016)0067_EN.pdf title: COM(2016)0067 type: Legislative proposal published celexid: CELEX:52016PC0067:EN body: EC commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs Commissioner: MOSCOVICI Pierre type: Legislative proposal published
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  • date: 2016-05-24T00:00:00 body: EP type: Vote in committee, 1st reading/single reading committees: body: EP responsible: False committee_full: Foreign Affairs committee: AFET body: EP responsible: False committee_full: Budgets committee: BUDG body: EP shadows: group: EPP name: CICU Salvatore group: S&D name: MAUREL Emmanuel group: ECR name: LOONES Sander group: GUE/NGL name: LE HYARIC Patrick group: Verts/ALE name: JADOT Yannick group: EFD name: CASTALDO Fabio Massimo group: ENF name: FERRAND Edouard responsible: True committee: INTA date: 2016-03-15T00:00:00 committee_full: International Trade rapporteur: group: ALDE name: DE SARNEZ Marielle
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  • date: 2016-06-08T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160608&type=CRE type: Debate in Parliament title: Debate in Parliament url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0264 type: Decision by Parliament, 1st reading/single reading title: T8-0264/2016 body: EP type: Debate in Parliament
  • date: 2016-07-01T00:00:00 body: EP/CSL type: Act adopted by Council after Parliament's 1st reading
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  • date: 2016-02-12T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SWD:2016:0030:FIN:EN:PDF title: EUR-Lex title: SWD(2016)0030 type: Document attached to the procedure body: EC
  • date: 2016-03-29T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE580.440 title: PE580.440 type: Committee draft report body: EP
  • date: 2016-04-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE582.162 title: PE582.162 type: Amendments tabled in committee body: EP
  • date: 2016-07-06T00:00:00 docs: url: http://register.consilium.europa.eu/content/out?lang=EN&typ=SET&i=ADV&RESULTSET=1&DOC_ID=[%n4]%2F16&DOC_LANCD=EN&ROWSPP=25&NRROWS=500&ORDERBY=DOC_DATE+DESC title: 00009/2016/LEX type: Draft final act body: CSL
  • date: 2016-04-25T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0067 title: COM(2016)0067 type: Contribution body: ES_PARLIAMENT
  • date: 2016-04-26T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0067 title: COM(2016)0067 type: Contribution body: IT_SENATE
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  • date: 2016-02-12T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0067/COM_COM(2016)0067_EN.pdf title: COM(2016)0067 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2016&nu_doc=0067 title: EUR-Lex summary: PURPOSE: to providing further macro-financial assistance to Tunisia in order to strengthen its economy and implement a structural reform programme. PROPOSED ACT: Decision of the European Parliament and of the Council. ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council. BACKGROUND: Tunisia was the first Mediterranean country to sign an Association Agreement with the EU on 17 July 1995, which came into force on 1 March 1998. Tunisia is a country covered by the European Neighbourhood Policy (ENP) and it should be considered to be eligible to receive macro-financial assistance from the Union. In parallel to this political transition process, the Tunisian economy has suffered from continuous domestic unrest, regional instability (including the impact of the Libyan conflicts) and a weak international environment (particularly in the Union, Tunisia’s main trading partner). These unfavourable developments substantially weakened its growth performance, as well as its fiscal and balance of payments positions. Since 2011, the Union has expressed its unequivocal commitment to supporting Tunisia in its economic and political reform process . It has increased its financial support to Tunisia, strengthening its cooperation in many fields, including the civil society the electoral system, security, regional development and social and economic reforms. And it has offered the possibility of concluding a Deep and Comprehensive Free Trade Area agreement, the negotiations of which were launched in October 2014. Tunisia reached in mid-April 2013 an agreement with the International Monetary Fund (IMF) on a 24-month Stand-By Arrangement (SBA) in the amount of USD 1.75 billion, which was approved by the IMF Board on June 2013, and which was subsequently extended until December 2015. It also requested in August 2013 complementary Macro-Financial Assistance (MFA) from the EU. In response, the European Commission proposed a MFA of EUR 250 million in December 2013 in the form of loans (MFA-I), which the co-legislators raised to EUR 300 million and approved in May 2014 ( Decision No 534/2014/EU ). This amount is being successfully implemented. Following the completion of the 6th review of the IMF programme last September, Tunisia requested a successor arrangement with the IMF, probably of a 4-year duration. The new IMF programme is still under negotiation but expected to be sent for IMF Board approval in the spring of 2016. In 2015, the Tunisia's economy has been significantly affected by several terrorist attacks that have targeted key economic industries like tourism and transport as well as aiming to disrupt the consolidation of its political transition. In this context, Tunisia requested a second MFA operation from the EU in the amount of EUR 500 million, which would accompany the successor IMF programme. CONTENT: the proposal seeks to make MFA available to Tunisia for a total maximum amount of EUR 500 million, provided in the form of a medium term loan. The assistance will contribute to cover Tunisia's residual external financing needs in 2016-17, as identified by the Commission based on the estimates of the IMF. The assistance, to be disbursed in three instalments (EUR 200 million, EUR 150 million and EUR 150 million, respectively), should help the country overcome its difficult economic and balance of payments situation it is experiencing, which has been exacerbated by the terrorist attacks it suffered in 2015 and by persistent domestic and regional unrest. It will also promote structural reforms aimed at raising sustainable economic growth and improving public finance management. The assistance will be managed by the Commission . The disbursements would be conditional on successful programme reviews under the new IMF's financial arrangement. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable. The Commission will target structural reforms aimed at improving the overall macroeconomic management and the conditions for sustainable growth (e.g. targeting the transparency and efficiency of public finance management; fiscal reforms; reforms to strengthen the social safety net; labour market reforms; and reforms to improve the regulatory framework for trade and investment). In addition, the Commission and the Tunisian authorities would agree on specific structural reform measures in a Memorandum of Understanding. BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and should be financed through a borrowing operation that the Commission will conduct on behalf of the EU. The budgetary costs of the assistance will correspond to the provisioning, at a rate of 9%, of the amounts disbursed in the guarantee fund for external lending of the EU , from budget line 01 03 06 ("the provisioning of the Guarantee Fund"). Assuming that the first and second loan disbursements will be made in 2016 for a total amount of EUR 350 million and the third loan disbursement in 2017 for the amount of EUR 150 million, and according to the rules governing the guarantee fund mechanism, the provisioning will take place in the 2018-2019 budgets. The implications on expenditure (including human resources and administrative costs) are estimated at EUR 45.295 million for 2016-2019.
  • date: 2016-02-25T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-05-24T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-05-26T00:00:00 type: Committee report tabled for plenary, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0187&language=EN title: A8-0187/2016 summary: The Committee on International Trade adopted the report by Marielle DE SARNEZ (EPP, FR) on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to Tunisia. The committee recomended that the European Parliament should adopt its position at first reading taking over the Commission proposal. To recall, the proposal seeks to provide further macro-financial assistance to Tunisia which is currently going through very great difficulties. Despite all these challenges, Tunisia continues to make very significant progress, firmly establishing democratic transition in the country, carrying out the reforms needed to modernise its economy and bolstering its relations with its partners, in particular the European Union, with which it is currently negotiating a free-trade agreement. This is why Members support the proposal for a second MFA programme for Tunisia, totalling EUR 500 million, which will be granted in the form of medium-term financial-market loans on advantageous conditions. This assistance programme will back up the efforts made by Tunisia to improve its budgetary position and balance of payments and bring about a climate more conducive to investment. Members fully endorse this proposal.
  • date: 2016-06-08T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=27274&l=en title: Results of vote in Parliament
  • date: 2016-06-08T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20160608&type=CRE title: Debate in Parliament
  • date: 2016-06-08T00:00:00 type: Decision by Parliament, 1st reading/single reading body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0264 title: T8-0264/2016 summary: The European Parliament adopted by 561 votes to 76, with 42 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to Tunisia. Parliament adopted its position at first reading taking over the Commission proposal . To recall, the text seeks to propose further macro-financial assistance of EUR 500 million to Tunisia in the form of a loan. This assistance programme aims to support reforms undertaken by Tunisia to overcome its difficult economic and balance of payments situation and to create a more favourable climate to promote investment.
  • date: 2016-07-01T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2016-07-06T00:00:00 type: Final act signed body: CSL
  • date: 2016-07-06T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2016-07-09T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to provide macro-financial assistance to Tunisia in order to support economic stabilisation of the country and its structural reform agenda, and thus to contribute to its external financing needs. LEGISLATIVE ACT: Decision (EU) 2016/1112 of the European Parliament and of the Council providing further macro-financial assistance to Tunisia. CONTENT: by this Decision, the Union makes macro-financial assistance of a maximum amount of EUR 500 million available to Tunisia , with a view to supporting Tunisia's economic stabilisation and a substantive reform agenda. The assistance shall contribute to covering Tunisia's balance of payments needs as identified in the International Monetary Fund (IMF) programme. Tunisia is a country covered by the European Neighbourhood Policy (ENP) and it should be considered to be eligible to receive macro-financial assistance from the Union. Since 2011, the Union has expressed its unequivocal commitment to supporting Tunisia in its economic and political reform process. It has increased its financial support to Tunisia, strengthening its cooperation in many fields, including the civil society the electoral system, security, regional development and social and economic reforms. In 2015, the Tunisia's economy has been significantly affected by several terrorist attacks that have targeted key economic industries like tourism and transport as well as aiming to disrupt the consolidation of its political transition. Those attacks have had a negative impact on the economic recovery Tunisia was beginning to experience. Together with persistent regional instability (including the reactivation of the Libyan conflict), and the still weak European and global economic environment, those events have exacerbated Tunisia's already weak balance of payments and fiscal positions. This has resulted in significant external and budgetary financial gaps. In this challenging context, the Union has reaffirmed its commitment to supporting Tunisia in its economic and political reform process. Loans: the Union's macro-financial assistance shall be made available for a period of two and a half years. It shall be made available in three loan instalments . The loans shall have a maximum average maturity of 15 years . 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, will be laid down in a Memorandum of Understanding to be concluded between the Commission and the Tunisian authorities. The detailed financial terms of the Union's macro-financial assistance shall be laid down in a Loan Agreement. Conditions: a pre-condition for granting assistance shall be that Tunisia respects effective democratic mechanisms, and guarantees respect for human rights . In addition, the specific objectives of the Union's macro-financial assistance should strengthen the efficiency, transparency and accountability of the public finance management systems in Tunisia and should promote structural reforms aimed at supporting sustainable and inclusive growth, employment creation and fiscal consolidation. The Commission and the European External Action Service shall monitor the fulfilment of the pre-condition throughout the life cycle of the Union's macro-financial assistance. In order to ensure that the European Parliament and the Council are able to follow the implementation of this Decision, the Commission should regularly inform them of developments relating to the assistance and provide them with relevant documents. ENTRY INTO FORCE: 12.7.2016. docs: title: Decision 2016/1112 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016D1112 title: OJ L 186 09.07.2016, p. 0001 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2016:186:TOC
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  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
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2016-07-12Show (3) Changes | Timetravel
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2016-07-08Show (4) Changes | Timetravel
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  • The European Parliament adopted by 561 votes to 76, with 42 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to Tunisia.

    Parliament adopted its position at first reading taking over the Commission proposal.

    To recall, the text seeks to propose further macro-financial assistance of EUR 500 million to Tunisia in the form of a loan.

    This assistance programme aims to support reforms undertaken by Tunisia to overcome its difficult economic and balance of payments situation and to create a more favourable climate to promote investment.
2016-06-14Show (1) Changes | Timetravel
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Old
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Provisional agreement between Parliament and Council on final act
2016-06-11Show (1) Changes | Timetravel
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2016-06-10Show (3) Changes | Timetravel
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  • url: http://www.europarl.europa.eu/sides/getDoc.do?type=TA&language=EN&reference=P8-TA-2016-0264 type: Decision by Parliament, 1st reading/single reading title: T8-0264/2016
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activities/3/docs/0/text

  • The Committee on International Trade adopted the report by Marielle DE SARNEZ (EPP, FR) on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to Tunisia.

    The committee recomended that the European Parliament should adopt its position at first reading taking over the Commission proposal.

    To recall, the proposal seeks to provide further macro-financial assistance to Tunisia which is currently going through very great difficulties.

    Despite all these challenges, Tunisia continues to make very significant progress, firmly establishing democratic transition in the country, carrying out the reforms needed to modernise its economy and bolstering its relations with its partners, in particular the European Union, with which it is currently negotiating a free-trade agreement. This is why Members support the proposal for a second MFA programme for Tunisia, totalling EUR 500 million, which will be granted in the form of medium-term financial-market loans on advantageous conditions. This assistance programme will back up the efforts made by Tunisia to improve its budgetary position and balance of payments and bring about a climate more conducive to investment. Members fully endorse this proposal.
2016-06-01Show (1) Changes | Timetravel
activities/3/docs/0/url
http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A8-2016-0187&language=EN
2016-05-30Show (1) Changes | Timetravel
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2016-05-28Show (4) Changes | Timetravel
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2016-05-26Show (3) Changes | Timetravel
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2016-04-29Show (1) Changes | Timetravel
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2016-04-23Show (1) Changes | Timetravel
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2016-04-02Show (3) Changes | Timetravel
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  • group: EFD name: BEGHIN Tiziana
  • group: ENF name: FERRAND Edouard
2016-03-18Show (5) Changes | Timetravel
activities/0/docs/0/text

  • PURPOSE: to providing further macro-financial assistance to Tunisia in order to strengthen its economy and implement a structural reform programme.

    PROPOSED ACT: Decision of the European Parliament and of the Council.

    ROLE OF THE EUROPEAN PARLIAMENT: the European Parliament decides in accordance with the ordinary legislative procedure and on an equal footing with the Council.

    BACKGROUND: Tunisia was the first Mediterranean country to sign an Association Agreement with the EU on 17 July 1995, which came into force on 1 March 1998.

    Tunisia is a country covered by the European Neighbourhood Policy (ENP) and it should be considered to be eligible to receive macro-financial assistance from the Union.

    In parallel to this political transition process, the Tunisian economy has suffered from continuous domestic unrest, regional instability (including the impact of the Libyan conflicts) and a weak international environment (particularly in the Union, Tunisia’s main trading partner). These unfavourable developments substantially weakened its growth performance, as well as its fiscal and balance of payments positions.

    Since 2011, the Union has expressed its unequivocal commitment to supporting Tunisia in its economic and political reform process. It has increased its financial support to Tunisia, strengthening its cooperation in many fields, including the civil society the electoral system, security, regional development and social and economic reforms. And it has offered the possibility of concluding a Deep and Comprehensive Free Trade Area agreement, the negotiations of which were launched in October 2014.

    Tunisia reached in mid-April 2013 an agreement with the International Monetary Fund (IMF) on a 24-month Stand-By Arrangement (SBA) in the amount of USD 1.75 billion, which was approved by the IMF Board on June 2013, and which was subsequently extended until December 2015. It also requested in August 2013 complementary Macro-Financial Assistance (MFA) from the EU. In response, the European Commission proposed a MFA of EUR 250 million in December 2013 in the form of loans (MFA-I), which the co-legislators raised to EUR 300 million and approved in May 2014 (Decision No 534/2014/EU). This amount is being successfully implemented.

    Following the completion of the 6th review of the IMF programme last September, Tunisia requested a successor arrangement with the IMF, probably of a 4-year duration. The new IMF programme is still under negotiation but expected to be sent for IMF Board approval in the spring of 2016.

    In 2015, the Tunisia's economy has been significantly affected by several terrorist attacks that have targeted key economic industries like tourism and transport as well as aiming to disrupt the consolidation of its political transition. In this context, Tunisia requested a second MFA operation from the EU in the amount of EUR 500 million, which would accompany the successor IMF programme.

    CONTENT: the proposal seeks to make MFA available to Tunisia for a total maximum amount of EUR 500 million, provided in the form of a medium term loan. The assistance will contribute to cover Tunisia's residual external financing needs in 2016-17, as identified by the Commission based on the estimates of the IMF.

    The assistance, to be disbursed in three instalments (EUR 200 million, EUR 150 million and EUR 150 million, respectively), should help the country overcome its difficult economic and balance of payments situation it is experiencing, which has been exacerbated by the terrorist attacks it suffered in 2015 and by persistent domestic and regional unrest. It will also promote structural reforms aimed at raising sustainable economic growth and improving public finance management.

    The assistance will be managed by the Commission. The disbursements would be conditional on successful programme reviews under the new IMF's financial arrangement. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable. 

    The Commission will target structural reforms aimed at improving the overall macroeconomic management and the conditions for sustainable growth (e.g. targeting the transparency and efficiency of public finance management; fiscal reforms; reforms to strengthen the social safety net; labour market reforms; and reforms to improve the regulatory framework for trade and investment).

    In addition, the Commission and the Tunisian authorities would agree on specific structural reform measures in a Memorandum of Understanding.

    BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and should be financed through a borrowing operation that the Commission will conduct on behalf of the EU. The budgetary costs of the assistance will correspond to the provisioning, at a rate of 9%, of the amounts disbursed in the guarantee fund for external lending of the EU, from budget line 01 03 06 ("the provisioning of the Guarantee Fund").

    Assuming that the first and second loan disbursements will be made in 2016 for a total amount of EUR 350 million and the third loan disbursement in 2017 for the amount of EUR 150 million, and according to the rules governing the guarantee fund mechanism, the provisioning will take place in the 2018-2019 budgets.

    The implications on expenditure (including human resources and administrative costs) are estimated at EUR 45.295 million for 2016-2019.
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2016-03-15T00:00:00
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2016-02-27Show (3) Changes | Timetravel
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2016-02-24Show (5) Changes
activities
  • date: 2016-02-12T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0067/COM_COM(2016)0067_EN.pdf celexid: CELEX:52016PC0067:EN type: Legislative proposal published title: COM(2016)0067 type: Legislative proposal published body: EC commission: DG: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs Commissioner: MOSCOVICI Pierre
committees
  • body: EP responsible: False committee_full: Foreign Affairs committee: AFET
  • body: EP responsible: False committee_full: Budgets committee: BUDG
  • body: EP responsible: True committee_full: International Trade committee: INTA
links
other
  • body: EC dg: url: http://ec.europa.eu/dgs/economy_finance/index_en.htm title: Economic and Financial Affairs commissioner: MOSCOVICI Pierre
procedure
reference
2016/0039(COD)
instrument
Decision
legal_basis
Treaty on the Functioning of the EU TFEU 212
stage_reached
Preparatory phase in Parliament
summary
See also
subtype
Legislation
title
Further macro-financial assistance to Tunisia
type
COD - Ordinary legislative procedure (ex-codecision procedure)
subject
6.20.07 Macro-financial assistance to third countries
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