BETA


2016/0197(COD) Further macro-financial assistance to Jordan

Progress: Procedure completed

RoleCommitteeRapporteurShadows
Lead INTA MAUREL Emmanuel (icon: S&D S&D) CICU Salvatore (icon: PPE PPE), LOONES Sander (icon: ECR ECR), DE SARNEZ Marielle (icon: ALDE ALDE), BUCHNER Klaus (icon: Verts/ALE Verts/ALE), BORRELLI David (icon: EFDD EFDD)
Committee Opinion AFET
Committee Opinion BUDG
Lead committee dossier:
Legal Basis:
TFEU 212

Events

2017/01/17
   EC - Commission response to text adopted in plenary
Documents
2016/12/23
   Final act published in Official Journal
Details

PURPOSE: to provide a further EUR 200 million in macro-financial assistance to Jordan in order to assist in balancing its payments.

LEGISLATIVE ACT: Decision (EU) 2016/2371 of the European Parliament and of the Council providing further macro-financial assistance to the Hashemite Kingdom of Jordan.

CONTENT: under this Decision, the Union made macro-financial assistance of a maximum amount of EUR 200 million available to Jordan , with a view to supporting Jordan's economic stabilisation and a substantive reform agenda.

Granting assistance : the assistance shall contribute to covering Jordan's balance of payments needs and to support 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.

The Union's macro-financial assistance shall be made available for a period of 2.5 years . It shall be disbursed in two loan instalments, with a maximum loan maturity of 15 years .

The Commission shall regularly inform the European Parliament and the Council of developments regarding the Union's macro-financial assistance.

Conditions : the Commission 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. These conditions shall be laid down in a Memorandum of Understanding , which shall include a timeframe for the fulfilment of those conditions.

The conditions 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.

A pre-condition for granting the Union's macro-financial assistance shall be that Jordan respects effective democratic mechanisms , including a multi-party parliamentary system, and the rule of law, and guarantees respect for human rights.

In order to ensure the protection of the Union's financial interests, Jordan shall provide specific measures in relation to the prevention of, and fight against, fraud, corruption and any other irregularities affecting the Union's macro-financial assistance.

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.

ENTRY INTO FORCE: 26.12.2016.

2016/12/14
   CSL - Draft final act
Documents
2016/12/14
   CSL - Final act signed
2016/12/12
   EP - End of procedure in Parliament
2016/12/08
   EP/CSL - Act adopted by Council after Parliament's 1st reading
2016/12/08
   CSL - Council Meeting
2016/11/24
   EP - Results of vote in Parliament
2016/11/24
   EP - Decision by Parliament, 1st reading
Details

The European Parliament adopted by 540 votes to 29, with 52 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council providing further macro financial assistance to the Hashemite Kingdom of Jordan.

Parliament’s position, adopted at first reading following the ordinary legislative procedure, provides that the Union should make macro financial assistance of a maximum amount of EUR 200 million available to Jordan with a view to supporting Jordan's economic stabilisation and a substantive reform agenda. The assistance shall contribute to covering Jordan's balance of payments needs as identified in the International Monetary Fund programme.

The full amount of the Union's macro-financial assistance shall be provided to Jordan in the form of 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-lend them to Jordan. The loans shall have a maximum average maturity of 15 years .

A pre-condition for granting the Union's macro-financial assistance shall be that Jordan respects effective democratic mechanisms , including a multi-party parliamentary system, and the rule of law, and guarantees respect for human rights.

The Commission 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, which shall include a timeframe for the fulfilment of those conditions .

A joint statement by the European Parliament, the Council and the Commission is annexed to the legislative resolution. This statement stated that in light of the fiscal challenges and extraordinary circumstances Jordan faces as a result of hosting more than 1.3 million Syrians, the Commission will in 2017, if appropriate, submit a new proposal for extending and increasing MFA to Jordan , upon the successful conclusion of the second MFA.

Documents
2016/11/23
   EP - Debate in Parliament
2016/11/10
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2016/10/18
   IT_SENATE - Contribution
Documents
2016/10/17
   EP - Committee report tabled for plenary, 1st reading
Details

The Committee on International Trade adopted the report by Emmanuel MAUREL (S&D, FR) on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to the Hashemite Kingdom of Jordan.

The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal.

Members proposed that the Union should make macrofinancial assistance of a maximum amount of EUR 350 million available to Jordan (whereas the Commission has proposed an amount of EUR 200 million).

The Commission should 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, which shall include a timeframe for the fulfilment of those conditions.

Where these conditions are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance.

Documents
2016/10/13
   EP - Vote in committee, 1st reading
2016/10/13
   EP - Committee decision to open interinstitutional negotiations with report adopted in committee
2016/09/27
   EP - Amendments tabled in committee
Documents
2016/09/07
   EP - Committee draft report
Documents
2016/07/13
   EP - MAUREL Emmanuel (S&D) appointed as rapporteur in INTA
2016/07/07
   EP - Committee referral announced in Parliament, 1st reading
2016/06/29
   EC - Document attached to the procedure
2016/06/29
   EC - Legislative proposal published
Details

PURPOSE: to provide a further EUR 200 million in macro-financial assistance to Jordan.

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: since early 2011, the Jordanian economy has been significantly affected by the ongoing regional unrest, notably in neighbouring Iraq and Syria. Combined with a weaker global environment, this regional unrest has taken a heavy toll on external receipts and has strained public finances.

The Syrian conflict has impacted Jordan not only by disrupting trade with and through Syria but also by causing an inflow of around 1.3 million of Syrian refugees into Jordan that has increased pressure on Jordan's fiscal position, public services and infrastructure.

In 2012, Jordan and the IMF agreed on a first adjustment programme, which was supported by a three-year Stand-By Arrangement (SBA) in the amount of USD 2 billion. This programme was successfully completed in August 2015. The IMF programme was complemented by a first Macro-Financial Assistance from the European Union (the EU) in the amount of EUR 180 million (MFA-I), which was adopted by the European Parliament and the Council in December 2013 and was disbursed in two tranches of EUR 100 million and EUR 80 million in February 2015 and in October 2015, respectively.

While the country made progress with macroeconomic stabilisation and reform under the first programme supported by the IMF, the EU and other donors, the persistence of the conflicts in neighbouring Syria and Iraq continued to disrupt Jordan's foreign trade and undermine investor and tourist confidence, with the economic situation deteriorating again in 2015. In this context, the Jordanian government has called for increased support from the international community to address the economic consequences of the Syrian crisis, and in particular the presence of a large number of Syrian refugees in Jordan.

At the conference 'Supporting Syria and the Region', held in London on 4 February 2016, the international community pledged about USD 10 billion to help the countries most affected by the Syrian refugee crisis. Of this amount, the EU pledged EUR 2.39 billion for the countries affected by the Syrian refugee crisis including a EUR 200 million loan for the purpose of a second Macro-Financial Assistance operation for Jordan (MFA-II).

This is the aim of this proposal.

CONTENT: the proposal seeks to make MFA available to Jordan for a total maximum amount of EUR 200 million , provided in the form of a medium-term loan . The assistance will contribute to cover Jordan's residual external financing needs in 2016-2017, as identified by the Commission based on the estimates of the IMF.

The assistance is planned to be disbursed in two loan instalments of EUR 100 million each . The disbursement of the first instalment is expected to take place towards the end of 2016. The second instalment, conditional on a number of policy measures, could be disbursed in the second quarter of 2017.

The assistance will be managed by the Commission. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable?

The loans shall have a maximum average maturity of 15 years.

Conditions granting assistance : the Union's macro-financial assistance should support Jordan's commitment to values shared with the Union, including democracy, the rule of law, good governance and the respect for human rights.

Disbursements : the disbursements would be conditional on successful programme reviews under the new IMF's financial arrangement. The Commission and the Jordanian authorities would agree on specific structural reform measures in a Memorandum of Understanding aiming to improve the overall macroeconomic management and the conditions for sustainable growth .

These reform measures would support the authorities’ reform agenda and complement the programmes agreed with the IMF, the World Bank and other donors, as well as the policy programmes associated with the EU’s budgetary support operations.

They would be consistent with the economic reform priorities agreed between the EU and Jordan in the context of the Single Support Framework for 2014-2017 and other strategic documents (including the future Partnership Priorities and the Jordan Compact). They would also build upon the structural reforms implemented under MFA-I.

Availability of assistance : the proposed MFA would be made available for two and a half years, starting from the first day after the entry into force of the Memorandum of Understanding.

Implementing powers : in order to ensure uniform conditions for the implementation of this Decision, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council . Considering the potentially important impact of assistance, it is appropriate that the examination procedure be used in this context.

Follow-up and reporting : by 30 June of each year, the Commission shall submit to the European Parliament and to the Council a report on the implementation of this Decision in the preceding year, including an evaluation of that implementation.

BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and would be financed through a borrowing operation that the Commission will conduct on behalf of the EU.

The budgetary impact of the assistance will correspond to the provisioning of the EU's Guarantee Fund for external actions, at a rate of 9 % of the amounts disbursed, from budget line 01 03 06 ("Provisioning of the Guarantee Fund").

Assuming that the first loan disbursement (of EUR 100 million) will be made in 2016 and the second loan disbursement (of EUR 100 million) in 2017 in accordance with the rules governing the guarantee fund mechanism, the provisioning will take place in the 2018-19 budgets.

Based on current projections on the utilisation of the budget line 01 03 06, the Commission assesses that the budgetary impact of the operation can be accommodated.

Documents

Activities

Votes

A8-0296/2016 - Emmanuel Maurel - Résolution législative #

2016/11/24 Outcome: +: 540, 0: 52, -: 29
DE IT FR PL GB ES RO AT CZ BE NL HU PT BG FI EL SK SE HR DK LT LV EE MT LU IE SI CY
Total
84
58
65
42
51
43
27
18
17
18
23
15
19
13
12
19
11
15
10
11
8
7
6
6
6
6
5
5
icon: PPE PPE
182

Finland PPE

2

Denmark PPE

For (1)

1

Estonia PPE

For (1)

1

Luxembourg PPE

3

Ireland PPE

3

Cyprus PPE

1
icon: S&D S&D
159

Czechia S&D

3

Netherlands S&D

3

Croatia S&D

2

Lithuania S&D

1

Latvia S&D

1

Estonia S&D

For (1)

1

Malta S&D

3

Luxembourg S&D

For (1)

1

Ireland S&D

For (1)

1

Cyprus S&D

2
icon: ALDE ALDE
61

United Kingdom ALDE

1

Romania ALDE

2

Austria ALDE

For (1)

1

Bulgaria ALDE

3

Sweden ALDE

2

Croatia ALDE

2

Denmark ALDE

2

Lithuania ALDE

Abstain (1)

3

Latvia ALDE

1

Estonia ALDE

3

Luxembourg ALDE

For (1)

1

Ireland ALDE

For (1)

1

Slovenia ALDE

For (1)

1
icon: ECR ECR
58

Italy ECR

2

Romania ECR

For (1)

1

Czechia ECR

2

Belgium ECR

2

Netherlands ECR

2

Bulgaria ECR

1
2

Greece ECR

For (1)

1

Lithuania ECR

1
icon: Verts/ALE Verts/ALE
43

United Kingdom Verts/ALE

3

Austria Verts/ALE

3

Belgium Verts/ALE

2

Netherlands Verts/ALE

2

Hungary Verts/ALE

2

Finland Verts/ALE

For (1)

1

Sweden Verts/ALE

2

Croatia Verts/ALE

For (1)

1

Denmark Verts/ALE

For (1)

1

Lithuania Verts/ALE

For (1)

1

Latvia Verts/ALE

1

Estonia Verts/ALE

For (1)

1

Luxembourg Verts/ALE

Abstain (1)

1
icon: EFDD EFDD
29

Germany EFDD

Against (1)

1

France EFDD

1

Poland EFDD

1

Sweden EFDD

2
icon: ENF ENF
31

Poland ENF

1

United Kingdom ENF

Against (1)

1

Romania ENF

1

Belgium ENF

Against (1)

1

Netherlands ENF

3
icon: NI NI
14

Germany NI

For (1)

Against (1)

2

France NI

Abstain (1)

2

Poland NI

1

United Kingdom NI

For (1)

Against (2)

3

Hungary NI

2
icon: GUE/NGL GUE/NGL
43

Italy GUE/NGL

3

France GUE/NGL

For (1)

Against (1)

4

United Kingdom GUE/NGL

Abstain (1)

1

Czechia GUE/NGL

Abstain (1)

1

Netherlands GUE/NGL

Against (1)

1

Portugal GUE/NGL

For (1)

Abstain (1)

4

Finland GUE/NGL

Abstain (1)

1

Sweden GUE/NGL

Abstain (1)

1

Denmark GUE/NGL

Abstain (1)

1

Ireland GUE/NGL

Abstain (1)

1

Cyprus GUE/NGL

2
AmendmentsDossier
2 2016/0197(COD)
2016/09/27 INTA 2 amendments...
source: 587.684

History

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

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  • date: 2016-10-18T00:00:00 docs: url: http://www.connefof.europarl.europa.eu/connefof/app/exp/COM(2016)0431 title: COM(2016)0431 type: Contribution body: IT_SENATE
events
  • date: 2016-06-29T00:00:00 type: Legislative proposal published body: EC docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0431/COM_COM(2016)0431_EN.pdf title: COM(2016)0431 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2016&nu_doc=0431 title: EUR-Lex summary: PURPOSE: to provide a further EUR 200 million in macro-financial assistance to Jordan. 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: since early 2011, the Jordanian economy has been significantly affected by the ongoing regional unrest, notably in neighbouring Iraq and Syria. Combined with a weaker global environment, this regional unrest has taken a heavy toll on external receipts and has strained public finances. The Syrian conflict has impacted Jordan not only by disrupting trade with and through Syria but also by causing an inflow of around 1.3 million of Syrian refugees into Jordan that has increased pressure on Jordan's fiscal position, public services and infrastructure. In 2012, Jordan and the IMF agreed on a first adjustment programme, which was supported by a three-year Stand-By Arrangement (SBA) in the amount of USD 2 billion. This programme was successfully completed in August 2015. The IMF programme was complemented by a first Macro-Financial Assistance from the European Union (the EU) in the amount of EUR 180 million (MFA-I), which was adopted by the European Parliament and the Council in December 2013 and was disbursed in two tranches of EUR 100 million and EUR 80 million in February 2015 and in October 2015, respectively. While the country made progress with macroeconomic stabilisation and reform under the first programme supported by the IMF, the EU and other donors, the persistence of the conflicts in neighbouring Syria and Iraq continued to disrupt Jordan's foreign trade and undermine investor and tourist confidence, with the economic situation deteriorating again in 2015. In this context, the Jordanian government has called for increased support from the international community to address the economic consequences of the Syrian crisis, and in particular the presence of a large number of Syrian refugees in Jordan. At the conference 'Supporting Syria and the Region', held in London on 4 February 2016, the international community pledged about USD 10 billion to help the countries most affected by the Syrian refugee crisis. Of this amount, the EU pledged EUR 2.39 billion for the countries affected by the Syrian refugee crisis including a EUR 200 million loan for the purpose of a second Macro-Financial Assistance operation for Jordan (MFA-II). This is the aim of this proposal. CONTENT: the proposal seeks to make MFA available to Jordan for a total maximum amount of EUR 200 million , provided in the form of a medium-term loan . The assistance will contribute to cover Jordan's residual external financing needs in 2016-2017, as identified by the Commission based on the estimates of the IMF. The assistance is planned to be disbursed in two loan instalments of EUR 100 million each . The disbursement of the first instalment is expected to take place towards the end of 2016. The second instalment, conditional on a number of policy measures, could be disbursed in the second quarter of 2017. The assistance will be managed by the Commission. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable? The loans shall have a maximum average maturity of 15 years. Conditions granting assistance : the Union's macro-financial assistance should support Jordan's commitment to values shared with the Union, including democracy, the rule of law, good governance and the respect for human rights. Disbursements : the disbursements would be conditional on successful programme reviews under the new IMF's financial arrangement. The Commission and the Jordanian authorities would agree on specific structural reform measures in a Memorandum of Understanding aiming to improve the overall macroeconomic management and the conditions for sustainable growth . These reform measures would support the authorities’ reform agenda and complement the programmes agreed with the IMF, the World Bank and other donors, as well as the policy programmes associated with the EU’s budgetary support operations. They would be consistent with the economic reform priorities agreed between the EU and Jordan in the context of the Single Support Framework for 2014-2017 and other strategic documents (including the future Partnership Priorities and the Jordan Compact). They would also build upon the structural reforms implemented under MFA-I. Availability of assistance : the proposed MFA would be made available for two and a half years, starting from the first day after the entry into force of the Memorandum of Understanding. Implementing powers : in order to ensure uniform conditions for the implementation of this Decision, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council . Considering the potentially important impact of assistance, it is appropriate that the examination procedure be used in this context. Follow-up and reporting : by 30 June of each year, the Commission shall submit to the European Parliament and to the Council a report on the implementation of this Decision in the preceding year, including an evaluation of that implementation. BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and would be financed through a borrowing operation that the Commission will conduct on behalf of the EU. The budgetary impact of the assistance will correspond to the provisioning of the EU's Guarantee Fund for external actions, at a rate of 9 % of the amounts disbursed, from budget line 01 03 06 ("Provisioning of the Guarantee Fund"). Assuming that the first loan disbursement (of EUR 100 million) will be made in 2016 and the second loan disbursement (of EUR 100 million) in 2017 in accordance with the rules governing the guarantee fund mechanism, the provisioning will take place in the 2018-19 budgets. Based on current projections on the utilisation of the budget line 01 03 06, the Commission assesses that the budgetary impact of the operation can be accommodated.
  • date: 2016-07-07T00:00:00 type: Committee referral announced in Parliament, 1st reading/single reading body: EP
  • date: 2016-10-13T00:00:00 type: Vote in committee, 1st reading/single reading body: EP
  • date: 2016-10-13T00:00:00 type: Committee decision to open interinstitutional negotiations with report adopted in committee body: EP
  • date: 2016-10-17T00:00:00 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=A8-2016-0296&language=EN title: A8-0296/2016 summary: The Committee on International Trade adopted the report by Emmanuel MAUREL (S&D, FR) on the proposal for a decision of the European Parliament and of the Council providing further macro-financial assistance to the Hashemite Kingdom of Jordan. The committee recommended that the European Parliament’s position adopted at first reading following the ordinary legislative procedure should amend the Commission proposal. Members proposed that the Union should make macrofinancial assistance of a maximum amount of EUR 350 million available to Jordan (whereas the Commission has proposed an amount of EUR 200 million). The Commission should 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, which shall include a timeframe for the fulfilment of those conditions. Where these conditions are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union’s macro-financial assistance.
  • date: 2016-11-10T00:00:00 type: Approval in committee of the text agreed at 1st reading interinstitutional negotiations body: EP
  • date: 2016-11-23T00:00:00 type: Debate in Parliament body: EP docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20161123&type=CRE title: Debate in Parliament
  • date: 2016-11-24T00:00:00 type: Results of vote in Parliament body: EP docs: url: https://oeil.secure.europarl.europa.eu/oeil/popups/sda.do?id=27721&l=en title: Results of vote in Parliament
  • date: 2016-11-24T00:00:00 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-2016-0447 title: T8-0447/2016 summary: The European Parliament adopted by 540 votes to 29, with 52 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council providing further macro financial assistance to the Hashemite Kingdom of Jordan. Parliament’s position, adopted at first reading following the ordinary legislative procedure, provides that the Union should make macro financial assistance of a maximum amount of EUR 200 million available to Jordan with a view to supporting Jordan's economic stabilisation and a substantive reform agenda. The assistance shall contribute to covering Jordan's balance of payments needs as identified in the International Monetary Fund programme. The full amount of the Union's macro-financial assistance shall be provided to Jordan in the form of 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-lend them to Jordan. The loans shall have a maximum average maturity of 15 years . A pre-condition for granting the Union's macro-financial assistance shall be that Jordan respects effective democratic mechanisms , including a multi-party parliamentary system, and the rule of law, and guarantees respect for human rights. The Commission 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, which shall include a timeframe for the fulfilment of those conditions . A joint statement by the European Parliament, the Council and the Commission is annexed to the legislative resolution. This statement stated that in light of the fiscal challenges and extraordinary circumstances Jordan faces as a result of hosting more than 1.3 million Syrians, the Commission will in 2017, if appropriate, submit a new proposal for extending and increasing MFA to Jordan , upon the successful conclusion of the second MFA.
  • date: 2016-12-08T00:00:00 type: Act adopted by Council after Parliament's 1st reading body: EP/CSL
  • date: 2016-12-12T00:00:00 type: End of procedure in Parliament body: EP
  • date: 2016-12-14T00:00:00 type: Final act signed body: CSL
  • date: 2016-12-23T00:00:00 type: Final act published in Official Journal summary: PURPOSE: to provide a further EUR 200 million in macro-financial assistance to Jordan in order to assist in balancing its payments. LEGISLATIVE ACT: Decision (EU) 2016/2371 of the European Parliament and of the Council providing further macro-financial assistance to the Hashemite Kingdom of Jordan. CONTENT: under this Decision, the Union made macro-financial assistance of a maximum amount of EUR 200 million available to Jordan , with a view to supporting Jordan's economic stabilisation and a substantive reform agenda. Granting assistance : the assistance shall contribute to covering Jordan's balance of payments needs and to support 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. The Union's macro-financial assistance shall be made available for a period of 2.5 years . It shall be disbursed in two loan instalments, with a maximum loan maturity of 15 years . The Commission shall regularly inform the European Parliament and the Council of developments regarding the Union's macro-financial assistance. Conditions : the Commission 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. These conditions shall be laid down in a Memorandum of Understanding , which shall include a timeframe for the fulfilment of those conditions. The conditions 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. A pre-condition for granting the Union's macro-financial assistance shall be that Jordan respects effective democratic mechanisms , including a multi-party parliamentary system, and the rule of law, and guarantees respect for human rights. In order to ensure the protection of the Union's financial interests, Jordan shall provide specific measures in relation to the prevention of, and fight against, fraud, corruption and any other irregularities affecting the Union's macro-financial assistance. 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. ENTRY INTO FORCE: 26.12.2016. docs: title: Decision 2016/2371 url: https://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!CELEXnumdoc&lg=EN&numdoc=32016D2371 title: OJ L 352 23.12.2016, p. 0018 url: https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=OJ:L:2016:352:TOC
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  • The European Parliament adopted by 540 votes to 29, with 52 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council providing further macro financial assistance to the Hashemite Kingdom of Jordan.

    Parliament’s position, adopted at first reading following the ordinary legislative procedure, provides that the Union should make macro financial assistance of a maximum amount of EUR 200 million available to Jordan with a view to supporting Jordan's economic stabilisation and a substantive reform agenda. The assistance shall contribute to covering Jordan's balance of payments needs as identified in the International Monetary Fund programme.

    The full amount of the Union's macro-financial assistance shall be provided to Jordan in the form of 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-lend them to Jordan. The loans shall have a maximum average maturity of 15 years.

    A pre-condition for granting the Union's macro-financial assistance shall be that Jordan respects effective democratic mechanisms, including a multi-party parliamentary system, and the rule of law, and guarantees respect for human rights.

    The Commission 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, which shall include a timeframe for the fulfilment of those conditions.

    A joint statement by the European Parliament, the Council and the Commission is annexed to the legislative resolution. This statement stated that in light of the fiscal challenges and extraordinary circumstances Jordan faces as a result of hosting more than 1.3 million Syrians, the Commission will in 2017, if appropriate, submit a new proposal for extending and increasing MFA to Jordan, upon the successful conclusion of the second MFA.

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  • group: Verts/ALE name: BUCHNER Klaus
  • group: EFD name: BORRELLI David
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  • PURPOSE: to provide a further EUR 200 million in macro-financial assistance to Jordan.

    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: since early 2011, the Jordanian economy has been significantly affected by the ongoing regional unrest, notably in neighbouring Iraq and Syria. Combined with a weaker global environment, this regional unrest has taken a heavy toll on external receipts and has strained public finances.

    The Syrian conflict has impacted Jordan not only by disrupting trade with and through Syria but also by causing an inflow of around 1.3 million of Syrian refugees into Jordan that has increased pressure on Jordan's fiscal position, public services and infrastructure.

    In 2012, Jordan and the IMF agreed on a first adjustment programme, which was supported by a three-year Stand-By Arrangement (SBA) in the amount of USD 2 billion. This programme was successfully completed in August 2015. The IMF programme was complemented by a first Macro-Financial Assistance from the European Union (the EU) in the amount of EUR 180 million (MFA-I), which was adopted by the European Parliament and the Council in December 2013 and was disbursed in two tranches of EUR 100 million and EUR 80 million in February 2015 and in October 2015, respectively. 

    While the country made progress with macroeconomic stabilisation and reform under the first programme supported by the IMF, the EU and other donors, the persistence of the conflicts in neighbouring Syria and Iraq continued to disrupt Jordan's foreign trade and undermine investor and tourist confidence, with the economic situation deteriorating again in 2015. In this context, the Jordanian government has called for increased support from the international community to address the economic consequences of the Syrian crisis, and in particular the presence of a large number of Syrian refugees in Jordan.

    At the conference 'Supporting Syria and the Region', held in London on 4 February 2016, the international community pledged about USD 10 billion to help the countries most affected by the Syrian refugee crisis. Of this amount, the EU pledged EUR 2.39 billion for the countries affected by the Syrian refugee crisis including a EUR 200 million loan for the purpose of a second Macro-Financial Assistance operation for Jordan (MFA-II).

    This is the aim of this proposal.

    CONTENT: the proposal seeks to make MFA available to Jordan for a total maximum amount of EUR 200 million, provided in the form of a medium-term loan. The assistance will contribute to cover Jordan's residual external financing needs in 2016-2017, as identified by the Commission based on the estimates of the IMF. 

    The assistance is planned to be disbursed in two loan instalments of EUR 100 million each. The disbursement of the first instalment is expected to take place towards the end of 2016. The second instalment, conditional on a number of policy measures, could be disbursed in the second quarter of 2017.

    The assistance will be managed by the Commission. Specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable?

    The loans shall have a maximum average maturity of 15 years.

    Conditions granting assistance: the Union's macro-financial assistance should support Jordan's commitment to values shared with the Union, including democracy, the rule of law, good governance and the respect for human rights.

    Disbursements: the disbursements would be conditional on successful programme reviews under the new IMF's financial arrangement. The Commission and the Jordanian authorities would agree on specific structural reform measures in a Memorandum of Understanding aiming to improve the overall macroeconomic management and the conditions for sustainable growth.

    These reform measures would support the authorities’ reform agenda and complement the programmes agreed with the IMF, the World Bank and other donors, as well as the policy programmes associated with the EU’s budgetary support operations.

    They would be consistent with the economic reform priorities agreed between the EU and Jordan in the context of the Single Support Framework for 2014-2017 and other strategic documents (including the future Partnership Priorities and the Jordan Compact). They would also build upon the structural reforms implemented under MFA-I.

    Availability of assistance: the proposed MFA would be made available for two and a half years, starting from the first day after the entry into force of the Memorandum of Understanding.

    Implementing powers: in order to ensure uniform conditions for the implementation of this Decision, implementing powers should be conferred on the Commission. Those powers should be exercised in accordance with Regulation (EU) No 182/2011 of the European Parliament and of the Council. Considering the potentially important impact of assistance, it is appropriate that the examination procedure be used in this context.

    Follow-up and reporting: by 30 June of each year, the Commission shall submit to the European Parliament and to the Council a report on the implementation of this Decision in the preceding year, including an evaluation of that implementation.

    BUDGETARY IMPLICATIONS: the planned assistance would be provided in the form of a loan and would be financed through a borrowing operation that the Commission will conduct on behalf of the EU.

    The budgetary impact of the assistance will correspond to the provisioning of the EU's Guarantee Fund for external actions, at a rate of 9 % of the amounts disbursed, from budget line 01 03 06 ("Provisioning of the Guarantee Fund").

    Assuming that the first loan disbursement (of EUR 100 million) will be made in 2016 and the second loan disbursement (of EUR 100 million) in 2017 in accordance with the rules governing the guarantee fund mechanism, the provisioning will take place in the 2018-19 budgets.

    Based on current projections on the utilisation of the budget line 01 03 06, the Commission assesses that the budgetary impact of the operation can be accommodated.

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See also
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Legislation
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Further macro-financial assistance to Jordan
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COD - Ordinary legislative procedure (ex-codecision procedure)
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