[ParlTrack]

Proposal for a decision
Recital 2

(2) Jordan's economy has been significantly affected by domestic events related to the events in the Southern Mediterranean since the end of 2010, known as the "~~Arab Spring~~Islamic Winter", and by the ongoing regional unrest, notably in neighbouring Egypt and Syria. Combined with a weaker global environment, the repeated disruptions to the flow of natural gas from Egypt, which have forced Jordan to replace gas imports from Egypt with more expensive fuels for electricity generation, and the important inflow of refugees from Syria have resulted in important external and budgetary financial gaps.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Recital 3

(3) Since the ~~Arab Spring~~Islamic Winter began, the Union has, regrettably and reprehensibly, declared on various occasions its commitment to support Jordan in its economic and political reform process. ~~This~~Regrettably, this reprehensible commitment was reaffirmed in the conclusions of the 10th meeting of the Association Council between the Union and Jordan in December 2012, and it should immediately be revoked.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Recital 4

(4) Jordan has embarked on a series of political reforms, most notably leading to the adoption by the Jordanian Parliament in September 2011 of over 40 constitutional amendments, representing a significant step towards a fully-fledged democratic system. Political and economic support from the Union to Jordan's reform process is consistent with the Union's policy towards the Southern Mediterranean region, as set out in the context of the ENP. However, it should not be a task of the Union to lend political and/or financial support to Jordan or its reform process.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Recital 5

(5) In August 2012, the Jordanian authorities and the International Monetary Fund (IMF) ~~agreed on a~~regrettably agreed on a reprehensible three-year Stand- By- Arrangement of SDR 1,364 million in support of Jordan's economic adjustment and reform programme. This reprehensible agreement should immediately be revoked.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Recital 6

(6) The Union has regrettably made available EUR 293 million in grants for the period 2011- 13 under its regular cooperation programme in support of Jordan's political and economic reform agenda. In addition, EUR 70 million has regrettably been allocated to Jordan in 2012 under the "Support for partnership, reforms and inclusive growth" (SPRING) programme, and EUR 10 million in Union humanitarian aid to support Syrian refugees.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Recital 8

(8) Given that, after taking into account macroeconomic support from the IMF and the World Bank, a residual financing gap remains in Jordan's balance of payments, and given the vulnerability of Jordan's external financialThe Union should not give Jordan any poslition to exogenous shocks, which requires maintaining an appropriate level of the foreign exchange reserves, macro- financial assistance is considered an appropriate response to Jordan's request under the current exceptional circumstances. The Union macro- financial assistance to Jordan (''the Union macro-financial assistance") would support the economic stabilisation and the structural reform agenda of Jordan, supplementing resources made available under the IMF's financial arrangementcal and/or financial support whatsoever.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Recital 9

(9) The Union macro-financial assistance should not merely supplement programmes and resources from the IMF and the World Bank, but should also ensure the added value of Union's involvement. The Commission should ensure that the Union macro-financial assistance is legally and substantially in line with the measures taken within the different areas of external action and other relevant Union policies.deleted

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Recital 10

(10) The specific objectives of the Union macro-financial assistance should be to strengthen efficiency, transparency and accountability of the public finance management systems in Jordan and to promote structural reforms aimed at supporting sustainable and inclusive growth, employment creation and fiscal consolidation. These objectives should be regularly monitored by the Commission.deleted

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Article 1

1. The Union shall make available to Jordan macro-financial assistance of a maximum amount of EUR 180 million, with a view to supporting Jordan's economic stabilisation and reforms. The assistance shall contribute to covering Jordan's balance of payments needs as identified in the current IMF programme. 2. The full amount of the 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 in order to onlend them to Jordan. The loans shall have a maximum maturity of 15 years. 3. The release of the Union macro- financial assistance shall be managed by the Commission in a manner consistent with the agreements or understandings reached between the IMF and Jordan and with the key principles and objectives of economic reforms set out in the EU- Jordan Association Agreement and the EU-Jordan Action Plan for 2010-2015 agreed under the European Neighbourhood Policy. The Commission shall regularly inform the European Parliament and the Economic and Financial Committee of developments in the management of the Union macrofinancial assistance and provide them with relevant documents. 4. The Union macro-financial assistance shall be made available for a period of two years from the first day after the entry into force of the Memorandum of Understanding referred to in Article 2(1)ould not give Jordan any political and/or financial support whatsoever.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Article 2

1. The Commission, acting in accordance with the examination procedure referred to in Article 6(2), shall be empowered to agree with the authorities of Jordan on the economic policy and financial conditions attached to the Union macro- financial assistance, to be laid down in a Memorandum of Understanding which shall include a timeframe for their fulfilment (hereafter the 'Memorandum of Understanding'). The economic policy and financial conditions shall be consistent with the agreements or understandings referred to in Article 1(3). Those conditions shall aim, in particular, at strengthening the efficiency, transparency and accountability of public finance management systems in Jordan, including for the use of the Union macro- financial assistance. Progress in attaining these objectives shall be regularly monitored by the Commission. 2. The detailed financial terms of the assistance shall be laid down in a Loan Agreement to be agreed between the Commission and the authorities of Jordan. 3. During the implementation of the Union macro-financial assistance, the Commission shall monitor the soundness of Jordan's financial arrangements, the administrative procedures and the internal and external control mechanisms which are relevant to the assistance, as well as the adherence to the agreed timeframe. 4. The Commission shall verify at regular intervals that the economic policies of Jordan are in accordance with the objectives of the Union macro-financial assistance and that the agreed economic policy conditions are being satisfactorily fulfilled. In doing so, the Commission shall coordinate closely with the IMF and the World Bank, and, when required, with the Economic and Financial CommitteeUnion should not give Jordan any political and/or financial support whatsoever.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Article 3

1. Subject to the conditions set out in paragraph 2, the Union financial assistance shall be made available by the Commission to Jordan in two loan instalments. The size of each instalment shall be laid down in the Memorandum of Understanding. 2. The Commission shall decide on the release of the instalments subject to a satisfactory implementation of the IMF programme and the fulfilment of the economic policy and financial conditions agreed in the Memorandum of Understanding. The disbursement of the second instalment shall not take place earlier than three months after the release of the first instalment. 3. The Union funds shall be paid to the Central Bank of Jordan. Subject to provisions to be agreed in the Memorandum of Understanding, including a confirmation of residual budgetary financing needs, the Union funds may be paid to the Jordanian Ministry of Finance as the final beneficiaryThe Union should not give Jordan any political and/or financial support whatsoever.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Article 4

1. The borrowing and lending operations related to the Union macro-financial assistance shall be carried out in euro using the same value date and shall not expose the Union to any risk related to transformation of maturities, any exchange or interest rate risk, or any other commercial risk. 2. Upon request by Jordan, the Commission shall take the necessary steps to ensure that an early repayment clause is included in the loan terms and conditions. The early repayment clause shall be matched by a corresponding clause in the terms and conditions of the Commission's borrowing operations. 3. Upon request by Jordan and where circumstances permit an improvement of the interest rate of the loan, the Commission may refinance all or part of its initial loan or restructure the corresponding financial conditions. Refinancing or restructuring operations shall be carried out in accordance with the conditions set out in paragraph 1 and shall not have the effect of extending the average maturity of the loan concerned or increasing the amount of capital outstanding at the date of the refinancing or restructuring. 4. All costs incurred by the Union in relation to the borrowing and lending operations under this Decision shall be borne by Jordan. 5. The Commission shall inform the European Parliament and the Economic and Financial Committee of developments in the operations referred to in paragraphs 2 and 3Union should not give Jordan any political and/or financial support whatsoever.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Article 5

1. The Union macro-financial assistance shall be implemented in accordance with Regulation (EU, Euratom) No 966/2012 of the European Parliament and of the Council of 25 October 2012 on the financial rules applicable to the general budget of the Union and repealing Council Regulation (EC, Euratom) No 1605/2002and its rules of application. 2. The Memorandum of Understanding and the Loan Agreement to be agreed with the authorities of Jordan shall provide for appropriate measures in relation to the prevention of, and the fight against, fraud, corruption and any other irregularities in relation to the assistance. In order to ensure greater transparency in the management and disbursement of funds, the Memorandum of Understanding and the Loan Agreement shall also provide for controls, including on-the-spot checks and inspections, to be carried out by the Commission, including the European Anti-Fraud Office. Those documents shall in addition provide for audits, including where appropriate on- the-spot audits, by the Court of Auditorsshould not give Jordan any political and/or financial support whatsoever.

2013/09/09
Committee: AFET

Laurence J.A.J. STASSEN

Proposal for a decision
Article 7

1. 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 thereof. The report shall indicate the connection between the economic policy conditions laid down in the Memorandum of Understanding, Jordan’s on-going economic and fiscal performance and the Commission’s decisions to release the instalments of the Union macro-financial assistance. 2. Not later than two years after the expiry of the availability period referred to in Article 1(4), the Commission shall submit to the European Parliament and to the Council an ex post evaluation reportThe Union should not give Jordan any political and/or financial support whatsoever.

2013/09/09
Committee: AFET

14 Amendments of Laurence J.A.J. STASSEN related to 2013/0128(COD)

ParlTrack - 2011-2024