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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

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
2017/01/17
   EC - Commission response to text adopted in plenary
Documents
SP(2017)8
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.

Documents
Decision 2016/2371
OJ L 352 23.12.2016, p. 0018
2016/12/14
   CSL - Draft final act
Documents
00045/2016/LEX
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
Documents
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
T8-0447/2016
2016/11/23
   EP - Debate in Parliament
Documents
Debate in Parliament
2016/11/10
   EP - Approval in committee of the text agreed at 1st reading interinstitutional negotiations
2016/10/17
   IT_SENATE - Contribution
Documents
COM(2016)0431
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
A8-0296/2016
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
PE587.684
2016/09/07
   EP - Committee draft report
Documents
PE585.790
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
Documents
EUR-Lex
SWD(2016)0213
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
COM(2016)0431
EUR-Lex

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

Germany PPE

Against (1)

Markus PIEPER
32

Italy PPE

10

France PPE

19

Poland PPE

19

Spain PPE

11

Romania PPE

11

Austria PPE

5

Czechia PPE

7

Belgium PPE

4

Netherlands PPE

5

Hungary PPE

8

Portugal PPE

5

Bulgaria PPE

5

Finland PPE

2

Greece PPE

4

Slovakia PPE

4

Sweden PPE

4

Croatia PPE

5

Denmark PPE

For (1)

Bendt BENDTSEN
1

Lithuania PPE

2

Latvia PPE

4

Estonia PPE

For (1)

Tunne KELAM
1

Malta PPE

3

Luxembourg PPE

3

Ireland PPE

3

Slovenia PPE

4

Cyprus PPE

1
icon: S&D S&D
159

Germany S&D

21

Italy S&D

23

France S&D

12

Poland S&D

3

United Kingdom S&D

18

Spain S&D

11

Romania S&D

12

Austria S&D

5

Czechia S&D

3

Belgium S&D

4

Netherlands S&D

3

Hungary S&D

3

Portugal S&D

8

Bulgaria S&D

4

Finland S&D

2

Greece S&D

4

Slovakia S&D

4

Sweden S&D

4

Croatia S&D

2

Denmark S&D

3

Lithuania S&D

1

Latvia S&D

1

Estonia S&D

For (1)

Marju LAURISTIN
1

Malta S&D

3

Luxembourg S&D

For (1)

Mady DELVAUX
1

Ireland S&D

For (1)

Nessa CHILDERS
1

Cyprus S&D

2
icon: ALDE ALDE
61

Germany ALDE

3

France ALDE

6

United Kingdom ALDE

1

Spain ALDE

7

Romania ALDE

2

Austria ALDE

For (1)

Angelika MLINAR
1

Czechia ALDE

4

Belgium ALDE

5

Netherlands ALDE

7

Portugal ALDE

2

Bulgaria ALDE

3

Finland ALDE

4

Sweden ALDE

2

Croatia ALDE

2

Denmark ALDE

2

Lithuania ALDE

Abstain (1)

Viktor USPASKICH
3

Latvia ALDE

1

Estonia ALDE

3

Luxembourg ALDE

For (1)

Charles GOERENS
1

Ireland ALDE

For (1)

Marian HARKIN
1

Slovenia ALDE

For (1)

Ivo VAJGL
1
icon: ECR ECR
58

Germany ECR

5

Italy ECR

2

Poland ECR

17

United Kingdom ECR

16

Romania ECR

For (1)

Monica MACOVEI
1

Czechia ECR

2

Belgium ECR

2

Netherlands ECR

2

Bulgaria ECR

1

Finland ECR

2

Greece ECR

For (1)

Notis MARIAS
1

Slovakia ECR

3

Denmark ECR

3

Lithuania ECR

1
icon: Verts/ALE Verts/ALE
43

Germany Verts/ALE

13

France Verts/ALE

5

United Kingdom Verts/ALE

3

Spain Verts/ALE

Abstain (1)

Ernest URTASUN
4

Austria Verts/ALE

3

Belgium Verts/ALE

2

Netherlands Verts/ALE

2

Hungary Verts/ALE

2

Finland Verts/ALE

For (1)

Heidi HAUTALA
1

Sweden Verts/ALE

2

Croatia Verts/ALE

For (1)

Davor ŠKRLEC
1

Denmark Verts/ALE

For (1)

Margrete AUKEN
1

Lithuania Verts/ALE

For (1)

Bronis ROPĖ
1

Latvia Verts/ALE

1

Estonia Verts/ALE

For (1)

Indrek TARAND
1

Luxembourg Verts/ALE

Abstain (1)

Claude TURMES
1
icon: EFDD EFDD
29

Germany EFDD

Against (1)

Beatrix von STORCH
1

Italy EFDD

16

France EFDD

1

Poland EFDD

1

United Kingdom EFDD

8

Sweden EFDD

2
icon: ENF ENF
31

Italy ENF

4

France ENF

16

Poland ENF

1

United Kingdom ENF

Against (1)

Janice ATKINSON
1

Romania ENF

1

Austria ENF

4

Belgium ENF

Against (1)

Gerolf ANNEMANS
1

Netherlands ENF

3
icon: NI NI
14

Germany NI

For (1)

Udo VOIGT

Against (1)

Martin SONNEBORN
2

France NI

Abstain (1)

Bruno GOLLNISCH
2

Poland NI

1

United Kingdom NI

For (1)

Diane DODDS

Against (2)

Diane JAMES, Steven WOOLFE
3

Hungary NI

2

Greece NI

4
icon: GUE/NGL GUE/NGL
43

Germany GUE/NGL

For (1)

Stefan ECK
7

Italy GUE/NGL

3

France GUE/NGL

For (1)

Younous OMARJEE

Against (1)

Jean-Luc MÉLENCHON
4

United Kingdom GUE/NGL

Abstain (1)

Martina ANDERSON
1

Spain GUE/NGL

10

Czechia GUE/NGL

Abstain (1)

Kateřina KONEČNÁ
1

Netherlands GUE/NGL

Against (1)

Anja HAZEKAMP
1

Portugal GUE/NGL

For (1)

Miguel VIEGAS

Abstain (1)

Marisa MATIAS
4

Finland GUE/NGL

Abstain (1)

Merja KYLLÖNEN
1

Greece GUE/NGL

6

Sweden GUE/NGL

Abstain (1)

Malin BJÖRK
1

Denmark GUE/NGL

Abstain (1)

Rina Ronja KARI
1

Ireland GUE/NGL

Abstain (1)

Liadh NÍ RIADA
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)

2023-08-03Show (6) Changes | Timetravel
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2021-12-18Show (13) Changes | Timetravel
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2020-01-19Show (5) Changes | Timetravel
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2019-07-06Show (19) Changes | Timetravel
activities
  • date: 2016-06-29T00:00:00 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 type: Legislative proposal published celexid: CELEX:52016PC0431: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
  • date: 2016-07-07T00:00:00 body: EP type: Committee referral announced in Parliament, 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: ECR name: LOONES Sander group: ALDE name: DE SARNEZ Marielle group: GUE/NGL name: SÁNCHEZ CALDENTEY Lola group: Verts/ALE name: BUCHNER Klaus group: EFD name: BORRELLI David responsible: True committee: INTA date: 2016-07-13T00:00:00 committee_full: International Trade rapporteur: group: S&D name: MAUREL Emmanuel
  • date: 2016-10-13T00:00:00 body: unknown type: Committee decision to open interinstitutional negotiations with report adopted in committee
  • date: 2016-10-13T00:00:00 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: ECR name: LOONES Sander group: ALDE name: DE SARNEZ Marielle group: GUE/NGL name: SÁNCHEZ CALDENTEY Lola group: Verts/ALE name: BUCHNER Klaus group: EFD name: BORRELLI David responsible: True committee: INTA date: 2016-07-13T00:00:00 committee_full: International Trade rapporteur: group: S&D name: MAUREL Emmanuel
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  • date: 2016-11-23T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?secondRef=TOC&language=EN&reference=20161123&type=CRE type: Debate in Parliament title: Debate in Parliament body: EP type: Debate in Parliament
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  • date: 2016-06-29T00:00:00 docs: url: https://eur-lex.europa.eu/LexUriServ/LexUriServ.do?uri=SWD:2016:0213:FIN:EN:PDF title: EUR-Lex title: SWD(2016)0213 type: Document attached to the procedure body: EC
  • date: 2016-09-07T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE585.790 title: PE585.790 type: Committee draft report body: EP
  • date: 2016-09-27T00:00:00 docs: url: http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE587.684 title: PE587.684 type: Amendments tabled in committee body: EP
  • date: 2016-12-14T00:00:00 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: 00045/2016/LEX type: Draft final act body: CSL
  • date: 2017-01-17T00:00:00 docs: url: /oeil/spdoc.do?i=27721&j=0&l=en title: SP(2017)8 type: Commission response to text adopted in plenary
  • 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
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  • 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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  • 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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2017-01-07Show (3) Changes | Timetravel
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2016-12-22Show (3) Changes | Timetravel
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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.
2016-11-30Show (1) Changes | Timetravel
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2016-11-29Show (2) Changes | Timetravel
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  • group: ECR name: LOONES Sander
  • group: ALDE name: DE SARNEZ Marielle
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  • group: GUE/NGL name: SÁNCHEZ CALDENTEY Lola
  • group: Verts/ALE name: BUCHNER Klaus
  • group: EFD name: BORRELLI David
2016-07-23Show (1) Changes | Timetravel
activities/0/docs/0/text

  • 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.
2016-07-20Show (5) Changes | Timetravel
activities/1/committees/2/date
2016-07-13T00:00:00
activities/1/committees/2/rapporteur
  • group: S&D name: MAUREL Emmanuel
activities/2
date
2016-10-13T00:00:00
body
EP
type
Vote scheduled in committee, 1st reading/single reading
committees/2/date
2016-07-13T00:00:00
committees/2/rapporteur
  • group: S&D name: MAUREL Emmanuel
2016-07-09Show (5) Changes
activities
  • date: 2016-06-29T00:00:00 docs: url: http://www.europarl.europa.eu/RegData/docs_autres_institutions/commission_europeenne/com/2016/0431/COM_COM(2016)0431_EN.pdf celexid: CELEX:52016PC0431:EN type: Legislative proposal published title: COM(2016)0431 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
  • date: 2016-07-07T00:00:00 body: EP type: Committee referral announced in Parliament, 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 responsible: True committee_full: International Trade committee: INTA
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
dossier_of_the_committee
INTA/8/06970
geographical_area
Jordan
reference
2016/0197(COD)
instrument
Decision
legal_basis
Treaty on the Functioning of the EU TFEU 212
stage_reached
Awaiting committee decision
summary
See also
subtype
Legislation
title
Further macro-financial assistance to Jordan
type
COD - Ordinary legislative procedure (ex-codecision procedure)
subject
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