| Author (Corporate) | Council of the European Union, European Parliament |
|---|---|
| Series Title | Official Journal of the European Union |
| Series Details | L 186, Pages 1-8 |
| Publication Date | 09/07/2016 |
| Content Type | Legislation |
|
Summary: Decision (EU) 2016/1112 - adopted by the European Union on 6 July 2016 - allocating macro-financial assistance of a maximum amount of €500 million to Tunisia. Further information: The Tunisian economy was strongly affected by terrorist attacks and other security developments in 2015, which harmed its tourism inflows, investment and growth. In this context, and following a request by the country's authorities and the evaluation of Tunisia's external financial needs, the European Commission adopted a proposal on 12 February 2016 which provides the country with additional macro-financial assistance (MFA) in the amount of up to €500 million in loans. The MFA-II assistance aims at complementing a comprehensive economic adjustment and reform programme between Tunisia and the International Monetary Fund (IMF). It is intended to help cover Tunisia's financing needs in 2017 and 2018, while supporting reform measures aimed at achieving a more sustainable balance of payments and budgetary situation, improving the investment climate, and fostering economic integration and regulatory convergence with the EU. The ultimate aim is to help Tunisia lay the conditions for sustainable, inclusive and employment-generating economic growth. The second MFA package is consistent with the orientations of the European Neighbourhood Policy (ENP) and with efforts of the international community to support Tunisia. The European Parliament endorsed the proposal on 8 June 2016, followed by the Council of the European Union on 24 June. Both institutions formally signed the Decision on 6 July. The Memorandum of Understanding between Tunisia and the European Union was signed on 27 April 2017 and entered into force on 11 August, following its ratification by the Tunisian parliament. The European Commission approved the disbursement of the first trance of the MFA-II (€200 million) on 9 October, followed by a second tranche on 24 June 2019. The third and last tranche was approved on 30 October. |
|
| Source Link | Link to Main Source http://data.europa.eu/eli/dec/2016/1112/oj |
| Related Links |
|
| Subject Categories | Economic and Financial Affairs |
| Subject Tags | Bilateral Relations, Economic Governance | Situation, European Neighbourhood Policy [ENP] |
| Keywords | Macro-Financial Assistance [MFA] |
| Countries / Regions | Tunisia |
| International Organisations | European Union [EU] |
