Decision 2016/1112 - Further macro-financial assistance to Tunisia - Main contents
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official title
Decision (EU) 2016/1112 of the European Parliament and of the Council of 6 July 2016 providing further macro-financial assistance to Tunisia| Legal instrument | Decision |
|---|---|
| Number legal act | Decision 2016/1112 |
| Original proposal | COM(2016)67  |
| CELEX number i | 32016D1112 |
| Document | 06-07-2016; Date of signature |
|---|---|
| Publication in Official Journal | 09-07-2016; OJ L 186 p. 1-8 |
| Signature | 06-07-2016 |
| Effect | 12-07-2016; Entry into force Date pub. +3 See Art 9 |
| Deadline | 30-06-2017; See Art 8.1 |
| End of validity | 31-12-9999 |
9.7.2016 |
EN |
Official Journal of the European Union |
L 186/1 |
DECISION (EU) 2016/1112 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL
of 6 July 2016
providing further macro-financial assistance to Tunisia
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty on the Functioning of the European Union, and in particular Article 212(2) thereof,
Having regard to the proposal from the European Commission,
After transmission of the draft legislative act to the national parliaments,
Acting in accordance with the ordinary legislative procedure (1),
Whereas:
(1) |
Relations between the European Union (the ‘Union’) and the Republic of Tunisia (‘Tunisia’) are developing within the framework of the European Neighbourhood Policy (ENP). Tunisia was the first Mediterranean country to sign an Association Agreement (2) with the Union on 17 July 1995, which came into force on 1 March 1998. Under that Agreement, Tunisia finalised dismantling tariffs for industrial products in 2008, thus making Tunisia the first Mediterranean country to enter into a free trade area with the Union. Bilateral political dialogue and economic cooperation have been further developed within the framework of ENP Action Plans, of which the most recent covers the period 2013-2017. |
(2) |
Following the revolution and the ousting of President Ben Ali on 14 January 2011, Tunisia's first free and democratic elections took place on 23 October 2011. A new constitution was adopted in January 2014, and parliamentary and presidential elections took place in the fourth quarter of 2014, with concerted efforts by the main political actors to proceed with reforms towards a fully-fledged democratic system. |
(3) |
In parallel with this political transition process, the Tunisian economy has suffered from continuous domestic unrest, regional instability (including the impact of the Libyan conflict) and a weak international environment (particularly in the Union, Tunisia's main trading partner). Those unfavourable developments have substantially weakened its growth performance, as well as its fiscal and balance of payments positions. |
(4) |
Since 2011, following the political changes in Tunisia, the Union has expressed its unequivocal commitment to supporting Tunisia in its economic and political reform process. It has increased its financial support to Tunisia, strengthening its cooperation in many fields, including civil society, the electoral system, security, regional development and social and economic reforms. In addition, it has offered the possibility of concluding a Deep and Comprehensive Free Trade Area agreement, the negotiations of which were launched in October 2014. |
(5) |
In this difficult economic and financial context, the Tunisian authorities and the International Monetary Fund (IMF) agreed, in April 2013, on a non-precautionary three-year Stand-By Arrangement of SDR 1 146 million (Special Drawing Rights) in support of Tunisia's economic adjustment and reform programme, which was subsequently extended until the end of 2015. In total, USD 1 500 million has been drawn under the IMF programme following six completed programme reviews. |
(6) |
In August 2013, Tunisia requested complementary macro-financial assistance from the Union. In response, a decision providing macro-financial assistance of EUR 300 million in the form of loans was adopted in May 2014 (MFA-I) (3). The Memorandum of Understanding defining the policy conditions related to MFA-I entered into force on 4 March 2015. Following implementation of the agreed policy measures, the first tranche of MFA-I was disbursed on 7 May 2015 and the second tranche was disbursed on 1 December 2015. |
(7) |
The Union made EUR 524 million available in grants for the period 2011-2015 under its regular... |
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