The EU adopted a decision providing EU 200 million in macro-financial assistance to Jordan, to help cover its balance of payments needs. This will help the country’s economic stabilisation and will support a substantive reform agenda.
The money will be available for two and a half years. It will be provided in the form of loans, to be disbursed in two instalments with a maximum average maturity of 15 years.
In the light of the challenges Jordan faces in hosting more than 1.3 million Syrian refugees, the Commission will, if appropriate, make a proposal in 2017 to extend and increase the financial assistance.
The assistance will be subject to a memorandum of understanding (MOU), to be agreed by Jordan with the Commission. The MOU will lay down economic policy and financial conditions, focusing on structural reforms and sound public finances. It will include a timeframe for the fulfilment of those conditions.
A precondition for granting the assistance will be that Jordan respects effective democratic mechanisms, including a multi-party parliamentary system. It must also respect the rule of law and guarantee respect for human rights.