2011/0458(COD)

Kyrgyzstan: macro-financial assistance

Awaiting Council 1st reading position / budgetary conciliation convocation

General
Activities
Documents
Votes
History

2011/0458(COD) Kyrgyzstan: macro-financial assistance

Role	Committee	Rapporteur	Shadows
Opinion	AFET
Opinion	BUDG
Lead	INTA	MOREIRA Vital (S&D)	QUISTHOUDT-ROWOHL Godelieve (EPP), ZAHRADIL Jan (ECR)

Lead committee dossier: INTA/7/08386
Legal Basis TFEU TFEU 209-p1

Subjects

6.20.07 Macro-financial assistance to third countries

Links

Activites

2013/02/13 Commission response to text adopted in plenary
- SP(2013)111
- DG {u'url': u'http://ec.europa.eu/dgs/economy_finance/index_en.htm', u'title': u'Economic and Financial Affairs'}, REHN Olli
2012/12/11 Text adopted by Parliament, 1st reading/single reading
- T7-0466/2012 summary
  
  The European Parliament adopted by 541 votes to 42, with 74 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The European Parliaments position adopted at first reading following the ordinary legislative procedure amends the Commission proposal as follows: part of a sentence is deleted from a recital referring to the Memorandum of Understanding laying down the economic policy conditions attached to the granting of macro-financial assistance. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Kyrgyz authorities under the supervision of the Committee of the Member States foreseen by Regulation (EU) No 182/2011. Parliament rejects the justification foreseen in the recital that states the fact that the assistance is of a limited maximum amount provides for the due justification required by the second sentence of Article 2(3) of Regulation (EU) No 182/2011 to subject the adoption of the Memorandum of Understanding to the advisory procedure.
- Results of vote in Parliament
2012/12/10 Debate in Parliament
2012/06/25 Committee report tabled for plenary, 1st reading/single reading
- A7-0208/2012 summary
  
  The Committee on International Trade adopted the legislative report by Vital MOREIRA (ALDE, PT) on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The committee recommends that the European Parliaments position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: the committee deleted a sentence from a recital referring to the adoption of the Memorandum of Understanding through the advisory procedure as a result of the assistance being of a limited maximum amount.
- AFET
- BUDG
- INTA INTA/7/08386 MOREIRA Vital S&D
2012/06/21 Vote in committee, 1st reading/single reading
- AFET
- BUDG
- INTA INTA/7/08386 MOREIRA Vital S&D
2012/05/08 Committee draft report
- PE488.020
2012/01/17 Committee referral announced in Parliament, 1st reading/single reading
- AFET
- BUDG
- INTA INTA/7/08386 MOREIRA Vital S&D
2011/12/20 Legislative proposal
- COM(2011)0925 summary
  
  PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of 30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging 117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last years tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of 30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to 15 million shall be provided in the form of loans and up to 15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of 1.35 million. This corresponds to 9% of the 15 million loan expected to be disbursed in 2012.
- SEC(2011)1619
- DG {u'url': u'http://ec.europa.eu/dgs/economy_finance/index_en.htm', u'title': u'Economic and Financial Affairs'}, REHN Olli

Documents

Legislative proposal published: COM(2011)0925
Document attached to the procedure: SEC(2011)1619
Committee draft report: PE488.020
Committee report tabled for plenary, 1st reading/single reading: A7-0208/2012
Decision by Parliament, 1st reading/single reading: T7-0466/2012
Results of vote in Parliament: Results of vote in Parliament
Commission response to text adopted in plenary: SP(2013)111

Votes

A7-0208/2012 - Vital Moreira - Vote unique

2012/12/11

Position	Total	ALDE	ECR	EFD	GUE/NGL	NI	PPE	S&D	Verts/ALE	correctional
For	541	77	45	10	3	6	235	165	0	3
Against	42	0	0	17	7	15	0	0	3	0
Abstain	74	0	1	3	19	5	0	0	46	0

A7-0208/2012 - Vital Moreira - Single vote

2012/12/11

Position	Total	ALDE	ECR	EFD	GUE/NGL	NI	PPE	S&D	Verts/ALE	correctional
For	541	77	45	10	3	6	235	165	0	3
Against	42	0	0	17	7	15	0	0	3	0
Abstain	74	0	1	3	19	5	0	0	46	0

History

(these mark the time of scraping, not the official date of the change)

2013-04-09

activities/7

added

date: 2013-02-13

docs

url
http://www.europarl.europa.eu/oeil/spdoc.do?i=21790&j=0&l=en

type
Commission response to text adopted in plenary

title
SP(2013)111

type: Commission response to text adopted in plenary

body: EC

commission

DG

url
http://ec.europa.eu/dgs/economy_finance/index_en.htm

title
Economic and Financial Affairs

Commissioner
REHN Olli

2013-02-20

activities/0/docs/0/text/0	changed	Old PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. New PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012.
activities/4/docs/0/text/0	changed	Old The Committee on International Trade adopted the legislative report by Vital MOREIRA (ALDE, PT) on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The committee recommends that the European Parliament’s position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: the committee deleted a sentence from a recital referring to the adoption of the Memorandum of Understanding through the advisory procedure as a result of the assistance being of a limited maximum amount. New The Committee on International Trade adopted the legislative report by Vital MOREIRA (ALDE, PT) on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The committee recommends that the European Parliament’s position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: the committee deleted a sentence from a recital referring to the adoption of the Memorandum of Understanding through the advisory procedure as a result of the assistance being of a limited maximum amount.
activities/6/docs/0/text/0	changed	Old The European Parliament adopted by 541 votes to 42, with 74 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The European Parliament’s position adopted at first reading following the ordinary legislative procedure amends the Commission proposal as follows: part of a sentence is deleted from a recital referring to the Memorandum of Understanding laying down the economic policy conditions attached to the granting of macro-financial assistance. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Kyrgyz authorities under the supervision of the Committee of the Member States foreseen by Regulation (EU) No 182/2011. Parliament rejects the justification foreseen in the recital that states “the fact that the assistance is of a limited maximum amount provides for the due justification required by the second sentence of Article 2(3) of Regulation (EU) No 182/2011 to subject the adoption of the Memorandum of Understanding to the advisory procedure”. New The European Parliament adopted by 541 votes to 42, with 74 abstentions, a legislative resolution on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The European Parliament’s position adopted at first reading following the ordinary legislative procedure amends the Commission proposal as follows: part of a sentence is deleted from a recital referring to the Memorandum of Understanding laying down the economic policy conditions attached to the granting of macro-financial assistance. In order to ensure uniform conditions of implementation and for reasons of efficiency, the Commission should be empowered to negotiate such conditions with the Kyrgyz authorities under the supervision of the Committee of the Member States foreseen by Regulation (EU) No 182/2011. Parliament rejects the justification foreseen in the recital that states “the fact that the assistance is of a limited maximum amount provides for the due justification required by the second sentence of Article 2(3) of Regulation (EU) No 182/2011 to subject the adoption of the Memorandum of Understanding to the advisory procedure”.

2013-02-06

2013-01-11

2012-12-21

2012-12-19

2012-12-14

2012-12-01

activities/0	deleted	body EP date 2011-12-20 type EP officialisation
activities/0/body	changed	Old EP New EC
activities/0/commission	added	DG url http://ec.europa.eu/dgs/economy_finance/index_en.htm title Economic and Financial Affairs Commissioner REHN Olli
activities/0/date	changed	Old 2012-05-08 New 2011-12-20
activities/0/docs/0	added	url http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2011/0925/COM_COM(2011)0925_FR.pdf text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. celexid CELEX:52011PC0925:EN type Legislative proposal published title COM(2011)0925
activities/0/docs/1/title	changed	Old PE488.020 New SEC(2011)1619
activities/0/docs/1/type	changed	Old Committee draft report New Document attached to the procedure
activities/0/docs/1/url	deleted	http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE488.020
activities/0/type	changed	Old Committee draft report New Legislative proposal
activities/1	deleted	date 2011-12-20 docs url http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2011/0925/COM_COM(2011)0925_FR.pdf text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. celexid CELEX:52011PC0925:EN type Legislative proposal published title COM(2011)0925 type Document attached to the procedure title SEC(2011)1619 body EC commission DG url http://ec.europa.eu/dgs/economy_finance/index_en.htm title Economic and Financial Affairs Commissioner REHN Olli type Legislative proposal
activities/2/date	changed	Old 2012-06-01 New 2012-05-08
activities/2/docs	added	url http://www.europarl.europa.eu/sides/getDoc.do?type=COMPARL&mode=XML&language=EN&reference=PE488.020 type Committee draft report title PE488.020
activities/2/type	changed	Old Deadline Amendments New Committee draft report
activities/4/committees	added	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 QUISTHOUDT-ROWOHL Godelieve group ECR name ZAHRADIL Jan responsible True committee INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital
activities/4/date	changed	Old 2012-11-21 New 2012-06-25
activities/4/docs	added	url http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-208&language=EN text The Committee on International Trade adopted the legislative report by Vital MOREIRA (ALDE, PT) on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The committee recommends that the European Parliament’s position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: the committee deleted a sentence from a recital referring to the adoption of the Memorandum of Understanding through the advisory procedure as a result of the assistance being of a limited maximum amount. type Committee report tabled for plenary, 1st reading/single reading title A7-0208/2012
activities/4/type	changed	Old EP 1R Plenary New Committee report tabled for plenary, 1st reading/single reading
activities/6	deleted	body EP docs url http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-208&language=EN text The Committee on International Trade adopted the legislative report by Vital MOREIRA (ALDE, PT) on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The committee recommends that the European Parliament’s position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: the committee deleted a sentence from a recital referring to the adoption of the Memorandum of Understanding through the advisory procedure as a result of the assistance being of a limited maximum amount. type Committee report tabled for plenary, 1st reading/single reading title A7-0208/2012 type Committee report tabled for plenary, 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 QUISTHOUDT-ROWOHL Godelieve group ECR name ZAHRADIL Jan responsible True committee INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital date 2012-06-25
activities/8	deleted	body EC date 2012-11-21 type Prev DG PRES commission DG url http://ec.europa.eu/dgs/economy_finance/index_en.htm title Economic and Financial Affairs Commissioner REHN Olli

2012-11-22

2012-11-20

activities/1/docs/0/url	changed	Old http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 New http://www.europarl.europa.eu/registre/docs_autres_institutions/commission_europeenne/com/2011/0925/COM_COM(2011)0925_FR.pdf
activities/1/docs/1/celexid	deleted	CELEX:52011PC0925:EN
activities/1/docs/1/text	deleted	PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012.

2012-11-15

activities/1/docs/0/celexid	added	CELEX:52011PC0925:EN
activities/1/docs/0/text	added	PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012.

2012-11-09

2012-10-27

2012-10-23

activities/1	deleted	date 2011-12-20 docs url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. celexid CELEX:52011PC0925:EN type Legislative proposal published title COM(2011)0925 type Document attached to the procedure title SEC(2011)1619 body EC commission DG url http://ec.europa.eu/dgs/economy_finance/index_en.htm title Economic and Financial Affairs Commissioner REHN Olli type Legislative proposal
activities/1/date	changed	Old 2012-11-20 New 2011-12-20
activities/1/docs	added	url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. title COM(2011)0925 type Legislative proposal published celexid CELEX:52011PC0925:EN type Document attached to the procedure title SEC(2011)1619
activities/1/type	changed	Old Prev DG PRES New Legislative proposal
activities/7	deleted	body EP date 2012-11-20 type EP 1R Plenary

2012-10-20

2012-09-28

activities/1	deleted	date 2011-12-20 docs url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. celexid CELEX:52011PC0925:EN type Legislative proposal published title COM(2011)0925 type Document attached to the procedure title SEC(2011)1619 body EC type Legislative proposal commission DG url http://ec.europa.eu/dgs/economy_finance/index_en.htm title Economic and Financial Affairs Commissioner REHN Olli
activities/1/date	changed	Old 2012-10-22 New 2011-12-20
activities/1/docs	added	url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. title COM(2011)0925 type Legislative proposal published celexid CELEX:52011PC0925:EN type Document attached to the procedure title SEC(2011)1619
activities/1/type	changed	Old Prev DG PRES New Legislative proposal
activities/7/date	changed	Old 2012-10-22 New 2012-11-20
activities/7/type	changed	Old EP 1R Plenary New Indicative plenary sitting date, 1st reading/single reading

2012-09-15

2012-09-10

activities/1	deleted	date 2011-12-20 docs url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. celexid CELEX:52011PC0925:EN type Legislative proposal published title COM(2011)0925 type Document attached to the procedure title SEC(2011)1619 type Legislative proposal body EC commission DG url http://ec.europa.eu/dgs/economy_finance/index_en.htm title Economic and Financial Affairs Commissioner REHN Olli
activities/1/date	changed	Old 2012-09-10 New 2011-12-20
activities/1/docs	added	url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. title COM(2011)0925 type Legislative proposal published celexid CELEX:52011PC0925:EN type Document attached to the procedure title SEC(2011)1619
activities/1/type	changed	Old Prev DG PRES New Legislative proposal
activities/6	deleted	body EP docs url http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-208&language=EN text The Committee on International Trade adopted the legislative report by Vital MOREIRA (ALDE, PT) on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The committee recommends that the European Parliament’s position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: the committee deleted a sentence from a recital referring to the adoption of the Memorandum of Understanding through the advisory procedure as a result of the assistance being of a limited maximum amount. type Committee report tabled for plenary, 1st reading/single reading title A7-0208/2012 type Committee report tabled for plenary, 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 QUISTHOUDT-ROWOHL Godelieve group ECR name ZAHRADIL Jan responsible True committee INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital date 2012-06-25
activities/6/committees	added	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 QUISTHOUDT-ROWOHL Godelieve group ECR name ZAHRADIL Jan responsible True committee INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital
activities/6/date	changed	Old 2012-09-10 New 2012-06-25
activities/6/docs	added	url http://www.europarl.europa.eu/sides/getDoc.do?type=REPORT&mode=XML&reference=A7-2012-208&language=EN text The Committee on International Trade adopted the legislative report by Vital MOREIRA (ALDE, PT) on the proposal for a decision of the European Parliament and of the Council on providing macro-financial assistance to the Kyrgyz Republic. The committee recommends that the European Parliament’s position in first reading following the ordinary legislative procedure should amend the Commission proposal as follows: the committee deleted a sentence from a recital referring to the adoption of the Memorandum of Understanding through the advisory procedure as a result of the assistance being of a limited maximum amount. type Committee report tabled for plenary, 1st reading/single reading title A7-0208/2012
activities/6/type	changed	Old EP 1R Plenary New Committee report tabled for plenary, 1st reading/single reading

2012-09-06

2012-09-01

2012-07-06

2012-06-25

2012-06-22

2012-06-20

2012-05-24

2012-05-11

2012-05-10

2012-05-09

activities/1	deleted	date 2011-12-20 docs url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. celexid CELEX:52011PC0925:EN type Legislative proposal published title COM(2011)0925 title SEC(2011)1619 type Document attached to the procedure celexid CELEX:52011SC1619:EN body EC type Legislative proposal commission DG url http://ec.europa.eu/dgs/economy_finance/index_en.htm title Economic and Financial Affairs Commissioner REHN Olli
activities/1/date	changed	Old 2012-07-02 New 2011-12-20
activities/1/docs	added	url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=925 text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. type Legislative proposal published title COM(2011)0925 type Document attached to the procedure title SEC(2011)1619
activities/1/type	changed	Old Prev DG PRES New Legislative proposal
activities/3/date	changed	Old 2012-07-02 New 2012-05-08
activities/3/docs	added	type Committee draft report title PE488.020
activities/3/type	changed	Old EP 1R Plenary New Committee draft report

2012-05-09

2012-05-06

2012-05-02

2012-05-01

2012-04-24

2012-04-23

2012-04-19

2012-04-18

2012-04-12

2012-04-07

2012-04-05

2012-04-04

2012-03-14

2012-03-12

2012-03-02

2012-02-20

2012-02-15

2012-02-10

activities/1/docs/0/url	changed	Old http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexapi!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=0925&model=guicheti New http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexplus!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=0925
activities/2	added	date 2012-01-17 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 INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital
activities/2	deleted	date 2012-01-17 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 INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital
committees/0/committee_full	changed	Old Foreign Affairs New Foreign Affairs
committees/1/committee_full	changed	Old Budgets New Budgets
committees/2/committee_full	changed	Old International Trade New International Trade

2012-02-09

activities	added	body EP date 2011-12-20 type EP officialisation date 2011-12-20 docs url http://eur-lex.europa.eu/smartapi/cgi/sga_doc?smartapi!celexapi!prod!DocNumber&lg=EN&type_doc=COMfinal&an_doc=2011&nu_doc=0925&model=guicheti text PURPOSE: to provide a macro-financial assistance to the Kyrgyz Republic for an amount of €30 million. PROPOSED ACT: Decision of the European Parliament and of the Council. BACKGROUND: the marked deceleration in growth experienced by the Kyrgyz economy in 2009 (GDP slowed down from an average rate of 8.5% in 2007-08 to 2.3% in 2009) was a consequence of several external shocks, including a fall in remittances from migrant workers, lower demand for exports and shrinking direct and other foreign investments. Before the dramatic events of 2010, economic growth was expected to rebound in 2010 to 4.5-5.5%. However, the 2010 April popular revolt and, more importantly, the escalation of the ethnic conflict in June led to a serious deterioration in the economic outlook. Economic activity contracted by 10% in the second quarter of 2010. In response to last year's political events and their economic implications, the international community organised a High Level Donors Meeting for the Kyrgyz Republic on 27 July 2010 in Bishkek. At this conference, donors committed to provide USD 1.1 billion in emergency support by the end of 2011. The EU was among the major donors, pledging €117.9 million for support in a number of critical areas. The IMF in June 2011 agreed with the Kyrgyz authorities on an Extended Credit Facility (ECF) of SDR 66.6 million (USD 106 million) in support of a three-year programme of macroeconomic adjustment and structural reforms. In 2010, the President and the Minister of Finance of the Kyrgyz Republic formally requested the EU macro-financial assistance (MFA) to complement the support from the IMF. In this context, the Commission has assessed the macroeconomic situation and financing needs of the Kyrgyz Republic. The main conclusions of the assessment are that last year’s tragic political events and the related social and reconstruction expenditure have left important external and fiscal financing needs for the period 2011-12. While these needs are being partly covered by the international community, there are still substantial residual needs. In order to supplement the resources made available by the IMF, the Commission proposes providing a MFA in the amount of up to EUR 30 million to the Kyrgyz Republic to be disbursed half in loans and half in grants. IMPACT ASSESSMENT: according to the impact assessment, the MFA and the economic adjustment and reform programme attached to it will help alleviate the Kyrgyz Republic's short-term financing needs while supporting policy measures aimed at strengthening medium-term balance of payments and fiscal sustainability and raising sustainable growth as agreed with the IMF. It will notably help improve the efficiency and transparency of public finance management. LEGAL BASIS: Article 209 of the Treaty on the Functioning of the European Union (TFEU). CONTENT: it is proposed that the European Union shall make macro-financial assistance available to the Kyrgyz Republic for a maximum amount of €30 million, with a view to supporting the country's economic stabilisation and covering its balance of payments needs as identified in the current IMF programme. Of this amount, up to €15 million shall be provided in the form of loans and up to €15 million in the form of grants. The release of the proposed macro-financial assistance is subject to the approval of the 2012 Budget by the budgetary authority. The conditions attached the granting of the macro-financial assistance shall be consistent with the principles and fundamental objectives of the Union policy as regards this country. These are as follows: the Commission is empowered to borrow the necessary resources on behalf of the European Union in order to finance the loan component of the Union's macro-financial assistance; the loan shall have a maximum maturity of 15 years; the assistance shall be made available for two years; the release of the Union's financial assistance shall be managed by the Commission; specific provisions on the prevention of fraud and other irregularities, consistent with the Financial Regulation, are applicable; the disbursement of the first instalment is expected to take place in the first semester of 2012. The second instalment, conditional on a number of policy measures, could be disbursed in the second semester of 2012; the disbursements would be conditional on successful programme reviews under the IMF's financial arrangement (the ECF); the Commission and the Kyrgyz authorities would agree on specific structural reform measures in a Memorandum of Understanding. It should be noted that the decision to disburse half of the proposed assistance in grants and the other half in loans is justified by Kyrgyz level of development (as measured by its per-capita income) and debt indicators. BUDGETARY IMPLICATIONS: the grant element of the assistance (€15 million) would be financed from commitment appropriations of the 2012 budget, under the budget line 01 03 02 (Macroeconomic assistance), with payments taking place in 2012. In line with the Guarantee Fund Regulation, the provisioning of the Guarantee Fund is expected to take place in 2014 and to amount to a maximum of €1.35 million. This corresponds to 9% of the €15 million loan expected to be disbursed in 2012. title COM(2011)0925 type Legislative proposal published celexid CELEX:52011PC0925:EN type Document attached to the procedure title SEC(2011)1619 body EC type Legislative proposal commission DG Economic and Financial Affairs Commissioner REHN Olli date 2012-01-17 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 INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital
committees	added	body EP responsible False committee_full Foreign Affairs committee AFET body EP responsible False committee_full Budgets committee BUDG body EP responsible True committee INTA date 2012-01-25 committee_full International Trade rapporteur group S&D name MOREIRA Vital
links	added	National parliaments url http://www.ipex.eu/IPEXL-WEB/dossier/dossier.do?code=COD&year=2011&number=0458&appLng=EN title IPEX European Commission url http://ec.europa.eu/prelex/liste_resultats.cfm?CL=en&ReqId=0&DocType=COD&DocYear=2011&DocNum=0458 title PreLex
other	added	body EC dg Economic and Financial Affairs commissioner REHN Olli
procedure	added	dossier_of_the_committee INTA/7/08386 geographical_area Kyrgyzstan reference 2011/0458(COD) instrument Decision legal_basis Treaty on the Functioning of the EU TFEU 209-p1 stage_reached Awaiting Parliament 1st reading / single reading / budget 1st stage subtype Legislation title Kyrgyzstan: macro-financial assistance type COD - Ordinary legislative procedure (ex-codecision) subject 6.20.07 Macro-financial assistance to third countries

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