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Jordan News
15-05-2025
- Business
- Jordan News
Jordan's Parliament Concludes 14 Legislations in First Ordinary Session - Jordan News
Jordan's Parliament Concludes 14 Legislations in First Ordinary Session During its first ordinary session, the 20th Parliament of Jordan completed work on 14 draft laws and discussed the 2023 report of the Audit Bureau. اضافة اعلان The House of Representatives and the Senate approved several key legislations, including the General Budget Law for the fiscal year 2025, and laws related to the Agricultural Risk Reduction Solidarity Fund, Public Statistics, the Jordanian National Commission for Women, Public Electricity, Cooperatives, and the Regulation of Virtual Assets Transactions. Amendments were also passed on several laws, including the Jordanian National Building Code, Regulation of the Surveying Profession, Real Estate Offices, Residency and Foreigners Affairs, Restructuring of Government Institutions and Departments, Civil Aviation, Customs, and Penal Code. According to the Jordanian Constitution, Parliament holds one ordinary session per solar year, lasting six months. It is inaugurated by His Majesty the King, who delivers the Throne Speech, and concludes with a Royal Decree announcing its closure. —(Petra)
Jordan Times
15-05-2025
- Business
- Jordan Times
Parliament enacts 14 laws in first ordinary session
The 20th Parliament concluded its first ordinary session after passing 14 draft laws and reviewing the 2023 Audit Bureau report. (JT file photo) AMMAN — The 20th Parliament has concluded its first ordinary session, having passed 14 draft laws and reviewed the 2023 Audit Bureau report. Key legislation approved by both the Senate and the House of Representatives included draft laws on the General Budget for the 2025 fiscal year, the Agricultural Risk Mitigation Fund, Public Statistics, and the Jordanian National Commission for Women. The two chambers also passed legislation concerning public electricity, cooperative societies, and the regulation of virtual assets, according to the Jordan News Agency, Petra. Lawmakers also endorsed amendments to several existing laws, including those concerning the Jordanian National Building Code, the Surveying Profession Law, the Real Estate Offices Law, the Residency and Foreigners Affairs Law, and legislation relating to the restructuring of government institutions, civil aviation, customs, and the penal code. According to the Constitution, the Parliament holds one ordinary session each calendar year, lasting six months. The session opens with a Throne Speech delivered by His Majesty, and closes with a Royal Decree formally proroguing the proceedings. A Royal Decree has been issued, proroguing the ordinary session of Parliament as of Sunday, 18 May 2025.
Jordan News
14-05-2025
- Business
- Jordan News
Royal Decree Expected Soon to End Ordinary Parliamentary Session - Jordan News
Royal Decree Expected Soon to End Ordinary Parliamentary Session The Senate has concluded its first session by passing three draft laws: the Cooperative Law, the Virtual Assets Regulation Law, and the Penal Code Amendment Law, in addition to endorsing the Audit Bureau's 2023 report. اضافة اعلان The first ordinary session of the 20th Parliament is set to end on May 18, and a Royal Decree dissolving the session is expected in the coming days. The decision on whether to hold an extraordinary session remains dependent on internal and external developments. This came during a session held yesterday morning, chaired by Senate President Faisal Al-Fayez and attended by several members of the government team. Key Legislation Passed: 1. Cooperative Law The law establishes a fund within the Cooperative Institution to finance the cooperative sector and a dedicated institute to promote cooperative culture. It also strengthens the institution's role in supervising the sector and regulates foreign cooperative branches and unions. 2. Virtual Assets Regulation Law This law regulates virtual asset-related activities to protect users and assigns regulatory authority to the Securities Commission. Its objectives include overseeing virtual asset operations, ensuring compliance with international standards—particularly anti-money laundering and counter-terrorism financing—and striking a balance between innovation and financial stability. The Securities Commission will be responsible for issuing licenses, ensuring service providers meet legal requirements, and implementing oversight measures. 3. Penal Code Amendment Law This amendment aims to expand alternatives to custodial sentences, reintegrate convicts into society, and allow suspension of sentences even after final rulings. It also enables courts to postpone or allow installment payments of fines. The bill reflects a shift toward restorative justice and includes giving the sentence enforcement judge authority to collect fines under the Public Funds Collection Law. It aims to reduce prison overcrowding and prevent recidivism. Audit Bureau 2023 Report: The Senate approved the recommendations of its Finance and Economic Committee regarding the 2023 Audit Bureau report. Key points include: Outstanding amounts: JD 633 million in uncollected cases in the Ministry of Justice's enforcement departments. JD 719 million owed by Social Security subscribers. JD 281 million owed by municipalities and joint service councils. Recommendations: Amend the Public Funds Collection Law for more effective recovery. Activate property auctions one year after asset seizure. Improve budget accuracy as 177 treasury-funded projects spent less than 35% of their allocations, and 705 projects had budget reallocations. Form a joint committee from the Audit Bureau and Ministry of Finance to close advances periodically and manage medical exemptions and arrears sustainably. Concerning financial observations: JD 755 million in loans saw zero disbursement despite the Treasury incurring over JD 5 million in commitment fees on undrawn balances in 2023. Studies related to program financing agreements must be completed before signing. Weak governance in companies under Audit Bureau oversight highlights the need to institutionalize good governance systems. Municipal debt warning: The report noted a rise in municipal debt and a high ratio of current to capital spending. It recommended continuing funding for the ERP project, institutionalizing municipal audit work, allocating training resources, and improving receivables collection. These developments signal a significant legislative and oversight effort ahead of the expected royal decision to conclude the current parliamentary session.
Jordan News
14-05-2025
- Business
- Jordan News
Senate Approves Three Draft Laws as Passed by Lower House - Jordan News
Senate Approves Three Draft Laws as Passed by Lower House The Jordanian Senate, in a session held Wednesday and chaired by Speaker Faisal Al-Fayez with the presence of Cabinet members, approved three draft laws as received from the House of Representatives. These include the Cooperatives Law, the Virtual Assets Regulation Law, and the Amendment to the Penal Code. اضافة اعلان Cooperatives Law The law establishes a fund within the Cooperative Institution to finance the cooperative sector and an institute to promote cooperative work culture. It also strengthens the institution's supervisory and regulatory role over cooperatives and organizes the activities of cooperative branches and foreign cooperative unions. Virtual Assets Regulation Law This law aims to regulate virtual asset activities to protect users, defining the responsibilities and authorities of the Securities Commission in overseeing the sector. Penal Code Amendment The amendment seeks to expand the application of alternatives to custodial sentences, improve the rehabilitation and reintegration of convicts into society, and introduce suspension of sentences after a final verdict. It also allows for the postponement or installment of fines. The Senate also approved the Finance and Economic Committee's report and recommendations on the Audit Bureau's 2023 report, which highlighted several key issues: Uncollected case values from the Ministry of Justice's enforcement departments totaling JOD 633 million. Outstanding dues from Social Security subscribers amounting to JOD 719 million. Debts owed by municipalities and joint services councils amounting to JOD 281 million. A call for amendments to the Public Funds Collection Law to ensure more effective collection, including selling seized immovable properties at auction after one year of seizure. Budget Implementation Observations The report pointed out low expenditure rates for some projects between 2021–2023 and the reallocation of funds without corrective measures. It noted: 177 treasury-funded projects spent less than 35% of their budgets. 705 projects had reallocated funds, indicating the need for more accurate capital expenditure estimates aligned with a results-based budgeting approach. Additional Recommendations Form a joint committee between the Audit Bureau and Ministry of Finance to regularly settle outstanding advances. Allocate funds for medical exemptions and address financial arrears structurally. Investigate loan portfolios amounting to JOD 755 million, with zero drawdown rates, despite the treasury incurring commitment fees exceeding JOD 5 million in 2023. Governance and Municipal Debt The report stressed completing studies before signing funding agreements, institutionalizing corporate governance systems, especially in companies under Audit Bureau oversight, and warned of: Rising municipal debt. Disproportionate operating vs. capital expenditures. Urged continued support for the Enterprise Resource Planning (ERP) project. Recommended developing municipal audit departments, training allocations, and improving collection efficiency for outstanding dues. (Source: Petra News Agency)
Jordan Times
05-05-2025
- Business
- Jordan Times
Lower House passes recommendations on Audit Bureau's 2022-2023 report, Virtual Assets Regulation Law
The Lower House passes on Monday the recommendations of its Finance Committee regarding the Audit Bureau's reports for the years 2022 and 2023 (Petra photo) AMMAN — The Lower House passed on Monday the recommendations of its Finance Committee regarding the Audit Bureau's reports for the years 2022 and 2023. The committee's recommendations include the formation of a permanent committee tasked with monitoring the spending of financial allocations for capital projects funded by loans and grants. The aim is to ensure that borrowing costs do not rise due to project delays or the failure to secure full funding from grants, the Jordan News Agency, Petra, reported. The committee has also recommended that grant and loan agreements be aligned with relevant laws and called for conducting feasibility studies for capital projects, and for halting the transfer of financial allocations between projects that do not yield significant results. It also highlighted the importance of implementing water loss reduction projects. MP Awni Zou'bi, the committee's rapporteur, said that "the lack of cooperation between the concerned departments and the Ministry of Public Works has contributed to delays in project completion, higher borrowing costs, and financial penalties,' calling for holding accountable those behind 'administrative negligence.' The committee also called for a review of contract terms to identify weaknesses and address instances of negligence in fulfilling contractual obligations. 'The arbitration decisions had resulted in payments of around JD73 million from the Treasury in connection with 108 concluded cases,' Zou'bi said. The committee has also recommended a review of the objectives and financial sustainability of the state-owned companies in which the government holds a 50 per cent stake to ensure that they do not incur further losses that could burden the Treasury in the future, according to Petra. The committee emphasised the need for state-owned companies to comply with corporate law, issue financial statements in accordance with legal deadlines, and adopt strategies to reduce operating costs. Also on Monday, the House approved the draft law on regulating the handling of virtual assets for the year 2025. Head of the Parliamentary Committee on Digital Economy, Hussein Khreisha, said the draft law 'will not prevent citizens from trading in virtual currencies and licensed platforms, hailing the dedicated follow-up by HRH Crown Prince Hussein for the attention he pays to the digital economy and virtual assets. He said that the issue plays an important role in empowering Jordanian youth with modern tools and enhancing their role in building a knowledge-based and innovative economy. He added that passing the Virtual Assets Regulation Law is a pivotal step aligned with Royal directives calling for keeping pace with global technological advancements and enhancing Jordan's standing in digital innovation. He pointed out that the law is no longer a 'deferred option, but a pressing national necessity in light of the official ban on this type of transaction, especially with regard to the growth in citizen activity in the field.' 'Estimates suggest that over 100,000 Jordanians trade virtual assets through global platforms, with a transaction volume nearing JD900 million,' he said. Minister of Political and Parliamentary Affairs Abdul Moneim Odat said that the law requires service providers to be legal entities and to register a company in Jordan, with known capital, budget, and location, to ensure a legal framework for those dealing with such companies and to provide legal and rights-based guarantees. He added that the law will regulate dealings in virtual assets instead of leaving them unlegislated, saying, 'Today, this law enters Jordan's legislative environment, and in its minimum form, aligns with all other existing legislation. The law is in the interest of citizens dealing in virtual assets.' Minister of State for Economic Affairs Muhannad Shehadeh said that one of the main reasons behind the draft law 'is the large volume of trading by Jordanians through digital platforms based outside of Jordan, estimated at around JD900 million.' Page 2
