Latest news with #FaisalAl-Fayez
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 News
04-05-2025
- Business
- Jordan News
The Senate Approves the Electricity Law and the Jordanian National Commission for Women's Affairs - Jordan News
The Senate Approves the Electricity Law and the Jordanian National Commission for Women's Affairs In its session today, Sunday, the Senate approved two bills: the Public Electricity Law and the Jordanian National Commission for Women's Affairs, as they were presented by the House of Representatives. اضافة اعلان The Senate, during the session chaired by its President Faisal Al-Fayez and attended by the Cabinet, recommended that the Cabinet's approval be obtained for electricity purchase contracts from power plants and energy storage contracts outlined in the Electricity Law, as these contracts have significant financial and legal implications. The Senate emphasized the importance of clarifying the meaning of "self-generation" mentioned in Article 15, stating that it refers to "non-independent self-generation" when issuing the required regulations. The system should also include conditions for employee qualification to enable them to carry out the role of the judicial officer. The Senate also recommended that the Ministry of Energy and Mineral Resources and the Energy and Minerals Regulatory Commission conduct intensive and periodic awareness campaigns related to the new penalties and fines imposed for violating the provisions of the Electricity Law. The Public Electricity Law defines the roles and powers of both the Ministry of Energy and Mineral Resources and the Energy and Minerals Regulatory Commission, while also addressing technological developments, introducing the concept of electricity storage, and creating an attractive investment environment in the electricity and green hydrogen sectors. The law further adds the concept of independent self-generation, an independent electricity transmission system, and regulates the Ministry of Energy's preparation of reports on the potential for introducing competition in the electricity sector. In addition, the Senate approved the bill for the Jordanian National Commission for Women's Affairs, which establishes a legal framework to organize women's affairs through the creation of a national, independent, non-governmental body responsible for these matters. This body will have legal personality, financial independence, and administrative autonomy, ensuring a complementary role between official and non-governmental institutions. The bill also defines the institutional framework for the Jordanian National Commission for Women's Affairs to support its work according to the tasks and responsibilities assigned to it since its establishment in 1992, aiming to enhance women's status and empower them in political, economic, and social fields in cooperation and coordination with both official and non-governmental institutions. Source: Petra News Agency
Ammon
01-05-2025
- Politics
- Ammon
Senate Speaker congratulates workers on Labor Day
Ammon News - Senate Speaker Faisal Al-Fayez expressed his delight in the important contribution that the country's workforce has made to its development and prosperity, as well as to its accomplishments across a range of industries and continued, "On the occasion of Labor Day, which falls today, Thursday, we in the Senate extend our sincere congratulations and blessings to the nation's workers, who have always been trusted by His Majesty King Abdullah II for their patriotic affiliation and their commitment to continuing the nation's good journey, its pride, and its advancement."His Majesty King Abdullah II is always eager to offer complete care for the country's male and female workers, al-Fayez continued. His Majesty consistently orders governments to put forth endless effort to meet their needs and deal with their different problems, especially when it comes to giving them access to social protection, medical treatment, and a respectable level of said, "We in the Senate are proud of the work of every worker, male and female, in various fields." He underlined that the country's current situation and the economic difficulties it faces as a result of the surrounding conflicts and crises have demonstrated that Jordanian workers are able to take on responsibilities and make significant contributions in any situation because of their faith in their country, their loyalty to it, and its astute Hashemite added, "We in the Senate will spare no effort to enact legal legislation that protects workers' rights and advances their national role."
Al Etihad
29-04-2025
- Politics
- Al Etihad
FNC, Jordan's Senate discuss strengthening parliamentary cooperation
29 Apr 2025 18:23 RABAT (WAM)Speaker of the Federal National Council (FNC), Saqr Ghobash, discussed with the Speaker of the Jordanian Senate, Faisal Al-Fayez, ways to enhance bilateral cooperation relations and issues of mutual interest, as well as strengthening them across various fields, in a manner that reflects the vision and directives of the leaderships and peoples of the two brotherly the meeting, which took place on the sidelines of the third edition of the South-South Parliamentary Dialogue Forum, held in the Moroccan capital, Rabat, the two sides reviewed the overall current situation in the region and discussed everything that would enhance coordination and cooperation between the two brotherly countries. They also stressed the importance of continuing joint efforts to address the security and political challenges facing the Arab nation and to restore stability and security to the region.
