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)
