Repeal of the &quot; Billion Law&quot;, approved in the plenary session of the Parliament

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Posted by: Mazur Rodica

News / Economic

23 Apr. 2021 / 11:50

Repeal of the " Billion Law", approved in the plenary session of the Parliament

A new bill to repeal the Law on the issuance of payment bonds derived from state guarantees of November 17, 2014 and April 1, 2015 (Billion Law) was voted today in the second reading.

According to the authors, the project aims to eliminate additional fiscal pressure on the population and economy of the Republic of Moldova, the efficient use and in the interest of citizens of financial resources accumulated by the state in the form of taxes, not admitting the increase of state debt.

According to Petru Burduja, chairman of the Economy, Budget and Finance Committee, when the Law on the issuance of payment bonds derived from state guarantees was adopted, its possible consequences were not taken into account.

"The amount of the bond increases and thus, this reduces the possibilities of the Executive from the budgetary point of view to implement social and economic projects. Moreover, it is a tendency to increase the state debt and, worst of all, a way in which this burden was transferred on the state budget, ie on the citizens ", said Petru Burduja.

"In the conditions of tough economic crisis, caused by the restrictions imposed to prevent the spread of COVID-19, this bill would allow the means to recover the theft from the banking sector to be used to cover the needs of socially vulnerable and to support the business ”, reads the informative note of the project.

On December 16, 2020, a similar law was adopted which provided for the repeal of the Law of October 3, 2016 on the issuance of payment bonds derived from state guarantees. This was challenged in the Constitutional Court, which on March 18, 2021 declared it unconstitutional.

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