Economic Liberty Bill to be discussed in Parliament

The Economic Liberty Bill is due to be discussed in Parliament, although the exact date is not yet known. It was submitted to Parliament by President Saakashvili some time ago.

There are some very bold measures in the Economic Liberty Bill. For instance it says that it should be stated in the Constitution that the budget deficit should not be more than 3% of GDP and state debt not more than 60% of GDP. Saakashvili is also proposing that no new state regulatory bodies should be formed and no more licenses or permissions should be issued. He also says that the State should not hold shares in commercial banks.

The most revolutionary clause states that taxes should not be increased or decreased without holding a referendum first. Analysts suggest that there are many controversial points in the bill which should be discussed very attentively and thoroughly before they are voted on and adopted as constitutional law.