Moldovan parliament abrogates so-called ''one-billion-dollar'' law

Chisinau, 16 December /MOLDPRES/– The parliament, at a today’s plenary meeting, approved a draft law for the abrogation of the Law from 2016 on the issuance of bonds coming from the state guarantees from 17 November 2014 and from 1 April 2015. Fifty six MPs voted for the cancellation of the ‘’one-billion-dollar’’ law.

At the meeting, lawmaker Petru Burduja said that the ‘’putting on citizens’ shoulders of the responsibility for the means purloined from the banking system is incorrect and represents an additional fiscal burden for the state.’’  

The draft was filed as a legislative initiative by a group of MPs of the parliamentary faction of the Party of Socialists (PSRM). They suggested that the money which was to be allocated for the recovery of the debts of the three banks should be earmarked for the support of farmers.   

Thus, the government, in a term of three months after the law’s entrance into force, will elaborate and will propose the measures needed for the settlement of the problem of debt of the banks Banca de Economii (Savings Bank), Banca Sociala (Social Bank) and Unibank for the National Bank of Moldova.

The law from 3 October 2016 on the issuance of state bonds for the fulfillment by the Finance Ministry of the payment obligations coming from the state guarantees No 807 from 17 November 2014 and No 101 from 1 April 2015 provides for the issuance of state bonds at the nominal value, at the fixed interest rate, for terms up to 25 years, in the total volume of 13,583,717,000 lei, with the effective interest rate of 5 per cent.  

photo: multimedia.parlament.md