Crucial economic laws stuck in limbo

03 September 2015
Crucial economic laws stuck in limbo
Members of parliament sit during Myanmar's Union Parliament regular assembly in Naypyitaw, Myanmar, 26 March 2015. Photo: Lynn Bo Bo/EPA

As Myanmar’s parliament goes on recess ahead of the upcoming general elections, crucial laws related to the economy are still stuck in limbo the Wall Street Journal reported on 2 September.
Last Friday, 28 August, marked the last time lawmakers will convene before Myanmar’s 8 November vote, but several laws that Myanmar investors and financial institutions have been waiting for—including a new investment law, companies act and the banks and financial institutions law—have not yet been passed by the current government. Other long-awaited laws, such as a new mining law are also still stuck.
The new investment law would have combined elements of Myanmar’s foreign investment law and the domestic investment law, creating a comprehensive document for would-be investors both inside and outside the country. The proposed banks and financial institutions law has been praised by experts as being a progressive document that would create a strong framework for the banking system.
It is likely that none of these bills will be passed into law until a new government is formed. But the election period is Myanmar is a protracted one. While polling is in November, a new government does not have to be formed until the end of January. This new legislature, made up of lawmakers elected in November, will then vote for a new president, and the new administration will take over in March.