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.