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Ukraine: Verkhovna Rada Acts to Save the Economy

(Apr. 25, 2014) On March, 27, 2014, the Verkhovna Rada (Ukraine’s legislature) passed an act entitled the Law on Preventing Financial Catastrophe and Creating Pre-Conditions for Economic Growth in Ukraine (Law of Ukraine No. 1166-VII [in Ukranian] (Mar. 27, 2014), Verkhovna Rada website.) The Law entered into force on April 1, 2014, immediately after its […]

Ukraine: New Measures to Save Government Spending

(Mar. 21, 2014) On March 1, 2014, the Cabinet of Ministers of Ukraine adopted a resolution aimed at implementing urgent measures to save government funds and decrease future government spending. (Government Resolution No. 65 of March 1, 2014 on Saving State Funds and Prevention of Further Expenditures [in Ukrainian], Cabinet of Ministers website (click on […]

Israel: Law on Minimizing Market Centralization and Promoting Economic Competition

(Dec. 18, 2013) On December 9, 2013, the Knesset (Israel’s parliament) passed the Law for Promoting Competition and Minimization of Centralization, 5774-2013 (Text of the Law [in Hebrew], Knesset website). In introducing the draft of the Law, Knesset Finance Committee Chairman Nissan Slomiansky expressed his expectation that it would substantially improve the Israeli economy by […]

Cuba; Mexico: 70% of Debt Forgiven

(Nov. 8, 2013) The Mexican Sectary of Finance and Public Credit (SHCP), Luís Videgaray, reported that the Mexican Government will forgive payment of 70% of Cuba’s debt to Mexico, which amounted to about US$487 million. The federal officer explained that this debt came from a loan that the Cuban government obtained from the National Foreign […]

Israel: Reduction of Deficit and Limitation on Public Spending

(July 30, 2013) On June 13, 2013, the Knesset (Israel’s parliament) passed the Reduction of Deficit and Limitation on Budgetary Expense (Amendment No. 13) Law, 5773-2013 (hereinafter the 2013 Amendment Law). This Law increases the proportion of deficit that can be taken into account by the government in determining the yearly state budget for 2013-2014. […]

Israel: Parliament Approves State Budget for 2013-2014

(July 30, 2013) On July 30, 2013, the Knesset (Israel’s parliament) passed the Budget Law for 2013-2014. (Press Release, State Budget and the Arrangements for the Years 2013 and 2014 Were Approved at the [Knesset] Plenum [in Hebrew] (July 30, 2013), Knesset website.) Fifty-eight of the 120 Knesset Members voted in favor of the Law, […]

European Union: Latvia Will Join the Euro in 2014

(June 14, 2013) On June 5, 2013, a press release presented the conclusion of the European Commission’s Convergence Report on Latvia that Latvia “has achieved a high degree of sustainable economic convergence with the euro area.” Based on the Convergence Report, the Commission proposed that the Council of the European Union reach a decision on […]

Denmark: Bill on Economic Growth Considered

(Apr. 24, 2013) On April 22, 2013, the Danish government and the opposition party Dansk Folkeparti agreed to a package of initiatives designed to boost growth and employment. The initiatives are contained in a bill that would cost 17 billion kroner (about US$3 billion) over the next seven years. Among the bill’s provisions are: · […]

Thailand: Transportation Infrastructure Megaprojects Loan Bill

(Apr. 19, 2013) The Thai government recently announced that it plans to invest two trillion baht (about US$68.8 billion) in infrastructure development megaprojects, most of them involving transportation, over the next seven years. The government plans to borrow the funds over that period, with repayment to be spread out over the next five decades. The […]

Egypt: Council of Ministers Approves Draft Law Allowing Issuance of Islamic Bonds

(Mar. 8, 2013) On February 27, 2013, the Egyptian Council of Ministers approved a draft law allowing the issuance by the government of Islamic bonds, known as “sukuk.” The intent behind the draft law was to help close the gap in the national budget deficit. It is also supposed to increase the foreign currency national […]