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The President of the Republic left the Act Amending the Foreign Borrowing by the Republic of Estonia and State Guarantees for Foreign Loan Agreements Act unproclaimed05.12.2001
President of the Republic Arnold Rüütel left the Act Amending the Foreign Borrowing by the Republic of Estonia and State Guarantees for Foreign Loan Agreements Act, passed in the Riigikogu on November 20, 2001, today, on December 5 unproclaimed.
The Head of State indicated in his resolution that, in conformity with § 121 fourth clause of the Constitution, the Riigikogu should ratify international treaties by which the Republic of Estonia assumes proprietary obligations. § 1 of the passed Act adding to the definition "foreign loan" the resources received as a result of offering abroad debt instruments issued by the Republic of Estonia which the Republic of Estonia undertakes to repay, to return or to redeem by the deadline and pursuant to the procedure prescribed refers to proprietary obligations to be assumed by Estonia. § 3 of the same Act establishes that "documents of issue relating to the debt instruments to be issued in accordance with a resolution of the Riigikogu are not subject to ratification by the Riigikogu". The exception given does not comply with § 121 fourth clause of the Constitution, for it would restrict the powers of the Riigikogu to check and to decide on the contents of obligations to be assumed by the state pursuant to international treaties.
The President of the Republic expresses his serious concern, as the indispensable legal regulation governing the assumption and fulfillment of proprietory obligations of the state, resulting from § 104 fifteenth clause of the Constitution, is still missing. The Head of State is expecting that the Legislators will find a way to eliminate the above deficiencies.
Press Service of the Office of the President
Kadriorg, December 5, 2001
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