Geneva, Alexandria; ABCC News – The Economic Revitalization Act, a key piece of legislation in Prime Minister Jose Frias’ efforts to reform the economy, was given Imperial Assent today after it was passed unanimously by the Imperial Parliament.
This act enacted massive reforms proposed by PM Frias in his economic agenda outline which drew much praise from intermicronational economists and from several Alexandrians. However, the Economic Revitalization Act deviated from the Prime Minister’s original proposal to bring Alexandria into PHP MicroXchange 2 after several leading micronational economists suggested otherwise.
Among the reforms enacted by this act is the creation of a new banking system in which the Central Bank of Alexandria is the centerpiece, to be run on the PHP Bank program. The grand total of Alexandrian ecus now in circulation has been drastically reduced from 5 million ecus to 650, 000. This act also instituted a new tax which is expected to become a very big revenue source for the government – the Land Value Tax. The grant system was massively reduced, narrowing all grants to just one business grant for all newly established firms headquartered in Alexandria, and a one-time grant for all bank accounts opened in the new Central Bank of Alexandria.