President Saakashvili said that following the May 30 local elections “a period of calmness, stability and development” has come into Georgia.

“The nearest elections will not be held within, at least, two years or even more – I do not know exactly how [new] constitution will be formulated,” Saakashvili said in live televised remarks at a government session on June 2.

“It means that we have many months and at least this year to implement important reforms and continue what we’ve been doing.”

He also said that with local elections already held smoothly, now it was possible to gain more confidence of investors.

“Now investors believe that Georgia has a future and various scenarios about unrests and disorders…have been left behind,” he said.

Saakashvili also said that during next two months the government and the Parliament would have to work “intensively” on a new tax code and on adopting the Economic Liberty Act.

The Finance Ministry said it had prepared key principles for draft amendments to the tax code, which would change the current code by 98%. The outline of the draft was presented to the business circles, who have welcomed the proposal saying that the proposed draft would significantly reduce number of those vague provisions in the code, which are source of double interpretation.

According to the Finance Ministry, among other issues, the proposals envisage to simplify process of tax declaration and introduction of tax ombudsman.