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- Jan 30, 2008
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EAC single currency deal is complete, says official -
THE East African Monetary Union protocol will be signed by the heads of states on November 30 as planned, according to a senior EAC official who dismissed media reports that there is a major fallout between partner states on the same.
Deputy secretary general in charge of planning and infrastructure Enos Bukuku termed reports in the East African that the protocol signing may be pushed to April next year as misleading.
The weekly newspaper reported that Rwanda, Uganda and Kenya have opposed deletion of some articles in the draft protocol meaning that it cannot be signed since all the five partner states that also include Burundi and Tanzania are not in agreement.
Speaking yesterday however, Bukuku said the articles have been collapsed from 77 to 31 because of repetition. "The draft protocol has not deleted any big item from the protocol," said Bukuku after the signing of a Sh229.5 million agreement between Sweden and the EAC for the establishment of a regional bond market.
"It's utterly wrong for anyone to claim that we are sending to our heads of states a watered-down protocol," Bukuku said. Already, the 15th meeting of the EAC Sectoral Council on Legal and Judicial Affairs has concluded and cleared the legal content of the draft Protocol for the establishment of the East African Monetary Union.
The sectoral council sitting in Arusha, adopted the draft protocol noting that it meets the requirements of the EAC Treaty and recommended to the summit to approve and sign the Protocol on November 30 in Uganda. The summit is the top decision making organ of the regional body.
The Attorneys General, Solicitors General as well as ministers responsible for judicial and constitutional affairs directed the secretariat to make a compilation of all documentation used in the negotiations of the draft protocol to be used as working documents in drafting the legal instrument establishing the institutions to support the Monetary Union. The Monetary Union will commence upon ratification and coming into force of the protocol for all 5 Partner States.
However, the realisation of the Monetary Union shall be progressive. At least three partner states can commence a single currency in accordance with the relevant provisions of the protocol.
It is envisaged that by embracing a single currency, EAC partner states would remove the costs of having to transact in different currencies and the risk of adverse exchange rate movements for traders and travelers alike within the region.
This is the third step for the integration after agreeing on a Customs Union and Common Market. The next step that is planned after the Monetary Union is a Political Federation.
EAC single currency deal is complete, says official | The Star
THE East African Monetary Union protocol will be signed by the heads of states on November 30 as planned, according to a senior EAC official who dismissed media reports that there is a major fallout between partner states on the same.
Deputy secretary general in charge of planning and infrastructure Enos Bukuku termed reports in the East African that the protocol signing may be pushed to April next year as misleading.
The weekly newspaper reported that Rwanda, Uganda and Kenya have opposed deletion of some articles in the draft protocol meaning that it cannot be signed since all the five partner states that also include Burundi and Tanzania are not in agreement.
Speaking yesterday however, Bukuku said the articles have been collapsed from 77 to 31 because of repetition. "The draft protocol has not deleted any big item from the protocol," said Bukuku after the signing of a Sh229.5 million agreement between Sweden and the EAC for the establishment of a regional bond market.
"It's utterly wrong for anyone to claim that we are sending to our heads of states a watered-down protocol," Bukuku said. Already, the 15th meeting of the EAC Sectoral Council on Legal and Judicial Affairs has concluded and cleared the legal content of the draft Protocol for the establishment of the East African Monetary Union.
The sectoral council sitting in Arusha, adopted the draft protocol noting that it meets the requirements of the EAC Treaty and recommended to the summit to approve and sign the Protocol on November 30 in Uganda. The summit is the top decision making organ of the regional body.
The Attorneys General, Solicitors General as well as ministers responsible for judicial and constitutional affairs directed the secretariat to make a compilation of all documentation used in the negotiations of the draft protocol to be used as working documents in drafting the legal instrument establishing the institutions to support the Monetary Union. The Monetary Union will commence upon ratification and coming into force of the protocol for all 5 Partner States.
However, the realisation of the Monetary Union shall be progressive. At least three partner states can commence a single currency in accordance with the relevant provisions of the protocol.
It is envisaged that by embracing a single currency, EAC partner states would remove the costs of having to transact in different currencies and the risk of adverse exchange rate movements for traders and travelers alike within the region.
This is the third step for the integration after agreeing on a Customs Union and Common Market. The next step that is planned after the Monetary Union is a Political Federation.
EAC single currency deal is complete, says official | The Star