The East African Community has tabled to the East African Legislative Assembly a budget of nearly 100 million US dollars for the 2020/2021 financial year.
The 97 million, 669 thousand, 708 U.S. dollars budget proposals were unveiled at a sitting held through video conference at the EAC Headquarters in Arusha on Friday, according to a statement by the EAC secretariat.
EAC Council of Minister’s chairperson, Nshuti Manasseh from Rwanda tabled the budget proposals.
Manasseh says the estimates were presented at a time when the EAC region as well as the globe was still reeling from the effects of the COVID-19 pandemic, leading to lockdowns and a slowdown in economic activities.
“The Council submits a budget amounting to USD 97 million 669 thousand, 708 for the financial year 2020-2021. Out of this amount, USD 55 million 698 thousand 916 or 70 percent will be contributed equally by partner states or raised as other internal revenues and USD 41 million 970 thousand and 792 is expected to be sought from development partners,” Manasseh told the legislators.
He said the EAC budget will complement the efforts of the partner states of Tanzania, Kenya, Uganda, Rwanda, Burundi and South Sudan and development partners to spur economic recovery arising from the COVID-19 disruptions.
The new budget will focus on the implementation of several programs, including the consolidation of single customs territory, enhancement of regional industrial development through investment in key priority sectors, skills development, technological advancement and innovation to stimulate economic development.
Manasseh further appealed to the regional leaders to promote peace that would aid the development of the EAC.
“Promotion of regional peace, security and good governance and constitutional making for EAC political confederation are critical for the attainment of a stable and politically united East Africa, factors that are necessary for successful implementation of socio-economic programs to further support growth and development in the EAC region.”
The East African parliament will debate the budget proposals next week.
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