East African Common market protocol gets $10m
Monday May 23, 2011
The East African Community (EAC) has allocated an estimated $10m for the effective implementation of the common market protocol.
The protocol, which became effective on July 1, 2010, is aimed at accelerating economic growth and development of the five partner states of Uganda, Kenya, Tanzania, Rwanda and Burundi.
This is being done through the attainment of the free movement of goods, persons and labour, the rights of establishment and residence and the free movement of services and capital.
The funds allocated for the implementation of the common market protocol were part of the priority areas for the EAC in the budgetary estimates for the financial year 2011/2012 totalling up to $109m.
The budgetary proposals were presented by the Kenyan Minister for East African Community Peter Munya to the members of the East African Legislative Assembly in Arusha, Tanzania last week.
Munya said enhancing the EAC visibility was estimated to cost $1.56m.
“Conclusion of the EAC monetary union protocol whose negotiations started in January is estimated to cost $1.604m, while deepening cooperation in defence, security and political matters is estimated to take $1.634m, Munya explained to the assembly.
He said implementation of the EAC institutional review recommendations and capacity building will take about $3.851m, while $604,260 will be allocated to the promotion of agriculture, food security and climate change action plan.
Promotion of regional and multi-lateral trade is estimated to take $3.102m, while expansion of regional infrastructure facilities is estimated to take $9.4m.
EAC also plans to implement the industrialisation, investment and private sector development strategies at a cost of $169,990 and promote sustainable use of environment and natural resources, tourism and wildlife conservation at $42.504m.
The minister also tabled separate budget estimates for the Inter University Council for East Africa amounting to $12,444,241 for approval.
The budgets allocated to the EAC organs and institutions included $50,220,383 for the EAC secretariat, $11,679,682 for East African Legislative Assembly, $3,289,104 for the East African Court of Justice and $44,491,150 for Lake Victoria Basin Commission.
“This budget exceeds the previous year’s by 41%, which amounted to $32,” he said in a budget speech presented last week in Arusha, Tanzania.
He said personnel emoluments are estimated to take $20,672,339 out of the total of $109,680,319 while the recurrent expenditure will be $15,991,087 and $73m for development expenditure.
The budgetary proposals are due for debate on Tuesday by the members of Assembly who are attending the fifth meeting of the forth session of the second assembly ending on May 27th.
The New Vision Newspaper