EAC SH11B BUDGET

EAC Sh11B budget

Budget prioritizes consolidation of the Common Market and the move towards the Monetary Union

The East African Community Council of Ministers presented Budget estimates for the Financial Year 2014/2015 totalling $124,069,695 to the East African Legislative Assembly in Arusha.

Dr Abdallah Sadala Abdallah, Deputy Minister for EAC, Tanzania, presented the Budget on behalf of the Chair of the EAC Council of Ministers Phyllis J. Kandie.

The 2014/2015 Budget down from $130 Million (KSh11.4 billion) in the previous Financial Year, prioritizes operationalisation of the single Customs Territory including the setting up of an institutional framework to manage it, the full implementation of the EAC Common Market Protocol with particular focus on free movement of goods, services, labour and capital as well as the implementation of the EAC Industrialisation policy.

Other key areas include development of cross-border infrastructure with particular focus on implementing decisions of the Summit Retreat, implementation of the roadmap towards the EAC Monetary Union, implementation of the Tripartite Free Trade Area (COMESA-EAC-SADC) and the sensitisation of East Africans towards deepened East Africa integration.

Other areas are the implementation of the EAC Strategy on Regional Peace and Security and the implementation of activities under the Political Federation division.

The Budget is allocated to the Organs and Institutions of the EAC as follows; East African Community Secretariat Sh6.6 billion), East African Legislative Assembly Sh1.36 billion) and the East African Court of Justice (Sh402 million).

The Inter-University Council for East Africa (IUCEA) shall receive (Sh826 million), Lake Victoria Basin Commission (Sh1.17 billion) while Sh247 million is earmarked for the Lake Victoria Fisheries Organisation.

For the first time, three new Institutions are also set to benefit. East African Science and Technology Commission shall receive (Sh60 million), East African Kiswahili Commission (Sh63 million) and the East African Health Research Commission (Sh81 million).

The FY 2014/2014 Budget is to be financed by Partner State contributions through the Ministries of EAC (Sh3.68 billion); Partner States through other agencies (Sh445 million); donors (Sh6.4 billion); IUCEA-Member University (Sh33 million) Ministry of Education-IUCEA Headquarters (Sh109 million), General Reserve (Sh185 million) and other income (Sh18 million).

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