The Rwandan President, Paul Kagame has urged for a sustainable financing mechanism for the East African Community (EAC) to address the inadequate funding that could hinder the regional integration agenda.
He made the call while addressing the special sitting of the East African Legislative Assembly (EALA) – the legislative arm of the EAC – which took place in Kigali.
Kagame said that since its reinstatement 20 years ago, the East African Community has made significant progress toward the creation of a single market, indicating that the East African Legislative Assembly is an integral part of this success.
“By harmonizing laws and policies and providing oversight of regional bodies, the Assembly helps ensure the interest of all citizens are being served,” he said.
As the Community made progress in line with advancing regional integration, the Head of State said that there are issues that need to be addressed for better results.
“But challenges remain. First, the East African Community is currently underfunded, delaying the implementation of projects and programs,” he said.
“As partners, we must work together to adopt a sustainable financing mechanism and take full ownership of our development with less reliance on external support, which we are appreciative of. Connected to that, we must ensure that resources are spent soundly, and make financial accountability a top priority,” he added.
According to the regional Community, the EAMU Protocol was adopted following the EAC Treaty and signed on November 30, 2013. It lays the groundwork for a monetary union within 10 years (by 2024) and allows the EAC Partner States to gradually converge their currencies into a single currency in the Community.
