As global crisis shakes EAC, fast tracking integration remains way forward

The East African Community (EAC) has registered tremendous progress in the recent past including adding new members, trying to eliminate the barriers that divide its people and aiming at delivering greater prosperity for its entire people. However, it is increasingly becoming evident that the ongoing global financial crisis is posing great challenges for EAC economies. More importantly, it is threatening regional economic integration – the first step towards the ultimate goal of the Community, the East African political federation. As highlighted by all the Finance Ministers of EAC during the reading of their respective national budgets for the financial year 2009/2010, the impact of the global financial and economic crisis is already being felt with significant revenue losses among all the five partner states.