As the East African Community (EAC) struggles to strengthen its integration process, the International Monetary Fund (IMF) has pledged to continue providing assistance to the Community.This was announced yesterday by Antoinette Sayeh, IMF‘s African department Director, while speaking at the closure of an EAC conference called to brainstorm about the way forward on the envisaged Monetary Union.She observed that the Community had demonstrated capacity to achieve the set goals, adding that what is needed is support from external stakeholders for the bloc to fully realize its integration ambitions.“IMF will continue to provide the technical support to the East African Community. We are eager to continue discussing with you for the community to have and achieve its ambitions,” she said.She also mentioned that she intends to meet all regional finance ministers in Washington to further discuss the proper formulation of a monetary union. In his closing remarks, Amb. Dr Richard Sezibera, the EAC Secretary General, identified Non Tariff Barriers (NTBs) as the main obstacles that continue to hinder full integration, urging member states to work more closely to stamp out such impediments.Some of the trade barriers exposed, last year, include rampant corruption, especially along the northern and central corridors, unnecessary roadblocks, especially in Uganda and Tanzania, and lack of certificate of origins at some borders.“We need to come to the final stage of operationalising the Customs Union by removing all NTBs. We have realized that these trade barriers can be removed; it’s a matter of commitment,” Sezibera noted. He further urged member countries to develop infrastructure, such as ports, roads and airports to facilitate easy movement of people and goods across the region.Rwanda’s Finance Minister, John Rwangombwa, observed that only political commitment will help spur the integration process.“Political leadership is needed for the regional integration to be realised. The problem is with us; if we show interest as leaders, our people will follow suit,” he said.The two-day conference attracted several international and regional economic experts, as well as finance ministers, central bank governors, decision-makers and civil society organisations from the five partner states.
