EAC Budget cut by $10m

The East African Community secretariat will spend $130 million in the 2013/14 fiscal year, according to budgetary estimates released on Thursday.The Budget, presented by the chairperson of the EAC Council of Ministers, Shem Bageine, is $10 million shy of the bloc’s total expenditure during the 2012/13 financial year.While unveiling the budget at the ongoing session of the East African Legislative Assembly (EALA) in Kampala, Bageine, also Uganda’s state minister for EAC affairs told the regional lawmakers that the emphasis will be on the implementation of the free movement of labour provisions, as well as the integration of the regional financial markets to allow for free movement of capital.The budget prioritises consolidating the common market, completion of negotiations and movement towards the monetary union protocol.The other areas are; investment promotion and private sector development; co-operation in cross-border infrastructure; enhancing the extractive and processing industries; implementation of the critical activities of EAC Food Security and the mainstreaming of policies, programmes and projects related to gender.Bageine highlighted achievements registered in the financial year 2012/2013, notably the successful finalisation and adoption of the requisite customs legal and operational requirements coming into play of customs transit information (RADDEx 2) and the passing of key legislation strengthening integration. Other achievements, the minister noted, included the completion and commissioning of the rehabilitated Arusha-Namanga-Athi River road, the relocation of the EAC into the new headquarters and enhanced sensitisation and outreach programmes. On energy, Bageine affirmed the region’s commitment towards ensuring sustained and efficient energy use. Of the entire budget, the EAC secretariat will receive $69m, EALA $13m and the East African Court of Justice will get $4 million. Other beneficiaries are; Inter-University Council for East Africa $9m while $3m is earmarked for the Lake Victoria Fisheries Organisation.

National

EAC Budget cut by $10m