EALA passes Monetary Institute Bill, urges quick assent

Martin Ngoga. File.

The Speaker of the East African Legislative Assembly (EALA) on Wednesday called on leaders of the East African Community to quickly assent to the EAC Monetary Institute Bill, after it was passed by the regional assembly.

Martin Ngoga said this as regional lawmakers wrapped up their session in Tanzania’s capital, Dodoma.

It is the second piece of legislation passed by the fourth Assembly after lawmakers adopted the EAC Oaths Bill last week.

Ngoga said: “This is another milestone for this House and you know the weight it carries in delivering this Community to the third pillar of our integration journey.”

“We are looking forward to an assent without delay.”

The Heads of State of the six EAC partner states will have to first assent to the draft law before it becomes an Act of the Community.

The long-awaited legislation, MP Aden Omar Abdikadir, Chairperson of EALA’s Committee on General Purpose said, comes to establish the EAC Monetary Institute which will be responsible for the preparatory work for the bloc’s third pillar of integration - the Monetary Union.

The Bill is one of the key legislative tools setting the stage for the Community to have a single common currency.

The Council of Ministers last week tabled the Bill late given the fact that negotiations and signing of the Monetary Union came into force in November 2013 when the leaders of Uganda, Burundi, Kenya, Rwanda and Tanzania appended their signatures to the protocol on its establishment.

The EAC Monetary Institute is now two years behind schedule as it was supposed to be set up by 2015 according to the initial schedule.

The draft law has sections  on matters such as functions, governance and funding of the institute, as well as its independence and where it will be headquartered within the now six-member bloc.

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