EAC draws over US$100m budget

The East African Community (EAC) has tabled budgetary estimates of US$109m for the financial year 2011/2012.The proposals are due for debate by members of the East African Legislative Assembly (EALA) on Tuesday next week.The budget was presented by Kenyan Minister for East African Community Peter Munya.

The East African Community (EAC) has tabled budgetary estimates of US$109m for the financial year 2011/2012.

The proposals are due for debate by members of the East African Legislative Assembly (EALA) on Tuesday next week.

The budget was presented by Kenyan Minister for East African Community Peter Munya. He disclosed that he allocated an estimated total of US$10,274,605 for the effective implementation of the Common Market Protocol.

The protocol, which became effective July 1, 2010, is aimed at accelerating economic growth and development of partner states.

Other activities to enhance the EAC visibility would cost US$1,564,190.

“Conclusion of the EAC Monetary Union protocol whose negotiations started in January this year is estimated to cost US$1,604,010 while deepening cooperation in defence, security and political matters is estimated to take US$1, 634, 135,” Mr. Munya explained to the Assembly.

He said implementation of the EAC institutional review recommendations and capacity building will take about US$3,851,188 while US$604,260 will be allocated to the promotion of agriculture, food security and climate change action plan.

Promotion of regional and multi-lateral trade is estimated to take US$3,102,500 while expansion of regional infrastructure facilities would be allocated US$9,423,390.

EAC also plans to implement the industrialisation, investment and private sector development strategies at a cost of $169,990 and promote sustainable use of environment and natural resources, tourism and wildlife conservation at US$42,504,445.

The budgets allocated to the EAC organs and institutions included US$50,220,383 for the EAC secretariat, US$11,679,682 for East African Legislative Assembly, US$3,289,104 for the East African Court of Justice and US$44,491,150 for Lake Victoria Basin Commission.

“This budget exceeds the previous year’s approved budget by 41 percent which amounted to US$32m,” he said in a budget speech presented last week in Arusha, Tanzania.

He said that personnel emoluments are estimated to take US$20,672,339 out of the total of US$109,680,319. The recurrent expenditure would total US$15,991,087 while US$73m would go to development expenditure.

The proposals are due for debate on Tuesday by members of EALA presently attending the fifth meeting of the fourth session of the second assembly due to end on Sunday next week.

Ends

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