BY BUSINESS REPORTER AND AGENCIES
THE East African Community is yet to negotiate 46 articles as it prepares for the establishment of the monetary union by next year.
Dr Enos Bukuku, the deputy secretary general of the EAC, told journalists in Engtebbe on Monday that 85 articles must be negotiated and agreed upon before the establishment of the EAC single currency.
He said: “So far 15 articles pertaining to the establishment of the single currency have been negotiated, however, the High Level Task Force sitting in Entebbe up to November 9 will have to negotiation articles 16 to 39.”
With a backlog of 46 articles, it will be difficult for the EAC to achieve the 2012 deadline that was set for the establishment of the currency. Dr Bukuku said everything has to be negotiated and agreed upon by member states so as to come up with a sound and strong monetary union.
If the taskforce manages to negotiate the 24 articles (16 to 39), it will mean that 46 articles must be negotiated on and agreed upon before 2012 ahead of the Bujumbura meeting schedule for November 24.
Besides negotiating all the articles, Dr Bukuku said the EAC secretariat commissioned studies in three critical areas, upon which the establishment of sa ingle currency will be based. He said three key studies including; exchange rate mechanism, harmonised monetary policy framework and the review of the EAC macro-economic convergence criteria are being undertaken and coordinated by the secretariat to inform the negotiations on the establishment of the single currency.
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