Kenya to head EAC as monetary union plans enters the final stages

BY BUSINESS REPORTER

KENYA will in the next one year chair the East African Community decision-making organs as the bloc’s monetary union plans enters the final stages of negotiations.

"Kenya has assumed the chairmanship of all decision making organs of the East African Community (EAC). This effectively means President Kibaki takes over the chairmanship of EAC from Burundi’s President Pierre Nkurunzinza," said EAC Secretary General, Richard Sezibera.

The development also means that for every EAC policy organ meeting, the country will be chairing.

The policy organs include the summit, council, co-ordination of committees and the sectoral committees.

This week, the EAC Council of Ministers is meeting in Bujumbura to discuss the annual report for the period November 2010 to November 2011, a report on the proposed attainment of a single customs territory and concerns and challenges of the political federation.

Kenya now holds the key to unlocking hurdles hindering the community from finalising discussions on the monetary union and the political federation.

"The date for the establishment of the East African Monetary Union is realistic as the Community heads to the final round of negotiations which Kenya will chair," he said.

On Wednesday where the five EAC Presidents will discuss a progress report on the fears of the political federation and the proposed attainment of a single customs territory.

"Political federation is an important factor in integration. We want the manifestos of political parties to reflect commitment to regional integration."