The East African Community has tabled the budget estimates for fiscal year 2023/2024.
Estimates presented before the East African Legislative Assembly are in the Region of USD 103,842,880.
The Chairperson of the Council of Ministers and Burundi’s Minister for East African Community Affairs, Dr. Ezéchiel Nibigira, said that the budget estimates for the Financial Year 2023/2024 come at a time when the EAC economies were experiencing global shocks.
The tremors of the economy shaking the region arose from the on-going Russia-Ukraine war, tight global financial conditions, and lingering effects of Covid-19 as well as the impact of climate change.
“Despite these challenges, economic growth in the region improved to 4.8 percent in 2022 from 3.5 percent in 2021. The strong growth in the region was supported by the good performance of the industry, services, construction, mining and manufacturing sectors,” said Dr. Nibigira.
“Global economic growth is expected to remain weak, mainly due to anti-inflationary measures and geopolitical risks,” added the Minister.
He projected a positive outlook for EAC economies, largely driven by the strong performance of the services sector, prudent government policies and increased public and private investment.
“However, downside risks remain, attributed to weaker global growth, tight financial conditions and climate change risks,” said the Minister.
The Minister disclosed that the EAC total trade increased by 13.4 percent to US$74.03 billion in 2022 from US$65.268 billion in 2021.
“In 2022, EAC total exports to the rest of the world were valued at US$20.139 billion, while total imports from the rest of the world into the EAC amounted to USD 53.891 billion.”
“Further, total intra-EAC trade grew by 11.2 percent to USD 10.910 billion in 2022 from USD 9.810 billion in 2021,” said the Minister.
“The major Intra-EAC traded products are cereals, cement, iron and steel, live animals, petroleum products, sugar, foods and beverages, which signify that our economies are agro-based with good signs of moving to industry-based.”
The Community would focus on nine priority areas such as strengthening of regional governance processes, and domestication of regional and international commitments for sustainable peace and stability.
There is also increasing sensitisation, visibility, knowledge, awareness and participation of the private sector, citizens and other stakeholders in the EAC integration process, and harmonisation of trade related policies, laws and regulations, and streamlining of customs and trade facilitation systems for increased trade and investment.
Other priority areas are harmonisation of fiscal and monetary policies, and establishment of requisite institutions towards the realisation of the East African Monetary Union and leveraging modern technologies to enhance productivity, value addition, and to promote regional supply and value chains and digital platforms.
Also under focus will be the: enhancement of the regional productive capacity and increase in value addition to improve the economic welfare of East Africans; strengthening of the social sectors to improve the social welfare of East Africans; improvement and expansion of quality multi-modal and multi-sectoral infrastructure to support free cross-border movement and strengthening of the capacity of all EAC Organs and Institutions to effectively discharge their mandate.
The 2023/2024 Budget has been allocated to the EAC Organs and Institutions as follows
- EAC Secretariat – USD 50,931,553;
- East African Court of Justice – USD 4,450,488;
- East African Legislative Assembly – USD 17,681,365;
- Lake Victoria Basin Commission – USD 8,471,980;
- Inter-University Council for East Africa – USD 12,394,945;
- Lake Victoria Fisheries Organisation: USD 2,807,993;
- East African Science and Technology Commission – USD 2,016,543;
- East African Kiswahili Commission – USD 1,502,535;
- East African Health Research Commission – USD 2,193,811, and;
- East African Competition Authority – USD 1,391,667