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25TH ORDINARY MEETING OF THE EAST AFRICAN COMMUNITY MONETARY AFFAIRS COMMITTEE VIRTUAL MEETING, 4TH MARCH 2022

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  1. The 25th ordinary meeting of the East African Community (EAC) Monetary Affairs Committee (MAC) was held virtually on 4th March,2022. The meeting was chaired by Dr. Patrick Njoroge, Governor of the Central Bank of Kenya, and current chairperson of MAC.

Present were:

    • Moses Makur Deng, Governor of the Bank of South Sudan;
    • Audace Niyonzima, Deputy Governor of the Bank of the Republic of Burundi;
    • Soraya M. Hakuziyaremye, Deputy Governor of the National Bank of Rwanda;
    • Michael Atingi-Ego, Deputy Governor of the Bank of Uganda; and
    • Yamungu Kayandabila, Deputy Governor of the Bank of Tanzania.
  1. The meeting was held against a backdrop of rising global inflation, tightening financial conditions, and worsening debt vulnerabilities for developing economies owing to the protracted COVID-19 pandemic, and geopolitical tensions. To manage these developments, most EAC Partner States Central Banks continued with accommodative policy stance complemented by regulatory changes including relaxation of rules on loan classification/restructuring, extended lending facilities, exceptional liquidity assistance, and reduced charges on mobile transactions to support financial intermediation and digitalization. The Committee also took note of the increasing financial innovations.

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A section of Partner States delegates who attended the two-day Retreat of the Sectoral Council of Ministers of Finance and Economic Affairs that was held in Mombasa, Kenya from 15th to 16th November, 2021.

Sectoral Council on Finance and Economic Affairs agrees on the Hybrid Model of Financing the EAC Budget

….as Retreat of Sectoral Council on Finance and Economic Affairs concluded in Mombasa, Kenya 

East African Community Headquarters, Arusha, Tanzania, 17th November, 2021: The East African Community Sectoral Council on Finance and Economic Affairs (SCFEA) has agreed on a Hybrid Model of financing the EAC budget. 

A two-day retreat of the SCFEA held in Mombasa, Kenya from 15th to 16th November, 2021 further recommended to the EAC Council of Ministers, the policy making Organ of the Community, to approve the model as the new financing mechanism for the EAC. 

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EAC pronounces 1st July, 2021 as date for coming into effect of East African Monetary Institute

East African Community Headquarters, Arusha, Tanzania, 26th February, 2021: The East African Community Council of Ministers has designated 1st July, 2021 as the date for the coming into being of the East African Monetary Institute (EAMI), the precursor to the East African Central Bank.  

The operationalization of the EAMI effectively sets the EAC on a journey towards the single currency by 2024 as envisaged in the East African Monetary Union Protocol.

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10th Meeting of the EAC Sectoral Council on Finance and Economic Affairs underway in Arusha

 East African Community Headquarters, Arusha, 30th April, 2019: The 10th meeting of the East African Community (EAC) Sectoral Council on Finance and Economic Affairs (SCFEA) is currently underway at the EAC Headquarters in Arusha, Tanzania.

The five-day meeting, which started yesterday 29th April, 2019, is being attended by Finance and Economic Affairs  experts from the EAC Partner States.

The SCFEA is, among others, considering  the status of implementation of previous directives, reports of the Capital Market, Insurance and Pensions Committee, Committee on Fiscal Affairs and the report of the Task Force on development of East African Monetary Union (EAMU) institutions.

The SCFEA meeting kicked off with the Session of Senior Officials, which will run up to 1st May, 2019. This will be followed by the Coordination Committee, which consists of the Permanent/Principal Secretaries on 2nd May, 2019, and the Ministerial Session on 3rd May, 2019.

-ENDS-

For more information, please contact:

Mr Owora Richard Othieno
Head, Corporate Communications and Public Affairs Department
EAC Secretariat
Arusha, Tanzania
Tel: +255 784 835021
Email: OOthieno [at] eachq.org

About the East African Community Secretariat:

The East African Community (EAC) is a regional intergovernmental organisation of five Partner States, comprising Burundi, Kenya, Rwanda, Tanzania and Uganda, with its headquarters in Arusha, Tanzania. 

The EAC Secretariat is ISO 9001:2008 Certified

The EAC Director of Planning Mr. Wilberforce Mariki( L) making opening remarks during Senior Officials Session

EAC Sectoral Council on Finance and Economic Affairs underway in Arusha

East African Community Secretariat, Arusha, Tanzania, 30th April, 2018:

The 8th meeting of the Sectoral Council on Finance and Economic Affairs (SCFEA) is currently underway at the EAC Headquarters in Arusha, Tanzania.

The five-day meeting, which will run from today 30th April to 4th May, 2018, is being attended by Finance and Economic Affairs  experts from the EAC Partner States.

The SCFEA will, among others, consider the reports of the Sectoral Committee on Statistics, Monetary Affairs Committee, Capital Markets, Insurance and Pensions Committee, Committee on Fiscal Affairs, and Task Force on development of the East African Monetary Union institutions.

The SCFEA meeting kicked off with the Session of Senior Officials, which will run up to 2nd May, 2018. This will be followed by the Coordination Committee, which consists of the Permanent/Principal Secretaries on 3rd May, 2018, and the Ministerial Session on 4th May, 2018.

Meanwhile, the 28th Meeting of the Sectoral Council on Cooperation in Defence is also on-going at the EAC headquarters in Arusha. The purpose of the Meeting is to consider several reports including status of Implementation of Previous Decisions of the Sectoral Council.

For more information, please contact:

Mr Owora Richard Othieno
Head, Corporate Communications and Public Affairs Department
EAC Secretariat
Arusha, Tanzania
Tel: +255 784 835021
Email: OOthieno [at] eachq.org

About the East African Community Secretariat:

The East African Community (EAC) is a regional intergovernmental organisation of five Partner States, comprising Burundi, Kenya, Rwanda, Tanzania and Uganda, with its headquarters in Arusha, Tanzania.

The EAC Secretariat is ISO 2008:9001 Certified

 

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East African Community
EAC Close
Afrika Mashariki Road
P.O. Box 1096
Arusha
United Republic of Tanzania

Tel: +255 (0)27 216 2100
Fax: +255 (0)27 216 2190
Email: eac@eachq.org