27 April 2013

East Africa: EAC Heads of State Summit to Discuss One Currency

East African Community Heads of State are slated to meet this Sunday, May 28, 2013 in the Ordinary summit and top on agenda for discussion will be the single EAC currency.

The single currency matter, according to information from the EAC secretariat will be tabled for discussion before it can be it could be signed by another summit in November this year.

The single currency issue negotiations have been concluded, but officials say that there are hitches that will be streamlined by the regional ministers of Finance before the final nod.

The approval of the single currency means that the bloc will be using the same currency across borders and is expected to reduce the costs and risks of transacting business across national boundaries of regional member states.

The summit which will also receive and deliberate on different reports, including the Monetary Union Protocol and extension of East African Court of Justice Jurisdiction was supposed to be held this Saturday but was extended due to the Tanzania's 49th Anniversary of the union with Zanzibar.

The five Heads of State will also receive a progressive report on the implementation of the directive of the summit on extension of the jurisdiction of the East African Court of Justice during the summit.

The summit will endorse the newly-nominated deputy EAC Secretary-General Charles Jackson Njoroge from Kenya to replace Dr Julius Rotich, who will be in charge of political federation.

The EAC presidents will also recommend the next principal judge of the east African Court of Justice to replace Justice Johnson Busingye whose five-year- term has ended. The rotational position is expected to be filled by a Burundian.

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