Arusha — Ministers from the five partner states of the East African Community (EAC) have adopted the draft protocol on setting up the East African Monetary Union.

The Ministers adopted the protocol during the 27th extra-ordinary meeting of the Council of Ministers that was held at Snow Crest Hotel in Arusha, Tanzania last week.

The Minister's then passed on the protocol to the 15th Sectoral Council on Legal and Judicial Affairs that will meet in Bujumbura, Burundi from July 22 to August 1, 2013 for legal input.

In a statement the Chairperson of the Council of Ministers, Prof Tarsis Kabwegere Uganda's Minister in Charge of General Duties/Office of the Prime Minister noted that the Council was meeting to consider the outcome of the conclusion of the negotiations of the Monetary Union Protocol. This was historical because it establishes the legal and institutional framework for the EAC to progress to the third pillar of integration, the Monetary Union.

EAC Secretary General, Amb. Dr. Richard Sezibera said the people of East Africa had been 'energized by the benefits they had so far reaped from the implementation of the Customs Union and the Common Market and were resolute to embrace monetary integration'.

He said policy makers and technocrats should help in prioritizing statistical and related issues.

"Given the financial sector challenges in other parts of the world, some people in our region could be skeptical of the Monetary Union. It is therefore your expertise to reassure them and indeed the entire EAC that our Monetary Union is viable." he said.