Rédaction Africa Links 24 with umajulius
Published on 2024-04-11 11:02:17
South Sudan is gearing up to host the East African Community (EAC) monetary affairs committee meeting, which will bring together all the governors of central banks in the region. The event is set to take place from April 26 to May 3, 2024, and will see the participation of governors from member states including Kenya, Uganda, Rwanda, Burundi, the Democratic Republic of Congo (DRC), Tanzania, and Somalia.
The central bank governor of South Sudan, James Alic Garang, will be chairing the meeting, as the country’s President Salva Kiir currently holds the position of chairman of the EAC. Garang explained that the first two days of the meeting will focus on technical committee meetings and working groups to review progress in various areas.
One important criterion that the governors will be reviewing is the import cover, which measures a country’s growth reserve relative to how many imports it can cover in several months. The EAC aims for the entire region to have an import coverage of 4.5 per month, with other criteria including an inflation rate around 8%, a GDP growth rate around 4%, and a specific level of public debt as a percentage of GDP.
The establishment of a monetary union within the EAC is a key focus of the committee meetings, with Garang noting that it is expected to happen within the next 8-10 years. There is a detailed roadmap in place for the establishment of the monetary union, and progress will be reviewed annually during these meetings.
The EAC is an economic grouping of eight countries, with its headquarters in Arusha, Tanzania. The monetary affairs committee meetings play a crucial role in moving towards the goal of a monetary union within the region, with the sitting chair of the EAC automatically assuming the position of the committee chairperson.
Overall, the upcoming EAC monetary affairs committee meeting in South Sudan is a significant event that highlights the regional cooperation and economic integration efforts within East Africa. The participation of central bank governors from member states underscores the commitment to achieving common monetary goals and fostering economic stability and growth in the region.
Read the original article on Sudan Tribune
