Regional MPs set to debate monetary institute in Kampala
January 16—The East African Community (EAC) Monetary Institute Bill 2017 will be up for debate when the regional legislators hold sittings in Kampala beginning next week. The Institute is the precursor of an East African Central Bank as the EAC moves towards a monetary union basically meaning use of a common currency.
According to a statement from the EAC Secretariat in Arusha, the East African Legislative Assembly (EALA) plenary place from January 22, 2018, through to February 9, 2018 and is the Second Meeting of the First Session of the Fourth Assembly.
The EALA has representatives from all member states of the EAC and normally sits in Arusha, but does regular rotations around the region. Other proposed legal provisions up for debate are the EAC Oaths Bill, 2017 and the EAC Statistics Bureau Bill, 2017.
The statement reads in part, ‘President Yoweri Kaguta Museveni who is the Chair of the Summit of EAC Heads of State, is expected to deliver the State of EAC Address to the Assembly at a date to be communicated. The State of EAC Address is an annual address delivered by the sitting EAC Summit Chair and it sets the momentum and impetus for the integration process by reflecting on general policies that relate to the Community’s progress while outlining the strategic challenges which require attention’.
Speaker Martin Ngoga will preside over the sessions. The object of the EAC Monetary Institute Bill, 2017, is to provide for setting up the East African Monetary Institute (EAMI) as an institution of the Community responsible for preparatory work for the EAC Monetary Union. In accordance with Article 23 of the Protocol on the EAC Monetary Union, the Bill is expected to provide for the functions, governance and funding for the Institute as well as other related matters.
Closely related to the EAMI Bill is the EAC Statistics Bureau Bill, 2017, which also seeks to establish the Statistics Bureau as an Institution of the Community under Article 9 of the Treaty and Article 21 of the Protocol on Establishment of the EAC Monetary Union. The Bill provides for the functions, powers, governance and its funding with a view to establishing an institution responsible for statistics in a bid to support the East African Monetary Union.
On its part, the East African Community Oaths Bill, 2017, anticipates to provide for the taking and administering of Oaths in relation to the specific persons appointed to serve in the Organs or Institutions of the Community or required to take oath before giving evidence at the East African Court of Justice.