Monetary Union Pillar

The East African Monetary Union is the third stage in the EAC integration process. The Protocol was signed on 30th November, 2013 by all EAC Partner States.  The following are the notable achievements.

  1. Fiscal Transparency Evaluations (FTEs) have been undertaken in Kenya, Tanzania and Uganda. The rest of EAC Partner States are yet to develop their FTEs.
  2. Kenya and Uganda have anchored regional fiscal surveillance in their Public Finance Management (PFM) laws though at different levels. PFM Act Kenya has fiscal rules on debt and deficit, while Uganda’s Fiscal Responsibility Charter has fiscal rules consistent with EAMU convergence criteria.
  3. Work on development of Bills for establishment of East African Surveillance, Compliance and Enforcement Commission and East African Financial Services Commission is ongoing.