Single Currency East Africa: Ministers To Discuss In Tanzania

Single currency East Africa – East African Finance Ministers, Central Bank Governors and financial market executives will discuss recent developments in the financial markets in Europe in preparations for the region’s single currency plan, organisers said.

The Arusha-based East African Community (EAC) secretariat said Thursday the regional financial sector meeting, set for 27-28 February in Arusha, northern Tanzania, will discuss the state of East Africa’s regional economy.

The EAC Secretariat is planning to hold the meeting in collaboration with the International Monetary Fund (IMF), according to an EAC statement.

“They will discuss subjects such as sustaining economic growth in the region; developments in the Eurozone and the lessons for the EAC as it negotiates a protocol for a monetary union,” the EAC said.

Five EAC countries — Burundi, Kenya, Rwanda, Uganda and Tanzania — have been discussing a single currency plan.

The discussions cover monetary policy harmonization among the five countries. They are also discussing regional financial integration. However, Rwanda has indicated it might not be part of the region’s single currency plan.

The conference comes amid a growing regional trade crisis, with most of the region’s border posts experiencing cargo backlogs, amid complaints of graft.

EAC Secretary General, Dr. Richard Sezibera, said the conference would offer a unique opportunity to discuss how best the region should work to achieve its vision of promoting a secure, competitive and prosperous East Africa.

The meeting comes at a time when the EAC is eyeing a monetary union. It will provide policy makers an opportunity to brainstorm on how to avoid the pitfalls being experienced in the Eurozone.

With the theme’ “The East African Community after 10 Years: Deepening EAC Integration,” the high-level conference will offer at least 100 regional and international experts and policy makers a platform to discuss the EAC’s accomplishments to date.

Experts will discuss the benefits of regional integration, relevant international experience, including the eurozone crisis and the macroeconomic policy challenges going forward, the organisers said.

IMF’s Deputy Managing Director Naoyuki Shinohara, EAC Ministers of Finance, Secretaries to Treasury and Central Bank Governors are expected at the meeting.

University of Oxford academic Professor, Paul Collier, is also among the key speakers expected at the event.

Chief executives from the capital markets, insurance and pensions regulators and major financial institutions, academics, private sector leaders and senior staff from international financial institutions are also listed to attend the meeting.

Source: Afrique en ligne

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