EAC unveils 103.8-mln-USD budget estimates for 2023/2024 financial year

DAR ES SALAAM, June 14 (Xinhua)

The East African Community (EAC) on Tuesday tabled before the East African Legislative Assembly (EALA) the 2023/2024 financial year budget estimates totaling 103.8 million U.S. dollars, the bloc said in a statement.

The statement, issued by the EAC headquarters in Tanzania's northern city of Arusha, said the budget estimates were tabled by Ezechiel Nibigira, the chairperson of the EAC Council of Ministers and Burundi's minister for EAC affairs, youth, sports and culture.

Nibigira said the budget estimates for the 2023/2024 financial year were presented at a time when the EAC economies were experiencing global shocks arising from the ongoing Russia-Ukraine conflict, tight global financial conditions, lingering effects of the COVID-19 pandemic and the impact of climate change.

 "Despite these challenges, economic growth in the region improved to 4.8 percent in 2022 from 3.5 percent in 2021," said Nibigira. "The strong growth in the region was supported by the good performance of the industry, services, construction, mining and manufacturing sectors."

He said global economic growth is expected to remain weak, mainly due to anti-inflationary measures and geopolitical risks.

Nibigira projected a positive outlook for EAC economies, largely driven by the strong performance of the services sector, prudent government policies, and increased public and private investment.

He said major intra-EAC traded products were cereals, cement, iron and steel, live animals, petroleum products, sugar, foods, and beverages, which signifies that the region's economies are agro-based with good signs of moving to industry-based.

Nibigira said priorities for the 2023/2024 financial year include strengthening regional governance processes, and domestication of regional and international commitments for sustainable peace and stability; increasing sensitization, visibility, knowledge, awareness and participation of the private sector, citizens and other stakeholders in the EAC integration process.

The 2023/2024 EAC financial year budget is themed "Accelerating Economic Recovery, Climate Change Mitigation and Enhancing Productive Sectors for Improved Livelihoods.