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EAC Needs $100Million For 2018/2019 Fiscal Year

East-Africa

EAC Needs $100Million For 2018/2019 Fiscal Year

Legislators at the East African Parliament (EALA) have deliberated on a massive $100 million budget proposed to finance its activities in this financial year (2018/2019).

The EAC on Monday presented for consideration Budget estimates for the Financial Year 2018/2019, totalling $99,770,716.

Breaking down the monstrous budget, the legislators heard that East African Community Secretariat will be allocated ($46,693,056), East African Legislative Assembly ($17,885,852) and the East African Court of Justice ($3,982,446).

Also the Inter-University Council for East Africa shall receive ($6,847,969), Lake Victoria Basin Commission ($13,357,673) while $ 2, 518,137 is earmarked for the Lake Victoria Fisheries Organization.

The budget has allocated ($ 1,661,779) for the East African Science and Technology Commission. East African Kiswahili Commission shall get ($ 1,605,353) and the East African Health Research Commission ($ 4,204,032).

Meanwhile, the East African Competition Authority is to benefit from $1,014,418 in the Financial Year 2018/19.

Funds for the 2018/2019 Budget are sourced from Partner State contributions through the Ministries of EAC Affairs ($50,227,920); Ministries responsible for Education – ($ 4,466,210) and Ministries responsible for Fisheries ($ 1,551,032).

Also development partners will support the Community to the tune of ($42,925,613) while Member Universities will inject in to the kitty $ 333,970. The miscellaneous revenue is pegged at $ 265,971.

The EAC region maintained its position as the fastest-growing sub-region in Africa, with estimated growth of 4.6 % in 2017, up from 4.4 % in 2016.

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