The EAC Council of Ministers today presented Budget estimates for the Financial Year 2014/2015 totalling $124,069,695 to the East African Legislative Assembly sitting in Arusha.
Dr. Abdallah Sadala Abdallah, Deputy Minister for EAC, United Republic of Tanzania, presented the Budget Speech on behalf of the Chair of the EAC Council of Ministers, Phyllis J. Kandie to an attentive House.
The 2014/2015 Budget down from $130 Million in the previous Financial Year, prioritizes operationalisation of the single Customs Territory including the setting up of an institutional framework to manage it, the full implementation of the EAC Common Market Protocol with particular focus on free movement of goods, services, labour and capital as well as the implementation of the EAC Industrialisation policy.
The Budget is allocated to the Organs and Institutions of the EAC as follows; East African Community Secretariat ($76,074,052), East African Legislative Assembly ($15,489,836) and the East African Court of Justice ($4,582,190).
The Inter-University Council for East Africa shall receive ($ 9,411,320), Lake Victoria Basin Commission ($ 13,372,466) while $ 2,813,771 is earmarked for the Lake Victoria Fisheries Organisation. For the first time, three new Institutions are also set to benefit. East African Science and Technology Commission shall receive ($ 679,821), East African Kiswahili Commission ($ 722,102) and the East African Health Research Commission ($ 924,067).
The FY 2014/2014 Budget is to be financed by Partner State contributions through the Ministries of EAC ($41,890,538); Partner States through other agencies ($5,067,735); Development Partners support ($73,180,446); IUCEA-Member University ($ 375,190) Ministry of Education-IUCEA Headquarters $1,247,037), General Reserve ($ 2,102,828) and other income ($205,850).