{President Jakaya Kikwete will be joining Heads of state of Kenya, Rwanda, Uganda and Burundi in endorsing the regional Monetary Union on the 30th of November 2013.}
This was confirmed during the 15th Meeting of the EAC Sectoral Council on Legal and Judicial Affairs held here with the Council clearing the legal content of the draft Protocol for the establishment of the East African Monetary Union.
Mr Richard Owora Othieno, the Communications Officer with the East African Community (EAC) Secretariat based in Arusha, stated that the Sectoral Council adopted the draft Protocol as it met the requirements of the Treaty and recommended that the Heads of State Summit approves and signs the Protocol in two weeks’ time.
Respective Attorneys General, Solicitors General as well as Ministers responsible for judicial and constitutional affairs directed the Secretariat to make a compilation of all documentation used in the negotiations of the draft Protocol, to be used as working documents in drafting the legal instrument establishing the institutions to support the Monetary Union.
The Sectoral Council noted that whereas Article 2(2) of the Treaty provides that the Customs Union and Common Market are transitional and integral parts of the Community, the Treaty requires that Partner States establish a Monetary Union pursuant to Article 151 of the Treaty.
The Sectoral Council further noted that the Monetary Union will commence upon ratification and the coming into force of the Protocol for all the five Partner States. However, the realisation of the Monetary Union shall be progressive.
At least three Partner States can commence a single currency in accordance with the relevant provisions of the Protocol. On the issue of 77 Articles of the draft protocol of the establishment the East African Monetary Union which were reduced to 31 Articles, the Sectoral Council agreed that the various Articles that were operational in nature had been removed from the draft Protocol and would be used in the enabling laws that will establish the institutions and guide the Monetary Union such as the East African Central Bank.
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