The process towards a single currency for the countries that form the East African Community (EAC) “is years behind schedule”, Rwanda’s President Paul Kagame has said.
On Tuesday, during a meeting of the legislative assembly of the seven-member bloc in Kigali, Mr Kagame said the EAC is currently underfunded, thus “delaying the implementation of projects and programs”
.He added that despite the delay, the East African Monetary Institute (EAMI) was “necessary for achieving the monetary union”.The bloc had set July 2021 to start the EAMI, the precursor to the East African Central Bank and a single currency by 2024.
“We are far behind the timeline we set for ourselves to achieve the major goals for the community,” Mr Kagame added.Analysts say that political and economic rows between the bloc of seven countries have been delaying implementation of agreements.