WELCOME REMARKS BY HON. Jacqueline MUHONGAYIRE MINISTER

 

WELCOME REMARKS BY HON.  Jacqueline MUHONGAYIRE MINISTER, MINEAC IN THE HIGH LEVEL

CONSULTATIVE MEETING ON THE DRAFT EAC MONETARY UNION PROTOCOL

 

17TH OCTOBER 2013

Hon. Ministers

Hon. Members of EALA, Rwanda Chapter

Governor, National Bank of Rwanda

Permanent Secretary, MINEAC

Head of Strategy and Policy Unit (SPU), President’s Office

Representatives of the Private Sector Federation (PSF)

Coordinator of the East African Civil Society Forum, Rwanda Chapter

Chief Negotiator of EAC Monetary Union, Dr. Thomas Kigabo

MINEAC Senior Management Members

High Level Task Force negotiating the EAC Monetary Union Protocol

Dear Participants

All Protocols observed

 

1.    As you may recall, the Monetary Union is the Third Pillar of the EAC Regional Integration after the Customs Union and Common Market;

 

2.    Monetary Union is provided for in Article 5 (2) of the Treaty for the Establishment of the East African Community, which in part states that “… the Partner States undertake to establish among themselves and in accordance with the provisions of this Treaty, a Customs Union, a Common Market, subsequently a Monetary Union and ultimately a political federation”.  Furthermore, Chapter Fourteen (Articles 82, 83, 84, 85, 86, 87 and 88) of the Treaty provides for Cooperation in Monetary and Financial Matters;

 

3.    The 6th Extraordinary Summit of the EAC Heads of State that was held on 20th August 2007, decided that there is a need to move expeditiously towards establishing a Common Market and a Monetary Union by 2012. Accordingly, the Summit directed the EAC Secretariat to first explore the possibility of achieving the customs union sooner, and second, develop a strategic framework to fast track the establishment of the common market and the monetary union;

 

4.    In line of this Directive of the Summit, the Council established the High Level Task Force (HLTF) which started the negotiations of the protocol establishing this pillar of EAC Integration in January 2011;

 

5.    The 11th Extraordinary Summit held on 28th April, 2013 in Arusha, Tanzania received the progress of the negotiations and Directed the Council of Ministers to clear the monetary union Protocol and refer it to the Sectoral Council on Legal and Judicial Affairs (SCLJA) for legal input; and the Sectoral Council on Legal and Judicial Affairs to clear the draft EAMU protocol;

 

6.    The   11th Extraordinary Summit further reiterated its earlier decision to the Council of Ministers to expedite the negotiations of the EAMU protocol with the view to signing the Protocol at the 15th Summit of the EAC Heads of States scheduled for November, 2013;

 

7.    The High Level Task Force negotiated the entire protocol including its roadmap and reached the consensus on all articles and presented the final draft protocol to the sectoral council on EAC Monetary Union in July 2013 and this sectoral council approved the draft protocol and referred to the Sectoral Council on legal and judicial affairs for legal inputs;

 

8.    The drafting was finalized by the craftspersons from all EAC Partner States and their report will be considered by the Sectoral on legal and judicial affairs, scheduled for 22nd to 25th October 2013 in Arusha, Tanzania;

 

9.    On 20th September 2013 MINEAC convened a consultative meeting to consider the draft EAC Monetary Union protocol and made the following observations among:

 

·         Some key elements in the version of the draft protocol approved by the Sectoral Council on Monetary Union were not included in the latest version by the Drafters and others were deleted by the drafters;

·         Sequencing of the Articles was distorted;

·         The current draft Protocol does not clearly stipulate which institutions are to supervise the financial sector.

 

 

10. The consultative meeting recommended among others:

·         To convene a technical meeting of HLTF and drafters to identify key issues in the two versions of the  draft EAMU Protocol and discuss and come up with draft Rwanda’s position;

·         To convene a High Level Consultative meeting to consider and provide guidance on the draft EAC Monetary Union Protocol;

 

Dear Participants;

All protocols observed;

 

11. It is against the above background and progress that we have invited you as our key stakeholders in order to receive your opinion and provide guidance on the draft EAC Monetary Union protocol, before it is tabled to the next  the Sectoral on legal and judicial affairs for legal input;

 

12. With these few remarks allow me to welcome you to this important  High Level consultative meeting and wish you the fruitful deliberations.

 

 

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