Private sector players in the region under the umbrella body, the East African Business Council, have asked East Africa Community partner states to adhere to the Treaty requiring them to read their budgets simultaneously.
On June 11, Kenya, Uganda and Tanzania presented their budgets in their respective parliaments for the fiscal year 2020/21.
But Rwanda, which plans to increase spending by 7.5 per cent in the 2020/21 fiscal year to Rwf3.245 trillion ($3.43 billion), asked to delay its budget by another week.
“A few years back, member states agreed to harmonise their budget process, and for the last couple of years, Rwanda, Uganda, Kenya and Tanzania have been doing this on the same day,” said Dr Peter Mathuki, CEO East African Business Council.
“Reading the budget on the same day is important because it is one of the major formulas that are used in the EAC to harmonise fiscal measures that affect each country’s economy,” Mr Mathuki explained.
