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EAC countries’ budgets anchored on economic transformation 

The East African Community (EAC) finance ministers Thursday unveiled their 2023/24 expenditure plans simultaneously as per the trade bloc’s treaty.

This was with the exception of Burundi, South Sudan, and the latest entrant the Democratic Republic of Congo.

Channel 1

Tanzania had the second highest budget after Kenya, followed by Uganda and then Rwanda.

Thursday afternoon, finance ministers of Tanzania, Uganda, and Rwanda read their budgets simultaneously.

Tanzania which is the second largest economy in the trading bloc after Kenya unveiled a Tsh 44 trillion budget which is equivalent to Ksh 2.5 trillion.

Tanzania’s budget is up 7pc from an equivalent of Ksh 2.3 trillion.

Tanzania’s finance minister said an equivalent to Ksh 583 million will be used to service the nation’s debt.

Tanzania’s total national debt stock, which included both public and private sector debts, stands at Ksh 5.6 trillion.

Uganda, the finance minister announcedd a 52 trillion Ugandan shillings budget which isaboutt Ksh 1.9 trillion.

This is an increase of Ksh 37 million in spending compared to the FY2022/23.

Out of this year’s budget, about Ksh 644 million has been earmarked to service Uganda’s debt presenting an increase of Ksh 75 million from the previous financial year.

In Rwanda, the country’s finance minister unveiled a  5 trillion Rwandan Franc budget equivalent to Ksh 612 billion which represents an increase of 6pc compared to the 2022/23 budget.

The finance minister said overall, domestically mobilized resources, plus external loans that the country will account for about 76pc of the total budget for 2023/2024.

Burundi’s finance ministry tabled the country’s budget estimate on Tuesday.

South Sudan cabinet passed a 1.8 trillion Sudanese pound equivalent to Ksh 1.9 trillion but is yet to be tabled in Parliament for approval.

The Democratic Republic of Congo is yet to adjust its budget reading in harmony with the EAC.

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