The EAC Heads of State summit has ordered the EAC council of Ministers to speed up the establishment of the Monitory Union. The summit took place Sunday April 28, 2013.
According to A communiqué from the Ministry of EAC affairs, the Extraordinary Summit of the EAC Heads of State which took place in Arusha, Tanzania, decided that technical negotiations as well as legal issues be sorted out for signing of the protocol by November.
The five EAC leaders consented that the roadmap to the conclusion of the protocol on the establishment of the East African Community Monetary Union will include holding the third meeting of the Sectoral Council on East African Monetary Union to finalise the technical negotiations.
The extra-ordinary council of ministers will also clear the draft protocol on the establishment of the Monetary Union and refer it to the Sectoral council on legal and judicial affairs for legal input, before the Sectoral council on legal and judicial affairs clears the draft protocol.
The approval of the single currency means that the bloc will be using the same currency across borders and is expected to reduce the costs and risks of transacting business across national boundaries of regional member states.
Meanwhile, the Heads of State also directed the EAC Secretary General to convene a meeting of ministers responsible for energy and finance, the attorneys general, heads of revenue authorities and chief executive officers of national oil and gas companies to share experiences and agree on best practices.
The leaders observed the need for partner states to use the recently discovered oil and gas resources for the benefit of the people of East Africa.
The summit further directed the secretariat to work with partner states and other relevant partners in developing capacity at the national and community level in the management of hydrocarbons.
Also at the same meeting, the Heads of State appointed Charles Jackson Kinyanjui Njoroge, from Kenya, as deputy secretary-general of the East African Community, replacing Dr. Julius Tangus Rotich, who has been in charge of political federation.
They also appointed Justice Jean Bosco Butasi, from Burundi, as the new principal judge of the East African Court of Justice, replacing Justice Johnson Busingye (Rwanda), whose tenure of office ends on June 26.
The regional court received more judges who are; Justice Liboire Nkurunziza, from Burundi, as judge (Appellate Division) and Justice Dr Faustin Ntezilyayo, from Rwanda, (First Instance Division).
The summit was attended by the Presidents: Yoweri Kaguta Museveni of the Republic of Uganda,President Pierre Nkurunziza of the republic of Burundi, President Uhuru Muigai Kenyatta of the republic of Kenya, President Jakaya Mrisho Kikwete of the united republic of Tanzania and the Rt. hon. Dr. Pierre Damien Habumuremyi, Prime minister of the republic of Rwanda.