Two key Bills critical to the Monetary Union have been tabled for the first reading in Kampala, Uganda.
The two bills, EAC Monetary Institute Bill 2017 and the EAC Statistics Bureau Bill 2017 tabled by the Chair of the Council of Ministers, Hon Julius Wandera Maganda, sailed through the First Reading and were committed to the respective EALA Committees.
According to a statement from the EAC secretariat, the object of the EAC Monetary Institute Bill, 2017, is to provide for the establishment of the East African Monetary Institute as an institution of the Community responsible for preparatory work for the EAC Monetary Union.
In accordance with Article 23 of the Protocol on the EAC Monetary Union, the Bill is expected to provide for the functions, governance and funding for the Institute as well as other related matters.
Closely related to the EAMI Bill is the EAC Statistics Bureau Bill, 2017, which also seeks to establish the Statistics Bureau as an Institution of the Community under Article 9 of the Treaty and Article 21 of the Protocol on Establishment of the EAC Monetary Union. The Bill provides for the functions, powers, governance and its funding with a view to establishing an institution responsible for statistics in a bid to support the East African Monetary Union.
The EALA Committee on Communications, Trade and Investment is expected to hold public hearings on the EAC Statistics Bureau while the EAC Monetary Institute Bill will be handled by the General Purpose Committee.
EALA Speaker, Rt Hon Ngoga Karoli Martin said though the bills were tabled by the Council of Ministers, they were coming to the House close two years late. As such, he urged the Assembly to give both Bills the due attention deserved.