Newly appointed East African Community (EAC) Secretary General Liberat Mfumukeko warned of impending measures to rescue the regional organisation from its current financial crisis. Mr Mfumukeko, a Burundi national, assumed the highest office at EAC succeeding Dr Richard Sezibera from Rwanda whose five year, non-renewable term ended on Monday.
“Although we have experienced situations of financial instability on regular basis, we never sunk into a deep crisis because our leaders in partner states have always reacted on time,” he said at a welcoming party by the staff members of the Community.
He added that his administration will propose firm measures geared at cost-cutting, value for money, accountability and transparency and that it will not be business as usual as the regional organisation has to cope with unprecedented deficits in its budget.
He revealed that EAC was currently going through turbulent financial times and that forecasts for the month of June this year show a deficit of more than $11 million.