Cooperation

Burundi to pay all EAC arrears by December

Minister in charge of EAC affairs Isabella Ndahayo has said the delay observed in the contribution to the East African Community is due to a six-month difference between Burundi fiscal year and the EAC one. She has said that while presenting the half-yearly achievements of the ministry, this 9 July.

Minister Isabella Ndahayo: “The delay observed in the contribution to the East African Community is due to a six-month difference between Burundi fiscal year and the EAC one”

Minister Isabella Ndahayo: “The delay observed in the contribution to the East African Community is due to a six-month difference between Burundi fiscal year and the EAC one”

“Burundi fiscal year was different from EAC fiscal year which starts from 1 July to 30 June of the next year,” she says. Minister Ndahayo also says before the new Constitution was promulgated on 7 June, Burundi fiscal year started on 1 January to end on 31 December of the next year. “This harmonization will help the government to pay all its arrears to the community. We expect to finish with the payment by December,” she says. Minister Isabella Ndahayo also says Burundi government has already paid 50% of its debt.

The report of the Council of Ministers in charge of EAC reveals that Burundi has not yet paid its contributions to the East African Community for two years. It has to pay about USD 9 million before 31 May 2018. The arrears of the 2016-2017 budget year (USD 530 thousand) are added to debt of the fiscal year ending with the month of June.

According to the provisions of the Treaty establishing the East African Community, the budget of the community is contributed equally by all partner states. The EAC budget was set at USD 113 million for the fiscal year 2017-2018. Each member country is expected to contribute USD 8.3 million.The report of the last Council of Ministers showed that only 59% of the budget was recovered on April 25, 2018.

Guidelines for IWACU users' forum

Comments should not violate laws and regulations. Included post with a character racist, anti-Semitic, defamatory or abusive, calling for ethnic and regionalist divisions, disclosing information about a person's privacy, using works protected by copyright (texts, photos, videos ...) without mentionning the source.
Iwacu reserves the right to remove any comments likely to contravene this guidelines, and also like comments off topic, repeated several times, promotional or rude. Comments written in capital letters will be deleted automatically.

Add comment

Your email address will not be published. Required fields are marked *

error: Content is protected !!