Museveni, Ruto to Discuss Regional Currency, Political Federation

HABARI DAILY I Kampala, Uganda I President Yoweri Museveni, has set foot in Kenya on a state visit at the invitation of President William Ruto.

The two Heads of State are expected to delve into discussions that would lead to the resuscitation of several regional protocols, among which is the East African Monetary Union (EAMU) and political federation.

The EAMU Protocol was adopted in accordance with the EAC treaty and signed on 30th November 2013. It lays groundwork for a monetary union within 10 years and allows the EAC Partner States to progressively converge their currencies into a single currency in the community.

The President of Uganda, Yoweri Kaguta Museveni, was warmly welcomed by the Prime Cabinet Secretary and Minister of Foreign Affairs and Diaspora Affairs of the Republic of Kenya, Hon. Musalia Mudavadi, along with other dignitaries upon his arrival ahead of the Official State Visit to Kenya on Wednesday, May 15, 2024.

In the run-up to achieving a single currency, the EAC partner states aim to harmonise monetary and fiscal policies by harmonising financial, payment and settlement systems and financial accounting and reporting practices.

The regional block also seeks to harmonise policies and standards on statistical information and eventually establish an East African Central Bank.

“President Museveni’s visit signifies the commitment of both leaders to foster regional integration, enhance economic cooperation, and promote stability within the East African region,” reads part of a statement from State House, dated May 15 2024.

He is also expected to engage in high-level discussions with President Ruto and other Kenyan government officials. On the agenda is also matters surrounding the regional currency and political federation.

“The discussions will cover a wide range of topics, including trade and investment, infrastructure development, security cooperation and regional integration.”

The visit is expected to strengthen the economic ties between Uganda and Kenya, with a focus on removing barriers to trade and fostering an enabling business environment. “The leaders will explore opportunities for increased investment and collaboration, aiming to harness the full potential of the East African region,” further reads the release.

The President’s visit aims at strengthening the longstanding bilateral relations between Uganda and Kenya and exploring new avenues for collaboration and mutual benefits.

Museveni was earlier on received at Jomo Kenyatta International Airport by a delegation from the Kenyan government led by the Hon. Dr. Musalia Mudavadi, the Prime Cabinet Secretary and Cabinet Secretary for Foreign and Diaspora Affairs

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