EALA backs new EAC debt resolution programme
Uganda’s representative to the East African Legislative Assembly, James Kakooza, is hopeful that the days of East African Community partner states defaulting on payments are over following the adoption of a new financing mechanism. Each state will now make an equal contribution worth 65% of the community budget, while the remaining 35% will be financed through an assessed percentage of a state’s GDP. Kakooza says the assessment of nominal GDP will ensure equity between the leading regional economies and those with lower GDP.
