EAC on the brink: Cash crunch bites as defaults mount
From left: Somalia's President Hassan Sheikh Mohamud, Tanzania's President Samia Suluhu Hassan, Uganda’s President Yoweri Museveni and Kenya’s President William Ruto at the Arusha International Conference Centre on November 29, 2024.
The East African Community (EAC) is facing a financial crisis for the third time in a single financial year, 2024/25, after partner states failed to remit full budget contributions, delaying most programmes and stalling development.
The member states – Burundi, the Democratic Republic of Congo, Rwanda, South Sudan, Somalia, Tanzania, and Uganda – owe the bloc more than $62.4 million in arrears for the 2024/25 financial year. Only Kenya has paid its dues.
