EAC coffers have never hit $4m

Liberat Mfumukeko

New findings indicate that in history, the East African Community (EAC) General Reserve Account has never had a balance exceeding $4m.

Currently its balance is close to nil as a result of liquidity challenges due to delays in disbursement of budgetary contributions. When available, the reserves can only be used based on an approval by the EAC Council of Ministers.

This development comes against a backdrop of allegations that auditors are trying to establish $2m was removed from the EAC account in Eco Bank to pay membership fee for Burundi and if confirmed it could put the Secretary General, Liberat Mfumukeko in the spotlight.

Whereas it was reported that The General Reserve Fund usually has between $8m to $10m, TrumpetNews has reliably learnt that this has never happened in history.

An official who asked to remain unnamed because of the sensitivity of the matter said that, “in all the Partner States, EAC has opened a current account for receiving budgetary contributions. In the case of Burundi, the account is maintained with Ecobank Burundi.”

“There has never been a transfer of funds from the EAC General Reserve Account  (Standard Chartered Bank Tanzania) to Ecobank Burundi EAC Account.”

The official again refuted claims that $2m was removed from the coffers (Eco Bank account) to facilitate operations of EAC: “On the contrary, the Contribution deposited by the Government of Burundi through our Ecobank Account has been transferred to our account in KCB Arusha to facilitate operations of EAC Organs and Institutions.”

Adding that equally, the transactions between EAC Secretariat and EASTECO, have been done through the respective bank accounts.

“In sum, there has never been any disappearance of a single coin from the EAC Coffers, and this can be verified by the competent authorities established by the EAC Treaty.”

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