{
  "title": "The Arusha Conference Calls for Further Integration and Reforms in EAC on the Road to a Monetary Union",
  "publication": "IMF News, November 1, 2016",
  "sourceUrl": "https://www.imf.org/en/news/articles/2016/11/01/pr16478-the-arusha-conference-calls-for-further-integration-and-reforms-in-eac",
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  "summary": "Press Release No. 16/478",
  "publishDate": "2016-11-01",
  "sections": [
    {
      "heading": "Event overview and participation",
      "content": "- Press Release No. 16/478\n- Date: November 1, 2016\n- Organized by: East African Community (EAC) Secretariat, the European Union (EU), and the International Monetary Fund (IMF)\n- Venue: Arusha, Tanzania; conference title: “Regional Integration in the EAC: Making the Most of the Common Market on the Road to a Monetary Union”\n- Dates: October 31–November 1, 2016\n- Participants included:\n  - Finance Ministers and Ministers in charge of regional cooperation\n  - Central Bank Governors\n  - Other senior policymakers, regional capital markets regulators\n  - Academics, civil society, and private sector leaders from across EAC member countries\n  - Senior representatives from international financial institutions and other monetary unions\n- Press contact: PRESS OFFICER: Andrew Kanyegirire; Phone: +1 202 623-7100; Email: MEDIA@IMF.org"
    },
    {
      "heading": "Progress in regional integration (Customs Union and Common Market)",
      "content": "- Participants assessed progress since inception of:\n  - Customs Union in 2005\n  - Common Market in 2010\n- Noted achievements:\n  - Considerable progress towards a single entry visa\n  - Improvements in processing times at ports\n  - Removal of internal tariffs\n- Areas identified by private sector representatives as needing further progress:\n  - Non-tariff barriers\n  - Rules of origin\n  - Tax administration and harmonization\n  - Automation of trade processes\n  - Labor mobility to facilitate trade of goods and services further\n- Observations and recommendations:\n  - Sequential harmonization could be pursued in implementing the single customs territory and tax harmonization, given experiences in other regions\n  - Accountability and ownership are critical to a successful integration process\n- Reference: second EAC Common Market Scorecard 2016 evaluates Partner States’ compliance to the free movement of capital, services, and goods"
    },
    {
      "heading": "Financial sector integration and Fintech",
      "content": "- Considerable progress made in:\n  - Integration of payment systems\n  - Integration of financial markets\n- Challenges noted:\n  - Still high compliance cost due to different regulations in member countries\n- Fintech:\n  - The EAC region is ahead of many other countries in the world on the Fintech front\n- Policy emphasis:\n  - Importance of proper sequencing and pace of financial integration because of associated risks"
    },
    {
      "heading": "The road toward a monetary union — macroeconomic convergence and institutional needs",
      "content": "- Theme: “The Road toward a Monetary Union”\n- Key macroeconomic points:\n  - Fiscal deficits need to be brought down to meet the convergence criterion and to ensure the stability of the future monetary union\n  - Convergence goes beyond headline fiscal deficits and public debt; fiscal risks need to be monitored closely\n- Additional requirements for a successful transition:\n  - Further progress needed in data harmonization\n  - Further progress needed in monetary policy frameworks and operations\n  - Need to establish the new institutions that will play a key role for the implementation and resilience of the union"
    },
    {
      "heading": "Statistics and capacity development",
      "content": "- A forum on “Improvements in East African Statistics Through Capacity Development” followed the conference\n- Highlighted recent improvements in economic and financial statistics in EAC countries through capacity development initiatives supported by:\n  - The EAC Secretariat\n  - The IMF"
    },
    {
      "heading": "Reference materials and access",
      "content": "- The program, speeches and presentations to the conference are available at:\n  - http://www.imf.org/en/News/Events/Regional-Integration-in-the-EAC\n\nIMF Press Release No. 16/478 — November 1, 2016\n\n---\n\n\n References\n\n- United Republic of Tanzania and the IMF\n- Press Releases\n- PRESS CENTER\n- Regional Integration in the EAC: Making the Most of the Common Market on the Road to a Monetary Union\n- https://www.imf.org/en/home\n\nSource: https://www.imf.org/en/news/articles/2016/11/01/pr16478-the-arusha-conference-calls-for-further-integration-and-reforms-in-eac"
    }
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    "Published: November 1, 2016",
    "Press Release No. 16/478",
    "Date: November 1, 2016",
    "Organized by: East African Community (EAC) Secretariat, the European Union (EU), and the International Monetary Fund (IMF)",
    "Venue: Arusha, Tanzania; conference title: “Regional Integration in the EAC: Making the Most of the Common Market on the Road to a Monetary Union”",
    "Dates: October 31–November 1, 2016",
    "Participants included:",
    "Press contact: PRESS OFFICER: Andrew Kanyegirire; Phone: +1 202 623-7100; Email: MEDIA@IMF.org",
    "Participants assessed progress since inception of:",
    "Noted achievements:",
    "Areas identified by private sector representatives as needing further progress:",
    "Observations and recommendations:",
    "Reference: second EAC Common Market Scorecard 2016 evaluates Partner States’ compliance to the free movement of capital, services, and goods",
    "Considerable progress made in:",
    "Challenges noted:",
    "Fintech:",
    "Policy emphasis:",
    "Theme: “The Road toward a Monetary Union”",
    "Key macroeconomic points:",
    "Additional requirements for a successful transition:",
    "A forum on “Improvements in East African Statistics Through Capacity Development” followed the conference",
    "Highlighted recent improvements in economic and financial statistics in EAC countries through capacity development initiatives supported by:",
    "The program, speeches and presentations to the conference are available at:",
    "[United Republic of Tanzania and the IMF](http://www.imf.org/external/country/TZA/index.htm)",
    "[Press Releases](https://www.imf.org/en/news/searchnews)",
    "[PRESS CENTER](http://presscenter.imf.org/)",
    "[Regional Integration in the EAC: Making the Most of the Common Market on the Road to a Monetary Union](http://www.imf.org/en/News/Events/Regional-Integration-in-the-EAC)",
    "[https://www.imf.org/en/home](https://www.imf.org/en/home)"
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