The East Africa Community has sought the services of the IMF and researchers from the London-based International Growth Centre to review the macroeconomic convergence targets for adopting a common currency, even as member states continue to grapple with growing debt and budget deficits.
The review, which was mooted in May 2023, offers relief to the partner states that failed to comply with the thresholds on inflation, foreign reserves, budget deficit and national debt by 2021, prompting the EAC Council of Ministers to extend the deadline to a single currency by seven years, from 2024 to 2031.
