East African Community countries record growth

The East African Community region's growth recovered last year to an average of 4.2 percent, according to the region's monetary affairs committee.

The data was released after the 25th Ordinary Meeting of the East African Community monetary affairs committee on Friday.

Attendants of the virtual meeting, which was chaired by Patrick Njoroge, governor of the Central Bank of Kenya, said the growth was largely supported by easing of COVID-19 restrictions, public investments and strong performance in the agriculture, services, construction and manufacturing sectors.

"Growth in the region is expected to improve, supported by a resumption of global economic activity with the easing of containment measures and sustained implementation of growth-supporting measures. Downside risks remain elevated due to a slower global growth, rising geopolitical tensions and increasing commodity," the committee said in a communique.

However, the committee noted that progress still needs to be made in cross-border payment systems and agreed on continuing interoperability initiatives at the national level, enhancing the East African Payment System, while engaging other stakeholders at the continental level on further integration of cross-border payment.

The East African Community partner states are Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda and the monetary committee is composed of governors from central banks in the respective countries.