East African Nations have begun to understand and highlight similarities in their problems and goals. A number of these were plainly evident in the budget speeches delivered on 13 June 2013.
Kenya, Tanzania, and Uganda all pointed out the need to manage inflation, foreign exchange risk, and essentially improve and maintain economic growth in the coming year. As businesses continue and develop and populations continue to rise, the need to maintain stable and growing economies has become important.
Following years of volatility on the part of inflation and foreign exchange rates, the respective treasuries and authorities are to attempt best efforts in curbing the volatility of major economic definers. Being US Dollar focused exporting countries especially in regard to agriculture; the economies of the three nations are often driven by their ability to maintain a competitive international export price as well as manage this to ensure that necessary imports can be purchased at a reasonable price.
Furthermore, high inflation and the volatility thereof has hindered growth and market efficiency as long term policy management and control becomes a challenge in line with increased despair on the part of the respective populations caused by high costs of normal goods and unmanageable costs of borrowing.
Related article – Deloitte East Africa presents their 2013 economic outlook
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