East African Community (EAC) countries expect overall national government spending to rise in the upcoming financial year that starts on 1 July 2023 and ends on 30 June 2024. These four EAC member states are to provide details of their spending priorities and how they expect to fund them. Most of the East African countries have already signaled that they will increase expenditure to shore up their economies against the fallout of Russia’s invasion of Ukraine and the continued aftermath of the coronavirus pandemic. “East African states sorely need more assistance from the global financial institutions now that access to capital markets has been curtailed for many. Rwanda will present a $4.4 billion budget, with the spending plan increased by 5.6% from $4.1 billion the previous fiscal year.

Source: The North Africa Journal June 21, 2023 20:04 UTC