IMF calls on East African Community to explore risk-sharing

Paper explores the nature and prevalence of asymmetric shocks in the EAC

Zanzibar coastline

The early discussion of risk-sharing mechanisms is "critical" for the members of the East African Community (EAC) as they seek to build a monetary union by 2024, according to staff in the African Department of the IMF.

Differences between the economies of Burundi, Kenya, Rwanda, Tanzania and Uganda "remain large" the staff say, in a paper released on July 20, while they remain susceptible to country-specific shocks.

When the countries enter into a monetary union they will lose control of their

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