The ECOWAS Parliament on Thursday moved a step nearer towards reaching a single foreign money for the sub-region because it adopted the draft decision on the Macroeconomic Convergence and Stability Pact.
The pact, which was adopted on the closing of its First Strange Session in Abuja, was a vital prelude to reaching the factors for Member-States’ adoption of the one foreign money – the ECO.
The parliament adopted its decision for a Draft Supplementary Act on the Pact.
This adopted deliberation at Plenary on the submissions by its Joint Committee on Macro-Financial Coverage and Financial Analysis and Committee on Administration, Finance and Finances.
The decision, which might be transmitted to the Fee, sought to make sure macroeconomic coverage coordination with the goals of guaranteeing a viable financial and financial union in addition to reinforce macroeconomic stability.
Within the presentation, the Joint Committee, chaired by Kebba Barrow, highlighted that the pact shall be applied in two phases.
He mentioned that the decision additionally sought to strengthen the convergence of Member States’ economies, together with financial and monetary cooperation.
Mr Barrow added that it additionally shall outline the procedures for the adoption of in addition to the modalities for implementation of nationwide convergence programmes.
In accordance with him, the primary section which shall deal with convergence is to run from January 2022 to December 2026 whereas the second section will centre on stability and shall run from January 1, 2027.
In the meantime, different resolutions adopted by Parliament bordered on points akin to consideration on the political state of affairs in Mali, discussions on the post-election state of affairs in Benin, Burkina Faso, Cote D’ Ivoire, Ghana, Guinea and Niger.
Additionally they included Commerce, Customs and Free Motion in addition to guidelines for the administration and award of ECOWAS mark of conformity to ECOWAS requirements.
Help PREMIUM TIMES’ journalism of integrity and credibility
Good journalism prices some huge cash. But solely good journalism can guarantee the potential for a superb society, an accountable democracy, and a clear authorities.
For continued free entry to one of the best investigative journalism within the nation we ask you to think about making a modest assist to this noble endeavour.
By contributing to PREMIUM TIMES, you might be serving to to maintain a journalism of relevance and guaranteeing it stays free and obtainable to all.
TEXT AD: To promote right here . Call Willie +2347088095401…