Burundi has lost about 12 million euros in tax revenues since joining the East African Community (EAC) free trade zone in 2007, according to the Secretary General of the Common Market for Eastern and Southern Africa (COMESA), Sindiso Ngwenya.
EAC seeks to promote regional integration through development of trade and investment.
Ngwenya said in Bujumbura Monday that COMESA had already released a first tranche of 4.4 million euros to compensate for the tax losses caused by Burundi’s accession. Some 8 more million euros are yet to be released.
As for socio-economic development, Burundi is considered to be the weakest link in the free trade zone.
The EAC countries are Burundi, Djibouti, Egypt, Eritrea, Ethiopia, Kenya, Libya, Madagascar, Malawi, Mauritius, Uganda, Democratic Republic of Congo, Rwanda, Seychelles, Sudan, Swaziland, Tanzania, Comoros, Zambia and Zimbabwe
