ARTICLE 83
Monetary and Fiscal Policy Harmonisation
1.
The Partner States undertake to adopt policy measures in accordance
with an agreed macro-economic policy framework.
2.
For the purposes of paragraph 1 of this Article, the Partner States
undertake to:
(a)
remove all exchange restrictions on imports and exports within the
Community;
(b)
maintain free market determined exchange rates and enhance the
levels of their international reserves;
(c)
adjust their fiscal policies and net domestic credit to the
government to ensure monetary stability and the achievement of
sustained economic growth;
(d)
liberalise their financial sectors by freeing and deregulating interest
rates with a view to achieving positive real interest rates in order to
promote savings for investment within the Community and to
enhance competition and efficiency in their financial systems; and
(e)
harmonise their tax policies with a view to removing tax distortions
in order to bring about a more efficient allocation of resources
within the Community.
ARTICLE 84
Macro-economic Co-ordination
Within the Community
1.
The Partner States shall co-ordinate through the Council their macroeconomic policies and economic reform programmes with a view to promoting the
socio-economic development of the Community.
2.
In order to achieve balanced development within the Community, the
Partner States undertake to evolve policies designed to improve their resource
and production base.
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