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The Public Debt and Privatization Committee chaired by Hon. Abdi Shurie (Balambala) has been apprised on the Supplementary Estimates II for Financial Year 2022/2023 by the Parliamentary Budget Office (PBO).
According to the PBO report, the Consolidated Fund Services (CFS) Expenditures for Financial Year 2022/2023 are expected to increase by Kshs. 24.78 billion from Kshs. 1.552 trillion to Kshs. 1.577 trillion. The increase is caused by an increase of Kshs. 7.04 billion and Kshs. 17.02 billion in public debt interest and redemption payment respectively.
In addition to that, PBO noted that there is an increase of Kshs. 1.43 billion in guaranteed debt payment from Kshs. 14.68 billion to Kshs. 16.1 billion.
Nevertheless, there is a marginal decline in salaries and allowances for Constitutional Office Holders to a tuneΒ ofΒ Kshs.707 million from Kshs. 4.62 billion to Kshs. 3.92 billion. AccordingΒ to the report, however, this decline is temporary as it is projected to increase in the Financial Year 2023/2024 to Kshs. 4.73 billion.
Further, the Public Debt Service is expected to increase by Kshs. 24.06 billion from Kshs. 1.361 billion to Kshs. 1.385 billion which represents a two percent increase from the Revised Estimates I for Financial Year 2022/2023. This increase is mainly driven by an increase of Kshs. 16.50 billion in external interest from Kshs. 138.44 billion to Kshs. 154.94 billion, an increase in domestic debt redemption by Kshs. 6.28 billion from Kshs. 461.41 billion to Kshs. 467.69 billion, and an increase in external debt redemption by Kshs. 10.74 billion.
However, the domestic debt interest is set to decline by Kshs. 9.45 billion from Kshs. 537.38 billion to Kshs. 527.93 billion. The decline is occasioned by a decline in new loans interest by Kshs. 11.3 billion from Kshs. 11.4 billion to Kshs. 110 million.
Β The Supplementary Estimates II was submitted to the House on 14th June 2023, and according to Standing Order 207(A), the Public Debt and Privatization Committee is required to consider the Consolidated Fund Service (CFS) expenditures and submit a report to the House.
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The CFS expenditures are mandatory expenditures that the Constitution and various Acts of Parliament exclude from the Appropriations Act, and are therefore a direct charge to the Consolidated Fund.
