𝗧𝗵𝘂𝗿𝘀𝗱𝗮𝘆, 𝗠𝗮𝗿𝗰𝗵 𝟳, 𝟮𝟬𝟮𝟰 

The National Assembly yesterday adopted the Report of the Public Debt and Privatization Committee on the 2024 Medium Term Debt Management Strategy. 

In a session chaired by the Speaker, Hon. (Dr.)  Moses Wetang'ula, lawmakers also approved the policy and financial resolutions that address rising domestic interest rates, public borrowing projections and adherence to debt limits. 

 Contributing in support of the Report, Hon. Joseph Makilap (Baringo North) said the country needs to reduce its appetite for fiscal debt.

 “We are expected to borrow for development. For us to grow our economy we need to reduce our appetite for huge fiscal debt. We must live within our means. I support the recommendations made by the Committee," Hon. Makilap said.

 Following the adoption of the Report by the House, the National Treasury is now expected to publish guidelines that will ensure that the Treasury Single Account is established and operational by July 1st, 2024.

 Members lauded the resolutions in the Report with Hon. Beatrice Elachi (Dagoretti North) saying the National Assembly has a role in budget making.

  "The National Assembly has been given an opportunity to interrogate everything coming from the Treasury. We must undertake this duty critically, to curb the unnecessary spending," she said.

 Hon. Kweya Thuku (Kinangop) called for a re-evaluation of the current loans.

  "We need to relook at the loans we borrowed. We need to renegotiate terms of payment. We must also halt the trend of borrowing excessively without tangible utilization," said Hon. Thuku.

 In support of the Committee's recommendations, Hon. (Dr.) Jackson Kosgei (Nominated) emphasized the importance of robust oversight mechanisms, advocating for monthly sector reports to bolster transparency and accountability.

 The National Treasury is further directed to submit a comprehensive report to the National Assembly within 60 days, outlining tangible measures to alleviate the burden of domestic debt service payments to sustainable levels.