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The Public Debt and Privatization Committee met with the Principal Secretary, National Treasury, Mr. Chris Kiptoo to review the Budget Estimates for the FY 2024/2025 and Supplementary II estimates FY 2023/2024.
Β The Committee chaired by Balambala MP, Hon. Abdi Shurie engaged the PS and his team on a number of debt related issues and sought clarification on the debt management strategy that the National Treasury had planned to roll out.
Β PS Kiptoo informed the Committee that the public debt as at 30th April, 2024 stood at Kshs.10.5 Trillion, representing 65.3 percent of the GDP. According to the PS the Fiscal Debt deficit for FY 2024/2025 is projected at Kshs.514.7 billion.
Β He added that the Treasury plans to finance the deficit through borrowing from both domestic sources (Kshs .258.9 billion) and external sources (Kshs.256.8 billion).
Β Hon. Shurie sought to know the economic reforms the National Treasury had put in place to cut on unnecessary Government spending as a strategy, as well as the long term plans to reduce borrowing.Β Β
"We need a sustainable debt management strategy so that our borrowing is within the legally stipulated ceiling," Hon. Shurie said.
Β In response, the PS, said the Ministry is closely scrutinizing the State Departments and Agencies in the National Government to ensure prudent use of public resources.
