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"content": "MOTION"
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"content": "ADOPTION OF REPORT ON THE 2025 MEDIUM TERM DEBT MANAGEMENT STRATEGY"
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"speaker_name": "Sen. Abdul Haji",
"speaker_title": "The Temporary Speaker",
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"content": " Proceed, Sen. (Dr.) Khalwale."
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"content": "Thank you, Mr. Temporary Speaker, Sir. I beg to move- THAT, the Senate adopts the Report of the Standing Committee on Finance and Budget on the 2025 Medium Term Debt Management Strategy, laid on the Table of the Senate on Wednesday, 12th March, 2025. As the Senate adopts the Report herein, it is good for us to bring it to the attention of the House that the Medium-Term Debt Management Strategy is pursuant to section 33 of the Public Finance Management Act, CAP. 412A. The MTDS provides a framework for informed decision-making on public borrowing and debt management. It gives and guides the national Government in structuring the debt portfolio to minimise costs and risks while ensuring sustainability and supporting the Government of the domestic debt market. The MTDS was tabled in Parliament on 13th February, 2025 and subsequently committed to the Standing Committee on Finance and Budget for consideration. Its submission aligns with section 33(1) of the Public Finance Management Act, 2012, which mandates the Cabinet Secretary responsible for finance to submit to Parliament a statement outlining the national Government's debt management strategy. It provides information on the following key elements- (1) The stock of public debt as at the date of tabling of the statement. (2) The sources of the loans required by the national Government and the nature of the guarantees issued by the national Government. (3) The principal risks associated with these loans and guarantees. (4) The assumption underpinning the Debt Management Strategy. (5) Analysis of the sustainability of both actual and potential public debt. The resolution of the House on the report of the Medium-Term Debt Management Strategy shall serve as a foundation for determining the appropriate limits on proposed domestic and external borrowing. Additionally, it shall inform the approval of the Budget Policy Statement (BPS) report. The 2025 Medium-Term Debt Management Strategy outlines the following strategy- (a) A gross financing ratio of 25:75 for external and domestic borrowing respectively. (b) A net financing strategy of 35:65 for external and domestic finance respectively. This underscores the continued reliance on domestic market as the primary source of financing for fiscal deficits over the medium-term. As at the end of January 2025, the The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
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"type": "speech",
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"content": "total stock of public and publicly-granted debt stood at Kshs11.02 trillion, equivalent to 65.7 per cent of the Gross Domestic Product (GDP), up from Kshs10.58 trillion, which was equivalent to 65.7 per cent of the GDP in June, 2024. This figure is projected to rise further to Kshs13 trillion by June, 2027. Consequently, debt servicing costs are expected to increase to Kshs1.97 trillion by June, 2025 and further to Kshs2.4 trillion by June, 2027. Additionally, debt service payments, including interest and redemption payments, are projected to remain elevated averaging 60 per cent of the total income. This underscores the tightening fiscal space and highlights the urgent need for a robust debt management strategy aimed at minimizing costs and mitigating the risk associated with high debt distress levels. In reviewing the 2025 Medium-Term Debt Management Strategy, my Committee engaged with the key stakeholders, including the Commission on Revenue Allocation (CRA), the Institute of Certified Public Accountants of Kenya (ICPAK), the Council of Governors (CoG), the County Assemblies Forum (CAF), Budget Hub, the Institute of Public Finance (IPF), the Institute of Social Accountability (ISA), Office of the Auditor General, Okoa Uchumi, Mr. Kelvin Ronyo and the Institute of Economic Affairs (IEA). The Committee held a total of 10 sittings while processing this Medium-Term Debt Management Strategy. Additionally, in adherence to Article 201 (a) of the Constitution, the Senate conducted public participation on the 2025 Medium-Term Debt Management Strategy through a call for submission of memoranda. Arising from these consultative engagements, the Committee made several recommendations, which included the following- (a) Noting that as of June, 2024, Kenya's public debt stood at Kshs10.58 trillion, equivalent to 63 per cent in present value terms exceeding Public Finance Management Act frameworks of PV to GDP ratio of 55 per cent by 8 per cent points, the National Treasury should submit quarterly reports to Parliament detailing the progress made towards compliance with the set threshold as contained in the Public Finance Management Act."
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"speaker": null,
"content": "[The Temporary Speaker (Sen. Abdul Haji) left the Chair]"
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"id": 1545658,
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"content": "[The Temporary Speaker (Sen. Veronica Maina) in the Chair]"
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"type": "speech",
"speaker_name": "Sen. (Dr.) Khalwale",
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"content": "(b) THAT the National Treasury, Central Bank of Kenya (CBK) and the Controller of Budget (CoB) should fully automate the withdrawal of debt service payments from the consolidated fund by 31st May, 2025. Additionally, an interagency report on the implementation status of these recommendations should be submitted to Parliament 15 days after 31st May, 2025. (c) THAT to enhance financial controls, improve accuracy and timelines of public debt statistics and strengthen decision-making for greater transparency and accountability, the National Treasury should enquire, integrate the Public Debt Management System (PDMS) with the Integrated Financial Management Information The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
},
{
"id": 1545660,
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"text_counter": 215,
"type": "speech",
"speaker_name": "Sen. (Dr.) Khalwale",
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"content": "system (IFMIS) by 31st May, 2025 and submit a report to Parliament within 15 days of implementation. (d) THAT to enhance transparency and accountability in anticipated increase in domestic borrowing, the National Treasury should within 60 days- (1) Establish a working committee to develop criteria for assessing the effective utilization of borrowed funds by Ministries, Departments and Agencies (MDAs) and establish the registrar of Government securities in accordance with Section 55 of the Public Management Finance Act. (2) Should ensure that the Debt Register records comprehensive details on the utilization of borrowed funds, including specific breakdown of projects financed through the proceeds of infrastructure bonds. (e) THAT the National Treasury should establish a multi-agency committee comprising of representatives from the National Treasury, the CBK and the CoB to review the public debt procurement process and assess the utilization of borrowed funds. (f) The Committee should report to the Senate within 60 days. (g) To mitigate the impact of high debt service costs, the National Treasury should ensure efficient resource utilization, prioritize investments in high-impact sectors and enhance the timely implementation of projects and programmes. Madam Temporary Speaker, allow me to make a few remarks on the financial recommendations that we made as a Committee. That the fiscal deficit target for the medium-term is approved and set at 4.6 per cent of the GDP for the Financial Year 2025/2026 and at 3.8 per cent of the GDP for the Financial Year 2026/2027 and at 3.5 per cent of the GDP for the Financial Year 2027/2028 in line with the fiscal consolidation path. That the country's borrowing strategy is approved at 35 per cent for the net external borrowing and 65 per cent for the net domestic borrowing as contained in the 2025 Medium-Term Debt Management Strategy. Finally, Madam Temporary Speaker, I would like to thank stakeholders who appreciated our work and appeared before the Committee or submitted memoranda on the 2025 Medium-Term Debt Management Strategy. I also appreciate Members of the Committee on Finance and Budget for their commitment and dedication to completing the task. I also wish to thank the Office of the Speaker and the Office of the Clerk of the Senate for facilitating the Committee in executing its mandate. Lastly, I request Senators to approve the Committee’s Report on this 2025 Medium-Term Debt Management Strategy. Before I invite the Seconder, I want to appreciate the arrival of the leader of the youth in the Senate, the distinguished Senator from Siaya County, Sen. (Dr.) Oburu Odinga, aged 84 years old. Welcome to this great meeting. Also, I want to welcome back after a two-week hiatus from the Senate, the Senate Majority Leader. I do not know whether he was reading for a Master’s at Strathmore College or he was reading for a PhD. Sen. Cheruiyot, I encourage you, if you do not have a PhD, quickly do so because some of us who are properly educated have decided to profile those who do not have PhDs. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
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"content": "I wish to invite the Nominated Senator from Nairobi City County, Sen. Tabitha Maureen Mutinda to Second."
}
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