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{
    "id": 1383266,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1383266/?format=api",
    "text_counter": 98,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "2. THAT, the National Treasury ensures that the fiscal deficit and subsequent public borrowing projections are realistic by incorporating forecasts on any potential in-year changes to interest rates, exchange rates, and contingency spending; 3. THAT, to address the emerging escalation of domestic interest rates alongside domestic interest payments, within 60 days of adoption of the Report, the National Treasury submits a report to the National Assembly providing practical measures to reduce the domestic debt service burden to sustainable levels; 4. THAT, in line with the resolution of the National Assembly on the 2023 Medium Term Debt Management Strategy, the National Treasury publishes guidelines that will ensure that the Treasury Single Account is established and operational by July 1st, 2024; 5. THAT, within 30 days of the adoption of the Report, and subject to Section 50 of the Public Finance Management Act, 2012 (Amended in 2023), the National Treasury submits a comprehensive report to the National Assembly on the breach of the debt anchor of 55 percent (+5) of Gross Domestic Product and the remedial measures undertaken to ensure adherence to the debt threshold; 6. THAT, in order to promote fiscal sustainability, reduce debt distress and to slow debt accumulation, any deviation from medium term fiscal deficit path designed by both the Budget Policy Statement and the Medium-Term Debt Management Strategy, and any resultant readjustment to loan financing, should be preapproved by the National Assembly; 7. THAT, the National Treasury ensures the customization of the MTDS for the next MTEF cycle to Kenya’s specific debt challenges by providing specific measures to deal with undisbursed loans and related commitment fees, measures to resolve risks emanating from non-performing loans owed by state-owned enterprises, and estimation of contingent liabilities; 8. THAT, in order to help enhance public participation in public debt matters, the National Treasury publishes simplified, citizen-friendly documents to accompany the technical reports on public debt submitted to the National Assembly; and, 9. THAT, at least two months before the end of the current financial year, the National Treasury submits to the National Assembly: (i) the Annual Borrowing Plan that addresses any deviations from the 2024 MTDS in financing the FY 2024/25 Budget Estimates, attendant cost and risks of the deviations and policy measures to address them; and, (ii) (ii) a schedule of all projects for which borrowing is to be undertaken in the FY 2024/25."
}