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{
    "id": 1393785,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1393785/?format=api",
    "text_counter": 215,
    "type": "speech",
    "speaker_name": "Sen. Faki",
    "speaker_title": "",
    "speaker": {
        "id": 13211,
        "legal_name": "Mohamed Faki Mwinyihaji",
        "slug": "mohamed-faki-mwinyihaji-2"
    },
    "content": "Madam Temporary Speaker, I beg to move that, the Senate- Adopts the Report of the Standing Committee on Finance and Budget on the 2024 Medium Term Debt Management Strategy, laid on the Table of the Senate on Thursday, 7th March, 2024. The 2024 Medium Term Debt Management Strategy (MTDS) was submitted to Parliament by the National Treasury and Economic Planning on 15th February, 2024 pursuant to Section 33 of the Public Finance Management (PFM) Act, Cap 412A. The Act provides that: “On or before the 15th February in each year, the Cabinet Secretary shall submit to Parliament a statement setting out the debt management strategy of the National Government over the medium term with respect to its actual liability and potential liability in respect of loans and guarantees and its plans for dealing with those liabilities.” Madam Temporary Speaker, upon submission, the 2024 MTDS was tabled in the Senate at the sitting held on 15th February, 2024. Thereafter, it was referred to the Standing Committee on Finance and Budget for consideration, facilitation of public participation and consequent tabling of a report in the Senate. Section 33(2) of the PFM Act provides that the MTDS should be aligned to the broad strategic priorities and policy goals set out in the Budget Policy Statement (BPS), which the Senate approved last week. Section 33(3) of the same Act provides that: “The Cabinet Secretary shall include in the statement the following information- a) the total stock of debt as at the date of the statement; b) the sources of loans made to the national government and the nature of guarantees given by the national government; c) the principal risks associated with those loans and guarantees; d) the assumptions underlying the debt management strategy; and e) an analysis of the sustainability of the amount of debt, both actual and potential.” The 2024 MTDS outlines the strategies and initiatives to be implemented with the goal of minimizing debt management costs and risks, and it covers the period from Financial Year 2024/25 to 2026/27. Madam Temporary Speaker, at the end of June, 2023, the nominal amount of public and publicly guaranteed debt was Kshs10.278 trillion, or 70.8 percent of the Gross Domestic Product (GDP). This comprised an external debt stock of Kshs5.446 trillion and domestic debt stock of Kshs4.832 trillion. According to the National Treasury, the total nominal stock of public and publicly guaranteed debt as at February 2024 was Kshs11.248 trillion, or 69.7 percent of GDP. Present value of public debt to GDP is 67.2 percent. This comprises external debt stock of Kshs.6.1899 trillion and domestic debt stock of Kshs.5.0580 trillion. 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."
}