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{
    "id": 1438656,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1438656/?format=api",
    "text_counter": 144,
    "type": "speech",
    "speaker_name": "Prof. Njuguna Ndung’u",
    "speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
    "speaker": null,
    "content": "Third, on State corporation’s reforms, in order to address the challenges faced by State corporations including, Government-owned enterprises, the Government will: 1. Privatise Government-owned enterprises whose mandates are no longer relevant, those that require huge budgetary allocations for bail outs and those producing goods and services that would more efficiently be produced by the private sector; and, 2. Restructure State corporations through mergers and/or transfer back to parent ministries or relevant State corporations to: (a) Remove duplication of functions, enhance efficiencies and synergies in operations so as to optimise use of limited resources; (b) Ensure State corporations are self-sustaining; generate additional revenue to the Exchequer; and, (c) Ensure quality service delivery to Kenyans. In addition, the Government is committed to implement policy changes to ensure Government-owned enterprises realise their full potential. You will note that in 2023, the Cabinet approved the Ownership Policy for Government-Owned Enterprises, a key governance reforms framework. To anchor the policy in law and give effect to its operationalisation, a draft Government-owned Enterprises Bill, 2024 has been finalised and is undergoing public participation. Once the process is completed and an approval granted by the Cabinet, the Bill will be submitted to this August House for consideration. I am seeking the support of this House for the approval of the Bill. We have also prepared draft Government Investment Regulations, 2024 to provide a framework for the efficient and effective management of Government investments. The draft regulations will be taken through public participation before submission to this August House for consideration and possible approval. Fourth, on Pending Bills, in the last Budget Statement, I informed this House of the Government’s plan to establish a Pending Bills Verification Committee to carry out a thorough analysis of all stock of pending bills for the period 1st July 2005 to 30th June 2022 and formulate measures to stop accumulation of pending bills going forward. As you are aware, H.E. the President inaugurated the Pending Bills Verification Committee in November 2023. The Committee received a total of 94,997 pending bills claims valued at Ksh662.3 billion. Analysis of the pending bill claims submitted by Ministries, Departments and Agencies (MDAs) is ongoing. The general public has also been given an opportunity to submit any pending bill claims owed by the national Government. The Committee is expected to complete its work and submit a report by October 2024 for implementation within the fiscal framework. Fifth, on National Assets and Inventory Management Reforms, the National Treasury has initiated reforms geared towards automating assets and inventory management in MDAs as well as county governments. In this regard, the National Treasury will operationalise the Assets and Inventory Management Modules in the IFMIS with the module for all MDAs scheduled for launch and go live in July 2024. The roll-out to county governments will commence thereafter. These reforms will enable Accounting Officers have visibility of all assets and inventory under their control and facilitate optimal assets utilisation. Sixth, on Financial Sector Reforms, the Kenya banking sector remains stable, resilient and continues to play its role of mobilising funds and channelling them to the deserving productive economic activities. The banking sector remained profitable with a growth in assets of 0.3 per cent from Ksh7.72 Trillion in February 2023 to Ksh7.74 trillion in February 2024. Credit from commercial banks to the private sector stood at an annual growth rate of 6.9 per cent in April 2024 and benefited key sectors of the economy. The Financial Inclusion The electronic version of the Official Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Hansard Editor."
}