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{
    "id": 1439426,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1439426/?format=api",
    "text_counter": 736,
    "type": "speech",
    "speaker_name": "Balambala, JP",
    "speaker_title": "Hon. Abdi Shurie",
    "speaker": {
        "id": 13294,
        "legal_name": "Abdi Omar Shurie",
        "slug": "abdi-omar-shurie-2"
    },
    "content": "The Committee has observed absence of provisions within the Public Finance Management Act of 2012, specifically regulating CFS expenditures. Despite this significance, this gap poses a loophole in their management. The Committee will take necessary action to address this issue, ensuring the involvement and input of all stakeholders in the process. This process shall be backstopped by enhancement of the National Assembly Standing Orders so as to set adequate procedures to ensure that the National Assembly remains on a proactive stance, in the review of these rising expenditures. After our deliberations on the estimates of the CFS under both the Supplementary Estimates II for the Financial Year 2023/2024 and Financial Year 2024/2025 and consultation with various stakeholders, the Committee, therefore, gives the following recommendations for consideration by the House. 1. That, within 60 days of the adoption of this Report, the National Treasury should conduct a comprehensive review of all CFS expenditures to identify areas where spending can be reduced or made more efficient and prioritise expenditures that directly contribute to national development goals and critical Government functions. 2. That, upon adoption of this report, the National Treasury and the Central Bank of Kenya should undertake quarterly macroeconomic reviews in order to ensure that fiscal and monetary policies operate synergistically to mitigate financial burden of external debt and reduce interest costs. The results of these deliberations should be submitted to the National Assembly within 15 days of the end of each quarter. 3. That, the National Treasury should undertake a review of the cost of overdraft facility and submit a report to the National Assembly within 30 days of the adoption of this Report. The report should review the use of the facility, the cost structure of the overdraft facility and make proposals to manage and reduce interest payments. 4. That, the National Treasury should submit regulations to the National Assembly within 90 days of the adoption of this report, that will guide the use of the overdraft facility. 5. That, within 60 days of the adoption of this report, the National Treasury should submit to the National Assembly, a comprehensive report of the use of the Ksh200 billion allocated for the Redemption of Treasury Bills Shortfall for the Financial Year 2023/2024. 6. That, the National Treasury should, within 30 days of the adoption of this Report, submit to the National Assembly the full details, including contracts between itself and all parties that resulted in the assumption of Kenya Airways Plc guaranteed debt. 7. That, within 30 days of the adoption of this Report, the National Treasury should undertake an impact assessment of the assumption of the debtor responsibilities for Kenya Airways Plc guaranteed debt and submit a report to the National Assembly covering the cost-benefit analysis of the transaction to the country. 8. That, within 30 days of the adoption of this report, the Kenya Airways Plc should submit to the National Assembly a realistic and comprehensive report on its turnaround strategy and measures in place to replenish the public resources utilised in the payment of the guaranteed debt, cash bailout and expenses relating to the debt assumed by the National Treasury. 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."
}