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{
    "id": 1461463,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1461463/?format=api",
    "text_counter": 256,
    "type": "speech",
    "speaker_name": "Kitui Central, WDM",
    "speaker_title": "Hon. (Dr) Makali Mulu",
    "speaker": null,
    "content": "resources towards capital development by 100 per cent over the medium term. Also, target capital projects with a greater impact on capital formation and GDP growth to improve the country's long-term debt repayment capacity. We need to improve where we are pushing our loans in terms of development. Our first commitment is ensuring a smooth transition from cash-based to accrual-based accounting. The National Treasury should be able to create a detailed and time-bound transition plan to ensure that the transition is completed by the end of the 2024/2025 Financial Year. To ensure accountability and transparency, it should also provide quarterly updates to the National Assembly and other relevant stakeholders on the progress of the transition. The National Treasury should expedite the establishment of the Treasury Single Account required to mitigate good risks and ensure timely implementation of both the Cabinet and House resolutions. It should also ensure that the Treasury Single Account is established and fully operational by the end of the Financial Year 2024/2025 and submit a progress report to the National Assembly by 31st December 2024. The National Treasury should conduct awareness campaigns within Government entities to highlight the benefits of the Treasury Single Account and ensure its smooth adoption. The fifth recommendation was that the National Treasury diversifies the fiscal deficit financing strategy by enhancing the use of grants from development partners and decreasing reliance on borrowing. We have discovered that our development partners have given this country some grants. You will be surprised that we are so keen to use the loans, yet the grants lie idle in some accounts. A grant is free money and not expected to be paid back. It is to enhance the friendship. Loans are to be paid back. It is very surprising, for example, that if I give you Ksh1,000 to use and a Ksh2,000 loan, you start using the loan, which you are supposed to pay back and leave the grant idle. This does not make economic or financial sense. The National Treasury should, therefore, make sure that we use the grants before we start using the loans. This will help the country. The other recommendation was that the National Treasury reduces the volume of carryovers by ensuring that pension payments are made promptly, providing consistent financial support to retired civil servants and their dependents. We have realised a time lag in paying pensions to our elders who have retired from the Civil Service. They have provided excellent service to Kenyan citizens and us as a country. When they retire, it takes six, eight, or even more than a year to get their pension. This is very unfair. With the leadership of Hon. Mbadi, we expect pensions to be paid on time so that they feel appreciated for having worked for this country. In order to enhance transparency in pension management in Kenya, the National Treasury should publish quarterly reports on the management of the country's pension. This report should be published and submitted to the National Assembly at least 30 days after the end of each quarter so that we can examine it. The Medium-Term Pension Management Strategy should be published and submitted to the National Assembly by 15th February each year so that we can understand what is going on with the pension. The Annual Pension Management Report should be published and submitted to the National Assembly within two months of the end of each financial year. This Committee has been able to table quite a number of reports, focusing on the Consolidated Fund Services expenditures. Some of these reports have very good recommendations that can help this country move forward. That is why I always thank the National Assembly for the wisdom of creating the Select Committee on Public Debt and Privatisation. It is a creation of the 13th Parliament. I appreciate the leadership of the National Assembly for coming up with this original idea of creating this Committee. Public debt is a matter of national concern. Our ability to address this matter means we will have more resources to implement development programmes for the sake of Kenyans. 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."
}