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{
    "id": 1503162,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1503162/?format=api",
    "text_counter": 402,
    "type": "speech",
    "speaker_name": "Kikuyu, UDA",
    "speaker_title": "Hon. Kimani Ichung’wah",
    "speaker": null,
    "content": " Hon. Temporary Speaker, I beg to move that the Public Finance Management (Amendment) (No. 4) Bill (National Assembly Bill no. 45 of 2024) be now read a Second Time. This is a very short Bill amending the Public Finance Management Act around the issues of our debt management. We amended the Public Finance Management Act about two years ago, setting the thresholds for our public debt. Hon. Temporary Speaker, this Bill seeks to strengthen our public finance management framework by addressing a number of critical issues: compliance, accounting and governance. On accounting and governance, Clause 3 of the Bill provides for the amendment of Section 194 of the principal Act to provide a framework for the implementation of accrual accounting in Government and risk management by the Public Sector Accounting Standards Board (PSASB). This is meant to improve the accounting standards for better transparency in Government. We have been under the cash-based accounting system but are now moving to an accrual-based system. To do that, we need to create the legal framework which Clause 3 of the Bill seeks to do."
}