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{
    "id": 1526061,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1526061/?format=api",
    "text_counter": 110,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "A. POLICY RESOLUTIONS 1. THAT, to comply with the Public Finance Management Act, 2012 threshold of Debt to GDP in Present Value terms of 55 per cent (+5%) by 2028, the Cabinet Secretary for the National Treasury and Economic Planning publishes quarterly reports detailing progress on fiscal consolidation as outlined in the 2025 Budget Policy Statement. 2. THAT, the Cabinet Secretary for the National Treasury and Economic Planning, Governor, Central Bank of Kenya, and Controller of Budget fully automate the withdrawal of debt service payments from the Consolidated Fund by 31st May, 2025, and submit a report to the National Assembly within 15 days after the automation. 3. THAT, to strengthen financial controls, ensure accurate and timely public debt statistics, and enhance decision-making for greater transparency and accountability, the National Treasury integrates the Public Debt Management System with the Integrated Financial Management System (IFMIS) by 31st May, 2025, and submits a report to the National Assembly within 15 days after the integration of the two systems. 4. THAT, to mitigate the growing risk of domestic debt interest payments and to reduce the tendency of the Government borrowing funds held by public entities, the National Treasury deploys the Treasury Single Account (TSA) for all ministries, departments and agencies (MDAs), parastatals, and public funds by 1st July 2025. 5. THAT, to improve transparency and accountability in anticipated increase in domestic borrowing, the Cabinet Secretary for the National Treasury and Economic Planning should within 60 days: (a) Form a working committee to establish criteria for assessing the effective utilisation of borrowed funds by ministries, departments, and agencies (MDAs), establish the registrar of Government securities pursuant to Section 55 of the PFM Act, and, (b) Record in the debt register the details on the utilisation of the borrowed funds, including the set of projects funded from the proceeds of infrastructure bonds. 6. THAT, the Cabinet Secretary for the National Treasury and Economic Planning establishes an interagency committee, including representatives from the Central Bank of Kenya and the Controller of Budget to review the public debt procurement process and debt utilisation, and submits a report to the National Assembly by 31st May 2025. 7. THAT, the Cabinet Secretary for the National Treasury and Economic Planning reports and seeks approval from the National Assembly on any variation to the approved borrowing mix in the 2025 Medium Term Debt Management Strategy (MTDS)."
}