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{
    "id": 1545660,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1545660/?format=api",
    "text_counter": 215,
    "type": "speech",
    "speaker_name": "Sen. (Dr.) Khalwale",
    "speaker_title": "",
    "speaker": {
        "id": 170,
        "legal_name": "Bonny Khalwale",
        "slug": "bonny-khalwale"
    },
    "content": "system (IFMIS) by 31st May, 2025 and submit a report to Parliament within 15 days of implementation. (d) THAT to enhance transparency and accountability in anticipated increase in domestic borrowing, the National Treasury should within 60 days- (1) Establish a working committee to develop criteria for assessing the effective utilization of borrowed funds by Ministries, Departments and Agencies (MDAs) and establish the registrar of Government securities in accordance with Section 55 of the Public Management Finance Act. (2) Should ensure that the Debt Register records comprehensive details on the utilization of borrowed funds, including specific breakdown of projects financed through the proceeds of infrastructure bonds. (e) THAT the National Treasury should establish a multi-agency committee comprising of representatives from the National Treasury, the CBK and the CoB to review the public debt procurement process and assess the utilization of borrowed funds. (f) The Committee should report to the Senate within 60 days. (g) To mitigate the impact of high debt service costs, the National Treasury should ensure efficient resource utilization, prioritize investments in high-impact sectors and enhance the timely implementation of projects and programmes. Madam Temporary Speaker, allow me to make a few remarks on the financial recommendations that we made as a Committee. That the fiscal deficit target for the medium-term is approved and set at 4.6 per cent of the GDP for the Financial Year 2025/2026 and at 3.8 per cent of the GDP for the Financial Year 2026/2027 and at 3.5 per cent of the GDP for the Financial Year 2027/2028 in line with the fiscal consolidation path. That the country's borrowing strategy is approved at 35 per cent for the net external borrowing and 65 per cent for the net domestic borrowing as contained in the 2025 Medium-Term Debt Management Strategy. Finally, Madam Temporary Speaker, I would like to thank stakeholders who appreciated our work and appeared before the Committee or submitted memoranda on the 2025 Medium-Term Debt Management Strategy. I also appreciate Members of the Committee on Finance and Budget for their commitment and dedication to completing the task. I also wish to thank the Office of the Speaker and the Office of the Clerk of the Senate for facilitating the Committee in executing its mandate. Lastly, I request Senators to approve the Committee’s Report on this 2025 Medium-Term Debt Management Strategy. Before I invite the Seconder, I want to appreciate the arrival of the leader of the youth in the Senate, the distinguished Senator from Siaya County, Sen. (Dr.) Oburu Odinga, aged 84 years old. Welcome to this great meeting. Also, I want to welcome back after a two-week hiatus from the Senate, the Senate Majority Leader. I do not know whether he was reading for a Master’s at Strathmore College or he was reading for a PhD. Sen. Cheruiyot, I encourage you, if you do not have a PhD, quickly do so because some of us who are properly educated have decided to profile those who do not have PhDs. The electronic version of the Senate Hansard Report is for information purposesonly. A certified version of this Report can be obtained from the Director, Hansard and AudioServices, Senate."
}