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{
    "id": 1590952,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/1590952/?format=api",
    "text_counter": 167,
    "type": "speech",
    "speaker_name": "Hon. John Mbadi",
    "speaker_title": "The Cabinet Secretary for the National Treasury and Economic Planning",
    "speaker": null,
    "content": "Since its inauguration, the Committee received a total of 65,627 pending bills claims valued at Ksh571.6 billion. The Committee has analysed 57 percent of the bills received, valued at Ksh522.9 billion. Out of this, a total of Ksh229 billion has been recommended for settlement. Once the Committee submits its report, we shall submit the recommendations to Cabinet for approval to settle the pending bills. On the National Assets and Inventory Management Reforms, in order to promote prudent management of public assets and liabilities, The National Treasury digitised assets in the Assets and Inventory Management modules in the IFMIS for use by both National and County Governments. Already, 52 State Departments have gone live on the IFMIS Asset module and are at various stages of uploading their registers for six asset categories namely: Land, Buildings, Motor Vehicles, ICT Equipment, Office Equipment, and Furniture and Fittings. In addition, a roadmap is in place to rollout the module to the County Governments. This reform will enable Accounting Officers have visibility of all assets and inventory under their control and facilitate optimal assets utilisation. To enhance the management and utilisation of public assets, the Government is developing a policy on public sector asset valuation. The policy will support accurate financial reporting, strengthen fiscal discipline and inform evidence based public investment decision. In addition, the Government will develop a framework to facilitate identification of Public Sector assets. This will ensure accuracy and completeness of assets registers which are critical for transition to accrual basis of accounting. On financial Sector Reforms, the banking sector has remained stable and resilient with a strong asset base; which grew by 1.5 per cent from Ksh7.6 trillion in April 2024 to Ksh7.7 trillion in April 2025. To anchor the banking sector to continue playing its role in Kenya’s social economic transformation, various reforms have been implemented which include: 1. The Central Bank of Kenya lifted the moratorium on licensing of new commercial banks in Kenya in April 2025. This is expected to attract Foreign Direct Investment in the sector resulting in competition and consequently reduced lending rates. 2. To promote the greening of the banking sector, Central Bank of Kenya in April 2025, issued the Kenya Green Finance Taxonomy and the Climate Risk Disclosure Framework for implementation by the sector. The Kenya Green Finance Taxonomy is a tool to classify whether particular economic activities are ‘green’ or environmentally, sustainable and promote the transition to a low-carbon economy. The Climate Risk Disclosure Framework is aimed at enabling banks to integrate climate-related risks into their governance, strategy, risk management and disclosure frameworks. It is also intended to enable banks to leverage on business opportunities from efforts to mitigate and adapt to climate change; and 3. Issuance of Guidelines on Global Liquidity Standards and Leverage Ratio. The Central Bank of Kenya, in April 2025, issued Guidelines on Liquidity Coverage Ratio, Net Stable Funding Ratio, and Leverage Ratio for the banking sector. These guidelines will enhance the banking sector’s liquidity and capital frameworks to promote greater financial stability and resilience thereby, ensuring that banks have the ability to withstand unexpected shocks, maintain stable funding, and manage their risk profiles effectively. Hon. Speaker, the Central Bank of Kenya in collaboration with The National Treasury and other stakeholders, are developing The National Financial Inclusion Strategy for the period 2025 to 2028. The Strategy provides a coordinated framework for advancing financial inclusion agenda to meet the needs of all Kenyans through deepening access and usage of financial services, enhancing quality of affordable financial products that meet consumer needs. 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."
}