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{
    "id": 941236,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/941236/?format=api",
    "text_counter": 152,
    "type": "speech",
    "speaker_name": "Sen. Poghisio",
    "speaker_title": "",
    "speaker": {
        "id": 202,
        "legal_name": "Samuel Losuron Poghisio",
        "slug": "samuel-poghisio"
    },
    "content": "Mr. Speaker, Sir, by a Communication made on Wednesday, 16th October, 2019, the Speaker of the Senate referred the regulations to a joint Committee of the Sessional Committee on Delegated Legislation and the Standing Committee on Finance and Budget for consideration. The Speaker directed that the joint committee files the report within the next 15 sitting days. The regulations seek to amend Regulation 26(1)(c) of the Public Finance Management (National Government) Regulations, 2015 (Legal Notice No.34 of 2015), to provide for a numerical limit to the total public debt of Kshs9 trillion in place of the current debt limit set at 50 per cent of GDP in net present value terms. Pursuant to section 16 of the Statutory Instruments Act, 2013, the Committee invited the Regulation Making Authority to a consultative meeting on 23rd October, 2019, to consider the said statutory instrument. The CS, National Treasury submitted both oral and written submissions The Joint Committee held its first meeting on Thursday, 17th October, 2019 to consider the Regulations. In considering the regulations, the Joint Committee, invited stakeholders including the Council of Governors (CoG), Commission on Revenue Allocation (CRA) and the Institute of Certified Accountants (ICPAK) to a stakeholders meeting held on Thursday, 23rd October, 2019. Pursuant to Article 118(1) (b) of the Constitution and Senate Standing Orders, the Committee invited submissions from members of the public on the said regulations vide an advertisement on the Daily Nation Newspaper and the Standard on Saturday, 19th October, 2019. Having scrutinized the Public Finance Management (National Government) (Amendment) Regulations, 2019 against the Constitution of Kenya, the Interpretations and General Provisions Act (Cap 2), Laws of Kenya, the Public Finance Management Act, 2012 and the Statutory Instruments Act, 2013, the Committee approved the regulations for reasons advanced in the Report. The Members of the Joint Committee, who submitted an alternative view, submitted a minority report subject to the provisions of Standing Order---"
}