{"count":1608389,"next":"http://info.mzalendo.com/api/v0.1/hansard/entries/?format=json&page=150673","previous":"http://info.mzalendo.com/api/v0.1/hansard/entries/?format=json&page=150671","results":[{"id":1524912,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524912/?format=json","text_counter":849,"type":"heading","speaker_name":"","speaker_title":"","speaker":null,"content":"POLICY AND FINANCIAL RESOLUTIONS RELATING TO THE 2025MEDIUM TERM DEBT MANAGEMENT STRATEGY A. POLICY RESOLUTIONS"},{"id":1524913,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524913/?format=json","text_counter":850,"type":"other","speaker_name":"","speaker_title":"","speaker":null,"content":"1. THAT, to meet the Public Finance Management Act, 2012 threshold of Debt to GDP in Present Value terms of 55% (+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 National for the 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. 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."},{"id":1524914,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524914/?format=json","text_counter":851,"type":"other","speaker_name":"","speaker_title":"","speaker":null,"content":"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: i. Form a working committee to establish criteria for assessing the effective utilization of borrowed funds by Ministries, Departments, and Agencies (MDAs), establish the registrar of Government securities pursuant to section 55 of the PFM Act, and ii. Record in the debt register the details on the utilization 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, debt utilization, 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)."},{"id":1524915,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524915/?format=json","text_counter":852,"type":"heading","speaker_name":"","speaker_title":"","speaker":null,"content":"B. FINANCIAL RESOLUTIONS"},{"id":1524916,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524916/?format=json","text_counter":853,"type":"heading","speaker_name":"","speaker_title":"","speaker":null,"content":"1."},{"id":1524917,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524917/?format=json","text_counter":854,"type":"other","speaker_name":"","speaker_title":"","speaker":null,"content":"THAT, the fiscal deficit target for the medium term is approved and set at 4.3 percent of GDP for FY 2025/26; 3.5 percent of GDP for FY 2026/27, and 3.2 percent of GDP for FY 2027/28, in line with the fiscal consolidation path; and"},{"id":1524918,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524918/?format=json","text_counter":855,"type":"heading","speaker_name":"","speaker_title":"","speaker":null,"content":"2."},{"id":1524919,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524919/?format=json","text_counter":856,"type":"other","speaker_name":"","speaker_title":"","speaker":null,"content":"THAT, the country’s borrowing strategy is approved at 35 percent for net external borrowing and 65 percent for net domestic borrowing as contained in the 2025 Medium Term Debt Management Strategy. Let me begin by thanking Members of the Liaison Committee who processed this Medium-Term Debt Management Strategy. I applaud the membership because this was the first time they considered the Medium-Term Debt Management Strategy (MTDS). In fact, last night, the Liaison Committee along with the Cabinet Secretary for the National Treasury and Economic Planning, his Principal Secretary and their team, sat until midnight to complete work. We also appreciate them. The MTDS is a policy document that guides debt management for the next financial year. The MTDS Framework assesses the cost and risk elements in the existing portfolio and develops a strategy to minimise those costs and risks in line with set management objectives. The MTDS has been prepared at a time when the country's public debt reached Ksh11.2 trillion in January of 2025. That is equivalent to 65.7 per cent of Gross Domestic Product (GDP). This debt comprises Ksh5.93 trillion as domestic debt and Ksh5.09 trillion as external debt. Despite the high level of debt that stands at the present value of overall publicly guaranteed debt at 63.36 per cent of GDP, as for the latest debt sustainability analysis, this ratio is projected to decline to anchor the debt at 55 per cent of GDP present value terms by 2028. We got assurance from the Cabinet Secretary for the National Treasury that they will support and work hard to consolidate government's fiscal policies to ensure they achieve this target. The 2025 MTDS aims to optimise access to external concessional borrowing and to undertake liability management to minimise the costs and the risks of our debt portfolio."},{"id":1524920,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524920/?format=json","text_counter":857,"type":"scene","speaker_name":"","speaker_title":"","speaker":null,"content":"(Loud consultations)"},{"id":1524921,"url":"http://info.mzalendo.com/api/v0.1/hansard/entries/1524921/?format=json","text_counter":858,"type":"other","speaker_name":"","speaker_title":"","speaker":null,"content":"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."}]}