13 Mar 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, an efficient and effective public financial management system is a necessary condition for achieving Vision 2030 and our development objectives. Investors, both foreign and local, require assurance that a country’s public financial management system can be relied upon to maintain fiscal discipline, and in particular contain public debt at both the national and county levels. Without a credible public financial management system, our ability to borrow or even attract donor funds will be curtailed. In addition, an effective public financial management system is critical in supporting the mobilisation of resources to be equitably shared between ...
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13 Mar 2012 in National Assembly:
The Public Financial Management Bill is firmly anchored in Article 201 of the Constitution and gives effect to principles of public finance as required by that Article. In particular, the Bill provides for openness, accountability, public participation, equitable sharing of resources for an equitable society, ensuring debt sustainability and equitable sharing of the benefits and burdens of public borrowing between the current and future generations. Further, the Bill provides for prudent and responsible management of public resources as well as for responsible financial management and clear fiscal reporting.
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13 Mar 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, I have no intention of going through the entire Bill because it is boring, given the fact that it is full of technical language.
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13 Mar 2012 in National Assembly:
However, let me say that the reasons as to why I am saying this is a wonderful piece of legislation is that after going through it, we required comments from the various offices of the Government. The Office of the Prime Minister raised just one issue, which was on the requirement of the Cabinet Secretary to intervene. The issue of concern was that it should be made a little tighter, so that the Cabinet Secretary can only intervene in county affairs where the situation is critical. Therefore, the compromise agreed upon is that before the Cabinet Secretary can intervene in ...
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13 Mar 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, I want to, briefly, go through the Bill. The Bill has nine parts. There is provision for the general applicability to both the national and county governments. Those are parts I, V, VI, VII and VIII. There are provisions specifically applicable to the national Government, which are captured under Parts II and III. There are also provisions specifically applicable to county Governments, which are captured under Part IV.
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13 Mar 2012 in National Assembly:
The salient features of this Bill are that Part I gives powers to the Cabinet Secretary responsible for finance in the case of the national Government, and the Executive Committee Member for Finance in the case of county governments, subject
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13 Mar 2012 in National Assembly:
, to approval of Parliament and the county assemblies, respectively, to designate anybody or an entity performing functions assigned to the respective government to be an entity subject to provisions of this Act.
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13 Mar 2012 in National Assembly:
Mr. Temporary Deputy Speaker, Sir, Part II of the Bill provides for parliamentary oversight of national finances, and in particular the responsibilities of the relevant Committees of the National Assembly and the Senate in public finance matters. Hon. Members will now see why I said that this is a very valuable piece of legislation. It preserves the oversight powers of Parliament. “Parliament” includes both the National Assembly and the Senate.
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13 Mar 2012 in National Assembly:
Part III provides for national Government responsibilities with respect to management and control of public finances. This is captured under Clauses 11-16. Clauses 17-24 specifically provide for the responsibility of the National Treasury, or
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13 Mar 2012 in National Assembly:
Cabinet Secretary, as the case may be, with regard to constitutional funds, the Contingencies Fund, the Consolidated Fund and the Equalisation Fund, as well as other national public Funds. These clauses also provide for the administration of these funds and impose various report requirements on the persons assigned the responsibility of administering these Funds.
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