President William Ruto has met one of the demands issued by anti-finance bill protestors calling for the audit of the mounting Ksh10 trillion debt with the establishment of a high-profile audit committee, marking a significant step in the country's fiscal accountability.
In a Gazette notice following his national address, President Ruto appointed Nancy Onyango as chairperson and Prof. Luis G. Franceschi as vice chairperson of the eight-member committee.
The lineup includes prominent figures such as CPA Philip Kakai of the Institute of Certified Public Accountants of Kenya, Faith Odhiambo of the Law Society of Kenya, Shammah Kiteme of the Institution of Engineers of Kenya, and Vincent Kimosop.
"This audit will provide the people of Kenya with clarity on the extent and nature of the debt, how public resources were expended, and will recommend proposals for managing our public debt in a manner that is sustainable and with intergenerational equity," President Ruto affirmed during a press conference.
The committee's Terms of Reference are robust, aiming to verify the current stock of public and publicly guaranteed debt, reconcile loan proceeds with their intended appropriations, and assess the value for money on projects financed.
Moreover, it will evaluate the adequacy of the public finance management framework in safeguarding debt management and recommend governance enhancements.
Furthermore, the committee is mandated to explore alternative sources for financing Kenya's development needs in the short and medium term, alongside potential debt reorganization plans.
In executing its duties, the committee will report directly to President Ruto and engage extensively with stakeholders across the public finance sector, including industry players, regulatory bodies, and government agencies.
It will hold various consultative sessions and public events to gather insights and information critical to fulfilling its mandate.
The committee is empowered to co-opt additional expertise, regulate its procedures, and establish sub-committees for streamlined operations.
It may also draw upon past and ongoing initiatives relevant to its objectives and has the authority to request and receive pertinent information necessary for its work.
The audit committee, housed at the National Treasury and Economic Planning, and operate for an initial period of three months, with provisions for extension as required.
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