President William Ruto has appointed LSK President Faith Odhiambo to an eight-member taskforce for the forensic audit of public debt.
The announcement was made through a gazette notice dated May 5, 2024.
Nancy Onyango has been appointed as the chairperson of the taskforce, with Luis Franceschi serving as the vice chairperson.
The team also includes three other members: ICPAK Chairperson Philip Kaikai, IEK President Shammah Kiteme, and Vincent Kimosop.
Abraham Rugo and Aaron Thegeya have been appointed as joint secretaries.
Kenya’s public debt has surged dramatically in recent years, reaching over Ksh 10 trillion today, a five-fold increase from Ksh 2 trillion a decade ago.
This debt burden now represents 70 percent of the Gross Domestic Product (GDP), surpassing the prudential limit of 60 percent of GDP.
Also Read: President Ruto Appoints Task Force For Comprehensive Public Debt Audit
Addressing the nation on Friday, President Ruto emphasized the urgency of addressing the public debt issue.
“Public debt is and continues to be a major point of engagement and conversation in Kenya. I have today appointed an independent task force to carry out a comprehensive forensic audit of our public debt and report to us in the next three months,” he stated.
The taskforce’s mandate includes verifying the current stock of public and publicly guaranteed debt, reconciling loan proceeds with the intended appropriations, and ensuring loan servicing aligns with the terms of the facility.
Additionally, the team will assess the value obtained from the loans in terms of project costs, returns on investment, and equity considerations, including inter-generational equity.
The taskforce will also evaluate the adequacy of the public finance management (PFM) framework safeguards on debt management and recommend improvements to strengthen the governance of the nation’s public debt management system.
The taskforce will report directly to President Ruto and is expected to provide a comprehensive report within three months.
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