LSK President Faith Odhiambo Among 8 Figures Appointed For The Public Debt Audit Committee
President William Ruto has met one of the demands of anti-finance bill protestors calling for an audit of the country’s mounting Ksh10 trillion debt by forming a high-profile audit committee, a significant step toward fiscal accountability.
Following his national address, President Ruto appointed Nancy Onyango as chairperson and Prof. Luis G. Franceschi as vice chairperson of the eight-member committee, as announced in the Gazette.
The lineup includes notable 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.
The committee’s Terms of Reference are comprehensive, aiming to verify the current stock of public and publicly guaranteed debt, reconcile loan proceeds with intended appropriations, and evaluate the value for money on financed projects.
Presidential Taskforce on Forensic Audit of Public Debt pic.twitter.com/tH2L7V28n1
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Furthermore, it will assess the effectiveness of the public finance management framework in protecting debt management and recommend governance improvements.
Furthermore, the committee is tasked with investigating alternative sources of financing for Kenya’s short and medium-term development needs, as well as potential debt reorganization plans.
In carrying out its responsibilities, the committee will report directly to President Ruto and work closely with stakeholders in the public finance sector, including industry players, regulatory bodies, and government agencies.
It will hold a variety of consultative sessions and public events to gather insights and information needed to carry out its mandate.
The committee has the authority to co-opt additional expertise, regulate its procedures, and form sub-committees to streamline operations.
It may also draw on previous and ongoing initiatives relevant to its objectives, and it has the authority to request and receive information required for its work.
The audit committee will be housed at the National Treasury and Economic Planning and will operate for a three-month period, with the option to extend if necessary.
LSK President Faith Odhiambo Among 8 Figures Appointed For The Public Debt Audit Committee
