President William Ruto has constituted the Presidential Task Force to conduct a forensic audit of the public debt.
In a gazette notice on Friday, July 5, President Ruto appointed Nancy Onyango as the chairperson of the task force assisted by Luis Franceschi as the vice chairperson.
Members of the team include; Philip Kaikai, LSK President Faith Odhiambo, Institute of Engineers of Kenya President Shammah Kiteme, and Vincent Kimosop.
Abraham Rugo and Aaron Thegeya will serve as the joint secretaries of the task force.
The team has been tasked with reviewing the current stock of public and publicly guaranteed debt, reconciling loan proceeds with their intended purpose, and reconciling loan repayments with the associated terms of the facility, based on the context and terms of the loans.
The Task Force will also assess whether the country has received value for money in terms of loan terms, cost of the projects financed, return on investment, and equity, including intergenerational equity.
In addition, the task force will assess the adequacy of safeguards in the public finance management (PFM) framework for debt management and recommend changes in the control environment to strengthen the governance of the country’s public debt management system.
“In the light of the current debt burden, the imperative for fiscal consolidation and the constrained fiscal space, recommend alternative sources of financing the country’s development needs in the short and medium term and any debt reorganization plan; and to consider, perform, or advise on any other matter or subject ancillary to the above,” the gazette notice read in part.
The task force will operate for a period of three months and the secretariat of the task force will be based at the National Treasury.
The task force will report and be accountable to President Ruto.
