LSK PRESIDENT, FAITH ODHIAMBO AMONG THE GAZETTED PRESIDENTIAL TASKFORCE ON FORENSIC AUDIT OF PUBLIC DEBT.
President William Ruto has appointed Nancy Onyango as the Chairperson and Luis Franceschi as the Vice Chairperson of a newly established Presidential Taskforce on Forensic Audit of Public Debt. Alongside them, Ruto appointed Law Society of Kenya President Faith Odhiambo, Philip Kaikai from the Institute of Certified Public Accountants of Kenya (ICPAK), Shammah Kiteme from the Institute of Engineers of Kenya (IEK), and Vincent Kimosop. Abraham Rugo and Aaron Thegeya were appointed as Joint Secretaries to support the task force in its operations.
In an official announcement, President Ruto, exercising his constitutional powers, stated, “I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces, hereby establish a Presidential Taskforce on Forensic Audit of Public Debt.” The task force is mandated to serve for three months starting July 5, 2024.
The primary objectives of the task force include verifying the current stock of public and publicly guaranteed debt, ensuring reconciliation of loan proceeds with appropriate budgetary allocations, and reconciling loan repayments with the terms of the loan agreements. Additionally, it will assess whether the loans have delivered value for money, considering project costs, return on investment, and inter-generational equity implications.
Moreover, the task force will evaluate the effectiveness of Kenya’s Public Finance Management (PFM) framework in managing debt and recommend improvements to strengthen governance and oversight of the public debt management system. The mandate also extends to proposing alternative sources of financing for the country’s development needs in the short and medium term, given the current fiscal constraints and debt burden.
The President’s directive emphasizes accountability and transparency in public finance management by requiring the task force to report directly to him and engage with stakeholders across the finance sector, including industry associations and lobby groups. The task force is authorized to organize meetings, consultative sessions, public events, and engage with the public to gather information and opinions necessary for its comprehensive review.
To ensure efficient operations, the task force has the flexibility to regulate its procedures and establish committees or sub-committees as needed. This initiative underscores the government’s commitment to addressing fiscal challenges through rigorous oversight and strategic management of public debt, aiming to safeguard Kenya’s financial stability and enhance economic resilience in the face of evolving global and domestic economic landscapes.
