Accessibility Tools

Sunday 15th, December, 2024

3:31 AM EAT

BREAKING NEWS

No data was found

Happening Now!

No data was found
411

Ruto appoints LSK President Faith Odhiambo in debt audit taskforce

Njeri Wambui
President William Ruto. PHOTO/@WilliamsRuto/X
President William Ruto. PHOTO/@WilliamsRuto/X

Listen to this article

Enhance your reading experience by listening to this article

President William Ruto has made a significant appointment by naming Law Society of Kenya (LSK) President Faith Odhiambo to the recently appointed debt audit task force. 

In an official gazette notice dated July 5, 2024, Ruto outlined that the appointment came after the government received pressure from a section of Kenyans raising concerns over the government’s expenditure.

“I make this statement to highlight the actions taken in response to overwhelming public feedback in recent days. Public debt is and continues to be a major concern in Kenya. I have today appointed an independent task force to carry out a comprehensive forensic audit of our public debt and report within three months,” Ruto remarked.

Similarly, Ruto appointed Nancy Onyango as the designated chairperson of the task force, with Luis Franceshi serving as the vice chairperson. 

Additionally, the notice outlined that the task force was set to operate for 3 months, commencing from July 5, 2024. 

Other members appointed to the team were Institute of Certified Public Accountants of Kenya(ICPAK) Philip Kaikai, Institute of Engineers of Kenya (IEK) President Shammah Kiteme and Vincent Kimosop. Ruto also appointed Abraham Rugo and Aaron Thegeya as joint secretaries.

Gazette notice for Ruto appointing 8-member team to audit public debt. PHOTO/K24 Digital
Gazette notice for Ruto appointing an 8-member team to audit public debt. PHOTO/K24 Digital

Below are a few of the key responsibilities, the task force is mandated to carry out, they include:

  1. Verify the current status of public and publicly guaranteed debt.
  2. Reconcile the proceeds of loans with the requisite appropriation for which it was intended.
  3. Reconcile the loan servicing/repayments with the attendant terms of the facility based on the relevant context and the terms of the loans.
  4. Assess whether the country obtained value for money with regard to the terms, costs of the project, return on investment and equity.
  5. Assess the adequacy of the public finance management (PFM) framework.
  6. To consider, perform, advise and undertake various other related tasks.
Before you go…how about joining our vibrant Telegram and WhatsApp channels for hotter stories?

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

Viral Stories

APC with turrets at the National Port in Haiti. PHOTO/@MSSMHaiti/X

Haiti gang kills 110 people accused of witchcraft

Former President Uhuru Kenyatta with President William Ruto at his Gatundu home. PHOTO/@4thPresidentKE/X

Ruto visits Uhuru at his Gatundu home

Court gavel. PHOTO/Pexels

Malindi court sentences man to life imprisonment for incest

Nairobi Woman Rep Esther Passaris

‘May this spirit of unity guide us towards a prosperous future’ – Esther Passaris speaks on Ruto’s visit to Uhuru

Comments

Leave a Reply

Your email address will not be published. Required fields are marked *

(function(w,q){w[q]=w[q]||[];w[q].push(["_mgc.load"])})(window,"_mgq");

SUBSCRIBE TO OUR NEWSLETTER

Stay informed on the latest news by subscribing to the best categories of your interest.