Public Debt Management Workshop Concludes as MPs Eye Crucial Bill
“I look forward to reviewing the draft and ensuring that it becomes law to strengthen Kenya’s debt management framework,” he stated.
A joint workshop on Public Debt Management, bringing together the National Assembly Committee on Public Debt and Privatization and the Westminster Foundation for Democracy (WFD), has concluded in Mombasa. Photo/Parliament of Kenya.
A joint workshop on Public Debt Management, bringing together the National Assembly Committee on Public Debt and Privatization and the Westminster Foundation for Democracy (WFD), has concluded in Mombasa.
The workshop, which focused on Kenya’s debt stock and management strategies, ended with legislators looking forward to the introduction of the Public Debt Management Bill.
According to Committee Vice Chairperson Hon. Makali Mulu (Kitui Central), the Bill is set to be a game changer in the country’s approach to handling public debt.
“Through this workshop, we have established where we stand as a nation in terms of debt stock. We have also identified the gaps that need to be addressed to ensure effective debt management,” Hon. Mulu stated.
In his closing remarks, Hon. Mulu urged fellow legislators to ensure that the Bill is passed into law before the next general election.
He emphasized that doing so would be a crucial step in addressing Kenya’s public debt challenges.
“We have two years to the general election, and as a Committee, we now understand our direction in debt management. One of the key tools to achieving this is the Public Debt Management Bill. It is upon us to thoroughly review it, make the necessary contributions, and pass it into law before the elections to help this country,” he remarked.
Hon. Aden Daud (Wajir East) expressed optimism that the first draft of the Bill will be ready by May 2025, after which it will be presented to the National Assembly for deliberation and approval.
“I look forward to reviewing the draft and ensuring that it becomes law to strengthen Kenya’s debt management framework,” he stated.
Hon. Harun Sulekha (Nominated) echoed similar sentiments, affirming her commitment to making significant contributions to the Bill.
She emphasized that a robust public debt management strategy is essential for the country’s economic stability.
Meanwhile, Hon. Joseph Makilap (Baringo North) commended the Westminster Foundation for Democracy for facilitating the workshop.
He highlighted the importance of Public Debt Management Officers (PDMOs) in ensuring that policymakers receive accurate and unbiased financial data rather than information tailored to suit specific interests.
During the second day of the workshop, participants attended sessions on sovereign debt management, liability management, factors influencing the sovereign bond market, and fiscal policy strategies for handling high debt stock.
As Kenya continues to grapple with rising public debt, the upcoming Public Debt Management Bill is expected to play a pivotal role in ensuring transparency, accountability, and sustainability in the country’s borrowing and debt repayment strategies.
About Author
