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.
Below are a few of the key responsibilities, the task force is mandated to carry out, they include:
- Verify the current status of public and publicly guaranteed debt.
- Reconcile the proceeds of loans with the requisite appropriation for which it was intended.
- Reconcile the loan servicing/repayments with the attendant terms of the facility based on the relevant context and the terms of the loans.
- Assess whether the country obtained value for money with regard to the terms, costs of the project, return on investment and equity.
- Assess the adequacy of the public finance management (PFM) framework.
- To consider, perform, advise and undertake various other related tasks.