Odhiambo was on Friday, July 5 appointed to the eight-member committee which will be tasked with reviewing the current stock of public and publicly guaranteed debt.
Law Society of Kenya (LSK) President, Faith Odhiambo, has been appointed as a member of the Presidential Task Force constituted by President William Ruto to to conduct a forensic audit of the public debt.
Odhiambo was on Friday, July 5 appointed to the eight-member committee which will be tasked with reviewing the current stock of public and publicly guaranteed debt.
It will also be charged with 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.
President William Ruto during a press briefing at State House on July 5, 2024. /PCS
Chairing the task force will be Nancy Onyango who will be assisted by Prof. Luis G. Franceschi as the vice chairperson.
Alongside Odhiambo, prominent names in the lineup include CPA Philip Kakai of the Institute of Certified Public Accountants of Kenya, Shammah Kiteme of the Institution of Engineers of Kenya, and Vincent Kimosop.
Abraham Rugo and Aaron Thegeya will serve as the joint secretaries of the task force.
“This audit will provide the people of Kenya with clarity on the extent and nature of the debt, how public resources were expended and will recommend proposals for managing our public debt in a manner that is sustainable and with intergenerational equity,” President Ruto affirmed during a press conference earlier on Friday.
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, with provisions for extensions as required, 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.
Treasury Cabinet Secretary Njuguna Ndung’u speaking before presenting the 2024/25 budget in Parliament on June 13, 2024. /NATIONAL TREASURY