President William Ruto has appointed the Law Society of Kenya (LSK) President Faith Odhiambo for a new government role.
In a special gazette notice on July 5, President Ruto named Odhiambo among members of the Presidential Taskforce on Forensic Audit of Public Debt, minutes after his address to the nation at State House Nairobi.
“NOW Therefore, I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defence Forces, in exercise of the powers conferred on me by the Constitution and the Statute Laws of the Republic of Kenya, do hereby order and direct THAT a Presidential Taskforce on Forensic Audit of Public Debt is hereby established,” read part of the notice
The Taskforce will serve for a period of three months effective immediately, or for such longer period as may be specified by Notice in the Gazette.
According to the Notice, the taskforce shall be chaired by Nancy Onyango who will be deputized by Prof. Luis Franceschi as the Vice-Chairperson.
Other members of the taskforce include Institute of Certified Public Accountants of Kenya (ICPAK) Chairperson Philip Kaikai, Institute of Engineers of Kenya (IEK) President Shammah Kiteme, and Vincent Kimosop.
Ruto Forms Presidential Taskforce
The ICPAK, LSK and IEK institutions will also nominate one representative each, with the taskforce being steered by Dr Abraham Rugo and Aaron Thegeya as joint secretaries.
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Odhiambo and the other members have been appointed shortly after President Ruto announced about the formation of an independent taskforce.
“Public debt is and continues to be a major concern in Kenya. I have today appointed an independent taskforce to carry out a comprehensive forensic audit of our public debt and report within three months.
According to Ruto, this audit will provide Kenyans with clarity on the extent and nature of the debt, and how public resources were expended.
The audit will also recommend proposals for managing our public debt in a manner that is sustainable and with intergenerational equity.
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Notably, the Secretariat of the Taskforce shall be based at the National Treasury and Economic Planning.
Roles of the Presidential Taskforce on Forensic Audit of Public Debt
The terms of reference of the taskforce shall be to verify the current stock of public and publicly guaranteed debt and 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 Terms of the loan, Cost of the projects financed,” read part of the notice.
The taskforce shall also assess the adequacy of the public finance management (PFM) framework safeguards on debt management and recommend changes in control environment to strengthen the governance of the nation’s public debt management system.
In the performance of its mandate, the Taskforce shall report to and be accountable to the President.
Also, it shall consult with stakeholders in the public finance sector including industry players, associations and lobby groups regulators and Government agencies, and any other person or entity as the Taskforce shall deem necessary.
The taskforce will hold such number of meetings, consultative sessions, public events and engagements as it shall consider necessary for the purposes of receiving information or views in furtherance of its terms of reference.
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