President Ruto appoints LSK president to oversee national debt audit

NAIROBI, Kenya, July 5 – Law Society of Kenya (LSK) president Faith Odhiambo is among eight members appointed by President William Ruto to oversee the forensic audit of Kenya’s public debt.

Ruto in a gazette notice dated July 5 asserted that the task force will serve for a period of three months with effect July 5.

“Now Therefore, I, William Samoei Ruto, President of the Republic of Kenya and Commander-in-Chief of the Defense 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 the gazette notice in part.

The task force chaired by Nancy Onyango comprises Institute of Certified Public Accountants of Kenya (ICPAK) chairperson Philip Kaikai, Luis Franceschi, Shammah Kiteme, Vincent Kimosop, Abraham Rugo, and Aaron Thegeya.

It is mandated to scrutinize various aspects of the country’s public debt including verifying the current stock of public and publicly guaranteed debt, reconciling loan proceeds with their intended appropriations, and assessing the alignment of loan servicing with the terms of the loans.

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Furthermore, the task force is tasked with evaluating the value for money obtained from the debt, focusing on the terms of the loans, the cost of the financed projects, the return on investment, and inter-generational equity.

Additionally, they will assess the adequacy of the public finance management (PFM) framework and recommend improvements to strengthen the governance of the nation’s debt management system.
Ruto disclosed that the team will explore alternative financing sources for Kenya’s development needs in the short and medium term devise potential debt reorganization plans and report directly to him with Treasury providing the secretariat for the task force.

The move follows nationwide protest mainly from Kenya’s youthful populace, the Gen-z demanding accountability in government after rejecting parliament.