A bill that will triple the pension for lawmakers who served between 1984 and 2001 to Sh100,000 is among the 46 Bills that have been cleared for speedy reintroduction in the new Parliament.
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The East African
Monday January 11 2021
The Suswa station of Kenya’s standard gauge railway. $1.48 billion is due for repayment for its construction. PHOTO | NMG
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Kenyan lawmakers are close to agreeing on legislation that will halt excessive government borrowing and do due diligence on debt-funded projects.
Some projects have become cashcows for unscrupulous state officers, and there are concerns about the economic viability of the Ksh162 billion ($1.48 billion) Nairobi-Naivasha section of the standard gauge railway line whose repayment is due later this month.
The Public Debt Management Authority Bill (2020) seeks to establish an independent state agency to review the purposes for all borrowing proposals floated by the National Treasury and advise the National Assembly on the feasibility of the loans.
Proposed debt agency won’t cure our fiscal indiscipline
Friday December 11 2020
The management of public finances has been characterised by fiscal indiscipline with massive expenditure overruns. FILE PHOTO | NMG
By GEORGE BODO
Summary
The problem does not lie in the lack of an independent public debt management agency, but rather the lack of commitment to implement public debt management reforms, the PFM law and failure by oversight bodies to perform their role.
There is proposed legislation by the Member of Parliament for Nambale Sakwa John Bunyasi titled The Public Debt Management Authority Bill, 2020, and dated October 29, 2020.
Through the Bill, the Member of Parliament wants the functions of national debt management expunged from the Treasury and handed over to an autonomous agency, a Public Debt Management Authority (or PDMA) and the Bill lays out a legal framework for the establishment of the authority.