President William Ruto has gazetted the Presidential Taskforce on Forensic Audit of Public Debt.
The President has appointed Nancy Onyango as the chairperson and Luis Franceschi as the vice chairperson.
Ruto appointed the Law Society of Kenya President Faith Odhiambo, Institute of Certified Public Accountants of Kenya(ICPAK) Philip Kaikai, Institute of Engineers of Kenya (IEK) President Shammah Kiteme and Vincent Kimosop.
He also appointed Abraham Rugo and Aaron Thegeya as joint secretaries.
"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," he said.
The task force will serve for three months effective July 5, 2024.
The task force is mandated to verify the current stock of public and publicly guaranteed debt, reconcile the proceeds of loans with the requisite appropriation and reconcile the loan servicing/repayments with the attendant terms of the facility based on the relevant context and the terms of the loans.
Further, the task force will assess whether the country obtained value for money concerning the terms of the loan, the cost of the projects financed, the return on investment, and equity; including inter-generational equity.
It will also assess the adequacy of the public finance management(PFM) framework safeguards on debt management and recommend changes in the control environment to strengthen the governance of the nation’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 reorganisation plan," the gazette notice read.
The task force will also consider, perform, or advise on any other matter or subject.
The task force will report to and be accountable to the President and consult with stakeholders in the public finance sector including industry players and associations and lobby groups.
The task force shall also hold meetings, consultative sessions, public events and engagements and consider necessary for receiving information or views.
The task force shall also regulate its procedure and create committees or sub-committees for the efficient and expedited discharge of its mandate.