The Finance ministry of Kenya highlighted Raphael Owino's skills as valuable assets for the country. The previous head of the debt management office, Sirima told local media, that the ministry needs "young blood", as he has been in charge since 2018.
Kenya has appointed Raphael Owino, a Central Bank economist, as the new head of its debt management office, the finance ministry announced on Wednesday.
Owino succeeds Haron Sirima, who announced his stepping down from his position in January.
The Finance ministry praised Owino's expertise in public debt management, including maintaining sustainable debt levels, reducing long-term servicing costs, and managing contingent liabilities.
"Owino brings a wealth of knowledge and valuable experience from his previous role at the Central Bank of Kenya," the statement said. "We are confident that Mr. Owino’s expertise, experience, and insights will greatly benefit our organisation as he steps into this critical role."
The public office also expressed its gratitude to the departing Director General, Dr Haron Sirima, for "his outstanding work at the National Treasury.
"Earlier this year, Kenya's public finances were under scrutiny due to fears of defaulting on a $2 billion international bond.
In a bid to manage the debt, the finance ministry issued a new$1.5 billion bond in February to buy back most of the $2 billion bond, completing the payoff last month.
Moreover, since mid-June, the Kenyan capital and other areas of the country have been seeing violent protests against a proposed tax hike bill, which President William Ruto eventually withdrew.
This action may complicate efforts to meet the International Monetary Fund's (IMF) request to reduce the budget deficit from 5.7% to 3.3% of the GDP.
Despite protests have been taking place across the country following the parliament's discussion and passage of a bill, IMF reportedly insisted on these measures even after violence erupted.
The bill suggested a 16 per cent value-added tax (VAT) on bread, sugar transportation, mobile and financial services, and foreign currency transactions.
It also included a 2.5 per cent excise tax on cars and vegetable oil. In response to the escalating protests, Ruto refused to sign the bill and sent it back to parliament for further review.
According to the Kenya National Commission on Human Rights, 39 individuals lost their lives and 361 were injured over the course of two weeks of protests
