Business Daily | by Dennis Kabaara
(Part 2)
Kenya is an interesting place. A couple of months ago, the National Assembly’s Budget and Appropriations Committee proposed the creation of a special fund to sort out our pending bills monster, which is public debt.
Then this week, the Assembly’s Committee on Delegated Legislation shot down the Public Finance Management (Sinking Fund) Guidelines of 2021; a proposal by the National Treasury to ring-fence funds to manage our debt mountain.
The rejection wasn’t about high-sounding fiscal or financial rationale, just that there was no public participation.
This is the same week it was also reported that we might need International Monetary Fund (IMF) resources to manage our debt to China, or as one blog caustically put it “Borrowing from IMF to pay Kung Fu”…