A sound public debt management legal framework should provide mechanisms that ensure transparency and accountability. Transparency and accountability are key elements in the effective management of public funds including public debt. Transparency and accountability are also extremely important for democracy (taxpayers, citizens, and public in general). Access to information is critical for public participation in decision-making/ budgetary process. High levels of transparency reduce corruption by providing better management and environment for economic growth, enhances efficiency in allocation of public resources, and development.
Kenya has a comprehensive public debt management legal framework under the Constitution of Kenya 2010, Public Finance Management Act of 2012 and the Public Debt and Borrowing Policy Framework of 2020. The public finance management principles set out in Art. 201 of the Constitution of Kenya 2010 and the Public Finance Management Act envisage openness and accountability, including public participation in financial matters such as public debt.
Kenya's public debt sustainability is at stake as government continues to borrow more, yet public debt management remains poor and corruption persists. The lack of transparency and accountability in the government borrowing process provides a loophole for mismanagement and theft of borrowed public funds by corrupt public officials. The lack of transparency and accountability of public debt for the benefit of Kenyans remains an issue of public concern. To enhance accountability, citizens have the right to know the extent of government indebtedness, the use of borrowed funds and the projects financed by those borrowed funds.
The Okoa Uchumi coalition has developed this publicly available database to keep track of public debt acquisition, use and retirement in Kenya and to enable the public hold duty bearers to account on the use of the public funds.
|Financial Year||Creditor||Principle Amount||Interest/Condition||Purpose||Project Status||Total Amount Due||Due Date|