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Under the plan which is set for full implementation in the 2026-27 fiscal year, the National Treasury will record all borrowings by the State in government books. That will provide full disclosures on key details including linking the proceeds of the loans to particular projects.
Kenya has set a three-year road map towards fully shifting its government financial transactions to a buildup basis of accounting, in a new financial reporting plan. This is aimed at reducing the cost of foreign loans. The system will provide full disclosures on public debt whose legitimacy and usage of the proceeds have become a matter of public concern
The National Treasury assembled a steering committee, chaired by Principal Secretary Chris Kiptoo to oversee the smooth transition of the government’s financial operations from the current cash-based accounting system that has been in use since 2014. That only recognised transactions involving an exchange of cash.
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Under the plan which is set for full implementation in the 2026-27 fiscal year, the National Treasury will record all borrowings by the State in government books. That will provide full disclosures on key details including linking the proceeds of the loans to particular projects.
