Report On The Consideration Of The Expenditures Of The Consolidated Fund Services Under The Fy26/27 Budget Estimates

REPUBLICOFKENYA

THENATIONALASSEMBLY

THIRTEENTHPARLIAMENT(FIFTHSESSION)-2026

PUBLICDEBTANDPRIVATIZATIONCOMMITTEE

REPORTON THECONSIDERATIONOFTHEEXPENDITURES OFTHECONSOLIDATEDFUNDSERVICESUNDERTHEFY 2026/27BUDGETESTIMATES

TABLEOFCONTENTS

| LISTOFACRONYMS&ABBREVIATIONS | LISTOFACRONYMS&ABBREVIATIONS | LISTOFACRONYMS&ABBREVIATIONS | |--------------------------------|-------------------------------------------------|-------------------------------------------------| | ANNEXURES | ANNEXURES | ANNEXURES | | CHAIRPERSON'SFOREWORD | CHAIRPERSON'SFOREWORD | CHAIRPERSON'SFOREWORD | | ACKNOWLEDGEMENTS | ACKNOWLEDGEMENTS | ACKNOWLEDGEMENTS | | PREFACE | PREFACE | PREFACE | | a) | a) | EstablishmentandMandateoftheCommittee 8 | | b) | b) | MembershipoftheCommittee 8 | | c) | c) | CommitteeSecretariat... | | d) | d) | ParliamentaryBudgetOffice. 9 | | 1) | INTRODUCTION. 10 | INTRODUCTION. 10 | | 2) | FISCALFRAMEWORKFORTHEFY2026-27BUDGET 10 | FISCALFRAMEWORKFORTHEFY2026-27BUDGET 10 | | 3) | THECONSOLIDATEDFUNDSERVICE(CFS)EXPENDITURES .11 | THECONSOLIDATEDFUNDSERVICE(CFS)EXPENDITURES .11 | | a) | a) | PublicDebtServiceExpenses 12 | | b) | b) | PensionExpenses. 13 | | c) | c) | 14 Salaries,AllowancesandOthersExpenditures. | | 4) | SUBMISSIONSBYTHECONTROLLEROFBUDGET .14 | SUBMISSIONSBYTHECONTROLLEROFBUDGET .14 | | 5) | SUBMISSIONS BYTHECENTRALBANKOFKENYA ..18 | SUBMISSIONS BYTHECENTRALBANKOFKENYA ..18 | | 6) | SUBMISSIONSBYTHENATIONALTREASURY .20 | SUBMISSIONSBYTHENATIONALTREASURY .20 | | 7) | COMMITTEEOBSERVATIONS. .24 | COMMITTEEOBSERVATIONS. .24 | | 8) | .25 COMMITTEERECOMMENDATIONS | .25 COMMITTEERECOMMENDATIONS |

LISTOFACRONYMS&ABBREVIATIONS

ABP

Annual BorrowingPlan

CBK

Central Bank of Kenya

CFS

ConsolidatedFundServices

GDP

Gross Domestic Product

MTDS

Medium-TermDebt Management Strategy

OCOB

Office of theController of Budget

PSSS

PublicServiceSuperannuationScheme

USD

UnitedStates Dollar

ANNEXURES

Annex I

AdoptionSchedule

Annex2

AdoptionMinutes

Annex3

StakeholderSubmissions

CHAIRPERSON'SFOREWORD

The Consolidated FundServices (CFS)expenditures remaincentral to Kenya's fiscal sustainability framework,given that they are direct charges on the Consolidated Fund and directlyaffectfiscalspace,budgetflexibilityandtheresourcesavailablefordevelopment priorities.In FY 2026/27,CFS expenditures are estimated at Kshs.2.56 trillion,with public percentoftotalCFSexpenditures.

Areviewofthedebtservicestructureshowsthat,oftheKshs.2.31trillionallocatedfor public debt service, Kshs. 1.25 trillion relates to interest payments, while Kshs. I.06 trillion relates toredemptions.Thismeans thatmore thanhalfofdebtserviceexpenditurewill be payments are estimated at about 6 percent of GDP, compared to development expenditure at3.6percent of GDP,highlighting the need toprogressively shift fiscalpolicy towards growthenhancingexpenditurethatwillpushtherealgrowthofGDPtowardstheI0percenttarget.

These developments call for a forward-looking fiscalresponse.The Committee therefore emphasizestheneedforacrediblemedium-termfiscalconsolidationframeworkthat progressively reduces the fiscal deficit, stabilizes public debt within the statutory debt anchor, deficit for FY 2026/27 is projected at 5.3 percent of GDP, the highest deficit projected at the beginning of a financial year.

The Committee further underscores the need to improve the quality and impact of public contracted for liability management, their use should be clearly disclosed,including the amounts applied towards debt prepayment, general budget financing and specific projects financed.

Finally,the Committee calls for stronger accountability in the management of on-lent loans. The continued write-off or forgiveness of obligations owed by defaulting entities, without clearaccountabilityandreportingtotheNationalAssembly,maycreatemoralhazardand

The recommendations contained in this Report are therefore aimed at strengthening fiscal sustainability,improvingpublicdebtmanagement,safeguardingdevelopmentexpenditure and objectives.

It is therefore my honor and privilege,on behalf of the Public Debt and Privatization

Examination of the Consolidated Fund Service Expenditures (CFS), under theFY2026/27BudgetEstimates.

The Committee has examined the proposed estimates of expenditure of the Consolidated Fund Services (CFS) in line with its mandate and has prepared this report for consideration by the National Assembly. In reviewing the CFS expenditures, the Committee held 4 sittingsduringwhich,itheldproductivedeliberationswithkeystakeholdersandreceived their submissions.The stakeholders include:the Central BankofKenya,theOffice of the Controller of Budget and the National Treasury and Economic Planning.

Key Recommendations

Arising from these consultative engagements, the Committee has made the following recommendations,THAT:

• 1.In order to contain the growth of debt service expenditures, the National Treasury should implement a fiscal consolidationframework on amedium-termbasis,ensuring it is aligned to Section I6 of the PFM Act CAP 412A, and aimed at progressively reducing the fiscal deficit and stabilizing public debt within the statutory debt anchor set under Section50.
• 2.Inorder tostrengthen compliancewith thestatutory debt anchor,theNational Treasury should, within 30 days of the adoption of this report, submit to the National Assembly a clear debt reduction path indicating annual targets, policy measures, and timelines for achievingthe55percentdebt-to-GDPthresholdinNetPresentValueterms.

3. In order to ensure that additional borrowing generates measurable economic impact, the National Treasury should, as from Ist of July 2026, strengthen resource mobilization assessment of expected economic rates of return before contracting. 4. In order to safeguard value for money in liability management operations, the National Treasury should ensure that all such operations are supported by cost-benefit analysis, 5. In order to improve accountability of commercial loans contracted for liability management,the use of these loans should be clearlydisclosed,including the portion projectsfinanced.

• 6.In order topreserve fiscal space for developmentpriorities,theNational Treasury should GDP,overthemediumterm.
• 7.In orderto addressmoralhazard in on-lent loans,the National Treasuryshould:
• a.Within three (3) months of the adoption of this report, develop an accountability framework for defaulting entities, including clear reporting to the National

• undertaken;
• b. obligationsissubmittedtotheNationalAssemblyforconsiderationandapproval beforeimplementation,and;
• Within three (3) months of the adoption of this report, submit to the National Assembly a comprehensive report on all defaulting entities over the past ten years, indicating the total amounts forgiven, outstanding obligations, reasons for default, impact on projects, recovery measures undertaken, and the accountability

ACKNOWLEDGEMENTS

TheCommitteeextendsitsgratitudetotheOfficeoftheSpeakeroftheNational Assemblyand theOfficeoftheClerkof theNational Assembly,forthesupportextended in fulfilling its mandate of reviewing the expenditures of the Consolidated Fund Services under theBudgetEstimatesforFY2026/27.Sinceregratitudeisalsoextendedtothe Central BankofKenya,theNational Treasury and EconomicPlanning,and the Office of theControllerofBudgetforhonouringtheinvitation andprovidingcritical information.

Finally, the Committee would like to thank the Parliamentary Budget Office for the invaluable supportprovided in thereviewof the of the expendituresof theConsolidated FundServicesandforthefinalizationofthisreport.

Itisthereforemypleasantundertaking,onbehalfofthePublicDebtandPrivatization Committee,totablethisreportandrecommenditforadoptionbythisHouse.

SIGNED

HON.ABDISHURIE,CBS,MP. CHAIRPERSON,PUBLICDEBT&PRIVATIZATIONCOMMITTEE

Qop6

DATE

PREFACE

a)EstablishmentandMandateoftheCommittee

The powers of each House of Parliament to establish committees and to make Standing Orders for the orderly conduct of its proceedings are provided for under Article 124 of the ConstitutionofKenya,20lo.Toensure effective oversightonmattersconcerning public debt, debt guarantees, public-private partnerships, and the privatization of national assets, the National Assembly Standing Order 207A establishes the Public Debt and Privatization Committee,which is tasked with specific mandates such as:

• i. Oversight of public debt and guarantees, pursuant to Article 2l4 of the Constitution
• ii. Examine matters relating to debt guarantees by the National government;
• ili. OversightConsolidated Fund Services excludingaudited accounts;
• iv. Examine reports on thestatus of the economy inrespectof thepublic debt;
• V. Oversight ofPublic-Private Partnership programs by the national government withrespectofthepublicdebt;and
• vi. Oversightprivatizationofnationalassets

This Committee is therefore mandated, among other functions, to examine the Consolidated Fund Service Expenditures and propose recommendations to the House for adoption.

b)MembershipoftheCommittee

ThePublicDebt andPrivatization Committeeas currently constituted,comprises the following Members of Parliament: -

CHAIRPERSON

Hon.Abdi Shurie, CBS, M.P. Balambala Constituency Jubilee Party

VICE-CHAIRPERSON

Hon.Njoki Irene Mrembo,M.P Bahati Constituency Jubilee Party

Hon.Omboko Milemba M.P Emuhaya Constituency ANC Party

Hon. (Dr.) Irene Kasalu M.P Kitui County Wiper Party

Hon. Kwenya, Thuku Zachary, M.P

Kinangop Constituency Jubilee Party Hon.(CPA) Suleka,H.Harun.M.P

Nominated MP UDM Party

Hon. Kipkoros Joseph Makilap M.P Baringo North Constituency UDA Party

Hon. Chege Njuguna M.P Kandara Constituency UDA Party Hon. Muiruri Muthama Stanley, M.P Lamu West Constituency Jubilee Party Hon.Aden Daud, EBS, M.P WajirEast Constituency Jubilee Party Hon. (Dr.) Daniel Manduku, M.P Nyaribari Masaba Constituency ODM Party Hon. Barongo Nolfason Obadiah, M.P Bomachoge Borabu Constituency ODM Party

c) Committee Secretariat

Mr. Chacha Machage

SeniorFiscalAnalyst/HeadofSecretariat

Ms. Audrey Ogutu Legal Counsel Il

Mr. Job Mugalavai FiscalAnalystIl/ClerkAssistant

Mr.Yakub Ahmed Media Relations Officer Ill

Mr. Timothy Chiko

Research Officer IlI

Ms. Rehema Koech AudioOfficerIll

Ms.Mwanasha Juma

AssistantSerjeant-at-Arms

Mr.George Mbaluka Office Assistant

d)ParliamentaryBudgetOffice

The Committee also received technical support from the following staff of the Parliamentary Budget Office:

FA (Dr.) Martin Masinde, OGW Director,Parliamentary BudgetOffice(PBo)

Mr. Robert Nyaga Senior Deputy Director (PBO)

Ms. Julie Mwithiga Senior Fiscal Analyst

Hon. Abdi Ali Abdi, M.P ljara Constituency NAP-K

Hon.Kirwa Abraham Kipsang, M.P Mosop Constituency UDA Party

Hon.Letipila Dominic Eli, M.P Samburu North Constituency UDA Party

DINTRODUCTION

• 1.The annual Budget Estimates provide an important framework for national planning, resource allocationandparliamentaryscrutinyofGovernmentprioritiesfor thefinancial year. Through this process, the National Assembly examines the proposed fiscal Article 22l of the Constitution and Section 37 of the Public Finance Management Act, Cap.412A,theNational TreasurysubmittedtheBudgetEstimatesforFY2026/27tothe
• 2.Within this framework,thePublicDebt andPrivatizationCommittee ismandated,under Standing Order 207A(1)(c),toexamine the estimatesrelating to Consolidated Fund Servicesexpenditures andsubmit itsreportto theNational Assembly in accordancewith StandingOrder207A(4).
• 3.Consolidated Fund Services expenditures comprise direct charges on the Consolidated Fund asprovidedforundertheConstitutionandvariousActsofParliament.Theseinclude publicdebtservice,pensions,salariesand allowancesforconstitutionalofficeholders,and other statutoryobligations.
• 4.In FY 2026/27, Consolidated Fund Services expenditures are estimated to amount to Kshs. implicationsforbudgetflexibility,fiscal space,andtheGovernment'scapacitytofinance priorityprogramsandothercriticalpublicexpenditures.

5. This Report is organized as follows:Chapter Oneprovides theintroduction and context of thereview.ChapterTwo examinestheConsolidatedFundServicesexpenditures under theBudgetEstimatesforFY2026/27,includingPublicDebtService,PensionExpenditures, andSalaries,Allowances and otherMiscellaneousExpenditures.ChaptersThree,Four and FivepresentthesubmissionsbytheControllerofBudget,theCentralBankofKenya,and whileChapterSevencontainstheCommittee'srecommendations.

2)FISCALFRAMEWORKFORTHEFY2026-27BUDGET

• 6.Total revenueforFY2026/27isprojected atKshs.3.63trillion,representingagrowth of 6.8 percent from the Kshs. 3.40 trillion projected in FY 2025/26. However, as a share of GDP, total revenue is expected to decline from 18.2 percent in FY 2025/26 to 17.4 percent in FY 2026/27, indicating that the revenue trajectory remains below the policy
• 7.TotalexpenditureforFY2026/27isprojected atKshs.4.79 trillion(23percentof GDP), payments of Kshs. 127.7 billion, additional allocations to the IEBC of Kshs. 14.82 billion, increased wages and salaries of Kshs. 12.64 billion, and higher pension obligations of Kshs.

• 8.91 billion.Notably,Consolidated Fund Services-related components account for approximately 93 percent, or Kshs. 136.63 billion of the total increase in above-the-line non-discretionaryobligations,particularlydebtserviceandpensions,therebyincreasing gross financing needs in FY 2026/27 and further constraining fiscal flexibility.
• 8.Total expenditure for FY 2026/27 comprises Kshs. 3.54 trillion in recurrent expenditure and Kshs. 748.96 billion in development expenditure. Recurrent expenditure is projected by Kshs. 9.47 billion to Kshs. 749 billion.This is notable because development expenditure importantforeconomicdevelopment anddebtsustainability.
• 9.Given that total expenditure exceeds total revenue, the fiscal deficit for FY 2026/27 is projected at Kshs. I.1I trillion, (5.3 percent of GDP). This represents a marginal decline from the projected deficit of Kshs. 1.2 trillion (6.4 percent of GDP) in FY 2025/26. Nevertheless,this is thehighest fiscal deficit projected at the beginning of any financial year and indicates a continued expansionary fiscal policy stance. It also points to sustained growth in the public debt stock, with public debt expected to increase by more than Kshs. I trillion for the third consecutive year.

10. To finance the deficit for the FY 2026/27, domestic borrowing is expected to account for the largest share.Net domestic borrowing is projected at Kshs. 995 billion,(of 90 percent of the fiscal deficit), while net external borrowing is projected at Kshs. ll6.l billion (10 percent). WWhile borrowing from the domestic market provides a degree of stability and predictability inbudget financing,among other benefits, theheavy reliance on domestic borrowing islikely toincrease refinancing andinterestpaymentpressures.This is particularly notable given that domestic debt service is projected to account for about 71 percentoftotaldebtserviceexpenditureinFY2026/27.

3)THECONSOLIDATEDFUNDSERVICE(CFS)EXPENDITURES

• Il. Overall Consolidated Fund Services (CFS) expenditure for FY 2026/27 is projected at Kshs. 2.56 trillion, reflecting a marginal decline of Kshs. 21.6 billion from Kshs. 2.58 trillion under Supplementary Estimates I for FY 2025/26. However,caution is warranted given that a similar decline had initially been projected in FY 2025/26 before reversing by Kshs. thesestatutoryexpenditures.

12. The projected decline in FY 2026/27 is largely attributable to a Kshs. 28.6 billion reduction in public debt service expenditure, partially offset by a Kshs. 7 billion increase in pensionrelatedexpenditures. 13. Overall, CFS expenditure is composed of:

• a.Public debt service expenditures worth Kshs. 2.3I trillion (90 percent),
• b.Pension expenditures worth Kshs. 241.94 billion (9 percent), and
• c.Salaries&other statutory expenditures amounting toKshs.5.15billion(lpercent).

14. Over the medium term, CFS expenditure is projected to increase to Kshs.3 trillion by FY 2029/30 and will have tripled from the Kshs.1.l trillion recorded in FY 2020/21.The pressures associated with domestic debt,periodic maturities of sovereign bonds,and increasing pension expenditures. 2. 15.Given thatCFSexpenditures constitute a directchargeontheConsolidatedFund,their sustainedgrowthislikelytofurtherconstrainfiscalspaceoverthemediumterm.This underscores the need for strengthened cash management practices, proactive debt restructuringmeasures,andbroaderliabilitymanagementoperationsaimedatreducing the debt service obligations and creating lasting fiscal space to spur economic growth.

a) Public Debt Service Expenses

16. Public debt service expenditures are projected at Kshs. 2.3l trillion in FY 2026/27, fromKshs.2.35 trillion in FY2025/26.Theprojected debt service obligationscomprise domestic debtservice amounting toKshs.1.64trillion(7lpercent)andexternaldebt serviceamounting toKshs.680.38billion(29percent).Thiscompositionindicates that consequently,overall CFSexpenditures.The trend is expected topersistover themedium term, largely due to the increasing reliance on domestic borrowing tofinance fiscal deficits. 2. 17.From an economic expenditure classification perspective,the FY 2026/27 public debt service allocation of Kshs. 2.31 trillion comprises Kshs.1.06 trillion in redemptions, or principal repayments, and Kshs. 1.25 trillion in interest payments. Interest payments accountforthelargershare at54percent,reflectingthe continuedcostofcarryingpublic debt. At about 6 percent of GDP, interest payments exceed development expenditure, whichisestimatedat3.6percentofGDP,indicatingthatdebtservicecostsremainamajor developmentpriorities.

i.Domestic Debt Service

• 18.Domestic debt service is projected at Kshs.1.64trillion in FY2026/27,representing an Government securities, particularly Treasury bonds. The domestic debt service obligationscomprisethefollowing:
• a.Domestic debt redemptions:In FY 2026/27,domestic debt redemptions are projected to increase to Kshs.. 648.78 billion up from Kshs. 544.26 in FY 2025/26, andareexpectedtoremainelevatedoverthemediumterm.Thetrendreflects increasingmaturities of long-termdomesticbonds.Domesticbond maturitiesin FY 2026/27 are projected at Kshs.440.17billion, compared toKshs.275.6billion in FY 2025/26, representing an increase of Kshs. 164.52 billion and signaling heightened refinancingriskswithinthedomesticdebtportfolio.

• b.Domestic interest payments: In FY 2026/27, domestic debt interest payments are projected at Kshs. 986.73 billion, representing an increase of Kshs. 102.97 billion (12 percent) from Kshs. 883.76 billion in FY 2025/26. The increase is primarily driven by interest obligations arisingfromTreasurybonds.
• ii. External DebtService.
• 19.ExternalDebtServiceinFY2026/27willamounttoKshs.680.38billiondownfroma percent)andwillcompriseof:a)External InterestofKshs.267.51billonandb)External Redemption of Kshs. 412 .87 billion. The relatively lower interest payments reflect the continuedconcessionalnatureofasignificantshareoftheexternaldebtportfolio.Over themediumterm,however,commercialexternaldebtisexpectedtoremainamajor driverofdebtservicecosts.BetweenFY2027/28andFY2029/30,approximatelyKshs. 1.02trillion is projected to be incurred in meeting interestpayments and redemptions relatedtocommercialexternaldebt.
• a.External Debt Redemption payments:In FY 2026/27,external debt redemption expenditures are projected at Kshs. 412.87 billion, largely driven by obligations to commercial andbilateral creditors.Theseincluderepayments to the Export-lmport Bank of China (China Exim Bank) amounting to Kshs. 71.78 billion, International Development Association (Kshs.62.64 billion),International MonetaryFund (Kshs. 49.24 billion),Trade and Development Bank (Kshs.38.37 billion), and International associatedwithcommercialborrowingareexpectedtoincreaseoverthemedium term, with a total of Kshs. 486 billion projected to mature between FY 2027/28 and FY2030/31.
• b.External debt interest payments: In FY 2026/27, external debt interest payments are projected at Kshs. 256.ll billion, largely driven by obligations arising from International Sovereign Bonds(Kshs.128.03 billion),the Export-lmport Bank of China (Kshs. 28.6I billion), International Development Association loans (Kshs. 27.9 billion),and the African Development Bank(Kshs.16.39 billion).Over the medium significant,with approximatelyKshs.531.33billionprojected tobe incurredbetween FY 2027/28 and FY 2030/31 in servicing interest obligations on commercial loans.

b) Pension Expenses

• 20.PensionexpenditureconstitutethesecondlargestcomponentofConsolidatedFund Services expenditure, accounting for approximately 9 percent of total CFS. In FY 2026/27, pension expenditure is projected atKshs.241.94 billion,reflecting an increase of Kshs. 7.04 billion, or 3 percent, from Kshs.234.9 billion in FY 2025/26. The increase is distributedacrossthefollowingpensioncategories:
• a.Ordinarypensions-Kshs.I03.33 billion;
• b.Commutedpensions-Kshs.92.21billion;
• c.PublicServiceSuperannuationScheme-Kshs.39.57billion;and

• d. Other pension-related obligations, including pensions payable to the UK Government(Kshs.39million)andaccruedbenefitstoPublicService Superannuation Scheme members upon early exit (Kshs. 6.5 billion).

2. projected to increase further to approximately Kshs. 272.5 billion. Substantial budgetary allocations continue to be made to meet pension obligations for retired public servants and their dependants. Nonetheless, the pension system continues to face administrative in thesettlementofpensionbenefits.

c) Salaries, Allowances and Others Expenditures

• 22.Salaries and allowancesforconstitutional officeholders areprojected atKshs.5.079 billion inFY2025/26,a marginal increase ofKshs.14.03millionfrom therevisedestimatesfor FY 2025-26 of Kshs.5.065 billion. The increase is mainly driven by Kshs. 139.54 million for the Judicial Department,gratuity payments of Kshs.14.63 million to the Controller of offsetbyreductions across theotherCommissions andOffices.

4)SUBMISSIONSBYTHECONTROLLEROFBUDGET

TheCommitteewasinformed that:

• trillion, revised toKshs.5.50 trillion in Supplementary Budget I, representing a 17 percent increase(Kshs.807.48billioncomprisingofministerial recurrentKshs.229.42billion, ministerialdevelopmentKshs.134.46billionandKshs.443.69billionforConsolidated FundServices).
• 24.The budget comprised Kshs. 744.84 billion for ministerial development expenditure, expenditure Kshs.2,141.03billion revised toKshs.2,584.62 billion (21percent increase). The revised ministerial development expenditure is funded through the net supply (from thegovernmentexchequer)ofKshs.482.99billionrevisedfromKshs.407.10billion and Appropriation-in-Aid (AlA) Kshs. 396.31 billion revised from Kshs. 337.74 billion, recordingI9percentand17percentincreaserespectively.
• the exchequer, amounting to Kshs. I,679.57 billion (revised from Kshs. I,470.45 billion andAlAofKshs.357.56billionrevisedfromKshs.334.26billion,representing14percent amounts to Kshs.415 billion as per the County Allocation of Revenue Act,2025. The budgetmovementisreferencedinAnnexI of thisreport.

26. To finance the budget, the Government planned to raise resources from several sources, including tax revenue,non-tax revenue, domestic borrowing, external loans and grants, and other domestic financing. Tax revenue was initially projected at Kshs. 2.63 trillion but revenuewasrevisedupwards fromKshs.127.65billion toKshs.183.65billion. 27. Domestic borrowing was initially projected at Kshs. 1,098.26 billion, comprising net domestic borrowing of Kshs. 634.75 billion and internal debt redemptions/rollovers of Kshs. 463.51 billion. Under Supplementary Budget I, domestic borrowing was revised upwards to Kshs. I,669.70 billion, comprising net domestic borrowing of Kshs. I,125.44 billion and internal debt redemptions/rollovers of Kshs.544.26 billion. 28. External loans and grants were also revised upwards from Kshs. 569.81 billion to Kshs. 694.26 billion, while other domestic financing was projected at Kshs.10.80 billion. 4. 29.Thegrossexpenditurefor theNationalGovernmentamountedtoKshs.3.36trillion, recordedina similarperiodof FY2024/2025.The expenditurecomprisesministerial development expenditure at Kshs. 507.90 billion (absorption rate of 68 percent), ministerial recurrent expenditure at Kshs.I.36 trillion(absorption rate of 75 percent), and Consolidated Fund Services at Kshs. I.50 trillion (absorption rate of 70 percent). 30. Budget allocation to the CFS in the FY 2025/2026 amounted to Kshs. 2.14 trillion revised compared to Kshs.1.99 trillion allocated in the FY 2024/2025. 6. 31.ThatthekeycostdriversfortheConsolidatedFundServicesinclude: 7. a.High Public Debt Stock and Debt Servicing Costs: The rising public debt stock directly impacts debt service obligations. During the first nine months of FY 2025/26, the total expenditure on government debt principal and interest amounted to Kshs. 1.35trillion,representing70percentof thepublicbudget allocation.

• b. CommitmentFees,PenaltiesandOtherLoanCharges:Duringthefirstninemonths ofFY2025/26,theGovernmentincurredKshs.3.56billionincommitmentfees, penalties and other loan charges on external loans,reflecting continued delays in the absorptionandutilizationofexternallyfinancedfunds.Thecontinuedaccrualof commitmentfeespointstoslowimplementationofexternallyfinancedprojects,

9. c.Rising Pension and Gratuity Obligations: In the first nine months of FY 2025/26, expenditure on pensions and gratuities amounted to Kshs. I41.92 billion, reflecting an increasefromKshs.124.25billionrecorded ina similarperiodof FY2024/25.

• 32.Thatthefiscalrisks andvulnerabilitiesassociatedwithCFSexpenditureinclude;
• a.Debt Sustainability Risks:The increasing debt stock and high debt servicing costs pose a significant risk to fiscal sustainability. As at 3lst March 2026, the public debt stood atKshs.12.82 trillion,and its servicing cost continues to consume a substantial portion of government revenues, given that public debt is a first charge, thereby reducing the fiscal space available for other development activities and public service delivery.
• b.Refinancing and Rollover Risks: Domestic debt, as well as International Sovereign Bonds, exposes the Government to refinancing risks. Maturing debt instruments may require frequent liability management operations at potentially unfavourable terms, especiallyundertightliquidityconditions.
• C. underCFScreatecashflowpressuresontheExchequer.Thismayprecipitate negatively affect budget implementation and service delivery.
• d.Foreign Exchange Risks: Any depreciation of the Kenyan shilling increases debt servicingcosts and necessitateshigherbudgetaryallocationstowarddebtrepayment attheexpenseofpriorityexpenditure.
• e.InterestRateRisks:Continuedrelianceondomesticborrowingmaysustainhigh domestic interest rates, thereby increasing the cost of government borrowing and debt servicing.

33. The Consolidated Fund Services (CFS) expenditure for FY 2026/27 is projected at Kshs. 2.56 trillion compared to Kshs. 2.58 trillion under Supplementary Estimates I for FY 2025/26,reflectingamarginaldecreaseofKshs.21.64billionor0.8percent. 34. In FY 2026/27, interest payments are projected at Kshs. 1.25 trillion, accounting for approximately 54 percent of total debt servicing costs, while redemption payments are projected at Kshs. 1.06 trillion, representing approximately 46 percent. 35. The higher proportion of interest payments implies that more than half of the Government's debt servicing obligations will be used to meet financing costs rather than actual repaymentof theprincipal debt.

• Kshs.1.64 trillion in FY 2026/27,(64 percent of total CFS expenditure), compared to Kshs. 1.43 trillion in FY 2025/26 Supplementary Estimates 1. The continued growth in credit.

37. External debt servicing is projected at Kshs. 680.38 billion in FY 2026/27, compared to Kshs. 916.53 billion under Supplementary Estimates I for FY 2025/26, reflecting a decline of Kshs. 236.15 billion or 26 percent, mainly due to lower projected external redemption payments.

• 38.Pension expenditure isprojected atKshs.241.94 billion in FY2026/27,compared toKshs. 234.90 billion under Supplementary Estimates I for FY 2025/26, representing an increase of Kshs. 7.04 billion or 3 percent. The increasing pension obligations continue to place pressure on recurrent expenditure and reduce the fiscal space available for development programs.

39. The Controller of Budget makes the following recommendations to strengthen CFS Management,enhanceFiscal Resilience,andsupportPrudentPublicDebtManagement.

• a)Adopt a Medium-Term Fiscal ConsolidationFramework Anchoredon Debt SustainabilityTargets:TheGovernmentshould develop andimplement a legally enforceablemedium-termfiscalconsolidationframeworktoprogressivelyreduce thefiscaldeficitandstabilizepublicdebtwithinthestatutorydebtanchor.
• b) ))Reconfigure the Debt Mix Towards Affordable and Long-Term Financing:The National Treasury should progressively reduce reliance on expensive short-term domesticborrowing and non-concessional external debt by prioritizing concessional debtredemptionprofileoverthemedium-tolong-term.
• Institutionalize Liability Management Operations within a Clear Fiscal Risk Framework: Liability management operations, including bond buybacks, switches and framework supported by robust cost-benefit analysis.Thiswill ensure that debt repaymentobligationsatahigherfuturecost.
• Enhance Cash Management and Treasury Single Account (TSA) Operations: The National Treasury should fully operationalize the Treasury Single Account(TSA) framework across government entities to improve cash visibility, reduce idle balances, minimize reliance on overdraft facilities, and enhance predictability in exchequerreleases.Improvedcashforecasting andcommitment control systems wouldfurtherreducedelaysindebtservicingandbudgetexecution.
• e) LinkBorrowingtoGrowth-EnhancingandRevenue-GeneratingInvestments:Future borrowingshouldincreasinglybedirectedtowardshigh-impactandrevenuegenerating sectors capable of stimulating economic growth, enhancing export
• f) Strengthen Oversight and Transparency in Borrowing Decisions: There is a need to enhanced legislative scrutiny, publication of detailed debt utilization reports, and Borrowing decisions should be supported by evidence-based analysis demonstrating economic returns, affordability, and alignment with national development priorities.

5)SUBMISSIONSBYTHECENTRALBANKOFKENYA

TheCommitteewasinformedthat:

40. The proposed budget for FY 2026/27, the total CFS expenditure is proposed to decline reduced redemptions that more thanoffset the increase in theprojected interest payments. While foreign redemptions are expected to decline by Kshs. 260.9 billion, domestic redemptions are expected to rise byKshs.104.5billion. 41. Debt service is expected to account for 77.6 percent of ordinary revenues in FY 2026/27, a decline of 6.6 percentage points from 84.2 percent in the FY 2025/26 Supplementary Budget,implying areducedshareofrevenues are devotedto debt servicing.Thiswill createsomefiscalspaceforotherexpenditureitems,includingdevelopment. 42. Debt service is still projected to absorb almost half of total government expenditure in FY2026/27,indicatingtherisingcostof bothdomestic andforeigndebt. 4. 43.In itsrole as fiscal agent, the CBKwas advised bytheNational Treasury of a revised net domestic borrowing target of Kshs. 994.8 billion from the initial target of Kshs. 634.8 billion in FY 2025/26 Supplementary I Budget estimates. This revision reflected increased expenditure needs and shortfalls in external financing, necessitating a greater reliance on domestic borrowing to bridge the financing gap. 44. The domestic market continues to support growing budgetary needs, underpinned by close coordinationbetween theNational Treasury and CBK,includingjointplanning of Treasury securities issuance—covering timing, instrument mix, and auction sizes—to 6. 45.Activeliabilitymanagementoperations(LMOs)havefurthersupportedsmoothingof the maturity profile, reduced refinancing risks, eased near-term fiscal pressures, and contributedtoforeignexchangemarketstability. 7. 46.Furthersupporthascomefromastableanddiversifiedinvestorbase,anappropriatemix of instruments to manage cost and risk, and strong performance of Treasury bond and bill auctions, which continue to mitigate rollover risks. lmprovements in market access and efficiency,particularly throughtheDhowCSDplatform,havealso strengthened the governmentsecuritiesmarket. 47. The CBK's role will remain pivotal in supporting Government financing, particularly in the context of the revised domestic borrowing requirement of Kshs. 995.7 billion (4.8 percent ofGDP)intheFY2026/27BudgetEstimates. 9. 48.Sustained coordination with the National Treasury,active liquidity management, and continuedmarketdevelopmentwillbecriticaltoensuringcost-effectivefinancing maintaininginvestorconfidence,andsafeguardingmacro-financialstability. 49. The utilization of the government overdraft facility has consistently remained within the limit, implying no disruption to regular market operations. As at end-April 2026, the limit stood at Kshs. 121.7 billion,with utilization of Kshs. 63.6 billion(52.3 percent).

50. The FY 2026/27 budget is being prepared amid heightened global uncertainty linked to geopolitical tensions in the Middle East, which have disrupted commodity markets, 51. Kenya's economic growth averaged 5.0 percent during 2022-2025, easing to 4.6 percent in 2025 due to weaker agriculture and manufacturing, but supported by strong performanceinconstruction andservicessector.The2026/27growthforecasthasbeen oil prices, supply chain disruptions, and weaker global demand linked to geopolitical tensions. 52. Inflation rose to 5.6 percent in April 2026, reflecting impact of elevated global oil prices, for Government. 53. The fiscal position is expected to improve, with the deficit projected to decline to 5.3 percent of GDP from 6.5 percent in the Supplementary I budget (2025/26) estimates, reflectingareturntofiscalconsolidationinFY2026/27.However,risksremainfrom climate shocks, global price volatility, tighter financing conditions, and weaker global growth, which could affect inflation, growth, and fiscal space. 54. The revised fiscal position implies higher borrowing needs and therefore an increase in publicdebtstock.Consequently,thepresentvalue ofpublicdebtis expected toremain above the 55 percent anchor and is projected to decline gradually over the medium term. 55. To effectively manage CFS expenditures and bolster long-term fiscal stability, the Governmentshould:

• a) Sustain ongoing fiscal consolidation to narrow the primary deficit and contain the growthofdebt-servicecosts.

8. b)Diversifyinvestment financing through non-debt-creatingfinancingmodels, specificallyPPPs tofund critical public infrastructure. 9. maturity profile and mitigate refinancing risks in response to evolving market conditions. 10. d)Prioritize concessional externalfinancingto alleviatepressure on domesticinterest rates andsupportongoingrecoveryofcredittoprivatesector. 11. e)Fully leverage the DhowCSDplatform to improve liquidityforecasting, deepen the interbankandrepomarkets,andstabilizedomesticborrowingcycles. 12. f)

6)SUBMISSIONSBYTHENATIONALTREASURY

TheCommitteewasinformedthat:

• the escalationofconflictin theMiddleEastinearly2026,whichhasdisruptedcommodity markets,weakenedinvestorconfidence,andtightenedfinancial conditions.

57. Consequently, global economic growth is expected to moderate to about 3.1 percent in 2026 and 3.2 percent in 2027, down from an average of 3.4 percent in 2024-2025. Growth in2026and4.4percentin2027,althoughvulnerabilitiesremain. 58. In 2025, the Kenyan economy sustained the growth momentum registering a growth rate of 4.6percentcomparedwith4.7percent recordedin2024,withallthesectors registering positive growth. The expansion of real GDP was supported by a strong recovery in the construction sector, the Mining and Quarrying sector, Accommodation & FoodService,Financial&Insurance.

• 59.The growth momentum in 2025 was moderated by a slowdown in the Agriculture, performance.

60. Over the period 2022-2025, the economy on average expanded by 5.0 percent, average of 4.I percent. 61. The growth outlook for 2026 will be affected by emerging external risks, particularly the conflict in the Middle East. These developments are transmitting through higher global oil pricesthatrosefromanaverageof USdollar63.06perbarrel inFebruary2026toaverage

• 62.The elevated fuel costs continue toincrease transport andproduction expenses,thereby weighingonkeysectorssuchasmanufacturing,transportandstorage,andwholesaleand retail trade.
• percentto5.0percent.Thisbaselineprojectionassumes that theconflictin theMiddle East will be contained in the near term, allowing for partial stabilization of global energy pressuresabateandglobalsupplychainsnormalize.

64. The Government continues to implement complementary cross-cutting policy interventions tosustain macroeconomic stability and accelerate economic transformation. This roadmap emphasizes long-term industrial planning,expansion of productive capacity, large-scale investment inhuman capital, and strategicinfrastructure development.

• established the National Infrastructure Fund(NiF) to serve as the primary vehiclefor

• investment.

66. To complement the NiF, the Government will also establish the SovereignWealth Fund (SWF).TheSWVFwill have three distinct components:theStabilization Component, the Strategic Infrastructure Investment Component, and the Future Generation (Urithi) Component. 67. In the FY 2026/27, budget, the Total Revenues (including Appropriation-in-Aid) are projected at Kshs. 3,629.7 billion (17.4 percent of GDP) from Kshs. 3,399.1 billion (18.2 percentofGDP)intheFY2025/26.Ofthis:

• a. Ordinary revenue is projected at Kshs. 2,985.7 billion, 14.3 percent of GDP, reflecting a decline from 14.9 percent of GDP in FY 2025/26. The decline is mainly attributed to lower investment income, particularly the absence of the Kshs. 40.0 billionSafaricom advancedividendand thereductionoftheCBKdividendfromKshs. 30billiontoKshs.6.5billion.
• SupplementaryI of FY2025/26.

68. Total expenditure in the FY 2026/27 budget is projected at Kshs. 4,785.2 billion (23.0 percent of GDP) in the FY 2026/27 from Kshs. 4,638.4 billion (24.9 percent of GDP) in theFY2025/26.Thiswillcomprise:a)recurrentexpenditureofKshs.3,538.7billion(17.0 percentof GDP);b)developmentexpenditure of Kshs.749.0billion(3.6percentofGDP); and c)transfers toCountyGovernments ofKshs.495.5billion.

• percent of GDP).

70. In line with the fiscal consolidation plan, the overall fiscal deficit is projected to gradually 2027/28andfurtherto3.3percentofGDPintheFY2028/29. 71. The National Treasury is currently reviewing the 2025 MTDS to align with the FY 2025/26 preparedaftertheapprovalof theFY2026/27budgetestimates. 72. On the Monitoring of Projects funded through of On-Lent Loans:

• a)The National Treasury is reviewing the project management processes with a view to identifying the implementation gaps and will undertake corrective action.Monitoring of sampledProjectsfinanced throughOn-lent loanswill be done inFY2026/27.
• b)Loansfrom the Two(2) Entities,National Water HarvestingSafetyAuthority and

• recommendedawriteoffofthehistoricalloans.TheCabinetgrantedtheapproval November2025.Theloanswerewrittenoffandhasbeenremovedfromtherecords.
• TheNational Treasurycontinuestoissuedemandlettersonan annualbasis toEntities with Government Loans. Next demand letters will be issued on 30th August 2026 oncetheFinancialStatementfor2025/26arefinalized.
• d)Loan recoverability within the Water sector is expected to improve onceWater Agencies fully operationalize Bullky Water Operation Systems. Athi Water Works Development Agency, which has already operationalized bulk water systems in several projects, has led to enhanced loan repayment amount. For FY 2025/26 they have remitted Kshs.70 million.

73. The Consolidated Fund Services (CFS) Estimates for FY 2026/27 total to Kshs. 2.56 Estimatesl. 74. The projected CFS expenditures for FY2026/27 are composed of domestic debt interest ofKshs.986.7billion,external debtinterestof Kshs.267.5 billiondomestic debt redemptions of Kshs. 648.8 billion,external debt redemptions of Kshs.412.9 billion, pensionsofKshs.24l.9billionandsalariesandallowancesfortheconstitutionaloffice holders ofKshs.5.07billion. 75. The Consolidated Fund Services (CFS) expenditures as a share of ordinary revenue increasedsteadilyfrom25.7percentinFY2016/17toapeakof50.3percentinFY expendituresincreasedfrom4.9percenttoabove8.7percentoverthesameperiod. 76. The sharp rise in the CFS-to-revenue ratio over the recent period reflects effects of Kenya shilling depreciationover timeand increaseddebt stock amidless thancomparable 77. The debt service projected at approximately Kshs. 2.3 trillion in FY 2026/27, equivalent repayments (46 percent of the ordinary revenue) is rolled over during repayments. The measuresbeingundertakentocontainandgraduallyreducedebtserviceexpenditure of longer-dated instruments, concessional financing preference,fiscal deficit reduction. 78. The overall public debt and external debt sustainability analysis (DsA) shows that Kenya's public debt is facing a high risk of debt distress.The projected PV of public debt to GDP medium-termhorizonuptotheyear2031. 79. The pre-1997 government overdraft comprises various advances extended to the GovernmentofKenyaby theCentralBank ofKenyaprior toI997.Theprojected

• outstandingpre-1997debtattheendofFY2025/2026isKshs.13.9billionwithassociated interestcosts of Kshs.408.8 millionprojected forFY2026/2027.
• Treasury projected a debt swap of approximately USDI,ooo million.This operation will involve the exchange of existing commercial debt for cheaper guaranteed and more sustainable instruments to smooth the repayment profile,reduce the present value of total debt obligations or exchanging external liabilities for domestic investments.

81. In FY 2026/2027 Budget Estimates incorporate a provision equivalent to USD 500 million earmarked for prospective external debt liability management operations to be undertaken by the National Treasury.

• 82.External loanscontractedforbudgetsupport,including those associatedwithliability management operations, are not applied exclusively to debt prepayment. In accordance withArticle220of the Constitutionof Kenya,2010,andtheprovisions ofthePublic ConsolidatedFund.
• 83.Theframeworkfortrackingandaccountingfortheseresourcesisanchoredinthe therefore traceable through the IntegratedFinancial Management Information System therebyprovidingaclearandauditabletrailfromdisbursementbylenderstofinal expenditurebyexecutingentities.
• the pensions expenditures are projected to rise by about 4 percent annually on nominal terms,as a share of GDP,thepensions expenditures are projected to decline marginally from1.3percentof GDP in FY2025/26to1.2percent inFY2026/27 and to stabilize at

85. The Public Service Superannuation Scheme (PsSS) forms part of a broader government agenda thatis established under thePublicServiceSuperannuationScheme Act,CapI89A, tocompletelytransitionthelargerpublicservicepensionframeworkfroman unsustainable, non-contributory defined-benefit model financed entirely through the exchequer, to a defined-contribution scheme where benefits are pre-funded, ring-fenced inindividualmemberaccounts,andreadilyavailableuponexitfromservice.

• 86.The urgency of this shift is underscored by the scale of the fiscal burden:pension claims paid directly from the exchequer surged from KES 25 billion in FY 2008/09 to KES 189 billion in FY 2023/24, which illustrates the unsustainable trajectory the PSSS was designed toarrest.
• 87.As at31March2026,PSSShas517,236members andKshs.322billioninassetsunder

demonstrates strongfundperformance thatgrows members'retirement savings in real terms.

88. The Government of Kenya and the Government of the United Kingdom entered thePublic Officers' Pensions (Kenya) Agreement, 1977 to provide for the administration and payment of pensions to former non-Kenyan public officers and their dependents who served in the Kenyan Public Service and retired or died before I April 1971. 89. As at 28 February 2026, the arrangement covered 151 beneficiaries, comprising 127 pensioners and 24 widows and orphans. Pension expenditure funded through the CFS amountedtoGBP116,736.67inFY2023/24andGBPI22,803.80inFY2024/25.

7)COMMITTEEOBSERVATIONS

90. Arising from the consideration of the estimates and submissions from stakeholders, the Committeemade thefollowingpertinentobservations,THAT: 2. 1.In FY 2026/27, the public debt service allocation of Kshs. 2.31 trillion comprises Kshs. 1.06 trillion in redemptions, or principal repayments, and Kshs. I1.25 trillion in interest thatmorethanhalfofdebtservicewillgotowardsfinancingcostsrather than repayment of the principal debt. At about 6 percent of GDP, interest payments exceed development expenditure, which is estimated at 3.6 percent of GDP, indicating that debt service costs remain a major component of public spending and continue to shape thefiscal space availablefor developmentpriorities. 2. CFS expenditures,net of domestic debt redemption expenditures,as a share of ordinaryrevenuehaveincreasedsteadilyfrom27percentinFY20l6/17to a risinginterestpayments,reflectingthecontinuedexpansionofthepublicdebtstock. 4. 3.The public debt stock,which amounted to Kshs.12.84 trillion as at February 2026, is projectedtoreachKshs.14.12 trillionbyJune2027,equivalenttoa NetPresent Value of public debt to GDP ratio of 65 percent.This remains above the statutory the October 2028 target. lf the target is not met, it may weaken the credibility of the fiscal rulesframework and thelegislativemeasuresintended tosupportprudentfiscal management. 4. Including the FY 2026/27 projections, the fiscal deficit has increased by approximately Kshs.I trillion annually.This implies that the public debt stockwill continue to grow atanaggressivepace.Giventhecurrentrelianceondomesticandcommercial servicemaycontinuegrowingfasterthanrevenue. 6. 5.The fiscaldeficit is projected at 5.3percent of GDP inFY2026/27,the highestfiscal deficit projected at the beginning of a financial year. This continues the trend of

• deviation from the fiscal consolidation path, pointing to the need to implement a legally enforceable medium-term fiscal consolidation framework to progressively reduce the fiscal deficit and stabilize public debt within the statutory debt anchor.

6. Thefinancing framework presented in successive Budget Estimates has consistently deviated from the borrowing mix and fiscal path set out in the Medium-Term Debt Management Strategy. This raises concern on the practical role, credibility and policy relevanceoftheMTDSwithinthebroaderbudgetformulationprocess. 7. External loans contracted for liability management operations are not applied exclusively to debt prepayment.A portion of the proceeds is used to finance the Consolidated Fund. Although these are commercial loans, they are not ring-fenced for specific projects but are pooled within the Consolidated Fund for general budget 8. Developmentexpenditureisestimatedatapproximately3.6percentofGDP.This raisesconcernonwhethersucharelativelylowlevelofdevelopmentspendingis andstrengthendebtsustainability. 9. With the fiscal constraint arising from rising debt service expenditure and increased ensure that any marginal increase in public debt translates into measurable economic impact.Eachloan contractedshould thereforebe subjected to adequateproject appraisal, economic valuation and assessment of expected economic rates of return, toensurethatadditionalborrowingsupportsgrowth-enhancinginvestments.

• 10.Regarding on-lent loans, the continued write-off or forgiveness of obligations owed by defaulting entities may create moral hazard and send the wrong message to publicentitiesandincreasethecostofprojectfinancing

8)COMMITTEERECOMMENDATIONS

91. Arising from these consultative engagements, the Committee recommends, THAT: 2. 1.In order tocontainthegrowthofdebtservice expenditures,theNational Treasury should implementa fiscal consolidationframework on a medium-termbasis,ensuring reducingthefiscaldeficitandstabilizingpublicdebtwithinthestatutorydebtanchor setunderSection50. 3. 2.In order to strengthen compliance with the statutory debt anchor, the National Treasury should,within30 days of the adoption of this report,submit to the National Assembly a clear debt reduction path indicating annual targets, policy measures, and

• timelinesfor achievingthe55percentdebt-to-GDPthresholdinNetPresentValue terms.
• 3.In order to ensure that additional borrowing generates measurable economic impact, the National Treasury should,as from Ist of July 2026, strengthen resource mobilizationproceduresbysubjecting allloans toadequateproject appraisal, economic valuation, and assessment of expected economic rates of return before contracting.
• 4.In order to safeguard value for money in liability management operations, the National Treasury should ensure that all such operations are supported by cost-benefit analysis,disclosure of terms and conditions,and assessment of theirimpacton debt sustainability.
• 5.In order to improve accountability of commercial loans contracted for liability management, the use of these loans should be clearly disclosed, including the portion the projects financed.
• should rationalize non-priority recurrent expenditure and progressively increase to I0 percent of GDP, over the medium term.
• 7.Inorderto addressmoral hazard inon-lentloans,theNational Treasury should:
• a.Within three (3) months of the adoption of this report, develop an accountabilityframeworkfordefaultingentities,includingclearreportingtothe National Assembly before any write-off, restructuring, or forgiveness of obligationsisundertaken;
• b. Ensure that any proposed write-off, restructuring or forgiveness of on-lent loan obligations is submitted to the National Assembly for consideration and approvalbeforeimplementation,and;
• c.Within three (3) months of the adoption of this report,submit to the National Assembly a comprehensive report on all defaulting entities over the past ten years, indicating the total amounts forgiven, outstanding obligations, reasons for default, impact on projects, recovery measures undertaken, and the approved.

SIGNED

HON.ABDISHURIE,CBS,MP. CHAIRPERSON,PUBLICDEBT&PRIVATIZATIONCOMMITTEE

DATE