Treasury to have a single account after cabinet approval
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Cabinet approves implementation of National Treasury single account; Electronic Government Procurement (e-GP)
Cabinet approves implementation of National Treasury single account; Electronic Government Procurement (e-GP).
The Cabinet on Monday, January 15 approved the implementation of the Treasury Single Account (TSA) for National and county governments.
In a statement sent to the newsrooms, the Cabinet said the TSA system will simplify government banking, creating visibility of government cash resources and increasing transparency in government cash management.
The Cabinet noted that the new system which will have the National Exchequer Account, the TSA Sub-Account and the County Revenue Fund will help control expenditure and minimise fragmentation of government accounts in commercial banks.
President William Ruto who chaired the Cabinet Meeting at the Nakuru State Lodge pointed out that government funds are banked in commercial banks and some individuals take the interest gained.
“Government funds are banked in commercial bank accounts and individuals keep earning interest. This must stop. All the benefits of public funds must only accrue to the people of Kenya and no one else,” said the President.
At the same time, the Cabinet approved the implementation of the Electronic Government Procurement (e-GP) in both the National and county governments.
“This move aims to enhance fairness, equity, transparency, competitiveness, and cost-effective public procurement, potentially reducing costs by between 10 and 15 percent, saving the government KSh90 billion yearly in public procurement expenditure,” the Cabinet stated.
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The Cabinet also approved the Public-Private Partnership Regulations whose aim is to improve the structure and performance of PPP projects and create a stable environment.
According to the Cabinet, the regulations provide clear guidelines for planning, procurement, management and monitoring PPP projects, aligning with the Bottom-Up Economic Transformation agenda and incorporating environmental and climate change principles.
Also given the go-ahead in the Cabinet meeting is the the Railway Amendment Bill 2024 that aims at initiating new ways of running railways and separating the business of freight, commuter, and land development and Kenya’s Sovereign Green Bond Framework which seeks to secure alternative funding options for green and resilient investments amid rising climate change costs.
The Cabinet further approved the draft Kenya Social Protection Policy 2023, the Recognition of Prior Learning Policy, Establishment of the African Legal Support Facility, and the Memorandum to Join the Asian Infrastructure Investment Bank.
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