During the cabinet meeting held at Thursday at State House, Nairobi chaired by President Uhuru Kenyatta, the cabinet considered and agreed to increase the External Debt Ceiling from Ksh1.2 trillion Ksh2.5 trillion.
The bill is anchored on the Constitutional provisions that provide for openness, accountability, prudent and responsible financial management. The Public Audit Bill 2014 provides for responsible and clear fiscal reporting.
In particular the Bill provides for the functions and responsibilities of the Office of the Auditor General and also puts in place measures to ensure public finances are mobilised and used judiciously.
The cabinet also approved the proposed International Monetary Fund supported Standby Arrangement and Standby Credit Facility as a basis of a new partnership arrangement between Kenya and the IMF.
This comes after the IMF last week committed avail 750 million dollars credit facility to be drawn when the shilling is under pressure.