The-Public-Finance-Management-amendment-Bill-2023

THE PUBLIC FINANCE MANAGEMENT (AMENDMENT) BILL, 2023

A Bill for AN ACT of Parliament to amend the Public Finance Management Act and for connected purposes

ENACTED by the Parliament of Kenya, as follows —

1. This Act may be cited as the Public Finance Short title. Management (Amendment) Act, 2023.

2. The Public Finance Management Act (hereinafter referred to as the “principal Act”) is amended in section Amendment of section 2 of No. 18 of 2012.

2-(a) in the definition of “County Public Debt,” by deleting the word “public”; and

(b) by inserting the following new definitions in their proper alphabetical sequence – “financial obligation” in relation to public debt, includes outstanding amount of actual current liabilities that require payment of principal, interest, fees, commissions and expenses by the government; “public debt” has the meaning assigned to it under Article 214 (2) of the Constitution.