National Assembly approves Yatani's bid to raise debt ceiling to Sh10 trillion
National Treasury Cabinet Secretary Ukur Yatani display his briefcase before he delivered the 2022/20223 budget policy statement at Parliament Buildings on April 7, 2022.
The National Assembly has approved the PFM (National Government) Regulations 2015 to increase the country’s debt ceiling to Sh10 trillion from the current Sh9 trillion.
The matter now heads to the Senate for concurrence.
In a gazette notice of May 26, National Treasury Cabinet Secretary Ukur Yatani asked MPs to amend the Public Finance Management (national government) Regulations, 2015, to increase the limit, which is Sh9 trillion.
This will him room to borrow more to finance the Sh3.33 trillion budget for the 2022/23 financial year.
The regulations Mr Yatani wants to be reviewed were enacted in 2019 and will only finance the 2022/23 budget and the medium term.
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