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Pressure on Treasury to revive forex compensation for diplomatic missions
A new Bill sponsored by Majority Leader Kimani Ichung'wah proposes amending the East African Development Bank Act to require the National Assembly’s approval before Kenya subscribes additional capital or guarantees.
MPs have stepped up pressure on the Treasury to revive a foreign-exchange compensation scheme for Kenya’s diplomatic missions abroad to help protect their budgets from the impact of a volatile shilling.
The Public Accounts Committee (PAC) of the National Assembly asked the Treasury to compensate the State Department for Foreign Affairs for foreign-exchange losses it has incurred over the years, in line with Section 47 of the Foreign Service Act, 2021 (Cap. 185E).
