Bid to amend Public Finance Management Act counterproductive

There currently is a privately sponsored Bill by Kikuyu MP Kimani Ichungwáh whose bid is to effectively amend the Public Finance Management Act of 2012.

The effect of the proposal under this Bill is to restrict deposit and investment of surplus funds held by state corporations, constitutional commissions, county governments and generally any public entity as defined under the Public Procurement and Asset Disposal Act, 2015 to only State-controlled banks as opposed to opening it up to all the Central Bank of Kenya regulated commercial banks.