(2) Where either House of Parliament is canvassing a matter relating to the national debt, the Cabinet Secretary shall submit to Parliament, a report of all loans made to the national government, national government entities, and county governments, not later than seven days after receiving a request to do so from either House of Parliament. (3) At the end of every four months, the Cabinet Secretary shall submit a report to Parliament stating the loan balances brought forward, carried down, drawings and amortizations on new loans obtained from outside Kenya or denominated in foreign currency, and such other information as may be prescribed by regulations, specifying— (a) the names of the parties to the loan; (b) the amount of the loan and the currency in which it is expressed and in which it is repayable; (c) the terms and conditions of the loan, including interest and other charges payable and the terms of repayment; (d) the amount of the loan advanced at the time the report is submitted; (e) the purpose for which the loan was used and the perceived benefits of the loan; and such other information as the Cabinet Secretary may consider appropriate. Cabinet Secretary to report on national government guarantees.

32. (1) The Cabinet Secretary shall submit to Parliament, a record of all guarantees given by the national government, not later than seven days after receiving a request to do so from either House of Parliament. (2) The Cabinet Secretary shall, with respect to every such guarantee, specify the following information in the record— (a) names of the parties to the loan that is guaranteed; (b) principal amount of that loan; (c) terms and conditions applicable to that loan, including— (i) interest and other charges that are payable in respect of that loan; and The Public Finance Management Act, 2012 58 (ii) terms of its repayment.

(3) Not later than two months after the end of each financial year, the Cabinet Secretary shall publish and publicise a report giving details of the guarantees given by the national government during that year. Cabinet Secretary to submit national government debt management strategy to Parliament annually. 33. (1) On or before the 15th February in each year, the Cabinet Secretary shall submit to Parliament a statement setting out the debt management strategy of the national government over the medium term with respect to its actual liability and potential liability in respect of loans and guarantees and its plans for dealing with those liabilities.

(2) The Cabinet Secretary shall ensure that the medium- term debt management strategy is aligned to the broad strategic priorities and policy goals set out in the Budget Policy Statement. (3) The Cabinet Secretary shall include in the statement the following information - (a) the total stock of debt as at the date of the statement; (b) the sources of loans made to the national government and the nature of guarantees given by the national government; (c) the principal risks associated with those loans and guarantees; (d) the assumptions underlying the debt management strategy; and (e) an analysis of the sustainability of the amount of debt, both actual and potential.

(4) Within fourteen days after the debt strategy paper is submitted to Parliament under this section, the Cabinet Secretary shall submit the statement to the Commission on Revenue Allocation and the Intergovernmental Budget and Economic Council and publish and publicise the statement. The National Treasury to provide Parliament with additional reports when required. 34. Either House of Parliament may request the Cabinet Secretary or the National Treasury to prepare and submit to that House a report on any matter relating to the Cabinet Secretary or National Treasury’s responsibilities as the House of Parliament may specify. National government budget process Stages in the budget process. 35. (1) The budget process for the national government in any financial year shall comprise the following stages— (a) integrated development planning process which shall The Public Finance Management Act, 2012 59 include both long term and medium term planning; (b) planning and determining financial and economic policies and priorities at the national level over the medium term; (c) preparing overall estimates in the form of the Budget Policy Statement of national government revenues and expenditures; (d) adoption of Budget Policy Statement by Parliament as a basis for future deliberations; (e) preparing budget estimates for the national government; (f) submitting those estimates to the National Assembly for approval; (g) enacting the appropriation Bill and any other Bills required to implement the National government’s budgetary proposals; (h) implementing the approved budget; (i) evaluating and accounting for, the national government’s budgeted revenues and expenditures; and (j) reviewing and reporting on those budgeted revenues and expenditures every three months.

(2) The Cabinet Secretary shall ensure public participation in the budget process provided for under subsection (1). Cabinet secretary to manage budget process at national level. 36. (1) The Cabinet Secretary shall manage the budget process at the national level. (2) Not later than the 30th August in each year, the Cabinet Secretary shall issue to all national government entities a circular setting out guidelines on the budget process to be followed by them. (3) The circular shall include— (a) a schedule for preparation of the budget indicating key dates by which various exercises are to be completed; (b) the procedures for the review and projection of revenues and expenditures; (c) key policy areas and issues that are to be taken into consideration when preparing the budget; (d) procedures setting out the manner in which The Public Finance Management Act, 2012 60 members of the public shall participate in the budget process; (e) the format in which budget information and documents shall be submitted; and (f) any other information that, in the opinion of the Cabinet Secretary, may assist the budget process.

(4) Every national government entity shall comply with the guidelines, and in particular, such dates as are specified in the schedule referred to in subsection (3)(a). (5) The Cabinet Secretary shall by regulations, prescribe procedures specifying how, when and where members of the public shall participate in the budget process at the national level. (6) The Cabinet Secretary shall notify the members of the Intergovernmental Budget and Economic Council of the commencement of the budget process. Submission of budget estimates and related documents for approval.

37. (1) The Cabinet Secretary shall, within a period allowing time to meet the deadlines specified in this section, submit to the Cabinet for its approval— (a) the budget estimates and other documents supporting the budget; and (b) the draft Bills required to implement the national budget. (2) The Cabinet Secretary shall submit to the National Assembly, by the 30th April in that year, the following documents— (a) the budget estimates excluding those for Parliament and the Judiciary; (b) documents supporting the submitted estimates; and (c) any other Bills required to implement the national government budget.

(3) The accounting officer for the Parliamentary Services Commission shall, not later than the 30th April in each financial year— (a) submit to the National Assembly the budget The Public Finance Management Act, 2012 61 estimates for Parliament, including proposed appropriations; and (b) provide the National Treasury with a copy of those documents. (4) The Chief Registrar of the Judiciary shall, not later than the 30th April in each financial year— (a) submit to the National Assembly the budget estimates for the Judiciary, including proposed appropriations; and (b) provide the National Treasury with a copy of those documents.

(5) In preparing the documents referred to in subsections (3) and (4), the accounting officer for the Parliamentary Service Commission and the Chief Registrar of the Judiciary— (a) shall ensure that members of the public are given an opportunity to participate in the preparation process; and (b) may make and publish rules to be complied with by those who may wish to participate in the process. (6) The Cabinet Secretary shall submit to the National Assembly not later than the 15th May any comments of the National Treasury on the budgets proposed by the Parliamentary Service Commission and the Chief Registrar for the Judiciary.