Raphael Owino, is appointed as the new director-general of public debt management by the Public Service Commission (PSC). He is an experienced economist from the Central Bank of Kenya (CBK). He replaces Haron Sirima, bringing with him expertise in sustainable debt management. Amid challenges of increasing national debt and public scrutiny over fiscal policies.
The Public Service Commission has announced the appointment of Raphael Owino as the new director-general of public debt management. He succeedes Haron Sirima, who served in the role for five years at the Treasury. Owino, formerly an economist at the CBK, assumes this critical position during a period of heightened concern over Kenya’s mounting debt burden and debates over tax hikes.
In a statement, the Treasury welcomed Owino, highlighting his comprehensive understanding of public debt management. Also including strategies to ensure sustainability, reduce long-term servicing costs, and mitigate risks associated with contingent liabilities. His appointment comes at a pivotal moment following the successful refinancing of Kenya’s $2 billion Eurobond, a significant achievement amidst financial challenges.
The PSC’s decision to appoint Owino followed a period of scrutiny and debate. With calls from the National Assembly’s Public Debt and Privatisation Committee to streamline the appointment process in accordance with the Public Finance Management Act of 2021. This move underscores efforts to enhance operational efficiency within the public debt management office. This is crucial for managing the country’s debt servicing expenditures effectively.
Conclusion
Raphael Owino’s appointment signals a strategic move towards enhancing Kenya’s approach to public debt management amid economic pressures and fiscal responsibilities. His tenure promises to navigate complex financial landscapes, ensuring prudent management and oversight of the nation’s debt obligations. SEE ALSO
