February 23, 2021 - 5 minutes read

THE NATIONAL TREASURY

By Francis Monyango

The National Treasury derives its mandate from the Constitution 2010, the Public Management Act 2012 and the Executive Order No.2/2013.
The core functions of the National Treasury as derived from the above legal provisions include

  • Formulate, implement and monitor macro-economic policies involving expenditure and revenue;
    Manage the level and composition of national public debt, national guarantees and other financial obligations of national government;
  • Formulate, evaluate and promote economic and financial policies that facilitate social and economic development in conjunction with other national government entities;
  • Mobilize domestic and external resources for financing national and county government budgetary requirements;
  • Design and prescribe an efficient financial management system for the national and county governments to ensure transparent financial management and standard financial reporting.
  • In consultation with the Accounting Standards Board, ensure that uniform accounting standards are applied by the national government and its entities;
  • Develop policy for the establishment, management, operation and winding up of public funds;
  • Prepare the annual Division of Revenue Bill and the County Allocation of Revenue Bill;
  • Strengthen financial and fiscal relations between the national government and county governments and encourage support for county governments and
  • Assist county governments to develop their capacity for efficient, effective and transparent financial management.
  • To prepare the National Budget, execute/implement and control approved budgetary resources to MDAs and other Government agencies/entities.