Treasury sets aside Sh2 billion to pay off debts - News Summed Up

Treasury sets aside Sh2 billion to pay off debts


[Antony Gitonga, Standard]In summary Audit revealed only pending bills amounting to Sh722 million were authenticThe county government has been grappling with huge bills it inherited from the last administration and defunct local authoritiesThe county government has set aside Sh2.2 billion in the 2018-2019 budget to pay pending bills that have accumulated to Sh4.1 billion. “The county treasury will also clear outstanding pension contributions amounting to Sh80 million in the 2018-2019 budget, being contribution and interest penalties,” read the document signed by Finance and Economic Planning Executive Joseph Kiuna. When he took office at the end of August last year, the governor commissioned an audit of the county's debt, which revealed that only pending bills amounting to Sh722 million of the Sh3 billion were authentic. The report showed that claims made by suppliers and contractors – amounting to Sh1.2 billion – were partially supported by documentation. “Since the county government may not be able to settle all the debts in the year 2018-2019, some debts will be have to be rescheduled for the following financial years,” the report stated.


Source: Standard Digital April 19, 2018 07:34 UTC



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