Treasury to total up lazy colonial period funds

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Economy

Tuesday June 01 2021

UkurYatani1002ca

Treasury Cabinet Secretary Ukur Yatani. FILE PHOTO | NMG

The Treasury is living to total up dormant funds including these created within the colonial period which Parliament sanctioned their closure eight years within the past.

In 2013, the Treasury disclosed to Parliament that it became conserving Sh802 million in six dormant accounts.

The Treasury has tabled the record of eight funds and asked Parliament to approve the dissolution of the lazy national authorities public funds.

These living for winding up are the Provident Fund, Kenya Loans Relieve Fund, Pre-shipment Inspection Fund, Sinking Fund, the Authorities Flee Company Fund, the Joint Consolidated Fund, the Treasury Major Clearance Fund and the Asian Widows and Orphans Pension Fund.

“The Nationwide Treasury now seeks the approval of the Nationwide Assembly to total up the above national public funds in accordance to share 24(8) of the Public Finance Management Act, 2012,” Treasury Secretary Ukur Yatani acknowledged in a letter to the Clerk Michael Sialai.

The Cabinet on March 2 current the winding up of the eight dormant national authorities public funds.

The Public Accounts Committee in their evaluation of the national authorities public accounts suggested the winding up of the funds.

The defunct Nationwide Assembly’s Native Authorities and Funds Accounts Committee suggested that one other eight accounts be restructured to attach them extra precious.

Just among the accounts were created within the colonial period and, in some conditions, the cash is tied up in companies that non-public since been attach below liquidation.

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