In a significant move, the Public Service Commission (PSC) has appointed Raphael Owino as the new Director General of Public Debt Management at Kenya’s Treasury. His appointment follows a rigorous selection process, with the National Treasury expressing utmost confidence in Owino’s capabilities, citing his proven track record at the Central Bank of Kenya.
Owino brings extensive expertise in public debt management to his new role, crucially focusing on achieving and maintaining sustainable public debt levels. His strategic insights are expected to play a pivotal role in reducing long-term debt servicing costs and effectively managing the risk associated with contingent liabilities.
“We are pleased to welcome Mr. Raphael Owino to lead our Public Debt Management Directorate,” stated the Treasury in a recent statement. “His expertise, experience, and deep understanding of financial management will be instrumental as we navigate challenges and opportunities in managing Kenya’s public debt.”
The appointment comes at a critical juncture as Kenya addresses a high debt burden, which has implications for national development funding. Recent data from the Central Bank of Kenya and the Treasury indicate that the country’s debt burden stood at $69.3 billion as of June last year, marking a notable increase from previous years.
Since the start of the year, the Treasury has actively sought a successor to Haron Sirima, aiming to bolster its debt management strategies amidst fiscal challenges. Owino’s appointment underscores the government’s commitment to strengthening fiscal prudence and enhancing transparency in public financial management.
“We are confident that Mr. Owino’s leadership will steer our debt management efforts towards sustainable practices that support economic growth and resilience,” added the Treasury. “His appointment reflects our ongoing efforts to optimize financial resources and ensure responsible debt management practices.”
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