Public Debt Management Office

The Directorate is headed by a Director General, reporting to the Cabinet Secretary. The main objectives of the Directorate include to: –

1. Minimise the cost of public debt management and borrowing over the long-term taking account of risk
2. Promote the development of the market institutions for Government debt securities; and,
3. Ensure the sharing of the benefits and costs of public debt between the current and future generations.

The Directorate is organized into three (3) Technical Departments, each headed by a Director. They include:

• Resource Mobilization
• Debt Policy, Strategy and Risk Management
• Debt Recording and Settlement

Resource Mobilization Department

Resource Mobilization Department

The department has several divisions, whose main functions are to: –

Undertake domestic and foreign borrowing including raising of grants in accordance relevant laws;

Prepare and implement the national government borrowing plan and in consultation with the fiscal agent prepare the annual domestic debt issuance calendar;

Act as the principal in the issuance of Government debt securities on behalf of the National Treasury through the Implementation of government securities auction calendar;

Undertake investor relations activities, roads shows, net shows, liaison and coordination with creditors and market participants;

Process Government Guarantees;

Coordinate missions and technical assistance from cooperating development partners

DPS & RM Department

Debt Policy, Strategy and Risk Management Department

The department is divided into three (3) divisions, and its main functions include: –

Carrying out the government’s debt management policy of minimising its financing cost over the long-term taking account of risk through preparation, implemention and review of the medium-term debt strategy;

Monitor and evaluate all borrowing and debt-related transactions to ensure that they are within the guidelines and risk parameters of the debt management strategy;

Process the issuance of loan guarantees including assessment and management of risks in national government guarantees and Public Private Partnerships (PPP).

Transact in derivative financial instruments in accordance with best international practices benchmarked to the debt management offices of other governments that are internationally respected for their practices.

Prepare statutory debt related reports for the Cabinet Secretary;

Undertake periodic public debt sustainability analysis, portfolio risks and costs analysis;

Review public debt management policy and guidelines;

Advise and coordinate domestic debt market for government debt securities;

DR & S Department

Debt Recording and Settlement Department

The department is divided into two (2) divisions and its main functions include:

Maintaining a reliable debt data base for all loans taken by the national government, county governments and their entities including other loans guaranteed by the national government;

Process and settle debt service and disbursement of loans and grants;

Prepare, reconcile and maintain financial statements on debt and grants related transactions and submit to the Accounting Officer responsible for finance;

Maintain public debt registry;

Maintain a comprehensive and reliable debt database for public debt and grants; and

Monitor and report disbursement of loans and grants.