Head Of Public Debt Management To Exit Treasury Days After Eurobond Remarks
Haron Sirima, who served as the Director General of the Public Debt Management Unit at the National Treasury, has resigned from his position.
Sirima’s departure was affirmed following the release of a job advertisement by the Public Service Commission (PSC), responsible for overseeing the recruitment of civil servants. The advertisement called for applications for multiple positions, including the one held by Sirima.
Haron Sirima, formerly the Deputy Governor of the Central Bank of Kenya (CBK), assumed the leadership of the unit in 2018 after being passed over for the CBK Governor position. In a recent interview with a local publication, he confirmed his departure but refrained from providing additional information about the circumstances.
The PSC advertisement requested individuals interested in succeeding Sirima to submit their applications before February 13, 2024.
While Sirima did not disclose the reasons for his departure, there is widespread speculation that his exit may be linked to disagreements with the Kenya Kwanza administration regarding the repayment of a Eurobond acquired during the Jubilee government’s tenure.
Kenya is racing against time to repay the Eurobond which matures in July 2024.
During his State of the Nation address on November 9, President William Ruto committed to repaying half of the debt by December 2023.
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“We have worked hard, at home and further abroad, to mobilize a broad coalition of bilateral development partners, multilateral development banks, and other agencies, which have rallied to pull our country back from the brink of debt distress,” Ruto stated.
Nevertheless, Sirima contested the assertion, expressing his belief that Kenya lacked the capacity to fulfill half of the payment within the specified timeframe set by President Ruto.
On December 28, 2023, the National Treasury verified the payment of $68.7 million (Sh10.8 billion) in interest for the $2 billion (Sh312 billion) loan. This occurred a day after the government decided to postpone the intended early repayment of the principal by the end of 2023.
Simultaneously, while Sirima stepped down from his responsibility in public debt management, it was reported that Pamela Mutua had resigned from her position as the Managing Director of the Kenya National Trading Corporation (KNTC). This development coincided with an ongoing investigation by detectives into a Ksh16.5 billion edible oils case at the agency.
Her position was also declared vacant alongside Sirima’s on the Tuesday post.
Head Of Public Debt Management To Exit Treasury Days After Eurobond Remarks
