ICPAK concerned over continuous borrowing by Government

ICPAK heads at a past media briefing PHOTO Wyclif Okumu

Mombasa, KENYA: The Institute of Certified Public Accountants of Kenya ICPAK has expressed concern over the continuous borrowing by the Government disquieting it might lead the country into unbearable debts.

Speaking in Mombasa on Wednesday during the annual conference of ICPAK members, the ICPAK outgoing chairman Fernandez Barasa urged the Government to keep an eye on the current account deficit as well as maintaining public debts at less than nine percent.

Mr. Barasa argued all Government auditors should observe article 206 of the constitution and provisions of the public finance management act which dictates the management of public resources.

”There is need to relook at our debt portfolio to ensure that it is sustainable, borrowings should only be used for financing development expenditure and not recurrent expenditure,”

”The Government should endeavor to increase export of good and services past the seven percent income term projection besides recovering the real economic growth,” he said.

According to Mr. Barasa the country current total expenditure of the public debts stands at Sh. 126.7b which represents 32 percent of the gross estimates leaving the debt portfolio at roughly Sh. 4 trillion.

Meanwhile Mr. Baraza warned accountants in the country over breaching their profession’s ethics by engaging in corruption related cases cautioning such could lead to termination of their membership.

”We urged all our members in the country to observe professionalism in the line of duty, as accountants we are obliged to ensure the nation financial status are safe by being accountable,” Barasa said.

The Institute of Certified Public Accountants of Kenya ICPAK members are converging in Mombasa for a three day retreat to elect new leaders in positions of chairmanship and members of the council.