Public Finance Management Act

60. Money payable in respect of a guarantee to be a charge on the Consolidated Fund

Edition: 2026-09-25 · In force

60. Money payable in respect of a guarantee to be a charge on the Consolidated Fund

(1)Subject to subsection (2), money payable on a guarantee is a charge on, and is payable out of, the Consolidated Fund without further appropriation than this section.

(2)Money payable on a guarantee shall be paid only if the payment has been authorised by the Controller of Budget.

(3)Where money is paid out of the Consolidated Fund on a guarantee, the Cabinet Secretary shall submit a report to Parliament giving details of the payment.

(4)The Cabinet Secretary shall include in the report made under subsection (3)—

(a)details of the guarantee;

(b)the circumstances giving rise to the payment;

(c)reasons why the borrower failed to pay; and

(d)such further information as the Cabinet Secretary may consider relevant.

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Source: Kenya Law