Rules to restore discipline in parastatals unveiled
11 December 2012, 09:42
Nairobi - The Standard reports that the Treasury has unveiled a raft of new reforms to tighten control and financial management within State corporations.
Contained in a circular providing guidelines for preparing and submitting the budget for 2013/2014 financial year, are ways and practices intended to make State corporations sustain themselves to remain viable and survive.
Under the new measures, failure to repay a Government-guaranteed loan or meet statutory obligations would be heavily penalised and could result in Treasury withholding guarantee for borrowing.
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