The government is proposing changes to the way state-owned firms are sold in order to shorten the approval process and give the Treasury more power.
The Privatization Bill 2023, which will replace the 2005 law, aims to give Treasury Cabinet Secretary Njuguna Ndung’u and the board of the Privatization Authority more authority in the sale of government-owned companies.
This will effectively bypass the National Assembly’s role in the privatisation of parastatals.
Currently, the Cabinet Secretary is required to submit a report in the form of a sessional paper on a privatisation proposal approved by the Cabinet to the National Assembly for consideration.
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