APRM • SECOND COUNTRY REVIEW REPORT OF THE REPUBLIC OF KENYA data collection and improve the quality. It is understood that the implementation of the Statistical Master Plan is beset by capacity constraints and paucity of fund. 295. Code of Good Practice on Transparency in Monetary and Financial Affairs. The CBK continues to perform its statutory functions of formulating monetary policy, maintaining price stability and issuing currency; and has autonomy in carrying out its functions. A Monetary Policy Committee (MPC) was established in 2007 to formulate monetary policy. The CBK is building internal capacity to undertake forecasting preparatory for the adoption of a forward-looking approach to monetary consistent with the East African Central banks’ inclination. 296. Principles for Payment Systems. The GoK enacted the National Payment System in 2011. The payment system in Kenya is the Kenya Electronic Payment Settlement System (KEPSS), which is currently the only systemic payment system and it has registered a high usage. 297. AU Convention on Preventing and Combating Corruption. The Government ratified the African Union Convention on Preventing and Combating Corruption in February 2007. In addition, Kenya has implemented some economic reforms to foster trade relations in the East African Community. Some positive developments have been reported with respect to public debt management. A National Debt Strategy (NDS) is contemplated and the Debt Management Office (DMO) is to consolidate debt management operations. The publication of debt management reports has commenced. The national programme of action promises to consolidate and improve debt management strategy and enhance public information on debt. 4.2.2.2 Challenges 298. An organized system of monitoring external debt data is yet to be instituted. Therefore, it is common to find discrepancies in the data collected on external debt and domestic arrears, and the balance of payments by different government institutions such as the National Treasury, Kenya National Bureau of Statistics (KNBS) and CBK. 4.2.3 Recommendations of the Panel 299. The Panel recommends the following: i. The Government needs to establish a central database of all standards and codes and the information should be posted in the websites of the Office of the Attorney General, the Kenya Law Reports. (Ministry of Foreign Affairs and International Trade). ii. The Government is advised to increase education and sensitization activities to enhance public awareness of rights and available institutional arrangements to claim rights such as complaints mechanisms and legal aid. (Office of the Attorney General). | 138 |