Cabinet orders winding up of Strategic Food Reserve Fund

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The Cabinet Secretary for National Treasury and Planning has been directed to wind up the Strategic Food Reserve Fund within 6 months in accordance with section 24(9) of the Public Finance Management Act 2012 and regulation 209 of the Public Finance Management (National Government) Regulations 2015.

Cabinet orders winding up of Strategic Food Reserve Fund 1

The directive was given today after a Kenyan Cabinet meeting today which discussed reforms at National Cereals and Produce Board (NCPB) and Strategic Food Reserve Trust Fund.

The Cabinet also directed Cabinet Secretaries for Agriculture, Livestock, Fisheries and Cooperatives, and the Cabinet Secretary for the National Treasury and Planning to establish a National Food Reserve system which will procure receipts through competitive commercial processes using the Warehouse Receipt System so as to avoid market distortions.

The Cabinet Secretary for Agriculture was also directed to prepare legislative reforms of the National Cereals and Produce Board to establish the National Food Reserve and NCPB Trading Divisions.

In addition, the Cabinet directed the Cabinet Secretaries for Agriculture and Treasury to take administrative steps to cause NCPB to cede at least 5 million bags or 25% of the current NCPB stock holding through commercial lease so as to spur growth of private sector roles and the Warehouse Receipt System operations.

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