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The Kenyan government settled guaranteed debt of $85.3 million on behalf of national carrier Kenya Airways (KQ) in the financial year ending June 2023, according to the fourth quarter review report by the National Treasury on Thursday.
“The payment is composed of $73.5 million as principal payment $11.7 million as interest,” said the Treasury. This is a $15.2 million increase on the $70 million of the guaranteed debt the government had serviced by the end of March 2023.
It is worth mentioning that the government paid in three months about $50.75 million after the U.S. EXIM Bank handed a default notice to Kenya following the delayed settlement.
