The Treasury report further shows that Belgium is owed Ksh24.9 billion, Spain Ksh16.2 billion, the United States Ksh8.1 billion, Austria Ksh1.5 billion, while Hungary rounds off the top 10 with Ksh595.5 million.
It is worth noting that these funds cover only loans disbursed by foreign governments and do not include borrowing from other lenders such as the World Bank and the International Monetary Fund (IMF).
Besides loans from other countries, Kenya also owes Ksh3.07 trillion to multilateral lenders such as the World Bank and the IMF, making them the country’s largest external creditors.
According to the National Treasury, commercial lenders, including Eurobond investors and banks, are owed Ksh1.55 trillion, while foreign governments are owed Ksh974.4 billion.
Treasury further revealed that Kenya’s external debt declined slightly during April, falling from Ksh5.68 trillion in March to Ksh5.67 trillion, attributing the drop to loan repayments and favourable exchange rates.
The National Treasury also noted that more than half of Kenya’s external debt is denominated in the US dollar, which accounts for 54.4 per cent of the total.
On the other hand, the euro represents 26.8 per cent, followed by the Chinese yuan at 11.6 per cent, the Japanese yen at 4.6 per cent and the British pound at 2.4 per cent.
The report further disclosed that during the first 10 months of the 2025/26 financial year, Kenya spent Ksh633.08 billion servicing its external debt, with commercial creditors receiving the largest share of repayments.
Despite Kenya’s rising debt obligations, the Treasury said the country’s credit outlook improved after Moody’s upgraded its rating outlook in January 2026.
“On January 27, 2026, Moody’s upgraded Kenya’s local and foreign currency long-term issuer ratings as well as foreign currency senior unsecured debt ratings to B3 from Caa1 while revising the outlook to stable from positive,” Treasury noted.
