Top 10 Countries & Institutions Kenya Owes the Most Money - Treasury

As of June 2026, Kenya's public debt stood at Ksh12.86 trillion, with external debt accounting for Ksh5.67 trillion and domestic debt making up Ksh7.19 trillion. 

“The total external debt stock decreased on account of repayments and exchange rate movements by Ksh12.59 billion from Ksh5.68 trillion at the end of March to Ksh5.67 trillion as at the end of April 2026,” read the report in part.

“Bilateral external debt increased by Ksh4.82 billion from Ksh969.56 billion to Ksh974.38 billion, and multilateral debt increased by Ksh4.06 billion from Ksh3.06 trillion to Ksh3.072 trillion.” 

Also Read: Out of Ksh2.5 Trillion 2024 Taxes, Ksh1.7 Trillion Paid Debt & Interest - CoB Report 

Kenya’s External Debt 

According to the National Treasury's April 2026 Public Debt Bulletin, Kenya owed Ksh974 billion to bilateral lenders (countries), while debt to multilateral lenders (institutions like the IMF and World Bank stood at Ksh3 trillion.

Among the bilateral lenders, China remained Kenya's largest creditor, with outstanding loans of Ksh611.40 billion, accounting for nearly two-thirds of the country's bilateral debt. The loans largely financed major infrastructure projects, including roads and the Standard Gauge Railway.

Here is a list of countries Kenya owed the most money to 

1. China – Ksh611.40 billion
2. France – Ksh102.75 billion
3. Japan – Ksh77.23 billion
4. Germany – Ksh56.63 billion
5. Italy – Ksh43.85 billion
6. Belgium – Ksh24.94 billion
7. Spain – Ksh16.19 billion
8. United States – Ksh8.10 billion
9. Austria – Ksh1.52 billion
10. Hungary – Ksh595.49 million
11. Denmark - Ksh43 million

Also Read: World Bank: Kenya Must Pass These 10 Laws Before Receiving New Loans

Here is a list of international institutions Kenya owed the most money to 

1. World Bank (International Development Association) – Ksh1.69 trillion
2. African Development Bank (African Development Fund) – Ksh568.06 billion
3. IMF – Ksh460.58 billion
4. International Fund for Agricultural Development (IFAD of UN) – Ksh41.39 billion
5. European Investment Bank/European Economic Community (EIB/EEC) - Ksh28.1 billion
6. Other multilateral institutions (not named by Treasury) – Ksh280.74 billion

Kenya’s Domestic Debt

Domestic debt remained the largest component of Kenya's public debt at Ksh7.19 trillion by the end of April 2026. 

Out of this Ksh5.8 trillion was held in government bonds, while Ksh1.1 trillion was held in Treasury Bills. Other portfolios amounted to Ksh169 billion

Commercial banks continued to be the government's biggest local lenders, holding more than Ksh2.54 trillion worth of government securities.

Also Read: Kenya Risks Defaulting Debts Worth Ksh3.32 Trillion, Including Bonds - Controller of Budget 

The top domestic holders of government debt were:

1. Banks – Ksh2.54 trillion
2. Other financial corporations – Ksh1.11 trillion
3. Pension funds – Ksh994.32 billion
4. Insurance companies – Ksh964.55 billion
5. General government – Ksh489.00 billion
6. Households – Ksh444.69 billion
7. Non-residents – Ksh300.25 billion
8. Others – Ksh170.86 billion
9. Non-financial corporations – Ksh104.47 billion
10. Non-profit institutions – Ksh67.88 billion

“As at the end of April 2026, the ratio of treasury bonds to treasury bills was 84:16, government overdraft at the Central Bank of Kenya, bank advances from commercial banks, and the IMF Special Drawing Rights (SDR) allocation together accounted for 1.1 per cent of total domestic debt stock during the same period,” read the report in part.