KQ, Kenya Power to get $300m state bailout for restructuring
A Kenya Airways plane at Nairobi's Jomo Kenyatta International Airport. The Kenyan national carrier and utility firm Kenya Power will get a bailout of $300 million. PHOTO | FILE | NMG
Struggling Kenyan national carrier, Kenya Airways (KQ) and utility firm Kenya Power will get a bailout of Ksh37.3 billion ($300 million) in the current financial year to support restructuring at the two state-owned entities to wean them off annual government funding.
The funding is part of fiscal consolidation conditions set by the International Monetary Fund (IMF) as the lender presses the government to accelerate reforms at parastatals, many of which are in perennial loss-making positions, to return them to profitability.
