A last-minute amendment to the supplementary budget averted a sovereign debt default crisis by allowing the Treasury to pay Lake Turkana Wind Power (LTWP) a Sh1.16 billion penalty, it has emerged.
Treasury Secretary Henry Rotich and Parliament’s Budget Committee chairman Kimani Ichung’wah have both confirmed to the Business Daily that MPs allowed release of the cash to avoid plunging Kenya into a “cross-default” situation with external financiers.
