As of January 1, 2026, Kazakhstan's external debt amounted to $181.8 billion, an increase of $17.2 billion over 2025, according to statistics from the National Bank of Kazakhstan. Moreover, the increase in the last quarter was $10.4 billion, reports Kursiv.kz.
The increase in external debt was due to balance of payments transactions of $12.8 billion, as well as exchange rate, value, and other changes of $4.3 billion, according to the National Bank of Kazakhstan.
The structure of external debt is as follows:
- Government external debt accounts for $18.6 billion (+$2.4 billion over the quarter);
- state-controlled banks and organizations – $25.2 billion (+$4.4 billion over the quarter);
- private sector – $138 billion (+$3.6 billion);
- state-guaranteed debt – $3.3 billion (+$100 million).
The bulk of external debt—88.1%—is long-term liabilities (over one year). This reduces liquidity risks but makes repayments more dependent on market conditions.
The debt structure is dominated by loans and borrowings from non-residents (70.5%), as well as debt securities held by non-residents (12.5%).
Net external debt, representing the difference between external debt and external assets in debt instruments, amounts to $53.2 billion.
Foreign debt is the obligation of residents to foreign creditors. It requires repayment of principal and interest. It includes both government and private sector debt, regardless of the currency of the borrowing.
CentralasianLIGHT.org
April 13, 2026