In the first half of 2026, Kazakhstan's external public debt increased by 6.5% year-on-year to $17.2 billion, demonstrating the highest growth rate among the EAEU countries. This is evidenced by data from the Eurasian Economic Commission, Kursiv.kz reported.
By comparison, Russia's external public debt increased by 2.2% to $55.5 billion, while in Armenia it decreased by 4.2% to $6.6 billion, and in Kyrgyzstan by 0.5% to $5.2 billion.
Kazakhstan's total public debt, including domestic liabilities, increased by 14.8% to 38.5 trillion tenge ($82.9 billion). Domestic debt increased by 20% to 30 trillion tenge, reflecting the ongoing trend of replacing external borrowing with domestic debt.
At the same time, Kazakhstan's budget deficit increased by 38.8% year-on-year to $4.4 billion. Public debt servicing costs amounted to 2.1 trillion tenge, an increase of 26.3%.
The 6.5% increase in Kazakhstan's external debt alone does not indicate a debt crisis, but its combination with the increase in domestic debt and the budget deficit is noteworthy. Total public debt increased by 14.8%, while debt servicing costs increased by 26.3%, meaning the financial burden is growing faster than the debt itself.
A gradual reduction in dependence on external borrowing remains a positive factor: domestic debt has already reached 30 trillion tenge, an increase of 20%. At the same time, the widening budget deficit indicates that government expenditures are growing faster than revenues.
In the long term, it is important for Kazakhstan to maintain a balance between financing economic development and maintaining the sustainability of public finances.
CentralasianLIGHT.org
August 27, 2026