The Ministry of Finance of the Kyrgyz Republic has released preliminary data on the national debt as of December 31, 2025. Total liabilities have reached 779.8 billion soms (approximately $8.92 billion at the official exchange rate). According to Economist.kg, despite the nominal increase, debt sustainability indicators remain within safe limits.
External vs. Internal Debt
The debt structure is gradually shifting toward domestic borrowing, though external obligations still prevail:
- External Debt (59.9%): 467.4 billion soms ($5.34 billion).
- Internal Debt (40.1%): 312.4 billion soms ($3.57 billion).
Kyrgyzstan's external debt remains predominantly concessional, which helps alleviate the burden on the national budget.
The breakdown of external liabilities highlights the country's reliance on both development banks and bilateral partners:
- Multilateral Institutions (50% of external debt): The World Bank Group leads this category ($931.6 million), followed by the Asian Development Bank (ADB) at $869.5 million and the Eurasian Development Bank (EDB) at $257.1 million.
- Bilateral Creditors (35.5% of external debt): The Export-Import Bank of China remains the largest single holder of debt, accounting for $1.5 billion (28.1% of the total external debt). Other partners include Japan (JICA) and the Saudi Fund for Development.
- Market Instruments: Eurobonds account for 13.1% of the external debt structure ($700 million).
Regarding internal debt, nearly 99% consists of State Treasury Bonds (ST-Bonds). The Ministry of Finance is prioritizing long-term securities with maturities ranging from 2 to 20 years to effectively manage the repayment schedule.
The key indicator of economic stability—the debt-to-GDP ratio—is estimated at 39.46% for the end of 2025 (with GDP reaching 1.97 trillion soms).
- 2023 (Actual): 42%
- 2024 (Revised): 36.2%
- 2025 (Preliminary): 39.46%
The 2025 increase is attributed to heavy investment in infrastructure. However, the figure remains well below the critical threshold of 60%. Looking ahead, an additional $1 billion inflow from the International Development Association is expected between 2026 and 2028 for new socio-economic development projects.
CentralasianLIGHT.org
February 20, 2026