The rating was improved for both foreign and national currencies, which is related to the update of methodological approaches and the reassessment of several factors affecting the evaluation of the institutional environment.
Among the positive aspects noted by ACRA are the stable and decreasing level of public debt, as well as low interest expenses due to a significant share of concessional debt. The dynamic growth of the economy and ongoing support from international financial institutions are also emphasized. At the same time, the share of the public and quasi-public sectors in the economy remains relatively low.
Factors causing concern, according to experts, include the low standard of living of the population and excessive dependence on external economic conditions. In particular, the per capita gross domestic product (GDP) at current prices is just over $2,500.
The public debt, which reached 68% of GDP in 2020, stabilized at 42% by August 2025 after periods in 2021-2024. The country's budget finished with a surplus of 0.9% of GDP in 2023 and 2.4% in the previous year.
By the end of November 2025, the gross reserves of the National Bank of Kyrgyzstan increased to $8.27 billion. The external public debt at the beginning of November was estimated at 24.7% of GDP, while the internal debt constituted 17% of GDP.
ACRA also noted that the "Stable" outlook indicates a high probability of maintaining the current rating level over the next 12-18 months.
