Russia continues to hold the leading position in terms of external debt obligations, followed by Kazakhstan and Belarus. Kyrgyzstan and Armenia, despite having lower absolute debt values, demonstrate higher growth rates in borrowing.
Structure of external debt of EAEU countries:
- Russia — $308 billion;
- Kazakhstan — $171 billion;
- Belarus — $37 billion;
- Armenia — $18 billion.
As of October 1, 2025, Kyrgyzstan's external debt amounted to $12.8 billion, which is 10.1 percent more compared to the previous year.
Kyrgyzstan demonstrates one of the highest growth rates of debt burden among EAEU countries, with the majority of obligations, namely $5.2 billion, related to the public sector, highlighting the importance of budget loans for financing the economy.
Most debt obligations are long-term in nature: 85 percent of them are due for repayment in more than a year, which helps reduce short-term risks for the balance of payments.
However, the structure of debts varies significantly. In Armenia, Belarus, and Kyrgyzstan, the main debt is concentrated in government bodies. In Kazakhstan, obligations related to foreign direct investment and intercompany lending prevail. In Russia, a significant portion of external debt pertains to other sectors of the economy, especially large companies.
Long-term trends also have their characteristics. Since 2010, Armenia's external debt has increased by 2.8 times, Kyrgyzstan's by 2.6 times, Belarus's by 1.3 times, and Kazakhstan's by 1.4 times. In contrast, starting from 2014, Russia has been consistently reducing its external debt, and as of October 1, 2025, its volume is 63.1 percent of the 2010 level.
From the perspective of financial stability, an important indicator is the ratio of external debt to international reserves. Here, Russia stands out, as the volume of its reserves exceeds its external debt by more than two times (231.5 percent). In other EAEU countries, this indicator is significantly lower, ranging from 24.1 percent in Armenia to 58.3 percent in Kyrgyzstan.
According to EEC data, the level of external debt coverage by reserves has increased in all member countries compared to last year, indicating an overall improvement in the macro-financial situation.
