As of October 1, 2025, Kazakhstan's external debt amounted to $171.4 billion, having increased by $6.7 billion since the beginning of the year. The National Bank reported that over nine months, the growth of the debt was supported by balance of payments operations totaling $5.3 billion. Additionally, $1.4 billion was added due to changes in exchange rates, values, and other factors.
The regulator emphasized that nearly 87.8% of the external debt consists of long-term obligations with maturities exceeding one year. This structure of the debt burden reduces liquidity risks but simultaneously increases dependence on market conditions when servicing the debt.
An analysis of the debt structure by types of financial instruments shows that the majority consists of loans and borrowings from non-residents, accounting for 71.4% of the total volume. Debt securities held by foreign investors make up another 10.6%.
The private sector remains the main debtor, and as of October 1, its debt to non-residents amounted to $134.4 billion. The external debt of the public sector has increased to $16.2 billion, while the obligations of banks and institutions under state control have risen to $20.8 billion. The government-guaranteed external debt amounted to $3.2 billion.
