Kazakhstan's external debt has hit a new record, reaching $181.8 billion, reports Todayinfo news agency.
According to the National Bank, as of January 1, 2026, external debt stood at $181.8 billion. In 2025, it increased by $17.2 billion, with $12.8 billion from new debt operations and $4.3 billion from changes in asset values.
External debt should not be confused with public debt. It includes all liabilities of Kazakh residents to non-residents: government sector, private companies, banks, state-controlled entities, and intercompany loans.
Long-term liabilities account for 88.1% of the debt, reducing the risk of a liquidity crisis but tying the economy to external market rates and exchange rates for an extended period.
The main borrower is the private sector, which accounted for $138 billion as of January 1, 2026. Government external debt stood at $18.6 billion, debt of banks and state-controlled entities at $25.2 billion, and government-guaranteed debt at $3.3 billion.
In 2025, government debt rose from $14.7 billion to $18.6 billion, while debt of banks and state entities grew from $17.4 billion to $25.2 billion. The private sector remained almost unchanged ($137.8 billion vs. $138 billion).
Experts note that large private sector debt does not always pose a direct threat to the budget, as much of it consists of intercompany loans. However, the rapid growth of government debt requires attention.
