Kazakhstan reports record high external debt

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Senior Business News Correspondent
The national debt has exceeded $170 billion for the first time / Photo: Shutterstock, photo editor: Arthur Aleskerov

According to the National Bank, Kazakhstan’s external debt amounted to $170.5 billion in the first quarter of 2025, after a sharp increase of $5.7 billion at the beginning of the year. This is the highest figure since 2001, when the regulator started monitoring the indicator. The previous record was reported in 2018 ($167.4 billion).

«In the first quarter, external debt increased by $3.4 billion due to balance of payments transactions and by $2.3 billion due to exchange rate, valuation and other changes,» the National Bank explained.

The structure of the external debt is as follows:

–        Public external debt accounts for $14.8 billion (-$0.4 billion for the quarter);
–        Bank and quasi-public sector debt – $17.5 billion (+$0.6 billion); and
–        Private sector debt – $138.2 billion (+$5.6 billion).

Kazakhstan’s largest creditors are: the Netherlands ($41.75 billion), Russia ($14.87 billion), the UK ($13.98 billion), the U.S. ($11.02 billion), France ($10.89 billion), China ($10.2 billion) and Bermuda ($9.36 billion). The bulk of the liabilities are represented by direct investment in the form of intercompany debt. This is especially true for the Netherlands and the U.S.

More than $78 billion in borrowings accrue to mining and quarrying operations (including $74 billion for crude oil and gas production). The manufacturing industry attracted $14 billion; $23.7 billion was invested in financial and insurance activities; $12.5 billion in defense; and $11.8 billion in car repairs.

Over $115 billion of the debt was borrowed in U.S. dollars, and $11.3 billion in tenge. Long-term debt with a maturity of over one year accounts for 87.1% of the total, reducing short-term risks but making the country more vulnerable to shifts in global financial markets.

The bulk of external debt is represented by loans and credits from foreign organizations (71.9%), as well as debt securities held by non-residents (9.3%).

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