As of Jan. 1, 2026, Kazakhstan’s external debt stood at $181.8 billion, up $17.2 billion from 2025, according to data from the National Bank of Kazakhstan. At the same time, the increase over the last quarter amounted to $10.4 billion.
The regulator attributed the increase in external debt to a $12.8 billion rise in balance of payments transactions and a $4.3 billion increase in exchange rate, valuation and other changes.
The external debt composition is as follows:
- Public external debt: $18.6 billion (+$2.4 billion over the quarter)
- External debt of banks and organizations controlled by the government: $25.2 billion (+$4.4 billion)
- Private external debt: $138 billion (+$3.6 billion)
- Government guaranteed external debt: $3.3 billion (+$100 million)
Long-term external debt (over one year) accounts for 88.1% of Kazakhstan’s external debt by original maturity. This reduces liquidity risks but makes debt servicing and repayment more sensitive to market conditions.
Loans attracted from abroad (70.5%) and debt securities held by non-residents (12.5%) dominate the debt composition.
Net external debt, defined as the difference between external debt and external assets in debt instruments, amounted to $53.2 billion.
