The Mazhilis, Kazakhstan’s lower house of Parliament, endorsed loan agreements with the International Bank for Reconstruction and Development and the Asian Infrastructure Investment Bank. The total amount of the loans to cover budget expenditures will be about $964 million, according to the Mazhilis.
The Mazhilis ratified a loan agreement concerning a second loan for financing the Inclusive and Sustainable Economic Growth Development Policy from the International Bank for Reconstruction and Development (IBRD). The agreement was signed on May 20, 2026. Under its terms, the IBRD will provide Kazakhstan with 92.3 billion yen (around $576 million) for 11 years.
The Mazhilis also ratified a loan agreement with the Asian Infrastructure Investment Bank, signed in Astana on June 15, 2026. The loan amounts to 62.4 billion yen (around $389 million) and has a repayment term of 11 years, including a five-year grace period.
Therefore, Kazakhstan will borrow around $964 million from international financial organizations to support economic stability and cover the republican budget deficit during the planning period. The interest rate on the loans is determined using the TONA plus variable spread formula. TONA (Tokyo Overnight Average Rate) is a benchmark interest rate for the Japanese yen that reflects the average rate on overnight interbank lending.
External state debt as of April 1, 2026, totaled around 8.18 trillion tenge, or nearly $17 billion. The largest creditors include international financial institutions such as the International Bank for Reconstruction and Development, the Asian Development Bank, and the European Bank for Reconstruction and Development.
