Kazakhstan’s external debt continues to grow, increasing by nearly $1 billion in the first quarter of 2026.
Debt continues to grow
As of April 1, 2026, Kazakhstan’s external debt reached $182.8 billion, up $0.9 billion over the first quarter.
According to official data, the increase was primarily driven by price and other valuation changes, as the majority of the country’s external liabilities remain long-term.
Debt composition
Liabilities with maturities of more than one year account for 87.1% of total external debt.
While this structure helps mitigate short-term liquidity risks, it also increases dependence on market conditions for future debt servicing and repayment.
The breakdown by financial instrument shows that the largest share, 69.2%, consists of loans and borrowings from non-residents. Another 13% is made up of debt securities held by foreign investors.
Who owes more?
The bulk of external liabilities remains concentrated in the private sector. As of April 1, 2026, corporate external debt totaled $138.1 billion, compared with $138 billion at the beginning of the year.
Government external debt also increased during the first quarter, rising from $18.6 billion to $18.9 billion.
Banks and state-owned organizations reported a larger increase. Their external debt rose from $25.2 billion to $25.7 billion during the same period.
State-guaranteed external debt totaled $3.3 billion as of early April, remaining virtually unchanged from the beginning of the year.
Kazakhstan’s external debt statistics are compiled in accordance with International Monetary Fund standards and include liabilities of government agencies, banks, other sectors of the economy and intercompany debt owed to foreign investors.
However, equity investments and derivative instruments are not included in external debt.
In the first quarter of 2025, Kazakhstan’s external debt increased by $5.7 billion to $170.5 billion. This was the sharpest increase since 2001, when the country began compiling these statistics. The previous record was set in 2018, when external debt reached $167.4 billion.
Among Kazakhstan’s largest creditors are the Netherlands ($41.75 billion), Russia ($14.87 billion), the U.K. ($13.98 billion), the U.S. ($11.02 billion), France ($10.89 billion), China ($10.2 billion) and Bermuda ($9.36 billion).
