Kazakhstan’s external debt reaches $164.7 billion

In January 2025, Kazakhstan’s external debt totaled $164.7 billion, a net increase of $1.1 billion from the beginning of 2024, according to statistics from the National Bank. Although external debt grew by $3.9 billion last year due to transactions reflected in the balance of payments, this growth was partially offset by negative exchange rate effects, cost changes and other factors amounting to $2.8 billion.

The structure of Kazakhstan’s external debt:

• Public external debt: $15.2 billion (+$1.3 billion in Q4)
• External debt of banks and organizations controlled by the government: $16.9 billion (+$0.2 billion in Q4)
• External debt of the private sector: $132.6 billion (-$3.1 billion in Q4)

Of this, long-term debt accounts for 88.1% (with a maturity of more than one year). Loans from non-residents make up 74.2% of all borrowings, while debt securities held by non-residents account for 8.9%.

The current amount of Kazakhstan’s external debt is the highest since 2018, when it stood at $167.4 billion. The second-highest level was reported in 2022, at $164.1 billion.

Despite this, Kazakhstan’s international investment position improved by $18.3 billion, reaching -$49.7 billion in 2024. This indicator shows the difference between what the country owns and what it owes.

At the same time, the country’s external assets rose by $10.3 billion to $198 billion, while its external liabilities decreased by $8 billion to $248 billion, including $15.1 billion in liabilities of the National Bank and public agencies.

External liabilities represent a broader indicator that includes financial liabilities of residents to non-residents, including external debt and foreign direct investment. As of June 1, 2024, Kazakhstan’s state debt stood at $60.9 billion, according to the Ministry of Finance, including $15.1 billion in external debt of the government.