Kazakhstan’s external debt reached a record high of $172.8 billion at the end of June, according to analysts at Halyk Finance. While private companies hold about 71% of that debt, the latest increase is largely driven by the public and quasi-public sectors.
Debt ratio and stability factors
The country’s external debt-to-GDP ratio rose to 59.2%, up from 56.6% earlier in 2024. Analysts note that Kazakhstan’s sizable international reserves and the assets held in its National Fund continue to support overall external stability.
Structure of the debt
Direct investment recorded as intercompany debt remains a major contributor, making up roughly 53.6% of total external debt.
By industry, the breakdown is as follows:
- Mining: 45.8% of external debt, including 42.5% tied specifically to oil and gas production.
- Manufacturing: 8.7%.
- Wholesale and retail trade: 7.2%.
