Kazakhstan’s total public and publicly guaranteed debt reached 40.9 trillion tenge (approximately $86 billion) as of July 1, 2026. During the second quarter, the total increased by 1.84 trillion tenge, or 4.7%.
Public and publicly guaranteed debt stood at 39.1 trillion tenge as of April 1, according to the Ministry of Finance.
Public debt drives the increase
Public debt continued to account for the largest share of the country’s liabilities. During the quarter, it increased from 36.8 trillion tenge to 38.5 trillion tenge, a gain of about 1.65 trillion tenge, or 4.5%.
Central government debt posted the largest increase, rising from 35.3 trillion tenge to 36.8 trillion tenge.
Domestic government debt grew by 1.33 trillion tenge to 28.5 trillion tenge, while external debt increased by 166.6 billion tenge to 8.35 trillion tenge.
Read also: Kazakhstan’s external debt in 2025 and budget for 2026 visualized.
Long-term government treasury bonds continued to account for the largest share of domestic borrowing. Their outstanding volume increased by more than 1 trillion tenge during the quarter, reaching 24.4 trillion tenge.
Local government and guaranteed debt
Local government debt also increased, rising from 2.54 trillion tenge on April 1 to 2.77 trillion tenge on July 1, an increase of more than 230 billion tenge.
State-guaranteed debt climbed from 2.23 trillion tenge to 2.41 trillion tenge during the quarter, an increase of 188.7 billion tenge, or 8.5%.
Meanwhile, debt backed by government sureties remained unchanged at 6 billion tenge.
