Kazakhstan’s government securities have moved closer to global financial markets. Following a review of the 2026 classification, J.P. Morgan placed Kazakhstan’s bonds on Index Watch-Positive.
Kazakhstan’s Ministry of Finance highlighted that this development paves the way for the potential inclusion of Kazakhstani government securities in the leading emerging-market bond index, the Government Bond Index – Emerging Markets (GBI-EM).
Over the next 12 months, J.P. Morgan experts will assess Kazakhstan’s market accessibility for foreign investors, including access to international clearing and settlement infrastructure and the liquidity of bonds that meet the relevant criteria.
The ministry highlighted that potential inclusion in the GBI-EM will expand the base of foreign investors, significantly boost market liquidity and reduce the government’s borrowing costs.
Joint work between the Ministry of Finance and Kazakhstan’s National Bank to develop infrastructure and integrate the domestic market into global capital markets helped pave the way for the new status.
Meanwhile, Kazakhstan’s total public and publicly guaranteed debt reached 40.9 trillion tenge as of July 1, 2026. 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.
