Kazakhstan’s External Debt Amounts to $164.7 Billion

As of January 1, 2025, Kazakhstan’s external debt totaled $164.7 billion, Orda.kz reports. This places Kazakhstan third among the Eurasian Economic Union (EAEU) countries in terms of total external debt.

According to data from the Eurasian Economic Commission, Kazakhstan’s debt grew by 0.7% compared to the previous year — an increase of $1.097 billion. The banking sector recorded the sharpest rise, with external debt increasing by 17.2% year-on-year.

In terms of structure, 12% of Kazakhstan’s external debt is short-term, while 88% consists of long-term obligations. Kazakhstan ranks first among EAEU countries in external debt related to direct investment and intercompany lending, and third in debt held by government entities.

While external debt is increasing in absolute terms, it is declining relative to GDP.

Over the past 15 years, the debt-to-GDP ratio has dropped from 79.9% to 57.2%.

Original Author: Nikita Drobny