Kazakhstan’s Foreign Debt Hits 170.5 Billion USD in Q1 2025

Kazakhstan’s foreign debt reached an all-time high of $170.5 billion at the end of the first quarter of 2025, rising by $5.7 billion in just three months, according to a report from the National Bank of Kazakhstan, reports Orda.kz.

This marks the highest figure recorded since monitoring began in 2001.

In the first quarter of 2025, foreign debt increased by $3.4 billion due to balance of payments transactions and by $2.3 billion due to exchange rate, valuation, and other changes, the National Bank said in its statement.

Public debt accounts for $14.8 billion, while the banking and quasi-public sectors owe $17.5 billion. The largest share — $138.2 billion — is attributed to private companies.

Most of the debt consists of loans and borrowings from foreign organizations (71.9%), followed by debt securities held by non-residents (9.3%).

Additionally, 87.1% of the total foreign debt is made up of long-term obligations with maturities of over one year.

Experts note that while this structure reduces short-term liquidity risks, it increases the economy’s vulnerability to fluctuations in global financial markets.

Kazakhstan’s largest creditor countries include:

• Netherlands – $41.75 billion
  
• Russia – $14.87 billion
  
• United Kingdom – $13.98 billion
  
• United States – $11.02 billion
  
• France – $10.89 billion
  
• China – $10.2 billion
  
• Bermuda – $9.36 billion

As of January 1, 2025, Kazakhstan’s foreign debt stood at $164.7 billion, placing it third among Eurasian Economic Union (EAEU) member states in terms of total external debt.

Original Author: Raushan Korzhumbekova