![\"\"](\"https:\/\/www.newsbeep.com\/us\/wp-content\/uploads\/2026\/08\/IMG_3092.jpeg\")
<\/p>\nASTANA \u2013 Kazakhstan\u2019s external debt rose 7.5% year on year to $182.8 billion as of April 1. External liabilities of the government and state-controlled institutions jumped 39%, while private-sector debt remained virtually unchanged and intercompany debt linked to foreign direct investment declined 5.5% in one year.<\/p>\n
<\/p>\n
Photo credit: Open source<\/p>\n
The National Bank defines external debt as debt obligations of Kazakhstan\u2019s residents to nonresidents. The measure covers both public- and private-sector liabilities and includes debt regardless of the currency in which it is denominated.<\/p>\n
From April 1, 2025 to April 1, 2026, gross external debt increased from $170 billion to $182.8 billion, up $12.8 billion, or 7.5%. Intercompany debt linked to foreign direct investment fell from $92.5 billion to $87.4 billion, a decline of 5.5%. As of April, $19.2 billion was owed by banks, an increase from $14.6 billion a year earlier.<\/p>\n
Public external debt rose from $14.7 to $18.9 billion in a year. The figures show that most of Kazakhstan\u2019s external liabilities remain outside the government balance sheet. The latest National Bank data points to sovereign and state-controlled borrowers accounting for a growing share of the increase since the start of 2025.<\/p>\n
Kazakhstan\u2019s external debt is predominantly long term, with 87.1% carrying an original maturity of more than one year. According to the National Bank, that limits immediate liquidity pressure, but it does not remove longer-term risks, as refinancing and servicing costs can rise when global financial conditions tighten. Loans and borrowings from nonresidents make up 69.2% of the total, while debt securities held by foreign investors account for 13%.<\/p>\n
By creditor jurisdiction, the Netherlands accounted for the largest share of Kazakhstan\u2019s external debt as of April 1, at approximately $40.8 billion, followed by the United Kingdom at $19.8 billion, Russia at $16.7 billion, China at $13.8 billion and the United States at $11 billion.<\/p>\n
The figures should not be interpreted as direct bilateral government lending, however, as they include corporate and intercompany liabilities and may reflect the jurisdiction through which financial claims are held or administered. In the case of the Netherlands, data from the National Bank shows that of $41 billion total, government debt is only $21 million, banks \u2013 $11 million and intercompany debt \u2013 $38.23 billion, so roughly 94% of Kazakhstan\u2019s debt recorded against the Netherlands is intercompany FDI debt.<\/p>\n
External debt of Central Asian countries excluding Turkmenistan increased<\/a> by 34.9% over the past five years, reaching nearly $290.8 billion in 2025, according to data from the CIS Statistical Committee and the Eurasian Economic Commission. Kazakhstan accounted for 62.5% of the total.<\/p>\n