Kazakhstan government debt reaches 38.5 trillion tenge as domestic borrowing surges

AI digestMimile.ai EditorialAugust 3, 2026 at 02:00 PM

This digest was compiled by AI from multiple sources — links to the originals are below.

Kazakhstan's government debt increased by 2 trillion tenge in the first half of 2026 to 38.5 trillion tenge as of July 1, according to Finance Ministry data. The growth was propelled entirely by a 2.33 trillion tenge rise in domestic debt, which offset a contraction in external obligations. The total state and state-guaranteed debt, including sureties, reached 40.9 trillion tenge.

Internal Borrowing Spike

The internal debt of Kazakhstan's government reached 28.47 trillion tenge on July 1, up from 26.14 trillion tenge at the start of 2026, a jump of 8.9%. This accounted for nearly all of the 2.1 trillion tenge increase in overall government debt (excluding mutual claims). The government's total debt, including state-guaranteed obligations and sureties, stood at 40.9 trillion tenge.

External Debt Reduction

External government debt fell by 3.9% to 8.35 trillion tenge from 8.7 trillion tenge at the beginning of the year. Eurobonds remained the largest component at 4.81 trillion tenge, down from 5.01 trillion tenge. The decline reflects a deliberate shift to domestic financing, the Finance Ministry indicated earlier.

Ministry Assesses Risks

In early June, the Finance Ministry stated that Kazakhstan's government debt remains at a manageable level and is not producing negative effects. The ministry's assessment emphasized that the debt structure, with a growing share of tenge-denominated obligations, mitigates currency risks. The statement did not address the rapid accumulation of domestic debt directly.

What's Next

The government is expected to continue issuing domestic bonds to finance the budget deficit, with the next auction likely in August. Whether the pace of accumulation will sustain or moderate remains uncertain amid fluctuating oil revenues and planned social spending.

1 source

Kazakhstan government debt reaches 38.5 trillion tenge as domestic borrowing surges

lsm.kz

LSM.kz

Perspectives

YouTube

Top 20 Biggest Economies by GDP Growth (2015–2025) 📈🌍

EVS Tech

Долг Қазақстан темір жолы превысил 3 трлн тенге

TENGRI Shorts

Кредитная нагрузка казахстанцев достигла 25,5 триллиона тенге

Информбюро 31

Finance

Kazakhstan to borrow in yen, finance ministry cites budget needs

Kazakhstan's finance ministry plans to borrow in Japanese yen, citing budget deficit coverage as the primary reason. The move is expected to have a positive side effect on the tenge exchange rate, according to Kapital.kz.

Finance

Public-sector borrowing, not private, drives Kazakhstan’s external debt to $182.8 billion

Kazakhstan’s external debt rose 7.5% year-on-year to $182.8 billion as of April 1, driven almost entirely by a 39% jump in liabilities of the government and state-controlled institutions, while private-sector obligations remained flat and intercompany FDI debt declined. The figures signal a structural shift in the composition of Kazakhstan’s external liabilities toward public-sector borrowers. The increase leaves Kazakhstan with the largest external debt stock in Central Asia, accounting for 62.5% of the regional total.

Finance

Kazakhstan accounts for 62% of Central Asia's $290.8bn external debt

Kazakhstan remains the largest debtor in Central Asia, with its external debt reaching $181.8 billion, according to Ranking.kz. The country accounts for over 62% of the region's total external debt of $290.8 billion, which includes Uzbekistan, Kyrgyzstan, and Tajikistan.

Business

EAEU External Debt Hits $552.6 Billion Despite Russia's $13.9 Billion Decline

External debt of the Eurasian Economic Union reached $552.6 billion as of April 1, 2026, a 0.5% increase from a year earlier, according to the Eurasian Economic Commission. Russia reduced its external liabilities by $13.9 billion, while Armenia, Kazakhstan, Belarus, and Kyrgyzstan all increased borrowing, with Armenia posting the fastest growth at 17%.

Kazakhstan government debt reaches 38.5 trillion tenge as domestic borrowing surges

Internal Borrowing Spike

External Debt Reduction

Ministry Assesses Risks

What's Next

Perspectives

Read more

Perspectives

Read more