Kazakhstan state debt reaches 38.5 trillion tenge, service costs 2.6 trillion in 2025

October 1, 2026 at 06:10 PM2 min

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

Kazakhstan's state debt reached 38.5 trillion tenge as of July 1, 2026, up 5.6% since the start of the year, according to the Ministry of Finance. Servicing the debt cost 2.6 trillion tenge in 2025, or about 7.1 billion tenge per day. The figures were presented to Kurultai deputies on September 18 alongside a draft budget projecting a 4.6 trillion tenge deficit for 2027.

Key Facts

State debt totaled 38,495.1 billion tenge on July 1, 2026, up 2,050.9 billion tenge from January 1.
Debt servicing cost 2.6 trillion tenge in 2025, averaging 7.1 billion tenge per day.
The draft budget for 2027-2029 projects a deficit of 4.6 trillion tenge for 2027.
Government debt accounts for 36,824.2 billion tenge, while local executive bodies owe 1,670.8 billion tenge to external creditors.
Per capita state debt is approximately 1.87 million tenge based on a population of 20.59 million.

Debt Structure

Government debt makes up 36,824.2 billion tenge of the total, with local executive bodies holding 1,670.8 billion tenge in obligations to external creditors. Akims also owe 1,101.4 billion tenge to the central government, but this amount is excluded from the state debt total to avoid double counting. The Ministry of Finance notes that data on akim debts may still be revised. Internal government debt rose by 2,325.0 billion tenge to 28,471.9 billion tenge, while external government debt fell by 345.8 billion tenge to 8,352.4 billion tenge.

Creditor Breakdown

About 74% of state debt is held domestically, mainly through government securities issued by the Ministry of Finance. External government debt stood at 8.35 trillion tenge, or roughly 22% of the total. Eurobonds are the largest external component at 4.81 trillion tenge, followed by 1.66 trillion tenge owed to the International Bank for Reconstruction and Development. Kazakhstan owes 638.3 billion tenge to the Asian Development Bank and 367.8 billion tenge to the Asian Infrastructure Investment Bank. On May 26, 2026, the Ministry of Finance issued panda bonds worth 3.4 billion yuan at 1.9% for three years, marking Kazakhstan's first entry into the Chinese bond market.