Kazakhstan’s external debt hits historic high

Kazakhstan’s external debt soars to all-time high / Photo: Shutterstock, photo editor: Adelina Mamedova

Kazakhstan’s external debt reached a record high of $172.8 billion at the end of June, according to analysts at Halyk Finance. While private companies hold about 71% of that debt, the latest increase is largely driven by the public and quasi-public sectors.

Debt ratio and stability factors

The country’s external debt-to-GDP ratio rose to 59.2%, up from 56.6% earlier in 2024. Analysts note that Kazakhstan’s sizable international reserves and the assets held in its National Fund continue to support overall external stability.

Structure of the debt

Direct investment recorded as intercompany debt remains a major contributor, making up roughly 53.6% of total external debt.

By industry, the breakdown is as follows: