The public debt of Kazakhstan has increased by 2.1 trillion tenge since the start of the year and has reached 38.5 trillion tenge. The main growth came from domestic debt, while the volume of external liabilities contracted over this period.
HOW THE PUBLIC DEBT HAS CHANGED
According to LS, citing the Ministry of Finance, the public debt of Kazakhstan currently stands at 38.5 trillion tenge. At the start of the year, this figure was at 36.4 trillion tenge, corresponding to growth of 5.7%. It is noted that the figure is presented excluding mutual claims, that is, the debt of local executive bodies to the government.
The government debt of Kazakhstan over the same period grew from 34.84 trillion tenge to 36.82 trillion tenge.
WHAT DROVE THE GROWTH
The main growth was driven by domestic debt. As of 1 July, it stood at 28.47 trillion tenge, compared with 26.14 trillion tenge at the start of the year, an increase of 8.9%.
External debt, by contrast, fell by 3.9% — to 8.35 trillion tenge. The largest share of external liabilities consists of Eurobonds. Their volume declined from 5.01 trillion tenge on 1 January 2026 to 4.81 trillion tenge.
WHAT THE TOTAL VOLUME OF LIABILITIES REMAINS AT
The total state and state-guaranteed debt, as well as debt under state guarantees, reached 40.9 trillion tenge.
The publication notes that earlier the Ministry of Finance stated that the public debt of Kazakhstan is at a manageable level and, in the department's assessment, does not have negative effects.
