ASTANA - Kazakhstan remains the largest borrower in Central Asia, accounting for over 62% of the region's total external debt, according to Ranking.kz, citing data from the CIS Statistical Committee and the Eurasian Economic Commission.
By the end of 2025, the combined external debt of Kazakhstan, Uzbekistan, Kyrgyzstan, and Tajikistan amounted to $290.8 billion. Of this amount, $181.8 billion is accounted for by Kazakhstan. This figure has grown by 10.4% over the year.
By comparison, Uzbekistan's external debt reached $89.6 billion, Kyrgyzstan's $12.4 billion, and Tajikistan's $6.9 billion.
Meanwhile, Kyrgyzstan's public external debt is approximately $5-6 billion, and Tajikistan's is approximately $3-4 billion, while the total external debt is significantly higher and includes private sector liabilities [note - CAL].
At the same time, Kazakhstan's debt structure differs significantly from that of its neighboring countries. Almost half of Kazakhstan's external debt ($89.9 billion) is comprised of intercompany loans within multinational companies, not government borrowing.
Another $55.1 billion is comprised of liabilities of non-financial and quasi-government companies, the banking sector owes $18.3 billion, and the government debt is approximately $16 billion.
The Netherlands remains Kazakhstan's largest creditor with $42.2 billion, followed by the United Kingdom ($19.8 billion) and Russia ($16.6 billion). More than 80% of the country's external liabilities are related to the commodity sector, primarily oil and gas production.
Unlike Kazakhstan, in Uzbekistan, Kyrgyzstan, and Tajikistan, the majority of external debt is accounted for by government borrowing.
CentralasianLIGHT.org
June 18, 2026