Kazakhstan's government debt servicing costs in 2027 may exceed the combined national budget expenditures on education and healthcare, Kursiv.kz reports.
According to the draft budget for 2027–2029, 3.561 trillion tenge (approximately $7.1 billion) is planned for debt servicing, while healthcare spending will total 2.673 trillion tenge ($5.3 billion) and education spending will total 857.7 billion tenge ($1.7 billion). Combined, social spending will reach 3.530 trillion tenge ($7.1 billion), approximately 30.4 billion tenge ($61 million) less than debt servicing costs.
This represents a significant improvement compared to previously approved parameters. The current 2027 budget allocated 4.19 trillion tenge (approximately $8.4 billion) for debt servicing, and approximately 3.19 trillion tenge ($6.4 billion) for education and healthcare. This narrowed the gap by more than 1 trillion tenge.
However, the debt burden remains a serious challenge. In the first half of 2026, Kazakhstan already allocated 2.1 trillion tenge (approximately $4.2 billion) for debt servicing—a 26.3% increase from the previous year. The increase in expenditure is due not only to the increased volume of liabilities but also to the high cost of new borrowing.
The ratio is expected to improve in the future: in 2028, debt servicing is estimated at approximately 3.676 trillion tenge ($7.4 billion) versus 3.935 trillion tenge ($7.9 billion) for education and healthcare, and in 2029, it will be 3.650 trillion tenge ($7.3 billion) versus 3.982 trillion tenge ($8 billion).
Thus, Kazakhstan expects to gradually restore the priority of social spending, but the high cost of debt servicing remains a significant constraint on budget policy. With total national budget expenditures of approximately 30.2 trillion tenge ($60.4 billion) in 2027, a significant portion of state resources will be spent on fulfilling existing debt obligations rather than on new projects.
As of April 1, 2026, the external debt of the Kazakh government amounted to 8.18 trillion tenge ($17.94 billion). It was largely financed by Eurobonds—4.78 trillion tenge ($10.49 billion).
It was proposed to allocate 3.561 trillion tenge ($7.81 billion) from the national budget for debt payments in 2027. These figures apply only to the national budget and do not include funding for social facilities from local budgets.
CentralasianLIGHT.org
September 4, 2026