As of the results for the first 9 months of 2024, Kazakhstan has undertaken significant borrowing within the framework of the approved budget deficit. The total amount of domestic borrowing through the issuance of government securities amounted to 4,996.6 billion tenge. External loans were much more modest, totaling only 90.7 billion tenge.
As of October 1, 2024 the total public debt reached 30,504.8 billion tenge, which is 22.6% of GDP, amounting to 134,952.9 billion tenge. Government debt accounts for 94.4% of the total public debt, equating to 28,784.7 billion tenge. The main part is attributed to domestic borrowing — 21,567.6 billion tenge (75%), while external obligations amount to 7,217.0 billion tenge (25%).
The debt burden is distributed as follows: short-term obligations amount to 848.0 billion tenge, medium-term obligations to 3,209.7 billion tenge, and long-term debt to 24,726.9 billion tenge. Interest payments are predominantly fixed — 85% of all obligations. Floating rates account for 12%, while inflation-indexed debt makes up 3%.
Government debt servicing for the period from the beginning of the year to September amounted to 1,959.3 billion tenge, indicating a significant financial burden on the budget. The National Bank’s domestic obligations at discounted value stand at 500.0 billion tenge or 1.6% of the total public debt. The debt portfolio of local executive bodies reached 1,220.1 billion tenge, comprising 4.0% of the total debt volume.
The structure of Kazakhstan’s debt highlights a high dependency on domestic financing, ensuring a certain level of stability but requiring continuous monitoring and oversight to mitigate risks.
