ASTANA – External debt of Central Asian countries excluding Turkmenistan increased by 34.9% over the past five years, reaching nearly $290.8 billion in 2025, according to data from the CIS Statistical Committee and the Eurasian Economic Commission.

Kazakhstan accounts for the largest share of regional debt, while Uzbekistan recorded the fastest growth over the same period, according to the Ranking.kz analytical website on June 18.

Regional debt growth

The combined external debt of Kazakhstan, Uzbekistan, the Kyrgyz Republic, and Tajikistan rose steadily, with Kazakhstan representing 62.5% of the total.

Kazakhstan’s external debt reached $181.8 billion in 2025, up 10.4% year-on-year. Uzbekistan’s debt surged 26% to $89.6 billion, more than 2.5 times higher than five years earlier. The Kyrgyz Republic’s external debt rose modestly by 0.5% to $12.4 billion, while Tajikistan recorded the lowest level at $6.9 billion.

Debt structure varies across countries

In Kazakhstan, around half of external debt is linked to intercompany lending, largely driven by foreign investment in extractive industries. The Netherlands is the largest creditor, followed by the United Kingdom and Russia.

Over 80% of Kazakhstan’s external debt is concentrated in the mining, oil and gas sectors, reflecting continued reliance on commodity exports.

In contrast, Uzbekistan, the Kyrgyz Republic, and Tajikistan rely more heavily on sovereign borrowing, primarily from international financial institutions such as the Asian Development Bank and the World Bank.

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