Kyrgyzstan’s budget shows a rise in revenue alongside increased domestic borrowing

In the first quarter of 2026, Kyrgyzstan’s budget was in surplus: revenue exceeded expenditure. The surplus amounted to 20% of GDP.

The state collected 224.6 billion KGS in revenue — almost 40% more than a year earlier. The main growth came from income and value-added taxes, as well as receipts from the National Bank. Put simply, businesses paid more tax, and part of the revenue came from one-off transfers.

Expenditure also rose, but at a slower rate – by 19.4%, to 109.1 billion KGS. Most of the money went on public sector wages and support for the Stabilisation Fund, which is used to smooth out economic fluctuations.

The situation regarding public debt is mixed. External debt fell slightly — by 1.9%. However, domestic debt rose significantly — by 27.4% — to reach 398.1 billion KGS. This means that the state is borrowing more actively within the country, for example through bonds and other domestic instruments.