Kyrgyzstan’s national debt has exceeded $10 billion — almost half of which the country has borrowed from itself

Kyrgyzstan’s national debt as at 30 June stood at 883.1 billion KGS, or $10.1 billion. This represents 37.53 per cent of the country’s projected GDP, according to data from the Ministry of Finance.

External and domestic debt are now almost equal. Kyrgyzstan owes $5.22 billion, or 51.6 per cent of its total public debt, to foreign creditors. The state has borrowed a further $4.88 billion, or 48.4 per cent, domestically.

The difference between the two has narrowed to $332 million. By way of comparison: at the end of 2024, domestic debt stood at 11.3 per cent of GDP; in 2025, it was 15.8 per cent; and by mid-2026, it had reached 18.15 per cent of projected GDP.

Virtually all of the domestic debt – 424.6 billion KGS – consists of long-term government bonds. The government owes a further 2.4 billion KGS in short-term treasury bills.

External debt continues to consist predominantly of concessional loans. Kyrgyzstan owes $2.64 billion to international financial organisations, and a further $1.8 billion to individual states and their development institutions. In addition, $700 million relates to Eurobonds issued in 2025.

The Export-Import Bank of China remains the largest single foreign creditor, with Kyrgyzstan owing it $1.41 billion, or 27.1 per cent of its external debt. It is followed by the World Bank’s International Development Association, with $939.8 million, and the Asian Development Bank, with $867.8 million.

The debt-to-GDP ratio has been calculated based on Kyrgyzstan’s projected economic output for 2026 — 2.35 trillion KGS. Consequently, once the actual GDP figures are finalised, the final debt burden may change.