Published
03/23/2026, 17:15Kyrgyzstan’s total national debt increased by $2.3 billion over the year, reaching $8.94 billion. This represents a 34.7% increase.
In national currency, the debt rose from 580.56 billion KGS to 781.81 billion KGS, an increase of 201.25 billion KGS.
The main contributor to the growth was domestic debt, which rose by 71.3%, whilst external debt grew at a much more moderate rate of 17.7%.
The key driver was the issuance of long-term government securities. In particular, the volume of government treasury bonds rose from $2.072 billion to $3.560 billion — by almost $1.49 billion.
Thus, it was the active expansion of domestic borrowing that became the main factor behind the accelerated growth of public debt.
Experts note that the shift towards domestic debt reduces currency risks, but increases the burden on the domestic financial market and the cost of borrowing in the economy.
