Kyrgyzstan's national debt exceeds $8.7 billion: who does the country owe and how much?

The Ministry of Finance has published the latest data on the structure of Kyrgyzstan's public debt. As of October 31, the country's total public debt amounted to $8.69 billion, of which $5.16 billion was external debt, with the remaining liabilities relating to domestic loans. External debt accounts for 59.4% of total debt.

Kyrgyzstan's largest bilateral obligations are to the Export-Import Bank of China, amounting to $1.499 billion. This accounts for 29% of the external debt. Eximbank's financing is traditionally linked to large infrastructure projects, including energy and road facilities.

Other significant bilateral creditors include:

• JICA — $132.6 million;
• Saudi Development Fund — $95.9 million;
• German Development Bank KfW — $63.8 million;
• Government of Turkey — $50.4 million;
• Export-Import Bank of Korea — $8.95 million.

Bilateral non-concessional liabilities remain minimal, with Germany owing $3.24 million and Denmark owing $1.24 million.

The largest block is multilateral concessional loans, amounting to $2.52 billion, or 48.8% of external debt. These include:

• International Development Association — $808 million;
• Asian Development Bank — $845.6 million;
• International Monetary Fund — $213.2 million;
• Eurasian Stabilization and Development Fund — $251.3 million;
• European Investment Bank — $88.52 million;
• Asian Infrastructure Investment Bank — $50 million.

Multilateral non-concessional loans are accounted for separately, with the EBRD accounting for the bulk of these — $59.6 million.

The government's balance sheet also includes eurobond liabilities totaling $700 million. This accounts for 13.6% of external debt.

As a reminder, the Eurobonds were placed by Kyrgyzstan in May this year. This is the republic's debut on the European capital market. The money was raised for five years with a coupon rate of 7.75%.

As a result, Kyrgyzstan's total public debt has grown to $8.69 billion, and its ratio to the projected GDP for 2025 is estimated at 42.7%. Despite the diversification of funding sources, the republic's dependence on major international creditors, including China, remains.