Kyrgyzstan has covered nearly 70% of its external debt with international reserves

Kyrgyzstan has significantly strengthened the coverage of its external debt with international reserves. As of January 1, 2026, this ratio reached 68.6%, one of the highest levels in the Eurasian Economic Union.

Only Russia had a higher level of external debt coverage by reserves—236.4%. In the other EAEU countries, the figure was significantly lower: 26.8% in Armenia, 37.6% in Belarus, and 36% in Kazakhstan.

Meanwhile, a year earlier, Kyrgyzstan’s external debt coverage ratio stood at 40.5%. Thus, the ratio rose by 28.1 percentage points in just one year.

This growth occurred against the backdrop of a record increase in the country’s international reserves. According to the National Bank, as of January 1 of this year, Kyrgyzstan’s gross international reserves reached $10.177 billion, while the liquid portion of the reserves amounted to $10.103 billion. For comparison, a year earlier, the volume of reserves stood at $5.191 billion. In fact, the country’s reserves nearly doubled over the course of the year.

According to EAEU data, Kyrgyzstan’s total external debt as of January 1, 2026, amounted to $12.44 billion, including bank liabilities, direct investments, and intercompany loans.