Published
07/30/2026, 09:40As at 1 April this year, Kyrgyzstan’s international reserves covered 69.2 per cent of the country’s total external debt. In terms of this indicator, the republic ranked second in the EAEU, behind only Russia, where reserves exceed external debt by a factor of 2.5.
It is important to note that this figure does not refer solely to public debt. The calculation takes into account all the economy’s external liabilities: the debts of government bodies, the National Bank, commercial banks and other sectors, as well as inter-company lending within the framework of direct investment.
Kyrgyzstan’s total external debt as at 1 April stood at $12.44 billion. Of this amount, $5.25 billion was attributable to government bodies.
By the end of March this year, according to the National Bank, the liquid portion of international reserves stood at around $8.61 billion, whilst gross reserves stood at $8.69 billion. Over the course of the year, they increased by 59.5 per cent. This enabled Kyrgyzstan to significantly strengthen its defence against external liabilities.
Over the year, the external debt coverage ratio rose by 25.4 percentage points in one go – from 43.8 per cent to 69.2 per cent. At the same time, external debt itself increased by 1.4 per cent, whilst liquid international reserves rose by more than 60 per cent.
None of the other Eurasian Economic Union (EAEU) member states has achieved a comparable result. In Belarus, reserves cover 39.8 per cent of external debt; in Kazakhstan, 36.5 per cent; and in Armenia, 27.7 per cent. Russia remains the only EAEU country where international reserves not only cover but significantly exceed the total external debt: the ratio stands at 250.4 per cent.
Compared with 1 April 2025, the coverage of external debt by reserves has increased in all EAEU member states, though Kyrgyzstan has shown one of the best results.
