According to the National Bank of Kazakhstan, at the beginning of 2024 the external financial obligations of the republic reached almost $163 billion, whilst in 2019 this figure stood at $158.8 billion.
The Netherlands are Kazakhstan’s largest creditor with $42.6 billion owed, followed by the U.K. with $13.8 billion, and then Russia at $12.95 billion.
Over five years, Kazakhstan’s debt to Russia (+47.1%) and multilateral organizations (+28.5%) increased significantly. At the same time, the amount of debt held by legacy creditors decreased, including that held by the Netherlands (-12.9%), the U.K. (-37%), the U.S. (-7.4%), France (-4.3%), China (-20.7%) and Japan (-17%).
Last December, the Asian Development Bank approved a $350 million loan to Kazakhstan. This was allocated to reform the country’s financial management and increase the economy’s resilience against external shocks. In February of this year, the World Health Organization, with the support of the World Bank, launched a Pandemic Fund project in Kazakhstan. For this purpose, the republic was allocated a grant totaling $19 million, as well as a multilateral grant of $27 million for three years.
Earlier, former chief auditor of Kazakhstan, Natalia Godunova, criticized the use of international funds by government agencies, saying that the procedure is inefficient.
