At a government press conference on Kazakhstan’s fiscal policy, finance minister Madi Takiev said that as of January 1 this year the country’s outstanding public debt was $59.9 billion, According to Takiev this figure is considered safe under a government rule. “In terms of GDP [gross domestic product], it is 22.8%. We have a limit — 33%. It is considered safe,” commented Takiev.
In October of last year, Kazakhstan’s state debt stood at $64.7 billion. At the end of 2023, the Mazhilis (lower house of parliament) reported that the size of Kazakhstan’s public debt comprised 40% of the entire federal budget. According to Mazhilis representatives, that creates certain risks for the country. At a joint session of the two chambers of parliament, former prime minister Alikhan Smailov promised that over the next five years, Kazakhstan’s total public debt will remain at a safe level — and will not exceed 25% of annual GDP.
Last year, the countries with the largest amounts of government debt were Japan ($9.57 trillion), Italy ($3.1 trillion), and the U.S. ($1.6 trillion). This month, developed countries of the Organization for Economic Cooperation and Development (OECD) increased their total government debt via sovereign bonds to $54 trillion. Over the past 15 years, this amount has grown by $30 trillion, according to the OECD report.
