Kyrgyzstan's public debt reaches 907 billion som: Who does the country owe and how much?
As of September 30, 2026, Kyrgyzstan's state debt stood at 906.98 billion som, or $10.37 billion. Of this amount, 461.31 billion som accounts for external obligations and 445.67 billion som for domestic ones. The shares of the two components have nearly equaled at 50.9% and 49.1%, respectively.
External debt: Main creditors are China, World Bank and ADB
According to the Ministry of Finance, the volume of external state debt reached 461.31 billion som at the end of September. The bulk of it falls on concessional loans: 240.65 billion som for multilateral financing and another 153.32 billion som for bilateral agreements. Together, this accounts for 85.4% of external obligations.
The Export-Import Bank of China remains the largest bilateral creditor, with debt owed to it amounting to 119.6 billion som, or 25.9% of the external debt.
Among multilateral organizations, the International Development Association (World Bank Group) leads with 87 billion som, followed by the Asian Development Bank with 82.85 billion som. These three creditors account for approximately 289.5 billion som, or 62.8% of external obligations.
Among other creditors, the Ministry of Finance lists the Eurasian Development Bank and the Eurasian Fund for Stabilization and Development at 21.24 billion som, the Islamic Development Bank at 18.28 billion som, the International Monetary Fund at 11.12 billion som, and the Japan International Cooperation Agency at 11.1 billion som.
The list also includes the Saudi Fund for Development, the German bank KfW, the government of Turkey, the Kuwait Fund for Arab Economic Development, the Export-Import Bank of Korea and other financial organizations.
In addition to loans, the external debt includes $700 million in Eurobonds, or 61.21 billion som. They account for 13.3% of external obligations. Another 5.91 billion som represents debt owed to the European Bank for Reconstruction and Development. Bilateral non-concessional obligations are estimated at approximately 209 million som.
Domestic debt: State bonds form the basis
The volume of domestic state debt reached 445.67 billion som. Almost the entire amount falls on long-term government securities. State Treasury Bonds (STBs) account for 443.39 billion som, or 99.5% of domestic obligations.
The maturity period of STBs ranges from 2 to 10 years, as well as 15 and 20 years. State Treasury Bills account for another 2.25 billion som.
Another 34.34 million som represents obligations to depositors of the former Elbank. This is citizen savings debt accumulated before January 1, 1992, which the state assumed after the collapse of the USSR. The Ministry of Finance accounts for it in the public debt structure as a promissory note.
For comparison: as of July 31, 2026, Kyrgyzstan's state debt stood at 888.2 billion som. As reported earlier by Economist.kg, external obligations accounted for 51.1% at the time, and domestic ones for 48.9%.
Thus, over two months, the total volume of state debt increased by approximately 18.78 billion som, and the share of domestic obligations grew by 0.2 percentage points.
At the same time, over January–October 2026, Kyrgyzstan has already allocated 73.89 billion som to service the state debt. Of this amount, 47.03 billion som went toward the repayment of the principal debt, and 26.75 billion som toward interest payments.
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Alexander Kanunnikov
Svetlana Begunova
