Some 90% of Kazakhstan's state external debt fell on long-term (over 1 year) borrowings, which, on the one hand, minimizes liquidity risks, and on the other hand, increases the impact of changes in general market conditions on debt repayment and servicing. A few months ago, the debt of Kazakhstan was more than $160 billion, which is ten times more than in other countries.
Uzbekistan was in second place with $23.2 billion. The main creditor of Uzbekistan at the time of reporting was the Asian Development Bank - $5.4 billion.
The Ministry of Finance believes that the sources of public external debt are sufficiently diversified. About 40.1% (up from 42.6% at the beginning of last year), or $9.3 billion, of this debt, is held by foreign government financial institutions.
In Kyrgyzstan, according to the results of October 2022, the state debt of the republic amounted to $5.2 billion, including $4.2 billion of external debt and $1 billion of domestic debt. However, external debt decreased by $28.5 million, and domestic debt by $27.8 million. Most of all, the republic owes bilateral concessional loans - $2.1 billion (51% of external debt)
The total amount of the external debt of the republic, according to the Ministry of Finance of Tajikistan, for the III quarter of 2022 amounted to $3.2 billion. Its main external creditor remains the Chinese Export-Import Bank, to which the republic owes more than $1 billion. There are debts to the World Bank ($357 million) and the Asian Development Bank ($291 million).
The director of the Center for Research Initiatives Ma'no Bakhtiyor Ergashev says that Kazakhstan has been borrowing a lot of money from global banks since the mid-2000s. Their banks actively participated in the credit market. They took funds for small interest from the West and then resold them at a higher price.
According to the expert, almost 70% of the debt is the corporate debt of large companies and banks. At the same time, the state debt is not so large and does not exceed $20-25 billion.
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