🇰🇿 Kazakhstan
Public Sector Debt · 2026
Total Debt
38.9%
of GDP
Global Rank
#154
of 192
S&P Rating
BBB
Credit rating
SOE Debt
+12.5%
4 categories
Sovereign Wealth
23%
of GDP in SWF assets
Where the Debt Sits
Central Government
Energy SOEs
Central Government: 26.4%Dev Banks: 3.0%Energy SOEs: 6.5%Infrastructure: 2.5%Public Corps: 0.5%
Full Debt Breakdown
Central Government26.4% of GDP
Central GovernmentIMF WEO — General Government Debt
26.4%Energy SOEs6.5% of GDP
KazMunayGas (oil & gas)IMF SIP 2026 / Samruk-KazynaLargest SK subsidiary; est. debt ~$13B
5.0%KazAtomProm & KEGOCIMF Article IV 2024Uranium producer and grid operator
1.5%Infrastructure SOEs2.5% of GDP
Air Astana, KTZ Railways, KazakhtelecomIMF Article IV 2024Transport and telecom SOEs under Samruk-Kazyna
2.5%Public Corporations0.5% of GDP
Samruk-Kazyna (holding level)IMF SIP 2026Total SK debt $19B (12% GDP)
0.5%Development Banks3.0% of GDP
Baiterek National HoldingIMF Article IV 2024Controls assets = 12% of GDP
3.0%Total Corporate Debt16.7% of GDP
NF corporate debt (est.)WB WDI 2020
16.7%Household Debt9.0% of GDP
Household debt (est.)WB WDI 2020
9.0%All Layers Total64.6%
Credit Ratings
S&P
BBB
Moody's
Baa1
Fitch
BBB
Data Sources
IMF WEO — General Government Debtgeneral_government · Updated semi_annual
Dec 202626.4% GDP
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