$182.8 billion in external debt as of April 1 marked a $12.8 billion year-on-year increase for Kazakhstan, lifting the total 7.5%.
39% growth in government and state-controlled liabilities drove much of the rise, while private-sector debt was nearly flat and intercompany FDI debt fell 5.5% to $87.4 billion.
$19.2 billion was owed by banks, up from $14.6 billion, and public external debt climbed to $18.9 billion from $14.7 billion, though most liabilities still sit outside the government balance sheet.
87.1% of the debt is long term, limiting near-term liquidity pressure, but the National Bank said refinancing and servicing risks could rise if global financial conditions tighten.
62.5% of Central Asia's nearly $290.8 billion external debt is Kazakhstan's, even as its general government debt remains moderate at about 24.9% of GDP by IMF data.