The country’s total public debt reached 856,900 billion soms, or $9.8 billion. For comparison, in Russia, this figure increased by 25 percent, in Kazakhstan by 15.6 percent, and in Armenia by 0.1 percent.

The main reason for the sharp increase in Kyrgyzstan was the abnormal growth of domestic borrowing. Over the year, the country’s domestic debt increased 2.1 times (by 107 percent) and reached 398,100 billion soms, or $4.6 billion. External debt amounted to 458.8 billion soms ($5.2 billion).

Despite the active issuance of domestic securities, external liabilities still dominate Kyrgyzstan’s public debt structure. However, their share has significantly decreased over the year—from 67 percent to 54 percent. The share of domestic loans, by contrast, increased from 33 percent to 46 percent. In all other EAEU countries—Armenia, Kazakhstan, and Russia—domestic liabilities form the bulk of their debt.

Interestingly, Kyrgyzstan has a record budget surplus (77.4 billion soms for the first quarter of 2026). The government is accumulating colossal revenues, but at the same time, its domestic debt is doubling (an increase of 2.1 times). With the National Bank of the Kyrgyz Republic’s discount rate at 12 percent, servicing these internal loans will be very costly for the treasury.