Economy
How Kyrgyzstan's public debt, growth, prices, budget and living standards changed under each president — from the Ministry of Finance, the National Statistical Committee, the National Bank, the IMF and the World Bank. As of June 30, 2026, external public debt stood at $5,215M and domestic debt (borrowing in soms) at $4,883M. Every figure has a source, period and units; forecasts, incomplete periods and recalculations are flagged.
Data as of October 6, 2026
Colour of changes:green — change in the desirable direction for the indicatorred — in the undesirable directiongrey — almost unchanged or a neutral indicator (arrow shows direction)how we calculate
Source and notes
External public debt (Ministry of Finance), USD
Exact value: $5,215.15M
Share of GDP: 54.5% at the end of 2020 → 19.4% as of 06/30/2026 (of expected 2026 GDP).
- 35.1 pp lower as a share of GDP compared with the end of 2020 (recalculated by news.kg). Change in the desirable direction for this indicator.
- 24% more compared with the end of 2020. Change in the undesirable direction for this indicator.
Context
From end-2020 to 2025, total public debt in dollars grew 1.8-fold while GDP in dollars grew 2.7-fold, so the debt-to-GDP ratio fell from 63.6% to 39.5%. The 2020 base is a pandemic-downturn year; before the pandemic, in 2019, the ratio was 48.8%. In 2025 the ratio rose for the first time since 2020, from 36.2% to 39.5%.
More: why the debt is growingSource: Минфин КР, «Структура государственного долга КР на 30.06.2026» (опубл. 05.08.2026); Расчёт news.kg: Нацстатком КР, табл. 2.03.00.01 «Задолженность органов государственного управления» (данные Минфина КР), млн сомов / Нацстатком КР, табл. 1.01.00.01 «Национальные счета в текущих ценах»
Source and notes
Domestic public debt: borrowing in soms at home (mostly government bonds), in USD at the rate on the date (Ministry of Finance)
Exact value: $4,882.73M
Share of GDP: 9.2% at the end of 2020 → 18.2% as of 06/30/2026 (of expected 2026 GDP).
- 6.89 times as much compared with the end of 2020. Neutral indicator — not coloured.
Context
From end-2020 to 2025, total public debt in dollars grew 1.8-fold while GDP in dollars grew 2.7-fold, so the debt-to-GDP ratio fell from 63.6% to 39.5%. The 2020 base is a pandemic-downturn year; before the pandemic, in 2019, the ratio was 48.8%. In 2025 the ratio rose for the first time since 2020, from 36.2% to 39.5%.
More: why the debt is growingSource: Минфин КР, «Структура государственного долга КР на 30.06.2026» (опубл. 05.08.2026); Расчёт news.kg: Нацстатком КР, табл. 2.03.00.01 «Задолженность органов государственного управления» (данные Минфина КР), млн сомов / Нацстатком КР, табл. 1.01.00.01 «Национальные счета в текущих ценах»
Source and notes
Public debt at year end, % of GDP
Exact value: 39.45% of GDP
as of 06/30/2026: 37.5% of projected 2026 GDP
- 3.3 pp higher compared with 2024 (preliminary). Change in the undesirable direction for this indicator.
- 24.1 pp lower compared with the end of 2020 (preliminary, recalculated by news.kg). Change in the desirable direction for this indicator.
Context
From end-2020 to 2025, total public debt in dollars grew 1.8-fold while GDP in dollars grew 2.7-fold, so the debt-to-GDP ratio fell from 63.6% to 39.5%. The 2020 base is a pandemic-downturn year; before the pandemic, in 2019, the ratio was 48.8%. In 2025 the ratio rose for the first time since 2020, from 36.2% to 39.5%.
More: why the debt is growingSource: Минфин КР, «Уточнённая структура государственного долга КР на 31.12.2025» (опубл. 05.03.2026); Минфин КР, «Структура государственного долга КР на 30.06.2026» (опубл. 05.08.2026)
Source and notes
Real GDP growth, % year on year
Exact value: 11.1%
2026, Jan–Aug: 11.0%
- Almost unchanged (−0.4 pp) compared with 2024 (preliminary). Almost unchanged.
Source: Нацстатком КР, табл. 1.01.00.07 «ВВП в текущих ценах»; Нацстатком КР, «Социально-экономическое положение Кыргызской Республики в январе-августе 2026 г.» (опубл. 28.09.2026)
Source and notes
Inflation (CPI), annual average
Exact value: 8.21%
2026, Jan–Aug: 10.9%
- 3.2 pp higher compared with 2024. Change in the undesirable direction for this indicator.
Source: World Bank WDI API, FP.CPI.TOTL.ZG — «Inflation, consumer prices (annual %)» (lastupdated 2026-07-13); Нацстатком КР, «Социально-экономическое положение Кыргызской Республики в январе-августе 2026 г.» (опубл. 28.09.2026)
Source and notes
State budget balance, % of GDP
Exact value: 2.7% of GDP
- Almost unchanged (+0.3 pp) compared with 2024 (recalculated by news.kg). Almost unchanged.
- Highest value in 2019–2025 — all comparable years of the series. Change in the desirable direction for this indicator.
Source: Расчёт news.kg: Нацстатком КР, табл. 2.02.00.07 «Дефицит государственного бюджета и источники его финансирования» / ВВП Нацстаткома
Source and notes
Average monthly wage in USD (calculated)
Exact value: $486.4 per month
- 18% more compared with 2024 (recalculated by news.kg). Change in the desirable direction for this indicator.
- Highest value in the whole series (data since 1994). Change in the desirable direction for this indicator.
Source: Расчёт news.kg: Нацстатком КР, табл. 1.07.00.13 «Заработная плата по территории» (среднемесячная номинальная начисленная) / средний курс USD
Source and notes
Poverty rate, % of population
Exact value: 24%
- 1.7 pp lower compared with 2024. Change in the desirable direction for this indicator.
- Lowest value after 2019 (2019 was lower). Change in the desirable direction for this indicator.
Source: Нацстатком КР, табл. 5.04.00.09 «Численность населения с потреблением ниже черты бедности»
Source and notes
GDP per capita, USD
Exact value: $3,079.5
- 23% more compared with 2024 (preliminary). Change in the desirable direction for this indicator.
- Highest value in the whole series (data since 2006) (preliminary). Change in the desirable direction for this indicator.
Source: Нацстатком КР, табл. 1.01.00.08 «ВВП на душу населения»
Sections
Context: why the debt is growing and how to assess it
Verifiable facts for your own assessment: absolute amounts and shares, loan terms, budget burden and external assessments. Each point cites its primary source. Data as of October 6, 2026.
Debt doubled, mostly through domestic borrowing
Between December 31, 2020 and June 30, 2026 public debt rose from $4.93bn to $10.10bn (2.05-fold). External debt grew by 24% ($4.22bn → $5.22bn), domestic debt 6.9-fold ($0.71bn → $4.88bn). Domestic debt accounts for 81% of the increase; its share of total debt rose from 14% to 48%. 99% of domestic debt is som-denominated treasury bonds.
Relative to the economy debt is lower than in 2020, but the ratio rose in 2025
GDP in dollars grew 2.7-fold in 2020–2025 ($8.3bn → $22.6bn) and debt 1.8-fold, so debt-to-GDP fell from 63.6% to 39.5%. On June 30, 2026 it was 37.5% of expected 2026 GDP (the denominator is a government forecast). Caveats: 2020 was a year of pandemic contraction (−7.1%) and som depreciation (69.6 → 82.6 som per dollar at year-end); before the pandemic, in 2019, the ratio was 48.8%. Real GDP growth in 2021–2025 was about 55%; the rest of the dollar GDP increase came from prices. In 2025 the ratio rose for the first time since 2020, from 36.2% to 39.5%.
Sources: Расчёт news.kg
and 4 more sources
What the borrowing financed
External public debt at end-2024: 29.3% transport, 18.1% energy, 6.0% agriculture, 30.2% multi-sector loans (including budget support). According to Finance Minister Ruslan Suinaliev (June 2026), 57.8% of domestic borrowing went to acquiring financial assets, including increasing commercial banks' resources, and 35.2% to building and refurbishing infrastructure. The IMF (April 2026) notes that borrowing needs exceed the budget deficit because of net acquisition of financial assets and quasi-fiscal operations, and recommends avoiding quasi-fiscal financing.