The rating was revised for both foreign and national currencies, which is related to the update of the methodology and changes in the assessment of the institutional environment, as well as the revision of several factors.
Among the positive aspects highlighted by AKRA are the moderate and declining level of public debt, low interest expenses due to a high share of concessional debt, as well as a high rate of economic growth and stable support from international organizations. It is also emphasized that the level of the public and quasi-public sectors in the economy is relatively low.
Among the risks, experts point out the low level of population income and significant dependence on external factors. According to data, the GDP per capita at current prices is just over $2,500.
The public debt, which reached 68% of GDP in 2020, stabilized during the period from 2021 to 2024 and amounted to 42% as of August 2025. The budget was executed with a surplus of 0.9% of GDP in 2023 and 2.4% last year.
By the end of November 2025, the gross reserves of the National Bank of Kyrgyzstan increased to $8.27 billion. The external debt at the beginning of November was 24.7% of GDP, while the internal debt was 17% of GDP.
AKRA also notes that the "Stable" outlook indicates a high likelihood of maintaining the current rating level over the next 12-18 months.
