The Analytical Credit Rating Agency (ACRA) has officially raised Kyrgyzstan’s long-term international credit rating to BB. This upgrade applies to both foreign and national currencies and is attributed to a revised methodology and adjustments in the assessment of the country’s institutional framework.
Reasons for the Rating Upgrade
ACRA highlighted several positive aspects behind the rating improvement:
- The moderate and declining level of public debt.
- Low interest expenses mainly due to a significant amount of concessional debt.
- Strong economic growth supported by international development institutions.
- Relatively low involvement of the public and quasi-public sectors in the economy.
Economic Overview and Key Statistics
Despite the positive outlook, challenges remain. Kyrgyzstan faces low living standards and a significant reliance on the external economy. Current estimates place the per capita GDP at just over $2,500.
Public debt figures have shown a marked improvement over recent years. After peaking at 68 percent of GDP in 2020, public debt stabilized and is now reported at 42 percent as of August 2025. Furthermore, in 2023, the government recorded a budget surplus of 0.9 percent of GDP, which increased to 2.4 percent in 2024.
Foreign and Domestic Debt Levels
The economy’s external public debt stands at approximately 24.7 percent of GDP as of early November 2025. Meanwhile, domestic debt accounts for about 17 percent of GDP.
Future Outlook
ACRA’s “stable” outlook indicates a strong likelihood that the upgraded credit rating will be maintained over the next 12 to 18 months. The continued evaluation will consider the economic stability and development within Kyrgyzstan.
As of November 2025, the National Bank of the Kyrgyz Republic reported gross reserves of $8.27 billion, a sign of improved financial health and potential resilience against economic fluctuations.
