Kazakhstan plans to borrow up to $2 billion from foreign markets in 2027 while focusing on China, according to Finance Minister Madi Takiyev. This projected borrowing highlights an expanding regional reliance on Beijing, evidenced by Kazakhstan's debt to the People's Republic of China reaching approximately $12.87 billion by the end of 2025.
Smaller economies in Central Asia face acute financial exposure due to heavy infrastructure borrowing and limited repayment capacity. Uzbekistan's public debt to PRC state financial institutions climbed to about $3.9 billion by the end of 2025, while Kyrgyzstan and Tajikistan carry substantial sovereign and external liabilities. Kyrgyzstan incurred significant long-term obligations through a $2.35 billion PRC loan for the $4.7 billion China–Kyrgyzstan–Uzbekistan railway. Tajikistan owes between $821 million and $1.7 billion to PRC creditors, registering high debt-distress risks with the International Monetary Fund. Repayment difficulties across these states could compel asset transfers or concessions regarding natural resources and infrastructure rights to Chinese entities.