Kazakhstan's government securities (GS) have moved closer to entering the global financial market: following its 2026 classification review, international bank J.P. Morgan assigned the country's government bonds Index Watch-Positive status. The news is reported by infohub.kz.
The Ministry of Finance notes that this step paves the way for the potential inclusion of Kazakh government securities in the main emerging markets index — GBI-EM (Government Bond Index – Emerging Markets).
Over the next 12 months, J.P. Morgan experts will assess the accessibility of the Kazakh market for international investors, including the possibility of operating through international clearing and settlement infrastructure, as well as the liquidity of bonds that meet the criteria.
The ministry emphasizes that potential inclusion in the GBI-EM index would expand the base of foreign investors, significantly boost market liquidity and reduce the government's borrowing costs.
It is noted that the status assignment resulted from joint efforts by the Ministry of Finance and the National Bank of the Republic of Kazakhstan to develop infrastructure and integrate the local market into international capital markets.
Recall that Kazakhstan's total government and government-guaranteed debt, including debt under state guarantees, reached 40.9 trillion tenge as of July 1, 2026. Government debt continues to account for the bulk of obligations: over three months it rose from 36.8 trillion to 38.5 trillion tenge.