ANALYSIS OF THE PUBLIC DEBT OF THE REPUBLIC OF KAZAKHSTAN AND ITS ASSESSMENT

The state debt of the Republic of Kazakhstan is a key indicator of the country’s financial stability, significantly influencing macroeconomic stability, investment attractiveness, and economic development. This article presents a comprehensive analysis of Kazakhstan's national debt, including its structure, dynamics, and growth factors. Special attention is given to both external and internal borrowing, exchange rate risks, and debt servicing costs. The research includes an international comparison of national debt indicators, allowing for the assessment of Kazakhstan’s debt sustainability within a global context. Key challenges have been identified, such as the economy's dependence on raw materials, geopolitical instability, and the rising social obligations that require borrowing. The study offers recommendations for optimizing debt policy, including measures to reduce the budget deficit, diversify the economy, strengthen the domestic debt market, and improve transparency in debt management. The research employs desk research methods, including the analysis of strategic documents from Kazakhstan and international sources. The application of statistical and comparative research methods allowed for an analysis of national debt, with international comparisons made to developed countries. Content analysis techniques were used to examine publications and reports from international rating agencies. The use of inductive and deductive approaches helped to identify the cause-and-effect relationships in the dynamics of the state debt.