The International Monetary Fund has published the results of its consultations with Kazakhstan under Article IV of the IMF Articles of Agreement. The IMF mission, led by Ali Al-Eid, held a series of meetings with Kazakhstan’s government bodies and institutions between November 6 and 19, 2025.
The overall message is balanced: Kazakhstan’s financial system remains stable, but continued vigilance is required to prevent future risks, DKNews.kz reports.
Banking sector shows resilience
According to the IMF, Kazakhstan’s banking sector remains resilient, well-capitalized and liquid, despite the rapid growth of consumer lending in recent years. Financial risks are assessed as generally contained, and the quality of bank assets remains at an acceptable level.
In practical terms, this means banks currently have sufficient buffers to absorb potential shocks, even amid global economic uncertainty.
Progress on reforms is acknowledged
The IMF positively assessed Kazakhstan’s progress in implementing recommendations from the Financial Sector Assessment Program (FSAP 2023). These include:
- strengthening banking supervision,
- improving consumer protection in financial services,
- enhancing financial market regulation.
The Fund noted that these reforms are moving in the right direction and are helping to reinforce the foundations of financial stability.
Household debt is the main concern
At the same time, the IMF highlighted a key area of concern — the rising debt burden of households. While risks remain manageable for now, the Fund stressed the importance of continuing targeted macro- and microprudential measures to prevent excessive household borrowing.
In essence, the IMF is urging policymakers to ensure that consumer credit growth does not turn into a systemic vulnerability.
Coordination is crucial to fight inflation
The IMF also welcomed measures implemented under the Joint Action Program of the Government, the National Bank and the financial regulator, aimed at:
- strengthening macroeconomic stability,
- containing inflationary pressures,
- ensuring sustainable and inclusive economic growth.
A key emphasis was placed on policy coordination. According to the Fund, consistent and well-aligned actions across institutions are essential for maintaining economic stability.
IMF priorities for the next stage
Among the priority areas identified by the IMF are:
- adoption of a new banking law,
- creation and phased implementation of a framework for resolving problem banks,
- development of regulation and supervision for digital financial assets,
- strengthening the institutional capacity of the financial regulator.
These steps are seen as necessary to adapt Kazakhstan’s financial system to evolving risks and technological change.
What this means in simple terms
The IMF report suggests that Kazakhstan’s financial system is on a solid footing, with banks operating steadily and reforms delivering results. However, it also sends a clear signal: stability must be actively maintained, especially amid rising household debt and the rapid development of new financial instruments.
The main takeaway is straightforward — Kazakhstan is moving in the right direction, but long-term financial stability depends on continued reforms, careful regulation and coordinated economic policy.
