Kazakhstan cancels 180 billion tenge in debts for citizens

Tengrinews.kz – Vice Minister of Finance Erzhan Birzhanov announced at a government meeting that 45,200 citizens in Kazakhstan have been declared bankrupt, with total debts amounting to 180 billion tenge.

“These debts can essentially be considered forgiven, mostly debts owed to banks,” Birzhanov said.

He added that over 13,000 of the bankrupt individuals were unable to meet their obligations for five years. An additional 2,500 cases involved socially vulnerable families whose debts were written off.

Regarding complaints from applicants denied bankruptcy, Birzhanov explained that those applying must not have assets.

“Most applicants have cars or apartments, so they cannot be recognized as bankrupt. There are many such cases,” he noted.

In June 2025, more than 28,000 people in Kazakhstan had already been declared bankrupt, with over 147 billion tenge in debts written off at that time.

Officials have noted that the number of bankruptcy applications is increasing.

Out-of-court bankruptcy is suitable for those without income or assets—the debts are simply written off. Court-based bankruptcy is applied when assets are present; the property may be sold, and the remaining debt canceled. Debt recovery programs are an alternative for those with stable income, allowing repayment according to a schedule while maintaining their status.