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70% 60% 50% 40% 30% 20% 10% -4% PUBLIC DEBT FISCAL DEFICIT 0% -2.0% -1.9% -2% -1.7% -2.6% -6% -5.3% -8% -10% -12% -2.4% -2.8% -2.7% Source: MoF -2.1% -2.7% -3.0% -2.3% -4.4% -6.9% -9.3% Note: Deficit calculated as net lending / borrowing minus budget lending PUBLIC DEBT AS % OF GDP 2010 2011 2012 2013 2021F 2022F 2023F 2024F Source: MoF 70% 180% Public debt/GDP capped at 60% 54.6% 60% 150% 49.9% 43.4% 50% 120% 36.7% 40% 90% 30% 60% 20% 30% 10% 0% Public debt to GDP, according to 2021 budget law External public debt to GDP, % 2023F 2024F Russia Kazakh... BREAKDOWN OF THE PUBLIC DEBT Source: MoF, as of May 2021 Multilateral 58% Domestic 19% External 81% Bilateral 17% Eurobond 5% External public debt portfolio weighted average interest rate 0.99% Contractual maturity 20.6 years GROSS GOVERNMENT DEBT/GDP | 2020 Source: IMF, MoF Moldova Turkey Czech... Uzbekis... Latvia Lithuania Belarus 60.0% Romania Poland Georgia Slovakia Ukraine Armenia Hungary Slovenia Croatia Monten... Spain Canada Singap Italy 47

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