Management and regulation of public debt for many years is an urgent problem of the functioning of the financial system of the state, as it is a component of the financial systems of the vast majority of countries. In this regard, the priorities and areas of the debt policy, in the framework of which the formation and servicing of public debt are gaining particular importance. Public debt plays a significant and multifaceted role in the macroeconomic system of any state, since relations regarding the formation, servicing and repayment of public debt have a significant impact on the state of public finances, monetary circulation, the investment climate, the structure of consumption and the development of international cooperation between states. For the Republic of Kazakhstan, the problem of improving the public debt management system and its impact on financial stability is relevant because its solution requires research and the search for radically new mechanisms in the context of the transformation of the economic system into a market one, which is associated with increased economic risk.The purpose of the study is to identify the main trends in the system of managing state external borrowings of the Republic of Kazakhstan, to analyze theoretical studies of foreign and domestic authors, as well as solutions to formulate recommendations for improving the efficiency of external debt management and its impact on the financial stability of Kazakhstan. The theoretical and methodological basis of the study was the development of domestic and foreign economists, laws and regulations governing economic and social processes in this area. The information base of the study was the work of domestic and foreign scientists and specialists in the field of public debt, official statistical and informational materials of the Ministry of Finance of the Republic of Kazakhstan, data of the National Bank of the Republic of Kazakhstan, data of the Ministry of National Economy of the Republic of Kazakhstan, statistical collections and Internet resources.