NewsMontenegro's public debt reaches €4.12 billion: Insights and analysis

Montenegro’s public debt reaches €4.12 billion: Insights and analysis

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Montenegro’s public debt at the end of last year amounted to €4.12 billion, or 60.27% of GDP, according to a report on public debt adopted by the Government.

“Taking into account the deposits of the Ministry of Finance – including 38,477 ounces of gold, which amounted to €152.41 million at the end of 2023, Montenegro’s net public debt as of December 31, 2023, amounts to €3.97 billion, or 58.04% of GDP,” it was stated.

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At the end of last year, public debt in absolute terms increased by €24.60 million compared to the same period in 2022.

“The increase in debt is the result of state borrowing on one hand, and regular repayments and exchange rate differences arising from debt accounting at different rates on the other hand,” it was explained.

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The Government also adopted information on the state of public finances at the local level at the end of last year.

Based on the available data and reports submitted by local self-government units for 2023, the Ministry of Finance analyzed public spending at the local level, as well as all relevant financial indicators of local self-government, comparing them with data and indicators from 2022.

“Among other things, the analysis found that the total revenues of local self-government units in 2023 amounted to €486.26 million, which is €65.24 million more than the revenues in 2022, while the expenditures of all local self-government budgets in the past year amounted to €358.67 million, an increase of €18.26 million compared to 2022,” it is stated.

Also, according to the data provided by local self-government units to the Ministry of Finance, the total outstanding obligations of local self-government at the end of 2023 amounted to €73.12 million, which is €4.72 million less than the outstanding obligations on the same day in 2022.

“This decrease, as stated in the material, mainly relates to obligations arising from loans and credits. In this regard, the Tax Administration is responsible for concluding protocols on the settlement of obligations with all local self-government units, as well as with companies and institutions whose founder is a local self-government unit and which have current tax debts, containing a dynamic plan for the repayment of debt on those grounds, while the Ministry of Finance is obliged to individually conclude protocols with all local self-government units that have outstanding obligations due to transfer loans, containing a dynamic plan for the repayment of debt on that basis,” the information states.

Local self-government units were also recommended to optimize the number of employees and limit new hirings.

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