NewsMontenegro's public debt reaches €4.12 million

Montenegro’s public debt reaches €4.12 million

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The Montenegrin government has announced that the total public debt of the country at the end of last year amounted to €4.12 billion, or 60.24% of the gross domestic product (GDP). Taking into account the deposits of the Ministry of Finance, including 38,477 ounces of gold valued at €152.41 million, Montenegro’s net public debt stood at €3.97 billion, or 58.04% of GDP, as stated in the government’s press release following the adoption of the Public Debt Report.

According to the government, the public debt increased by €24.6 million compared to the same period in 2022. The increase in debt is attributed to state borrowing on one hand, and regular repayments and exchange rate differences in debt valuation on the other.

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The government also adopted an Information on the State of Public Finances at the Local Level at the end of last year. The Ministry of Finance conducted an analysis of public spending at the local level, as well as all relevant indicators of the financial situation of local self-government, comparing them with data and indicators from 2022.

“It was 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,” stated the government.

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The budget expenditures of all local self-government units in the past year amounted to €358.67 million, an increase of €18.26 million compared to 2022. According to data provided by local self-government units to the Ministry of Finance, the total outstanding obligations of local self-government at the end of last year amounted to €73.12 million, a decrease of €4.72 million compared to the same date in 2022, primarily attributed to obligations related to loans and credits.

In this regard, the Tax Administration is tasked with concluding a protocol on debt settlement with all local self-government units, as well as with companies and institutions whose founder is a local self-government unit and which have outstanding tax liabilities. The protocol will contain a dynamic plan for debt repayment.

The Ministry of Finance is obliged to conclude, individually with all local self-government units with outstanding obligations related to transfer loans, a protocol on debt settlement containing a dynamic plan for debt repayment.

The government has also recommended that local self-government units optimize their number of employees and limit new hirings.

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