At the end of the first quarter of 2025, Montenegro’s total public debt stood at 4.45 billion euros, representing 56.21% of GDP. Considering government deposits, the net public debt was approximately 4.2 billion euros or 52.42% of GDP.
Deposits amounted to 300.06 million euros, including 38,447 ounces of gold valued at 111.01 million euros (3.79% of GDP).
No new credit arrangements were made during the first quarter.
The external debt totaled 4.13 billion euros (52.15% of GDP), down by 53.73 million euros compared to the end of 2024, due to regular repayments. The largest share of external debt consists of bonds issued on foreign markets.
Domestic debt amounted to 321.06 million euros (4.05% of GDP), decreasing by 10.24 million euros due to repayments. Most of the domestic debt comprises loans from commercial banks.
Local government debt was 57.55 million euros, or 0.73% of GDP.
The external debt dominates Montenegro’s public debt structure, making up 92.8%, with domestic debt accounting for 7.2%. This ratio remained stable compared to the previous quarter.
Thanks to currency swap arrangements related to the Bar-Boljare highway loan with the Chinese Exim Bank and bond issuances, Montenegro improved the currency structure of its debt. As of March 31, only 0.6% of debt was denominated in non-euro currencies (0.3% USD and 0.3% SDR), while 99.4% was euro-denominated.
Regarding interest rates, 83.5% of the debt carries fixed rates, contributing to portfolio stability. Variable-rate debt, mainly linked to EURIBOR, accounts for 16.5%.
During the first quarter, Montenegro repaid 78.72 million euros in principal and interest. Principal repayments to residents totaled 8.11 million euros, while repayments to non-residents reached 70.61 million euros. Interest payments amounted to 31.57 million euros, with 1.67 million paid to residents and 29.90 million to non-residents, mainly covering bonds and syndicated loans.
State guarantees outstanding totaled 125.64 million euros (1.59% of GDP), with 16.45 million euros from domestic creditors and 109.19 million euros from foreign creditors.
