Montenegro’s public debt spikes at 82.48% of GDP in 2020

Montenegro’s public debt spikes at 82.48% of GDP in 2020
Montenegro's biggest creditor is China’s Exim Bank, which lent the country most of the funds for the Smokovac-Matesevo highway (pictured).
By bne IntelliNews April 19, 2021

Montenegro’s public debt stood at €4.33bn at the end of 2020, equalling 82.48% of the projected full-year GDP forecast, finance ministry data showed. At the end of 2019, the public debt was equal to 77.21% of GDP.

Although the government in Podgorica was actively managing public debt, its liabilities remained high in 2020 due to the increased costs related to the coronavirus (COVID-19) pandemic and its economic consequences.

According to Montenegro’s macroeconomic and fiscal policy plan the debt should fall to 71.7% of GDP in 2023.

Montenegro’s foreign debt was €3.84bn. China’s Exim Bank, which has lent the country most of the funds needed for the Smokovac-Matesevo highway, remained the largest creditor at the end of December with the debt totalling €640.54mn. Montenegro has asked the EU for help to repay the debt. 

The debt to the International Bank for Reconstruction and Development (IBRD) totalled €183.53mn. The debt to the European Investment Bank stood at €109.66mn.

The country also has Eurobonds worth €1.98bn.

Montenegro’s internal debt stood at €495.56mn.

Data

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