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.