At the end of June 2025, Montenegro’s total public debt stood at 4.75 billion EUR, equivalent to 60.11% of GDP. After accounting for government deposits, including 38,447 ounces of gold valued at 108.08 million EUR, net public debt was 4.19 billion EUR, or 52.94% of GDP.
External debt dominates Montenegro’s debt structure, accounting for 93.7% of total debt, with internal debt representing 6.3%. Total external debt at the end of Q2 was 4.46 billion EUR, up by 329.31 million from Q1, primarily due to new bond issuance abroad totaling 850 million EUR and credit drawdowns, partially offset by regular debt repayments. Internal debt decreased slightly to 300.77 million EUR, mainly due to scheduled repayments to commercial banks.
New borrowing in Q2 included the 850 million EUR foreign bond issuance at 4.875% over seven years, a 12.49 million EUR draw from the EU Instrument for Reforms and Growth, and a 6.13 million EUR draw for military logistics vehicles.
Debt servicing in Q2 totaled 594.91 million EUR in principal repayments—20.25 million to residents and 574.65 million to non-residents—and 49.04 million EUR in interest payments, with 5.41 million to residents and 43.62 million to non-residents.
Montenegro’s public debt remains mostly in euros (99.71%) and predominantly at fixed interest rates (85.5%), contributing to debt stability. Debt guarantees issued by the government amounted to 125.93 million EUR, or 1.59% of GDP.
