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Report on Montenegro’s state debt and financial trends at year’s end

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At the close of December last year, the total state debt, excluding deposits, stood at EUR 4.06 billion, equivalent to 59.23% of the gross domestic product (GDP), according to data released by the Ministry of Finance.

The Ministry’s quarterly report, published today, indicates that the total state debt, including deposits, reached EUR 3.9 billion, representing 58.99% of GDP, by the end of December.

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External debt amounted to EUR 3.52 billion, accounting for 51.37% of GDP, while internal debt stood at EUR 542.62 million, making up 7.92% of GDP.

Deposits totaled EUR 152.41 million at the end of December, which includes 38.45 thousand ounces of gold valued at EUR 72.37 million, or 2.23% of GDP.

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During the fourth quarter of last year, there was an increase in state debt by EUR 73.15 million compared to the third quarter. This rise was primarily due to an increase in domestic debt by EUR 159 million. Notably, government bonds worth EUR 50 million were issued, and a new credit arrangement of EUR 109 million was secured with eight domestic commercial banks for budgetary financing.

Additionally, approximately EUR 29.45 million was drawn during the fourth quarter under previously concluded contracts for projects related to municipal services, energy efficiency, road infrastructure improvement, and similar initiatives.

Principal repayments on state debt during the fourth quarter amounted to EUR 86.77 million. Of this, EUR 12.49 million was allocated for repayment to residents, while EUR 74.28 million was directed towards repayment to non-residents. Interest payments totaled EUR 44.21 million during the same period, with domestic interest accounting for EUR 3.53 million and foreign interest EUR 40.68 million.

The interest rate structure of state debt primarily consists of fixed-rate borrowing, ensuring stability in the debt portfolio. Variable-rate borrowings, mainly tied to Euribor, constitute 20.09% of state debt.

In terms of currency composition, euros represent 81.33% of state debt, while USD and other currencies comprise 17.14% and 1.53%, respectively, as of the end of last year, as outlined in the report.

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