Montenegro's public debt on 30 June 2026 was 5,022.4 million euros, or 58.5% of GDP, according to the quarterly report of the Ministry of Finance published on 14 September 2026. Central government debt, excluding municipal debt, was 4,996.8 million euros or 58.2% of GDP. After subtracting deposits of 533.4 million euros, net public debt is 4,489 million euros or 52.3% of GDP. The largest part of the debt consists of eurobonds on the international market, 2,787.8 million euros, followed by the China Exim Bank loan of 543.1 million euros.
This guide explains how large the debt is, who Montenegro owes, when the bonds mature and what the debt-to-GDP ratio means.
How large is the public debt?
| Debt position | end of September 2025 | end of December 2025 | end of March 2026 | end of June 2026 |
| gross central government debt | 4,705.3 million € | 5,159.0 million € | 5,106.0 million € | 4,996.8 million € |
| municipal debt | 55.0 million € | 29.4 million € | 27.5 million € | 25.7 million € |
| gross public debt | 4,760.3 million € | 5,188.4 million € | 5,133.5 million € | 5,022.4 million € |
| deposits | 583.6 million € | 804.8 million € | 650.5 million € | 533.4 million € |
| net public debt | 4,176.8 million € | 4,383.6 million € | 4,483.0 million € | 4,489.0 million € |
- The Ministry calculates the share of GDP using its 2026 GDP projection of 8,591.2 million euros.
- In the second quarter of 2026 gross public debt fell by 111.1 million euros, but net debt rose by 6.0 million euros because deposits fell by 117.1 million euros.
- Deposits include about 38.4 thousand ounces of gold worth 135.8 million euros.
- Dividing public debt by the 623.1 thousand residents of 2025 gives about 8,060 euros of debt per resident.
Who does Montenegro owe?
| Creditor | Debt at end of June 2026 | Share of GDP |
| eurobonds on the international market | 2,787.8 million € | 32.4% |
| China Exim Bank | 543.1 million € | 6.3% |
| syndicated loan for the 2025 budget reserve | 405.0 million € | 4.7% |
| International Bank for Reconstruction and Development | 257.1 million € | 3.0% |
| PBG 2 syndicated loan | 110.9 million € | 1.3% |
| European Investment Bank | 106.5 million € | 1.2% |
| European Commission | 101.5 million € | 1.2% |
| loans from domestic commercial banks | 90.2 million € | 1.0% |
- External debt is 4,758.8 million euros, or 95.2% of central government debt, and domestic debt 238.0 million euros.
- The China Exim Bank loan was taken for the Bar-Boljare motorway section.
- 99.74% of central government debt is in euros, and 79.4% carries a fixed interest rate, while 20.6% is linked to EURIBOR.
- In the second quarter of 2026 the state drew 48 million euros from previously agreed loans and repaid 92.5 million euros of external and 67.3 million euros of domestic debt.
When do the bonds mature?
| Bond | Amount | Maturity |
| 2020 eurobond | 750 million € | 16 December 2027 |
| 2019 eurobond | 500 million € | 3 October 2029 |
| 2024 eurobond, in dollars | 750 million USD | 12 March 2031 |
| 2025 eurobond | 850 million € | 1 April 2032 |
| CG25 bond for individuals | 22.2 million € | November 2027 |
| 25CG bond for legal entities | 27.7 million € | November 2027 |
- The domestic GB 2026 bond of 50 million euros matured on 22 April 2026.
- Montenegro's credit rating is Ba3 with a positive outlook at Moody's and B+ with a positive outlook at S&P.
- Four new loans were signed in the second quarter of 2026, the largest being the French Development Agency's second development policy loan of 100 million euros.
How large GDP is and how it grows is explained in our guide to Montenegro's GDP, and price movements in our guide to inflation. How interest on government bonds is taxed is covered in our guide to bank savings, and the number of residents in our guide to the population census.
Frequently asked questions
How large is Montenegro's public debt in 2026? On 30 June 2026 it was 5,022.4 million euros, or 58.5% of GDP.
What is the net public debt? After subtracting deposits of 533.4 million euros, net public debt is 4,489 million euros or 52.3% of GDP.
Who does Montenegro owe most? Eurobond holders, 2,787.8 million euros, followed by China Exim Bank, 543.1 million euros.
How much debt is there per resident? About 8,060 euros, dividing public debt by the number of residents in 2025.
When does the next eurobond mature? The 750-million-euro eurobond matures on 16 December 2027.
What is Montenegro's credit rating? Ba3 with a positive outlook at Moody's and B+ with a positive outlook at S&P.
Sources
The level, structure and movement of the debt, the bonds and the ratings are published by the Ministry of Finance in its quarterly report on central government and public debt as of 30 June 2026, presented on the report page. Debt per resident is calculated from that report and the 2025 population given by MONSTAT. The information was checked on 29 September 2026. Fijaka is a classifieds platform; this text is not financial advice.