Montenegro repaid roughly €3bn in previously incurred obligations from the state budget between 2020 and 2025, according to MNE Stat. Despite the large amount, the country’s nominal public debt remains about €4.7bn, as part of the repayments was offset by earlier new borrowing.
The year 2025 stands out, with more than €720m repaid—one of the largest annual repayments in Montenegro’s history. This reduces pressure from future maturities and improves the structure of public debt.
At the same time, the debt-to-GDP ratio dropped sharply from about 104% in 2020 to around 60% in 2025, one of the most significant declines in the region. This improvement reflects consistent debt repayment, better budget management, and nominal GDP growth.
Although the nominal debt level is similar, its burden on the economy has eased, improving fiscal sustainability, lowering refinancing risks, and providing a more stable base for future economic planning.
