Montenegro has provisionally closed 21 EU negotiating chapters, the European Commission confirmed in an enlargement package adopted on 4 November, as the country faces projected debt repayments of 750 million euros in 2027. The package sets out an indicative accession roadmap, but does not decide membership or guarantee a date.
The Commission said work on Montenegro’s accession treaty was progressing. The remaining chapters could potentially be closed by the end of 2026, subject to agreement among EU member states. Its assessment strengthens Montenegro’s position as one of the most advanced EU membership candidates and provides a positive institutional signal for international lenders and investors.
Public finances remain under pressure. Montenegro’s general government deficit reached 4.3% of GDP in 2025, above the revised budget target of 3.5%. Public debt rose to 63.5% of GDP from 61.3% in 2024, and government projections put it at approximately 68% by the end of 2026. The 2026 fiscal deficit is expected to remain above the domestic ceiling of 3%.
Debt repayments in 2027 are projected at 750 million euros, equivalent to approximately 8.4% of GDP. The government’s refinancing strategy relies on domestic and international bond issuance, existing fiscal reserves and extending the maturity of public borrowing. Those repayments add to near-term financing constraints as expenditure growth continues.
Proposed Euro Model wage reforms are under debate and could increase mandatory spending while changing the composition of government revenue. European institutions have called for stronger spending controls, fiscal discipline and effective operation of the newly established Fiscal Council as part of the safeguards for public finances.
The proposed 2027 budget is the next economic test. It will need to address financing debt maturities and provide a credible assessment of the wage reform’s fiscal implications. Progress toward EU membership could improve Montenegro’s investment environment, while maintaining fiscal credibility is essential to reducing financing risks and supporting sustainable economic growth.
