Investor confidence in Montenegro has been demonstrated once again. The country successfully secured financing on the international market under the most favorable conditions to repay over €800 million in loans due by the end of 2025, according to the Ministry of Finance (MF).
Today, Montenegro successfully issued state bonds worth €850 million, with a seven-year maturity and an interest rate of 4.875%. This rate is lower than those offered by some countries with investment-grade credit ratings and full EU membership under current market conditions.
The issuance price is nearly one percentage point more favorable compared to last year’s debt, highlighting progress achieved by the 44th Government, which has been recognized by rating agencies that upgraded the country’s credit rating in mid-2024.
The bonds are not for financing current spending but for repaying obligations incurred before the current administration. This approach ensures fiscal stability and protects the national budget. All regular budget obligations, such as salaries, pensions and social benefits, are funded from current revenues, with increased salaries and pensions made without borrowing.
The bond issuance demonstrates responsible debt management, reflecting that global financial markets view Montenegro as a reliable partner and an attractive investment destination. The strong demand for Montenegro’s bonds, with record interest from investors, underscores the stability of the country’s fiscal policy, economic outlook, and long-term sustainability of public finances.
The Ministry of Finance continues to manage debt transparently, safeguarding the financial position of all citizens. The issuance process adhered to legal and international standards, and the bonds were issued when market conditions were optimal. The government’s careful preparation included a participation at the 2025 Invisso Vienna conference, which introduced Montenegro’s strategic goals to key investors.
In 2025, Montenegro faces significant debt repayments, including €500 million from bonds issued in 2018 and €55 million from World Bank loans. Additionally, there are repayments of €60 million to China’s Exim Bank for the Bar-Boljari highway, and €57 million to domestic banks, with other repayments totaling €20 million related to COVID-19 support from the IMF.
