The National Bank of Serbia published a clarification of the amount and structure of Serbia’s external debt after a media report claimed that the largest debts were to the domestic economy, the International Monetary Fund (IMF) and China. It reiterated that external debt covers liabilities of Serbia’s residents to the rest of the world and therefore cannot include debts between domestic residents. Based on the latest available National Bank of Serbia data for March 2025, external debt stood at EUR 49.0 billion, equal to 58.6% of GDP, compared with 59.2% at end-2024. Public sector external debt totalled EUR 26.4 billion (53.8% of total external debt), while private sector external debt included EUR 19.1 billion for the economy (39% of total) and 7.2% for banks. Compared with end-2024, the external debt balance rose by nearly EUR 252 million, driven by higher private sector borrowing, while public sector external debt fell by EUR 266 million. Within the public sector, debt to the IMF was EUR 2.4 billion (9% of public sector external debt), split equally between Special Drawing Rights allocations and funds drawn under the 2022 stand-by arrangement, with the National Bank of Serbia noting it has no debt to the IMF; it also stated that the stand-by arrangement envisaged EUR 1.9 billion (about EUR 2.4 billion) but only EUR 1.2 billion was drawn in two tranches and the remaining period was treated as precautionary before being replaced by a Policy Coordination Instrument that does not involve financing. The largest components of public sector external debt were Eurobonds of close to EUR 9 billion, borrowing from international financial institutions of EUR 7.83 billion (including the IMF) and EUR 7.2 billion owed to foreign governments, development banks and foreign government agencies.
National Bank of Serbia 2025-07-10
National Bank of Serbia corrects media reporting and details Serbia’s external debt at EUR 49.0 billion
The National Bank of Serbia clarified that Serbia's external debt includes only liabilities to the rest of the world, not domestic debts. As of March 2025, external debt was EUR 49.0 billion, or 58.6% of GDP, with public sector debt at EUR 26.4 billion and private sector debt at EUR 19.1 billion. The bank highlighted that debt to the International Monetary Fund (IMF) was EUR 2.4 billion, with significant portions in Eurobonds and borrowing from international financial institutions.