Who does Serbia owe the most to?

Serbia entered 2026 with a public debt of EUR 39.34 billion, as recorded on the last day of December 2025. We still owe the most money to investors who invested in - our Eurobonds.

Serbia’s total public debt, as of December 31, 2025, amounted to EUR 39.34 billion, which is 44.5 percent of gross domestic product, according to data from the Public Debt Administration.

When the unguaranteed debt of local governments is added to this amount of direct and indirect state liabilities, this amount increases to EUR 39.64 billion.

The largest debt is still to the owners of Eurobonds issued by the Republic of Serbia. On the last day of 2025, it amounted to 10.32 billion euros and is unchanged compared to the end of 2024.

Next is the debt of 7.28 billion euros based on long-term dinar government securities (the year before, this debt amounted to 7.32 billion euros).

In third place is the debt on loans from commercial banks in the amount of 4.7 billion euros.

These loans recorded an increase in one year by about 800 million euros - according to the report of the Public Debt Administration, at the end of 2024, the debt to foreign commercial banks amounted to 3.89 billion euros.

In fourth place among Serbia’s largest creditors is the Chinese Export-Import Bank (2.8 billion euros), followed by debt on loans from foreign governments (2.66 billion euros). Then the IMF, to which we owe 2.3 billion euros, and the International Bank for Reconstruction and Development (2.3 billion euros).

Next comes the European Investment Bank (1.9 billion euros), then investors in long-term government securities in euros (1.8 billion euros).

Serbia owes all other creditors, individually - less than a billion euros each. The list includes the Council of Europe Development Bank, the EBRD, the German Development Bank, but also debt based on old foreign currency savings, restitution...

Currency structure of debt

– The share of public debt in foreign currency at the end of December 2025 is 77.5 percent – stated the Public Debt Administration.

The largest share of debt is in euros, and amounts to 59.5 percent.

Next is debt in US dollars 11.9 percent, in special drawing rights (a special currency unit of the IMF) 5.8 percent and in other foreign currencies 0.2 percent (Japanese yen, the currency of the United Arab Emirates - dirham, then Kuwaiti dinar and Chinese yuan).

The share of public debt in dinars is just over a fifth of the total debt - 22.5 percent.

New borrowing

In 2026, during January and February, three auctions of government securities were held: on January 8 and 27, as well as on February 3. These were dinar bonds, two of which have a five-year maturity, and one has a 10.5-year maturity.

At the auction on February 3, five-year government bonds worth 15.97 billion dinars were sold.

At the auction on January 27 of this year, dinar bonds maturing in 10.5 years were sold in the amount of 11.58 billion dinars.

At the auction on January 8, five-year government bonds worth 51.6 billion dinars were sold.

A new auction has been announced, scheduled for February 12. These are five-year bonds in euros, in the planned amount of 200 million euros.

Uprava za javni dug

EBRD Evropska banka za obnovu i razvoj Beograd

Evropska investiciona banka EIB

KfW kancelarija Beograd

Public Debt Administration

Export Import Bank

European Investment Bank

Council of Europe Development Bank

EBRD

German Development Bank

public debt of Serbia at the end of 2025

who Serbia owes the most to

debt based on Eurobonds

borrowing

auctions of government securities