Who “holds” Serbia’s public debt?

At the end of June, Serbia’s public debt stood at EUR 41.82 billion, with the largest portion owed to holders of Eurobonds. According to data from the Ministry of Finance’s Public Debt Administration, Serbia owed them EUR 12.91 billion, representing nearly one-third of the total public debt.

Ranking second among the largest creditors are holders of long-term dinar-denominated securities, to whom EUR 6.94 billion was owed. Commercial banks take third place, with EUR 5.38 billion owed to them in loans.

In fourth place is the Export-Import Bank of China, to which Serbia owed EUR 2.78 billion. Next are debts to foreign governments for loans, totaling EUR 2.55 billion, while the debt to the International Bank for Reconstruction and Development stood at EUR 2.24 billion. We owe EUR 2.09 billion to the International Monetary Fund, EUR 1.77 billion to the European Investment Bank, EUR 1.74 billion to the European Bank for Reconstruction and Development, EUR 841 million to the Paris Club of creditors, EUR 619 million to the London Club, EUR 510 million to the Council of Europe Development Bank, EUR 421 million to the European Union, EUR 364 million to the Arab Fund for Economic and Social Development, EUR 285 million to the International Development Association, EUR 191 million to the Abu Dhabi Fund for Development, EUR 84 million to the Kuwait Fund for Arab Economic Development, EUR 78 million to the Saudi Fund for Development, EUR 17 million to the Bank for Reconstruction and Development, and one million euros to other creditors.

Data indicate that public debt is quite diversified and that Serbia does not have a single dominant creditor. Nevertheless, the single largest source of borrowing consists of investors who purchase government Eurobonds.

Regarding the currency structure, as much as 79.4% of public debt was denominated in foreign currency at the end of June. Debt in euros accounts for the largest share, at 63%.

The US dollar accounted for 11.1% of public debt, while 5% was held in Special Drawing Rights (SDR).

Dinar-denominated debt made up 20.6% of the total, meaning that approximately one-fifth of the overall debt is denominated in the domestic currency.

The currency structure of the debt is significant due to exchange rate fluctuations, as changes in the exchange rate can affect the value, in dinar terms, of obligations contracted in foreign currencies.

Export Import Bank of China

International Bank for Reconstruction and Development

International Monetary Fund

European Investment Bank

European Bank for Reconstruction and Development

Paris Club of creditors

London Club

Council of Europe Development Bank

European Union

Arab Fund for Economic and Social Development

International Development Association

Abu Dhabi Fund for Development

Kuwait Fund for Arab Economic Development

Saudi Fund for Development

Bank for Reconstruction and Development

public debt of Serbia