In 2026, Serbia entered the year with public debt of EUR 39.34 billion, as recorded on the last day of December 2025. The largest share of this debt is still owed to investors who invested in Serbia’s eurobonds.
Serbia’s total public debt amounted to EUR 39.34 billion as of 31 December 2025, which represents 44.5 per cent of gross domestic product, according to data from the Public Debt Administration.
When the non-guaranteed debt of local authorities is added to this amount of direct and indirect state liabilities, the total rises to EUR 39.64 billion.
The largest share of the debt is still owed to holders of eurobonds issued by the Republic of Serbia. On the last day of 2025, this debt amounted to EUR 10.32 billion and remained unchanged compared to the end of 2024.
This is followed by debt of EUR 7.28 billion arising from long-term dinar-denominated government securities (a year earlier, this debt amounted to EUR 7.32 billion).
In third place is debt from loans taken from commercial banks, totalling EUR 4.7 billion.
These loans recorded an increase of around EUR 800 million over the course of a year. According to the report of the Public Debt Administration, at the end of 2024, debt to foreign commercial banks amounted to EUR 3.89 billion.
In fourth place among Serbia’s largest creditors is the Export-Import Bank of China (EUR 2.8 billion), followed by debt from loans from foreign governments (EUR 2.66 billion). Next is the IMF, to which Serbia owes EUR 2.3 billion, followed by the International Bank for Reconstruction and Development (EUR 2.3 billion).
This is followed by the European Investment Bank (EUR 1.9 billion), and then investors in long-term euro-denominated government securities (EUR 1.8 billion).
To all other creditors, Serbia owes, individually, less than EUR 1 billion. The list includes the Council of Europe Development Bank, the EBRD, the German Development Bank, as well as debt related to old foreign-currency savings, restitution, and similar obligations.
Currency structure of the debt
The share of public debt denominated in foreign currency at the end of December 2025 stood at 77.5 per cent, the Public Debt Administration stated.
The largest share of the debt is denominated in euros, accounting for 59.5 per cent.
This is followed by debt in US dollars at 11.9 per cent, in special drawing rights (the IMF’s special currency unit) at 5.8 per cent, and in other foreign currencies at 0.2 per cent (the Japanese yen, the currency of the United Arab Emirates – the dirham, followed by the Kuwaiti dinar and the Chinese yuan).
The share of public debt denominated in dinars amounts to just over one fifth of the total debt, at 22.5 per cent.
(eKapija, 08.02.2026)
https://www.ekapija.com/news/5442245/kome-srbija-najvise-duguje