Serbia’s public debt stood at €39.35 billion at the end of March 2026, equal to 41.7% of GDP, according to figures reported by Forbes Serbia and Beta. At the end of 2025, the debt stock was broadly unchanged in nominal terms at around €39.3 billion, but accounted for a higher 44.4% of GDP.
The movement in the ratio reflects that the debt burden has not materially declined in absolute terms, while nominal GDP growth has altered the proportion of debt relative to economic output.
Interest Structure and Euro-Denominated Instruments
As of March 2026, approximately 66% of Serbia’s public debt carried fixed interest rates, while 34% was linked to variable rates. The fixed-rate share defines a significant portion of the country’s protection against interest-rate volatility, while the variable-rate portion remains exposed to changes in benchmark rates and refinancing conditions. Debt connected to long-term euro-denominated government securities also increased. At the end of 2025, obligations under these instruments stood at €1.79 billion (around RSD 210 billion), rising to €1.84 billion (about RSD 216.9 billion) by March 2026.
Domestic Banking Exposure to Infrastructure Projects
Domestic lending continues to be closely linked with infrastructure development projects. UniCredit Bank has three loans tied to financing the Ruma–Šabac–Loznica road corridor, and also participates in financing line infrastructure associated with the National Stadium in Surčin.
OTP Bank has provided financing for the reconstruction and modernization of the Subotica–Horgoš railway line toward the Hungarian border and Szeged, as well as two loans for the Požarevac–Golubac fast road section on the Danube corridor and one loan for the Kragujevac bypass.
Banca Intesa has four loans related to the Ruma–Šabac–Loznica road project, while Poštanska štedionica is involved in multiple state-backed infrastructure financings, including two loans for the National Stadium project, covering line and urban infrastructure with access roads. The bank also finances infrastructure at Makiško polje and the tunnel connection between Karađorđeva Street and the Danube slope in Belgrade.
NLB Komercijalna banka has lending exposure linked to the Danube highway, the Kragujevac bypass, and the design and construction of the Belgrade–Zrenjanin–Novi Sad motorway.
Foreign Financial Institutions and Government Creditors
Serbia’s external creditor base includes major international financial institutions such as the International Bank for Reconstruction and Development (IBRD), the European Investment Bank (EIB), the European Bank for Reconstruction and Development (EBRD), the International Monetary Fund (IMF), the Council of Europe Development Bank, and KfW. The country also has borrowing arrangements with China’s Export-Import Bank, the Paris Club of creditors, the Government of the Russian Federation, the Government of France, the Abu Dhabi Fund for Development, and the Saudi Fund for Development. Among foreign commercial lenders, Serbia has obligations to JPMorgan Chase, BNP Paribas, Deutsche Bank, and the Bank of China.
Local Government Debt Position
At the end of 2025, Serbia’s local government sector had total debt of RSD 48 billion (around €409 million). Of this, RSD 13.7 billion (€117.2 million) was state-guaranteed, while RSD 34.2 billion (€291.9 million) was not guaranteed. Local government debt increased by RSD 5 billion compared with 2024.
The City of Belgrade accounted for RSD 32.8 billion (about €280 million), representing 68.5% of total local authority borrowing. Novi Sad recorded RSD 5.7 billion (€48.8 million), or 11.9%, while Autonomous Province of Vojvodina held RSD 1.3 billion (around €11 million), equal to 2.7% of the total.
Fiscal Exposure and Debt Reporting Structure
The concentration of local borrowing in Belgrade reflects its role as the main center for infrastructure and real estate development activity in Serbia. The structure of borrowing across domestic banks, international financial institutions, and foreign government lenders highlights a financing model in which project-specific loans require reporting on maturities, interest costs, guarantees, procurement frameworks, and expected economic effects across the public finance system.
