As of September 30, 2025, gross external debt reached approximately $11.6 billion, representing 58.9% of GDP, an increase of 2.2 percentage points from the end of 2024.
According to the NBM, long-term external debt continues to occupy a large share, namely 73.9% of the total, after increasing by 9.6% compared to the end of last year.
At the same time, short-term external debt (based on original maturity) increased by 21.1%, reaching 26.1% of gross external debt at the end of September 2025.
Public external debt accounts for 42% of total external debt, reaching $4.87 billion, an increase of 12.8% compared to the end of 2024.
NBM data show that 99.9% of the public external debt is long-term and consists almost exclusively of loans amounting to $4.48 billion (of which loans from state-owned companies and administrative-territorial units amount to $81.64 million), to which are added SDR allocations amounting to $387.64 million.
Short-term public external debt remains insignificant, amounting to only $3.50 million, and is generated from portfolio investments and other liabilities.
The largest share of external public debt is made up of direct public liabilities, with international financial institutions being the main creditors, totaling $4.27 billion, up 13.1% from December 31, 2024.
The debt structure consists of the following creditors:
– The International Monetary Fund holds 28.5% of the external public debt, totaling $1.39 billion;
– The World Bank Group has a 26.7% stake, or $1.3 billion, of which: International Development Agency – $912.46 million, International Bank for Reconstruction and Development – $385.09 million;
– European Commission – $760.51 million (15.6%);
– European Investment Bank – $523.16 million (10.8%);
– European Bank for Reconstruction and Development – $256.49 mln (5.3%).
Debts to other governments total approximately $477 million, up 14.3% from the previous year. The largest share is owed to the French government, followed by Japan and Canada.
Private external debt accounts for 58% of total external debt, reaching $6.73 billion, after increasing by 12.1% compared to the end of 2024.
In its structure, long-term debt accounts for 55.2%; short-term debt increased by 21%, reaching 44.8% of total private debt.
In terms of financial instruments, loans (47.3%) account for the largest share, amounting to $3.19 billion, followed by commercial loans and advances (40.4% and $2.72 billion respectively).
According to NBM data, as of September 30, 2025, short-term private external debt reached $3.64 billion, up 13% from the beginning of the year.
At the same time, short-term public external debt, calculated on the basis of residual maturity, decreased by 47.9%, to $236.69 million.
In addition, about $622 million of long-term external debt will mature in the next 12 months, accounting for 9.2% of total private external debt.
