The total external debt of Bosnia and Herzegovina (BiH), according to data published by the Ministry of Finance and Treasury of BiH, has slightly decreased after reaching a peak in 2021 of 9.737.45 million BAM but remains at a high level in the fourth quarter (covering the period from October 1st to December 31st, 2024). In the past five years, it amounted to 8.14 billion BAM in 2019. A year later (2020), it stood at 8.69 billion BAM, in 2021, it increased to 9.73 billion BAM, in 2022, it reached 9.81 billion BAM; in 2023, it decreased to 8.92 billion BAM, only to rise again in 2024 to 9.23 billion BAM.
The largest individual creditor of BiH
By entity, the Republika Srpska’s (RS) debt in the fourth quarter reached slightly over four billion, while in the Federation of BiH (FBiH), it stands at slightly over five billion BAM. The Brcko District accounts for about 49.94 million BAM, and BiH institutions: 43.41 million BAM. The largest portion of the debt relates to international financial institutions and bilateral creditors, with the European Investment Bank (EIB) and the World Bank being dominant.
The EIB remains the largest individual creditor of BiH, with a total debt of 2.54 billion BAM at the end of 2024. It is followed by the World Bank, whose debt through the International Bank for Reconstruction and Development (IBRD) has reached 1.40 billion BAM, while the obligation to the International Development Association (IDA) has been reduced to 955 million BAM.
BiH’s debt to the International Monetary Fund (IMF) amounts to 305.37 million BAM in the fourth quarter of 2024, while its debt to the EBRD stands at 903.09 million BAM.
Bilateral debt
BiH also continues to service debt to several countries. BiH owes Japan 132.16 million BAM, Germany through KfW 99.39 million BAM, Spain 16.77 million BAM, Poland 13.45 million BAM, and Serbia 7.02 million BAM.
The RS has issued Eurobonds amounting to 586.75 million BAM, while in 2024, it additionally took on two long-term loans of 374.81 million BAM and 195.58 million BAM.
It should be mentioned that the external debt of BiH includes the external state debt, the external debt of the entities, the external debt of local government units, and the external debt of public enterprises. In the second quarter of 2024 (as of June 30th), according to the Ministry of Finance and Treasury of BiH, it amounted to eight billion and 771 million BAM. Compared to the first quarter of this year, when it stood at eight billion and 985 million BAM, it was lower by 214 million BAM.
