Tuesday, 18 February 2020

Croatian public debt crawling towards safety

By  Nov 05, 2018

Croatia’s public debt is, slowly but surely, continuing to fall. Figures released show that at the end of July this year the public debt was down by 2.5 billion Kuna or around 337 million Euros, however the total debt is still 281.6 billion Kuna, or around 38 billion Euros.

Broken down by components, the foreign debt increased by 2.2 billion kuna (€296 million) or 2.1 percent year-on-year to reach 105.1 billion kuna (€14.1 billion). Internal debt was reduced by 2 billion kuna (€269 million) or 1.1 percent to 176.5 billion kuna.

According to the government, the state budget is exposed to up to 4.3 billion kuna (€579 million) in possible liabilities related to the cancelled projects of the failing Uljanik Group, which is about 1 percent of the country's GDP.

By the end of this year, some 2.3 billion kuna (€310 million) in state-issued bank guarantees, including interest and fees, are likely to be activated and collected over the Pula-based company's inability to deliver ordered ships.

The Voice of Dubrovnik


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