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News50 million euros will be borrowed from Crnogorska banka

50 million euros will be borrowed from Crnogorska banka

The Government of Montenegro will borrow 50 million euros from Crnogorska banka, Minister of Finance Aleksandar Damjanović announced at today’s session.

As he said, in order to secure the fiscal reserve for the next year, the state agreed with CKB on debt at an interest rate of 7.5%.

– In order to secure the fiscal reserve for the next year, we have agreed with the Montenegrin Commercial Bank an amount of 50 million euros for a repayment period of five years and a grace period of one year, with a fixed interest rate of 7.5% per year – said Damjanović.

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He reminded that since the adoption of this year’s rebalancing, the state has borrowed a total of 55 million euros, while a new debt has been agreed with CKB.

At the session, the Government also adopted information on long-term borrowing, with the aim of securing part of the missing funds for financing the budget for 2022 and creating a fiscal reserve with the Loan Agreement Proposal.

Let us remind you that the Government concluded a contract with Universal Capital Bank in the amount of 10 million euros, with a 5.5% fixed interest rate, a repayment term of 5 years and a 12-month grace period, which is included in the repayment period. Also, a credit arrangement was concluded with Erste Bank – the amount of six million, with an interest rate of 3.99% + 6-month Euribor, a repayment period of 5 years and a 12-month grace period, which is included in the repayment period.

Through three auctions of government bills in accordance with the budget rebalancing for the current year, the state borrowed 39 million euros, local media wrote.

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