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Time to pay off Tito's debts: Serbia paid 11.5mn euros from budget this morning, and is yet to pay

This is about a part of the loans that Milka Planinc and Veselin Djuranovic took out during the time of the former Yugoslavia from the Paris Club and the World Bank

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Serbia paid off 11.5 million euros from the budget this morning, and will in another six days repay another 69.7 million, all on the basis of loans taken by Tito's prime ministers from international creditors during the 1970s and 1980s.

Namely, this is part of the loans that Milka Planinc and Veselin Djuranovic took out during the time of the former Yugoslavia, from the Paris Club and the World Bank, whose last installments are due in 2041 and 2031 respectively.

More specifically, this morning, EUR 11.9 million was repaid for a loan taken from the World Bank, i.e. its International Bank for Reconstruction and Development (IBRD) branch - EUR 9.4 million on the principal of the loan and 2.18 million on interest.

That loan was actually to be paid yesterday, but it was paid from the Serbian budget this morning, since September 15 was a Sunday.

Secondly, on September 22, Serbia will be due to pay an additional 69.74 million euros. It is a loan taken about 40 years ago from the Paris Club of Creditors, namely - 54.1 million on the principal of the loan and 15.6 million on interest.

Otherwise, Serbia also during this year paid off loans it had taken from Kuwait from 1984 to 1989, amounting to 20.2 million euros.

The National Bank of Serbia (NBS) confirmed the above data and said that this year the state must repay just over EUR 202 million of debts from the period of the 1970s and 1980s.

The central bank also added that, on the basis of old debts, Serbia regularly repays its obligations toward Kuwait and China.

During the 1970s and 1980s, Serbia borrowed a total of 8.8 billion euros.

We owe most of that to the Paris Club - 1.09 billion, from which, as a republic four decades ago, we borrowed a total of four billion euros. In second place is the World Bank with 700 million, i.e. its IBRD branch, which granted us 1.8 billion in the same period, and we will be repaying loans to China of about 15.9 million and to Kuwait of 253.1 million for a long time.

In the previous years, we repaid on average about 250 million euros per year, while this year almost 230 million are due to be repaid.

While Serbia is still paying off its debts, Croats paid back the last dollar owed to the Paris and London Clubs ten years ago, while the Slovenians did it in 1995.

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