Žabljak
Pretežno oblačno
16.5 °C
Pljevlja
Pretežno oblačno
17.3 °C
Herceg Novi
Pretežno vedro
28.4 °C
Nikšić
Malo oblačno
22.0 °C
Cetinje
Pretežno vedro
24.6 °C
Bar
Pretežno vedro
26.7 °C
Podgorica
Umjereno oblačno
26.4 °C
Ulcinj
Pretežno vedro
28.0 °C
Kolašin
Pretežno oblačno
20.1 °C

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Montenegro

21. 07. 2021. 00:00   >>  19:24 0

SPAJIC

First installment for the highway paid, 4 million saved

Montenegro has repaid the first installment of the loan for the priority section of the highway to the Chinese Exim Bank and, thanks to the recent hedging arrangement, achieved savings of almost four million euros (3.91 million euros), said Minister of Finance and Social Welfare Milojko Spajic.

The Ministry explained that today is the deadline for the beginning of the repayment of the Chinese loan for the unfinished part of the highway from Podgorica to Kolasin, and that the Government department has already paid the due installment.

Spajic told the Mina-business agency that the hedging arrangement prevented the growth of debt based on currency exposure against the dollar and added that the savings in interest amounted to 3.83 million euros, and the rest in the principal 0.08 million euros (79,276 euros).

"Montenegro paid 27.79 million in euros on the basis of principal and interest, and the banks to the state from the hedging arrangement 37.44 million dollars also on the basis of principal and interest, which we redirected to the Chinese bank. If hedging had not been done, those 27.79 million would amount to 31.71 million euros. Also, only the interest would be 6.9 million euros, and not 3.06 million as we paid," Spajic told the Mina-business agency.

He added that the expected savings at the annual level are around eight million EUR, because two installments are paid - in July and January.

The negotiating team of the Ministry of Finance and Social Welfare, led by Spajic, has completed the entire process, which includes a cross-currency swap, which is in fact the basic instrument for hedging public debt from currency risk. This means that the state's liabilities to Exim Bank loans, expressed in US dollars, have been converted into euros. It is about 818 million dollars.

"This is the total amount of funds withdrawn from the Chinese loan until July this year," Spajic explained, adding that they acted responsibly and that the rest of up to 944 million dollars will be covered before the next installment, in January next year, after the withdrawal of all these funds.

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