San Marino’s public debt stands at roughly €1.17 billion, and 2026 is set to be the heaviest year in terms of interest payments, with costs expected to reach around €58 million. From 2027 onwards, however, the burden should ease considerably, dropping to approximately €31 million a year.
This is the picture emerging from the Economic Programme for 2027 presented to the Finance Commission (Commissione Finanze) and reconstructed by L’Informazione di San Marino, which analysed the composition, maturities and costs of the country’s debt.
According to figures reported in the document, by the end of 2025 the total amount reached €1,171,112,944.59. The sum is made up of several components: €350 million in international government bonds, around €366 million in bonds placed on the domestic market, €414 million in perpetual bonds, roughly €18.3 million in loans and financing, and a further €22.75 million in residual amounts linked to the imbalance between liabilities and receivables.
A significant part of the debt strategy concerns the international market. As L’Informazione di San Marino reports, last April the Titano carried out a roll-over through a new €350 million Eurobond, maturing in 2031 with a rate of 3.625%. The operation allowed the country to pre-finance the bond due to mature in 2027, which carried a rate of 6.50%, thereby securing significantly more favourable terms.
On the domestic front, subscribed securities amount to around €366 million, spread across various issues with maturities ranging from 2026 to 2042. Rates here tend to be lower than those on international issues, in many cases ranging between 1.50% and 2.50%.
Another substantial share is made up of perpetual bonds, worth around €414 million. Of these, €395 million carry a fixed rate of 1.75%, while a further €19 million cost 0.10% annually. This picture, however, is already set to change. During the July session of the Grand and General Council (Consiglio Grande e Generale), in the first reading of the 2026 Budget Adjustment (Assestamento di bilancio), the State Secretariat for Finance announced plans to issue a further €50 million in domestic public debt, intended to redeem an equivalent amount of perpetual bonds held by the Cassa di Risparmio.
The most delicate issue, however, concerns the cost of interest payments for public finances. In 2025, the State allocated around €41.83 million to debt servicing. In 2026, according to forecasts contained in the Economic Programme, that figure is expected to climb to €58 million, partly as a result of refinancing operations.
The burden should ease again as early as next year, though. Thanks to the terms secured through the new Eurobond, from 2027 interest expenditure is forecast at around €31 million annually, barring any new borrowing requirements.
The financial picture is also shaped by assessments from international rating agencies. S&P has raised San Marino’s rating to “A-“, while Fitch has upgraded it to “BBB”, both with a stable outlook. Among the factors under consideration is the country’s path towards European integration.
The Association Agreement with the European Union is regarded as a strategic step for giving San Marino’s businesses access to the single market and for strengthening the competitiveness of the country’s economic system. According to the current timeline, the process is expected to move forward with signature between late September and early October, followed by provisional application hoped for in the early months of 2027, before proceeding through the ratification process.
