Serbia's public debt at end May 2011 was about EUR 13.23 billion, which is 38.3 percent of the GDP, the Serbian Finance Ministry released in a statement.

The Budget System Law limited Serbia's public debt to 45 percent of the GDP.

Serbia's total direct obligations at end May amounted to EUR 11.53 billion, of which EUR 5.55 billion was internal debt, and EUR 5.97 external debt.

The country's total indirect obligations at end May were EUR 1.71 billion, the ministry announced on its website.

Serbia's public debt at end April was about EUR 12.95, which means it increased by about EUR 286 million in May.

Public debt reached EUR 12.16 billion at end 2010, which was 42.7 percent of the GDP.