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Serbia’s public debt fell in the first three months even as the value of liabilities expanded, the Debt Management Agency said. Public debt, which comprises the government’s direct and indirect liabilities both in the country and abroad, dropped to 57.7% of gross domestic product at the end of March from 59.3% at the end of 2012, according to a report published Tuesday. Total public debt stood at €19.4 billion ($25. billion) at the end of March, an increase of 9.7% since December, it said.