Strengthening the Credibility of Public Finances: Strengthening the Credibility of Public Finances published by IMF (2021).
“The COVID-19 pandemic has lasted over 20 months. Today, the world is confronted with three global problems that require global action: the Great Vaccine Divide, climate change, and the Great Financing Divide. The Great Financing Divide refers to financial constraints facing vulnerable people and countries. It links not only to fiscal policies and economic prospects around the world but also to debt developments. Preliminary estimates from the Global Debt Database are now available. Debt—issued by governments, nonfinancial corporations, and households—in 2020 reached $226 trillion and increased by $27 trillion. Both the level and the increase in debt are unprecedented. High and growing levels of public and private debt are associated with risks to financial stability and public finances…”
