As countries in Central Asia and the Caucasus navigate post-pandemic recovery and geopolitical challenges, managing increasing public debt becomes crucial for sustainable growth. Economies in Central Asia and the Caucasus, while gradually recovering from the shocks stemming from the COVID-19 pandemic and the Russian invasion of Ukraine, are facing yet another critical challenge: an intensifying debt burden. Tightening global financial conditions brought about by record level inflation in the United States raised the urgency of reducing debt and ensuring fiscal sustainability in the region. The economies in the region, except Turkmenistan and Azerbaijan, have rapidly accumulated public debt in recent years, ranging between 25% and over 50% of the gross domestic product (GDP) equivalent as of 2022. […]