Public debt is projected to reach nearly 100 percent of global gross domestic product by the end of this decade, surpassing even pandemic-level highs. Governments, particularly those in emerging market and developing economies, face both mounting debt service costs and shrinking room to maneuver in government budgets. The result is fewer resources for social programs or investments, reduced capacity to respond to shocks, and higher borrowing costs. In addition to issuing more debt, countries are increasingly using complex and opaque forms of financing […]