One of the global pandemic’s most visible economic and monetary ramifications was the swift escalation of borrowing across nations to meet their domestic monetary needs. Despite prolonged economic constraints, governments and central banks took decisive measures to maintain livelihoods through fiscal funding and liquidity initiatives. In response to the COVID-19 pandemic, many governments opted to lift spending caps, directing funds toward essential services and supporting struggling sectors of the economy. Consequently, this led to substantial budget deficits and, in certain cases, unsustainable debt levels.. […]