The COVID-19 crisis has exacerbated existing debt vulnerabilities as well as created new fiscal challenges for governments worldwide. Borrowing requirements will remain high, due to weaker economic recoveries and higher inflation expectations in developed countries. Debt levels in Africa are on an upward debt trajectory and soon debt service relative to tax revenues is to exceed 20 percent, potentially crowding other critical spending. To avoid further fiscal deterioration, the risks in the debt portfolios should be actively managed, to maintain and reduce costs. […]