Debt is a critical component of a country’s public finances. When acquired and managed responsibly, debt can be an important part of a country’s economy and fiscal health. It can be used to finance the development of new infrastructure that improves people’s lives and increases economic output. During times of crisis, such as the COVID-19 pandemic, debt can finance economic stabilization and recovery efforts, such as stimulus payments to citizens or companies. Debt can also be used for emergency procurement of medical goods and other items. However, when governments capture debt for private interests, use it to sustain corrupt practices, mismanage it, hide it from the public eye, use it to fund “white elephant” projects with little to no value for people and the common good, or take on more than what they can sustainably repay, it can have disastrous effects on the economy […]