The rising levels of public debt, especially in developing countries, have exposed deep vulnerabilities in both the international financial architecture and domestic public financial management systems. Public debt levels have significantly increased globally over the past decade, as has the cost of servicing debt. United Nations Trade and Development (UNCTAD) reports that globally, public debt reached US$102 trillion in 2024, up from US$97 trillion in 2023, signifying escalating budgetary difficulties in both developed and developing nations. […]