Legal Foundations of Public Debt Transparency: Aligning the Law with Good Practices
Posted by Karla Vasquez Suarez[1], Kika Alex-Okoh[2] and Genesis Leal Pardo[3]
Debt transparency is fundamental to promoting sustainable borrowing and lending practices and to lowering borrowing costs by reducing uncertainty for investors and supporting market confidence. Debt transparency also enables effective fiscal management by providing a complete representation of government’s outstanding debt and contingent liabilities. It informs debt restructuring processes and supports accountability for the use of public resources. While there have been advances in this field across countries (e.g., strengthened reporting of debt management operations and broadened scope of public debt data disclosure beyond the central government), critical gaps remain (e.g., disclosure of contingent liabilities, lack of public debt audits, fragmentation responsibilities and uncoordinated institutional arrangements for public debt monitoring and reporting). Importantly, the pandemic has exacerbated pre-existing debt vulnerabilities, particularly in low-income and developing countries, increasing the urgency to strengthen debt transparency.
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