The COVID-19 pandemic resulted in significant pressure on economies globally, many of which have been left with insurmountable accruals of public debt. As the world continues to grapple with the effects of the pandemic, and nations everywhere face an onslaught of concurrent crises and national spending pressures, they must ensure that national spending continues to keep up with the demand and needs of citizens, while not placing further pressure on the economy through added debt. A nation’s parliament is on the front lines of ensuring responsive government spending, including the management of public debt. To support parliaments globally in addressing public debt burdens compounded by the pandemic, the National Democratic Institute (NDI), in partnership with the Westminster Foundation for Democracy (WFD), published four briefs highlighting the fundamental components that foster successful debt management. The briefs explore the issue through four themes: general debt management; debt management legal frameworks; oversight of debt management; and debt decision-making and oversight in emergency contexts. The briefs aim to serve as practical resources for parliamentarians as they work to manage debt burdens and address public spending needs.
Tuesday, March 15, 2022