Policy Papers

Making Public Debt Public—Ongoing Initiatives and Reform Options

Publication Date:

July 31, 2023

Electronic Access:

Free Download. Use the free Adobe Acrobat Reader to view this PDF file

Summary:

The paper develops and assesses options to improve public debt transparency. It first makes the case, both conceptually and empirically, for greater public debt transparency. To guide the development and assessment of options, it examines the factors hindering transparency, including capacity and governance gaps, and borrower and creditor incentives. The paper then provides a high-level overview of existing initiatives to improve public debt transparency, identifying priorities for progress and policy gaps. Next, it presents and analyzes the merits of a range of options to improve public debt transparency, drawn from reform proposals gaining prominence in policymaking circles while reflecting Fund policy priorities. The IMF could contribute to these reforms with actions within its mandate but would need significant additional resources.

Series:

Policy Paper No. 2023/034

Subject:

External debt Financial institutions Monetary policy Political economy Public debt Public financial management (PFM)

Notes:

Making Public Debt Public—Ongoing Initiatives and Reform Options—Background Paper

Frequency:

occasional