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The Evolution of Public Debt Vulnerabilities in Lower Income Economies (Inglês)

Public debt in lower-income economies (LIEs) has risen in recent years, with half of the countries covered in this report now assessed to be at high risk of or already in debt distress. Accommodative global financial conditions and expanded funding from non-Paris club creditors have allowed LIEs to mobilize larger volumes of external financing. Important gaps with respect to debt management and debt data transparency remain. Evaluations by World Bank staff point to some improvement in debt management strategies in recent years, while several LIEs have expanded debt coverage to include guarantees and contingent liabilities and have improved public debt reporting. Countries with significant debt burdens face a difficult trade-off between scaling up public investment to meet ambitious development objectives and containing debt vulnerabilities. Amid diminishing fiscal space and increasing debt vulnerabilities, countries need to create room to implement countercyclical fiscal policy in the face of shocks. This paper focuses on public debt trends in LIEs, which itself is a diverse group. The paper also distinguishes countries by fragility, resource dependence (commodity exporters - fuel and non-fuel - and others), and their heavily indebted poor countries (HIPC) status.


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    The Evolution of Public Debt Vulnerabilities in Lower Income Economies

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