The origins of the current debt crisis are both historical and more recent. They include global power dynamics, international and regional barriers to trade and infrastructure development, national political histories and governance decisions around economic development, and climatic and other natural disasters.  

When countries are in or at high risk of debt distress and need financial assistance, governments are the sole parties that negotiate with the International Monetary Fund (IMF), often with little input from civil society. Because of this, unpopular deals often lack legitimacy in the eyes of citizens. But active and inclusive civil society oversight can significantly enhance the legitimacy, transparency, and effectiveness of financial assistance programmes. 

In the face of a global debt crisis, the need for stronger oversight and accountability in public debt management has never been more urgent. As governments navigate complex borrowing landscapes, the role of parliaments in ensuring responsible debt governance has come into sharper focus. 

Join us for the first of our four-part series, where we will be discussing the importance of debt transparency and how parliaments and debt managers can enhance debt management and transparency outcomes.