Loans and other accounts payable are the two other common instruments of domestic debt. Debt securities most prevalent instrument for countries with higher domestic debtĪsean countries have successfully grown their domestic debt securities market since the 1997 Asian financial crisis, according to the report. Produced annually since 1947, the survey is the oldest UN report on the region’s development progress, which provides analyses to guide policy discussions on current and emerging socio-economic issues and policy challenges to support inclusive and sustainable development in the Asia-Pacific region. "At the same time, countries with high debt distress levels may need pre-emptive, swift and adequate sovereign debt restructuring, while efforts towards common international debt resolution mechanisms and restructuring frameworks also need to be accelerated," she said.Īdditionally, effective public debt management reduces fiscal risks and borrowing costs, as there are several examples of good public debt management practices in the Asia-Pacific region. “Debt relief should be viewed as helping to support the fiscal outlook, rather than as a sign of an upcoming debt default. The survey also argued for international financial institutions and credit rating agencies to consider the positive long-term economic, social and environmental (ESG) outcomes of investing in the SDGs in their assessments of public debt sustainability, while considering whether such spending would boost economic productivity. Thus, a reconsideration of the public debt development nexus is required to effectively pursue sustainable development under difficult economic conditions.
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