The writer is interim director of policy at the International Budget Partnership
For many countries that are reeling from the twin shocks of the pandemic and the war in Ukraine, Sri Lanka’s falling house of cards should be a wake-up call.
With numerous emerging markets facing record high debt and inflation, it is vital that governments begin meaningful discussions with their populations about budget decisions. Only then will they be able to stabilise their economies and secure support for the hard trade-offs they face.
Sri Lanka’s crisis underscores the importance of transparency and public engagement in how governments raise, spend and manage taxpayers’ money, including when countries first decide to take on new debt. In the view of the IMF, high levels of debt transparency can cut the risk of default.
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