By Emma Ujah, Washington DC

The International Monetary Fund (IMF) has raised concerns over the rapid escalation of global public debt, urging immediate action to curb its growth.

Speaking during a press briefing on the October 2024 Fiscal Monitor report at the ongoing IMF/World Bank Annual Meetings in Washington DC, the Director of the IMF’s Fiscal Affairs Department, Mr. Victor Gaspar, highlighted that public debt is projected to surpass $100 trillion by the end of this year, and could reach 115 percent of global Gross Domestic Product (GDP).

Gaspar noted, “Global public debt is very high and continues to rise. It is projected to exceed US$100 trillion by year-end, and global public debt will approach 100 percent of GDP by the end of this decade, even surpassing the peak seen during the pandemic.”

He emphasized the urgency of addressing this issue, adding, “The bottom line is that public debt is very high, rising, and risky. The time is now to pivot toward gradual, sustained fiscal adjustments—it’s time to put a lid on it.”