At a time of increased public debt globally, the rise of socio-economic and climate challenges as well as advances in technologies, that cut across traditional markets and policy areas, the importance of managing public debt has successfully grown. Governments worldwide implemented extensive fiscal measures to help mitigate the economic impact of the pandemic, leading to unprecedented borrowing and a surge in public debt. Effective public debt management is crucial to ensure that this debt remains sustainable, helping to minimise the risks and costs associated with borrowing. It also plays a pivotal role in maintaining investor confidence and ensuring the smooth functioning of financial markets, which is essential for economic stability and growth.
The OECD provides guidance to help public debt managers achieve their objective of meeting their borrowing requirements at the lowest possible cost over the long term, taking into account risk. This helps ensure governments can access liquidity at all times in support of their economies and citizens.