The Political Economy of Debt

Edited by Kshitiz Dahal () and Paras Kharel

in Books from South Asia Watch on Trade, Economics and Environment

Abstract: Many countries witnessed a surge in their public debt levels after the COVID-19 pandemic and hence public debt issues were once again at the forefront. South Asian nations also saw a rise in their public debt levels. Unsustainable public debt led Sri Lanka to default on its sovereign debt in April 2022 and Pakistan witnessed severe difficulties in servicing its debt. Nepal, while not witnessing any imminent debt crisis, has, nonetheless, seen a meteoric rise in its public debt stock. Against this background, the book chapter presents important insights from the experiences of public debt in three South Asian countries—Nepal, Pakistan, and Sri Lanka. It identifies what lies at the heart of the debt crisis witnessed by Sri Lanka and Pakistan, which offers valuable lessons to countries like Nepal on treading a sustainable path of debt accumulation.

Keywords: public debt; government debt; budget deficit; fiscal mismanagement; debt-trap; debt sustainability; debt management (search for similar items in EconPapers)
JEL-codes: F35 H30 H50 H63 (search for similar items in EconPapers)
Date: 2024
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