{"id":74714,"date":"2024-06-03T06:12:21","date_gmt":"2024-06-03T06:12:21","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/1-trillion-is-in-hidden-debt-globally-imf"},"modified":"2024-06-03T06:59:21","modified_gmt":"2024-06-03T06:59:21","slug":"1-trillion-is-in-hidden-debt-globally-imf","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf","title":{"rendered":"$1 trillion is in hidden debt globally \u2013 IMF"},"content":{"rendered":"

Africa-Press – Ghana. <\/strong><\/span>Globally, there is about $1 trillion in hidden debt\u2014borrowing for which a government is liable, but which is not disclosed to its citizens or to other creditors, the International Monetary Fund (IMF) has said. <\/b><\/p>\n

The Fund explained that while this debt\u2014by its nature\u2014is often kept off the official governments\u2019 balance-sheet, it is very real, reaching $1 trillion globally by some estimates.<\/p>\n

While these undisclosed obligations are not large when compared to global public debt topping $91 trillion, they pose a growing threat to low-income countries, already highly in debt with annual refinancing needs that have tripled in recent years.<\/p>\n

\u201cThe problem is even more pressing amid higher interest rates and weaker economic growth. Accountability, too, is imperiled without accurate information about the extent of borrowing, which heightens the risk of corruption,\u201d a publication by the Fund titled \u201cHidden Debt Hurts Economies, Better Disclosure Laws Can Help Ease the Pain\u201d said.<\/p>\n

It further stated that these potentially dire consequences can be avoided by strengthening domestic legal frameworks.<\/p>\n

\u201cIn many countries, a narrow definition of public debt, in one or in multiple laws, permits some forms of sovereign debt to escape oversight.<\/p>\n

\u201cWe recommend that the definition of public debt be broad and comprehensive, meaning that it should capture arrears, derivatives and swaps, suppliers\u2019 credit, and assumptions of guarantees as well as loans and securities. The definition should also cover extra budgetary funds, public trust funds (pension funds, for example), and special purpose vehicles.<\/p>\n

\u201cA good example is found in Ecuador, which pursued legal reform in 2020 to ensure that short-term financing instruments\u2014such as securities or treasury paper with terms of less than one year\u2014were included in debt calculations and statistics. Other good examples include the legal definitions used in Ghana, Jamaica, Rwanda, Thailand and Vietnam, all of which encompass multiple types of debt instruments,\u201d the Fund said.<\/p>\n

For More News And Analysis About Ghana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Ghana. Globally, there is about $1 trillion in hidden debt\u2014borrowing for which a government is liable, but which is not disclosed to its citizens or to other creditors, the International Monetary Fund (IMF) has said. The Fund explained that while this debt\u2014by its nature\u2014is often kept off the official governments\u2019 balance-sheet, it is […]<\/p>\n","protected":false},"author":84,"featured_media":74713,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-74714","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"\n$1 trillion is in hidden debt globally \u2013 IMF - Ghana<\/title>\n<meta name=\"description\" content=\"Globally, there is about $1 trillion in hidden debt\u2014borrowing for which a government is liable, but which is not disc ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$1 trillion is in hidden debt globally \u2013 IMF\" \/>\n<meta property=\"og:description\" content=\"Globally, there is about $1 trillion in hidden debt\u2014borrowing for which a government is liable, but which is not disc ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-03T06:12:21+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-03T06:59:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/06\/sm_1717385180.340198.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1728\" \/>\n\t<meta property=\"og:image:height\" content=\"1088\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"$1 trillion is in hidden debt globally \u2013 IMF\",\"datePublished\":\"2024-06-03T06:12:21+00:00\",\"dateModified\":\"2024-06-03T06:59:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf\"},\"wordCount\":326,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/06\/sm_1717385180.340198.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/1-trillion-is-in-hidden-debt-globally-imf\",\"name\":\"$1 trillion is in hidden debt globally \u2013 IMF - 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