The Philippines and other emerging markets need to boost revenue collections to repay their ballooning public debt, the Washington-based Institute of International Finance (IIF) said.
While the global debt pile eased by about $1.7 trillion to $289 trillion in the first quarter of 2021, the IIF said in a May 13 report that $11 trillion were added to emerging markets’ total debt from prepandemic levels to $86 trillion in March.
“Pandemic-related spending increases and revenue losses have made debt service a greater burden for many emerging markets, including the Philippines, South Africa, India, Indonesia and Turkey,” the IIF said in its Global Debt Monitor titled “Chipping away at t…
Keep on reading: Gov’t urged to step up revenue collection efforts to meet debt servicing needs