U.S. lawmakers have increasingly used the debt ceiling to re-litigate congressional spending, risking default and sparking debate over whether to abolish the ceiling.

The World Bank and IMF have concluded their spring meetings, but questions remain on China, lending capacity, and balancing the interests of rich and poor countries.

State contingent instruments can play a role in debt restructuring agreements, but they shouldn’t be a give-away to investors.  There is a compelling case for their use in Zambia—but not in Sri Lanka…

Now that Congress voted to pass a bill based on the Biden-McCarthy compromise, an immediate debt ceiling crisis appears to have been averted. Still, a much larger debt problem awaits.