Commonwealth Secretariat Launches Debt Transparency Handbook for Caribbean Governments

The Commonwealth Secretariat has launched a new debt transparency handbook that offers governments, including those in the Caribbean, a clear roadmap to align their public debt operations with international standards. The ‘Handbook on Public Debt Transparency’ was launched on 5 October 2023 at a virtual event, attended by government officials, debt experts and development specialists from across the Commonwealth. Opening the event, the Commonwealth Secretary-General, the Rt Hon Patricia Scotland KC, described the new handbook as a practical guide for debt managers, highlighting that inflation has significantly changed public debt from concessional financing to more expensive loans. She pointed out that 32 Commonwealth countries are carrying debt-to-GDP burdens of over 60 per cent, adding that: “Managing these unsustainable debt levels hampers the capacity of governments to invest in essential social services for their citizens.” Drawing upon the Commonwealth Secretariat’s 40 years of experience in debt management and recognised good practices, the handbook provides officials with an easy-to-use self-assessment tool to evaluate the transparency of their debt operations, including transactions, terms and conditions. According to Scotland, by using the guidelines in the handbook, governments can have accurate and reliable information about their debt obligations, enabling them to make informed economic decisions that ultimately will be beneficial to their citizens.