The Fiscal Monitor published in October 2024 by the IMF warns that global public debt remains at elevated levels and is expected to surpass US$100 trillion in 2024, with further increases projected in the medium term. The report emphasizes that risks to the debt outlook are largely skewed to the upside. In a severely adverse scenario, global debt could rise to nearly 115% of GDP—about 20 percentage points higher than the baseline forecast three years ahead. To stabilize or reduce debt with high confidence, much more substantial fiscal adjustments than currently planned will be needed. The report stresses that now is the right time to rebuild fiscal buffers, as delaying action will be increasingly costly. Restoring these buffers in a growth-friendly way and strengthening fiscal governance are both vital to securing long-term fiscal sustainability and financial stability.