## The Debt Reckoning: Rodrigo Valdés and Era Dabla-Norris

_IMF Podcasts_

## Source details

**Canonical URL:** [The Debt Reckoning: Rodrigo Valdés and Era Dabla-Norris](https://www.imf.org/en/news/podcasts/all-podcasts/2026/03/01/debt-march-2026)

## Other formats

- [Markdown version](/en/news/podcasts/all-podcasts/2026/03/01/debt-march-2026/index.md)
- [Structured JSON version](/en/news/podcasts/all-podcasts/2026/03/01/debt-march-2026/index.json)
- [Bundle manifest](/en/news/podcasts/all-podcasts/2026/03/01/debt-march-2026/bundle-manifest.json)

## Bibliographic details
- Guest: RODRIGO VALDES, ERA DABLA-NORRIS

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### Overview
- Episode title: The Debt Reckoning: Rodrigo Valdés and Era Dabla-Norris.
- Publication: F&D Magazine.
- Date: March 2, 2026.
- Hosts/Guests:
  - RODRIGO VALDÉS — director of the IMF's Fiscal Affairs Department.
  - ERA DABLA-NORRIS — deputy director in the IMF’s Fiscal Affairs Department.
  - BEHIND THE MIC: Bruce Edwards, International Monetary Fund.
- Availability: Libsyn, Spotify, YouTube, Soundcloud, Apple.
- Transcript available.

### Major findings and analysis
- Unprecedented debt levels are pressing governments to make tough choices.
- Aging populations increase demands for public spending while fiscal resources are stretched thin.
- The era of cheap borrowing that allowed policymakers to defer debt burdens is over.
- Erosion of public trust is a material factor in reconciling competing fiscal priorities.

### Policy implications and considerations
- Governments face trade-offs between meeting increasing spending needs (including those driven by aging populations) and restoring sustainable debt trajectories.
- Restoring public trust is an essential complement to technical fiscal adjustments when reconciling competing priorities.
- Fiscal policy must adapt to a higher-cost borrowing environment; past strategies that relied on prolonged low interest rates are no longer dependable.

### Production and context
- The episode is part of IMF podcasts produced by Bruce Edwards, who produces the IMF podcast program and aims to showcase economists' research.
- The discussion complements the March edition of Finance & Development magazine, in which Rodrigo Valdés and Era Dabla-Norris write about high debt and hard choices.

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## Content in this bundle

- [Debt Audio Mix 1 (MP3)](/-/media/files/news/podcasts/mp3/english/2026/debt-audio-mix-1.mp3){rel="external" type="audio/mpeg"}

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## References

- [Finance & Development](https://www.imf.org/fandd)
- [Jeffry Frieden: The Cost of Geoeconomic Coercion](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/23/jeffrey-frieden-coercion)
- [Trade among Geopolitical Rivals: Michele Ruta](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/11/michele-ruta-trade-cooperation)
- [Nationalizations Get Another Look: Nicholas Mulder](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/04/nicholas-mulder-on-nationalizations)
- [Ha-Joon Chang on Infant Industry Protection](https://www.imf.org/en/news/podcasts/all-podcasts/2026/08/10/ha-joon-chang-2026)
- [Krishna Srinivasan on Asia’s Next Chapter](https://www.imf.org/en/news/podcasts/all-podcasts/2026/09/01/krishna-srinivasan-sept-2026)
- [Pierre-Olivier Gourinchas on the Story Behind the Number](https://www.imf.org/en/news/podcasts/all-podcasts/2026/06/30/pierre-olivier-gourinchas-2026)

_Source: https://www.imf.org/en/news/podcasts/all-podcasts/2026/03/01/debt-march-2026_