## Fiscal Policy under Pressure: High Debt, Rising Risks

_Fiscal Monitor, April 2026_

## Source details

**Canonical URL:** [Fiscal Policy under Pressure: High Debt, Rising Risks](https://www.imf.org/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026)

## Other formats

- [Markdown version](/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026/index.md)
- [Structured JSON version](/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026/index.json)
- [Bundle manifest](/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026/bundle-manifest.json)

## Bibliographic details
- Published: April 15, 2026

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### Key findings on global public debt and timing
- Global public debt rose to just under 94 percent of GDP in 2025.
- Global public debt is set to reach 100 percent by 2029.
- The 100 percent by 2029 projection is one year earlier than projected in April 2025.
- This accumulation is driven largely by the world’s major economies.

### Fiscal pressures and drivers
- Public finances are under strain from mounting spending pressures—on social needs, defense, and strategic autonomy.
- Rising interest burdens are adding to fiscal strain.
- The fiscal consequences of the Middle East conflict add further to fiscal fragilities.

### Sovereign debt market shifts and vulnerabilities
- Structural shifts in sovereign debt markets are amplifying vulnerability to repricing, including:
  - the growing role of leveraged nonbank intermediaries, and
  - erosion of the U.S. Treasury’s safety premium.

### Policy implication
- Credible, well-sequenced fiscal adjustment is urgently needed across all country groups.

### Data and methodological note
- The estimates and projections in the April 2026 Fiscal Monitor Chapter 1 and Methodological and Statistical Appendix are based on statistical information available through April 1, 2026, but may not reflect the latest published data in all cases.

*Fiscal Monitor — Fiscal Policy under Pressure: High Debt, Rising Risks, April 2026, Paige Taylor White.*

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## Content in this bundle

- **Chapter 1**
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- **Fiscal Monitor Press Conference - Press Remarks**
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- **Full Report**
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## References

- [Previous Issues](https://www.imf.org/en/publications/fm)
- [Read The Blog](https://www.imf.org/en/blogs/articles/2026/04/15/war-shock-requires-disciplined-fiscal-reaction)
- [https://www.imf.org/en/home](https://www.imf.org/en/home)

_Source: https://www.imf.org/en/publications/fm/issues/2026/04/15/fiscal-monitor-april-2026_