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International Monetary Fund. African Dept.

risk-taking. Better communication and coordination across government agencies, including on new borrowing plans, would further enhance debt management. Improving debt transparency . Over the last decade, Uganda has enhanced debt transparency, both in terms of fiscal reporting and publication of explicit and implicit debt and debt management information. However, debt transparency could be further enhanced through more data on state-owned enterprise debt and better communication. Closely monitoring contingent liabilities . Contingent liabilities have in general

World Bank, International Monetary Fund. Strategy, Policy, &, and Review Department
Amid rising debt risks in low-income developing countries and emerging markets, the IMF and the WB have been implementing a multipronged approach (MPA) to address debt vulnerabilities. Amplification of debt risks owing to COVID-19 has upped the urgency to implement the MPA and highlights the importance of debt sustainability and transparency for long-term financing for development. At the same time, it should be noted that countries have limited capacities which are further stretched by COVID-19 and that implementation of the MPA by itself may not be sufficient to address debt vulnerabilities and risks from global economic shocks.