The IMF highlighted the dire repercussions of hidden debt on individuals and countries. The Financial Times suggests making the IIF's voluntary principles de facto mandatory.
The proposal recommends that the UK and the U.S. pass laws stipulating that only debts that are transparently disclosed and officially registered with the IMF are considered valid and legally enforceable. The World Bank said that developing countries spent nearly half a trillion dollars on servicing their external debt in 2022, depleting their allocations for health, education, and combating climate change.