External Debt, Fiscal Consolidation, and Government Expenditure on Education

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Tác giả: Élisé Wendlassida Miningou

Ngôn ngữ: eng

Ký hiệu phân loại: 200.71 Education

Thông tin xuất bản: World Bank, Washington, DC, 2023

Mô tả vật lý:

Bộ sưu tập: Tài liệu truy cập mở

ID: 307275

To face a debt crisis, countries often implement various forms of fiscal consolidation policies aiming at addressing fiscal imbalances. This paper investigates how debt and fiscal consolidation could influence government expenditure on education. It shows that increased external debt is associated with a higher risk of fiscal consolidation, which may contribute to a decline in education expenditure. A 1 percent increase in external debt is associated with a 2.9 percent decline in education spending per school-age child. Given the rising debt levels fueled by the COVID-19 response policies, a decline in education expenditure is to be expected in the post-pandemic era. For instance, in lowand middle-income countries, a 5 percent increase in the external debt could lead to a 2.8 billion decline in the volume of education expenditure, all things being equal. This decline is almost equivalent to the volume of official development assistance to the education sector in 2021. The paper sounds the alarm bell for the potential impact of COVID-19-related debt on education financing.
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