Public debt


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PUBLIC DEBT. That which is due or owing by the government.
     2. The constitution of the United States provides, art. 6, s. 1, that "all debts contracted or engagements entered into, before the adoption of this constitution, shall be as valid against the United States under this constitution, as under the confederation." It has invariably been the policy since the Revolution, to do justice to the creditors of the government. The public debt has sometimes been swelled to a large amount, and at other times it has been reduced to almost nothing.

References in periodicals archive ?
It is through public debt that developmental targets are achieved.
The spokesman said that external public debt repayment obligations for Pakistan were not more than an average of US$ 5 billion per annum until 2022.
The fiscal deficit needs to be reduced a little bit to make more room for the private sector and also to reduce the public debt pressure,' he told the Nation on the sidelines of an event hosted at Strathmore Business School, Nairobi.
Last year, public debt stood at AaAaAeA{AaAaAeA 19.
Some experts also calculated that the average cost of gross public debt was declined by 40 basis points during first six months of FY 2016-17 owing to smooth execution of the MTDS.
The increase in public debt comes in contrary to the optimistic official statements about the state economic reform programme, which included several harsh measures imposed by the government and the CBE in the past years, especially after the flotation of the local currency.
Salsman classifies public debt theorists into three categories that clarify their essential differences: pessimists, optimists, and realists.
The authors' main point of contention seems to be that fiscal policy and public debt do not actually serve as a balance wheel, regardless of whether policy makers should try to use it as such They do not engage in prescriptive policy analysis Rather, they try to explain fiscal policy as an emergent phenomenon.
Revaluation gain on account of appreciation of US dollar against other foreign currencies reduced the impact of net external inflows on external public debt portfolio.
3% of the external public debt was borrowed to finance projects in the economy while the rest 17.
Georghiades noted that by establishing the Fund, there will be transparent procedures, many levels of checks and specific rules regarding management of this income and explained that the main characteristic of this framework is that income will be managed for the benefit of future generations by reducing public debt and by creating an investment fund that will make "very safe" investments.