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006    m     o  d
007    cr |||||||||||
008    231011s2023    dcu     ob    001 0 eng d
024 7  10.1596/1813-9450-10475
035    (CKB)5850000000362978
035    (NjHacI)995850000000362978
035    (EXLCZ)995850000000362978
040    NjHacI |beng |erda |cNjHacl
050  4 HD4904.7 |b.M565 2023
082 04 658.3 |223
100 1  Miningou, Elise Wendlassida, |eauthor.
245 10 External Debt, Fiscal Consolidation, and Government Expenditure on Education / |cElise Wendlassida Miningou.
264  1 Washington, DC : |bWorld Bank, |c2023.
264  4  |c©2023
300    1 online resource (15 pages).
336    text |btxt |2rdacontent
337    computer |bc |2rdamedia
338    online resource |bcr |2rdacarrier
490 1  Policy research working papers
588    Description based on publisher supplied metadata and other sources.
520    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 1.4 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 low- and middle-income countries, a 5 percent increase in the external debt could lead to a USD 12.8 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.
504    Includes bibliographical references and index.
650  0 Human capital.
830  0 Policy research working papers.
906    BOOK