Finance ministers and central bankers, gathered in Washington for the annual meetings of the International Monetary Fund, face a global trading system in disarray, uncertainty over the dollar’s standing and the likely course of interest rates, and financial markets that are (for now) unnervingly complacent.

Amid all these challenges, policymakers must pay particular attention to one more: Following years of neglect, public debt has emerged as an increasingly serious risk.

Five years ago, budget deficits soared worldwide because of the pandemic. Lockdowns throttled economic activity and squeezed tax revenue, while public spending surged as governments tried to protect the most vulnerable. Deficits increased from 3.5% of global output in the year before the emergency to 9.5% in 2020. No qu

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