Global public debt is on an increasingly worrying path. It is projected to rise above 100% of global GDP by 2029, which would be the highest level since 1948. Under adverse scenarios, it could reach 124%. Although major economies typically have access to the capital markets to finance and refinance their substantial debt, many emerging and low-income countries face severe fiscal risks, even with lower debt ratios, due to limited financing options and low debt tolerance. Meanwhile, higher interest rates, stretched financial valuations and mounting spending pressures — from defence to climate-related disasters — are exacerbating vulnerabilities. This conference will examine these shifting dynamics and the growing risk of fiscal-financial feedback loops. It will also explore the essential reforms needed to strengthen growth, efficiency and public trust, and to restore debt sustainability.