Hidden Debt: What Aren’t They Telling Us About Government Bonds? – 05.01.2026

Hidden debt—debt that is not disclosed to citizens or creditors—is a persistent and widespread feature of the global sovereign debt crisis. Global public debt is projected to reach 100 percent of GDP by 2030. The growing problem of hidden debt suggests that the situation is likely even worse.

When governments take on debt, they put their citizens’ future on the line as collateral. When hidden debt is uncovered and its consequences are felt, it is the citizens who pay the highest price. They typically face higher taxes and reduced public services, as governments are forced to cut social spending to cover the cost of their loans.

A new report by Transparency International, National Democratic Institute (NDI) and Open Government Partnership titled “Public Debt Confidentiality: Separating Facts from Fiction“ examines the rise of confidentiality clauses in public debt contracts and their impact on transparency and accountability.

The report offers:

• – An overview of confidentiality clauses, their scope, and the types of creditors that most frequently use them;
  – A discussion of the strengths and weaknesses of freedom of information laws in promoting transparency regarding public debt;
  – A description of the six most common false claims used by creditors and debtors to justify the use of confidentiality clauses, as well as detailed information on how to distinguish facts from excuses;
  – Recommendations for debtor countries, creditors, and the international community on improving debt transparency and democratic debt governance practices.

Read the full Public Debt Confidentiality: Separating Fact from Fiction report.