Every country borrow money to fix one challange or the other in their own country, but where corrupt leadership is involved, the leaders borrow for their own use instead of borrowing to fix the country. I have seen a situation where a particular leader on seat will resort on borrowing throughout his own tenure in office to carry out projects within the country, and eventually leave heavy dept for the country to repay. At the same time, another person will come into thesame office, and make do with the money generated from the country's source of income, and at the same time still carry out good , and sustainable projects.
If any country should borrow money for any reason, that money should be used properly, and with accountability, and not on the platform of greed, and intention to take undue advantage of your own country.
Yes, you are absolutely right. Every country can borrow money for its basic needs or in difficult times. The problem is not with the loan itself, but rather with its honest and responsible use. If a government borrows money and uses it for the welfare of the people and strengthening the economy, it can benefit the country. Because if a government uses the loan to do something wrong, waste money, or use it for corruption and unnecessary expenses, the future generations will have to bear the loss because the loan is taken so that they can improve their conditions. If they take it and waste it, it cannot be good for us. The hallmark of a responsible leadership is that they use national resources effectively and avoid unnecessary loans. Even if a loan is needed, then first and foremost, honesty is their main role because the protection of the nation depends on the ruler.
Seems we miss that debt not only cause by bad governance but also triggering by extra ordinary crisis that happen in two decades that makes debt multiplied. Not all of global debt come from how bad the government manage their fiscal policy but matter of fact world also face big shock such as global financial crisis due to property bubble in the US, European debt crisis and covid pandemy, energy crisis due to war between Rusia-Ukraine and geopolitical tension which bring expensive security and defence cost, for last crisis, war always bring expensive cost and always multiplied debt because the effect of its extraordinary fiscal shock decision. The budget deficit is increasing for military operation, reconstruction, energy subsidized which make government must issue bond.
I think debt is the most realistic policy instrument when facing an extraordinary crisis but on this condition debt must be only temporary,debt must be used for spending that maintain or rolling economic capacity not only consumption on short term. Beside that government must have an exit strategy for increasef productivity adter crisis subsidies. Without that country will face collapse.
