Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth

Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth
Strategic partnerships with leading space agencies and organizations propel the Kingdom’s space aspirations to new heights. (Shutterstock)
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Updated 10 June 2024
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Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth

Saudi Arabia’s cosmic aspirations fueling economic prosperity beyond earth
  • Vision 2030 envisions the Kingdom as a formidable player in space exploration and technology

RIYADH: Space exploration has transitioned from being solely government-driven to becoming an essential element of our everyday lives, significantly enhancing our quality of life. 

Saudi Arabia is charting a course toward the stars, propelled by an audacious vision that extends far beyond terrestrial boundaries. Vision 2030 envisions the Kingdom as a formidable player in the global arena of space exploration and technology. 

In an interview with Arab News, Amar Vora, head of space at Serco Middle East, noted that the genesis of Saudi Arabia’s cosmic aspirations can be traced back to 1985, with the historic journey of Saudi Prince Sultan bin Salman Al-Saud and the launch of Arabsat-1A. 

“Let’s not forget the impressive achievements of the King Abdulaziz City for Science and Technology, which has been helping to shape the national vision in space, building up knowledge, capacity, and infrastructure for over 20 years,” he said. 

Vora highlighted the 17 satellites launched by KACST since 2000, along with the Saudi Space Agency’s formation from the Saudi Space Commission.  

He added: “Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives, positively impacting our quality of life.”

Pioneering achievements 

Saudi Arabia’s journey into space began decades ago, and since then, the Kingdom has achieved remarkable milestones. 

Notably, the landmark partnership with Axiom Space marked a significant milestone, as astronauts Rayyanah Barnawi and Ali Al-Qarni embarked on the Ax-2 mission to the International Space Station in 2023.  

Barnawi became the first Saudi woman to journey into space, symbolizing Saudi Arabia’s commitment to gender equality and inclusivity in the realm of space exploration. 

Commenting on this endeavor, Vora said: “Of course, the Ax-2 mission provided the space community with a flavor of what’s to come from KSA’s space ambitions, becoming one of only a few countries to have achieved human spaceflight, and that in record time since the Saudi space decree was ratified!” 

He went on saying that partnerships with companies like Axiom Space “that are transforming and democratizing access to human spaceflight, highlight the ability of CST and SSA to capitalize on innovative solutions and services in the market.” 

Vora commended Barnawi’s efforts and said that this “is what we should come to expect from the Saudi and the global space sector. This is a sector that provides equitable representation and inspires and encourages engagement from people of all backgrounds and genders.”

Saudi Space Agency 

The Saudi Space Agency oversees the formulation and execution of the National Space Strategy, aimed at positioning the Kingdom as a leading spacefaring nation. 

Vora explained: “In doing so, SSA will be required to develop national capabilities in space, across the space value chain, from upstream (satellite systems and technologies), midstream (ground systems and operations), to downstream (data management and value-added services). The agency will also be responsible for promoting the uptake of space data across government and industries.” 

According to the top official, these advancements necessitate industry support for design, delivery, and operation, giving the agency a mandate to foster private sector expansion. 

This entails partnerships and investments with companies of varying sizes and backgrounds, both domestic and international, facilitated by the establishment of the National Space Co. 

“In implementing the strategic vision, SSA also has a key role to collaborate with international partners, leveraging international and long-standing experience and capabilities, with mutual interests in achieving scientific excellence,” Vora said.

Ambitions beyond earth 

Yet, Saudi Arabia’s cosmic ambitions extend far beyond the confines of earth’s atmosphere. 

With plans to develop a robust astronaut corps, participate in lunar exploration missions, and foster a thriving commercial space sector, the Kingdom is poised to carve out a formidable presence in the cosmos. 

Saudi Arabia is set to play a crucial role in the entire space value chain, focusing on localizing satellite technology production, enhancing space situational awareness, and utilizing space data for various sectors, including climate-related initiatives, according to Serco. 

A new report by the World Economic Forum predicts that the global space economy could reach $1.8 trillion by 2035, rivaling the semiconductor industry.  

Space technologies, like communications and earth observation, are expected to become as integral to daily life as semiconductors. 

The report emphasized that space will increasingly connect people and goods across industries, with benefits extending beyond financial gains to include addressing global challenges. 

Space endeavors are no longer an exclusive playground for government; it is increasingly becoming a key component of our day-to-day lives.

Amar Vora, head of space at Serco Middle East

“Intensified collaboration between diverse stakeholders from the public and private sectors will be key to unlocking and maximizing the industry’s exponential potential for years to come,” it added. 

From satellite manufacturing to space tourism, the Kingdom is primed to capitalize on the burgeoning space industry, diversifying its economy and driving innovation. 

Abdullah Al-Dawsari, who is an aerospace and defense project manager, told Arab News that “Saudi Arabia has the opportunity to leapfrog in key emerging areas of the space economy.” 

He said that this could be done through “strategically investing in next-generation capabilities by developing advanced satellite manufacturing using robotics, 3D printing, modular designs, offering low-cost launch services and rocket manufacturing by innovating in materials, propulsion, and reusability.” 

He added: “Providing innovative incentives like grants, tax benefits, and funding opportunities for research and development in the space sector and removing bureaucratic barriers can further stimulate the industry.” 

“Ultimately, space is becoming a cornerstone for economic growth, and this is exactly the vision and direction we are seeing from Saudi’s recent strides in space,” Serco’s top official said. 

The economic benefits of space exploration are manifold, according to Vora. Space technologies and data are critical assets for numerous industries, including agriculture, mobility, environment, defense, and many others.  

“We are seeing that space-enabled services have a role in the Saudi giga projects; for example, we see increased awareness, interest, and uptake from NEOM, Red Sea Global, and others,” he said. 

Economist and policy adviser, Mahmoud Khairy, said in an interview with Arab News that Saudi Arabia’s endeavors in space “isn’t just about reaching for the stars; it’s about building a smarter economy.” 

He added: “By venturing into space, Saudi Arabia aims to not only boost its global standing but also inspire young Saudis to pursue careers in science and tech. It’s all part of a bigger plan to transform the economy, putting the Kingdom on the map as a leader in space exploration while paving the way for a brighter, more sustainable future.”

Regulatory framework  

The Communications and Space Technology Commission has recently released regulations and a permit application to encourage private sector involvement in the earth observation services market. This initiative aims to boost GDP through value-added products. 

The initiative will grant permits to entities establishing EO platforms, facilitating data collection and processing. The documents outline requirements for applicants and emphasize user rights and data security. Interested parties are encouraged to review and apply for the permit.   

Key initiatives, such as the Center of Excellence for Earth and Space Science and the Center of Excellence for Aeronautics and Astronautics, underscore Saudi Arabia’s commitment to fostering world-class capabilities in space technology and research.  

Moreover, strategic partnerships with leading space agencies and organizations propel the Kingdom’s space aspirations to new heights. 

Vora emphasized that “strategic partnerships are essential in realizing the vision of the space sector in Saudi Arabia.” 

Saudi Arabia’s endeavors in space isn’t just about reaching for the stars; it’s about building a smarter economy.

Mahmoud Khairy, economist and policy adviser

He added: “For an emerging space-faring nation, partnerships enable effective knowledge transfer and opportunities to learn from past successes and failures. It allows the ability to share resources, risk, and infrastructure, advance scientific and technological research, and gain access to state-of-the-art innovations from a global ecosystem.” 

Vora explained that the most famous and widely referenced example of international partnerships and collaboration is the International Space Station, where it showcases the benefits of national collaboration. 

He went to say: “Private space companies providing both B2G (business to government) and B2B (business to business) services are now the norm, along with the utilization of space data-driven solutions across adjacent industries.” 

He went on explaining that this can be done by “introducing advanced technologies and services such as high-resolution imaging, data analytics for climate monitoring, urban planning solutions, and defense and security applications.” 

Al-Dawsari added: “Private companies, with their flexibility and innovative approaches, can significantly contribute to the space industry.” 

Private sector involvement in Saudi Arabia’s space industry has key implications for economic growth. It drives innovation, creates jobs, and attracts foreign investment, enhancing the Kingdom’s global competitiveness, according to Khairy.

A unique cosmic identity 

Beyond scientific and economic gains, Saudi Arabia’s cosmic journey holds profound societal implications.  

By inspiring the next generation of scientists, engineers, and explorers, the Kingdom is cultivating a legacy of innovation and discovery that transcends borders.  

“Beyond the clear economic benefits of Saudi’s endeavors in space, it undoubtedly has an impact on society,” Vora noted. 

National space endeavors along with international collaboration provides a catalyst for engagement in STEM fields through inspiration and integration into education, he highlighted. 

Vora added: “It’s great to see the mandate imposed by KSA last year to integrate space and earth sciences into secondary education curricula.” 

As Saudi Arabia ventures into space, the Kingdom remains committed to promoting sustainability and responsible stewardship of the cosmos.  

Sustainability comes in various forms in relation to Saudi’s space policy, according to Vora. 

“First, it’s KSA’s vision to create a sustainable, localized space industry and ecosystem — this requires support from the government in establishing an industry with long-term market opportunities,” he explained.  

Vora went on saying: “It’s how the national space program contributes toward Saudi’s vision to be a leader in environmental and climate sustainability. It’s what I call sustainability from space.”  

As space access becomes easier and launches more frequent, our space environment faces congestion and the risk of debris colliding with satellites. Improved technologies, regulations, and in-orbit solutions are needed to monitor and mitigate space debris.  

“Saudi space policy demonstrates leadership in this domain, enhancing the Kingdom’s role in the sustainability of space through investment in technologies to track and monitor space debris,” Vora emphasized. 

Khairy highlighted that space exploration requires a “whole army” of experts, from scientists and engineers to technicians and support staff.  

“As the space industry grows, so does the need for all sorts of services, from manufacturing to transportation. That means more jobs for Saudis across the board,” he added.

Sovereign wealth funds 

The pivotal role of sovereign wealth funds has become increasingly apparent in recent times, particularly in the Middle East.  

They have spearheaded economic diversification efforts, as reported by Euroconsult, a consulting firm specializing in the space sector. 

The report added: “Prominent funds like the UAE-based Mubadala Investment Company, the Saudi Public Investment Fund (PIF), and the Oman Investment Authority (OIA) have allocated substantial resources to finance local, regional and international space projects and companies.” 

Notable examples include partnerships like the one between Saudi Telecom Co. and PIF to establish IoT Squared, a technology firm specializing in the Internet of Things, as well as OIA’s acquisition of an equity stake in SpaceX. 

These investments not only support local, regional, and international space projects and companies but also bring tangible benefits to the countries involved, the report added. 

Economist Khairy said that the PIF is “already planning to invest heavily in the space sector and could be a major player in funding the Kingdom’s space dreams.” 

He added: “With its hefty financial resources and focus on long-term investments, it could provide the cash needed to launch satellites, conduct research, and build space infrastructure. Plus, investing in space could boost Saudi Arabia’s global reputation and competitiveness, drawing in even more investment and talent.” 

“When Saudi Arabia aims for the stars, it’s not just about the thrill of discovery; it’s about building a brighter economic future right here at home,” Khairy concluded. 


Saudi-South African Business Forum sees $25m credit agreement signed to help exporters 

Saudi-South African Business Forum sees $25m credit agreement signed to help exporters 
Updated 5 sec ago
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Saudi-South African Business Forum sees $25m credit agreement signed to help exporters 

Saudi-South African Business Forum sees $25m credit agreement signed to help exporters 

RIYADH: A $25 million credit agreement involving the Saudi Export-Import Bank and a major South African financial institution was among the deals struck at a special business forum in Johannesburg.

The arrangement with Standard Bank Group will see companies in the Kingdom given extra funding support to trade with the African country.

The deal was signed during the Saudi-South African Business Forum, which saw 420 business leaders and officials discuss how to boost economic ties between the nations – with an emphasis on the mining sector, the Saudi Press Agency reported. 

Bloomberg cited Naif Al-Shammari, Saudi EXIM’s deputy chief executive officer, as saying that the agreement with Standard Bank Group will bolster trade links between the two countries.

Another memorandum of cooperation was signed between the Saudi Export Development Authority and Skytower Development Co.

Commerce between Saudi Arabia and South Africa was estimated at about $3.5 billion in 2023.

The high-level Saudi delegation attending the forum was led by the Minister of Commerce and Chairman of the National Competitiveness Center, Majid bin Abdullah Al-Qasabi, and was organized by the NCC in collaboration with the Federation of Saudi Chambers and the South African Ministry of Trade and Industry, according to SPA.

One panel at the event addressed cooperation in the mining sector, while the another discussed expanding the economic partnership between the Kingdom and South Africa in light of promising opportunities. 

It also introduced the mechanisms used by relevant authorities to resolve challenges facing the business sector.
 
The forum also falls in line with the Kingdom’s commitment to strengthening its trade and economic relations with the African continent, which was announced by the Crown Prince and Prime Minister of Saudi Arabia at the Saudi-African Summit held in Riyadh last November.


Egypt’s external debt drops to $152.9bn by end of June

Egypt’s external debt drops to $152.9bn by end of June
Updated 38 min 15 sec ago
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Egypt’s external debt drops to $152.9bn by end of June

Egypt’s external debt drops to $152.9bn by end of June
  • Long-term external debt decrease to $126.9 billion by the end of June
  • External debt decreased to $80.2 billion from $84.8 billion in December

RIYADH: Egypt’s external debt decreased to $152.9 billion by the end of June, a significant reduction from $160.6 billion at the end of March and $168 billion at the close of December 2023, official data showed. 

The country, which has a fiscal year running from July 1 to June 30, saw long-term external debt decrease to $126.9 billion by the end of June, down from $138.6 billion the previous year. Short-term debt also dropped to $26.02 billion, compared to $29.5 billion before, according to the Central Bank of Egypt. 

The Egyptian government’s external debt decreased to $80.2 billion from $84.8 billion in December. The CBE’s own debt also saw a significant reduction, falling to $34.67 billion from $45.3 billion at the end of 2023. However, debt owed by Egyptian banks rose slightly to $20.67 billion by the end of June, up from $20.1 billion at the close of last year. 

The overall decline in external debt highlights the Egyptian government’s ongoing efforts to manage its financial obligations amid a challenging global economic environment. 

The country’s economic challenges, including inflation and fiscal deficits, have necessitated a careful balance between managing external obligations and sustaining growth. 

The reduction in overall external debt is viewed as a positive signal to international markets and may bolster future creditworthiness, particularly as Egypt seeks international assistance and investment. 


Saudi Arabia’s global pension index score rises amid ongoing reforms: Mercer 

Saudi Arabia’s global pension index score rises amid ongoing reforms: Mercer 
Updated 15 October 2024
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Saudi Arabia’s global pension index score rises amid ongoing reforms: Mercer 

Saudi Arabia’s global pension index score rises amid ongoing reforms: Mercer 

RIYADH: Saudi Arabia’s Global Pension Index score improved to 60.5 in 2024, up from 59.5 last year, driven by ongoing reforms, a new analysis showed. 

According to the latest Mercer CFA Institute Global Pension Index, the Kingdom’s pension system rating upgraded to C+ from C, placing it alongside the US, the UAE, and Spain. 

The index defines C+ as a system with good features but significant risks that need addressing.

Saudi Arabia’s retirement system includes an earnings-based pension and lump-sum award – while those who do not qualify for monthly payouts receive just the one-off benefit.

In July, the Kingdom raised the retirement age from 60 to 65 for both public and private sector employees, as part of a key Vision 2030 reform aimed at ensuring sustainability and improving retirees’ living conditions. 

The reform also raised the required contribution period for early retirement from 25 to 30 years, a move aimed at encouraging longer workforce participation, thereby reducing the financial strain on the pension system. 

Tarek Lofty, president of Mercer in India, the Middle East and Africa, said: “Saudi Arabia continues to make steady progress in reforming and enhancing its pension system and stands to benefit as more private pension options are provided to complement existing retirement programs.” 

He added: “As these reforms are rolled-out, they will provide an important tool to retain talent in the Kingdom’s buoyant job market and support the wider aims of the Vision 2030 strategy by contributing to the financial well-being of its citizens.” 

Saudi Arabia held its position at 28th in the index, which compares 48 pension systems globally. Its sustainability score rose to 58 from 54.9, driven by factors like increased female workforce participation, updated demographic data, and clarity on retirement arrangements. 

The Kingdom ranked 20th in the sustainability sub-index but was lower in adequacy at 32nd and integrity at 42nd. Mercer highlighted that the Kingdom could improve its score by increasing support for low-income retirees and boosting labor participation among older workers. 

Mercer’s ranking analyzes factors such as system design, government support, and home ownership to calculate scores in the adequacy sub-index, while the sustainability index considers elements like pension coverage, government debt, and economic growth. 

The integrity sub-index evaluates regulation, governance, protection, along with communication and operating costs. 

“With a youthful population and increasing labor force participation, Saudi Arabia is in an ideal position to observe the challenges that many of its global peers are facing and guide the development of its pension system accordingly,” said Claudia Maldonado, head of savings and pensions at Mercer Middle East. 

Mercer also outlined several measures the Kingdom could implement to improve its overall index score, including increasing the minimum support provided to low-income seniors and raising the labor force participation rate among older individuals as life expectancies rise. 

The report further noted that enhancing communication with members regarding private pension arrangements could also play a crucial role in boosting the Kingdom’s overall index score in the coming years. 

A report released by the World Bank in July also lauded Saudi Arabia’s pension reforms and called it a groundbreaking development for the Middle East and North Africa region. 

The international financial institution added that achieving a robust system also requires further measures including diversifying pension funds, designing adjustment mechanisms, and enhancing private savings options.

“These measures can offer greater flexibility and security, addressing the diverse needs of the population. By adopting a holistic approach that balances fiscal sustainability with social equity, countries can better protect against economic, demographic, and political risks,” said the World Bank’s blog. 

It added: “Such initiatives set a precedent for forward-thinking policies that other nations can follow to enhance their social security frameworks, and Saudi Arabia, with its most recent reform, sets a great example for the rest of the region.” 

Emerging trends 

The Mercer report revealed that most retirement systems worldwide are increasingly moving away from defined benefit plans and shifting toward defined contribution arrangements. 

“The ongoing shift to defined contribution pension plans introduces many financial planning challenges, which are falling squarely on the shoulders of tomorrow’s retirees,” said Margaret Franklin, president and CEO of CFA Institute. 

She added: “DC plans require individuals to make complex financial planning decisions that may significantly impact their financial circumstances, and yet many individuals are not well prepared to manage the required decisions.” 

Despite these challenges, the report noted that as people live longer, the increased flexibility and personalization offered by DC programs will be critical. 

Mercer also highlighted that the concept of retirement is evolving, with many individuals gradually transitioning into retirement or rejoining the workforce in different capacities after their initial retirement. 

The report pointed out that these plans also offer essential benefits to gig and contract workers, who are often excluded from traditional DB schemes. 

“Significant retirement income system reforms are needed to meet the financial needs of retirees and their evolving work expectations. There is no single solution to getting retirement systems onto more solid ground,” said David Knox, lead author of the study and senior partner at Mercer. 

He added: “Now is the time for governments, policymakers, the pension industry and employers to work together to ensure that older populations are treated with dignity and can maintain a lifestyle similar to what they experienced through their working years.” 

The analysis noted that increasing longevity, high interest rates, and rising costs of care have placed additional pressure on government budgets to support pension programs, leading to slightly lower overall scores this year. 

Global outlook 

According to Mercer, the Netherlands retained the top spot in the index with an overall score of 84.8 and a grade of A, followed by Iceland and Denmark in second and third place, with scores of 83.4 and 81.6, respectively. 

“The Netherlands’ pension system has continued to be the best system, as it moves from a DB structure to a more individual DC approach. The system also features strong regulations and offers participants guidance regarding their pensions,” said Mercer. 

Israel secured the fourth position, while Singapore, Australia, and Finland ranked fifth, sixth, and seventh, respectively. 

Norway placed eighth, followed by Chile in ninth and Sweden in tenth. 

China ranked 31st on the list, while India and Japan were positioned at 48th and 36th, respectively. 


IsDB to finance $3bn in 20 socio-economic projects across 17 countries

IsDB to finance $3bn in 20 socio-economic projects across 17 countries
Updated 15 October 2024
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IsDB to finance $3bn in 20 socio-economic projects across 17 countries

IsDB to finance $3bn in 20 socio-economic projects across 17 countries
  • Initiatives target key sectors such as agriculture, water resources, and energy, as well as health care and infrastructure

RIYADH: The Islamic Development Bank is set to finance over $3 billion for 20 socio-economic development projects across 17 member nations, following its 357th board meeting chaired by President Muhammad Al-Jasser.
These initiatives target key sectors such as agriculture, water resources, and energy, as well as health care and infrastructure to strengthen resilience and promote sustainable growth.
In Kazakhstan, $1.15 billion will support water resources development, improving agricultural output and ensuring food and water security.
Jordan has been allocated $200.3 million to bolster food security by expanding strategic reserves. 
Kyrgyzstan will receive $45.11 million for agricultural mechanization to aid smallholder farmers, along with an additional $58.25 million to enhance energy infrastructure in the Issyk-Kul region.
Senegal is set to receive €65.1 million ($70.96 million) to accelerate agricultural industrialization.
Togo has been granted €55.23 million to foster income-generating activities and improve the livelihoods of vulnerable populations.
Azerbaijan has been allocated $96.73 million for water resource management to support agriculture and food security, and the Maldives has been allotted $64.65 million to expand its fishing industry.
Morocco was allocated €441.82 million for a hydropower project to meet peak demand with renewable energy.
Gambia will receive $40 million to improve its transport sector, and Sierra Leone has been assigned €70.32 million to enhance infrastructure through soil stabilization technology.
Comoros will benefit from $15 million to improve maritime connectivity and safety. Uzbekistan will acquire $138.8 million to expand a key road, improving traffic flow and safety, while Cameroon has been awarded $176.3 million to upgrade its transport infrastructure.
In Turkiye, €246.4 million will support the Eastern Turkiye Middle Corridor Railway Project, with an extra $100 million allocated to post-earthquake recovery efforts to enhance productivity. 

Pakistan will receive $118.4 million to reduce poverty and improve food security in vulnerable communities.

Mozambique has been allocated $19.8 million to strengthen health care access, while Cote d’Ivoire has been granted €260 million ($278.2 million) to support highway construction for regional integration and agriculture. 

Al-Jasser said that these initiatives align with the IsDB’s goal of fostering sustainable economic growth, enhancing infrastructure, and integrating regional economies.

The bank also approved a $10 million grant in collaboration with the World Health Organization to support global health care initiatives. 

The projects reflect IsDB’s commitment to inclusive development, aimed at strengthening resource management and promoting shared prosperity across member countries.


Global public debt expected to exceed $100tn this year: IMF

Global public debt expected to exceed $100tn this year: IMF
Updated 3 min 57 sec ago
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Global public debt expected to exceed $100tn this year: IMF

Global public debt expected to exceed $100tn this year: IMF
  • Global public debt to hit 93% of global GDP this year, and to approach 100% of GDP by 2030

WASHINGTON: Global public debt is expected to reach a record $100 trillion this year, the IMF said Tuesday, warning that the fiscal outlook for many countries may be even “worse than expected.”
In its latest report on fiscal policy, the International Monetary Fund said it expects global public debt to hit 93 percent of global gross domestic product (GDP) this year, and to approach 100 percent of GDP by 2030 — 10 percentage points higher than in 2019, before the Covid-19 pandemic hit.
“Global public debt is very high,” Era Dabla-Norris, the deputy director of the IMF’s Fiscal Affairs Department, told reporters ahead of the report’s publication.
“There are very good reasons to believe that the debt burden — or the debt outlook — could be worse than expected,” she said, pointing to current spending pressures to address issues like climate change, overly-optimistic debt projections, and the possibility of large amounts of unidentified debt.
“So the bottom line is that it’s time for countries to get their fiscal house in order,” she said.
The IMF report introduced a new “debt-at-risk” approach to assessing the risks to debt projections.
It estimated that, in a worst-case scenario, global public debt could hit 115 percent of GDP by 2026 — almost 20 percentage points higher than the Fund’s baseline estimate.
The report found that “global factors increasingly drive the fluctuations in government borrowing costs across countries,” suggesting that elevated levels of debt in key countries could “increase the volatility of sovereign yields and debt risks” for others.
Moderating inflation and interest rate cuts in many economies meant now was an “opportune” time for countries to rebuild their fiscal buffers, the IMF said, adding that they were “better placed” than before to absorb the effect of fiscal tightening.
The size of the fiscal adjustment needed to bring global public debt back under control was between 3.0 and 4.5 percent of GDP, on average, the IMF said — almost twice the size of past adjustments.