According to the International Monetary Fund (IMF), with both nations owing $117.5 trillion, the United States and China are jointly responsible for half of the $235 trillion in total global debt. In its report on global debt, titled Global Debt Is Returning to its Rising Trend, released on September 13th, the International Monetary Fund stated that as of 2022, the total amount of global To $235 trillion, or 238% of the world's GDP, debt has climbed by $200 billion.

However, the IMF blamed rich countries, claiming that China and the United States contributed $47.5 trillion and $70 trillion, respectively, to the global debt burden. Asserting that debt in low-income developing nations has increased "significantly in the last two decades," it said, "The pace of their increases since the global financial crisis has created challenges and vulnerabilities." The IMF emphasized the need to strengthen a country's ability to collect extra tax revenues for low-income developing nations.

It urged those with unmanageable debt to take a holistic approach that includes both financial restraint and the option of debt restructuring. The IMF said, "Importantly, lowering debt loads will free up budgetary flexibility and permit fresh investments, supporting economic development in the years to come. That objective would be supported by changes to the labor and product markets that increase potential production at the national level. International tax cooperation, including the imposition of a carbon price, may help to further reduce the strain on public finances.