The necessary and prudent measures taken to soften the economic blow from the COVID‑19 pandemic have resulted in large fiscal deficits and a marked consequent increase in public indebtedness. Before the outbreak of the war in Ukraine, economies around the world were recovering strongly with a debt stabilising impact, and fiscal and monetary policy support measures were also gradually phasing out. Coupled with the expectation of a change in global liquidity conditions, the war has further heightened uncertainty and is posing challenges for policy makers by simultaneously threatening economic growth and exacerbating already rising inflation. Against this background, the 2022 Sovereign Borrowing Outlook analyses recent trends and possible future developments in sovereign financing requirements. It then sheds light on the implications of evolving monetary and fiscal policies and the broader government agenda including sustainability for public debt management.