National Debt is the Debt owed by the central government of the country. It is also known as Government Debt. But National Debt is not National Deficit. Debt is a stock concept which the government owes as a result of past deficits while deficit is a flow concept and the government often needs to obtain debt in order to Finance Deficits. However, debt is not the only mode of financing deficits. The government can resort to various other modes such as seigniorage. The government can obtain debt by either issuing bonds and securities or taking direct loans from various financial institutions like World Bank or International Monetary Fund.
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