As top finance officials from around the world prepare to meet in Washington, the International Monetary Fund (IMF) is sending a strong warning: it’s time for countries to get their finances in order. With a crucial U.S. election just weeks away and memories of a recent inflation crisis still fresh, the pressure is on governments to act.

The IMF’s Alarm Bell

The IMF is about to release its Fiscal Monitor report, which reveals a staggering fact: global public debt is expected to hit $1...