We explore the concerns of public debt and intergenerational equity in Singapore’s context. The central concern of our research is whether the Singapore Government can issue and manage debt while maintaining intergenerational equity. Working Papers No. 32 (Shih, 2018) listed four principles of intergenerational equity relevant to Singapore’s fiscal management of reserves. From these principles, we infer that the Government’s current position on public debt follows that of the benefit principle of intergenerational equity, i.e., debt financing is only permitted for infrastructure investments because of its long-term benefits. We argue, however, that the Government should adopt a holistically principled approach to public debt; an approach that considers intergenerational benefits but also considers other conceptions of intergenerational justice including equality, welfare, and reciprocity. In particular, we find that economic research on public debt and intergenerational welfare deserves attention. Intergenerational welfare costs of public debt are low if interest rates are low and if public debt is used to invest in worthy public investment. Further, there may be no intergenerational welfare costs if public investment funded by public debt earns a greater social return than its opportunity cost, the risk-adjusted return on private investment. We therefore specify a Debt Issuance Framework that suggests how debt can be issued, spent and paid back in a manner that is equitable across generations. The repayment of debt ensures that the Government prevents the accumulation of debt and can maintain control over intergenerational equity.