The IMF estimates that State-Owned Enterprise (SOE) assets totalled US$45 trillion in 2018, close to 50% of the global GDP, and calculated the debt of the largest SOEs to be US$7.4 trillion. Clearly, SOEs have a direct bearing on the global economy. The most systemically
important SOEs are the State-Owned Multinational Enterprises (SOMNEs) since they are focused on cross-border financing and business. A global framework for regulating SOMNEs is needed, one that defines SOMNEs clearly, enforces transparency and ownership of business accounts, maps cross-border financial interlinkages, and requires regular exercises on financial stability.