Many developing countries are experiencing high debt and debt service burdens, built up through repeated shocks, large fiscal deficits, and tighter external financing conditions. Despite these trends, the policy response remains fragmented. This is partly because there is not a single debt problem, but rather a set of overlapping liquidity and solvency pressures that affect countries differently. It is also due to rising geopolitical and financial constraints, including shrinking donor budgets, that make the conditions for ambitious debt reform especially difficult. […]