This paper analyses the extent to which the Debt Sustainability Analyses (DSAs) carried out by the International Monetary Fund (IMF) and World Bank are sufficiently transparent, and what measures have been taken to improve their transparency. It identifies three key pillars of transparency: (i) public disclosure; (ii) openness in the data, methodology and assumptions used; and (iii) processes for engagement and looks at how well DSAs measure up against them. Overall, it finds that while recent steps have been taken to improve key foundational aspects of transparency, particularly those related to public disclosure, more qualitative aspects of transparency, such as access to key data and understanding how key assumptions have been derived, are still lacking. There are also differences in public disclosure regimes for low-income countries versus market-access countries that can be challenged. Access to information in times of debt distress is also more limited. Improved transparency in DSAs is vital for driving continuous improvement, fostering trust and confidence, and enabling the formulation of better policy advice. The paper outlines a number of ways in which transparency can be strengthened in DSAs. It also emphasises that this must be part of a wider effort to strengthen transparency and accountability across the whole borrowing cycle, and that concerns around impartiality and potential bias in DSAs are ultimately only likely to be resolved when DSAs are conducted by an independent entity. […]