Debt transparency is essential to safeguarding and monitoring debt sustainability. Yet too often, the world learns of unsustainable debt only when it’s too late. In recent years, several countries gained full market access—only to see their economies unravel as hidden debts surfaced. Without decisive action, future debt crises will continue to occur not only due to economic factors, but also because of undisclosed or poorly understood debts. This raises a pressing question: What more must be done—by borrowers, creditors, and the global financial community—to close transparency gaps and prevent such crises from reoccurring? […]