Amid a global spending supercycle driven by defense, energy transition, digital infrastructure, AI, and healthcare needs, competition for capital is intensifying as governments face constrained fiscal space and elevated borrowing costs. The challenge is particularly acute for EMDEs, which continue to attract only a small share of global portfolio allocations despite substantial financing needs. In this environment, debt transparency and effective investor relations have become increasingly important tools for preserving market access and lowering borrowing costs. […]