The 8^th webinar of the Public Debt Management Network examined the evolving and multifaceted concept of public debt transparency. The session explored why transparency has become central in international policy debates, the operational challenges it presents, and the new opportunities it offers for debt managers and stakeholders. Featured speakers included Anna Gelpern (Scott K. Ginsburg Professor of Law and International Finance, Georgetown University; Senior Fellow, Peterson Institute for International Economics) and Diego Rivetti (Senior Debt Specialist, Global Macro and Debt Unit, World Bank).

Diego Rivetti discussed the challenges and recent progress in debt transparency, with a focus on low-income and emerging market countries. He underscored the importance of robust legal frameworks, institutional capacity, and the role of international organizations. The Senegal case was presented as a cautionary example of the risks posed by hidden debt. Rivetti also introduced recent innovations, such as the World Bank’s pilot project on automatic debt reconciliation, and referenced the Radical Debt Transparency Report and the International Debt Report 2025 as key resources for tracking progress and identifying gaps.

Anna Gelpern provided a broader perspective, emphasizing that the meaning of “debt transparency” changes depending on its purpose and audience. Published numbers interpret legal texts and accounting standards. Robust transparency goes farther, making the terms and promises of public debt accessible and understandable to all stakeholders. Gelpern highlighted the challenges debt managers face in meeting diverse reporting standards, and introduced the  #PublicDebtIsPublic pilot platform, which aims to make full-text debt contracts searchable and intelligible, supporting both market function and public accountability.

Q&A Highlights

The discussion addressed the impact of transparency on market access and risk premiums, the complexities of capturing domestic and innovative debt instruments, and the need for harmonized reporting standards. Both speakers agreed that while transparency may entail short-term costs, it is an investment in bolstering borrower agency, trust and market resilience—ultimately reducing the cost of capital.

Conclusion
The webinar concluded with a call for continued innovation, stronger institutional frameworks, and a shift toward full, routine disclosure of debt information.