The chair of the International Monetary Fund’s board has called on emerging economies to work on improving the transparency of their public debt.

In a speech on May 14, Kristalina Georgieva said the new and complex forms of financing they had been tapping into were often opaque and only came to light at a late stage when the countries’ debts had to be restructured.

“Hidden debt inflicts real costs,” she said. “It saps investor confidence. It increases borrowing costs. And it puts debt