From food security threats to increasing levels of climate exposure, and, in the case of Africa, booming population needs, emerging markets are facing an ever-higher number of urgent challenges requiring meaningful government intervention. In the past decade, many emerging markets have financed these spending needs through Eurobonds, making them particularly vulnerable to exchange rate swings. Now, much of the previously issued debt is coming due—according to Reuters, lower-rated emerging sovereigns face a bill of $65 billion for 2024 and 2025 combined, compared to just over $8 billion in 2023. The picture isn’t solely gloomy, however—since late 2023, emerging market debt fared relatively well as an asset class. Looking ahead, how can emerging markets best demystify investment opportunities, attract financial inflows, and shore up fiscal resilience? What role should governments, multilateral institutions, external creditors, and private investors play? And to what extent can deepening domestic capital markets realistically help these countries “scale the debt wall”?